TraderGreg
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Hello mp6140,
This passage bellow digs deep into the methodology of TD's pin bar setups and trade management as dictated on this thread; I would prefer for him to argue the high quality of this PA trading method in terms of staying in trades and gathering the pips. I can say though that no matter how sophisticated your indicator based style of trading may be it cannot stump over the TD's methods in terms of navigating the mannerism of market and getting the most out of trades. If you have read through all this thread, you will have a good enough idea of how TD manages risk and trades ( I am a keen student of his and I do not vary much).
One point need making: I doubt if you can stay longer in trade and make more pips than someone trading PA on a bigger time frame. What time frame do you trade mostly? Can your system be applied on all time frames with overall effectiveness? PA has this quality about it!
NB: PA can only work or not work based on the trade plan. But good PA setups work more often than not!
What is your typical stop distance? Curious! You sound like you have enormous flexibility with your trades . That would seem to mean big stops?
It about making the pips, and controlling your risk,
Cheers...
This passage bellow digs deep into the methodology of TD's pin bar setups and trade management as dictated on this thread; I would prefer for him to argue the high quality of this PA trading method in terms of staying in trades and gathering the pips. I can say though that no matter how sophisticated your indicator based style of trading may be it cannot stump over the TD's methods in terms of navigating the mannerism of market and getting the most out of trades. If you have read through all this thread, you will have a good enough idea of how TD manages risk and trades ( I am a keen student of his and I do not vary much).
Price action is fine, and I stated that i use it in a modified manner, depending totally on s+r levels, trendlines and channels --- it is highly doubtful that you can get MORE out of a move than i can, but ill bet dollars to donuts my indicators KEEP ME IN MORE winning trades than your pure price action does, if only that i dont get stopped out and have to re-enter !
One point need making: I doubt if you can stay longer in trade and make more pips than someone trading PA on a bigger time frame. What time frame do you trade mostly? Can your system be applied on all time frames with overall effectiveness? PA has this quality about it!
NB: PA can only work or not work based on the trade plan. But good PA setups work more often than not!
let us take your same scenerio and since moves rarely just go up (at least not long term ones) let us say you get your entry appears, you enter, the price starts up AND THEN HEADS FOR THE FLOOR !
this has happened to all of us at some time --- now, what do your pin bars tell you to do now ? Has your stop been hit and youre now out of the trade with a loss ?
What is your typical stop distance? Curious! You sound like you have enormous flexibility with your trades . That would seem to mean big stops?
It about making the pips, and controlling your risk,
Cheers...
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