DislikedMike, which broker are you using for the analysis? I do not see this pin bar in FXPro or MBT MT4.Ignored
That was alpari UK feed
Best
Mike
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedMike, which broker are you using for the analysis? I do not see this pin bar in FXPro or MBT MT4.Ignored
DislikedHi all,
just wanted to share what i experienced today, down and out.
after spending some time here i was going very nice. yesterday i took the short trade (USDCAD) of the 1H pinbar at 0.9652 . my SL was above the high of that pinbar. after going into +15 pips it went back to break even and stuck in a range for a long long time. now the depression start and once its started going against me i just closed it and thinking that the trend has changed i entered long at 0.9665. immediately price started moving south. Well, at this point i...Ignored
DislikedGreat posts Mike.
What a day it has been today!
Could you elaborate on:
"R:R doesn't mean anything to me I pay no attention to it"
Does this mean you get to breakeven and let your trade ride as a free trade, or something else (e.g. you trade up to a trouble area and get out)?
I tried asking Bemac something similar to this, but got no response. I asked Bemac (in particular) as he implied small stop losses were a waste of time. I could mention a few things about how I got my stop losses to the absolute minimum (over time) but I suppose...Ignored
DislikedHey KR
I use a variety of stop losses. The majority of my stop losses start below the bar. Some do not. It depends on the different situations and setups. I have had tight stops, and I have had large stops. Neither one(tight vs large) is better then the other in my eyes. They all have trade offs. Everything in trading has trade offs.
As for R:R, the reason I say I don't care about it, is that my focus is on a great entry and focused on managing it smart. Be it I end up with a .5% gain or a 5% gain.
Every trade and situation I analyze on it's...Ignored
Dislikedmbqb11
what do you think of this.
ITs a quick one im taking on a demo for educational purposes only.
eurchf short.
on the 4hr.
pinbar showing
switch to daily plot a fib from swing high to low.
and its touching the 23.6 virtually by the pip also shown as previous resis looking to left aswell, its already visited 38.2 and come off it.
Your views on this one much appreciated
http://i55.tinypic.com/2moqys9.jpgIgnored
DislikedBe careful here Dean this is not a pinbar. This is a neutral bar notice the open and close are in the middle of the bar with equal tails. This shows indecision
Best
MikeIgnored
DislikedThanks Mike.
So basically you are saying you trade to make a profit (any profit) every time no matter how big the stop loss is, as long as your risk remains constant. Do you at least let some of your trades run, even if it is a fraction of your initial trade?
Am I correct in stating this?
(By the way, Bemac's former club/thread might be interested to look at the 4 hour eur/chf early on this week. In particular, how much retracement was there when this pair was on the run? How big would your stop losses have had to be also? Worth thinking...Ignored
DislikedGood decision on closing trading till Monday, because you are all over the place here. Closing short and going long straigh away, wow you need to slap yourslef in the face. At the point of you goin long the short trade is still valid. I used to see trades go against me all the time, i put a short eurjpy this week within 10 min it was 30 pips against me, so i stuck to my sl woke up next day and it was plus 50 pips in profit, i eventually closed it at over 150 pips profit. Im still a novice and i would never have done what you shown in your first...Ignored
Dislikedhi dk21,
yes budy what i did was extreme stupidity, a mistake i should not have made. however being human we do make silly mistakes in our learning curves. the important thing is, what you learn from them. i ll surely slap in my face if i l make the same mistake again. but for now i am only going on a long weekend
happy tradingIgnored
Dislikedhi dk21,
yes budy what i did was extreme stupidity, a mistake i should not have made. however being human we do make silly mistakes in our learning curves. the important thing is, what you learn from them. i ll surely slap in my face if i l make the same mistake again. but for now i am only going on a long weekend
happy tradingIgnored
DislikedHey KR
I let a trade run if I believe its that type. There are trades good for quick moves. Some I like to hold if thats the type of setup. An example of that are breakouts. Those I tend to trail out or have a final target. I never leave partial positions. I am either all in or all out.
As for eurchf I am not sure what timeframe setup etc.
Best
MikeIgnored
DislikedDoes anyone know if there is a correlation between the length of the nose on a Pin Bar and subsequent price action. Is there a higher probability price will move where you think it will when the PB has a long nose? Attached is a 4 hr EURGBP chart with 3 PB's labelled 1,2,3. #1 and #3 had a long noses and also resulted in a nice moves.
Thanks.Ignored
DislikedCan anyone recommend something really good on psychology of trading?
Some book or thread? Something advanced, I have read millions of those googled articles too... maybe there is some author particularly good at this subject?
Thanks for any help!Ignored
DislikedHave you picked up Trading in the Zone yet like I suggested? If your mind is ready to conquer your psychological aspects then the book will speak volumes to you. If not, then it will at least get you started in the right direction. I bought the book off of several other people who recommended it and the reviews of it are very good too. I bought it from Amazon, but I am not sure where you might be able to get it in KhazakstanIgnored
DislikedHi Mike.
I have a question. Is there any particular reason for not having any partial positions at all?
Thank you for your answer in advance. You help us new guys a lot.Ignored