{quote} This is great. Can you show that smaller TF PA?
Well spotted Alphac.
Thanks Zamfir for taking the time to post those trades. I bagged around 400 pips this week, with minimal loss.
Have a gr8 weekend all.
'Fail to plan, plan to fail'
james16 Chart Thread
- #136,501
- Aug 14, 2015 2:50pm Aug 14, 2015 2:50pm
- Joined May 2011 | Status: Trader | 1,265 Posts
Well spotted Alphac.
Thanks Zamfir for taking the time to post those trades. I bagged around 400 pips this week, with minimal loss.
Have a gr8 weekend all.
{quote} I test my strategies for minimum of 3 months on daily. 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?
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. {file}
You said that you look for two or more perfect touches in highs/lows, but in your charts I have identified another FTAs with your definition that you seemed to ignore. Do you have some kind of filter?
Thanks in advance
Had to be me. Someone else might have gotten it wrong.
- #136,507
- Aug 15, 2015 4:41am Aug 15, 2015 4:41am
{quote} Thanks for sharing, very useful. Nevertheless I have some doubts regarding FTA (again). You said that you look for two or more perfect touches in highs/lows, but in your charts I have identified another FTAs with your definition that you seemed to ignore. Do you have some kind of filter? {image} {image} {image} {image} {image} Thanks in advance
My definition is correct. Read my posts again. I said clearly i take FRESH/RECENT S/R's as FTA. if i took FTA's as per the way you have marked, i would have to stop trading.
The ones you have marked are NOT fresh in the sense that they have been touched or violated at some point.
S/Rs have memory and this is what James looks for. But the way i trade is very short term so i have to look for untouched/fresh/recent S/Rs as targets.
Also remember that S/Rs are not something very certain. They get broken all the time. you simply have to rely on the strength of PA and market context that they get broken and move your way.
I have said this before and i m saying it again. If you think S/Rs are something certain then EVERY Price level is a S/R and there is no way you can put on a trade. Its simply impossible to trade that way.
- #136,510
- Aug 16, 2015 12:50pm Aug 16, 2015 12:50pm
{quote} My definition is correct. Read my posts again. I said clearly i take FRESH/RECENT S/R's as FTA. if i took FTA's as per the way you have marked, i would have to stop trading.
Truth hurts sometimes don't it
- #136,517
- Aug 17, 2015 12:30pm Aug 17, 2015 12:30pm
Iam starting to get disappointed with this trading method. When you have a winner it rarely exceeds RR 1:1. And then taking a loss in a pin like EUR/USD today. I mean its not like there is no reasoning behind the trade. Technicals: The pin closes above the BRN of 1.1100 coming of the Fib of 38.2 and two former swing highs. Long trade is in an uptrend since August 6 and made Ok I think maybe this is a bit risky, so be clever and wait for the pin confirmation and the USD data. Good idea, pin is confirmed by a second green 4H bar. Fundamentals: US...
Hey Kershey, I don't post here a lot but am a member of the PF forum and can see your disappointment with this trade so I thought I'd give a little of my own insight. Now one thing Mike and James like to drill into us with this material is look at the whole story and bigger picture. Personally for me the EUR/USD is in a large range and a choppy mess from just above the 1.1450 area down to almost 1.0800. So it's important to look at the chart in a bigger scale with the Daily:
I've drawn in some trendlines but really 3 clear swings to each one would make them stronger. Anyway, straight off the bat you were trading right at the pivot point. Very tricky area and personally not for me. I'd want to see how price behaved at the trendlines and wait for clear PA and a story to develop before entering in on a trade.
Now lets look at the 4H:
Firstly I'm not on the New York close so on my time frame I don't have a PB and even if I did, look at the size of the bar in comparison to the rest of the chart. It's small and not really that significant and certainly not something signalling clear PA. But most importantly you bought a break of this bar which was straight into a TL which I have marked as a area since TL's are rarely exact. This is why it is easy to understand why price bounced and pulled back again. With sound analysis and trade management a full bar loss is something you should be able to avoid most of the time, if not always.
I'm still learning too but I hope I helped you understand a little. Learning from failed trades is always the best.
Cheers!
- #136,518
- Aug 17, 2015 12:35pm Aug 17, 2015 12:35pm
Hi Kershey, just my own thoughts on your trade, personally I wouldn't call it a BRN, 1.10 yes but not 1.11, that may be down to personal preference. On the chart below I've also put in your S&R flip line but there is also one above the bar as well, so your basically taking a trade between to flip areas, there's nothing wrong with that, it just means you have to be careful with your trade management, yet again for me the top one was just too close. If I had of taken this trade I would have my SL just below the lower S&R line, if price breaks that it's next target is the bottom of the pin bar realistically, there's not much there to stop it falling.
Jim and Mike often talk of space to the left of the trade, here obviously it's close to previous bars, you have to remember that every top and bottom of a bar is technically a support or resistance area and when planning trade management this has to be taken into consideration, Jim has done some great videos on 'where did price go' these show how previous bar highs and lows can stop price in it's tracks and are a must see.
R:R shouldn't really stop you taking a trade as such, whilst 1:1+ is great, more importantly is the trade management side, dynamic stop losses are great when price starts moving and can lower your risk very soon into a trade (read some of Mike's trade posts to see how he uses them).
I hope this might be helpful, the trading method is sound, don't worry about that, try writing a checklist you can see before you take trades, it's very easy when nice pins etc appear to dive in without seeing the whole picture. I watched James and Mikes videos over and over again to get all of this imprinted in my mind and I recommend it to anyone, I still re watch them now.
Jim and Mike often talk of space to the left of the trade, here obviously it's close to previous bars, you have to remember that every top and bottom of a bar is technically a support or resistance area and when planning trade management this has to be taken into consideration, Jim has done some great videos on 'where did price go' these show how previous bar highs and lows can stop price in it's tracks and are a must see.
R:R shouldn't really stop you taking a trade as such, whilst 1:1+ is great, more importantly is the trade management side, dynamic stop losses are great when price starts moving and can lower your risk very soon into a trade (read some of Mike's trade posts to see how he uses them).
I hope this might be helpful, the trading method is sound, don't worry about that, try writing a checklist you can see before you take trades, it's very easy when nice pins etc appear to dive in without seeing the whole picture. I watched James and Mikes videos over and over again to get all of this imprinted in my mind and I recommend it to anyone, I still re watch them now.
- #136,520
- Aug 17, 2015 12:40pm Aug 17, 2015 12:40pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
