EUR/USD H4. Entry on lower TF PB. In before the crowd. Profit locked. {image}
makes managing the trade easy hey?
james16 Chart Thread
- #136,483
- Aug 13, 2015 9:39am Aug 13, 2015 9:39am
- Joined Sep 2006 | Status: Trader | 10,702 Posts
every Saint has a past. Every Sinner has a Future
- #136,484
- Aug 13, 2015 9:53am Aug 13, 2015 9:53am
- Joined May 2011 | Status: Trader | 1,265 Posts
{quote} Nice entry GB
Turnip. Entry on break above that cluster of IB's. Confirmation assisted by a close on a smaller TF of a bar above BRN 1.3000. and uptrend.
'Fail to plan, plan to fail'
- #136,488
- Aug 13, 2015 6:42pm Aug 13, 2015 6:42pm
- Joined May 2011 | Status: Trader | 1,265 Posts
'Fail to plan, plan to fail'
- #136,490
- Aug 14, 2015 2:39am Aug 14, 2015 2:39am
- Joined May 2011 | Status: Trader | 1,265 Posts
AUDCAD D1 PB:Update: TP hit!
'Fail to plan, plan to fail'
- #136,493
- Aug 14, 2015 6:56am Aug 14, 2015 6:56am
- Joined May 2011 | Status: Trader | 1,265 Posts
EUR/CAD. Entry via smaller TF PA. Tight stop, low risk. Nice to get in ahead of the crowd.
'Fail to plan, plan to fail'
{quote} Honestly, i don't trade on the retrace of the OB and i have not tested for the retrace. So Mike can probably help you out on this one. However from your post i can see that you have no trade plan nor have you tested your probabilities. So if i were you i would get on that first.
{quote} First I would like to know if you have back tested the 50% retracement method? I'm sure you haven't. In the right hands that little method will and can produce 25% a year return on only ONE pair. So times that by 10 pairs!!! Theirs your super system!! Oh but one loss and that means its trash? Thats newbie thinking. Think of it this way. If you take 100 trades and 70 of them are profitable of 2-1 that's a good system right??? Well I just gave that exact system for free!!! But that's just a single tool you need in your tool box. You cant build a house with just a hammer right? You need a saw, level and square right? PA isn't just a pin bar and outside bar. A somewhat famous trader has broken down the percentages of any given pin bar, Inside bar and outside. Plus did pivot point chances of hitting next pivot. I've done my own back testing and I will say he is close to accurate. Pin bars are the lowest on that list. Pin bars alone were close to only 50% accurate. So why trade them blindly?James speaks of the whys and why nots in the first 300 pages of this forum. So inco why do I get frustrated by newbies? Cause here is their building blocks but somehow the first 6800 pages of this thread are ignored and expect Mike to answer every damn newbie question again and again. When all they have to do is start at page one and read forward. Second Inco I dont really care where my profits come from. Think of it like this. If you were able to buy your family a new home or help a parent out financially from trading would you really care where the money came from? Turnip Zamir Mike and others are looking out for your best interest. Please Please don't blindly just trade but do the work yourself and back test this stuff. Forward test it. Learn money management and risk control techniques BEFORE you worry about how to get into a trade!!
- #136,498
- Aug 14, 2015 12:55pm Aug 14, 2015 12:55pm
{quote} Thanks for your posts zamfir! you test all your strategy or just one tool of it on one time? you test it for all pairs which you play? in what time interval (2 years on D1 etc)you test it? Thanks!
But remember back testing is the most easiest thing to do for any trader. Anything and everything will work when back tested.
The question is why does it fail when you trade it live? you find answer to that and you are on the path to success.
Food for thought : if the strategy works for say 3-6 months consistently and is profitable , but fails when tested live. Where do you think the problem lies?
- #136,499
- Aug 14, 2015 1:17pm Aug 14, 2015 1:17pm
Setups for Aug 10-14.
Total Pips = 620.
There were other setups , but they are break even for now, so not included. Also note you could make these 600 pips only if you had the sunday bar. I know most people ignore this but this just gives you an additional bar in the week and that makes SOME difference. Had this not been there you could barely make about 200 pips this week. Oanda gives this, i don't know about other brokers.
Most markets were pretty dull this week. just regular chop as we close this week.
Have a nice weekend.
Total Pips = 620.
There were other setups , but they are break even for now, so not included. Also note you could make these 600 pips only if you had the sunday bar. I know most people ignore this but this just gives you an additional bar in the week and that makes SOME difference. Had this not been there you could barely make about 200 pips this week. Oanda gives this, i don't know about other brokers.
Most markets were pretty dull this week. just regular chop as we close this week.
Have a nice weekend.
Nice