No brainer trade journal

[MajorDutch]

it's times like this I look back at tuesday's daily candle and think all I had to do was set the SL at the back of the pin and leave it (this is a valid strategy) however when meaningful money is on the line I just cant watch a nice profit turn into a loss even though I know the trade will probably work out. so this is why a lot of trades are scratched for b/e (or +1 pip)

 

[Splitlink]

it's times like this I look back at tuesday's daily candle and think all I had to do was set the SL at the back of the pin and leave it (this is a valid strategy) however when meaningful money is on the line I just cant watch a nice profit turn into a loss even though I know the trade will probably work out. so this is why a lot of trades are scratched for b/e (or +1 pip)

Yes, meaingful money talks realism.
Using daily bars to calculate stops represents a lot of points when money is on the line

 

[mazdaq100]

it's times like this I look back at tuesday's daily candle and think all I had to do was set the SL at the back of the pin and leave it (this is a valid strategy) however when meaningful money is on the line I just cant watch a nice profit turn into a loss even though I know the trade will probably work out. so this is why a lot of trades are scratched for b/e (or +1 pip)

It's frustrating but I think you did the right thing. If I had taken that trade and not moved my stop to b/e and then price had continued pulling back and possibly stopped me out for a loss, I would be extremely annoyed with myself.

I've read a lot of the james16 free stuff and I really like this method. I think they often say that there is nothing wrong with a b/e trade, it should go in the winners column. Sooner or later, you will take a pinbar that will give you windfall profits which will make all the losers and b/e trades worthwhile.

 

[Splitlink]

I hear it,, time and time again, on this site. How is it that the poster sees a good profit, only to get it taken away from him when the market reverses? B/E stops make sense.

 

[MajorDutch]

current chart of M5. I have never looked into Elliot waves or Wolf waves but I am sure some smart bod can see a pattern in this.

 

[MajorDutch]

It's frustrating but I think you did the right thing. If I had taken that trade and not moved my stop to b/e and then price had continued pulling back and possibly stopped me out for a loss, I would be extremely annoyed with myself.

I've read a lot of the james16 free stuff and I really like this method. I think they often say that there is nothing wrong with a b/e trade, it should go in the winners column. Sooner or later, you will take a pinbar that will give you windfall profits which will make all the losers and b/e trades worthwhile.

yeah that's my take on it Mazdaq I concur. James16 does say he puts b.e's in the winning column. I have heard other traders say this is 8ollox as some risk is taken at outset even if closed b/e. My take on it is how you class your b/e's has to fit with the context of your trading plan. So if you trading plan aims for occasional very large winners and occasional small losers with a bunch of break evens then personally I count b/e' s as winners as they are per plan. I have found to my cost in the past that trading is often about what you don't lose as much as about what you win. If you cant accept b/e's and small losers accounts can get damaged.

 

[MajorDutch]

stop moved to b/e too much volatility around hopefully we can make a clean break soon.

update - took +4 pips off the table could see we were making a triple top with bearish price action so likely price would come back for a scratch best take this little profit now. sod's law it take off now while I am out.

I am interested in entering again if price breaks today's high of $1767 and then retests.

 

[neil]

current chart of M5. I have never looked into Elliot waves or Wolf waves but I am sure some smart bod can see a pattern in this.

The PIN at the top before the last down swing is often a clue to get out or set up for a short.

 

[brewski1984]

In my opinion the gold trade using that system is gone. What reasons are you trying to get back in long?

 

[MajorDutch]

The PIN at the top before the last down swing is often a clue to get out or set up for a short.

agreed Neil. Trying to catch a breakout on this with a tight stop has ended up turning into a 5m scalp!

 

[MajorDutch]

In my opinion the gold trade using that system is gone. What reasons are you trying to get back in long?

not in my book, Gold is screaming for a breakout high here if price confirms above $1767. there is clear open space above to $1800 & $1900.

 

[Splitlink]

I am looking at gold because you have, all, got me curious. If I was long on it I would not sell. yet, because it is still above a trend line I've put under the lows. Mind you, it could go any time, but it hasn't, yet.

 

[Splitlink]

It's broken now, although not by much and that's a double top. I'll leave you to it!

 

[MajorDutch]

new high for the day, I am long again with stop $1740 shoulda woulda coulda

 

[VielGeld]

MD, I have an off-topic Q if you don't mind: what parts of that J16 thread should I be looking at if I wanted a general overview of his method? The thread is so large that even with J16's and other's rounding-up of posts, it's hard to piece it all together. Much appreciated!

As for gold, another forum I go to expects it to keep running up because the fundamentals haven't changed yet (ie. the economy will suck for the foreseeable future and there's nothing that invalidates the run-up). Western economies are in a pickle that won't be resolved for a while.

 

[neil]

MD, I have an off-topic Q if you don't mind: what parts of that J16 thread should I be looking at if I wanted a general overview of his method? The thread is so large that even with J16's and other's rounding-up of posts, it's hard to piece it all together. Much appreciated!

As for gold, another forum I go to expects it to keep running up because the fundamentals haven't changed yet (ie. the economy will suck for the foreseeable future and there's nothing that invalidates the run-up). Western economies are in a pickle that won't be resolved for a while.

On the very first page, some way down, is a whole list of links to important summaries relating to J16 :

james16 Chart Thread @ Forex Factory

 

[MajorDutch]

close out -3 pips loss. netted a few pips from the trade overall but going to stand aside for now. Waiting for the next opportunity on the daily bars.

 

[VielGeld]

On the very first page, some way down, is a whole list of links to important summaries relating to J16 :

james16 Chart Thread @ Forex Factory

Yeah, I have read a couple posts from the list, but I'm looking for something more organized.

... Unless that's it, lol. I don't mind reading everything since I probably will eventually, I'm just trying to find a place to start in there.

 

[MajorDutch]

Yeah, I have read a couple posts from the list, but I'm looking for something more organized.

... Unless that's it, lol. I don't mind reading everything since I probably will eventually, I'm just trying to find a place to start in there.

so basically you are lazy and are looking for a shortcut!

 

[VielGeld]

Umm... no. The thread is 6000 posts long and all the info is scattered all over. I just don't want to start reading and find out I could have saved time in some fashion. As far as I can see there is no one post that summarizes the "James16 method", which is what I'd like to confirm. It would be a good place to start so I can understand what comes after.