That's expectancy
Lets you confidently enter trades with poor RR
james16 Chart Thread
- #98,621
- Jul 15, 2011 6:53am Jul 15, 2011 6:53am
- | Membership Revoked | Joined Nov 2010 | 3,072 Posts
- #98,622
- Jul 15, 2011 7:15am Jul 15, 2011 7:15am
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
meine augen sind die sterne
- #98,623
- Jul 15, 2011 8:09am Jul 15, 2011 8:09am
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
PATIENCE... DISCIPLINE
Looks like you had a nice 4th of July J.W. . .
Jim
Jacob
- #98,626
- Jul 15, 2011 9:34am Jul 15, 2011 9:34am
Well done 5.25! Can I ask you, were you trading strictly PA setups (pin bars, outside bars, etc?) What was your risk % per trade? Keep up the good work and report back again, it is inspiring.
Strictly PA setups? Absolutely! ALL on the daily and ALL at the break of the bar, period. (Bearish/Bullish engulfing, PB's and inside bars only).
They clarified my entries within the 'story' that I built up using PPZ (S/R levels) and trend lines. Nothing else. No EMA's, no MACD's etc. (I don't know what most of them mean
) I varied my % depending on the setup but it was around 10% just not on every trade. For me the market is fluid, so you need to be adaptive (probably an obvious statement to make). I can control my strategy, just not the market. Once I accepted this, I felt more comfortable and confident.
Something I remember reading here (not sure if it's right but it made total sense): "Strategise your trade, trade your strategy".
I like to think that this thread is more about teaching a 'methodology' as opposed to a 'system'. My 'method' has helped me and seems to be working, for now... for me.
Hope this helps.
YOU ARE THE MAN!!! Thank you very much for this post!!! That is a great motivation for many, many traders....P.S. How many seconds does it take to make a screen shot, hide order numbers and post it here? Like 20 second, right?
Took a while! Multiple screen grabs, stitching them together and posting them all within an acceptable resolution for FF and STILL remain readable is quite laborious. The blur button is a merely a click 
On a personal note Adi. I found that once I set my trade and removed myself from the equation, it took away all 'anxiety' and stress. Daily charts are great because it absorbs most of the noise and you can check/rationalise your strategy on the close (my evening, after work). It should only really be a 50/50 decision, long or short, at the end of the day you'll know
What's the saying 'analysis paralysis?' 
Rushed post. At work. Happy weekend all. Hope this is helpful to anyone readers.
Floppy.
- #98,627
- Jul 15, 2011 10:21am Jul 15, 2011 10:21am
- | Joined Jul 2010 | Status: MAKE IT HAPPEN | 2,220 Posts
Hi there
Strictly PA setups? Absolutely! ALL on the daily and ALL at the break of the bar, period. (Bearish/Bullish engulfing, PB's and inside bars only).
They clarified my entries within the 'story' that I built up using PPZ (S/R levels) and trend lines. Nothing else. No EMA's, no MACD's etc. (I don't know what most of them mean
I varied my % depending on the setup but it was around 10% just not on every trade. For me the market is fluid, so you need to be adaptive (probably an obvious statement to make). I can control my...
Thank you very much Tomek! Yes I also think that I need to pay less attention to H4, when I miss my "check time" for H4 I don't get upset anymore. Daily is the King
May I ask one more question please. The most interesting one... I see you are using set&foreget approach, so maybe you could share your Sl and TP's. Where do you put your inital SL behind bar or maybe behind left eye? And TP: is it at the FTA or maybe fixed 1R, 0.5R or next S/R or something like that.. ?
EDIT: Oh I just recall as you once said you use partial exits right? So maybe at least you could elaborate on your initial SL? Is it behind the bar or maybe you have some other tricks for it?
thanks!
Hi there
Strictly PA setups? Absolutely! ALL on the daily and ALL at the break of the bar, period. (Bearish/Bullish engulfing, PB's and inside bars only).
They clarified my entries within the 'story' that I built up using PPZ (S/R levels) and trend lines. Nothing else. No EMA's, no MACD's etc. (I don't know what most of them mean
I varied my % depending on the setup but it was around 10% just not on every trade. For me the market is fluid, so you need to be adaptive (probably an obvious statement to make). I can control my...
I am a UK based trader who follows similar stratergy to yours. I look for strict PA bars to make decisions on daily bars after my work. I look at FXpro for daily close at around 2200 UK time. I am currently doing demo to sort out the trade managment and exit parts. Although I must say I stic tok 2-3% of total risk capital at max for each trade and also do not trigger any entries based on inside bars as for me they show indecision. I use 150-365 on chart to see "where we at" in relation to recent past. I scan about 30 pairs which have decent spread with my broker..
Any guidance from your part in reagards to your trade managment and exits in general will be much apriciated.
Trading is a test match not a Twenty20.
Hi there
Strictly PA setups? Absolutely! ALL on the daily and ALL at the break of the bar, period. (Bearish/Bullish engulfing, PB's and inside bars only).
They clarified my entries within the 'story' that I built up using PPZ (S/R levels) and trend lines. Nothing else. No EMA's, no MACD's etc. (I don't know what most of them mean
I varied my % depending on the setup but it was around 10% just not on every trade. For me the market is fluid, so you need to be adaptive (probably an obvious statement to make). I can control...
I am new here and am interested to follow your tades as soon as you take with your charts n the reasons why you have taken that trade. Can you do it here please as i want to learn your method.
Bomi
Thanks.
- #98,630
- Jul 15, 2011 11:01am Jul 15, 2011 11:01am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
You are focused on the wrong thing. RR is meaningless. EV is essential. Focusing on high RR trades is as bad as focusing on high probability trades. Both will send you broke in isolation.
And either way, increasing your account % is the worst option available. All you are doing is pumping up your risk of ruin and risk of hitting your terminal point (the point where you have lost so much that you close your account).
I think most people that are struggling think that they just change one thing and now they will be profitable. This is why a trader has a good month and then they are stoked, have one bad month and it's onto "tweaking" it out.
This is the hardest part is sticking with something and learning the ins and outs.
It takes most people YEARS and YEARS.
The problem is most people continue to bark up the wrong tree.
Again I challenge anyone who is struggling to turn any profit consistently to do this. Take ONE trade a month. YES I SAID one. Risk 1-2% on demo. You get one trade a month. Take the best one. Now can you make money doing that? If you can't make money doing that, then you are never going to make money taking 50 trades no matter what theory you want to come up with. Most peoples foundations are cracked. Build from a strong foundation instead of trying to build a house from top down. THAT's MY OPINION and wish I could go back and do it that way.
How many of those that are losing traders right now will try this. Very few. Very very very few.
Enjoy the weekend enjoyed the last little discussion while I caught up on sleep
Mike
- #98,632
- Jul 15, 2011 11:46am Jul 15, 2011 11:46am
- | Joined Jul 2010 | Status: MAKE IT HAPPEN | 2,220 Posts
- #98,633
- Jul 15, 2011 12:55pm Jul 15, 2011 12:55pm
- Joined Dec 2010 | Status: Trader | 1,152 Posts
What is any ocean but a multitude of drops?
- #98,635
- Jul 15, 2011 1:13pm Jul 15, 2011 1:13pm
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
meine augen sind die sterne
hi guys !
This is kunal (fx trader-)
New to posting but not new to the system have been using it for a long time been watching the forum .love the analysis
i m a fan of these PA set ups but more on the lower TF's and would like the comments of the members on it as i have seen very less people posting their trades of the lower TF's here?
Will start posting some trades here now James - 16 rocks
This is kunal (fx trader-)
New to posting but not new to the system have been using it for a long time been watching the forum .love the analysis
i m a fan of these PA set ups but more on the lower TF's and would like the comments of the members on it as i have seen very less people posting their trades of the lower TF's here?
Will start posting some trades here now James - 16 rocks
- #98,639
- Jul 15, 2011 1:42pm Jul 15, 2011 1:42pm
- | Joined Jul 2010 | Status: MAKE IT HAPPEN | 2,220 Posts
In all non-seriousness, I am heading out to Las Vegas in a few hours (wedding anniversary celebration). If anyone would like me to double their trading account. Simply paypal it to me and choose either black or red, it's like almost 50/50
Have a good weekend all.