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james16 Chart Thread
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Mar 3, 2010 12:21pm
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Resident Elmer Fudd
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Quote:
Originally Posted by james16
CHART
I KNOW ITS AFTER THE FACT but go look for good bars at 50 and 61 retraces on daily charts and see for yourself. i will post another one.
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Yeah Diggs rode the one all the way down check his journal in the PF jim! He deserves a mass email!
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Mar 3, 2010 12:24pm
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Resident Elmer Fudd
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Quote:
Originally Posted by james16
lol.
oanda is on my to try list this year.
i think mike uses them.
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No complaints, like every broker I have tried, some good and the bad. I am also with MB and often switch to MB on any lower timeframe trading where potential spread and widening comes into play.
Who let James out of his bag last night, now I have some major catching up to do
Mike
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Mar 3, 2010 12:26pm
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Resident Elmer Fudd
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Quote:
Originally Posted by joelcf
I made 5000% this morning when I asked my girlfriend for a dollar coin for the coke machine at work and found a $50 note in her wallet.
I should so write an ebook.
Attachment 431072
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Mar 3, 2010 12:27pm
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Resident Elmer Fudd
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Quote:
Originally Posted by ehrek
*yawn*
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I'm with you here, gets old real fast these days. But it is the 4 month rule. Every 4 months trust me 
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Mar 3, 2010 12:31pm
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Resident Elmer Fudd
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here is one I am still in
Eur/usd, at the 1.35. The way price was funneling downwards indicated a false break or a breakout long was coming. We then got the false breakout in the form of a PIN + massive divg +BRN. Red Xs were my stop movements. The current red X is a bit weird cause I hav emoved to trailing udner each current hourly low. I go a bit "lucky" last night when I moved my stop under 1.3600 round number and missed my stop by 8 pips.
Mike
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Mar 3, 2010 12:31pm
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Resident Elmer Fudd
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Quote:
Originally Posted by TiaForex
I'll be quoting that back at you when we get our next troll in July (4 months right?)
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you sure can, and that should be right around the time my DVDs arrive
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Mar 3, 2010 12:21pm
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Resident Elmer Fudd
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Quote:
Originally Posted by james16
CHART
I KNOW ITS AFTER THE FACT but go look for good bars at 50 and 61 retraces on daily charts and see for yourself. i will post another one.
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Yeah Diggs rode the one all the way down check his journal in the PF jim! He deserves a mass email!
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Mar 3, 2010 12:24pm
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Resident Elmer Fudd
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Quote:
Originally Posted by james16
lol.
oanda is on my to try list this year.
i think mike uses them.
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No complaints, like every broker I have tried, some good and the bad. I am also with MB and often switch to MB on any lower timeframe trading where potential spread and widening comes into play.
Who let James out of his bag last night, now I have some major catching up to do
Mike
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Mar 3, 2010 12:26pm
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Resident Elmer Fudd
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Quote:
Originally Posted by joelcf
I made 5000% this morning when I asked my girlfriend for a dollar coin for the coke machine at work and found a $50 note in her wallet.
I should so write an ebook.
Attachment 431072
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Mar 3, 2010 12:27pm
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Resident Elmer Fudd
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Quote:
Originally Posted by ehrek
*yawn*
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I'm with you here, gets old real fast these days. But it is the 4 month rule. Every 4 months trust me 
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Mar 3, 2010 12:31pm
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Resident Elmer Fudd
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here is one I am still in
Eur/usd, at the 1.35. The way price was funneling downwards indicated a false break or a breakout long was coming. We then got the false breakout in the form of a PIN + massive divg +BRN. Red Xs were my stop movements. The current red X is a bit weird cause I hav emoved to trailing udner each current hourly low. I go a bit "lucky" last night when I moved my stop under 1.3600 round number and missed my stop by 8 pips.
Mike
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Mar 3, 2010 12:31pm
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Resident Elmer Fudd
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Quote:
Originally Posted by TiaForex
I'll be quoting that back at you when we get our next troll in July (4 months right?)
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you sure can, and that should be right around the time my DVDs arrive
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Mar 3, 2010 3:29pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Bollocks
greetings to all J16 traders from London
quick onto to myself.
I began walking the path of a trader in june 2006. Like everyone, i have made all the blunders that make this business so challenging. To me this has been the most challenging endeavour i have ever attempted....
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awesome man  welcome from out the shadows
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Mar 3, 2010 3:29pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Bollocks
greetings to all J16 traders from London
quick onto to myself.
I began walking the path of a trader in june 2006. Like everyone, i have made all the blunders that make this business so challenging. To me this has been the most challenging endeavour i have ever attempted....
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awesome man  welcome from out the shadows
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Mar 3, 2010 6:50pm
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Resident Elmer Fudd
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Quote:
Originally Posted by james16
Me and mike were seperated at birth but he was kept in suspended animatioin until i was around 20 or so.
nice job brother.
jim
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I swear every time I fall asleep Jim goes off! LOL
Separated yankees fan at birth is what he means 
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Mar 3, 2010 6:50pm
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Resident Elmer Fudd
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Quote:
Originally Posted by james16
Me and mike were seperated at birth but he was kept in suspended animatioin until i was around 20 or so.
nice job brother.
jim
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I swear every time I fall asleep Jim goes off! LOL
Separated yankees fan at birth is what he means 
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Mar 3, 2010 7:28pm
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Resident Elmer Fudd
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Quote:
Originally Posted by joelcf
Anyways, yeah - some forex brokers are bucketshops. Alot of them, in fact. They take the other side of your trade. What you lose, they gain, and vice versa. Whether this matters or not is something else entirely. Read DarkStar's post 'the structure of forex brokers' or similar, he explains it much more eloquently than I can. If you cant find it, im sure someone here (ie, mike) can point you to it
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do not read at ones own peril
http://www.forexfactory.com/showthread.php?t=7484
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Mar 3, 2010 7:28pm
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Resident Elmer Fudd
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Quote:
Originally Posted by joelcf
Anyways, yeah - some forex brokers are bucketshops. Alot of them, in fact. They take the other side of your trade. What you lose, they gain, and vice versa. Whether this matters or not is something else entirely. Read DarkStar's post 'the structure of forex brokers' or similar, he explains it much more eloquently than I can. If you cant find it, im sure someone here (ie, mike) can point you to it
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do not read at ones own peril
http://www.forexfactory.com/showthread.php?t=7484
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Mar 4, 2010 12:58am
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Resident Elmer Fudd
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Quote:
Originally Posted by wh1zz0
A quick question for the IB fans.. What do you call that which appears on GBP/CHF (H4) ? I16B? Mike, Jarroo, Dale, Anyone?? 
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yes it would be an I?B, fill the ? mark with whatever amount that then current inside bars range is smaller then the previous X bars. So if it has a smaller range then the previous 15 bars it would be a I16B
Best
Mike
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Mar 4, 2010 12:58am
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Resident Elmer Fudd
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Quote:
Originally Posted by wh1zz0
A quick question for the IB fans.. What do you call that which appears on GBP/CHF (H4) ? I16B? Mike, Jarroo, Dale, Anyone?? 
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yes it would be an I?B, fill the ? mark with whatever amount that then current inside bars range is smaller then the previous X bars. So if it has a smaller range then the previous 15 bars it would be a I16B
Best
Mike
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Mar 4, 2010 12:55pm
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Resident Elmer Fudd
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Quote:
Originally Posted by benji533
Hey Yarin,
I realize that this thread is going into 1000 directions at once. Many would disagree with me on this, but IMHO that was hardly a B- bar, better C imo.
Here are some thoughts, going back 5 years all the way to James16 principals.
[right]אגב, טוב לראות אותך פה אח שלי. מקווה שהכל טוב איתך, ובהצלחה
 ...
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Awesome post Benji, agree 100% and also the next bar didn't break the low which is when I personally cancel my order(that isn't a set rule, just mine)
Good stuff
Mike
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Mar 4, 2010 12:55pm
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Resident Elmer Fudd
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Quote:
Originally Posted by benji533
Hey Yarin,
I realize that this thread is going into 1000 directions at once. Many would disagree with me on this, but IMHO that was hardly a B- bar, better C imo.
Here are some thoughts, going back 5 years all the way to James16 principals.
[right]אגב, טוב לראות אותך פה אח שלי. מקווה שהכל טוב איתך, ובהצלחה
 ...
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Awesome post Benji, agree 100% and also the next bar didn't break the low which is when I personally cancel my order(that isn't a set rule, just mine)
Good stuff
Mike
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Mar 4, 2010 2:59pm
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Resident Elmer Fudd
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Quote:
Originally Posted by simjas
original post-I got taken in to this trade and out by a full bar loss-just getting used to posting and trying to upload the metatrader chart. I cant understand how no one else got taken in........
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Hey Sim
We want to set a sell order below the low of the previous bar using a buffer. The basic buffer on the daily is 10 pips, but I sometimes go as high as 20 depending on the pair. This will keep you out a lot of the false breaks(we want to see a strong solid break - as Jarroo would show).
Hope that helps
Mike
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Mar 4, 2010 2:59pm
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Resident Elmer Fudd
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Quote:
Originally Posted by simjas
original post-I got taken in to this trade and out by a full bar loss-just getting used to posting and trying to upload the metatrader chart. I cant understand how no one else got taken in........
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Hey Sim
We want to set a sell order below the low of the previous bar using a buffer. The basic buffer on the daily is 10 pips, but I sometimes go as high as 20 depending on the pair. This will keep you out a lot of the false breaks(we want to see a strong solid break - as Jarroo would show).
Hope that helps
Mike
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Mar 4, 2010 4:44pm
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Resident Elmer Fudd
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Quote:
Originally Posted by PippingMama
Hello Mike or Jarroo,
What do you think if the NFP report tomorrow, we should not place any trade?
Or if there is any pair that you might want to place the trade even the NFP happens?
Thanks!
PM
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I really don't pay attention to it. If I don't have any trades open by europe I tend to finally try to catch up on sleep on fridays especially NFP fridays. If I have open trades, its simply business as usual.
Best
Mike
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Mar 4, 2010 4:44pm
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Resident Elmer Fudd
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Quote:
Originally Posted by PippingMama
Hello Mike or Jarroo,
What do you think if the NFP report tomorrow, we should not place any trade?
Or if there is any pair that you might want to place the trade even the NFP happens?
Thanks!
PM
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I really don't pay attention to it. If I don't have any trades open by europe I tend to finally try to catch up on sleep on fridays especially NFP fridays. If I have open trades, its simply business as usual.
Best
Mike
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Mar 4, 2010 7:48pm
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Resident Elmer Fudd
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Quote:
Originally Posted by simjas
Man- Short is the word. I will never touch this pair again or the eur/cad which I thought I would get the double whammy on. Gread or double stupidity. But yet a great pin at the lowest swing low since Gorden Brown was tickeling Blairs %*&*& . I am not in ANY trade for a bit until I can replenish the massive losses I have taken today. I am now on my third large 'hard liquer; (third small vodka as we say in England) and will respond in the mornig when I am capable of repsonding hdsfhvsdhvcjdbvdb cxzncbjscfdsuhf
xxxxx
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Hey Sim
You seem to be thrown for a bit of a loop. You are going to have a lot of losers while you are new to this and learning(and what you think you see now vs what you will see 6 months, 1year, 2 years from now is going to be VERY different). I must remind you and hope that surely you are learning on demo since you are learning. Please do re-read James16 first post about the J16 minimum requirements of course and money mgmt.
If you have questions regarding either please let me know
Best
Mike
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Mar 4, 2010 7:52pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Cbh123
Hi Scott, I hope I can give some advice to you, that will save you a lot of time and frustration....
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YEP YEP!
And to add to this this bar NEVER broke thus the pinbar is NOT valid. I think that all those new to this material should be waiting for breaks. OF course others might disagree with me, but I think learning to play the retracement or other ways should come after the basics. Again just my view on that aspect. But none the less, this bar was never validated(even though IMO I told many that these aren't worth a second look in my book).
It takes time and experience and just keep pushing through your losses and learn from them
Mike
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Mar 5, 2010 1:45am
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Resident Elmer Fudd
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Quote:
Originally Posted by s005606
Hi all,
This is my first chart posted, so pls kindly forgive me for the poor chart labelling and analysis.
Here it goes:
NZDUSD - H4 chart
PA concerned: DBLHC (as indicated by the arrow, hope I didn't get it wrong)
Supports:
- DBLHC at a swing low
- DBLHC at previous low (lowest blue rectangle to the left), forming a double bottom
- MACD divergence
Worries:
- the 1st bar of the DBLHC has a small body, I sense the 2nd bar engulfing won't be that significant, is it?
- the 2nd bar of the DBLHC...
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Hey S
Yeah overall this is a real iffy trade. I would sum it up as really small bar in a so-so location. Size of the bar, and just not a ton of confluence make it an easy pass. But you are spotting good trouble areas and understanding what price is likely to do. If you bring that knowledge and get real picky with your bars you are way ahead of the game. So yes when you have a list of worries that long you know what to do
Mike
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Mar 4, 2010 7:48pm
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Resident Elmer Fudd
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Quote:
Originally Posted by simjas
Man- Short is the word. I will never touch this pair again or the eur/cad which I thought I would get the double whammy on. Gread or double stupidity. But yet a great pin at the lowest swing low since Gorden Brown was tickeling Blairs %*&*& . I am not in ANY trade for a bit until I can replenish the massive losses I have taken today. I am now on my third large 'hard liquer; (third small vodka as we say in England) and will respond in the mornig when I am capable of repsonding hdsfhvsdhvcjdbvdb cxzncbjscfdsuhf
xxxxx
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Hey Sim
You seem to be thrown for a bit of a loop. You are going to have a lot of losers while you are new to this and learning(and what you think you see now vs what you will see 6 months, 1year, 2 years from now is going to be VERY different). I must remind you and hope that surely you are learning on demo since you are learning. Please do re-read James16 first post about the J16 minimum requirements of course and money mgmt.
If you have questions regarding either please let me know
Best
Mike
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Mar 4, 2010 7:52pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Cbh123
Hi Scott, I hope I can give some advice to you, that will save you a lot of time and frustration....
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YEP YEP!
And to add to this this bar NEVER broke thus the pinbar is NOT valid. I think that all those new to this material should be waiting for breaks. OF course others might disagree with me, but I think learning to play the retracement or other ways should come after the basics. Again just my view on that aspect. But none the less, this bar was never validated(even though IMO I told many that these aren't worth a second look in my book).
It takes time and experience and just keep pushing through your losses and learn from them
Mike
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Mar 5, 2010 1:46am
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Resident Elmer Fudd
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Quote:
Originally Posted by miracle16
Hi all,
I've been leeching from this thread for the past 5 months and decided to post my first reply as JAmes' casual remark on the "invisibles" 2 days back got through to me
Had some previous experience trading stocks, options, futures for the past 3 yrs and never got anywhere except 2 blown accounts under my belt. Started on forex about 5 months back under influence from a close friend and the best thing that happened to me after that was stumbling upon this thread before i blew the third account trading inside bars on 15 mins charts
Just...
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Welcome Miracle
Glad to have you come out from the shadows - do post more
Crazy when we look back on some of the stuff we did trying to figure all this out huh
Mike
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Mar 5, 2010 2:14am
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Resident Elmer Fudd
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Quote:
Originally Posted by bundyraider
Pretty quiet.
Sleep day for Mikey.
I'ma calling it a week.
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heck ya!
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Mar 5, 2010 2:15am
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Resident Elmer Fudd
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Quote:
Originally Posted by s005606
Hi Mike,
Thank you so much for your reply. Yeah, it doesn't look like a good setup so I'll just pass on it and see how it develops for further learning.
And I should thank you deeply for your great sharings here. I discovered this thread like 2-3 weeks ago and I have read the first 250 pages or so and followed Jim's (James16) and your videos at the James16 guest area. Those videos are priceless! I have learnt a lot from you and Jim. And I am happy my teacher (you) now is telling me that I am able to do what you taught.
I look...
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James brings together some great people around these parts
Glad to have another friendly face to add to the bunch
Mike
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Mar 5, 2010 1:45am
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Resident Elmer Fudd
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Quote:
Originally Posted by s005606
Hi all,
This is my first chart posted, so pls kindly forgive me for the poor chart labelling and analysis.
Here it goes:
NZDUSD - H4 chart
PA concerned: DBLHC (as indicated by the arrow, hope I didn't get it wrong)
Supports:
- DBLHC at a swing low
- DBLHC at previous low (lowest blue rectangle to the left), forming a double bottom
- MACD divergence
Worries:
- the 1st bar of the DBLHC has a small body, I sense the 2nd bar engulfing won't be that significant, is it?
- the 2nd bar of the DBLHC...
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Hey S
Yeah overall this is a real iffy trade. I would sum it up as really small bar in a so-so location. Size of the bar, and just not a ton of confluence make it an easy pass. But you are spotting good trouble areas and understanding what price is likely to do. If you bring that knowledge and get real picky with your bars you are way ahead of the game. So yes when you have a list of worries that long you know what to do
Mike
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Mar 5, 2010 4:45am
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Resident Elmer Fudd
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Quote:
Originally Posted by james16
go to bed mike.
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haha wired
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Mar 5, 2010 1:46am
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Resident Elmer Fudd
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Quote:
Originally Posted by miracle16
Hi all,
I've been leeching from this thread for the past 5 months and decided to post my first reply as JAmes' casual remark on the "invisibles" 2 days back got through to me
Had some previous experience trading stocks, options, futures for the past 3 yrs and never got anywhere except 2 blown accounts under my belt. Started on forex about 5 months back under influence from a close friend and the best thing that happened to me after that was stumbling upon this thread before i blew the third account trading inside bars on 15 mins charts
Just...
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Welcome Miracle
Glad to have you come out from the shadows - do post more
Crazy when we look back on some of the stuff we did trying to figure all this out huh
Mike
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Mar 5, 2010 2:14am
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Resident Elmer Fudd
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Quote:
Originally Posted by bundyraider
Pretty quiet.
Sleep day for Mikey.
I'ma calling it a week.
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heck ya!
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Mar 5, 2010 2:15am
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Resident Elmer Fudd
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Quote:
Originally Posted by s005606
Hi Mike,
Thank you so much for your reply. Yeah, it doesn't look like a good setup so I'll just pass on it and see how it develops for further learning.
And I should thank you deeply for your great sharings here. I discovered this thread like 2-3 weeks ago and I have read the first 250 pages or so and followed Jim's (James16) and your videos at the James16 guest area. Those videos are priceless! I have learnt a lot from you and Jim. And I am happy my teacher (you) now is telling me that I am able to do what you taught.
I look...
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James brings together some great people around these parts
Glad to have another friendly face to add to the bunch
Mike
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Mar 5, 2010 4:45am
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Resident Elmer Fudd
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Quote:
Originally Posted by james16
go to bed mike.
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haha wired
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Mar 5, 2010 1:44pm
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Resident Elmer Fudd
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Quote:
Originally Posted by woodstock
Hi James16
I am newbie to forex and to trade markets as well
would like to ask you info about your...
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Hey woodstock someone asked a similar question check out my response here
http://www.forexfactory.com/showpost...ostcount=56851
Don't be in any rush though this thread should be your home for quite awhile first
Mike
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Mar 5, 2010 1:47pm
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Resident Elmer Fudd
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Quote:
Originally Posted by antgal23
Hi all
is this a buob?
does the whole range of the previous bar have to be in the buob or just the body?
ooops! if it is a valid buob,judging by my trend lines think i am 2 days too late
Anthony
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Hey Anthony
This whole post is throwing me for a loop since you are on the weekly chart, and talking about days :P
A buob is a bar the engulfs the prior bar fully and closes near the top of the range(say the top 1/4). It must have a lower low then the previous bar, and a higher high then the previous bar.
Here is a BUOB on the AUD/NZD chart you posted
Hope this helps
Mike
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Mar 5, 2010 3:37pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Pip Dawg
Hey guys...I've been looking through the thread for some time now and there is a term that I'm not getting. Can someone fill me in on what is meant by "traffic".
Much thanks ahead of time!
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Hey Pip
Check out my video in the guest section of j16 called introduction to pinbars. I go over a lot about space vs traffic. Like James said it is essential sideways markets vs non sideways markets. Of course you have degrees of everything.
Here is also a chart too. Notice the pin at a clear swing high lots of space(denoted by diagonal lines) vs the pin in a lot of traffic.
Hope that helps
Mike
I must add what sometimes looks like traffic might still be a great trade, and vice versa with a bar hanging out there. This is just to get the overall concept out there. We must still be aware of many other factors when deciding to pull or not pull the trigger
Last edited by mbqb11, Mar 5, 2010 3:48pm
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Mar 5, 2010 1:44pm
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Resident Elmer Fudd
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Quote:
Originally Posted by woodstock
Hi James16
I am newbie to forex and to trade markets as well
would like to ask you info about your...
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Hey woodstock someone asked a similar question check out my response here
http://www.forexfactory.com/showpost...ostcount=56851
Don't be in any rush though this thread should be your home for quite awhile first
Mike
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Mar 5, 2010 1:47pm
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Resident Elmer Fudd
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Quote:
Originally Posted by antgal23
Hi all
is this a buob?
does the whole range of the previous bar have to be in the buob or just the body?
ooops! if it is a valid buob,judging by my trend lines think i am 2 days too late
Anthony
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Hey Anthony
This whole post is throwing me for a loop since you are on the weekly chart, and talking about days :P
A buob is a bar the engulfs the prior bar fully and closes near the top of the range(say the top 1/4). It must have a lower low then the previous bar, and a higher high then the previous bar.
Here is a BUOB on the AUD/NZD chart you posted
Hope this helps
Mike
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Mar 5, 2010 3:37pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Pip Dawg
Hey guys...I've been looking through the thread for some time now and there is a term that I'm not getting. Can someone fill me in on what is meant by "traffic".
Much thanks ahead of time!
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Hey Pip
Check out my video in the guest section of j16 called introduction to pinbars. I go over a lot about space vs traffic. Like James said it is essential sideways markets vs non sideways markets. Of course you have degrees of everything.
Here is also a chart too. Notice the pin at a clear swing high lots of space(denoted by diagonal lines) vs the pin in a lot of traffic.
Hope that helps
Mike
I must add what sometimes looks like traffic might still be a great trade, and vice versa with a bar hanging out there. This is just to get the overall concept out there. We must still be aware of many other factors when deciding to pull or not pull the trigger
Last edited by mbqb11, Mar 5, 2010 3:48pm
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Mar 7, 2010 4:42pm
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Resident Elmer Fudd
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Quote:
Originally Posted by printer69
Ciao Mike
I asked for some advice a few weeks ago...now studying this thread and reading Pring on Chart reading as suggested from you and some other guy, many thanks for help to all of you
I am sorry it might seems stupid but I was unable to find any result in google search for you abbreviation "b/e stage of a trader.... and b/c..."
Those posts selected by Mr James are something I am starting believing trading is more a mental attitude and "respect" for the market rather then the ability of reading charts, wich of course important but...
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Hey Andrea
b/e = breakeven and b/c = becuase
Sorry I just get so used to all these abbreviations, probably is sloppy of me!
Best
Mike
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Mar 7, 2010 4:47pm
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Resident Elmer Fudd
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Quote:
Originally Posted by miracle16
Mike just wanted to get your opinion on this especially since this post came up.
How'd you deal psychologically w CT pinbars at all time highs with no past data to refer to.
I'm really not a CT trader especially at all time highs which Ryan refers to as jumping in front of a freight train. the only ones i'll take are at strong PPZs or monthly support/resistances that were respected w past data
No doubt its a weekly chart which does carry more weight vs a daily but it seems to me you've a special knack of catching the ones that work. Especially...
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Hey Miracle,
Was such a nice day here had to enjoy it sorry for taking a bit to get back to you.
Basically the number 1 thing I am looking for if I had to say would be size of a bar. Their is this thing where people say "don't pick a top or a bottom". And generally this is some sound advice if you try to jump in front of a train with any old sloppy bar. You will get CRUSHED(you as in the trader). What I am looking for in these areas you ask are just really beautiful big bars. These bars will have the power to reverse a move(for however temporary). People know I am really picky and maybe too picky sometimes, but it keeps me in line. The gold also had divergence, but anyone could really see without that anyway that that huge pin was going to create some down movement. Go through your charts and Look at the biggest size bars visually, then look at what happens after them when they are pins, outisdebars etc. Add in some other factors when you can and you have something that 99% of the people out there don't touch with a stick.
Hope that helps
Mike
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Mar 7, 2010 4:42pm
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Resident Elmer Fudd
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Quote:
Originally Posted by printer69
Ciao Mike
I asked for some advice a few weeks ago...now studying this thread and reading Pring on Chart reading as suggested from you and some other guy, many thanks for help to all of you
I am sorry it might seems stupid but I was unable to find any result in google search for you abbreviation "b/e stage of a trader.... and b/c..."
Those posts selected by Mr James are something I am starting believing trading is more a mental attitude and "respect" for the market rather then the ability of reading charts, wich of course important but...
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Hey Andrea
b/e = breakeven and b/c = becuase
Sorry I just get so used to all these abbreviations, probably is sloppy of me!
Best
Mike
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Mar 7, 2010 4:47pm
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Resident Elmer Fudd
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Quote:
Originally Posted by miracle16
Mike just wanted to get your opinion on this especially since this post came up.
How'd you deal psychologically w CT pinbars at all time highs with no past data to refer to.
I'm really not a CT trader especially at all time highs which Ryan refers to as jumping in front of a freight train. the only ones i'll take are at strong PPZs or monthly support/resistances that were respected w past data
No doubt its a weekly chart which does carry more weight vs a daily but it seems to me you've a special knack of catching the ones that work. Especially...
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Hey Miracle,
Was such a nice day here had to enjoy it sorry for taking a bit to get back to you.
Basically the number 1 thing I am looking for if I had to say would be size of a bar. Their is this thing where people say "don't pick a top or a bottom". And generally this is some sound advice if you try to jump in front of a train with any old sloppy bar. You will get CRUSHED(you as in the trader). What I am looking for in these areas you ask are just really beautiful big bars. These bars will have the power to reverse a move(for however temporary). People know I am really picky and maybe too picky sometimes, but it keeps me in line. The gold also had divergence, but anyone could really see without that anyway that that huge pin was going to create some down movement. Go through your charts and Look at the biggest size bars visually, then look at what happens after them when they are pins, outisdebars etc. Add in some other factors when you can and you have something that 99% of the people out there don't touch with a stick.
Hope that helps
Mike
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Mar 8, 2010 1:41pm
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Resident Elmer Fudd
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Quote:
Originally Posted by triger88990
Mike this is for you, I know you are in this trade  your speciality,I miss it, forgot to set some alarms to aware me. The close was above 0.7 this was a huge addon
Attachment 434557
Attachment 434558
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Hey T
That is a bit of a stretch for me for the PA. I am watching the .7000 area and it is nice that it has breakout+ pullback possibilities. But I need something better to be getting in. Generally speaking I only trade breakouts with the trend, but now that price is hovering a confluenced area I am just sitting back and watching if it tips its hand.
Have a great week 
Mike
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Mar 8, 2010 1:47pm
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Resident Elmer Fudd
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Quote:
Originally Posted by snooptym
Hey guys I've been a lurker for the past 2 weeks. Trying to absorb as much of the great info here as possible. I've been trading for awhile now but recently started learning about price action and I think I've found my niche. This stuff is great. I think I'm getting the hang of it. Just wanted to say thanks to Jarroo for his last few posts. I've really been able to learn quite a bit from you. I hope I can bounce a few ideas off all of you in the future.
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Hey Snoop
Welcome, start from Post 1(lots of great links there), and start going through the early parts of this thread. You will really enjoy it
Best
Mike
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Mar 8, 2010 4:41pm
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Resident Elmer Fudd
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Quote:
Originally Posted by GotPips
Hi guys, watching the weekly "pin" on cable and wondered how long one should wait for it to break the high (1.5202) before you think about entering? since this is on the weekly, my assumption is that we have till EOD friday for confirmation?
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Hey Pips
In general the thing with any bar is that it is only validated once it breaks, and only invalidated once the other side is breached. So technically you could leave it for however long this takes to happen. I personally with any bar(in general) wait till that next bar breaks(this is my measure of momentum). So for this weekly bar if I was going to enter I would give it one week to break like you said above.
Best
Mike
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Mar 8, 2010 9:10pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Pip Dawg
Hey guys....I've got a quick question about outside bars. On the attached daily chart is this what you would consider a good outside bar? To me it looks as if it is ready to break to the downside...the direction of the trend and it is coming off the 61.8 fib and breaking a big round number.
If so, when would you enter?
If not, why not?
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Hey Pip
I am not a fan of this one. Overall it isn't at a great swing high which generally means that were trading right into some trouble areas(ie traffic). Also I believe that bar it is engulfing is only a sunday bar(which we would ignore). Overall I don't see a ton of confluence or reason to really jump out at me, personally.
Best
Mike
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Mar 8, 2010 1:41pm
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Resident Elmer Fudd
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Quote:
Originally Posted by triger88990
Mike this is for you, I know you are in this trade  your speciality,I miss it, forgot to set some alarms to aware me. The close was above 0.7 this was a huge addon
Attachment 434557
Attachment 434558
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Hey T
That is a bit of a stretch for me for the PA. I am watching the .7000 area and it is nice that it has breakout+ pullback possibilities. But I need something better to be getting in. Generally speaking I only trade breakouts with the trend, but now that price is hovering a confluenced area I am just sitting back and watching if it tips its hand.
Have a great week 
Mike
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Mar 8, 2010 1:47pm
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Resident Elmer Fudd
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Quote:
Originally Posted by snooptym
Hey guys I've been a lurker for the past 2 weeks. Trying to absorb as much of the great info here as possible. I've been trading for awhile now but recently started learning about price action and I think I've found my niche. This stuff is great. I think I'm getting the hang of it. Just wanted to say thanks to Jarroo for his last few posts. I've really been able to learn quite a bit from you. I hope I can bounce a few ideas off all of you in the future.
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Hey Snoop
Welcome, start from Post 1(lots of great links there), and start going through the early parts of this thread. You will really enjoy it
Best
Mike
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Mar 8, 2010 4:41pm
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Resident Elmer Fudd
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Quote:
Originally Posted by GotPips
Hi guys, watching the weekly "pin" on cable and wondered how long one should wait for it to break the high (1.5202) before you think about entering? since this is on the weekly, my assumption is that we have till EOD friday for confirmation?
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Hey Pips
In general the thing with any bar is that it is only validated once it breaks, and only invalidated once the other side is breached. So technically you could leave it for however long this takes to happen. I personally with any bar(in general) wait till that next bar breaks(this is my measure of momentum). So for this weekly bar if I was going to enter I would give it one week to break like you said above.
Best
Mike
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Mar 8, 2010 10:33pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Ryanmcd
Sure I get what you are saying 100%. If your plan is not solid at 1st the higher times give you more "study" time and then you have less losses because you have less trades for the most part.
But I will also say this, I bet I hit CLOSE the same winning % as people that play the 4hr with PB's as when I play the trend with the 5min, say they hit 80% and I hit 70 or even 60%, the rub on that is I get 1-5 trades a day and I can deal with losing for days and it not throw my game off, a new trader can not, They can say that they can but I have yet...
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Yep a lot of what you say is true, but can be flipped for all the negatives too. Such is with EVERYTHING in trading. The real problem is most start on the 5min and aren't here 5-10 years from now to get to the point you are at  . I will say I truly believe that trading must fit in tune with your beliefs, and your personality. When you say you can find out in seconds to minutes about your trades, I really hate watching the 5min charts, b/c you have to be glued to your screen. I prefer trading in total very few actual combined time. Advantages and disadvantages run deep in trading. I will say the combined skills of patience and discipline are crucial to making ANY of the ways work.
Mike
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Mar 8, 2010 10:49pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Ryanmcd
Yep and you kick my ass on the longer stuff because I hate it lol  I suck at COD so 5min is perfect for me, now FF13 coming out tonight I may have to get back to that 4hr stuff 
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LOL my xbox has been broken since I beat up on Tiaforex
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Mar 8, 2010 9:10pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Pip Dawg
Hey guys....I've got a quick question about outside bars. On the attached daily chart is this what you would consider a good outside bar? To me it looks as if it is ready to break to the downside...the direction of the trend and it is coming off the 61.8 fib and breaking a big round number.
If so, when would you enter?
If not, why not?
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Hey Pip
I am not a fan of this one. Overall it isn't at a great swing high which generally means that were trading right into some trouble areas(ie traffic). Also I believe that bar it is engulfing is only a sunday bar(which we would ignore). Overall I don't see a ton of confluence or reason to really jump out at me, personally.
Best
Mike
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Mar 8, 2010 11:09pm
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Resident Elmer Fudd
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Quote:
Originally Posted by StoragePro
??? And you are not already ???
Who is that guy always ready at the post? A Mike Bot? 
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an EA
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Mar 8, 2010 11:10pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Ryanmcd
lol, red ring? my brothers just died too. Get that shit working and you can kick my ass around because I suck at it.
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yep red ring, apparently I can just send it in for free to be fixed but I have been to lazy to even check lol
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Mar 8, 2010 11:35pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Icehocey77
You have to call tech support so they can 'diagnose' it. They'll confirm you have the red rings of death and send you a box to ship it up. Total turn around time for me was about 3 weeks. Also threw in a 3 month xbox live subscription for my troubles.
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hahah thanks I will hvae to do that one of these days
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Mar 8, 2010 10:33pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Ryanmcd
Sure I get what you are saying 100%. If your plan is not solid at 1st the higher times give you more "study" time and then you have less losses because you have less trades for the most part.
But I will also say this, I bet I hit CLOSE the same winning % as people that play the 4hr with PB's as when I play the trend with the 5min, say they hit 80% and I hit 70 or even 60%, the rub on that is I get 1-5 trades a day and I can deal with losing for days and it not throw my game off, a new trader can not, They can say that they can but I have yet...
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Yep a lot of what you say is true, but can be flipped for all the negatives too. Such is with EVERYTHING in trading. The real problem is most start on the 5min and aren't here 5-10 years from now to get to the point you are at  . I will say I truly believe that trading must fit in tune with your beliefs, and your personality. When you say you can find out in seconds to minutes about your trades, I really hate watching the 5min charts, b/c you have to be glued to your screen. I prefer trading in total very few actual combined time. Advantages and disadvantages run deep in trading. I will say the combined skills of patience and discipline are crucial to making ANY of the ways work.
Mike
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Mar 8, 2010 10:49pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Ryanmcd
Yep and you kick my ass on the longer stuff because I hate it lol  I suck at COD so 5min is perfect for me, now FF13 coming out tonight I may have to get back to that 4hr stuff 
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LOL my xbox has been broken since I beat up on Tiaforex
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Mar 8, 2010 11:09pm
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Resident Elmer Fudd
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Quote:
Originally Posted by StoragePro
??? And you are not already ???
Who is that guy always ready at the post? A Mike Bot? 
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an EA
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Mar 8, 2010 11:10pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Ryanmcd
lol, red ring? my brothers just died too. Get that shit working and you can kick my ass around because I suck at it.
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yep red ring, apparently I can just send it in for free to be fixed but I have been to lazy to even check lol
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Mar 8, 2010 11:35pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Icehocey77
You have to call tech support so they can 'diagnose' it. They'll confirm you have the red rings of death and send you a box to ship it up. Total turn around time for me was about 3 weeks. Also threw in a 3 month xbox live subscription for my troubles.
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hahah thanks I will hvae to do that one of these days
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Mar 9, 2010 2:32pm
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Resident Elmer Fudd
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Quote:
Originally Posted by printer69
Ciao Mike
...many thanks and please apologise my silly questions
I can understand this might be waste of time for you people walking at twousands of miles ahead of newbies...
appreciate your help very much
have a nice day
Andrea
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There are NO silly questions. We all were at the same places at some point.
Don't apologize for that
Mike
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Mar 9, 2010 2:32pm
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Resident Elmer Fudd
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Quote:
Originally Posted by printer69
Ciao Mike
...many thanks and please apologise my silly questions
I can understand this might be waste of time for you people walking at twousands of miles ahead of newbies...
appreciate your help very much
have a nice day
Andrea
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There are NO silly questions. We all were at the same places at some point.
Don't apologize for that
Mike
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