DislikedCW: How do you play these "ledges"? Do you wait for a completed price bar breaking the lowest low or highest high or do you wait on a breakout and retest? An example would be sweet...thanks.Ignored
Chris
Silent room 2 replies
Silent Success of Patience 10 replies
My silent journal 4 replies
bo7a method... method for GBP/JPY 205 replies
Seeing Through the Silent Crash 4 replies
DislikedCW: How do you play these "ledges"? Do you wait for a completed price bar breaking the lowest low or highest high or do you wait on a breakout and retest? An example would be sweet...thanks.Ignored
DislikedI would suspect the latter of the two. I know a lot of traders that fear GBP/JPY. But the truth is, if you trade longer time frames, it really isn't any different than any other pair.
If you are risking 250 pips on GBP/JPY, and it's 1% of your account....
And you are risking 90 pips on EUR/USD, and it's 1% of your account....
What's the difference?Ignored
DislikedI would never allow an added position to turn both into a loss.Added would be a smaller amount, and if I got stopped out - it would be for all positionsIgnored
DislikedI saw a picture of really succesful trader a long time ago and in the background of the picture was a poster that read losers average losers.Ignored
DislikedI've seen a picture of Paul Tudor Jones with that quote pinned behind him.Ignored
DislikedHi chris.
That makes sense, because the stop is at a point where I think the price turned against me and I was wrong on that. The stop on the added position has (for me) to be at the same level as the prior position. I can't have two levels where "one" trade becomes invalid. That's why I say "adding" to a trade, because it's still the one and only same trade only bigger load.
If you have TWO trades on one chart you can have TWO levels. Meaning you can have a buy/hold for very long time with it's own stop and another aim for a 200 pips pinbar...Ignored
DislikedIt's got to be said that the yen pairs in general are volatile and largely widely unpredictable but for some reason GbpJpy does seem to trend nicely and follow technical analysis really well.
Look at this chart, nice smooth mini trends up and down. Price bouncing exactly from monthly S1, the close above 156 giving a continuation trade (2 of those in fact).
Or this lovely bounce from 139.
I just like the feel of the price action. Looking back through historic charts it does this all the time too.Ignored
DislikedHere is a link to one of the greatest trading books of all time. If you haven't read it - please do. There are so many timeless lessons in it.....
Reminiscences Of A Stock Operator
http://www.scribd.com/doc/3932626/Ed...ersary-edition
You can download it from this site for free......definitely worth the price. I bought a copy myself, and have read this book 4 times.
ClockworkIgnored
DislikedChris, sorry baby but this is VERY off topic to your thread! Hijack!
I wrote yesterday about an open range breakout method. I've attached a file with the details.
Any questions PLEASE don't post them on this thread, please PM me and I will answer them.
I didn't want to post a whole thread in the systems section, just for sensible traders who are looking for something reliable to watch when it's quiet in the land of the ss method.Ignored
DislikedDear Clockwork71,
Thank you very much for providing a link to the book.....it is really an excellent book.......if you have some other super hit books for recommendation than you are most welcome to do it.
I am waiting.
Thanks for your this interesting thread.
Regards,
RupeshIgnored
DislikedDo me a favor, and point out your CAD levels, let's start with the absolute basics and work from there.Ignored
DislikedCW, this is what i have for my S/R Levels.
First Chart:- Daily
Second Chart:- 4-hr (Used this to take the short)Ignored