Pure Price Action Trading | Page 21 | 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

  • #401
  • May 15, 2015 9:14am May 15, 2015 9:14am
That's right.
If you can see my accounts you can notice that I trade stocks as well. The rules of human nature are the same but stock charts look different to forex due to defferent factors that drive them.

The funny thing is that same time I'm learner (swing trading) and teacher (news trading).
Pure Price Action Trading
  • #402
  • May 15, 2015 10:01am May 15, 2015 10:01am
Quoting Monterson
That's right. If you can see my accounts you can notice that I trade stocks as well. The rules of human nature are the same but stock charts look different to forex due to defferent factors that drive them. The funny thing is that same time I'm learner (swing trading) and teacher (news trading).
I just noticed your explorer, yu are coming back slowly from your losses, keep doing what yu are doing to be profitable and kick the old habits that caused yu a drawdown. Throw some of your news teaching here, we are all here to learn from each other.
  • #403
  • May 18, 2015 1:48pm May 18, 2015 1:48pm
I used to trade news for few months and I personally think that knowing direction of news release plus observing what is happening just after release especially near S/R lines is additional knowledge that often make me smile because I analyze news forecast, find out what direction they will come and usually I am right BUT...after release price is going other way just because is too close to S/R zone.
Sometimes price is "running in the place" and I believe there is a lot of small traders that open position in right direction but fat cats keep it in the place because they have different plans for price move which usually confirm by pushing price away.
Knowing expected direction of price move but without analyzing price chart is useless and trading news this way is in my opinion pure gambling.

For example this week we are going to have few news:
Tuesday:
09:30 GBP - CPI,
10:00 EUR - German ZEW Economic Sentiment,
Wednesday:
19:00 USD - FOMC Meeting Minutes
Thursday:
08:00 EUR - French Flash Manufacturing PMI
08:30 EUR - German Flash Manufacturing PMI
09:30 GBP - Retail Sales m/m
Friday:
09:00 EUR - German Ifo Business Climate
14:30 EUR - ECB President Draghi Speaks

As you can see there is a lot of news releases to observe and being a swing trader is not keeping nose down the screen full of stress so this should be treated as addition knowledge and not necessary.

There is tread called "Central Banks & Big Players" where some of guys says that they make money trading news. Sometimes newbies ask me for explanation so I help them, but this is gambling that boosts adrenaline level to the highest level and this is not what I want to do for living.
That's why my Mrs and I learn swing trading here.
Pure Price Action Trading
  • #404
  • May 18, 2015 2:20pm May 18, 2015 2:20pm
Quoting Monterson
I used to trade news for few months and I personally think that knowing direction of news release plus observing what is happening just after release especially near S/R lines is additional knowledge that often make me smile because I analyze news forecast, find out what direction they will come and usually I am right BUT...after release price is going other way just because is too close to S/R zone. Sometimes price is "running in the place" and I believe there is a lot of small traders that open position in right direction but fat cats keep it...
Like yu said its good to use your chart reading and news, that gives yu a better edge. But i thing i have noticed about news is that the market usually continues in its direction after news...it might spike up and down, but the prevailing trend sometimes stay intact, thats why swing trading is good because you are not involved in that noise.
  • #405
  • May 18, 2015 2:32pm May 18, 2015 2:32pm
Quoting Tradingplace
my thinking process on cadjpy https://joetradingplace.wordpress.co...ready-to-drop/
Now short Cadjpy, check how the trade will be managed
https://joetradingplace.wordpress.co.../cadjpy-trade/
  • #406
  • May 19, 2015 3:37am May 19, 2015 3:37am
Best way to learn is by interaction https://joetradingplace.wordpress.co...ic-to-discuss/
  • #407
  • May 19, 2015 5:17am May 19, 2015 5:17am
Lets watch gbpjpy is it ready to drop https://joetradingplace.wordpress.co...tching-gbpjpy/
  • #408
  • May 19, 2015 6:03am May 19, 2015 6:03am
Quoting Tradingplace
{quote} Now short Cadjpy, check how the trade will be managed https://joetradingplace.wordpress.co.../cadjpy-trade/

I've opened 6 positions on cadjpy. Is this good setting? 6th has no TP.

Attached Image (click to enlarge)
Click to Enlarge Name: CADJPYDaily-190515-6pos.png Size: 37 KB
Pure Price Action Trading
  • #409
  • May 19, 2015 6:12am May 19, 2015 6:12am
Quoting Monterson
{quote} I've opened 6 positions on cadjpy. Is this good setting? 6th has no TP. {image}
This will depend on your trading plan and trade management. I have taken 6 positions from 99.30, i have taken 1st profit target and have moved the rest to BE...that was my plan.
  • #410
  • May 19, 2015 6:19am May 19, 2015 6:19am
Quoting Tradingplace
Lets watch gbpjpy is it ready to drop https://joetradingplace.wordpress.co...tching-gbpjpy/

Let's try if it drops.

Are you waiting for SL to be hit or you going to close it manually?

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYDaily-190515-3pos.png Size: 29 KB
Pure Price Action Trading
  • #411
  • May 19, 2015 6:33am May 19, 2015 6:33am
Quoting Monterson
{quote} Let's try if it drops. Are you waiting for SL to be hit or you going to close it manually? {image}
I don't close manually, i know some traders will be tempeted because they don't want to give away a lot of pips, but i am a trend trader and sometimes yu have to give price enough room to breath. Imagine if i close now and price pullbacks to 185 and bounces off and breaking 189 resistance....So from a trend traders point of view, i was up 1000 pips and i am willing to give away 400 pips...to see if i can get 2000 pips. And if yu look at it, the 400 pips i am giving away is not my money i am playing with the brokers mny to see if i can gain more. You see the thinking process behind it....If yu remember the eurusd trade?
  • #412
  • May 19, 2015 8:03am May 19, 2015 8:03am
Yes it is clear and it really make sense.

I just realized that opening few positions with TP at recent pullbacks/rallies (even if possible loss could be great) is much less risky than opening positing manually on every pullback with short SL, which also takes more time to trade and is in constant danger of news releases.
But this technique looked to me much more risky and more boring than intraday trading. How wrong I was. This must be reason why only few % of traders make money on Forex.

As you have said: You like to have a cake and eat that cake the same time.
I had many situations that price moved 400 pips and went back just to hit my SL. That's why multi-position trading it much less risky and more profitable. It can always hit SL at break even and still be in profit.
Pure Price Action Trading
  • #413
  • May 19, 2015 8:26am May 19, 2015 8:26am
Quoting Monterson
Yes it is clear and it really make sense. I just realized that opening few positions with TP at recent pullbacks/rallies (even if possible loss could be great) is much less risky than opening positing manually on every pullback with short SL, which also takes more time to trade and is in constant danger of news releases. But this technique looked to me much more risky and more boring than intraday trading. How wrong I was. This must be reason why only few % of traders make money on Forex. As you have said: You like to have a cake and eat that cake...
yes yu got it right, have the cake and eat it at the same time, take partial profits, then let the rest run....like yu said yu have last position with no target yu can trail it using higher time frame than the one you trade, by doing that yu have less chances of getting stopped out when price is moving in your favour. Look at my gbpjpy trade, i have taken about 1600 pips, but i am still long and taking advantage of the trend, if i get stopped out now on the last position, the worst result will be 2200 pips, but if the market keep moving higher, i could make in excess of 3000pips.

Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2015-05-19 at 14.21.23.png Size: 14 KB
  • #414
  • May 19, 2015 8:38am May 19, 2015 8:38am
Quoting Tradingplace
{quote} yes yu got it right, have the cake and eat it at the same time, take partial profits, then let the rest run....like yu said yu have last position with no target yu can trail it using higher time frame than the one you trade, by doing that yu have less chances of getting stopped out when price is moving in your favour. Look at my gbpjpy trade, i have taken about 1600 pips, but i am still long and taking advantage of the trend, if i get stopped out now on the last position, the worst result will be 2200 pips, but if the market keep moving...
My buddy took the same trade with me, but he didn't like the retracement (green box), he was up about 200 pips, but when it pulled back, he was only up 100 and he didn't want to lose it all so he closed it for about 110 pips...on all the six positions..so he made about 600 pips, my last locked position is 600. So what he made with 6 positions i am making with only one position. He is still trying to adjust because he is used to short term trading.
  • #415
  • May 19, 2015 8:47am May 19, 2015 8:47am
And I am telling you that changing bad habits is tough. I am still thinking like day trader and push myself to change it. I see many situations to close it when there is no reversal movement.
The addition trouble for me is to trade 2 accounts, where on small one I can't afford to open few positions with big enough SL.

Joe, that would be great if you could put pictures of your "just opened" trades so we can analyze it and learn from it.

BTW. Your tread is great. I wonder how to attract more traders to it so the others can learn as well?
Pure Price Action Trading
  • #416
  • May 19, 2015 9:01am May 19, 2015 9:01am
Quoting Monterson
And I am telling you that changing bad habits is tough. I am still thinking like day trader and push myself to change it. I see many situations to close it when there is no reversal movement. The addition trouble for me is to trade 2 accounts, where on small one I can't afford to open few positions with big enough SL. Joe, that would be great if you could put pictures of your "just opened" trades so we can analyze it and learn from it. BTW. Your tread is great. I wonder how to attract more traders to it so the others can learn as well?
changing your habits is not easy, its a process and yu seem to be working well towards your goal of swing trading. I will try to post them here.

Gold in a wedge and worth risking your mny to trade it now if yu are a trend trader https://joetradingplace.wordpress.co.../19/gold-wait/
  • #417
  • May 19, 2015 9:45am May 19, 2015 9:45am
Am I right that you don't open 6 position all the time but number of your positions depend on number of recent rallies and pullbacks?
Pure Price Action Trading
  • #418
  • May 19, 2015 10:13am May 19, 2015 10:13am
Quoting Monterson
Am I right that you don't open 6 position all the time but number of your positions depend on number of recent rallies and pullbacks?
I use buy stop and sell stop, and take 6 lots at once, stagger the profit targets and manage trade as price moves in my favour. if price goes against me, i usually try to manage trade to minimise loss, so i look closely at price momentum and move SL accordingly. Unless if yu are asking when I add to my position?
  • #419
  • May 19, 2015 10:19am May 19, 2015 10:19am
exactly...do you add to winning positions (I believe you do not add to losing ones?)

Can you make article about where to put SL and where not to put SL (recent mistakes) please?
Pure Price Action Trading
  • #420
  • May 19, 2015 10:46am May 19, 2015 10:46am
Stop and Limit orders require computer running because these orders are not kept in brokers servers. Does it mean that you have computer switched on all of the time?
Pure Price Action Trading
0 traders viewing now