Dislikedhey mike..pullback to the 50 fibo worked like a charm
damn u just gotta love this stuff
thanks mike for all yah doIgnored
Nice trade navin
Mike
Where can I learn more about Price Action like those in James16 charts? 9 replies
Dislikedhey mike..pullback to the 50 fibo worked like a charm
damn u just gotta love this stuff
thanks mike for all yah doIgnored
Dislikedlooks like a nice long to me. Play off the weekly base it off the weekly. Look at the two bar lows, that's our first trouble area(FTA)
MikeIgnored
DislikedIt's the average amount per trade that you should expect to make on that trade, over the 'long term' (without dorking it up too much and getting into variance or central limit theorem) (ugh, dorked).
The usual trite example is a coin flip.
Do it once? you might get heads or tails.
Do it twice? You could easily see 2 heads or 2 tails.
Do it a million times? You expect to see the distribution approach 500k-500k.
And so on.
Risk.
That's a pretty disingenuous statement that is only true if you select a very, very...Ignored
DislikedFantastic!
Edit:
Actually, Mike. Got a coupla questions for u...
1. Have I drawn the Fibo correctly in the chart below?
2. If so, what do we gather from it? Is 38.2 significant?Ignored
DislikedWish I could take credit, but its a quote from the greatest movie ever made - The Good, The Bad and The Ugly.
My biggest weakness used to be being unsure of myself, second guessing, wanting 23 independent opinions, etc before i acted; kind of an excuse to blame other people if things didnt work out, I guess. In the end though, hesitation gets you killed. Dont see Bear Grylls asking the internet for advice everytime he wants to kill, eat or pee on something (generally the latter).
Glad you like itIgnored
DislikedI had the same problem. I was trying to overload with information because I thought I was smart and could assimilate it all. But I was just looking for certainty, which doesn't exist in trading. I have no idea what the next trade will do, but if I have an edge it shouldn't matter.
Clearing out all the noise from my head really did help me trade better. When I'm spending too much time on reuters, bloomberg or even on forums, it's a sign for me (and only me) that my head is getting out of the game.
Speaking of which...Ignored
DislikedAny one knows any other good Equity Curve Generator?
The HQuotes doesn't load on my PC...Ignored
DislikedHey Mike (Mbq) have to be certain so many Mikes around now, I bailed on my Swissy position when I saw it tanking due to news, I need to be more confident, send me some of that tiger blood you drinking.Ignored
DislikedHahaha...on man I'd forgotten about that. Will a restraining order do instead ?
Sorry. Must stop clogging the thread.Ignored
DislikedThank you very much Joel! Well I really don't mind having 0,25r per trade after a number of trades. so theoretically after 100 trades I should have 25r profit. that is really awesome with only 75% win rate and tp being half of my sl. so if I risk 2% I make 50% account gain! wait that is with 75% hit rate where tp is 0.5r?? either I made errors in my calculations or is this really so?Ignored
DislikedSorry the charts are not labeled . .from the PF ..
What was the draw Down on this??? . . .
Gotta go for now
JimIgnored
DislikedHey Frx
Yes your fibo would be correct if we are looking for reasons why sellers might come in. So the 38.2 lines up with the 90 brn and the close/open of those two bar lows. It's a good area to watch for a bounce. I would localize it more to just the bar lows as our previous chart. Fibs aren't magic, just represent the % retrace of a move. What we do with that is figure out how it may or may not line up with other important information
Hope that helps
MikeIgnored
DislikedHi Bemac, may I ask, if so how to deal with those full losses that will wipe out 3-4 previous winners?
How to make it profitable if RR doesn't really matter?Ignored
DislikedHi folks,
Just wondering if EURAUD is good for a short entry.
Pros:
- Weekly shows nice bearish pinbar
- Pinbar's broken with a close below PPZ
- Long term trend is down
Cons:
- Pinbar looks like Danny De Vito besides Arnie in Twins. The massive bullish bar of the previous week is Arnie, of course.
- Pretty close consolidation area
- No PA Bar on Daily chart
Questions:
- Is this an A or B+ setup, if at all? I know it's not A+.
- Have I identified target area 1.3400 right or is it far fetched... LOL ?
Any thoughts appreciated.
CheersIgnored