Thanks again!
-G
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedSome hints on what I do now on the 4hr, to me it's all about getting a long term winner when we have a trend. I posted a few days ago that it looks like we are starting to trend again and we did. Here is a chart of one of the treades that I am currently in and how I played it. Also I used the 1hr last night to try to get a better fill but that takes too much time and is really not worth it to me so it's 4hr only for add'ins on a trade....
Also Most ppl look for the huge pins, I look for the small ones due to not needing a huge move to make money...Ignored
QuoteDislikedI feel like an idiot... if i read back a few posts he talked about it 2 days ago ....
DislikedExcellent post mate!! Thats having a plan for you. The same plan that kept you out of that dodgy bullish pin that came a few bars before. nice
jonIgnored
DislikedThe hardest part for me doing the addins is fear of a loss and also holding a trade for a long time BUT making 10x your risk off of 1 trade is well worth it. All I am doing is old Bill Williams stuff from 10 years ago but using price action to help me reduce my risk.Ignored
DislikedI see sounds like pinBar could serve as an S/R reversal
and ipB could serve as a break-out trial/error system...
statistically one breakout would cover more than the cost of a few trials of fake breakouts.
so you put stop/loss at end of the pin?Ignored
Dislikedthanks, assume a break out is +200 pips, a s/l is -20 pips.
if breakout / error ratio better than 1:10? that'll prove a profitable system.
em... typically if we jump in to try breakouts after 3rd test of a support,
I think break-out /error ratio will be much better than 10%....Ignored
QuoteDislikedanyone have a link to a indicator that shows higher highs and lower lows for Metatrader?
DislikedRyanmcd,
try the fractals and zigzag indicator. they are default in MT4 (go to custom indicators).Ignored
Dislikedanyone have a link to a indicator that shows higher highs and lower lows for Metatrader?Ignored
DislikedI think you're quite right in saying that many traders do not trade around NFP's; indeed many also avoid FOMC's and BOE's etc. This, to me, is the sensible approach. However, there are some, of shall we say a slightly more 'dogmatic' outlook, who say that you can basically just ignore ALL news and blithely trade on as though it wasn't happening in the first place.
Which in all honesty I think is just errant nonsense.Ignored
DislikedSome hints on what I do now on the 4hr, to me it's all about getting a long term winner when we have a trend. I posted a few days ago that it looks like we are starting to trend again and we did. Here is a chart of one of the treades that I am currently in and how I played it. Also I used the 1hr last night to try to get a better fill but that takes too much time and is really not worth it to me so it's 4hr only for add'ins on a trade....Ignored
Dislikedwell there was a reaction to this level but not that significant. I was in and out pretty quickly on the short side. Mainly because I have let a couple of winners go back to BE recently.Ignored
DislikedIn the past I would of took that pin and lost, I still see them I just have to change the way I view them. I think it is human nature to counter trend trade just like it's human nature to get a "good deal" a CT trade is a "Good deal" if it works out and you can see where you want the trade to end up at, when you go with the trend you don't have as much as a map to see what you want to happen and it's new ground.Ignored
QuoteDislikedGreat chart, Ryan. Thanks for continually sharing. I'm starting to look at trades in this way; not sure why I never quite did before. But it makes the most sense. Damn do I feel like an idiot for not noticing these things...but that's why I'm here
DislikedMatiasfx,
if i understood well what u've just said...
I agree that u disagree. lol
believe or not, accept it or not, whether aware of it or not, news does affect price movements. & some of the best trades happen before or during news releases, or post-news releases.
It is very possible that all of us have traded at least 1 PA formation before, during, or after a news release, whether we are aware of it or not.
We are in a 24-hr world, & news come out almost at any time of the day.
We cannot deny the fact that there are people, funds, companies,...Ignored