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  #61036  
Old Apr 17, 2010 7:19am
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heres a couple of classic pinbar trades that worked out well. 1h TF,not for everyone. i have noted on the chart my views on this trade. the great thing about getting a nice run like this is that you get the chance to turn your scalp into a longer term trade fairly easily.

jon
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  #61038  
Old Apr 17, 2010 7:27am
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heres the other.

jon
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  #61039  
Old Apr 17, 2010 7:35am
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Quote:
Originally Posted by Scotty2Cues View Post
Hi,

Second demo trade.

EUR/JPY daily. Had a DBHLC on Thursday. The low of second bar was 125.80 and the close was 126.26. I placed a sell order at 125.65 which was below what I thought was a PPZ on the 4hr.

About 9 hours later I had about 50pip profit although it had gone lower. I decided to move my stop to break even. My stop kicked in and I missed out on about 130 pip profit. It fell below another PPZ which was also a 38fib line from a major high to major low.

Should I have just taken the 50 pip profit or should I have left my stop loss...
hey Scotty, trade management is a personal thing and as a person gains experience he/she will start to get an idea of what is comfortable to them. i know Mike for e.g. never takes partial profit where as i like to leave a third to try and catch a runner. What i can say for sure is that both me and Mike would have known what we were going to do in advance of pulling the trigger. for e.g. i took full profits on my real account at 65.15 on the nz/yen trade (my personal choice of buffer that place on top off /below RNs when i open/close positions )btw that was the only trade i took on my real acc. from the 2 yen pinbars.
back test your trades and see which style would have given the best returns, as im sure each trading style would give different results.

hope this helps a little

jon
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Last edited by g_j_hook@yah, Apr 17, 2010 8:02am
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  #61044  
Old Apr 17, 2010 8:20am
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Quote:
Originally Posted by g_j_hook@yah View Post
now i like that one..mmmm

cheers

jon
before ....
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  #61045  
Old Apr 17, 2010 8:21am
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and after......

just to show this stuff really works!!!

jon
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  #61046  
Old Apr 17, 2010 8:22am
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Quote:
Originally Posted by Atc View Post
Thanks g j

Great Stuff
thanx, glad i could help.

jon
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  #61048  
Old Apr 17, 2010 9:00am
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Quote:
Originally Posted by packhorse View Post
Thanks for this Jon. Sorry if this has been asked before, can you tell me the indicator for the text in the top left hand corner of your text? Looks like an ATR indi. Thanks.

Glynn
this isnt the latest version (can be found on igroks thread) as im not on my own computer. it shows the ave. ranges for an instrument.
im not sure if you need both files?? i dont think so. the mq4 should be enough.

jon
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  #61059  
Old Apr 17, 2010 9:50pm
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Quote:
Originally Posted by badhairday View Post
Just a quick question, what's consider a scalp?

I've been reading this thread and people mention scalping here and there, but I'm a bit confused about that definition.

Isn't scalping supposed to be too risky and stupid for J16? or is scalping also considered just a trade for quick $$?
scalping classically means a trade took from a short TF,1h down i would say, and held for a short period of time, anything from a few seconds to a few hours.maybe even hours is pushing it as then it would border on being classed as an intraday trade.
Its not that it is too risky or stupid, PA works on any TF when used well. it is rather that it needs a lot of experience to make those snap decisions needed at those short TFs good ones. if you dont know what your doing trying to scalp a 5min chart is gonna cost a pretty penny as it involves,or can involve, a large number of trades and therfore a large number of loosers!!

hope this helps

jon
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  #61104  
Old Apr 18, 2010 7:07am
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Quote:
Originally Posted by jarroo View Post
Great posts jon. Just for the fact that if one wanted to trade on the Hourly, it all starts on the Daily/Weekly. This info alone from your posts is Gold.
, i never thought to highlight that fact, it just comes as second nature these days, i dont think about it anymore, i trade off my PPZs one way or another. all of which start on the higher TFs. period.
cheers

jon
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  #61118  
Old Apr 18, 2010 10:53am
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heres a q. that keeps coming back to me...
why does price almost always retest the res/sup it just broke through???we see it all the time but i never really understood it???is it simply the other side trying to get control again but meeting with heavy buying/selling at the same price range as before?? and if so why? didnt all the significant orders get triggered the first time????
hope i can catch up on some interesting posts later this eve???

cheers

jon
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  #61132  
Old Apr 18, 2010 3:24pm
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Quote:
Originally Posted by bundyraider View Post
G'day Jon. ...
thanx Bundy, i just couldnt accept that it was jus as straight forward as that. i kept thinking through these types of ideas but allways thought there was something i was missing!!? One of the hardest things i had to overcome in my trading venture was to realise that even the big players are jus guys like me n you, even less trained and experienced! you seem to think of the market movers as some kind of invinsible force mega smart with a ton of tricks...lol they just a daft as me when it comes down to it! lol

good trading

jon
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  #61149  
Old Apr 18, 2010 6:54pm
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Quote:
Originally Posted by jeurre View Post
nice jon, your charts convey good message to understand the price action. how do you plot the open lines? is it an EA, or you do it manually?

jeurre

just use a colour you can easily ignore when you want to...lol

jon
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  #61210  
Old Apr 19, 2010 9:46am
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Quote:
Originally Posted by Lyra View Post
Hi Nasir,

Are you watching cadjpy? 38.2fib + 90.00 round number + breakout-pullback pattern. This is my demo trade, trying to learn touch trade, any comment? Thank you.
hi Lyra, i'm not Nasir but would just like to say that taking a touch trade after such strong PA was very risky. i agree that the 90.00 level is a great level to look for a trade but i would be wary of that massive red bar from friday!! i would be looking for PA right now also if it wasnt for that and the fact that to me the other yen/xxx look like they want to retrace a little more yet??i would like price to close above 91.00 before i had any faith in the breakout continuing.Also cad looks pretty weak across the board.

just my 2 pips

jon
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  #61213  
Old Apr 19, 2010 10:09am
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Quote:
Originally Posted by nasir.khan View Post
But we said the same thing.
.
...just wanted to include a broader outlook.


jon
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  #61382  
Old Apr 20, 2010 1:59pm
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Quote:
Originally Posted by Scotty2Cues View Post
please help lol. 3rd demo trade and the second time its happened. in profit, hit at BE now watching it fall without me. sell order was 1.01290 looking to hit blue rectangle.

maybe i should have moved it just above BE
hey Scotty, dont worry bout it, you had your plan and it worked out ok for you. thats a good trade in my book.
its all about your preferred trade management style, and your risk appetite. You could change how much of your possition you close at the FTA, e.g. if you were to close 2/3s of the trade you could give yourself a larger stop size and still eliminate your risk as you would have more profits to play with. It is necesary to commit yourself one way or another, imo, to each individual trade. back test your trades with different approaches and see how it goes. Imo a trade needs time to develope and create a new swing h/l before the stop has any logical reason to move (other than taking of the risk, which is down emotion not TA) and when you see how price reacts then you get a better idea of how the trade is likely to develope, does it give strong move right at a 50% retrace?, does it concolode ?etc.

just my opinions

jon
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  #61385  
Old Apr 20, 2010 2:04pm
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Originally Posted by NewinTown22 View Post
Hello guys, i have a question regarding the 365 ema.. when i set the parameter for the line to be 365 it doesn't even appear in the chart, am i doing someting wrong?
thanks

hi NewinTown22, it should work fine so you must be doing something?? check that you hav'nt got a decimal in there somewhere or a typo.
Have you tried changing TFs as it is not always at a value shown on the screen so even if has been plotted you wont see it without changing your perspective one way or another.

hope this helps??

jon
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  #61410  
Old Apr 20, 2010 5:28pm
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Quote:
Originally Posted by The Captain View Post
One thing I don't understand with the way you guys trade here. It is always take profit at the first trouble area. But why? Why not dial down onto the 1 hour or 15 minute and look for candle confirmations of a reversal. Rarely does price just head back up without some sort of pinbar, dblhc, etc on the lower time frames. I've seen it very often where people here have take profits set at trouble areas and the price just continues right through. Just a thought.
hi there Captain, it isn't always "take profit at the FTA", many people do take partial profits but certainly not everyone. it is always made clear that trade man. and money managment. are a personal thing which a person develops over time. remember this is a thread aimed at the absolute beginners as well as the more advanced students and one of the great attributes of managing your trades this way is it reduces or eliminates your risk very quickly(and secures some profit), which is always a good thing . the more a person gains experience the more he/she can modify the way they manage there trades.


hope this gives you some perspective

jon
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  #61411  
Old Apr 20, 2010 5:30pm
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Quote:
Originally Posted by jarroo View Post
What demo broker are you using? can you post a chart?

thanx Jarroo, you beat me too it!

jon

EDIT:
Quote:
Originally Posted by NewinTown22
at the moment i'm using the demo of www.forex.com because they have a web/java version for forex.. i'm at work right now so i can not post a chart but what i do is when you select the ema there is an option label as parameters.. under that there is Value 1, Value 2, Value 3, Value 4... the standard for them is...
why not use mt4?? its probably the best free charts out there imo.
jon
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  #61424  
Old Apr 20, 2010 7:15pm
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Quote:
Originally Posted by NewinTown22 View Post
Is ther a mt4 web version?
i don't believe so.
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