So u r not keen on the Short side???
Glad to see u ard, Sir..
Sonic
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedI understand that there is a bullish divergence. But the overall trend is down. And today's pin bounce off from ppz. So will you guys consider this a good pin? I am rather new to price action, would like to hear your comments.Thanks.Ignored
DislikedJames.
So u r not keen on the Short side???
Glad to see u ard, Sir..
SonicIgnored
Dislikedtrend questions are always hard for me to answer because i dont trade like 99.9 percent of other traders. Most of my trading could be considered "daytrading" off of a daily chart. other than myself and those i have taught im not aware of anyone else that approaches trading like i do.
with forex i trade a large enough pip size that a half or one or two day move off of a great daily bar is more than enough to make a significant profit and i catch more than my share of great moves. risk reward also means nothing to me. why would it when im 95 percent sure or more that im gonna get some profit or at the very least plenty of time to get my stop to breakeven on the entries i take?
i wait for the set up and if it does not happen i simply do not trade. i check the bars integrity, check for divergence, check fibs, check my pivot zones and if its there its there and if its not its not.
i trade the mini dow a little bit differently but not much. i daytrade that market with a 2000 tick chart and look for the above mentioned confluence at round numbers. 50,00 etc. im the only person on the planet i think that daytrades that market with a 2000 tick chart but i quit trying to be like most traders a long time ago anyway.Ignored
Dislikedwith forex i trade a large enough pip size that a half or one or two day move off of a great daily bar is more than enough to make a significant profit and i catch more than my share of great moves. risk reward also means nothing to me. why would it when im 95 percent sure or more that im gonna get some profit or at the very least plenty of time to get my stop to breakeven on the entries i take?Ignored
DislikedTrading against daily divergence, but also this PPZ could cause issues. Going to watch what happens with this first. Pin formed right back to this one...Ignored
DislikedYes. That PB has a lot of work to do to be convincing. I would like to see it break hard to down side would help convince me. If it does, consolidating boundries could be forming.Ignored
DislikedJim on Risk Reward...
I've been on both sides of the fence now. Narrowing down to good R/R trades has helped a lot in the past, but I've found as I've gotten more proficient with choosing the correct bar based trades, and managing them correctly that I've been able to put that further into the background. Especially when you start to trade pullbacks of bars more successfully and choose those well also.
I guess what I'm saying is , I started using PA to improve what I already had learnt, but now I'm growing more and more into your type of trader. ...very smart. Sneeking it in! ...We're on to you now... ... You'll have many, many clones in the years to come for your evil plans. lolIgnored
Dislikedit was a sad day for me when merlin went back to live in his cave. i miss you merlin. i truly do miss you. the old days were fun my old friend.
he will probably never see this but i just felt like saying it.
the respect and admiration i have for this man is in the top 5 of my life and i never had any correspondence with him other than email. we aint in kansas any more toto.
i dont mind saying this one bit and i mean it from the bottom of my heart.
i love you magic man,
jimIgnored
Disliked
If I understand PPZ we are in a ppz now in GU. We are suposed to look for PA at the PPZ. Further we looking for a lot of space and out of traffic pin bars. The GU pin has tons space. It also took out and closed above 1.7000 a huge round number. Its at a swing low ... lol. I'm not saying that the trend is over just saying if you like playing bounces a break of Fridays high could give a nice bounce. Is this not a J16 A grade trade?
edit: forgot to upload chart
JasonIgnored
DislikedThanks for validating this James, I was hoping this was an A grade trade. Your chart said "like taking candy from a baby" but lead locked has to my favorite saying In my study the only thing I missed was divergence, Do you always use MACD to verify divergence?
Best Wishes,
JasonIgnored
DislikedThis might be a little off subject, and I don't want to do that, but talking about account size.
What brokers do you trust with an account size of $250,000?
Is Trade Station about the only broker with forex you would trust with an account of this size?Ignored