DislikedHey Kwik, no not really. Mainly weak close and that RN I have for the JPY I have it in 250p intervals instead of 500
I like the CADJPY very much though...Ignored
g.
I believe . . .
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedHey Kwik, no not really. Mainly weak close and that RN I have for the JPY I have it in 250p intervals instead of 500
I like the CADJPY very much though...Ignored
Dislikedany comments about this weekly ipb on unilever? open and close is within the previous bar.
support from the 1800 round number, ppz and the trendline.Ignored
DislikedHow do you plan to go about the Cad/Jpy setup Adilius, if you don't mind me asking?
g.Ignored
DislikedFirst let's sort the relationship between space and traffic.
Space is the absence of traffic, conversely traffic is the absence of space.
In a given situation you cannot have a 'bit of both'. When your trade is running into multiple bar highs and lows either stacked up at a ppz or spread out there is no space and we define that as a situation of traffic.
The GBP/AUD isn't anything even close to being really good or A+ for the reasons already mentioned. Poor bar that technically speaking is not even a pin bar and that's running straight into a...Ignored
DislikedHow do you plan to go about the Cad/Jpy setup Adilius, if you don't mind me asking?
g.Ignored
DislikedHey G, yes this is a good question. To be honest I still working on my backtest and in general thinking what is the best way for me to manage trades. I have already backtested different variations. Including fast exit at FTA (well for the objectivity purpose my FTA was setup bar +50% of its range).
Actually the best one (how my backtests show) is this:
1) Entry with SL behind setup bar
2) If next bar close even by 1 pip in profit move to BE
3) TP is at 1:1
That is how I will enter this I guess. But there is one problem thogh the BRN on the way,...Ignored
DislikedRight. So as I see it the only time you're going to take a loss is when the next bar gets you in and then closes below your entry. In other words you're banking on a hard break each time. Not a bad idea if 1 or 2 profitable trades is all you need in a month. Because such trades extremely rare. Not every trade will even break on the next bar. Those that do may well bounce off their FTAs (which won't always be at 1:1) and retrace within your bar.
Now for instance on this very setup, do you see the 83.5 first trouble area? Your entry is literally...Ignored
DislikedGhous, what setup is that on CAD/JPY?
Looked at the chart on Monthly, weekly & daily but, all I see is a sideways mess. Am I missing something?Ignored
DislikedRight. So as I see it the only time you're going to take a loss is when the next bar gets you in and then closes below your entry. In other words you're banking on a hard break each time. Not a bad idea if 1 or 2 profitable trades is all you need in a month. Because such trades extremely rare. Not every trade will even break on the next bar. Those that do may well bounce off their FTAs (which won't always be at 1:1) and retrace within your bar.
Now for instance on this very setup, do you see the 83.5 first trouble area? Your entry is literally...Ignored
DislikedHow about moving the stop to BE at the FTA and taking half off the table leaving the rest to hopefully catch a runner?
Just a thought...
(note: for an FTA as close the one on Cad/Yen the trade would automatically become invalid. The trade must have 'space')
g.Ignored
DislikedHere is the backtest I did for EURUSD 10 years. Using only BUOB's at BRN.
6 variations tested. All positive: from 2% to 9% gain from 44 trades occured in 10 years (using 1% risk).
Hope someone will benefit from this. Any questions/critics are welcome.
And valuable suggestions on how to manage trades are of course super welcome!Ignored
DislikedI wish I had more time to dig into all the fine work your doing and just wanted to say I appreciate it.
Would there be a way to backtest the data with the concept of "space" added as a variable or is that to subjective? Possibly, this would gleen better results. Just an idea or although it may not be valid.Ignored
DislikedCan you really have a general rule about where to exit a trade?
What else is there?Ignored
DislikedIfmyante, I like to use pivot points and big round numbers as profit targets. PP are more popular in commodities and indices but I've noticed price still gravitates and respects these levels particularly the Daily, Weekly, and Monthly pivots for the longer time frames.
You can also use Fib price targets. I'm sure someone can explain this technique better than me but you draw the Fib differently and take profit at 100%, 161.8% etc. There are some you tube videos on this if you want to learn more. This is basically another way of seeing what...Ignored
DislikedIgnored