jon
PATIENCE... DISCIPLINE
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedIf price comes within 2 pips of my TP and the spread is 5 pips, why didn't my TP close the trade? (IBFX demo - 4h pin on usdcad 2 days ago)Ignored
DislikedWould anyone here play the USD/CAD short on the retrace to bottom of daily PB. BOC announced they don't plan on dropping interest rates which is why it moved so quick by the way.
Any thoughts on this would be great.Ignored
DislikedYou buy at the ASK price, so you would need to set your tp accordingly. Which is what your take profit is on a sell(buy order)Ignored
DislikedHi Bertie,
I too am a newb at this stuff. Luckily, I found this thread before I lost too much trying to scalp on the shorter timeframes. Since finding this thread about a month ago, I have taken just one trade (a weekly pb) that earned me 200 pips. I am more than happy with that. If I can keep disciplined enough to avoid pulling the trigger at anything but the best setups at the most conservative entry points, I am sure that I will build my account to the level where 200 pips a month is all I ever need. I agree that its hard to resist the temptation,...Ignored
DislikedThanks Mike
TP is 1.2232
spread = 5 pips
bar low = 1.2235
I always thought that when price is within the spread range of the target it is activated... Now I don't know...Ignored
DislikedSo I need to place my TP at least the the spread above my PPZ when shorting (TP=PPZ+spread). Thanks Mike.
...p.s. does that mean that when someone uses a sell stop 10 pips bellow the low of the bar, you count down 10pips then then count back up for the spread? (SELL STOP=bar low-10pip+spread)Ignored
DislikedSo I need to place my TP at least the the spread above my PPZ when shorting (TP=PPZ+spread). Thanks Mike.
...p.s. does that mean that when someone uses a sell stop 10 pips bellow the low of the bar, you count down 10pips then then count back up for the spread? (SELL STOP=bar low-10pip+spread)Ignored
DislikedHey James Traders,
I'm still stinging from last night. I was feeling great about shorting the gbp/jpy and then it reversed on me. I'm trying to critique my trade. I saw a five wave triangle complete (continuation pattern) and break to the downside. The apex came it around 142. The following 4 HR bar was a BEOB. (bearish engulfing). Then whammo it reversed for about 200 pips. Comments welcome about about clues (if any) I missed.Ignored
DislikedIf you missed the break of the pin, which already gave its pips, don't go chasing another trade. Just wait for another trade to pop up. Oh yeah and ignore that news too
MikeIgnored
DislikedHey Tex
Not sure about the 5 wave apex stuff. But that BEOB was at a swing low, and we want to trade them at swing highs. Also note the low of the BEOB never broke, so it is not a valid BEOB until the low is breached. It is best to wait for these at swing highs and look for the big obvious bars.
Below would be a better zone to look for a short as we retrace back to a PPZ and big round number at a swing high.
Hope that helps
MikeIgnored
DislikedYou got it Mike. Paying attention to news is just a pain in the you know what anyway.Ignored
DislikedYeah Mike,
That does help sir. So, to clarify a BEOB, It doesn't officially count as a "BEOB" until the engulfing bars low is broken by the following bar?Ignored
DislikedWell depending on how you trade it. For me I like to see the next bar break the low(ie momentum). Others will leave a pending order until that low is broken OR the high is broken(which nullifies the bar and then they will cancel their order).
Let me know if that makes sense
MikeIgnored