you need those big winners otherwise you gonna be stuck in break even or slightly loosing at best.
The market can go much further then you ever think.
The market can go much further then you ever think.
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedIn July it will be 1 year as I am on this forum, and I registered on Forum to post here only. Because this is the only place I believe will work for ME, not saying others are bad, just don't really fit my personally I guess. I love J16 method, period.
I have grown a lot as a trader I know that and I greatly appreciate the help that Seniors did for me, especially Mike, thank you very much!
However, I have one problem. Is my equity curve! It keeps on goin down see. Month after month. There is something that won't let me make the step further,...Ignored
Dislikedyou need those big winners otherwise you gonna be stuck in break even or slightly loosing at best.Ignored
Dislikedyou have to be willing to take losses. What you are trying to do is avoid them. and by doing that you are killing any chance of catching the winners.
By trying to move your stop you are trying to control the situation. You are NOT in control!
If you want some real market wisdom read past post by a member called Ryandmcd.
He used to post here on this thread and on the forum but he stopped.
Read all his posts and you might get a different perspective on trading.Ignored
Disliked...
Looks really good. But you know what, when I do my backtest using WIPG like it is taught here I get much much better results, but those results would not materialize in live trading. I guess those backtests that I do are meaningless with a discretionary method like this. So I have to jump in and try live...Ignored
DislikedHi KR, yeah I think I tried them all. Seems that nothing works though...(to make a positive change in my bottom line)
Thanks for the good ecouraging words!Ignored
DislikedDo you only buy or sell the strongest or weakest markets? There is always a pair trending at some point during the strongest market hours. Do you buy a currency if it is "up" on the week or day? These aren't rules which are set in stone, but I promise you, they do help.
Do you move your stop loss up to break even and then break even plus quick enough?
Do you trade the higher timeframes? I only trade one hour for specific trades. One hour, daily, weekly and monthly are universal. I am always looking for that perfect risk trade (when I bet with...Ignored
DislikedYou see, to me, a loss is a loss. I cannot claim to be in other peoples' leagues with 90% win rates (said with humility), but I don't do too badly either.Ignored
DislikedThanks KR for your post. I agree with everything you say. It is right, sounds logical and I did most things you mention.
However, the bottom line is this: Equity Curve WILL go down. Please try it for yourself, use "quick to BE" whatever time frame approach for a few months and you will see what I mean.
The problem is FULL BAR loss, they will happen even if you cut risk, move to BE etc. And those hurt. And hurt month after month...Ignored
DislikedNo need for humility. As one Senior here said "If price hit my target 90% of the time, I'd have more dollars than Scrooge McDuck and Warren Buffett combined."
Those are strong words and made me think... Do you think it's possible to hit 90 out of 100 consistently? (of course if it's not 1 pip against 100 SL)Ignored
DislikedThe best trades are those which don't retrace much AFTER you have executed them. Why would I take a "full bar" loss? I'm not against taking losses, I would just rather cut them as soon as possible.
Options expiry on Monday for all you gold bugs. (A.Maguire)Ignored
DislikedWith all due respect.
That happens VERY RARE.
Most of the time they WILL retrace, now if you cut your losses quick that means you will practically do J16 vice versa. I.e. A LOT of small losses, or steady equity fall in hope to get the one that will not retrace (i.e. full bar WIN this time) - sound like vice versa to J16.
See R/R according to J16 doesn't matter, so you have to cut your WINS, not losses (to realize profit or BE at worst)...
EDIT: But I agree those are truely the best trades!Ignored
DislikedThat's why I said when you "execute" the trade.
Take Jim's example a few post's back. He let the trade retrace before executing the sell order, didn't he.Ignored
DislikedWith all due respect.
That happens VERY RARE.
Most of the time they WILL retrace, now if you cut your losses quick that means you will practically do J16 vice versa. I.e. A LOT of small losses, or steady equity fall in hope to get the one that will not retrace (i.e. full bar WIN this time) - sound like vice versa to J16.
See R/R according to J16 doesn't matter, so you have to cut your WINS, not losses (to realize profit or BE at worst)...
EDIT: But I agree those are truely the best trades!
EDIT2: Here is my favorite chart for reference....Ignored
DislikedThat is also entering BEFORE the break of the bar, only the break of the bar validates the setup (for us students).
If one waits for the break then retrace and only then enters - that is not "the best" setup then (because it did retrace!!!).
Ok, thanks KR to you too!!
Only by dialogue we can learn something new.
Ignored
DislikedOkay, just very quickly and just for clarity. The trades I take are normally breakout trades and I don't like them retracing.
Some of Jim's trades are different, which is one of the reasons I am here. I would execute some of these trades AFTER they have retraced to resistance, using the same set up. My stop loss would not be far behind after this occurred. This is why I mentioned about SC earlier. These retracements points are significant. This is the "gist" I think Jim (and others - e.g. Mike) were alluding to, but then I'm no expert.
I am...Ignored
DislikedHey Jon,
Can I ask, what was your sell trade on the gbpusd pair around the 0.61760 mark?
I've been studying this pair and 1 or 2 others on the lower time frames and saw a nice looking PB with a classic "price breaks through and closes below", pull back and continuation scenario. Only this was based on trend lines not S/R levels. (I did not trade this). Was this your entry plan?
This is something new I've begun looking into.
Thanks, TomekIgnored
DislikedHey Adi, from lookin through your journal i think im on RMs side here. for e.g. close 1 lot and let the other run to 10:1rr to make an rr of 5:1?? do you want to be in the trade or not?? if you are willing to let half run till 10:1 why not all the possition? if you dont think the trade is good why let anything run?? will the market let you run to 10:1 rr without good MM in place in the first place or without price turning at those big PPZs??
im just throwing this in the mix not giving a view. imho each trade is unique and so will have to be dealt...Ignored