DislikedHere's another example of a "Ryanmcd" trade.
To me, the beauty of such setups is their high probability - which means I could increase risk to 5-6%.Ignored
Jason
May the fish in your stream of life always bite.
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedHere's another example of a "Ryanmcd" trade.
To me, the beauty of such setups is their high probability - which means I could increase risk to 5-6%.Ignored
DislikedHere's another example of a "Ryanmcd" trade. At the first red circle you have Pinbar protruding beyond Bollinger Bands. 2nd red circle - Outside Bullish Bar. You also have RSI divergence (twice - 1st not visible). That was a strong indication of a forthcoming bullish move. I entered after Outside bar (OB).
PA could be misleading too: at the yellow circle you have Pin bar also penetrating BB. The price then retreated. It would have been a valid set-up for short. I stayed in the long trade based on (a) anticipated retracement to at least 31.8% Fibo (in respect of the prior big move down) and (b) Laguerres. It was also a "let the trade develop/take care of itself" case as I had my SL in place (below OB).
As for the exit, once the price reached 61.8% Fibo it "stabilized" for quite a while. That's where I exited. BTW, would Ryanmcd exit based on an opposite PA or using discretion (as he does with entries)?
To me, the beauty of such setups is their high probability - which means I could increase risk to 5-6%.Ignored
DislikedOk its time to calm down with this 5min I can copy Ryan stuff. First that is not a pin bar that you mention and the line that made me fume. "increase to 5-6%" what are you on already? This much risk on any trade is too much let alone on a 5 minute trade is total and complete insanity. We just had some posts about MM and simplicity c'mon on.This thread is about safe repeatable trading not reducing great stuff to get rich quick nonsense.
Please Forex 007 don't take this personally but I just had to step in. It's my birthday and I can be a bit leary today
Swami SIgnored
DislikedAmen to the "safe repeatable trading". Happy Birthday Swami!!
JasonIgnored
DislikedHere's another example of a "Ryanmcd" trade. At the first red circle you have Pinbar protruding beyond Bollinger Bands. 2nd red circle - Outside Bullish Bar. You also have RSI divergence (twice - 1st not visible). That was a strong indication of a forthcoming bullish move. I entered after Outside bar (OB).
PA could be misleading too: at the yellow circle you have Pin bar also penetrating BB. The price then retreated. It would have been a valid set-up for short. I stayed in the long trade based on (a) anticipated retracement to at least 31.8% Fibo (in respect of the prior big move down) and (b) Laguerres. It was also a "let the trade develop/take care of itself" case as I had my SL in place (below OB).
As for the exit, once the price reached 61.8% Fibo it "stabilized" for quite a while. That's where I exited. BTW, would Ryanmcd exit based on an opposite PA or using discretion (as he does with entries)?
To me, the beauty of such setups is their high probability - which means I could increase risk to 5-6%.Ignored
DislikedThis was not meant as slight against Ryan or his style of trading. If I offended anyone that was not my intent. Amen to safe trading was meant as to not risking 5 to 6 %! Defining a strong trend, then selling rallies or buying pull backs is a time tested method.
JasonIgnored
DislikedThis was not meant as slight against Ryan or his style of trading. If I offended anyone that was not my intent. Amen to safe trading was meant as to not risking 5 to 6 %! Defining a strong trend, then selling rallies or buying pull backs is a time tested method.
JasonIgnored
DislikedI risk over 50% of my broker equity at times.
BUT....
My broker equity is less than 1% of my total trading capital
I just cannot trust all of my hard earned coin with a broker, if they fell over, I'd lose the plot.
Plus our interest rates here in Australia are great at the moment (8+%). I have most of my capital sitting in term deposits and savings accounts. My company account alone pays me 8.5% p/a for a balance of 10k and above.
Doing it this way, I trade extremely conservatively. Very rarely do I risk more than 0.5% of my total capital. Any trades I consider high risk (not 5 star or A+++), I'll only be risking 0.01-0.05% (1-5% of my broker equity).
Sure I have to pay broker fees to refund my trading account, but it happens rarely and it certainly ensures I do not over trade.
MM is key, MM is key, MM is key, MM is keyIgnored
DislikedGot the first 2 trades for a quick 20pips. Missed the third one...
Thanks Ryan.Ignored
DislikedGbp/Jpy. Daily Inside Bar (I 8++ B)
I took this long off the break of the Daily IB. I've taken some off the table because of the strong PPZ. I would like to see Price break through the PPZ and act as Support again. (Notice the BUOB on the weekly. I good sign.)Ignored
DislikedDé·jà vu, all over again. Let's try this again. Long at 196.59.
Break of the Weekly BUOB (197.02) will help confirm I'm on the right track. (Sorry can't post charts)Ignored
DislikedAttached GBP/JPY D1 TF..
Should u wait a while longer...for clearer setup..??
SonicIgnored