Just goes on to show how important is the "space" element in trades you're willing to hold long term.
Should have been a fruitful scalp this one...
Ghous.
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I believe . . .
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedCyrus,
yes, there are variations/varied situations wherein bad/poor-looking PBs (or other PA setups) work or good PBs get rejected/reversed/did poorly.
(pretty tough but..) Our task is to be very patient & discerning in that we take only the best we can to minimize losses/increase the probability for profits.
do remember, that shape of a PA setups (PBs, etc) is just 1 of the factors to consider. There is also Location, space, confluence, S/R, etc.. & PA shape is not the most important. if there are only 3 factors to consider (shape, Location, space),...Ignored
DislikedI'm looking at these carefully. The shape of the pin of Gbp Usd is attractive, but location maybe is not so good, or not? Instead, i like more the UsdChf BUOB because it is forming at an important PPZ: if it closes above 1.07 i think i'll go long at the break of the bar (ranging market in the last days on this pair).Ignored
DislikedLots of waiting for me so far this week. One loss on my 4H demo and a break even (small loss..my break even stops are usually 5-10 pips behind BE) on the daily UJ.
I am being patient. I hardly trade as it is, but that constant state of readiness and watching can be frustrating and exhausting. That's the sniper rifle for you. I know Ryan regularly watched 5M charts for a whole week without taking a trade.
Plenty of time for education and research.Ignored
DislikedLots of waiting for me so far this week. One loss on my 4H demo and a break even (small loss..my break even stops are usually 5-10 pips behind BE) on the daily UJ.
I am being patient. I hardly trade as it is, but that constant state of readiness and watching can be frustrating and exhausting. That's the sniper rifle for you. I know Ryan regularly watched 5M charts for a whole week without taking a trade.
Plenty of time for education and research.Ignored
DislikedLots of waiting for me so far this week. One loss on my 4H demo and a break even (small loss..my break even stops are usually 5-10 pips behind BE) on the daily UJ.
I am being patient. I hardly trade as it is, but that constant state of readiness and watching can be frustrating and exhausting. That's the sniper rifle for you. I know Ryan regularly watched 5M charts for a whole week without taking a trade.
Plenty of time for education and research.Ignored
DislikedLots of waiting for me so far this week. One loss on my 4H demo and a break even (small loss..my break even stops are usually 5-10 pips behind BE) on the daily UJ.
I am being patient. I hardly trade as it is, but that constant state of readiness and watching can be frustrating and exhausting. That's the sniper rifle for you. I know Ryan regularly watched 5M charts for a whole week without taking a trade.
Plenty of time for education and research.Ignored
Disliked[size=2]I think thats the problem....to be successful it seems like you have to wait for the best setups which only come around rarely and if you only have a small account then you're only going to make a small amount of money on each trade.
So if you end up doing say 1 trade per week then thats hardly any profit. It seems like its only worth using this method if you have a large account so that you can wait for the perfect setups in the knowledge that each trade will net you hundreds or thousands.
So maybe its the case that success with this method...Ignored
DislikedI know I have posted on this topic before and what I am going to say is no different then what has been posted but in a different way.
As I see it there are some basic types of individuals
1....Ignored
DislikedEarly morning? Did you move to California already? Or is 11am rise and shine time for Mike?
Seriously though, this is great stuff and encapsulates the stages of the learning curve and the pitfalls of every stage. We're lucky to have you here dude.
Now go shower. It's nearly lunch for pity's sake.Ignored
Disliked1. Someone learning to trade the right way.
2. Someone learning to trade the wrong way.
3. Someone who can trade and has a small account
4. Someone who can trade and has a big account.Ignored
Disliked...
Gu's a typical case of "conflicting signals" note that the bar before your bearish pin bar is a good looking bullish pin bar.
...
Ghous.Ignored
DislikedVery nice explanation Ghous but one more thing, if you were in the trade or any other trade that has good looking PB and the next bar turned out to be an opposite PB, what would you do? I guess explaining how you would manage this would be VERY beneficial to all of us. My option would be to put SL below the opposite PB, reducing the risk (assume that the next potential PPZ is further away, not 40-50 pips that we are able to BE our trades). Geeezzz... looks like an exams question
Thanks in advance! Keep on posting Ghous, your...Ignored
DislikedVery nice explanation Ghous but one more thing, if you were in the trade or any other trade that has good looking PB and the next bar turned out to be an opposite PB, what would you do? I guess explaining...Ignored
DislikedAnyone in/still in the BEOB trade on the EURUSD from yesterday (1 PM EST)?
It broke by just enough to trigger and has since basically retraced and stayed in the bottom half o the BEOB.
I did see the highs at 1.4150 level, and it has come down to touch 1.4155, but I felt for this trade to be worth while, it should break through this area strongly.
So far, it has been flat, and I am sticking to my guns on it.
Just curious if anyone else took the trade and if they were still in it.
EDIT *****
On the same time frame now a BUOB has formed....Ignored
DislikedI don't think it was a bad trade, I think it is just a loss you chalk up to the routine hems and haws of the market.Ignored