Hey g, if this closes as a Weekly PB would you play it to the 1.6500?
I m just saying . . .
Nice trade btw g.
I Might sound like a fool saying this...but this was not A+ in my book. The market is range bound (though operating in fairly large range parameters forming those mini trends) and despite al the other confluences the fact that it came with no divregnce just didn't go ok with me.
I am just thinking of it in this way. If the move down to 1675 was 80% my monthly bills, would I still want to hang on to it over the weekend and fight gaps and early Monday liquidity problems?
"Would I still want to hold on to possibly acquire finance to cover 2 months of expenditure at the probable cost of having to let go the 80% of this month's finance I can attain at the click of a mouse?"
I don't know as soon as I've started thinking Like James wants me to I am transformed.
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Not saying I don't like to hold, just that this particular setup didn't have enough to convince me to hold,
The weekly Pb will be looked upon as an entirely different setup (I like to keep time frames independant of each other) that 1% was the end of the 2day pin bar trade. Plan followed, target achieved, next...
g.
__________________ - "It is dirt simple folks." <--> James16
is this a demo account? or a live account? was the risk too big? I've found that when the risk is within my comfort level, I'd be less inclined to move my stops, especially when the trade is with the overall trend (I zoom out on the weekly charts), I then give more leeway on the stops and check the charts every few hours until either my stop is hit, or price has formed another minor consolidation, thus forming a minor PPZ in the timeframe that I took the trade in, or I just zoom out and look to the...
My God Marcel,
You continue to impress
__________________ - "It is dirt simple folks." <--> James16
I'm no g, but would not. Rumor's are flying again on..... about SNB intervention in eur/chf. (when? you know better )
If that's....., it might pull g/chf along.
It will be very interesting to see dow futures open with a gap on Sunday..
Back to the drafting boar, getting ready a new trading plan
I love round 10200 <-.->
It would be a perfect plan if I had one more '0' in my # of posts
Ok great. I haven't been to the charts yet, and I have a direction to begin with...no!...wait!....... .nobody aint said nothing...
g.
__________________ - "It is dirt simple folks." <--> James16
Two-day pin at GBP/CHF was my third ever forex trade. I entered @ 1.6858, TP @ 1.6808. Thanks everyone for great learning experience. I joined J16 Group PF few days ago.
A pure James16 trade for a third ever is a true blessing!
g.
__________________ - "It is dirt simple folks." <--> James16
So how would you treat AU and NU in sense of MM. Would you risk 2%(or whatever you like) on both of them separately, or 2% on both of them??
Thanks.
My risk is usually 1% per trade and that's not going to change for the setups I mentioned. I might not be taking both (Au's a better setup than Nu) so I'll most probably be opening 2 positions of 1% each, a long on Au and a short on Nzd/chf weekly beob,
cheers,
g.
__________________ - "It is dirt simple folks." <--> James16
Hi everyone, I just have a question about how all you here manage the trade after it get some profit, example like this trade i took on eurgbp last Friday:
1. At first, I risk 0.5% to trade it, now when it has some profit, I want to take half and move my sl under 0.8684 10pip, so i will have a free trade but with only half of position in, then my profit just decrease a half compare to the risk i take at first play
2. For moving sl to BE, and let full position in, i see it may hit me out soon, i will get the risk of missing out.
3.For let...
Very difficult to answer Goldtrader,
The reason is every individual is different, and everybody has a different appetite for the risk they take,
You will have to understand the dilemma/paradox here.
The more leeway you give to your trade the larger has to be the risk involved.
A tighter stop means little to no losses but fewer profits, while giving the trade lot's of space ensures maximum profits but at the same time means that the losses, when they happen, are also big.
You'll have to introspect and see what goes well with you, i.e. your risk appetite. It's not as easy as just that and trial and error and lot's of demo practice is imperative, but you'll find a solution.
An important element in understanding the time you want to be in a trade is the proper scrutiny of the "space" factor and the knowledge of potential "trouble areas" for your trade.
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Here's my take on it...
The moment I pulled up the IBFX daily demo chart, and visualized your trade, the first major trouble area I found for the trade is the ppz I've drawn in purple.
The next thing that should hit me if I were you was..."I gotta manage my trade in a way that if price is willing to hit it's first major trouble area, I should allow it to do so in a profitable way, i.e. I have to give my trade the best chance to hit that area."
With that in mind (and obviously the good BUB which put your trade in the green) I for one would have liked to give this trade more leeway and leave the stop below 8685, while possibly taking some off where price is currently at. But clearly that's just me and how I interpret the whole situation...
Another person thinking he's got enough out of a less than A+ setup in his opinion might have taken everything off where price is currently at,
Another person might think, "price is all set to hit the purple ppz but no way am i allowing this to give me a loss, so I am making this a free trade",
-------------
So you see it's how you grade the setup and how you look at the entire situation that ultimately decides your MM and trade plan...there's no one right way except the one which works for you.
cheers,
g,.
__________________ - "It is dirt simple folks." <--> James16
Hey, no fair, the trade is from a daily chart, and you're trading 1H, that's sarcasm
Man... if Jim can transform anyone at all to think like him, it might be best thing he'd want, which is the sole purpose of this thread.
Jim always said : "the size of your account will make you trade differently" and that's truer than ever, I've seen this phenomena from the people I know and grow from this thread, on the trade management part, having a much bigger account makes you financially aware of the fact that a loss, albeit only 1%,...
I will always be trading the dailies and weeklies, it's when I have time at hand that I drop down to the lower tfs for some additional exposure...Let the uni start and you'll never hear intra day from me...for quite some time.
And I agree with the latter part of the post.
g.
__________________ - "It is dirt simple folks." <--> James16
Thanks ghous, you keep me back track, even still confusing now but i think i should stick with what i planed when i get this trade... pheeeew it's just a little of inpatient and anxiety ... bad sign!!!
You'll grow out of it soon...stay on the right path and let your mind play the games, it'll eventually understand what you want.
g.
__________________ - "It is dirt simple folks." <--> James16
hi yawl,sos if this has been posted allready, i havnt had time to catch up as im on my way to work, but just a heads up...
i feel if we can get past the 2.000 level then we could have a good trade...???
cheers
jon
hey jarroo !!! long time no see!!!! good to see you back mate
hey John!!! long time no see!!!! good to see you back mate
Not surprisingly you're bang on target again with your charts and thoughts!
g.
__________________ - "It is dirt simple folks." <--> James16
Having a closer look at NZD/CHF, I anticipate a short as we have a nice BEOB on the weekly at a PPZ and around the 0.76 RN level + regular bearish divergence. Some nice confluence you might say when you add the fact that price might try to test the broken trend line on H4 (see black arrow in second chart). I'd love to get in on a pull back to the 38 or 50 fib level of that BEOB which coincidentally coincides with the broken trend line. Also doing so with closed ears about swizz intervention...
Price is already touching the daily IPB high, if it can blow through this hurdle a pull back further up to the 50 fib of the weekly beob would indeed be sweet! I'd fall in love with a beob at the pruple ppz as good as the one on weekly daydreaming:
g.
__________________ - "It is dirt simple folks." <--> James16
Ghous:
Thanks for info in IPB..another bar in my kitty!
Questions:
Does the O/C of IPB have to be Inside the previous bar..as we play for standard PB? Can we play it by proxy as sometimes we play PB?
Sir Jaroo..your charts look so pretty..I remember when I started out..last thing I used to look at was price bars..wonder what I was doing then..great people here..I am enjoying my time.
Cheers to you all
Punter
Hey Punter, glad you're having a good time
I don't, for one, look for the IPB to also be an inside bar, clearly the larger the IPB the stronger it is...
g.
__________________ - "It is dirt simple folks." <--> James16
Cheers mate..clears my mind a bit more..
I have been thinking about the topic of trading psychology..clearly its still something I am trying to get my brain around. To me I only start thinking about my trading behavior only when once the trade runs south..as long as I am following the rules and just be patient no demons in mind but the moment I screw up..there they are..still trying to understand what is it all. It confuses the hell out of me and frankly I could just be patient and disciplined to keep the demons away..does that make sense
Punter...
There is no "trading behavior" Punter,
There's just a trade plan that you devise after you acknowledge a setup and then implement it.
The thread has all the knowledge that should help you identify a tradable setup,
Trial and error and lots of demo practice should help you sort out what kind of a trade management plan works for you according to your particular risk appetite,
The problem for most new traders is that they can't stick to their plans (the "demons") and panic get's the most out of them...this is where experience comes in which comes with time...
Try and understand Punter...trading's a long lonesome journey...Not because it takes time to spot an A+ setup and differentiate between this and a B+ and a C+ setup but because getting the mind to behave exactly like it should is an accomplishment to which there are no shortcuts
Mark Douglas probably elaborates the best on trading psychology in his book "Trading in the zone", so if psychology is the key to successful trading, and if it's all in a book why is the book priced at $30 only? You see what I mean by "no shortcuts"?
Figi's gold on the PF, and all the great psychology books can only give you a direction...they can save you from unnecessary lengthening of your learning curve...they can't cut it short.
So my advice to you Punter is to just take it easy and don't worry abt not getting your emotions right, the process will take time...and that only those who realize this will make it to the long term...
g.
__________________ - "It is dirt simple folks." <--> James16
Ahh..what bliss! I am in for the long run G..thats the only short-cut! I'll make this a fun journey...I'll start collecting A+ setups as a part of education and stick em in a folder with notes..just like we do in Uni..I'll try to pass this year with distinction!
Thanks mate..u are a champ!
Punter
That's the spirit!
g.
__________________ - "It is dirt simple folks." <--> James16
Maybe it will be useful for somebody. I have DBLHC h4 chart.
By definition yes that's a DBLHC...
As a beneficial excersice it would be great if you can come with reasons why (in your opinion) this is not a good take in terms of location and it's over all validity.
g.,
__________________ - "It is dirt simple folks." <--> James16
Perhaps you haven't realized but I sure appreciate having...
Jarroo & Mike (Mbqb11) to offer two (albeit slightly) different viewpoints of the same scenario.
Ghous & Dan also offer other insights &...
then there are the diehard fans not only but including Kiss, LVG, DobeR and, lest we forget, James, The Man.
All this & respect for others too. It can be achieved!
BMc says you guys.
I'm know there are more but you don't want to read the entire list of who catches my attention.
Thank you Sir,
What you've done for the thread and us and the respect we have for you would be an insult if actually stated in words.
Thank you for everything.
g.
__________________ - "It is dirt simple folks." <--> James16
CAD/CHF Daily, any thought about that sort of IPB ?
The 9800 is STRONG! I mean it has given tough competition to price at least twice, could this be the third time by virtue of that IPB? Sure.
The best part I like abt that IPB is that it extends the shorter wick poking at the 9800 level...so given that we place our stops beyond the shorter wick the stop also get's set beyond the 9800 too which gives it added security of the bold round number...
It's on its way anyways which confirms, in accordance to Jarroo's "hard break theory" that the setup is valid.
However this setup is obviously not as A+ in nature as the ones we had on Nu and Au and I for one don't like to take bounces off ppzs and trendlines that have happened in quick succession, to me it's like price is persisting to break the level (which also explains why I didn't take this IPB) therefore tight trade management would be my recommendation.
g.
__________________ - "It is dirt simple folks." <--> James16
I like the 1.0900 but there is many hurdles along the way. The 1.0500 is the main one. If that can push through and act as support I like my prospects.
Ahh I see...
That chart has more experience on it than the color white
g.
__________________ - "It is dirt simple folks." <--> James16
Eur/jpy was never a long IB trade. Notice all the heaps and heaps of bar lows above the IB that a long trade would immediately be running into, if you look at the purple ppz I've drawn on my chart you'll see that the IB was nothing but a retest of the purple ppz which price was finally able to break after 4 unsuccessful attempts,
Now the Gbp/Nzd IB trade...clearly it has nothing to support it except maybe the fact that it was with the overall trend, I've attached a Eur/Usd 4H chart with an example of how we like our IBs...notice that we have heaps of confluence (i.e. the 1.3 round number, 50/61.8 fib ret, the 150 ema and divergence) in addition to a decent looking IB. (in contrast notice how the gbp/nzd IB comes extended wicks at both ends)
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On a side note would just like to add that you need not get bogged down by these losses, you'll gradually learn how to differentiate the good setups with the bad ones, and these losses act as great teachers.
g.
__________________ - "It is dirt simple folks." <--> James16
what do you think about that IPB ghous? im asking you beacuse i know that youre the master of IPBs
it seems like a good IPB for me, its on a RN (126.00) i put my SL at 125.80 and TP at 126.90 (i also intended to close half of the position around 126.50 and move the stops to BE)
the bad thing is that is running into a very strong ppz area(127.00)
Look wise it was pretty ok, but the location was dubious.
A round number isn't all that matters. It's the formation of a ppz at a round number which matters more...i.e. the number of times price has respected and flipped around the round number.
On my chart such a level closest to the IPB is the 127.00 level which which goes right through the longer wick...hence given that the only thing going in its favor was a non ppz round number the setup was IMHO a
Since we play around with really tight stops on our IPBs we want to take only the very best out there with the maximum number of confluences.
g.
__________________ - "It is dirt simple folks." <--> James16
Edit: just saw that was a buy on gold . . . thought it was a sell. . . . don't fight the trend brother.
This is what caught me the most when I was touch trading...Every now and then the trend "seemed" to be reversing, and each time price would merely only stall and then continue with the previous flow and I would get stopped out. I ended up digging again despite knowing I was in a hole.
Mark (Raczekfx) has been trading his swings for 15 years now and the what's on his chart is not all that he is looking at. When he shorts on a bullish trend and longs on a bearish trend he knows, better than we can ever imagine, what he is up to.
I agree with jarroo 110%...
g.
__________________ - "It is dirt simple folks." <--> James16
How would you rate such outside bars?? I mean these are not exactly at a swing high, they're not even at a pull back...they are right in the middle of a downtrend/uptrend...
what's your take on these??
g.
__________________ - "It is dirt simple folks." <--> James16
CHF/JPY is really treating me nice (as anticipated) and I'm like +500 pips up.
Now it's at the bottom of the range I'm seriously anticipating taking some off the table and moving my SL just above the 87 level. From here the market can do whatever it likes I don't care. But I'd be happy if it further drops (Momentum plus general atmosphere looking good).
If it clearly breaks the range I'd watch out next for the following PPZ, and thereafter anticipate a nice move to the RN 80 or even another wave.
Well for me, I was thinking it would be good to get away from the thread - away from trying to learn something new - away from anyone elses thoughts and concentrate simply on trading what I am seeing - that way I cannot take a trade some one else informed me of....
Sometimes your best investments are the ones you don't make - Donald Trump.
By sitting back and waiting for only the A++ setups on the higher time frames is itself a profitable investment. What you tend to learn in this period regardless of whether it goes with your style or not is price less.
Ask yourself, why is it that you want to pick a system from the pf? Why would you possibly be wanting to get the hang of a whole new dimension of entries, exits and trade management via a new system?
Ask yourself why you wrote this - "so it's more of a can't sit idle type of problem."
Ask yourself what just won't allow you to sit on the side lines till a very obvious setup appears that a child could see and take?Ask yourself why you want at least 1 setup a day to acknowledge that you are trading?
---------
I know how it feels when you wait 10 days for an A+ trade, and then see yourself screw it up completely with your naive MM skills. This is precisely why trading is not a "I'll be done with it in a flash" thingy...
I like your idea of isolating yourself from the forums to prevent yourself from external influence but It's a good idea to drop back often with concerns like the ones you mentioned and get them sorted out.
just my 2 cents...
g./
__________________ - "It is dirt simple folks." <--> James16
Hey Ghous can you comment on this IPB, this a stock of a local bank.
I told my Brother in law yesterday (at that time this IPB was't formed) to buy it at the red line.
Looks great!
How many do you reckon actually look at bars/candles and do their technical homework on their investments in the stock exchange specifically?
I have a friend who trades at the KSE merely by doing what he "hears" the big players are doing (AKD for instance) He doesn't know what the heck is a "candle"...scary...
g.
__________________ - "It is dirt simple folks." <--> James16
Well there is only one guy that i know out of many individual traders who do TA. Actually i was inspired by him in the beginning when i started to look at charts ( months before FX).
In KSE anyone like AKD, JS, AH could move a stock in any direction they wan't but of course they need this crowd ( ones like your friend and my B-in-Law) for their liquidity need.
When the crowd gets a rumor/news it's actually floated by them so they could snatch their holdings and when...
I'm looking forward to knowing the outcome.
g.
__________________ - "It is dirt simple folks." <--> James16
Did yall see this huge PB on the Eur/Chf 1h. Thing is about to blow up looks like
Hi there,
In my honest opinion it's always a good idea to make sure if the price action on the higher time frames lines up with your particular setup. Now what I see on the daily and the 4H is a largely dominant down trend, and mostly such trends don't reverse off 25 pip pin bars that are poorly located.
That said you can throw in the fact that there is no divergence what so ever either on the 4H or on the 1H and that the pin bar is off nothing special. It might have sparked some interest for me if it was off maybe 1.47 which is an important weekly level.
For me this is probably best representing a temporary stall, IMO that is...
I would advise you to play them extremely conservatively if these do fall in your trade criteria, for example if I was in the trade my stop by now would have been reduced to the multiple bar lows that have accumulated right next to the pin bar.
cheers.
g,
__________________ - "It is dirt simple folks." <--> James16
Go through babypips school. Read two books "Pring on Price Patters" by Martin Pring & "Trade Your way to financial Freedom" by Van Tharp. Then after you do all that open a demo account and read the entire J16 thread or at least the first 300 pages or so. www.babypips.com
Don't bother with anything else. Should take you a week to a month to complete the above.
4 lines to financial freedom...
nuff said...
g.
__________________ - "It is dirt simple folks." <--> James16
I have a question. Its just informative, cause i wont trade this, its a little too late (SL would be too big for my tiny account), but someone could take it
Could this bar on monthly gold chart be considered as a IPB ? If it is it has a great support at 1073.00 and the daily bar has closed as a BUOB (it has also closed above 1100.00) and i know that is a little early but the weekly bar is currently forming a pretty decent BUOB (for now will see how will it close at the end of the week).
Missed the GU trade (outside bar of a PPZ area), but taken a UJ long - pin bar off a TL & PPZ in an uptrend on 4H
Gu was never a trade for me, and there are quite a few reasons for it.
Firstly the beob formed above the round number when it should really have been on it or just below it.
Secondly look at the close, a more authoritative close near the low of the beob would have been better...that close high above in my eyes takes away quite a bit of its strength.
Thirdly, a break of 1.6 wasn't the only worry IMHO. The bar highs just below it might also have been of some worry to me at least.
Fourthly, I see the 61.8 fib and the ppz on it a better location for a similar setup in which case the sniper could be comfortably aimed at the 1.6 round number with enough profit to be locked before we saw a major hurdle.
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Above is my thought process as was before the result of the setup so...yeah the trade did work out but in my book this was clearly not a trade at all or at best a C- trade...
Just thought I'd drop in with my 2 cents...
g.
__________________ - "It is dirt simple folks." <--> James16
Anyone watching this one on UCHF? Has broken through resistance at 1.0500, then a 2 bar retrace followed by a potential BUOB. A worthwhile trade if today closes as a BUOB? Also trending up with higher high and higher low.
I'd be very cautious on that one Bertie,
Not only are we at a swing high (which is obviously considerably less golden a location for longs than swing lows) we are also heading into a "heavy" zone found around the 1.06.
g.
__________________ - "It is dirt simple folks." <--> James16
I have found that zero risk suits me real well too. It is all in how you do it though! I only get a few (3 to 5) positive winners and bunch of BE's a month. Works like buttah!
I'll be posting up a link to folks here soon about the recorded interviews. Psychology stuff, and they are really powerful. That Fiji knows his stuff.
There are things in there that will rock_your_world.
...and I might as well add that the words in bold handsomely underestimate the true worth of those nuggets!
Love ya'll!
g.
__________________ - "It is dirt simple folks." <--> James16
Dan, thanks for your vouch , it's my first, like my first live trade, very exciting... and nerve
I just focus on the R, so I have to lose the hit rate, I see if i can get into the bar before it breaks, the R is huge...1 winner can cover lots of losers, it just my thought... I think I'm new so i have to try everything...
That approach is sooner or later going to push you to a dead end.
Work on your psyche so that minimal pips appeal more to you as a result of conservative, safe trading contrary to aggressive irrational trading aimed at getting the maximum out of the market.
g.
__________________ - "It is dirt simple folks." <--> James16
Not to brag but this trade on the Weekly Usd/Chf PB has been so easy to take and manage its not even funny. Sure its not the biggest PB but the location fit the bill. After the break (10 pip buffer) it saw no drawdown and flew to the moon.
If ever I could jump out of this post and pat you on the back for this very special trade Jim.
From the core of my heart...."GREAT WORK"!!!!
g.
__________________ - "It is dirt simple folks." <--> James16
I have gone through a lot. I was trading just for trading. I traded the 5 mins, touch trades, etc etc.
Even doing some nice profits at the bottom line - but still felt like a gambler. I know I can't be a gambler when I am holding a huge account in order to make this business.
Trading for making money (not trading just for trading) = taking only A++ setups.
Managing your trades correctly and not taking risks you can avoid = making business instead of gambling.
Thanks brother.
Always knew you would complete the circle Benji...been there done just that.
g.
__________________ - "It is dirt simple folks." <--> James16