Dislikedon the current bar? maybe I'm missing it...care to post a chart?
edit: unless you meant the older one http://www.james16group.us/forums/im...ilies/1087.gifIgnored
Keep taking CT trades, I need more money
Where can I learn more about Price Action like those in James16 charts? 9 replies
Dislikedon the current bar? maybe I'm missing it...care to post a chart?
edit: unless you meant the older one http://www.james16group.us/forums/im...ilies/1087.gifIgnored
DislikedUnless I'm reading something wrong this is as good a daily pinbar as you're ever going to get. It bounced from a PPZ, it's at an extreme low and there's also a bit of MACD divergence. The big problem is the strong downtrend that has been killing pinbars for the past few weeks so I am very reluctant to trade it.
It would be interesting to hear the views of the senior guys on this one and also the daily pinbar on the USCHF.Ignored
DislikedThere is nothing in any of the material both on here, and in the private forum **, about not trading against a strong downtrend.
On the contrary, it is taught that we should look for "space" around the pin and in order to get space there needs to be strong momentum.
This was a valid signal and unfortunately another loser.
** please correct me if I am wrongIgnored
DislikedWhat I do is look for rd numbers to place my order just on or above. In this case xx50 was looming right above, so I place my order just above that. Similar to what I did on AUD/USD a few weeks back. Just my spin I have put on some of the material and my knowledge of orderflow tendencies. I tend to do this in these types of markets more then I might when things just look very right.
MikeIgnored
DislikedHey Mike
The bar low I have highlighted on my chart is at 1.4571.
If we waited for the break of the 1.4550 we have this bar low to contend with 21 pips later.
Why not wait for 1.4600 to break as it is a double zero?
I did not loose anything btw as I didn't trade it.
cheers
FXPIgnored
DislikedWell it depends on the style of trader you are. If you trade ala James16 he moves stops quicker takes profit etc and these types of areas. I trail my stops. So once I am in a trade ,a bar low such as that is not going to scare me out of my trade. This is how I personally trade.
MikeIgnored
DislikedHi,
you always say " I trail my stops " , How can i imagine it? you trail 30 pips,40?15?100?Ignored
DislikedHey
I manually trail my stops. That is using discretion. Most are familiar with my 2 bar exit strategy as one of my many trailing tools. You can use prior bar lows, simple PA, support and resistance etc. I don't use a broker trailing stop as you refer to above.
Best,
MikeIgnored
DislikedWell it depends on the style of trader you are. If you trade ala James16 he moves stops quicker takes profit etc and these types of areas. I trail my stops. So once I am in a trade ,a bar low such as that is not going to scare me out of my trade. This is how I personally trade.
MikeIgnored
DislikedFor sure, trading pure J16 private forum style and taking small profits but having big stop losses has been a nightmare in these current market conditions.
At least your way of trading can withstand these hard times as you let your winners run.Ignored
Dislikedhey processor:
this month i demo'd j16 combining mbqb's conservative entry strategy WITH j16's conservative exit strategy and i actually made out alright .Ignored
DislikedHi FXgrinder
If one was to enter a trade with a random entry criteria such as "every time your favourite football team scored a goal go long", for one month, with a 1:1 risk reward ratio there is a reasonable chance it would be successful over such a small test period too.
I sincerely wish you good luck with your trading too.
cheers
fxpIgnored
DislikedIm done trading pin bars! tried them for 2 months, 90% failed. They suck according to current market conditions. Please spare me of all the PPZ and long nose and bla bla BS. And mostly spare me of the different brokers feeds, thats the worst excuse ever.
Why isnt James posting charts of failed Pin bars? of course, he will always find an excuse. Different broker feeds. Or risk 150 pips but take profit very quickly at 50 pips. Great MM. Whatever. Im sorry for the angry message, Im just pissed off because Im trading pin bars instead of trading the obvious.
Going back to the basics which is S/R.Ignored