learning price action using MAs, fibo and horizontal levels
PA does work!!!!!!!!
Hey Ta, good to hear that you've found naked trading. I guess by the gurus you mean J16, Jacko, Silent Service all over at that other forum.
I was exactly the same as you about 6 mnths ago, i'd tried different methods, all relying on a multitude of indicators, for me they didn't work - hats off to those who do make them work.
my trading has evolved so that now, i don't think in terms of pips, but instead acct percentage.
So far, 9 % up these last few months.
Stops are very subjective, i always put a hard stop at the time of order, but after i'm in profit, i micromanage.
I'm trialling bemacs idea, where you move stop to cash in 80% of profit, and base remaining stops on pips. Works pretty well, if you like to have lots of winners versus taking a hit on a full stop.Check out the threads, theres a whole range of advice on finding the style of stop your'e comfortable with.
Hope this helps.
edit forgot to say! If you switch from 1hr to daily, the signals are a lot more reliable. i trade only daily, with an eye on the weekly for the big picture.
Hey Ta, good to hear that you've found naked trading. I guess by the gurus you mean J16, Jacko, Silent Service all over at that other forum.
I was exactly the same as you about 6 mnths ago, i'd tried different methods, all relying on a multitude of indicators, for me they didn't work - hats off to those who do make them work.
my trading has evolved so that now, i don't think in terms of pips, but instead acct percentage.
So far, 9 % up these last few months.
Stops are very subjective, i always put a hard stop at the time of order, but after i'm in profit, i micromanage.
I'm trialling bemacs idea, where you move stop to cash in 80% of profit, and base remaining stops on pips. Works pretty well, if you like to have lots of winners versus taking a hit on a full stop.Check out the threads, theres a whole range of advice on finding the style of stop your'e comfortable with.
Hope this helps.
edit forgot to say! If you switch from 1hr to daily, the signals are a lot more reliable. i trade only daily, with an eye on the weekly for the big picture.
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I think everybody does. Stops are the big conundrum with trading. Try, though, to put one on, even if it is farther away than normal. You can move it closer when you are more certain. The reason is crashes. They happen at unexpected times. Six months ago, Spain's whole internet went off for 24 hours but, apart from that, there are the odd times when the SB site crashes.
When that happens you don't want to have a trade open with no stop. If I say that I am trading with no stop i mean that I have one down around 30 points for emergencies but I expect to close manually.
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Hey, two comments for you. I skim read the tread but i didn't see this mentioned. When you're taking entries, ESPECIALLY OFF PINBARS, you need to consider where the pin bar is in relation to support & resistance, the prior bar, the length of the wicks & body and the prior momentum.
Chart #2: This was NOT a pinbar. The lower wick was too long and the upper wick didn't extend above the prior high. For me, this was just a doji bar and a point of indecision between the buyers and sellers. You MUST, MUST wait for either the buyers or sellers to re-assert themselves at this point and not consider any initial entry until you have seen bearish sentiment. Yes you have a rejection of highs (at the moment) but with such indecision you can get wipsawed around, and with tight chop your SL is just going to be punished.
Page 3 Chart #20-21. Two comments on this, for the stop it should be above the swing high which in this case was above the pinbar. I think you need to consider the overall context of the chart- that is to say that the GBP/JPY has been uptrending for a while, at 14:30 roughly that day there was a VERY strong breakout following a 3 day consolidation and ascending wedge. Bulls are asserting their dominance. I'm not saying you're wrong to fade the trend but what I think you need to do is consider the prior momentum. With such strong bulls before the test of the high one should at the least expect a retest of the level. That is to say, you shorted the initial test in a bull trend and then faded a strong breakout pullback in the absense of clear bearish action. So wait for the 2nd confirmation! Also, look at prior price action around highs e.g. 03/08/09 late evening, clear chop. As far as pinbar strength is concerned it hit a moderate level of resistance, but as I say we're price action traders so we need to look at what's happening in the context of the current environment. Just to note, I wouldn't say that it looked like a particularly good pinbar either, extended too much into the prior bars range.
Will
Chart #2: This was NOT a pinbar. The lower wick was too long and the upper wick didn't extend above the prior high. For me, this was just a doji bar and a point of indecision between the buyers and sellers. You MUST, MUST wait for either the buyers or sellers to re-assert themselves at this point and not consider any initial entry until you have seen bearish sentiment. Yes you have a rejection of highs (at the moment) but with such indecision you can get wipsawed around, and with tight chop your SL is just going to be punished.
Page 3 Chart #20-21. Two comments on this, for the stop it should be above the swing high which in this case was above the pinbar. I think you need to consider the overall context of the chart- that is to say that the GBP/JPY has been uptrending for a while, at 14:30 roughly that day there was a VERY strong breakout following a 3 day consolidation and ascending wedge. Bulls are asserting their dominance. I'm not saying you're wrong to fade the trend but what I think you need to do is consider the prior momentum. With such strong bulls before the test of the high one should at the least expect a retest of the level. That is to say, you shorted the initial test in a bull trend and then faded a strong breakout pullback in the absense of clear bearish action. So wait for the 2nd confirmation! Also, look at prior price action around highs e.g. 03/08/09 late evening, clear chop. As far as pinbar strength is concerned it hit a moderate level of resistance, but as I say we're price action traders so we need to look at what's happening in the context of the current environment. Just to note, I wouldn't say that it looked like a particularly good pinbar either, extended too much into the prior bars range.
Will
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you're young so why don't you just just learn how to read level 2 ,order flow , time and sales? you sit down and watch a market like the ES for ...well you could probably afford to watch for about 2 years. I started trading when i was 17, i did the same thing you are doing now, trading price action works, but it's just not deep enough. You could well be the next livermore but i doubt it mate, start learning what i said.If you learnt ES like i did you could be raking in 3 million a year too
lol weird some guy on skype was telling me to do the exact same thing. And actually i'm saving up a few hundred so i can afford to access stuff like that, could get a year or two of esignal.... trading price action does work just so you know, there are people out there, maybe not raking in millions a year but certainly close to it so i suggest you stop doubting such methods.
I'm not doubting it for one second, all i'm saying is that you're young so you can hone the time you have into reading order flow/time and sales so that in the future you'll know more than just a few names of bars.When i started i turned £5000 into 300k in 3 months, take it from someone who knows.
ok, trading price action does work, but it shouldn't the be all and end all of your trading. Here is what i suggest you do, trade price action (pin bars,inside bars etc) on the dailies every now and then in forex and in another few markets such as gold, i.e. swing trade price action as a bit on the side. What to do with your spare time? well swing trading price action won't make you rich so you could specialise into something else for day trading, the eminis are great, i suggest ES of course. Make a few pounds with the way you are going, you will most likely, with that money you can buy a year of esignal , tradestation or any other platform which gives you access to level 2 , time and sales, order flow, tick charts- get rid of those time close charts. You do what i just told you and believe me you'll make a million by the time you're 18, i know many who have.
Lightning McQueen
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TAjammy & ESguy
If you don't stop talking to yourself i'll just delete the lot! OK!
If you don't stop talking to yourself i'll just delete the lot! OK!
B
Black Swan
TAjammy & ESguy
If you don't stop talking to yourself i'll just delete the lot! OK!
Never!! :-0 I'm shocked....
Shikamaroo
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hey noticed you keep trying to rub out the demo info when u use printscreen. you can take a pic of a chart in mt4 by clicking "file" then "save picture as" ... You wont have to go through the editing of your pics as only the chart will come up.
