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Pure Price Action Trading

  • #421
  • May 19, 2015 10:51am May 19, 2015 10:51am
Quoting Monterson
exactly...do you add to winning positions (I believe you do not add to losing ones?) I only start to add when my first target has been reached, so i wait for pullbacks to add more. Can you make article about where to put SL and where not to put SL (recent mistakes) please? Will probably do that with some charts, with proper open trades
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  • #422
  • May 19, 2015 10:53am May 19, 2015 10:53am
Quoting Monterson
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?
yu don't need to keep your PC on, your trades will be triggered on the levels yu placed your stop orders
  • #423
  • May 19, 2015 11:13am May 19, 2015 11:13am
Quoting Monterson
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?
Looking at the chart below, i just took a short position in the green box @ 98.50, i wouldn't place my SL above the minor resistance (red arrow), the reasons being that there is a more significant resistance level above it (@99.00), so price is more likely to react to that level than the minor level. So i would rather have my SL well above the significant level. A lot failing traders place their SL just above the recent high/low, and what usually happens is that they got stopped out and a few pips the market will turn back in their direction, and they say that the broker is there to get them by stop running. I don't know a broker who will target to stop run small 0.01 cent per pip trades.Now lets say price breaks through the 99.00 level with strong momentum, i will be watching price closely to see if there is some follow through and i don't want to be in that trade, so i cut my loss. Hope its explained well.

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  • #424
  • May 19, 2015 11:28am May 19, 2015 11:28am
How I cut my losses...look at the chart below, lets say i sell on the red box, if price moves in my favour (1) and then comes back to my entry point, then moves back in my favour again (2) then comes back to my entry, and then moves back in my favour for the third time )3)...i will move my SL to break-even, you see how i am using price action to manage my trades, usually price tries to do something 2-3 times and if it fails it usually moves the opposite direction. you can see how both trades could have been break-even trades by managing them reading price action.Sometimes if price goes in my favour twice i move SL to BE, depending on how far it moves on the second drop (2). Imagine if price drops 20 pips in my favour (1), then come back to my entry, then drops again maybe 60-80 pips (2)...in this case i wouldn't wait for a third drop, i will quickly move my SL to BE, because usually when price drops significantly if it reverses it usually moves so fast in the opposite direction. So i wouldn't want to be caught in that reversal. Hope yu undertand what i am trying to explain.


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  • #425
  • May 19, 2015 3:20pm May 19, 2015 3:20pm
Is the dow ready to drop ???? https://joetradingplace.wordpress.co...ready-to-drop/
  • #426
  • May 19, 2015 3:39pm May 19, 2015 3:39pm
Charts below shows you some of the level i will be looking to trade tomorrow if we get there.

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  • #427
  • May 20, 2015 5:37pm May 20, 2015 5:37pm
Can you also write article about stop orders please?
Pure Price Action Trading
  • #428
  • May 21, 2015 3:50am May 21, 2015 3:50am
Have you been stopped out on CADJPY? It looks that it pulled back and will go down again but is near top range level 100 so this could mean ranging is here so we don't know which way it will leave box. Unfortunately I am on selling now and it doesn't look good for me. Am I right?

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Pure Price Action Trading
  • #429
  • May 21, 2015 4:35am May 21, 2015 4:35am
Situation with GBPJPY is even worst for me.
I wonder if my SL isn't too close.

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Pure Price Action Trading
  • #430
  • May 22, 2015 3:29am May 22, 2015 3:29am
Quoting Monterson
Have you been stopped out on CADJPY? It looks that it pulled back and will go down again but is near top range level 100 so this could mean ranging is here so we don't know which way it will leave box. Unfortunately I am on selling now and it doesn't look good for me. Am I right? {image}
I am still in cadjpy, my stop loss hasn't been hit, i am looking to try and manage it to minimise loss, i will only manage when she starts to move back in my direction
  • #431
  • May 22, 2015 3:43am May 22, 2015 3:43am
Quoting Monterson
Situation with GBPJPY is even worst for me. I wonder if my SL isn't too close. {image}
If yu remember my post about gbpjpy, i wasn't looking for shorts until the 185.00 zone was broken and price stayed below..I am still long gbpjpy, my trailing SL @ 183.90
  • #432
  • May 22, 2015 4:56am May 22, 2015 4:56am
Quoting Tradingplace
{quote}If yu remember my post about gbpjpy, i wasn't looking for shorts until the 185.00 zone was broken and price stayed below..I am still long gbpjpy, my trailing SL @ 183.90
I failed especially if gbpusd is in uptrend.I see my mistake now.do you ever increase SL?
Pure Price Action Trading
  • #433
  • May 22, 2015 6:08am May 22, 2015 6:08am
Quoting Monterson
{quote} I failed especially if gbpusd is in uptrend.I see my mistake now.do you ever increase SL?
I never increase my SL, if i place a trade and my risk is 1%...it stays as that, i only move my SL to decrease risk not to increase risk. Traders who tend to increase their risk makes a big error because they keep increasing until their account is gone, because i are trying to prove that you are not wrong and that will cost you. If yu are wrong you have to accept that yu are wrong and yu move to the next trade, don't dwell on your losses, just move forward and place other traders.
  • #434
  • May 22, 2015 10:17am May 22, 2015 10:17am
Quoting Tradingplace
Charts below shows you some of the level i will be looking to trade tomorrow if we get there. {image} {image} {image}
Lets review the zones we were looking at in the beginning of the week, did they play out the way we expected, how did we react when price reached the levels? All the three charts we looked at moves back to the level as we expected, but on eurusd and eurjpy i didn't take the trades because i didn't like the way price moved back to the level. The sideways momentum back to a level is a price action that don't interest me in taking a breakout pullback trade. But as for the usdcad, she moved back to the level well and i took the long trade. Charts of before and after shown below.

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  • #435
  • May 22, 2015 2:03pm May 22, 2015 2:03pm
Quoting Tradingplace
{quote} ...on eurusd and eurjpy i didn't take the trades because i didn't like the way price moved back to the level. The sideways momentum back to a level is a price action that don't interest me in taking a breakout pullback trade. But as for the usdcad, she moved back to the level well and i took the long trade... {image} {image} {image} {image} {image} {image}
Can you explain please?

BTW. Great predictions Joe. How long do you analyze pair before make decision? Are you constantly looking for entry through most pairs?
Pure Price Action Trading
  • #436
  • May 22, 2015 2:34pm May 22, 2015 2:34pm
Quoting Monterson
{quote} Can you explain please? BTW. Great predictions Joe. How long do you analyze pair before make decision? Are you constantly looking for entry through most pairs?
Just look for significant zones where there is demand or supply, that means where buying pressure is more than selling pressure and vice versa.....support and resistance. Just look at the charts and the zones i marked can you see hoe they are obvious zones of S/R. After you notice the levels, you don't just place a buy or sell limit, you want price to bounce off the level first then you get involved. A S or R is only a S or R if price reacts off it, but if price hasn't reacted off it, you don't know wether it will hold or give way, so don't guess that S/R will hold, wait for price to bounce off then you trade
  • #437
  • May 22, 2015 5:04pm May 22, 2015 5:04pm
Another point i forgot to mention is that by increasing your SL, you might miss a trade in the opposite direction, because yu are trying to chase the market by widening your Sl, but you are missing that the trend has changed, if yu were not in that trade yu are, you could have taken a good position in the opposite direction. hope it makes sense
  • #438
  • May 23, 2015 2:49am May 23, 2015 2:49am
I was just thinking if you want us to focus on a few pairs...i am a trend trader so i look at many markets, but for the purpose of learning i was wondering if yu want us only to look at some certain pairs. And what pairs or markets do you want us to look at, any suggestions?????? When we choose some pairs, we will be analysing them and looking at significant areas where we might be interested in trading. I look for forward to seeing a few suggestions
  • #439
  • May 25, 2015 6:06am May 25, 2015 6:06am
Quoting Tradingplace
{quote} Just look for significant zones where there is demand or supply, that means where buying pressure is more than selling pressure and vice versa.....support and resistance. Just look at the charts and the zones i marked can you see hoe they are obvious zones of S/R. After you notice the levels, you don't just place a buy or sell limit, you want price to bounce off the level first then you get involved. This is the thing I need to concentrate in more. A S or R is only a S or R if price reacts off...
Quote
Another point i forgot to mention is that by increasing your SL, you might miss a trade in the opposite direction, because yu are trying to chase the market by widening your Sl, but you are missing that the trend has changed, if yu were not in that trade yu are, you could have taken a good position in the opposite direction. hope it makes sense
. And that is interesting. I never though this way however I knew that if price is not going my way it it can go the other.

Quote
I was just thinking if you want us to focus on a few pairs...i am a trend trader so i look at many markets, but for the purpose of learning i was wondering if yu want us only to look at some certain pairs. And what pairs or markets do you want us to look at, any suggestions?????? When we choose some pairs, we will be analysing them and looking at significant areas where we might be interested in trading. I look for forward to seeing a few suggestions

I can't afford to trade many pairs but we can analyze them all. It doesn't make sense to trade only set of pairs and wait weeks for entry point. Instead I can trade different pairs. This would be handy especially if the sky is the limit so I will trade all of them in the future anyway.
It was good habit to be trading only few pairs on intraday trading but swing trading is different. So I think trading everything is good way to learn especially with you Joe.

I just wonder how careful we must be when trading correlated currencies e.g. GBPUSD goes down but GBPJPY up and vice versa. Plus we have to remember that Cad and JPY react on oil. Canadian Dollar on gold.
Pure Price Action Trading
  • #440
  • May 25, 2015 6:23am May 25, 2015 6:23am
Does this make sense for you?

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Pure Price Action Trading
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