What Fox teaches is mostly BS, the market doesn’t work in the way he describes it to, so if you are trying to make a living from trading his strategy, good luck, you might get 10 trades a year…
I started trading M5, lost all my money, repeated this phase at least 10 times, moved to higher TF, lost it all again… and again and so on.
Then sat myself down and thought, I am never going to make it unless I work something out, so I started looking att all forms of PA, which is when I discovered IB’s. Anyway, it doesn’t matter what TF you are looking at, if you can trade price action, you can trade any chart. End of story.
J Fox’s had been great in my case adamjn. My method today evolved quite a lot from J Fox’s but I’d still give him credit for laying down the foundations I built upon.
My brother was my first teacher and he traded only daily, so that’s where I started. Since then I had tried tons of system using all sorts of time frame imaginable including Ranko and tick chart.
Anyway after all those trial and error my PA method today goes like this.
draw S/R from weekly/daily.
look how price reacts to these levels on h4.
Dial down to m30 for refined entry.
With h4 and m30 together I can see certain behavior that hints the direction Market Makers want price to go. I’m still learning but already is getting very satisfying results.
would you mind explaining the special price behavior you are talking about?
I’m working on broadening my PA knowledge, but when I google PA it is always about PB,EB,IB, 2BR which is exactly the stuff that Fox teaches…
Maybe you know some keywords you can throw at me
Thanks
your asking the wrong question dude, it doesn’t matter how many you take as long as the ones you do take are good. I could take 50 a week doesn’t mean I’m going to make lots of money.
I understand what you’re saying. I’m just curious how other people are playing this game. I know from my backtesting, for example, that smoothed over the course of a year I can average 80 or so trades with an 80% win rate and an expectancy of around 50R per pair.
I certainly don’t want to force trades to get my numbers up to match other people. My account means too much to me
there’s so many factor you have to take into consideration: pairs,tf’s, appetite for risk, correlation, system, skill, knowledge, account size and many more.
So you can see there’s no real answer for this man. you can ask a 100 traders and get 100 different answers.
I see the crux of the matter, perhaps. Jolly Roger said he is an [B]investor[/B]. Traders & investors are different animals :19: No wonder the difference in wavelength.
As far as we know, Warren Buffet delivered an annual compound return of 22%. So, a 30% return per annum in investment is considered very good indeed…
Though, the bigger time frame should not ignore either to determine the trend. By determining the trend using higher time frame, the bigger picture, it will allow you to not be on the wrong side of the trend. These ofcourse with other confluences, market sentiment, news events, etc that will affect the price. In every businesses, always look at the big picture as to where it is heading, why the changes occurs, etc. trading is no different. Always look at the big picture… Ofcourse, a subjective opinion…
Most of the time I would agree. But not this time. When trading lower time frames and particularly fast tick charts, it’s all about the here and now. So the bigger picture might be when does London open. Interest rates are out later. Someone due to speak about something. This gives us hints to explain what current PA means. Remember, most of the time the market is just backing and filling which is a business process and leaves trade-able evidence if you watch and learn. But here’s that word, it’s subjective. That’s how I read the markets, it’s not for everyone.
all great points, but BB is bang on yeah when scalping its about the hear and now, if you see something on h4 you can go down the tf’s to see if you can find a better entry but this also has its risks. Trading is about about mental equilibrium you have to know your surrounds but be in that exact trade as well this is why trading in f***ing hard to learn as no other job i know of requires these skills apart from martial artist trying to get a to a door with 20 guys tring to take him down.
That and risk management which the martial artist has to take into account 1-1 minamal risk, completed surround huge risk.
props to chuck norris. LEGEND. Bet he would be a great trader, who am I kidding of course he is… He’s Chuck f***ing Norris!!
Buffet is market mover. think of it like thowing a stone into a river. we have tiny pebbles (small accounts compared to the buffet) so we cause tiny ripples he gets a 2 ton boulder drops it in and you wash the river jump out of the bank! he could drop an order watch it go up by 10 pips then withdaw. making milliond in the process. rinse and repeat.
