james16 Chart Thread

Quoting cluelessbroadband

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I have used this frequently when trading the news. It will allow you to set a silent stop, take profit at a certain level and continue taking profit at different pip levels, and also move stops at certain steps....all at the same time. It allowed me to move my position during news announcements to move my stops to b/e after being in profit 6 pips. Then, it would take profit at say 20 pips and then another portion every say 30 pips further in profit. A fantastic tool to use!! Here is also an updated one with a third layer of stops. Hope it helps your trading...I know it made it easier for me to leave my computer and still manage my open positions! http://www.forexfactory.com/images/icons/icon10.gif

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Quoting ghous

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i am ofcaorse still learjning to fully trust certain kinds and levels of PA indications and i need to find ways to take full advantag of a trade maximize my profits and reduce my losses if any. and that drives me to my question to mbqb11, since i trade off the daily was a 35 pips stop ok (specially for Gj and EJ)? and am i being too harsh to complain when i already did make 45 pips out of a trade (even though it was avaiablke to give 4 times of my current profit)?

Regards,
Ghous

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Quoting mbqb11

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Hey Ghous,

I personally don't believe in a manual trailing stop. That is I dont really believe that selecting some number like 35, 40, 50, is the right approach. Now this doesn't mean it can't work. I just don't believe in it. I personally manually trail my stops. That is I use price action and support and resistance as my trailing stops.

It is hard to break down in one post, but in the PF I explain one of my methods of trailing. And I use X amount of previous bar highs/lows, to help keep me in the trade. Now there is a lot more to this. For example trailing your stops does not work good in choppy markets, so a big part of it has to do with entries. There are other factors, but hopefully this will give you a bit more to think about.

So should you be happy/unhappy, I nor no one hear could answer that. Because that one trade is irrelevant, it is your overall game plan, and the long run of trades.

I hope that makes some sense, or helps a bit

Mike

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Quoting jarroo

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You might have read this one before:

You have two novice traders entering a trade at the same time, same pair.
One enters long and the other enters short. Which one is profitable?

Answer: Neither is profitable.

You have two professional traders in the same scenario. One enters long and the other enters short. Which one is profitable?

Answer: Both are profitable.

How can this be so? The answer: The Exits.

Many traders concentrate on where to enter and when to enter a trade, as well they should do and practise. But more time should be spent on where and when to exit a trade. Because that's where we make the money or lose it.

Mike(mbqb11) makes a strong point that shouldn't go by lightly. The PPZ(s) (S/R levels) are the key to the entries and the exits and/or trailing stops. The market will show you where to put these stops if you look a little closer.

Your first stop loss placement is below the Price Action that triggered your entry or if your PA setup is within a PZZ. Then it would lie below that level to reduce risk. Then just locate the PPZ(s) to trail your stops.

". . . look for PPZ(s) to place your stops." . . is Powerful statement.

Jim

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Quoting jarroo

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You might have read this one before:

You have two novice traders entering a trade at the same time, same pair.
One enters long and the other enters short. Which one is profitable?

Answer: Neither is profitable.

You have two professional traders in the same scenario. One enters long and the other enters short. Which one is profitable?

Answer: Both are profitable.

How can this be so? The answer: The Exits.

Many traders concentrate on where to enter and when to enter a trade, as well they should do and practise. But more time should be spent on where and when to exit a trade. Because that's where we make the money or lose it.

Mike(mbqb11) makes a strong point that shouldn't go by lightly. The PPZ(s) (S/R levels) are the key to the entries and the exits and/or trailing stops. The market will show you where to put these stops if you look a little closer.

Your first stop loss placement is below the Price Action that triggered your entry or if your PA setup is within a PZZ. Then it would lie below that level to reduce risk. Then just locate the PPZ(s) to trail your stops.

". . . look for PPZ(s) to place your stops." . . is Powerful statement.

Jim

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Quoting jarroo

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". . . look for PPZ(s) to place your stops." . . is Powerful statement.

Jim

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Quoting fxgrinder

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can you please tell me if i have located the PPZ on the usdjpy correctly? seems like i might be missing a level above it using prior resistance?? thanks.:nerd:

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Quoting cluelessbroadband

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I was curious if anyone else sees a PB forming on the Aussie Dollar on the daily chart around a 236 and a 382 retracement? I am still new trying to identify some of these pb's on the daily charts!

If you do see it form, would it be best to avoid taking it on a Friday with the lower volume, and if it holds take in on say Sunday night or Monday morning at the opening of the trade week?

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Quoting mbqb11

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yep you got it

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Quoting ghous

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yeah i get the point thanks...i'll try to work upon these guidlines and keep you guys posted...

EDIT: here is the last Ej long i took that fell a victim of my poort stops, i got stopped out for +45 when it's on it's way to more than 200 pips now, a great move i totally underrated!



here is how i could have better managed the trade:

i added a few PPZ's and used them as stops as i note if i had used these in real time i might have been more successful,


stop 1 obviously is negitive just at the end of the nose of the pin bar on the close of which the trade was taken. stop 2 is just at abt at breakeven which was also a PPZ on which the pin bar occured. stop 3, 4, 5, 6, 7 and 8 are other PPZ's along which i would have moved my stop...have i got it right?

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Quoting cluelessbroadband

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I was curious if anyone else sees a PB forming on the Aussie Dollar on the daily chart around a 236 and a 382 retracement? I am still new trying to identify some of these pb's on the daily charts!

If you do see it form, would it be best to avoid taking it on a Friday with the lower volume, and if it holds take in on say Sunday night or Monday morning at the opening of the trade week?

Just curious, great trading! http://www.forexfactory.com/images/icons/icon7.gif

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Quoting jarroo

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I can't speak for Mike. But they look perfect ghous.

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Quoting ghous

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yeah i am eyeing that Pb too, but i don't really trade on Friday big time just taking the very sure ones and mostly it's on the lower Tfs for fewer pips, more importantly there is not yet any sign of the pin bar getting activated i.e the upmove we all anticipate, but since it seems to be at the bottom of a retracment of a healthy long term uptrend it's very vaild, i'll have to wake up 2 hours before my usual routine on Monday to check this one out...

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Quoting KissFan

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I would want to see the low at least down to the .9660 area before I would consider the trade. Even then, placement is important. This one is not necessarily in traffic, but the candlestick pattern befor the PB is kind of sloppy looking. I like to see one like we had on July 9.

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Quoting ezz

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1-did i draw them right?

2-do i have to zoom out to draw them?

3-do i have to find the LOWEST point and the HIGHEST SWING point?

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