Thanks ghous,
you're always quick and gentle
you're always quick and gentle
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedHi Bakko,
I am pretty much out for now, been focusing on the higher tfs only and nothing on the daily was worth gambling on the first Friday of the month.
The analysis were cool Bakko, well done Just make sure you don't put on the accelerator till we move from downtown to the highway.
Regards,
Ghous.Ignored
DislikedThis was one setup that was difficult to pass by...Phew!
Look what it does Something the missed/passed setups will often do lol!Ignored
DislikedIt all depends entirely what kind of a trader you are, but generally speaking you should take some off the table at the first support/resistance. This could be 20 pips away or 200 pips away, and holds true on every timeframe.
How much of the volume you pull out is discretionary and your MM rules should answer that. What I do with trades off the daily is to move my stop to BE as we hit 50+ pips roughly and then look to take half of my trade volume out at the first sign of support/resistance as the case maybe. Feel free to find your own...Ignored
DislikedWhat do you mean with "the first Friday of the month..."? Is it considered a particular and "strange" day to trade?Ignored
Dislikedsimoncs,becareful what you wish for.....
gone short on the eu/us on a 3hour pin.
will take the 4h us ch i think also....Ignored
Dislikeddef looks tempting -but i can't really see any other supporting factors, so this side of NFP i don't really want anymore US exposure as already long cable (which i might get burnt on)Ignored
Dislikednothing in particular - maybe me just micro managing a trade. Still, have to walk away now and will miss NFP so i guess it will just have to run it's course.Ignored
DislikedThis was one setup that was difficult to pass by...Phew!
Look what it does Something the missed/passed setups will often do lol!Ignored
Dislikedhello, ghous, thanks for the chart. I have a question for u , do u consider the yellow arrow as a possible barrier too?
http://clip2net.com/clip/m11384/1236...-clip-12kb.png
many thanks to u againIgnored
DislikedGhous,DislikedHow much of the volume you pull out is discretionary and your MM rules should answer that. What I do with trades off the daily is to move my stop to BE as we hit 50+ pips roughlyIgnored
If your original SL was, say, above a 100-pip pinbar, and then the price moved 50 pips whilst your entry bar still hasn't closed, would you still move your SL? What about letting your trade breath? Why would a 50-pip move invalidate your prior logical SL? Your prior SL was "logical" (i.e. above your setup), but your new SL would seem...Ignored
QuoteDislikedWhat about letting your trade breath?
QuoteDislikedWhy would a 50-pip move invalidate your prior logical SL? Your prior SL was "logical" (i.e. above your setup), but your new SL would seem to be "financial/psychological".
DislikedSomething just is'nt right abt having to get out with -100 when you were once at +50Ignored
DislikedI strongly advocate the space element in trades. However when I move my stop to BE at +50 I am not killing it for space but rather covering myself up against the detrimental impacts the markets can have on me or the trade or the account. For me "Space" relates to the Take profit levels and not the SL's
Something just is'nt right abt having to get out with -100 when you were once at +50
Regards,
Ghous.Ignored
QuoteDisliked
I like the way you put!
[b]I agree, in principal. Yet if the trade is still developing (and you took a AAA setup), getting out with +50 (or zero) - whilst your original SL was 100 - would skew your RR. Why wait for a AAA for days, and then settle for RR0.5.
Of course, if you see the trade is obviously not working, then it makes (logical in my view) sense to exit; changing your mind because you have +50pips (again RR0.5) sounds a...
DislikedNovice traders continually monitor, analyze and alter their trades to maximize their profits.
Professional traders continually monitor, analyze and alter their trades to reduce/minimize their risk and reduce losses.
It's all about avoiding loses, temo. Work on that and the profits will take care of themselves.
JimIgnored