Dislikedcprao, this setup has been discussed in short here:
http://www.forexfactory.com/showpost...ostcount=72101
and the next postIgnored
The pair reached First FTA.
Where can I learn more about Price Action like those in James16 charts? 9 replies
Dislikedcprao, this setup has been discussed in short here:
http://www.forexfactory.com/showpost...ostcount=72101
and the next postIgnored
DislikedLooking for a little advise on IBs. What would have been the correct entry point, break of the red arrow or the green one?Ignored
DislikedIf i may. Im not really an IB kind of trader, but as i understand it you should be looking for entering on the break on the green bar following the red bar. Cause if you look better the green bar didnt break the high or low of the red bar you are talking about. So as i understand it, you should enter where i marked it on the screenshot.
Attachment
Seniors please correct me if i get this wrong!Ignored
DislikedI guess my question should have been, do you wait for the break of the original IB (red arrow) or would you just go off of the break of the one closest, in this case the green arrow?Ignored
DislikedWell as i see it eventually, with your experience growing, you will learn how to recognize good setups before PA shows you the way, and you will be ahead of the crowd who will follow you after the PA shows them the way. And when you will be able to touch trade, then your stoplosses would be tighter.
Well Bundy explains it much better here: link and there is alos raczekfx strategy about fib touch trading this...Ignored
Disliked100% correct but who actually does this ?
And for that matter, who can quantify they have a 90% win rate ? Those that do can do whatever they likeIgnored
DislikedExactly right .. people do touch trading because of the RvR benefits ..
But ofcourse that is not what is taught hereIgnored
DislikedNotice this BEOB on the Weekly DJIA30 a few weeks ago. No surprise where it retraced to and then continued down. . .right?Ignored
DislikedFor example, take the GBPCAD trade I'm currently in. My final target is around 1.6200, but I knew there'd be trouble around 1.6150, so my stop is now at BE. Others may play it differently and reduce their risk at this point, but this is what I'm comfortable with. At this point I know I can't possibly lose money. That's a great position to be in.Ignored
Dislikedas we know:
BUOB and/or DBLHC are tradable at swing LOW;
BEOB and/or DBHLC are tradable at swing HIGH.
So, what if:
BUOB and/or DBLHC are at swing HIGH;
BEOB and/or DBHLC are at swing LOW.
tradable or not?
many thanks
best tradingIgnored
DislikedIMO spookie the one that is the closes IB as that is the focal breakout point if price is going to "burst" out
Best
MikeIgnored
DislikedMy stop's at BE too Chris
If we break higher out of this little consolidation I'll hide my stop under it and see if we can get a push to 1.62
Jonny
EDIT: Oh we did alreadyIgnored
Dislikednice job J and Chris, it is like you could just trade for me and I could sleep more!
I took profit just above 1.62, but also as some asked I took a 70% loss on a bar of the same from yesterday, so this just gave that back and then some.Ignored
DislikedI hope you mean you lost 70% of a full bar loss and not 70% of your equity on that trade
Yeah I just closed at 1.6215, running into heavy traffic now
JIgnored
Dislikednice job J and Chris, it is like you could just trade for me and I could sleep more!Ignored
DislikedIMHO R:R counts. I have almost 80% now
http://mt4pips.com/Agamot/analysis
and still losing -1.27% of my account Yes feels good to have a winning streak, but then one stop puts you back to to zero and then some....
Still thinking of what could be done, probably the best is:
1) More picky
2) Do not enter the trades where FTA is closer than SLIgnored