Disliked{quote} perfectly said Lester. It's like reading my own posts when you type you have your head on straight! Great stuff and thanks for clarifying for me too! MikeIgnored
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Where can I learn more about Price Action like those in James16 charts? 9 replies
Disliked{quote} perfectly said Lester. It's like reading my own posts when you type you have your head on straight! Great stuff and thanks for clarifying for me too! MikeIgnored
Disliked{quote}It's a live video he did 27th Jan this year of a two-day pinIgnored
Disliked{quote} Hi dvimix, for me your new stopp looks good-above RN 94 and green MA ! You have the choice: 1. setting TP to the trouble area you are afraid of and/or 2. moving SL to BE So you have a "free trade" and be able to sleep very well. Otherwise if you are in front of your pc tomorrow you can watch for moving SL further in your desired direction on lower timeframes (H4,H1?) Only my opinion. Have a nice day. {image}Ignored
Disliked{quote} Hi Mike and Lester: On the topic of risk management, I had a couple of questions regarding slippage especially during news events, since volatility is elevated and slipapge at times can be severe. 1. How many hours before a major news event would u consider not opening a fresh position? The major news events I have are: Fed meetings, US Jobs number, ECB rate, Carney speech, NZD, CAD and AUD Rates and Employment numbers. Anything missed? 2. If already in a position, what are the risk management guidelines you guys suggest before one of the...Ignored
Disliked{quote} That's a great question courier12. This is a very trader dependent thing, so I can only really answer for myself. There is really no right or wrong. Personally, I don't let any news events dictate my trades apart from NFP Fridays or a declaration of war (read: something huge). I really believe that news is built into the price anyway. Now, there was a time where I used to have an extremely complicated trading approach because I used to think the more I knew the better I'd be. That type of trading style is utterly complicated and I believe...Ignored
DislikedAs for my watchlist, I'm also in an EJ long trade which is in exposed risk.Ignored
Disliked{quote} Depends on your style nc_trader! Mike, as he mentioned uses this concept of dynamic R:R. It is brilliant. I think this public video he has on their youtube page illustrates this visually very nicely. https://www.youtube.com/watch?v=gcKC-kG5kYE It's a live video he did 27th Jan this year of a two-day pin on the USD/TRY (as I said, I've gotta add this pair to my charts!). He position sized off the whole bar and very quickly reduced his risk, almost as soon as he was triggered. I've watched enough of Mike's webinars now to see that...Ignored
DislikedSome more charts for you all. I expected to see some action this week with the Aussie pairs. Awoke from my nap to this beauty. Third trade for me for this week, just locked B/E. I thought I'd take you through my thought process. First step, I identify the context of the market I am trading in. I do this by zooming way out. {image} So longterm we are in a downtrend (months) and short term we are in consolidation (flag/weeks), and even shorter term we are in an uptrend (hours). I'm looking for a short-term move so I treat this as trading in consolidation...Ignored