{quote} Hey Mike in USD/ZAR was this the trade that you miss? {image}
james16 Chart Thread
- #138,861
- Mar 30, 2016 8:07am Mar 30, 2016 8:07am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
- #138,867
- Mar 31, 2016 8:08am Mar 31, 2016 8:08am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Question for Mike, but anyone can answer. Going from what I've learned from the free material is this something you would look out for. This is AUDUSD, yesterdays almost pinbar failed to close within the little box/ previous highs, would you now watch for price to bounce on the high and possibly go higher? Or for price to close under it now then retest resistance and possibly enter then. I'm not taking the trade, just interested in what your thoughts are and if I'm understanding the material correctly. Thanks http://i.imgur.com/rTe1OGH.png?1...
As you can see I use a 5pm close and mine was just a bullish bar, yours was an almost pinbar as you said. Not a whole lot here with the weak closing bar either way but as you can see by my chart nothing even more clearly. Price is showing some divergence on the lower timeframes but not all that strong for me
Hopefully with NFP tomorrow these markets get lit up and moving
Mike
- #138,870
- Mar 31, 2016 2:33pm Mar 31, 2016 2:33pm
{quote} Hey Osyrius As Bill said I think you are looking at an important market area but this is a VERY strong downtrend. I'd be cautious to want to just jump in here without more information The weekly flip sits a bit lower and might be where the market wants to head first. So certainly a great area to watch, but i'd be waiting for more information to see what the buyers/sellers are doing around here Best Mike {image}
Have probably asked you this before but do you use any EMA's or SMA's ??
Thanks in advance.
Bill
- #138,871
- Mar 31, 2016 4:41pm Mar 31, 2016 4:41pm
NZD/USD, breakout with some support shown on lower T'F's. Finally some action!
I like the feel of this one despite there being no J16 bar yet but i have jumped in early just in case it takes off during the "Asian Chop". 0.720 is the ultimate target, small stop so little risk. Will scale in with multiple entries if price goes my way...
Happy Trading Y'all
I like the feel of this one despite there being no J16 bar yet but i have jumped in early just in case it takes off during the "Asian Chop". 0.720 is the ultimate target, small stop so little risk. Will scale in with multiple entries if price goes my way...
Happy Trading Y'all
- #138,872
- Mar 31, 2016 6:27pm Mar 31, 2016 6:27pm
NZD/USD, breakout with some support shown on lower T'F's. Finally some action! I like the feel of this one despite there being no J16 bar yet but i have jumped in early just in case it takes off during the "Asian Chop". 0.720 is the ultimate target, small stop so little risk. Will scale in with multiple entries if price goes my way... Happy Trading Y'all
I took this but got stopped out overnight but it looks like this morning things are going the right way. On the weekly there is heaps of open space to around .7200 so at some point there is a great buy trade here I think but it might want to test .69 at some point before finally heading long.
- #138,873
- Mar 31, 2016 6:36pm Mar 31, 2016 6:36pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
{quote} Hey Mike, Have probably asked you this before but do you use any EMA's or SMA's ?? Thanks in advance. Bill
Feel free to ask anything anytime
I don't use MAs anymore. I did many many moons ago but ditched them as I sort of used them as a guide more than confluence. Over time you can really just see where they would be since all they represent is an average agreement on historical price. So for me that in the most basic form gives you general sentiment(be it short or long term). I have nothing against them but it wasn't really necessary to my decision making so I just took them off
Best
Mike
- #138,874
- Mar 31, 2016 11:50pm Mar 31, 2016 11:50pm
rollbahn, price is hanging around the 0.690 give or take 10 pips, perhaps waiting for the Europe session.
Mike, i have very recently removed ALL indicators of any sort and i can now see my charts/PA more clearly. It's a revelation!
Umm, i'm a bit embarrassed to ask this but can someone please tell me how to reply to 2 peoples "quotes" in the one post (such as rollbahn and mike)? I can't figure it out (i'm computer illiterate)!!
Mike, i have very recently removed ALL indicators of any sort and i can now see my charts/PA more clearly. It's a revelation!
Umm, i'm a bit embarrassed to ask this but can someone please tell me how to reply to 2 peoples "quotes" in the one post (such as rollbahn and mike)? I can't figure it out (i'm computer illiterate)!!
NZD/USD, breakout with some support shown on lower T'F's. Finally some action! I like the feel of this one despite there being no J16 bar yet but i have jumped in early just in case it takes off during the "Asian Chop". 0.720 is the ultimate target, small stop so little risk. Will scale in with multiple entries if price goes my way... Happy Trading Y'all
I have a question for you.
You said: "small stop, so little risk". It is not the first time what I have seen this but I am not really sure that I understand it.
In my opinion the risk does not depend on the size of SL directly. It is a combination of the size of SL and amounts of lots. And if you calculate the amount of lots from the percentage risk on one single trade, the risk is still the same. No matter the size of SL is.
Thus for me small stop = big potencial (big risk reward ratio)
That is why I dont understand: small stop = small risk.
Does it mean, that you reduce your percentage risk on trade in situations like this?
Sorry if I am absolutelly wrong, but I would like to understand this.
Thank you, James
- #138,877
- Apr 1, 2016 7:32am Apr 1, 2016 7:32am
{quote} Hi Bill, I have a question for you. You said: "small stop, so little risk". It is not the first time what I have seen this but I am not really sure that I understand it. In my opinion the risk does not depend on the size of SL directly. It is a combination of the size of SL and amounts of lots. And if you calculate the amount of lots from the percentage risk on one single trade, the risk is still the same. No matter the size of SL is. Thus for me small stop = big potencial (big risk reward ratio) That is why I dont understand: small stop...
You are right to be confused because maybe i do things differently from some/most?? In fact, it's almost guaranteed!
Essentially, i do not risk the same % each trade, although it's usually similar. I have a risk limit/ceiling of course but sometimes, as in this case, my capital % at risk is a nice amount less than my maximum %.
Why?? I like to keep my starting lot size the same and add-on more lots if price is moving my way, and it's nothing more than purely a personal preference thing for me, because i like the "feeling" i get from knowing if the trade goes bad i have lost less money than i might otherwise have but importantly knowing i will almost certainly add-on more lots later (sometimes larger lots than usual) if the trade is going well.
It's the way i trade shares, i'm used to it. As i said, it's probably unusual but it works for me.
It's late here and i'm half asleep so i hope i have understood your Q properly and this answer is satisfactory.
Happy Trading!
- #138,878
- Apr 1, 2016 4:37pm Apr 1, 2016 4:37pm
NZD/USD, breakout with some support shown on lower T'F's. Finally some action! I like the feel of this one despite there being no J16 bar yet but i have jumped in early just in case it takes off during the "Asian Chop". 0.720 is the ultimate target, small stop so little risk. Will scale in with multiple entries if price goes my way... Happy Trading Y'all
Oh well, i still think this pair had pip potential next week.
Have a great weekend all.
Bill
{quote} Bummer, stopped out as the markets went crazy on all the US fundamental data released Friday. Oh well, i still think this pair had pip potential next week. Have a great weekend all. Bill
I still believe this could be a great trade, we've clearly broke above this key area of resistance, re-tested and moved away. I think this could be a great set-up going into next week.
{quote} Hi Bill, I still believe this could be a great trade, we've clearly broke above this key area of resistance, re-tested and moved away. I think this could be a great set-up going into next week. {image}
