DislikedGhous,
Monthly also has us trading back into the bar high for Dec . I will be looking for Bullish PA here as 365 MA is lurking under 1.35 too on DailyIgnored
g.
I believe . . .
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedGhous,
Monthly also has us trading back into the bar high for Dec . I will be looking for Bullish PA here as 365 MA is lurking under 1.35 too on DailyIgnored
Dislikedas you said late in the day, but if it was a better time I would have to see it closed above 1.59 personally(notice the box and all the support there)Ignored
DislikedTook this trade too. Unfortunately, I had to be away from my pc so I moved my SL to BE when it was 20+ so I wouldn't get stuck with a loss if the NFP turned it the other way. Got stopped out at BE.
I fought with whether or not to take this one. By placing my SL above the BEOB I basically reduced my potential gain at the FTA a meer $2. I agree with Mike that by doing this I can reduce my risk as the trade unfolds. But then I start to look at it as "is this trade worth $2". I've been saying that to myself alot lately. I'm struggling to figure...Ignored
DislikedHey Ghous
just watched your video on boxing and enjoyed it - some good pointersinfo there nicely explained. Some more vids from yourself would be most appreciated I am sure.
KalIgnored
DislikedI'm getting tired of my stoic stupidity re these trades. I say to myself: 'I know it's going to move 60 pips, but.......'
Why can't I just omit that last word?
When you KNOW it's going to move 60 pips that way, go with it.
I'm fed up of knowing what's going to happen and doing nothing about it.
This is my next daemon to exorcise.
Thanks for driving the point home GhousIgnored
DislikedNice move on CPWR i donīt know anymore who posted it here (i think aserbfx) thanks to pointing it out.
BTW: Ignore the Envelope and the two EMAs they have nothing to do with the entry ;-)Ignored
DislikedEven better would be a short at 1.59 no? Away from the box?
Thats at least how id like it.Ignored
DislikedNice move on CPWR i donīt know anymore who posted it here (i think aserbfx) thanks to pointing it out.
BTW: Ignore the Envelope and the two EMAs they have nothing to do with the entry ;-)Ignored
DislikedYou'll need two things to make moves such as the one on GBP/USD really count.
1) The ability to look at the power of probability over and above R:R
2) A large account to make 'only' 60 pips still count.
As surprising as it may sound you may actually never hold your trades beyond FTAs once you achieve both the above factors.Ignored
DislikedThis is my big lesson for the week, ie my biggest hurdle at the moment
The list of criteria for making it in this business is rather short, but each item is critical, and gets repeated here over and over.
Once again, massive humble thanks to all the seniors here for the excellent advice this week, and to all the posters for helping me go through their thought processes with them.
Have a great weekend eveybody
MichaelIgnored
DislikedI am ok with trading back in a box if you close above within that box. That gives you a perfect point to manage your stops and a logical place to turn back into support again. So for example if that was the 1.6 not the 1.59 and this was prime time during the week, I would for sure buy back into the box and use the now low of the box + BRN to help me manage the trade
Best
MikeIgnored
DislikedUnderstood. Kind of trading within the range, I think?
You know I follow your BRN method as well.
I can see how you would be able to manage the trade that way going long. Wasnt disagreeing with you just probably would have stayed on the sidelines for that.
Not sure if I could manage it, looks strange to me lolol not sure why.Ignored
Disliked
Can someone share their results with this. Demo or whatever? Or backtes at least? It is not as I demand some prove, of course not, no one owes me nothing, is just this would give a huge boost of motivation to me and I know to many many other newbies like me....
Ignored
DislikedI know what you mean Dave. It is sort of yet another story/pattern we can use to our benefit. If you don't feel comfortable it's something to demo and watch Otherwise managing it becomes tough.
Enjoy the weekend dave, easy on the soco
MikeIgnored
DislikedIgnored
DislikedHey Spookie,
Unless you are willing to really hold on to each and every of your trade you will mostly come across with a poor R:R. As it has been said so many times around the thread, R:R does not matter to us as much as probability does.
The importance of a large account has also been stressed upon.
You'll need two things to make moves such as the one on GBP/USD really count.
1) The ability to look at the power of probability over and above R:R
2) A large account to make 'only' 60 pips still count.
As surprising as it may sound...Ignored