DislikedThoughts on this PB for later?Ignored
If it reverses hard, be ready.
Just my thoughts.
DislikedHow about this one , NZDCAD has hit the extension 161.8% from a previous swing low , also hit solid PPZ which is around 7830-7860 , the RSI is looking down and a Pinbar has formed.
I want to ask you guys to check if it is a valid PIN as it closed 1 pip above the high of the previous candle on instafx , please check and let me know .Ignored
DislikedHi guys hope you had a great weekend and that you made some money today!
I was thinking about something.. Is there a way in the james16 way of trading to 'cut' the bad positions?
Can't find the appropriate word but let's say we enter on the break of a candle instead of immediately after the close.. In that case it is a safer trade you know?
I'll show you a couple of trades today.
Let's put up some rules. Let's say we only trade PINBARS and enter the trade when the candles close is broken by TWO (2) PIPS.
Look at the chart, if after...Ignored
DislikedYou don't enter any PA on 2 pips after the close so, I really can't grasp what you mean. The buffer is 10-15 pips after the high or low of the PA setup bar.
The close or open and not a factor in the entry, only the high or low.Ignored
DislikedI'm sorry if the question was stupid.. Haven't read the whole thread yet I'm still trying to find the goldies
If the buffer is 10-15 pips after the high/low of the setup bar, don't you miss out on quite allot of pips, let's say we worked off 1HR chart?
Oh and it was my mistake to mention open/close. What I really meant was the highs and lows but since pinbars close at the high/low they usually are at the close.. If you know what I mean? I go by Nison's ideas about pinbars (=close at the high/low) that why I wrote like that.Ignored
DislikedNo, it wasn't stupid at all, I thought it was a good question about cutting losses on failed bars.
No questions are stupid.
More aggressive traders may enter on the retrace but generally it is after the low or high with a buffer.
It may cause you to miss a few pips but in the long run, it will keep you out of fake outs.
Don't forget on the daily a good pa setup can run hundreds of pips.
The FTA is the thing.....If you can get to the FTA then you can decide if you are going to take some of the profit off the table and or move to BE...Ignored
DislikedFAKEOUTS is the word!!! Thanks
What is FTA? Gotta find that out..
I was thinking one thing pinbar maybe we can have a little discussion here.
Wouldn't it be a smart thing to enter a trade WITH THE TREND with a smaller amount of pips 'in buffer' but 10-15 when it is against the trend? In that case we won't get screwed in the retracements aswell instead of waiting 10-15 in a downtrend as we have a pinbar showing downtrend.
Maybe worth thinking about.. Gotta do some research on thatIgnored
DislikedIf you click on the J16 terminology in my signature , it will take you to a list of all the terminology. FTA is the First Trouble Area.
Even a trade with the trend can retrace on you, the way you play it safe is money management and not risking 10% of your account on a single trade.Ignored
DislikedI was wondering what became of that setup, Danny. .no surprises here.
Has anyone seen Mist Gun? There is your example of a PB at a true swing high before the fact . .thanks blue.Ignored
DislikedYep I know that, I keep that post as a reference but it doesn't have FTA so maybe you should edit the post and add that?
Yes ofcourse a trade with the trend can retrace with me but since we're dealing with probabilities, a trade WITH the trend should indicate more chance of working out.
Yes ofcourse, I only risk 5%Ignored
DislikedI have a question for Mike or anyone else that knows about the proxy eye.
Are there any rules for the proxy eye?
For example, up to 5 bars back on the Daily tf, maybe more on H4 etc?Ignored