{image}XAU/USD H4 sell at supply area. PA signal M30 blended candle BEOVB.
james16 Chart Thread
- #138,622
- Feb 19, 2016 5:43am Feb 19, 2016 5:43am
{quote}nice move down, isn't? nice trading anyway, your box breakout stuff made me a bit busy lately
As i'm now going to sleep, i have put my stops fairly tight but i think there's more to come. This thing is destined for the 1.59's soon (hopefully before weeks end)! Charts a bit messy - should have seen it before i cleaned it up
@ Demp, shaving off all those pairs has been a huge plus for me. Glad you liked the article.
- #138,627
- Feb 20, 2016 5:01am Feb 20, 2016 5:01am
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
Hey Mike, since you like equities too I thought you'd like to check out SEMI. Big BUOB with space and I can't see much traffic either. Thoughts? I'm still demoing{image}
meine augen sind die sterne
- #138,629
- Feb 20, 2016 10:01am Feb 20, 2016 10:01am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hey Mike, since you like equities too I thought you'd like to check out SEMI. Big BUOB with space and I can't see much traffic either. Thoughts? I'm still demoing
Good to hear you are still demoing that's the way to do it
Stocks can be tricky because it's different then FX that has all these boundaries of ebb and flow created for so long around all these levels. When you have a stock fall off a cliff like this and get a nice size buob it's super tempting but also harder picking bottoms just on a reversal bar in my experience.
So when i see something like this I still break it down like any chart but i wouldn't jump on this myself. We are in a box with price closing under he recent resistance. With a not great but TL just above too. If you are really into this buy signal i would be looking for a buy on a retrace to the smaller pivot area and then you can look to manage your risk most effectively using that as the buy area.
Just some thoughts enjoy the weekend
Mike
- #138,630
- Feb 20, 2016 10:08am Feb 20, 2016 10:08am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
{quote} Hi Mike, i want ask you, how you look on risk reward ? I see on this trade that your risk reward is 1:0,7 ? I check a lot of your trades and normal risk reward for you is 1:1. Can you tell us a little bit more about this? Because on all forums we read that risk reward minimum must be 1:2 or better. Thanks for replay.
It's actually quite the opposite. Although initially it looks like my R:R might be say 1:1 I know that I WILL be reducing my stop dynamically at critical areas. The original stop allows me to position size but I know the areas to "cut out"
So my R:R is actually more like risk of 1:2 or in other words my profit factor hovers closer to 2:1.
So if we take my eur/cad trade I know exactly the area because of the trade story I'd cut out or look to move my stop.
These are my Charts posted in the PF in real time
so if we look at my original chart it looks like 1:.07 or roughly, but dynamically the area i'd cut out is much higher circled in green here. so my TRUE risk(again think of r:r as fluid not stagnant) is actually in my favor
So here is chart 2 where I reduced my risk as we held as support right at the green circle area. Notice now it's more like risk 1 to gain 2
By doing this I get to manage my risk in a favorable way without putting myself in conditions that are unfavorable. This is what for ME keeps my equity curve from taking drastic swings while still allowing me to risk and get a higher position size.
I think that a lot of misinformation gets passed around and taking as gospel(not saying you just in general). So new traders or struggling traders here things(just like my above post), the trend is your friend, you must get 1:2 R:R and then they try to create their methods around this without understanding their method or edge
My way is just my way, not the only way. But I like to get people thinking
Enjoy the weekend
Mike
- #138,631
- Feb 20, 2016 11:36am Feb 20, 2016 11:36am
- Joined Dec 2012 | Status: On Life's Path | 2,076 Posts
Hey Mike, since you like equities too I thought you'd like to check out SEMI. Big BUOB with space and I can't see much traffic either. Thoughts? I'm still demoing
Recent stock rise is from news that the company hired Barclays to review strategic alternatives. Possible sale of company, merger, etc...
This process usually takes weeks. When they make an announcement after the review, the stock could have a large gap up/down depending upon what they do (sell, merge, nothing, etc...). Your SL won't protect you from a loss if it has a big gap lower. A sale could get you a nice winner if terms are favorable.
Company financials are
, just like the long-term chart. No recommendations here, just information.
- #138,632
- Feb 20, 2016 2:33pm Feb 20, 2016 2:33pm
{quote} Hey TG Good to hear you are still demoing that's the way to do it
- #138,633
- Feb 20, 2016 2:35pm Feb 20, 2016 2:35pm
{quote} Wrong thread to talk fundamentals but............
Mike,
Thanks for your earlier response for dynamic RR-concept, makes perfectly sense. I also dont understand people that must have for example RR 2 or bigger..lol. But everybody at their own style
I have a new question to you, you posted couple of days ago EURCAD 4h-chart which you took long. I watch atm daily charts so I didnt took it but would you have took this setup? It has imo medium size bullish pinbar.
Thanks for your earlier response for dynamic RR-concept, makes perfectly sense. I also dont understand people that must have for example RR 2 or bigger..lol. But everybody at their own style
I have a new question to you, you posted couple of days ago EURCAD 4h-chart which you took long. I watch atm daily charts so I didnt took it but would you have took this setup? It has imo medium size bullish pinbar.
Im gonna beat this game.
