DislikedHey alkhatarey. Did you play (or demo) the break of the Eur/Gbp Daily PB? Looks like it had a draw down of about 10 pips after the break. Very nice.Ignored
Josh
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedHey alkhatarey. Did you play (or demo) the break of the Eur/Gbp Daily PB? Looks like it had a draw down of about 10 pips after the break. Very nice.Ignored
Dislikedwhat your attempting to do is not easy. the methods taught in this thread are easy but as most of you know the battle is not really on the charts its between your ears.
jimIgnored
DislikedThis is a nice one. 1st TP hit, no risk on table now. Would like to see it break through 0.86, but...
JoshIgnored
DislikedPros:
- Confluence with the 50% Fib from the last swing high on 18/05.
- Descending trendline.
- With current trend.
Cons:
- Maybe not the best formed Pin around. Would have preferred a slightly longer nose and you will have to go back to 2006 on the weekly for any significant PPZ.
May have some trouble just below the break but will have to see how hard it breaks.
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DislikedFunny: you should go short weekly, long daily, and short 4 hours in gbpusd
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DislikedI found this great chart when I was reading through Darkstar's posts a few weeks ago, but Captain Piptastic posted it.
This will help some of you realize how normal it is to have significant drawdowns from consecutive losing trades.
1. Once we have a strategy,
2. We will know our winning %.
3. We can look to the chart to see the likelihood of having a significant drawdown
4. And determine an acceptable risk/trade from there.
For example.
70% win rate.
There is a 10.6% chance that I'll have 5 consecutive losing trades over any 50 trade period....Ignored
Dislikedvery informative chart, josh, thanks.
so, if the win rate is 90%, the probability of 2 consecutive losses is less than 40%, and 5% around for 3 losses in a raw. theoratically, this proves the feasibility to take 10-15% risk factor, if it were me, I think worth the adventure. however, it really depands on one's risk aversion profile to determine the strategy.
if we take into consideration other factors, then, reduce a little bit the risk rate to compensate the gap. Marco was asking 5%, isn't he? my point is that he probably can go a little bit...Ignored
DislikedHi Krue,
some comments on this. If I could be sure that in the future my win-rate would stay at 90% than yes I could maybe think about it. But sadly this is not the case, I've got no crystal-ball or whatever, maybe I was just lucky - at least to some extent.
On demo risking 10%? No problem! But risking 10% of my hard earned money...I'd probably mess it all up...
I don't know how long you've been trading with real money that means something to you. And I don't know if you ever had to trade out of a 10-20% drawdown but for me this is not...Ignored
DislikedHmm well yes while waiting for a good daily setup you can teach us some about how you trade on a 5min-chart. I at least would love to hearIgnored
Disliked. I watched a old fellow trader lose 160k in one day and lose a 8 million $ account in 6 months playing options in 1999 - 2000Ignored