Keep us updated on your success.
Best,
Mike
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedI'm excited, this is my second successful trade with this system and First gain of more than 50pips(first was the gbp/jpy for 25pips...which would have been about 400 if I had kept it open from last Sunday hahaha)!!! Baby steps first though right? Anyway, just wondering if anyone else took this trade? After trying many other systems, I'm really impressed with this one. And I don't have to stay glued to the screen all day!
Reasons for entering: 1) Overall trend is up 2) PB on swing low correct? 3) Price bounced off of 50% FIB 4) Price bounced/failed to close below a longterm trendline.
Hopefully I wasn't just lucky on this trade, but actually am understanding this system! Cheers!Ignored
DislikedWay to read the chart big guy!
I am also in this trade. Currently up +75
Let us see where she will carry us. I would post more info onthis one but I am tird and want to go to bed. I will try to put up a chart on this trade in the morning.
Never lose sleep over a winner
SteveIgnored
DislikedHere's a question about exiting this trade. Anyone can comment. I personally took 3 lots on this(mini's of course) and closed 2 of them at +70. Now I just have 1 left...do I take profit at 100pips, a FIB level, support/resistance or just let it ride with a trailing stop until it takes me out? I'm guessing most people will say it just depends on my trading style, but I don't have one yet. Still trying to figure that out. So if anyone has anything to add about how to maximize profits as best you can...I'm here with an open mind.Ignored
As you guessed you will have to work it for yourself, some help might be if you are a trend trader then go for something that will keep you in the trend while it lasts. Or a swing trader might target the last swing high or low of the pair as a place to exit.
Enjoy
Ademac
DislikedNice Work ZZZ, how many pairs did you cover in your testing ??
AdemacIgnored
Disliked
USDCHF stopped for 227 pips
GBPJPY (currently +450, but only 170 pips locked in at daily lows, so moved stop on half to lock in 340)
AUDUSD stopped out for small profit overall
Reversed with opposing PIN
USDCAD (with trend, but no supporting factors) triggered & met first target Friday
EURUSD first target met,trailing stop, now weekly PIN in same directionIgnored
Dislikedhey spence great job man
Just a few comments, your second and fourth pins make sure the open and close are both contained within the previous bar. There is something called pin by proxy but that is more advanced and I believe you should hold out on that for a bit. Another comment I have is that when you have these pins that are in a sideways market, if you do choose to play them, you have to realize the market is in a chop and you have to take profit quick(please ask me if you want me to explain this more).
Great work though!
MikeIgnored
Dislikedhi mbqb
thank you for comment
i think a good setup for me is to enter 2 pos. and TP the first on the close of the next day and set the second to break even and let it run till the next resistance or opposite candleformation. so i can cover the positions in a choppy market, i think.
any toughts?
spenceIgnored
DislikedJust some thoughts before I get some sleep. I have noticed talk of the whole "what do I do now?" stuff. And it kind of runs into other topics that are important. So I figured I would bring this stuff up again.
I certainly don't want to discourage moving stops, or taking % of your position off, because if implemented correctly it works great(James moves stops/takes position off, but don't forget he has been trading almost as long as I have been alive, and he has proven to himself that it works). But I think as new traders we have a tendency to do things for the wrong reasons(ala my reason for bringing this up, via spences post, which I am not trying to single you out ). This in turn can lead our trading down the wrong paths. So just to keep your wheels spinning check out this thread
http://forexfactory.com/showthread.php?t=12273
You are doing the next step in thinking, instead of just taking trades, you are developing a plan(too many people just see all this great PA, enter trades then are lost when after a few months they haven't made progress). I spent a good deal of time planning all these great entries, and moving stops up, when I soon realized my flaws were all in my thinking/exits(lack there of).
My one thing I always stress(because it is what helped me), is to always have a reason for doing something. If your bottom line is increasing b/c moving stops/ or taking positions off at X pips, then that is fine. But make sure you aren't doing it for psychological reasons(or other factors) that may be hurting your trading more then you know.
just a ramble
MikeIgnored
DislikedHere's a question about exiting this trade. Anyone can comment. I personally took 3 lots on this(mini's of course) and closed 2 of them at +70. Now I just have 1 left...do I take profit at 100pips, a FIB level, support/resistance or just let it ride with a trailing stop until it takes me out? I'm guessing most people will say it just depends on my trading style, but I don't have one yet. Still trying to figure that out. So if anyone has anything to add about how to maximize profits as best you can...I'm here with an open mind.Ignored
DislikedHere's a question about exiting this trade. Anyone can comment. I personally took 3 lots on this(mini's of course) and closed 2 of them at +70. Now I just have 1 left...do I take profit at 100pips, a FIB level, support/resistance or just let it ride with a trailing stop until it takes me out? I'm guessing most people will say it just depends on my trading style, but I don't have one yet. Still trying to figure that out. So if anyone has anything to add about how to maximize profits as best you can...I'm here with an open mind.Ignored