right now i am long audcad because of yesterdays buob it is -6 to be honest i don’t know if i played this right because I didn’t wait for a break of the bar. i accept the fact thqt it is a buob which is a bullish pattern and once it was confirmed i went long. price stalled at that .9075 area but my first area of tp is around .9100 so i missed by a tiny bit.
i am trying to figure out how much room to give these trades coz it is easy to say don’t let a winner become a loser but a tight stop is the kiss of death and you may as well close the trade early if you are going to have a ridiculosly low sl.
I obviously have more growing to do this is just one of the many psychological things that come up.
to stop or not to stop that is the question
btw ben is it possible for you to make your chart a little smaller. I love the analysis but it is so hard to scroll around and take in the whole thing also your post becomes so big that i have to scroll back and forth for every sentence. its not a big deal really i just thought i would “put it out there” coz i enjoy your analysis and I don’t want to miss any of it.
I’m leaning towards something like moving to BE either when 1/2 R or 1R is reached or when peak and trough behaviour make it obvious that BE should not be hit anymore by mistake.
I’m not really fond of the idea of closing trades early as they need to be allowed to run their course. Otherwise we may end up with many small winners and some big losers.
I’m actually not to unhappy about my trade, I’ve learned two things: try to enter on a retrace for better entry price and better R:R, and I also learned that once the trade is at a reasonable profit it’s wise to make it risk free.
im doing my evenin g analysis now. did you guys see that basically all of the yen pairs are at the top of there respective ranges. i see some serious short opportunitys if the pa tells us
mac i think for us to tuck our stop loss somewhere where we don’t get stopped out to easy is if we are holding the positon a little long term and we tuck our stop beyond the lst ppz and evertime we clear a new ppz we trail the sl but this is a position trading stance and would require the trade remain open for some time. just a thought
Benji,
What a great series of posts there. Brilliant stuff! I have to say, I am very, very impressed with how quickly you have become fluent in james16 speak. Keep it up man. I hope to be able to match you one day.
All,
This is a fantastic thread, it really has to be said. I read over at ff thread as well but that thread grows by about 10 pages a day and it really is hard to keep up sometimes.
I’m off for lunch then will start my daily analysis and digest some of the recent posts.
I just wanted to post some charts with my comments so I can get some feedback as to whether I’m starting to think at things from a PA angle.
EURUSD is the first chart on my list so I have posted my comments on it. Would appreciate any comments. Basically it looks like indecision, maybe leading up to Jobs data release on Friday, but could break either way.
Thanks for the feedback
You can check your AUD\CAD 4H charts today and see what happened with the last new bars. They respected the mini PPZ like they should.
Buca,
Personally I have placed my PPZs, and I won’t do anything until I see a clear PA confirmation (pb, dbhlc, dblhc, buovb, beovb, tbl, tbh, etc).
I trade only price action setups off the PPZs.
Try to pick at least A setups. If there is a B setup at a very good location I’ll take it with a tight stop.
Ben
PS - sorry John, I didn’t yet figure out how to reduce the size of the pics.
If I upload them as attachments, it is impossible to read them.
Well, Here is my way to manage this trade (it is an old chart. Just for example):
First area to expect trouble � bar highs from the left. You can see bar 1 has a bit trouble to break those highs.
Bar 6 breaks them � I move stop to BE and enjoy a free trade. Why there? Because I know the old support (old bar highs) will now act as resistance. Usually that area won�t break and you won�t be stopped out at BE IF YOU TAKE ONLY A SETUPS.
Now bars 6, 7 and 8 have trouble to break the next area of trouble which is of course the bar lows from the left. The price retraces and rises a few times, but look how it happens between the area of the old support, and new supports (old bar highs and old bar lows). You can see I wasn�t stopped out at BE and the trade continues.
Bar 9 breaks that area of trouble and I move my stop to the next point to lock up some profits (a few pips above the bar lows).
Next area of trouble � bar low 2, which is also historic strong resistance. Bar 15 breaks it. I move my stop to the high of bar 14 and lock up a total of 600 pips (daily chart).
Price rises again and I get stopped out.
That trade made 600 pips. Take note that you could easily get out earlier at the bottom of bar 15 and end the trade with 1,000 pips. That is because you know that the bottom of that bar is laced on a strong old resistance line, so it most likely act as support (PPZ) and price will reverse. That is very simple.
Now lets say from 10 trades (all are A++ setups) I have one looser, 6 break even and 3 winners. If you have a large account you will be able to wait for those A++ setups and manage the trades safely with knowledge of support and resistance areas,
Remember that every single bar makes support and resistance for the future bars. You can mark the high and low of a weekly\daily bar and than zoom into lower time frames and see what R\S zones you get.
That�s fantastic.
Nothing is smart like the human brain. I can�t understand how people trust all those forex robots and weird indicators. I have seen once a screen shot of someone using a system which includes all those indicators�.how hell can he trade? He even can�t see the color of the bar with all those indicators on his screen.
I am grateful I have found James16 so early in my journey.
hey ben try imageshack they can host your gif image or jpg. when you goto there site there is a field and a box ticked for upload.
then click browse
then select the pic you want hosted
then there is a box that says resize and next to it says default.
click that box and select 15 inch monitor
then click host it
the page will redirect you
scroll down and find hyperlink for forums 1 (it should be an [img] code)
copy that and paste it to your post.
and thats it.
hope that helps if you would like a more detailed explanation i think tymen1 did a thread on how to host full size charts. i could find that for you.
hey boca that looks like a great place to be thinking short. the ib is an okay play the ob is to undecided to me. the eu is defiantly at the top of a triangle so will it bounce and head to the bottom of the range. it looks similar to the yen pairs in that they all seem to be at the top of there respective ranges right now.
there is a ton of traffic around there so manage your trade tight so you don’t book a loss.
btw guys i was short the gbpcad coz of the daily pb. i moved my stop instead of giving it room and i was stopped out at +25 but the price is continuing to my original target.
It is an art really. now i am disappointed i abandoned my original plan to wait for my target and tightened my stop. there is a balance here and I will discover what works best for me.
I see what John is saying but I dont really know how to put it right. When you were posting the charts before they were a bit wide as to read the post you have to scroll back and fore to catch the end of every sentence. The one you just posted is too small and I cant read all the text on the chart.
The way your were doing before is the correct way, but there must be a way to make the image just a bit smaller. Just a bit mate, not 10x smaller:D.
And do you know you can “preview post” before submitting so you can see how it will turn out?
I will check my charts on the weekdays but i will spend minimal time on it, max is around half an hour to one hour. Before I enter a trade, I will have my trade plan setup.(courtesy of what I learnt from Tess and Co)My trade plan consists of: Is that an A class trade or a less than perfect setup, when do I want to take partial profits, when do i want to move stop to BE, when will there be resistances to my trade, as I am trading weekly and daily charts which requires a large stop loss, I do not take the full loss(which is what James16 always told us too). My trade plan also includes what if the trade go against me and which is the point I will exit the trade and take the loss. Take for example the EURCAD weekly chart, it shows a pinbar but it is not A class trade. So my trade plan will be to protect any profits and I entered at the break of the pinbar. I took half of at 00 level. Then I let my trade continues. When I check on my chart again, I saw that it is going against me and I decide to close my trades and protect my profits. This is how I prefers to trade as it is relaxed and stress free to me.
hey ben when you goto image shack after you clcik browse and get teh- pic you want to host.
just uder that without even scrolling there is an option for size if you click that box and select 15 inch monitor
then scroll down to where it says hotlink for forum 1 copy that code and paste it into your post and there you go . ill try to post some screen shots if i can.
