DislikedHey GB no worries bud, you can waffle all you want. In fact I think Ill have a go too. Every trader has flaws and weaknesses that they have to overcome. Youre prone to revengeful trading after a loss and I chicken out completely, meaning, Im too afraid to pull the trigger on the next trade. What James is teaching works (from what Ive learned thus far), theres no doubting it. The sooner you realise that, the sooner youll stop questioning your edge. Ive met professional technical traders with humongous accounts, one of them being my mentor. Theyve...Ignored
james16 Chart Thread
- #135,642
- Jul 5, 2015 4:50am Jul 5, 2015 4:50am
- Joined May 2011 | Status: Trader | 1,265 Posts
'Fail to plan, plan to fail'
- #135,643
- Jul 5, 2015 5:17am Jul 5, 2015 5:17am
{quote} Yep. You want a decent size for best effect.
after your statement, i will consider the size more carefully than before Market can stay irrational longer than you can stay solvent.
- #135,644
- Jul 5, 2015 5:17am Jul 5, 2015 5:17am
{quote} Ahhh Fxbat, see this the an issue i used to struggle a lot with earlier. Remember S/Rs are not set in stone. They can break or hold , you never know when you enter if the FTA is going to break or hold. now if you convince yourself that the trouble area will always hold , then you cannot put on a trade. This would also mean that you are conditioning yourself to think that S/Rs are something certain in markets. But the reality is far from it. Nothing is certain , you must trade in terms of probabilities. Read my earlier posts on this topic....
Market can stay irrational longer than you can stay solvent.
- #135,647
- Jul 5, 2015 8:00am Jul 5, 2015 8:00am
- Joined May 2011 | Status: Trader | 1,265 Posts
{quote} Indeed! Less slippage too.
'Fail to plan, plan to fail'
- #135,648
- Edited 10:46am Jul 5, 2015 9:40am | Edited 10:46am
Today i m going to share another strategy/trade plan for those who like to wait and aim for a higher R/R.
The strategy is
1. Look for a nice PA.
2. Find a trendline or a Fib retrace on the PA.
3. Enter on the break of the PA.
4. SL goes behind the PA.
5. TP depends on the trader, people with big a/c can take partial profits at PPZs and people with small a/c can hold longer or trail your stops. Choice is yours. In any case aim for more than 1:1.
Before you use this strategy , you must understand the design behind this. So why do we take PA off a TL or a Fib retrace. This basically means that price is in a trend and chances of getting higher R/R increases. So it makes sense to aim for a higher R/R since we are in a trend especially if we get PA off a TL. But you must be careful since a trend can stop or reverse. So locking in targets is very crucial.
you will also have to be a patient trader because these setup's don't come often. But you can apply this strategy on Daily and 4h to increase the number of setups/month.
Some examples on 4h this past week.
The strategy is
1. Look for a nice PA.
2. Find a trendline or a Fib retrace on the PA.
3. Enter on the break of the PA.
4. SL goes behind the PA.
5. TP depends on the trader, people with big a/c can take partial profits at PPZs and people with small a/c can hold longer or trail your stops. Choice is yours. In any case aim for more than 1:1.
Before you use this strategy , you must understand the design behind this. So why do we take PA off a TL or a Fib retrace. This basically means that price is in a trend and chances of getting higher R/R increases. So it makes sense to aim for a higher R/R since we are in a trend especially if we get PA off a TL. But you must be careful since a trend can stop or reverse. So locking in targets is very crucial.
you will also have to be a patient trader because these setup's don't come often. But you can apply this strategy on Daily and 4h to increase the number of setups/month.
Some examples on 4h this past week.
- #135,649
- Edited Jul 6, 2015 2:04am Jul 5, 2015 7:09pm | Edited Jul 6, 2015 2:04am
- Joined May 2011 | Status: Trader | 1,265 Posts
Today i m going to share another strategy/trade plan for those who like to wait and aim for a higher R/R. The strategy is 1. Look for a nice PA. 2. Find a trendline or a Fib retrace on the PA. 3. Enter on the break of the PA. 4. SL goes behind the PA. 5. TP depends on the trader, people with big a/c can take partial profits at PPZs and people with small a/c can hold longer or trail your stops. Choice is yours. In any case aim for more than 1:1. Before you use this strategy , you must understand the design behind this. So why do we take PA off a...
EUR/JPY H1 BUOVB off BRN with target top of opening price gap.
EDIT: Out for a small profit.
EUR/JPY H4 PB Sell. Closed below BRN 135.000.
Stopped out for small loss.
GOLD H4 Touch trade. PA rejecting fib and s/r level in downtrend. profits locked.
EUR/AUD H4 Retrace to PB level. Trading the box/range from top.
EDIT: 1st target hit.
'Fail to plan, plan to fail'
- #135,655
- Jul 6, 2015 1:29am Jul 6, 2015 1:29am
- Joined May 2011 | Status: Trader | 1,265 Posts
Made about 300 pips so far fading the gaps on 5 majors from last nights open.
All the best with it Fonz.
'Fail to plan, plan to fail'
