Pure Price Action Trading | Page 20 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Sky Live Trade Trading Journal (Pure Price Action) 15 replies

People say systems don't work (only pure price action does) 93 replies

Pure Price Action Trading 281 replies

Pure Price Action Trading - NO lines or indicators 49 replies

Pure Price Action: Predicting the Current Move 9 replies

Attachments: Pure Price Action Trading
Exit Attachments

Pure Price Action Trading

  • #381
  • May 7, 2015 9:44am May 7, 2015 9:44am
Yes.

It's easier because you may save only chart area. You may also use "Active chart" option and set dimensions. Just play with it. Of course you have to remember where do you save them pictures.
Never use "Active workspace" because it will picture whole screen!
Pure Price Action Trading
  • #382
  • May 7, 2015 12:30pm May 7, 2015 12:30pm
Do you believe in Risk Reward trading 1:2, 1:3 at all?

What do you thing about this:

Inserted Video
Pure Price Action Trading
  • #383
  • May 7, 2015 3:13pm May 7, 2015 3:13pm
Quoting Monterson
Do you believe in Risk Reward trading 1:2, 1:3 at all? What do you thing about this: https://youtu.be/uj0VWn_tr7k
i am attend trader i only know how much i can lose, but i don't know how much i will make, so i don't use these R/R. I buy in an uptrend and sell in a downtrend regardless of R/R
  • #384
  • May 11, 2015 10:26am May 11, 2015 10:26am
I need you confirmations if I think good.

GBPUSD is over Major R line, so we need to wait for pullback and then open long position. Right?
Today it made around 200pips so I don't think it's good time to buy now anyway.

I wouldn't touch EURUSD and USDCHF yet.

What do you think Joe?
Pure Price Action Trading
  • #385
  • May 13, 2015 2:43pm May 13, 2015 2:43pm
Quoting Monterson
I need you confirmations if I think good. GBPUSD is over Major R line, so we need to wait for pullback and then open long position. Right? Today it made around 200pips so I don't think it's good time to buy now anyway. I wouldn't touch EURUSD and USDCHF yet. What do you think Joe?
When yu go long and yu are at an advantage, you don't relinquish your position...yu don't want to be buying and selling many times when you already have been nicely placed in the market. Remember the long you took you should have still be in that trade, because there was no sign that buying pressure was easing off. You had a good entry and price had moved far away from your entry point, so yu had to stay in that trade and then looked to add more when the major R was broken.....your risk on the new trade could then be easily covered by the initial trade which is already in profit. I hope you understand what i am trying to put across here.
  • #386
  • Edited 3:29pm May 13, 2015 2:55pm | Edited 3:29pm
Quoting Monterson
Off topic. Do you know that would be easier for you in MT4 to use "File/ Safe As Picture/ Active Chart"? I experiment with this and am happy now. I do not need to print screen and cut in photoshop or paint anymore. It's worth trying. I use it for recording all my trades instead of journal (at the moment). {image}
Very good long position from the 5170s, you could be 400 pips unrealised profit and the if yu take another long after the major R was broken yu are using the 400 pip cushion to cover for the later trade. I am still long from 1.4650...i have a huge cushion to add more trades and still come out profitable out of this trade. Look at the post below and yu can learn a lot about my thinking process on the gbpusd trade.

Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2015-05-13 at 20.53.38.png Size: 156 KB
  • #387
  • May 13, 2015 2:57pm May 13, 2015 2:57pm
read this post again http://www.forexfactory.com/showthre...63#post8249763
  • #388
  • May 14, 2015 2:56am May 14, 2015 2:56am
As you know I got two account. The bigger one where I still keep open positions on all three pairs for a few weeks now, and another one where I can't afford to have bigger SL and risk retracement situation.
What I do is picking up slowly by trading pullbacks until I would be able to trade it like the bigger account.


I also see that thereis no retracement signal yet but on EURUSD and USDCHF are close to S/R lines so I have to be careful on my small account.

Below bigger (euro-cent) account.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily-140515.png Size: 32 KB
Pure Price Action Trading
  • #389
  • May 14, 2015 4:15am May 14, 2015 4:15am
Quoting Monterson
As you know I got two account. The bigger one where I still keep open positions on all three pairs for a few weeks now, and another one where I can't afford to have bigger SL and risk retracement situation. What I do is picking up slowly by trading pullbacks until I would be able to trade it like the bigger account. I also see that thereis no retracement signal yet but on EURUSD and USDCHF are close to S/R lines so I have to be careful on my small account. Below bigger (euro-cent) account. {image}
I am glad yu are still in this trade, shows how you are using the trend following philosophy, now imagine if yu were using multiple positions, yu can take partial profits whilst yu enjoy holding your trade for the home run. Good example is my gbpusd long, i have taken more than 1400 pips profit and i am still in the trade...thats having the cake and eating it at the same time. Looking at your trade, in my own opinion, i think your trailing SL is placed right at a level that could be support....Resistance becomes support...just a thought. So price might come back stop yu out and bounce back up.
  • #390
  • May 14, 2015 7:17am May 14, 2015 7:17am
Successful trading starts here https://joetradingplace.wordpress.co...ed-to-do-this/
  • #391
  • May 14, 2015 10:13am May 14, 2015 10:13am
Great article.

I see my mistake now and I am wondering why did I do that?

Swing trading is like observing clouds or growing plants. It looks slow but time goes fast and results are bigger so it let the trader became calmer. Daytrading is like a rat race. Good for short term. Lots of adrenaline and stress. Also being a swing trader let me better organize my time.
My mrs said that since she is a swing trader she sleeps well.

and thanks for zooming out your chart Joe.
Pure Price Action Trading
  • #392
  • May 14, 2015 11:16am May 14, 2015 11:16am
Quoting Monterson
Great article. I see my mistake now and I am wondering why did I do that? Swing trading is like observing clouds or growing plants. It looks slow but time goes fast and results are bigger so it let the trader became calmer. Daytrading is like a rat race. Good for short term. Lots of adrenaline and stress. Also being a swing trader let me better organize my time. My mrs said that since she is a swing trader she sleeps well. and thanks for zooming out your chart Joe.
If you can't sleep well after placing a trade, you are risking more than you are comfortable to lose. Tune down your risk to something that is very comfortable and makes you trade without being attached to trades. I place trades and close my platform and walk away because i have my SL, TP in place, there is no need to seat down and watch the trade. My trades can take months to reach targets, so when my first few targets are reached, i don't even look at that trade, i just let the market play. In trading there are things yu can control and something yu can't control, so don't bother yourself with things you can control. But focus on things yu can control like risk, entry point etc.
  • #393
  • May 14, 2015 11:26am May 14, 2015 11:26am
Oh I'm long time after bad sleep due to open positions.
I always calculate risk and never had an emotions.

But you opened my eyes about SL.

How often SL hits all your positions?

And when do you move your SL to breakeven?
Pure Price Action Trading
  • #394
  • May 14, 2015 11:59am May 14, 2015 11:59am
Oh I'm long time after bad sleep due to open positions. I always calculate risk and never had an emotions Thats the way to trade, you must always know how much you will lose before yu even take the trade, if the risk is too high, reduce your trading size or don't take the trade. But you opened my eyes about SL.SL should be placed using market structure, that is either on swing lows or swing highs, but not too close because sometimes support and resistance can expand, because they are not levels they are zones. A lot of people say there is support at 1.5000, so if price expands to 1.4940, has support been broken? How often SL hits all your positions? My full SL very rarely get hit, i try to manage my trades looking at PA and minimise my losses, so if i get stopped out its less than my initial SL. Looking at my recent trades now, i haven't had a loss since March. when do you move your SL to break-even? I move my SL to break-even when the first target is reached, if i get stopped out and the market moves in my direction, that doesn't bother me, because I have traded my plan.
  • #395
  • May 15, 2015 3:55am May 15, 2015 3:55am
my thinking process on cadjpy https://joetradingplace.wordpress.co...ready-to-drop/
  • #396
  • May 15, 2015 4:39am May 15, 2015 4:39am
thought process on silver https://joetradingplace.wordpress.co.../05/15/silver/
  • #397
  • May 15, 2015 4:41am May 15, 2015 4:41am
Excellent.

About CADJPY if it goes down it could do beautiful 700 pips but we should be careful because price is going up gently and it looks that bulls don't want to give up. This could lead to price going higher. Are you going to sell now or wait for confirmation?

Attached Image (click to enlarge)
Click to Enlarge Name: CADJPYDaily-150515.png Size: 30 KB
Pure Price Action Trading
  • #398
  • May 15, 2015 5:46am May 15, 2015 5:46am
Quoting Monterson
Excellent. About CADJPY if it goes down it could do beautiful 700 pips but we should be careful because price is going up gently and it looks that bulls don't want to give up. This could lead to price going higher. Are you going to sell now or wait for confirmation? {image}
wait for momentum to build up on the downside, like yu said, price might push higher again, so i wouldn't want to be caught in that trade, i wait for a push down and trade the follow through. Sounds like we are on the same page with our analysis
  • #399
  • May 15, 2015 7:41am May 15, 2015 7:41am
Thank you I am getting constantly better. I knew most of things already but confirming with you makes me more comfortable. The main thing about me and forex is solid patience and risk management.

My euro-cent account would be good enough for CADJPY and 0.1 Lot so I think why not gently start to trade other pairs on this account. It they trend then why not use that trend?
Pure Price Action Trading
  • #400
  • May 15, 2015 8:33am May 15, 2015 8:33am
Thank you I am getting constantly better. I knew most of things already but confirming with you makes me more comfortable. The main thing about me and forex is solid patience and risk management. My euro-cent account would be good enough for CADJPY and 0.1 Lot so I think why not gently start to trade other pairs on this account. It they trend then why not use that trend? You are doing the right thing, focusing on a few pairs whilst you learn the art of trading...when yu have mastered trading, the sky is the limit, yu can trade any pair, metal, stock. Because human nature is the same, humans moves the market with their hope, fear and greed...so the patterns formed due to this human nature are the same regardless of instrument traded. i am glad yu have patience and good risk management because it shows yu are moving forward in your trading...dont worry if yu move 4 steps forward and 2 back, the main point is that yu are still moving forward. You have to learn to walk before yu run....yu don't have to trade many pairs on your account, but yu can practice your ideas on Demo.
0 traders viewing now