can you tell me some more of the things not to do to add to my list.
Rgds
G
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedHey Mike..lets say we got a very quality setup..are u waiting for markets to normal down or u still trade..wat im bit scared is dat since yesterday market is behaving wild..so im afraid if the market disrespect good setups..im bit confused over this..Ignored
DislikedGreat help thanks Mike
can you tell me some more of the things not to do to add to my list.
Rgds
GIgnored
Dislikedhere are a couple of other examples which I failed recently. I trade upon retracement of setup, since I don't feel comfortable with breakout, and there are successful traders who trade on breakouts, there is no reason why I could not.
The latest setup is within range market, if I remember correctly James16 ever said if one can trade these type of setups he/she can trade any type of PA.Ignored
DislikedWell I am VERY glad to see you recognize the ranging market. But it doesn't mean you can trade it with any PA. And it's more important to recognize it and say "well this market is so heavily consolidated it's not worth trading" then taking it
My thoughts on my chart
setup 1 to me is a very weak setup with no confluence and poor bar. This should be an easy pass if we are being picky
setup 2 - you know exactly the type of environment and can easily pass here too.
These are simply my approach
MikeIgnored
DislikedDoes it fit into your trade criteria?
What are you going to do for your exits?
What if one thing happens verse another do you have alternative plans?
Simple questions like that need to be answered and covered so you are simply reacting to a market as opposed to getting emotionally involved with a trade. A trade should be a thought process that is a culmination of ones understanding of the tools/concepts you use.
MikeIgnored
DislikedGreat explanations as ever Mike, and thanks so much for putting in the time.
One other note is about the second bar on the chart. It was an entry on the close rather than a break.
I've learned from you how important this isIgnored
Dislikedand last one even more simplified(my favorite). Why play within those very tight ranges when we can wait for more open areas with stronger confluenceIgnored
DislikedCan you help list a few number of points you are looking for in this case to qualify a stronger confluence please?Ignored
DislikedI would suggest just looking for nice clean PA at a nice area. PA that jumps out and screams buy/sell. Adi know what I am talking about, right adi? We just showed some of these
off to the gym take care
MikeIgnored
DislikedYeah, go for it.
Meanwhile here's a nice EG IPB from a supply line doing its thang!
Edit: Still fighting the daemon Bias. I saw this and left it. I saw short but was still thinking long.
Lots of daemons to vanquish in this business, and all in the most dangerous arena - the mind!
Edit again: I did have the good sense though to exit my long at the end of the day!Ignored
DislikedWhich one is better PS3 or Xbox?
I need something to help me stay more picky....Ignored
DislikedWhich one is better PS3 or Xbox?
I need something to help me stay more picky....Ignored
DislikedHi Mike! Yes, but those that scream are super rare. The one I see is this. I think it would be easy to spot it in real time too. The problem is how to manage it now, the FTA is clear too ( I think ) so I would just take full profits at FTA I think, as I have not yet developed any other rule for my book...
EDIT: But if we zoom out we may see that it was quite possible to catch this whole move up with that screaming BUOB.... (if we have a good trade management skill and follow it....)Ignored