{quote} Again, you are analyzing too much. This is causing you to not take good trades. My suggestion, get rid of all the lines and curves except for the horizontal S/R and look for PA.
james16 Chart Thread
- #131,447
- Jul 5, 2014 1:25pm Jul 5, 2014 1:25pm
- | Joined May 2010 | Status: Trader | 1,100 Posts
{quote}There are some traders who encourage touch trading , that is pure gambling and not trading because you have no idea what institutions are going to do at S/R(no matter how much confluence is there) and then they post the ones that work out and show off and mislead newbies. It's hard as it is to get a winning trade after PA confirmation and to do it with out it simply mind boggling , better go to a casino.
Maybe Mike will respond to this statement with a more constructive answer then mine. PA and TT is not gambling.
Yes TT is more difficult and I trade mostly with some kind of PA but I also TT when there is heavy confluence. Whats the difference between confluence with PA and confluence without ?
Oh and go through Jarroo's posts and charts.
Dan
- #131,448
- Jul 6, 2014 4:28am Jul 6, 2014 4:28am
{quote} I can explain it , but you are not psychologically ready to accept certain things. It will come with time. all i can say is you analyze too much.
{quote} Again, you are analyzing too much. This is causing you to not take good trades. My suggestion, get rid of all the lines and curves except for the horizontal S/R and look for PA.
If not up, then down, otherwise sideways :-)
{quote}
i never said PA and TT is gambling. I said TT is gambling. Think about it when you TT you are trying to predict order flow and price movement. Predicting price is nearly equivalent to gambling. you have no idea what will happen at a S/R. I know that you can have heavy confluence and that is exactly why it can be a problem because institutions will see that clearly and go on the other side of your trades and if many institutions do this , your TT can fail. That is why i said it is as good as gambling. I have seen many many trades with heavy confluence fail miserably even with PA. It is very hard to get an edge trying to TT, at best you can lose and not even break even. I m not saying it can't be done, but it's extremely hard to TT.
Even jaroo's method fails miserably many many times. if you have found an edge somehow with his method, that's great.
Remember if anything on the charts is very obvious it has more chances of failing than succeeding. This has been my experience. There is many ways to trade S/R and may be your method has given you good results, if that is the case stick with it.
I hope i can share my opinions here without being ridiculed. Plenty of that on the forums. I can just simply ignore your posts , but i believe that Mike has done a wonderful job holding this thread and i do not wish to see it go in the wrong direction.
- #131,450
- Jul 6, 2014 1:07pm Jul 6, 2014 1:07pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
{quote} Dan, i never said PA and TT is gambling. I said TT is gambling. Think about it when you TT you are trying to predict order flow and price movement. Predicting price is nearly equivalent to gambling. you have no idea what will happen at a S/R. I know that you can have heavy confluence and that is exactly why it can be a problem because institutions will see that clearly and go on the other side of your trades and if many institutions do this , your TT can fail. That is why i said it is as good as gambling. I have seen many many trades with...
TT to me is not gambling, just as PA is not. One is not better than the other. It's just a matter of preference and style. What makes a trader profitable is being able to identify the characteristic(from start to finish, entry, mgmt, and closing) and being consistent with that and over the long run.
Some achieve this through touch trading, some with PA, some with both, and some with completely different set of concepts. Your edge comes from your complete method not just from a touch trade, or spotting a pinbar etc. As we all know much more goes into it and identifying your story and properly managing your trade and then repeating this process with consistency.
But at the end of the day guys what matters is what works for you. Just realize their are many ways to do this. And that's ok!
What works for one person may not work for another and that doesn't make the other person wrong. It just makes it what it is. Hope everyone had a nice weekend and a happy 4th for my US friends
Mike
- #131,451
- Jul 6, 2014 4:14pm Jul 6, 2014 4:14pm
- | Joined May 2010 | Status: Trader | 1,100 Posts
{quote} As always guys discussion is fine. We must all just respect each other and realize that their is not just one way or viewpoint that's right. That's why people get into little tiffs because people defend their view points. Good ole ego pops it's head out. TT to me is not gambling, just as PA is not. One is not better than the other. It's just a matter of preference and style. What makes a trader profitable is being able to identify the characteristic(from start to finish, entry, mgmt, and closing) and being consistent with that and over the...
{quote} Yes, but I thought it was a false break of that trendline. False break makes it only stronger.
Anyway, hope that pans out the way you want it to. Good luck
- #131,460
- Jul 9, 2014 3:09am Jul 9, 2014 3:09am
Weekly chart shows that this pair momentum is to the downside. It has another 180 pips more before approaching the key area.
Daily chart you’d notice price likes to retrace about 70 pips before heading lower. Thus I’m expecting a similar move again.
4 hour chart shows previous support turned resistance at the green area.
Look to short at the green area with stop loss of 25 pips.
Take half at the swing low at around 0.7920 and remaining half to ride.
Whether you can or you can't, you are both right.