DislikedI would appreciate if anyone could enlighten me where these trades have gone wrong.
Thanks in advance.Ignored
ENTRY triggerd
other than that I see a tradeable BUOB but not a PB
if I am wrong, please correct me. I am learning too!
mea
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedI would appreciate if anyone could enlighten me where these trades have gone wrong.
Thanks in advance.Ignored
DislikedIt's not just a question of what is most profitable. In fact it's largely an issue of psychology and account size. Jim tends to get his stop very very quickly to break even and take some off the table at first target. It may not be the most profitable strategy but it's the most comfortable for him and he has a large account size and so a few pips means a lot to him. Jim can't stand too much drawdown so he kills his trades early as well.
The bottom line is, we are not machines. If you're not comfortable with your profit taking strategy you will...Ignored
DislikedI may be going against the general consensus here but I'm not taking the weekly cable pin.
Two reasons:
1. I don't want to trade into the 1.6500 round number.
2. As this is a weekly pin I would potentially have to hold it for a while. Looking at the monthly chart I see a strong bullish bar and this is only one timeframe above the one I would be trading on.
This is my thought process on this one anyway :-)Ignored
DislikedIf you would trade according rules you would never have lost a dime, because you wouldn't have a
ENTRY triggerd
other than that I see a tradeable BUOB but not a PB
if I am wrong, please correct me. I am learning too!
meaIgnored
Disliked"trade into the 1.6500 round number". Do you mean the 1.6000 round number? Am I missing something.Ignored
DislikedThe end of the last week has brought in tons of a price action so longing for.
I was tempted to take almost an every trade setup, but then again MM rules and I've put my bloody greed aside (althought I'm still on some of them). Let's be honest GBP/USD was my first bet (partial profit taken rest of the trade is now running risk free ) and so much has been said about it so I won't elaborate on it more.
But another trade is AUS/USD.
The reason to take it is a BEOB of the 365 MA and a weekly S/R zone 0.8100-0.8150 (confluence) plus...Ignored
DislikedI may be going against the general consensus here but I'm not taking the weekly cable pin.
Two reasons:
1. I don't want to trade into the 1.6000 round number.
2. As this is a weekly pin I would potentially have to hold it for a while. Looking at the monthly chart I see a strong bullish bar and this is only one timeframe above the one I would be trading on.
This is my thought process on this one anyway :-)Ignored
DislikedI'm not a fundies trader. I'm still honing my technical skills but I'll tell you that the weekly chart is also indicating short in the very near term.
K.I.S.S.Ignored
DislikedThank You KissFan for your answer, that's re-assuring. I want to hold this baby as long as I can.
BTW are you using Gartley's patterns in your analysis ?
I was always trying to find something more on this secret weapon (heard from one of my Mates who is using that all the time on a different time frames with a lot of success). If you don't mind I would love to find something more about it. If it's strongly off topic please PM me as I don't want to mess up sir James's thread.
GreetingsIgnored
DislikedI'll be watching this pair for reversal very carefully this week as it is approaching a strong PPZ. USDJPY has also reached major fib retracement levels. If we get the necessary price action for a short trade, I'll be looking for price to traverse back down to the 150ema. Here are a couple of charts.
K.I.S.S.Ignored
DislikedI'd like to take this opportunity to show and tell you why I don't think that it gets very much better than this trade opportunity that we see presented on Cable....Ignored
DislikedI'm not a fundies trader. I'm still honing my technical skills but I'll tell you that the weekly chart is also indicating short in the very near term.
K.I.S.S.Ignored
DislikedHi Kiss
I would be interested in knowing how you would be managing this trade?, because I am sure that you would not have a stop loss at the top of the PB, that would be app. 750 pips. and if you enter on the break of the PB, you would be trading right into 1.5900 area, but I am not sure if that would be a concern since this is a trade of the weekly?.
Another point to me is that the price closed right at the first PPZ, or as Jim would say "exactly where we thought it would go" even thou it closed below 1.6000,I think it is quite likely...Ignored
DislikedCould you help me understand what you mean by trading into the 1.60 round number? This pair closed below it. Thanks for posting and we'll see how the market moves on this one .
K.I.S.S.Ignored
DislikedIt's not about being right or wrong here. It's about helping each other out. I look forward to your posting.
K.I.S.S.Ignored
QuoteDislikedTiaForex . . .It's not just a question of what is most profitable. In fact it's largely an issue of psychology and account size. Jim tends to get his stop very very quickly to break even and take some off the table at first target. It may not be the most profitable strategy but it's the most comfortable for him and he has a large account size and so a few pips means a lot to him. Jim can't stand too much drawdown so he kills his trades early as well.
DislikedHello
when I am in a winning trade I have a target where I take 50% off the table, go to BE let the second 50% run and if more profit has reached I take an other 50% off the table and let the last 1/3 ruLet trade run until your SL's be taken out but have a greater chance for a good runn may even move SL little closer.
I am wondering if there is anybody which did back testing which EXIT strategy is more profitable at the end.
I guess Jim did he does not like to tell us...?
Move to BE ASAP without 50% profit
Move to BE with 50% off table!
etc...Ignored