Dislikedwhat do you guys think of this trade? I thought mike wont take this as the tail is not long enough so he cant reduce much risk at fta. any comments welcome from anyone. thanks {image}Ignored
Great job
Mike
Where can I learn more about Price Action like those in James16 charts? 9 replies
Dislikedwhat do you guys think of this trade? I thought mike wont take this as the tail is not long enough so he cant reduce much risk at fta. any comments welcome from anyone. thanks {image}Ignored
DislikedGhous, Mike, Thank you for your reply, Let's say that a pinbar is formed instead of a BUOB, will you consider the box a traffic? KennyIgnored
Dislikedhey kenny, If the pin bar had closed within the box, then yes, the consolidation box high would make for a first trouble area. g. {image}Ignored
DislikedQuestion for Mike or anyone else that can answer. I'm still trying to get the hang of these PA bars and was wondering how you play big bars. Here's my example. Now I know this BUOB I've circled is not at a swing low, but it's closed above previous resistance and there's a lot of space above so I'm wondering if it could still be traded as a break out. Anyway, it's a large bar, and if I entered on the break, with stop at the other end, the stop would be too large. How would you guys play a big bar like this? {image}Ignored
DislikedHey H When you say your stop will be too large do you mean you are not comfortable spreading your risk over such a large bar or do you not know what I mean by that. For example if you risk 2% of your account it doesn't matter the size of your bar but rather your position size of your trade. As others said you can look for retrace entries if that is something you are ok with. In a case like this I think a retrace entry makes more sense. But just want to make sure you understand the concept of money mgmt and position sizing Best MikeIgnored
DislikedHi mate, I always risk 0.5% of my account no matter how many pips my stop is (don't yet feel comfortable risking 2%). What I meant is that the stop will be so far away that it messes up the RR ratio of the trade. I like the retrace method but I guess it is slightly riskier since a bar isn't officially valid until it breaks. Here is a trade I've just taken. Again, this BUOB isn't at a swing low but it did close above resistance and an RN (1.3200) and the bar is decent size compared to previous few candles. There was also a large bullish candle...Ignored
Disliked... I am not a believer in a trade must have a certain R:R . Not that that's wrong. But a good trade will always be a good trade to me in the long run as well as we can have all kind of long term R:R as long...Ignored
DislikedThat is true Mike. But there is also a difference between being profitable, and maximizing your profits / optimizing your trades.Ignored
DislikedHey guys, Here's a trade i'm currently in and would love your thoughts on it. I'll try and give me reasons for the trade so you guys can evaluate my logic behind it. Daily Chart A fairly straight forward daily chart with clear level of a S/R level with price opening within the previous days candle looking more or less like an inside bar at this moment in time. {image} 4 Hour Chart This is where I saw the crux of the trade. Basically at the resistance level I saw quite a few candles of congestion, now this could be because price had hit the resistance...Ignored
DislikedHi mate, I always risk 0.5% of my account no matter how many pips my stop is (don't yet feel comfortable risking 2%). What I meant is that the stop will be so far away that it messes up the RR ratio of the trade. I like the retrace method but I guess it is slightly riskier since a bar isn't officially valid until it breaks. Here is a trade I've just taken. Again, this BUOB isn't at a swing low but it did close above resistance and an RN (1.3200) and the bar is decent size compared to previous few candles. There was also a large bullish candle...Ignored
DislikedHey guys, Here's a trade i'm currently in and would love your thoughts on it. I'll try and give me reasons for the trade so you guys can evaluate my logic behind it. Daily Chart A fairly straight forward daily chart with clear level of a S/R level with price opening within the previous days candle looking more or less like an inside bar at this moment in time. {image} 4 Hour Chart This is where I saw the crux of the trade. Basically at the resistance level I saw quite a few candles of congestion, now this could be because price had hit the resistance...Ignored
DislikedHi guys, This is my 1st post here. I have recently got rig of my christmas-tree-looking-like charts full of pretty colorful indicators and started to watch and learn price action. I read all the posts recommended in Post 1 by James16 and also read the pdf's on this forum about price action. I also read about Jaroo's method from Chanya's pdf. I have taken my first trade yesterday off the Daily chart with an entry from H4 on EURCAD(see the charts below). My logic behind the trade was that a large Bullish candle formed on the Daily and closed above...Ignored
DislikedHave taken full profit on this trade now. Looking for longs on either the GBP/USD or GBP/AUD. Weekly charts are showing nice BUOB's that have closed above previous support and RNs. Will post charts later to get thoughts.Ignored
DislikedSo here are my charts for the above trades I'm considering. {image} {image}Ignored
DislikedHi, I was considering the same trades. I am nut sure however what would be the entry trigger. I had a pending buy limit on GU that was triggered a few hours ago at 1.52510 but I am not sure yet. I am still a newbie and I started trading James16 PA 1 day ago lol. What will you consider as your trigger entry ? thanksIgnored