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james16 Chart Thread
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Oct 12, 2006 1:33am
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Resident Elmer Fudd
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the process is automated
but, if something happened james will get back to you asap like he always does
glad u joined get ready for a lot of great stuff!
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Oct 17, 2006 12:53pm
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Resident Elmer Fudd
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i believe its just refering to any numbers that come before the 00, 25, 50 etc
so 1.8400 1.8425
XX=84 or any numbers
in his last chart XX would = 25
1.2550
regards
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Oct 24, 2006 12:57pm
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Resident Elmer Fudd
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volvo, did u try vegas method. If you use price action in conjuction with vegas 1 hr or vwb i think ull see some good things 
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Oct 26, 2006 3:52pm
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Resident Elmer Fudd
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well i caught that one today as well I played it for a quick 20 pts was a nice little profit. I had a very small stop on it too , worked out well
according to your chart, looks like you got in very late. I dont know how i feel about jumping in as late as you did. i would just wait for the next opportunity
regards
mike
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Nov 6, 2006 3:32pm
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Resident Elmer Fudd
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Joining the PF was the best thing to ever happen to my trading. What James, Dialist, and Fiji give in there is absolutly amazing. Not to mention the contribution from other PF members. You dont get live calls, james specifically is trying to give you a foundation in price action. He gives run downs of what hes looking at for a bunch of pairs. A few systems he trades, and so much more. I can with 99.9% certainty guartantee you wont be disappointed.
Really its so cheap that even if you arent happy with it. For 130$ i guarantee you find something useful
Best of luck
Mike
PS: There is a thread here in the public FF that breaks down each section by title of whats inside the PF. I dont have time to look for it now, but shouldnt be too hard to find.
Quote:
Originally Posted by DaveG777
Hi Everyone!
Fairly new to FF but have been trading forex and other markets fairly inconsistently for over 10 years...
guess my problem has always been a constant serach of the latest greatest system instaed of sticking to something that works
anyway... James16 has posted some very inpressive stuff here and I feel I would like to settle down and finally Learn something for a change...
I am considering joining the rpivate group, wold like to har what some of your guys think about it first...
and James16... feel free to toot your own horn if need be
Im just curious as to exactly what I can expect...
do you get specific calls??? potential set-ups??? different methods... what???
anyway... thanks for any info and input you can provide..
Happy Trading all
David
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Nov 7, 2006 2:52pm
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Resident Elmer Fudd
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Yeah my account was active immediatly after payment, and access was instant. Not sure if that is the case always, but it will be quick. Strap up too, cause ur in for quite a treat.
Best of luck,
Mike
ps. Dont get overwhelemed, cause their is a TON of info. Just one thing at a time and enjoy it
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Nov 13, 2006 5:59pm
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Resident Elmer Fudd
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Quote:
Originally Posted by alcastro
What exactly constitutes an internal bar? When is it bullish/bearish? What is a I4B? I know it means "inside bar, smallest of 4"...but...which 4? To me this is a little confusing!!!
Can somebody "illuminate " me? I am going through my 4th reading of the whole thread....still learning.
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Internal bar I assume you mean inside bar.
Insidebar is any bar that has its highs and lows within the previous bar
An I4B, is an inside bar that is the smallest bar(range high to low) of the previous 3 bars, and is inside the previous bar. Here is a chart.
An I4B is an inside bar, but an inside bar isnt always an I4B
Hope this helps,
Mike
Oh ya those small bars are Interbank Sunday bars, those I dont count. And yes that I4B could really be more then just the last 4, but for learning purposes I didnt count them
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Nov 13, 2006 7:27pm
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Resident Elmer Fudd
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an IB is not always the same as the previous bar, my chart just happens to be like that. Basically when you see an IB you can look for a breakout either way. It's showing consolidation in a sense, being contained within previous Highs, and Lows.
Best,
mike
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Nov 15, 2006 12:25pm
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Resident Elmer Fudd
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didnt even know that was a chart
looks like a seizure making machine
lol
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Nov 20, 2006 8:40pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mike w
Hey there! It would seem like there is a decent pin bar on the daily for USD/CHF. Probably good for a small amount of gain.
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Keeping my eye on this one also, would like a longer nose and more of at a swing low, but looking at the bigger picture is more why I am gonna keep an eye on this one,
heres a chart
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Nov 21, 2006 6:22am
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Resident Elmer Fudd
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sorry didn't mean to confuse you more, was jusit trying to show the upward trend that price keeps bouncing off of, by the two blue lines
mike
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Nov 21, 2006 12:23pm
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Resident Elmer Fudd
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check out the Vegas stuff here on FF, I am assuming you are asking about the red lines, cause I have nothing else on my chart but a few MAs
Take care,
Mike
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Nov 24, 2006 10:06am
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Resident Elmer Fudd
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I'll throw a post in of a trade I am still in
This is the pin of the USD/CAD. Not the longest nose but worth the R:R of where its located. Up over 100 right now scaled out on the bounce off support around 1.1300.
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Nov 24, 2006 10:16am
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Resident Elmer Fudd
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well at this point, its a free trade for me. I close out half my position and I'll let it run till signs of something to the upside. At the least you should come out B/E on this trade
last night was fun though, I was in longs on the AUD/USD EUR/USD AUD/NZD and short on the USD/CAD
Lets just say I made A LOT of pips lol, felt good after being stuffed from turkey day
hope everyone got those pips too
Mike
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Nov 28, 2006 7:02pm
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Resident Elmer Fudd
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Here is a current trade to watch. This is just an example of what James posted about support and resistance. It's some strong stuff, and definitley puts the ball in your court.
This is the USD/JPY , first zoomed out to show the support/resistance....then zoomed in to where an IB has formed right off that support and 365. A break up and this might go. Be aware its trapped right between the 200/365 tho.
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Nov 28, 2006 7:03pm
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Resident Elmer Fudd
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Same chart zoomed in. Like i said this at least gives you an idea of where this thing may go/stall if you decide to play it both ways.
Best, Mike
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Nov 28, 2006 10:48pm
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Resident Elmer Fudd
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just an update, this IB broke south and stalled exactly at the 365 ema, no suprises. So if you did take the IB south I would just monitor it close, cause it wouldnt be a suprise if it comes back. As always we cant predict, only improve our odds
BEST
MIKE
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Dec 1, 2006 2:49pm
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Resident Elmer Fudd
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Hey clam,
For that trade I would wait to take a break out of the 365 or 200 ema cause it got trapped right in. Then i would prob place my stop on the other side of whichever ema it broke out of.
Oh hope everyone caught this trade also.
This is eur/aud pinbar im still in...and im at +80, ill take some profit now and move stops to b/e
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Dec 1, 2006 6:41pm
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Resident Elmer Fudd
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Ah the million dollar question. Well I think this becomes a personal thing, where your comfort level is at. I have developed my personal take profit system tht works for me. Some people only want 20-30 pips. I couldnt tell you an exact number. I do not believe in having an exact target profit level prior to entering a trade. I believe its up to the market to tell you when to exit. Never let a big winner turn into a loser though. That will mess with your head.
I know thats not a clear cut answer, but in my opinion there isnt one.
Just my 2 cents enjoy your weekends, time to drink some beers and take a break from the market(although do we ever really stop thining about it, i sure dont).
Mike
Quote:
Originally Posted by clam61
lets say that it was successful. where do you take profits?
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Dec 1, 2006 6:49pm
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Resident Elmer Fudd
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its instant! its all automated.
Hope to see you inside,
Mike
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Dec 2, 2006 5:26pm
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Resident Elmer Fudd
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well the entry point if you stuck it out on my daily chart is an IB that formed, It was a TBL that was off by 1 pip. Shows exhaustion till broken downards. So you could play it for a break high .
Ignore that bar with the purble x through it. That is interbanks sunday bar which I always ignore. Another note, is this hit Vegas Daily fib line. So using this IB or TBL(whichever you wnt to call it), you could take a break long on that.
Does this help?
Edit* We have different feeds, so just always play it how it is on your feed as per James's advice
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Dec 2, 2006 5:48pm
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Resident Elmer Fudd
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I would enter on the break of Monday. So that highlighted candle is already formed. My entry is the break long the next day(Tuesday).
Hope that helps,
Mike
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Dec 2, 2006 11:54pm
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Resident Elmer Fudd
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well i have ignored all sunday bars on my platform. And it does my trading quite well, so I will continue too. Also james teaches it like this, so its not raining on my parade because it has helped me. I suggest others practice it and whichever way works for them.
ps: something is only as valid/not valid as we choose to make it
best,
mike
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Dec 3, 2006 1:49pm
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Resident Elmer Fudd
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yes and I agree with you
That's why i said people should practice what works for them. I was just stating even knowing what you posted. If I make money week and week out ignoring the bar. I am not now going to use the bar. That's all I was saying.
Thank you for sharing your information!
Take care,
Mike
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Dec 14, 2006 4:21am
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Resident Elmer Fudd
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Im right with you habeeb. No better time to be short on this monthly for a great risk:reward ratio. Heres the chart for those interested.
Lets hope this bad boy takes a nose dive
Best,
Mike
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Dec 15, 2006 3:01pm
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Resident Elmer Fudd
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here is the eur/cad daily chart IB bar broke south.
Again the weekly pin held up, and maybe this could be the start of the reversal. We shall see what next week brings
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Dec 15, 2006 3:06pm
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Resident Elmer Fudd
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Here is another trade I made today on the 30M Pin bar at a triple top(cant see in picture) Look what started and ended this trade. Price only! THANKS JAMES! Doesnt get easier or better then this. Great day to end the weekend.
Enjoy all,
Mike
there are diff ways to take profit here depending on your style especially on these smaller timeframes you gotta be careful. Using pivot points and fib extensions you still would grab 40 + on this one.
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Dec 15, 2006 7:50pm
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Resident Elmer Fudd
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ya i should have stressed that
LISTEN TO JAMES HE HAS CHANGED MY TRADING AND LIFE
Take care,
Mike
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Dec 16, 2006 4:30am
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Resident Elmer Fudd
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could be a sign of reversal or at least retracement. My close is much lower then 3 pips.
I am a very conservative trader. So now i would take that bar in consideration and trade a sell signal on the lower time frames. This is a personal prefrence and how I am used to doing it.
good job really analyzing the possibilites. Now think about what you will do once in this trade. Have a plan and trade it.
Best always
mike
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Dec 16, 2006 12:01pm
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Resident Elmer Fudd
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Quote:
Originally Posted by goodthings
appreciate the comment. You say a much lower close. Do you normally look at it in a pip count or another way?
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well on your feed it almost looks more like a neutral bar, depending on the bar I do look at in a pip count way. Such as a DLHC bar I want it to be exact or 1-2 pip dependnig on the timeframe
hope this helps,
Mike
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Dec 16, 2006 12:04pm
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Resident Elmer Fudd
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Quote:
Originally Posted by goodthings
Looking at this chart I would lean toward an uptrend beings that it has retraces beyoun 50% on the daily high and low and bounced off of 38.2 fib of the 12/6 low and 12/15 high. Once it reaches the high of 231.77 see it that becomes a resistent point (double triple tops) are breaks. The pound moves so much it's hard to put stops on it. One time a placed an order on it with a live account didn't due my due diligence on news announcements. Went long and I kid you not two minutes latter it dropped 100 pips in two seconds. Just keyed it in and then started thinking about stops and limits. It will keep you on your toes to say the least.
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here is that same chart but in a different view. On my feed we ended with an Inside bar on a confluence area. Ill post the chart for you
best,
Mike
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Dec 16, 2006 12:43pm
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Resident Elmer Fudd
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No funny questions, Any questions ya'll have I and many many others have and have asked. I use interbankFX for my feed. I dont think one chart is one reliable in that sense. As james has mentioned before he says "just play it as you see it on your charts". So I guess it eventually evens out, or maybe not lol. Best answer I can give you. So I just say chart with who your comfortable with, or maybe pull up 2 charting and compare as you trade.
Mike
Quote:
Originally Posted by goodthings
Not to sound funny but can one chart be more reliable then the other? My day starts at 6pm eastern that might be the difference? Who do you have your chart with mine is neuimex (always have to look up the spelling not sure if that is right)
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Dec 16, 2006 4:41pm
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Resident Elmer Fudd
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Quote:
Originally Posted by habeeb
Yup, IBFX has been very reliable with these setups.
Mike, you still in the EurChf short? I'm still holding with a 200 pip limit.
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ya habeeb still holding on, keeps testing up and hitting a wall. Lets see what happens next week
best
mike
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Dec 16, 2006 11:44pm
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Resident Elmer Fudd
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very cute kids james
merry xmas all the best to you and your family and everyone here at FF on the holidays!
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Dec 17, 2006 2:15pm
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Resident Elmer Fudd
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Quote:
Originally Posted by goodtiding5
I just noticed an IB in the daily NZDUSD chart. Prior to this IB, we have had a DBHLC and a PIN setup and the price didn't move much to the down side. Now, we are very close to the violation of the up trendline, if the price choose to break to the downside.
On the weekly chart, the price has retraced to the 76.4 fibo of a downward movement since Dec. 2005. In addition, we are near the weeky PP at 0.6920 and are getting closer to the EMA(365) on the weekly. Plus, we also got a TBH setup on the weekly. I am not sure if the last weekly bar can be treated as an IB or not.
We could see the price going either ways. However, the scenerio that the price will move to the downside may be more likely.
Ken
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just some comments Ken, The DBHLC you show is not a true one. You want the close to be lower then the low of that previous bar. Also its important to note where this bars occur, that have the best shot. The first pin bar was the best bar in where it was situated in my opinion as seen on my chart. We do have an IB now so let's see this thing could break either way being it has been in a strong uptrend, but its also at strong resistance now so a downside break is also very probable.
mike
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Dec 17, 2006 2:27pm
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Resident Elmer Fudd
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Quote:
Originally Posted by moneybags
Hey everyone,
Check out this interesting formation on the AUDJPY Daily chart.
3 almost identical bars in a row. It's a Trible Bar High with higher lows in each bar.
This pair has been uptrending since late May.
Any thoughts?
Oh, and BTW: Merry X-mas and Happy Holidays to all! All the best!
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hey moneybags, this is actually one of the few daily setups im keeping my eye on this week. For right now this means were going short until this triple top is broken. I will be looking for a short play on the lower time frames, and if that doesnt work wait for a break high for a long.
Mike
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Dec 17, 2006 7:44pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Gateway
I have read the thread must of missed something. On the chart of this post what makes that an IB (inside bar correct?) Isn't it the last bar?
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yes inside bar is the last bar on that chart. It is when the high and low are within the high and low of the previous bar.
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Dec 18, 2006 1:09am
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Resident Elmer Fudd
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Quote:
Originally Posted by ademac
I just spotted a PIN on the GDP/USD weekly chart Looks promising will give it a go and see how it pans out.
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ademac,
this is not a pin bar in the proper location. We want pin bars at extreme highs and lows, with the nose protruding far away from the previous bars. That one u show would be a pin bar if it was all the way at the top of this trend. Here is a pinbar in the right place.
Mike
please note this is on a 15 min chart and you should trade the weekly daily charts before attempting it at the smaller time frames. I am just showing a pin bar in the right spot
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Dec 18, 2006 5:09pm
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Resident Elmer Fudd
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good stuff habeeb!
Too go along with the gbp here is the usd/chf looks like were getting a pin close at an important confluence area
best,
Mike
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Dec 18, 2006 10:08pm
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Resident Elmer Fudd
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Quote:
Originally Posted by goodthings
So your saying with the pin on the UsdChf showing a possible downtrend and gold doing what habeeb saw we could be seeing GbpUsd move up?
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ideally  :
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Dec 18, 2006 11:48pm
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Resident Elmer Fudd
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tom, be careful here. Go back to the first few pages where James shows DBHLC, this is an inside bar as Ken stated. For a bar to qualify as a DBHLC, we want the highs to be the same(or as close as possible i prefer 1-3 pips and the close of the most recent bar must be lower then the previous bars low. Please let me know if you want me to post a chart with some examples. Take care,
Mike
Quote:
Originally Posted by goodtiding5
Tom, yesterday's close is an inside bar. On my FXDD chart, the price is sitting on the EMA(365). We may very well get a reversal here.
Ken
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Dec 19, 2006 12:04am
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Resident Elmer Fudd
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Quote:
Originally Posted by goodthings
Thanks
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Hey tom just went through a chart quick to show you some DBLHC etc(dint cover everything on it though). The higher the time frame the bigger the gap I will allow. So a 8-10 pt diff on a monthly may be acceptable to some, but on a daily that doesnt hold up for those bars. Hope this helps a bit
Mike
This PA stuff is great on these higher timeframes, much more reliable. Its hard for many to trade them because of the stop sizes, but you just need to adjust your position size accordingly and you can be racking in some big PIPS, without all the intra-day stress  James teaches AMAZING stuff
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Dec 19, 2006 1:28pm
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Resident Elmer Fudd
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nice moves as we expected . Unless you tried to trade the news this morning where a lot of people got creamed. PA on these larger time frames kept you out of it.
Thanks for the update on Gold Habeeb.
Mike
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Dec 19, 2006 6:30pm
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Resident Elmer Fudd
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ya that was the nzd news this evening, moved nicely
merlin said this should have been marked red not orange on the homepage
best,
mike
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Dec 20, 2006 3:07am
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Resident Elmer Fudd
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1.9670 area pretty heavy resistance if that breaks you can almost bet the daily pivot will be tested
should be fun 
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Dec 20, 2006 3:31am
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Resident Elmer Fudd
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Quote:
Originally Posted by habeeb
Yup, got that in mind. Maybe test the Pivot with a big pin  , before heading up again.
This looks like a nice entry for the BeOB.
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yes short now
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Dec 20, 2006 11:45am
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Resident Elmer Fudd
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Quote:
Originally Posted by mbqb11
yes short now
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ah that was nice to wake up too, i passed out on my computer!
excellent post bundy, i keep going to write bunny instead not sure why i keep donig that lol
Mike
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Dec 20, 2006 4:13pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Lamdun
Hi,
Is this an example of the dbhlc on the 4hr USD/CAD chart and does that mean I should go long? I'm starting to understand price action now but i just need some confirmations
Thanks
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hey lamdu,
no this is not a DBHLC. A page back or so I posted some examples of DBLHC and DBHLC is just the opposite. let me go pull up a chart and find a few for you.
Mike
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Dec 20, 2006 4:28pm
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Resident Elmer Fudd
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Lamdun, A Double High Lower Close, suggest a down move. The closer the tops are the better. As you increase time frames you can allow for a wider range. This is up to the trader. On this bar on the 4 hour there is a 1 pip difference. This is acceptable to ME. There are different ways to play these bars. Please note though, as James stresses, its not just the bar formations that matter but where they are that is most important, and should be what you consider when decidiing to play them. let me know if you need more clarifying.
Best, Mike
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Dec 20, 2006 4:30pm
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Resident Elmer Fudd
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Here is the same DBHLC and now I show you why this bar is one worth trading. A pin bar starts this down move also. Then the DBHLC comes back to the 50% FIB line. You see how awesome this stuff is. You dont need any of that indicator bullshit cluttering up your screens!
Best, MIKE
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Dec 20, 2006 5:06pm
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Resident Elmer Fudd
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Quote:
Originally Posted by habeeb
Yup, that was a good one.
You taking cough syrup too
Indeed.
Take Care
Habeeb
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hahah this always happens to me about once a week cause I try to stay up for the euro and american session(im in the states) and all my missed sleep hits me. Then one morning I'll wake up on my keyboard with a bunch of letters pressed into my face lol
good times lol
good post again BUNNY
Best,
Mike
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Dec 20, 2006 5:20pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Lamdun
wow, thanks a lot. Good thing i came here first before putting in an order. And I would like to move away from indicators. What should i use? pivot points and fib retracements? One thing that I don't get is which two points i should use for the retracements.
thanks alot!
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Well you need to find what works for you, first I would suggest go through this thread(i know its big but well worth it) a few times. Second you can probably google fibonacci tool and find a good easy tutorial. Basically you want to take points swing highs to lows. Often you have many trends within a trend.
Here is something i posted in the private forum for someone else. I suggest searching the internet first because this may confuse u cause i have trouble getting out things sometimes lol. here it is anywy
__________________________________
For retracments you can use any swing highs or lows to try to find confluence. So you have the larger trend with the "smaller trends within". I am posting a chart of the GBP/USD. Point C-D is the current Fib Retracemtn withing Poitns B-D which are within points A-D that you cant see. The Blue diagonal line is where that Fib Retracement could be for point AD. I didn't include it because we didn't have any confluence. For points CD and BD we have confluence shown in blue. So you try to find areas that match up then look for other price action at these levels, along with other things(MA, S/R etc).
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Dec 21, 2006 2:43am
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Resident Elmer Fudd
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have a long on the pound setting up not going with the daily but oh well should be good for some pips if it goes
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Dec 21, 2006 2:46am
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Resident Elmer Fudd
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long 1.9665
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Dec 21, 2006 2:57am
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Resident Elmer Fudd
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close for +8 time to reverse possibly and hold
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Dec 21, 2006 3:24am
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Resident Elmer Fudd
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ya im standing aside right now
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Dec 21, 2006 3:27am
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Resident Elmer Fudd
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i think this thing has juice up, but I am getting too many conflicting signs for me to get back in one way or the other. I may have closed my long early but rather safe then sorry. I am going to bed now will trade the american session
good luck all
habeeb go easy on the medicine :-D
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Dec 21, 2006 4:21am
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Resident Elmer Fudd
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ok couldnt resist putting a position on before bed, going short at 1.9690 tight stop big profit target lol
really passing out now
Mike
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Dec 21, 2006 7:14am
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Resident Elmer Fudd
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another good way to wake up, hasnt hit my target yet still holding
looks like the late night crew did well
Mike
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Dec 21, 2006 7:32am
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Resident Elmer Fudd
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bundy and habeeb go get some SLEEP! i swear i wasnt dreaming about charts really i wasnt
ill take the wheel from here lol, got cad news to trade in a bit
GO TO BED
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Dec 21, 2006 7:51am
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Resident Elmer Fudd
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looks like usd/cad is having trouble at the 1.1500 mark and has a few barriers there im in short with a stop of about 10 pips for a big target  in at 1.1499
please be careful with this, red news at 830 among other, i like what i see technically to get in with a 10 pt stop
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Dec 21, 2006 7:53am
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Resident Elmer Fudd
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Quote:
Originally Posted by habeeb
Yeah ... right!  :
What you mean "go to sleep". It's only about 3pm here. Time for lunch ... hmmm ... that's a good idea.
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haha oh whoops i always thought this was about your time to go to sleep
well looks like u live in the best place to trade the euro and us session! lucky u
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Dec 21, 2006 8:08am
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Resident Elmer Fudd
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hey ciph,
check the ret of yest on the charts back to the 38.2 exactly price action on that, I used the 15 mins for that entry. Also keeping in mind the 4 hr and daily. I went long orginally was up a bit, closed at +8 because, my plan going into the session was to think SHORT.
Hope that helps,
Mike
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Dec 21, 2006 8:10am
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Resident Elmer Fudd
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make sure ya'll check the news page a lot coming out at 830 eastern
Best,
mike
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Dec 21, 2006 8:20am
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Resident Elmer Fudd
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target hit on the GBP for +90 will look for another re-entry after the 830 news cluster passes
Mike
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Dec 21, 2006 8:26am
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Resident Elmer Fudd
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Quote:
Originally Posted by cipher4d
The 15 min/30 min is where I get it now. Thanks
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there is also a minor Price Pivot in there that was important for me
Take care,
Mike
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Dec 21, 2006 8:34am
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Resident Elmer Fudd
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cad stop hit on news -10 re entered pound short at 1.9615 10 pt stop
target 1.9572 fib ext and weekly pivot if it cuts through that lets look too the 1.9545
edit __ closed at +10, Im going back to bed lol,
good luck guys
Mike
Last edited by mbqb11, Dec 21, 2006 8:45am
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Dec 21, 2006 9:00am
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Resident Elmer Fudd
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pins on 30 min though, usd chf double top pin(near price pivot) , hmm should i go short on it or just go to bed lol
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Dec 21, 2006 12:20pm
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Resident Elmer Fudd
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hey, a pin bar is a pin bar. Its where it is and what time of day that makes it more important to me. I personally dont take new trades around this time of day because everything thins out or just trickles real slow. I want some *umph* behind my trades lol
hope that helps,
Michael
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Dec 21, 2006 12:32pm
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Resident Elmer Fudd
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keep it up and just practice it over and over and if u have the money for the PF it blows this thread away times 100
best,
mike
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Dec 21, 2006 8:43pm
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Resident Elmer Fudd
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Quote:
Originally Posted by moneybags
Here is one more IB at the top of an uptrend for the AUDJPY.
This one is also sitting on a weekly and a monthly PP which would be violated to the short side if the IB was broken.
And it's got plenty of room to fall down to another weekly & monthly PP that are on top of each other.
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Hey moneybags, just thought id throw something out there about aud/jpy, recently we broke a three bar high. So if we take this I4B short we must remember that this may now act as a support and to be careful to take profit or watch for a bounce. I prefer to play PA off these areas of support and resistance because i can usually make my stops smaller and feel more confident. This is not to say it might not break right down, but it is something to watch for
Hope this makes sense  :
Best,
Mike
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Dec 22, 2006 7:13am
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Resident Elmer Fudd
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Quote:
Originally Posted by manya42
Hello Everyone.
Can somebody tell how to get those pivots lines on the chart?
Thanks In advance & HAPPY HOLIDAYS to everybody in this wonderful thread .
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http://www.forexfactory.com/forexfor...t=pivot+points
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Dec 22, 2006 8:38am
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Resident Elmer Fudd
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merry xmas and new year all lets see if we can get some pips now after this news
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Dec 22, 2006 2:31pm
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Resident Elmer Fudd
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Quote:
Originally Posted by habeeb
Thought I'd throw up a last chart before we all go our own ways for the long weekend. 4hr Pin on cable closing below the trendline resistance and also under the 50fibo. I'm short, targetting the yellow trendline first, then the purple one.
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Habeeb did you hold onto this one? If you did u got in nice and early. I waited to get in after the news bout 15-20 mins later, but held to the weekly pivot.
have a Happy and a healthy everyone,
Mike
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Dec 22, 2006 6:24pm
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Resident Elmer Fudd
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speaking of weekly charts. I am still salivating at this one. and have been for a couple weeks now. Made some pts here and there, but this thing is gonna break away soon. I will definitley keep a close eye on this pair holiday or not lol.
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Dec 23, 2006 11:05pm
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Resident Elmer Fudd
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can still be considered a double bottom
best all,
mike
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Dec 23, 2006 11:16pm
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Resident Elmer Fudd
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its where your looking though, thats like saying the trend cant be down on the hour cause the weekly is up
in the general sense it just made a double bottom
im not gonna go back to 1983 before i call something a double bottom
happy and healthy
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Dec 23, 2006 11:32pm
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Resident Elmer Fudd
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lol u just dont seem to get it, in trading you can't look at things as definitions. If you become more flexible and not hold something to such a strict sense it opens up many more doors. The chart made a double bottom(lowest points for the time frame I am looking at) and I made pips. My account equity increased once again, and yet my dictionary remains dusty. I dont argue with making money I just enjoy it
best,
mike
and according to ur strict definition we wont ever have a double bottom till 1983. I try not to think of things like that. Oh well too each his own  take care
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Dec 23, 2006 11:35pm
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Resident Elmer Fudd
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lol its BUNNY! i guess i could still be hungover from yest however sad that might be
im just bored now and cant trade!!
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Dec 24, 2006 12:04am
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Resident Elmer Fudd
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nevermind this is gonna turn into one of these meaningless back and forths. I was born in 1983 though so there
As long as eveyrone is making pips im happy
Have fun and the bbq bundy and yes 4 hr seems to be very reliable i agree
Mike
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Dec 24, 2006 12:16am
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Resident Elmer Fudd
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Quote:
Originally Posted by bundyraider
AWE... Come on Mike!! You can't give up that easy?
I have a bottom. I'm pretty sure the last time I measured from each cheek to the floor they were at slightly different heights. 
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Dec 24, 2006 3:39am
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Resident Elmer Fudd
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rofl too funny
speaking of BB i just bought my little bro a dvd of him with clapton vaughn and such for xmas 
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Dec 27, 2006 9:10am
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Resident Elmer Fudd
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still over an hour left on this pair but i told everyone ive been keeping a close eye on this pair as its ready to do something adn give some nasty pips. If we can close this 4 hr out as a pinbar I will be jumping on this bad boy
Mike
Hey habeeb 
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Dec 27, 2006 8:03pm
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Resident Elmer Fudd
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i am actually short already since 1.5246
ill be monitoring this close though, this pair can get out of hand quick!
best all!
Mike
i got in earlier off the 15 min chart too reduce my stop and grab some breathing room. Most pairs are ranging now due to a thin market, so hopefully this one follows suit 
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Dec 27, 2006 8:05pm
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Resident Elmer Fudd
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Quote:
Originally Posted by moneybags
Hey everyone,
Quick question for everybody here to give their opinions.
Are there any currency pairs that you avoid? Some that you just don't bother looking at because they are too unpredictable?
For example, I had some bad luck with the EURGBP. (luckily they were all demo trades at the time) But it would give some very solid PA signals and never follow through. Ever since then it turned me off. (but I might have to re-visit it, I dunno)
What pairs do you avoid and why?
Thanks
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I do monitor most pairs, but I stopped trading the eur/gbp that thing moves like a snail, although can range and do nicely, but doesnt suit me well. Other then that I monitor all pairs but watch my correlation when opening. If two pairs are highly correlated I just take the best signals, no need to double my risk, unless i break it up.
Mike
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Dec 28, 2006 1:20pm
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Resident Elmer Fudd
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just update, my eur/cad trade stopped out for -20, got in early so i could have a smaller stop, but this thing just doesnt want to do it yet.
Also we had a nice pin on the gbp/jpy 1 hour that i made 30 pips with. Had this trade open with a gbp/usd trade. GBP/jpy is always going long so i take what I am given and run if i take a short on the smaller time frame.
Hope everyone having a good week and resting their livers for new years 
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Dec 30, 2006 11:25am
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Resident Elmer Fudd
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I remember a lot of people were looking at the GBP/CHF pair. This week closed out as a pin bar on the weekly charts. And we have divergence on the MACD. This week we retested a high and S/R line that is very important. The thing to keep an eye out for is on the monthly chart the 200 ma is hovering close, and it may want to push towards that.
Best,
Mike
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Dec 30, 2006 8:47pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Mr Smith
Hi guys, Nice posts.
Mike, I'm wondering with your 5246 entry on eur/cad, you mentioned you had a stop out of 20 pips, i'm just wondering how you chose that 20 pip stop loss, personally i woulda put my stop above the pin and lost alot more, I'm trying to work on reducing my stops, so I'm just wondering if you could explain your reasoning behind the placement of the stoploss.
Adding, also my spread on e/cad is 12 pips, so a 20 pip stop out is quite tight, but i'd luv any info that can help me tighten my stops esp on this e/cad trade as a good example as it really went up high.
thanks
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hey mr smith,
Well I like to minimize my stops also. In the case of the eur/cad, I am familiar with this pair, and when it moves it takes no prisoners. So what i did was make my entry on the 15 min charts, and found a Resistance line to make my stop very small. If I have a pin I am very confident in(A trade) then my stop will be on the other side of the pin and I'll give it all the room to move. My advice with stop placement is to stick to the larger timeframes and take only the best setups, so you can feel confident in putting your stops so large. Also remember your MM and position size should be adjusted accordingly.
I hope that helps your question a bit. A lot of times I do drop down to the lower time frames to find a better entry point with a smaller stop and bigger reward.
Happy new year,
Michael
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Jan 3, 2007 4:55pm
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Resident Elmer Fudd
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agreed habeeb about the 4hr semi pin. Its also sitting right on the 200 ema as well as the psychological level you stated
posted this in the cable thread
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Jan 3, 2007 5:56pm
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Resident Elmer Fudd
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Quote:
Originally Posted by CFII
hi folks,
I'm curious where you would enter a trade on a DBHLC? A pip below the low of the bar?
thanks,
CFII
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Hey CFII,
This is all a matter of opinion. The "safe" way is to play a break of the Low of the bar. Depending on the time frame you would want more pips. This method causes larger stops. Others play a retrace of the DBHLC bar to minimize your stop. This runs the risk of never breaking down below meaning you will trade more often but with smaller stops. The best thing is just to demo these bars out to find your comfort level. For me the higher the time frame the more likely I will play a retrace of the bar, becasue they become more reliable.
Hope this helps,.
Mike
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Jan 3, 2007 6:05pm
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Resident Elmer Fudd
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Quote:
Originally Posted by CFII
Thanks for the explanation. Sounds similar to the way some people trade pin bars.
regards,
CFII
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exactly! I play them both ways, depending on the situation and where the bars are located/timeframe etc:. All these price bars can be played different ways.
Good luck!
Mike
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Jan 4, 2007 2:12am
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Resident Elmer Fudd
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aud/usd 1 hr a lot of support on this pin
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Jan 4, 2007 1:57pm
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Resident Elmer Fudd
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seeking,
just my thoughts I am not trading any of the majors until the NFP tommorow. Usually things as you know just narrow out to nothing. Maybe it will get some push in the euro, but in the end everyone is just waiting for this report. I am just trading the crosses until then
I'll throw up a trade im in in a bit
Mike
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Jan 4, 2007 4:40pm
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Resident Elmer Fudd
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this is the trade im still in now on the eur/cad. This is the 4 hr view but i entered in on the 1 hr for a small stop. WE LOVE THEM SMALL STOPS LOL
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Jan 4, 2007 6:26pm
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Resident Elmer Fudd
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Dunno if any of you stuck with this, I should have held it longer. Only took out 55 on it but the carry trade pairs always make me weary going against
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Jan 4, 2007 6:59pm
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Resident Elmer Fudd
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Quote:
Originally Posted by JAKOBEN
Mike ,if you have time could you post details of EUR/CAD trade as I have seen u previously post that u have been watching this pair for some time.Are there particular crosses that u trade .As previously I have never really looked at them.Thanks 
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hey jakoben,
Ya I have been watching this pair a lot lol. I like the way this thing moves if you get on it the right way. For this trade I was only looking to take longs. This came after looking over the weekly. For awhile I thought this pair was gonna bounce off the 365, it looked to be making a retrace, but instead we broke away from the 365. I have been looking for a good entry and today found a pin on the hour forming back towards this trendline. It was also on the bounce of a fib
lemme know if you want some more info
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Jan 4, 2007 7:32pm
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Resident Elmer Fudd
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Quote:
Originally Posted by bundyraider
Hey Mike,
Not trading this week, but have been watching Eur/Jpy for a good buying oppurtunity. Here's your current hold up, I'd say... Currently finding support @ Dec 27 Low. 
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excellent, I will be keeping my eye out as well
thanks BUNNY 
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Jan 4, 2007 7:37pm
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Resident Elmer Fudd
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hahah
gonna watch for some PA around the 150 and price pivot, why arent you trading this week ?? have you had enough forex for one week  :
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Jan 4, 2007 7:44pm
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Resident Elmer Fudd
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Quote:
Originally Posted by bundyraider
Must be out of my head or something. The trend breaks I were watching were 'Muddy' , decided that since the Japs were on holiday and you lot were having a sook about some president guy kicking the bucket (  ...kidding!) it must be a bad week to trade. LOL
I'll take any good buy oppurtunity on this Eur/Yen though. May even fade a small parcel since the 365 co-incides with the 'King' 32% fib. 
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well better to trade with confidence then feel all "MUDDY"
I am keeping my eye on it witout a doubt
Mike
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Jan 4, 2007 7:50pm
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Resident Elmer Fudd
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hahaha oh bunny  :
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Jan 4, 2007 7:54pm
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Resident Elmer Fudd
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lol isn't that how its supposed to go  I took out 20 on the usd/jpy just to mix up all the cross pair talk
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Jan 4, 2007 8:00pm
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Resident Elmer Fudd
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stuck on the daily weekly supports right now im long stop under s2 weekly
edit:
close +25
Last edited by mbqb11, Jan 4, 2007 8:27pm
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Jan 4, 2007 9:18pm
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Resident Elmer Fudd
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hey Pipbird,
Great question, and for me personally I do this. If you think about it, we are given these timeframes to look at. Who says we cant have a 2 day chart, or a 3 hour chart. Some brokers offer these different options some don't. If you use metatrader you dont have this so you have to use the script to change it or just visually do it(which is easy enough after awhile). I do look for the best setups for this, I dont try to create soemthing that isn't there.
I can post a chart for some examples if anyone needs just let me know.
Just a not often when you combine two bars, the new bar could just be an IB or an outside bar depending. So its just another way to look at something. Sometimes not
oh and another thing, I will do this with a few bars, if it visually makes sense. For me it is an easier way to look for setups sometimes.
Take care,
Mike
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Jan 4, 2007 11:06pm
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Resident Elmer Fudd
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Here is a quick example, these two bars were on the 4 hour,
I am leary of posting examples with groups of more then 2 bars, because it can over complicate things for some. Just PM me if you want to see more on this. Or i guess i could post more here. I just don't want to confuse people, especially those new to the concept. Learn just what the chart shows you first. I think this is something you move to after you grasp the difference of good/bad PA bars
Mike
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Jan 4, 2007 11:30pm
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Resident Elmer Fudd
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This was a more recent one I made. This was on the 1 hour(stick to the 4hour/daily/weekly charts). You could also just look at this is an inside bar, but i prefer to look at it like a pin bar(2 hour bar), and play the break(bottom of 2 hour pin) especially on the 1 hour timeframe. Gotta be careful on these small timeframes. The market was just ranging so much that I would jump down to smaller time frames to get entry points.
Mike
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Jan 5, 2007 1:42am
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Resident Elmer Fudd
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posted this over in the cable thread. Something to keep an eye on. We could have a pin forming off this heavy confluence area. 365 ema is the white
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Jan 5, 2007 2:42am
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Resident Elmer Fudd
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lots of 4 hr action showing upside potential here
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Jan 5, 2007 2:48am
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Resident Elmer Fudd
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yes bunny the eur/jpy also 
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Jan 5, 2007 3:24am
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Resident Elmer Fudd
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im looking to the lower time frames for an entry on the gbp/jpy i think i may hold this position for awhile if i get a good entry. Its retraced now lets see if it comes back up after collecting a bunch of sellers
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Jan 5, 2007 3:39am
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Resident Elmer Fudd
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nothing yet meeting good resistance here tho if pound can break 1.9434 ill take a longon that
edit* Oh well no entries to make guess its time to get some rest before the NFP good luck all
Last edited by mbqb11, Jan 5, 2007 3:53am
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Jan 5, 2007 9:36am
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Resident Elmer Fudd
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Quote:
Originally Posted by sch305ny
I saw the pin on 1h so I got in and now 4h is looking good too. I don't know how long I should keep this position. 230.5 is too greedy? I jumped in so that I don't have a clear strategy for this.
Saw
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hey sch great one and I was just about to post a chart on this!, i traded this one also and have taken off 3/4 profit at +40 and will let the rest roll. This could potentially be a trade too hold for awhile. This was the only trade i made so far today. Good job!
Best,
Mike
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Jan 5, 2007 9:40am
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Resident Elmer Fudd
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I am just going to post why this was a stronger trade. First off we all know this pair is in uptrend i think thats obvious by looking at the chart(carry trades)
But here is the chart giving me a reason to play this pin. The size of it alone would have been enough but this just makes it that much stronger.
EDIT** Whoops meant to attach the one hour but the pin formed all the way down the timeframes
Last edited by mbqb11, Jan 5, 2007 9:54am
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Jan 5, 2007 10:03am
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Resident Elmer Fudd
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heres the usd/jpy 1 hour
waiting for a break
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Jan 5, 2007 10:25am
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Resident Elmer Fudd
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hahah i think we do this all the time
 :
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Jan 5, 2007 12:25pm
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Resident Elmer Fudd
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Quote:
Originally Posted by sch305ny
Is G/J and U/J are the cross? Sorry for the stupid question. But if so then here is the U/J getting the pin on Daily. so I am hoping the G/J will go up too.
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I think you are asking what a cross currency is? That is just gbp/jpy in this insantace u/j is a major?
I am sorry if I misunderstand your question.
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Jan 5, 2007 12:28pm
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Resident Elmer Fudd
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Quote:
Originally Posted by pitsarge
Hi:
I am currently short the USDJPY from 118.79 and was wondering if most of you hold trades over the weekend or close them Friday before market close?
Thanks!
Craig
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I hold positions over the weekend, if it makes sense too. For instance if you are trading off a weekly chart or daily its not uncommon too. For this trade. I would most likely close it out or move stops to b/e. Especially with the strong USD dollar and the looks of th ehigher timeframes. So it depends on how you want to play these bars. This trade is not looking great, and I will most likely close it soon and call it a weekend.
Mike
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Jan 5, 2007 3:58pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Yea, it's a shame, here I was thinking it'd make a good re-entry into what might become a weekly BEOB and now it's a daily bullish pin bar almost. What's up with this market :/
Shame, I really don't love getting stopped / having to close for some reason :S
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ya, i just closed that trade for b/e and now its time to go drink some beers and enjoy the weekend.
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Jan 6, 2007 2:09pm
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Resident Elmer Fudd
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Quote:
Originally Posted by vlazaf
Short taken off the pb 61.8 retrace.
Entry is not a problem, maximising profits is.
T1 is 1st scale out.
Anyone advise where the next level should be please?
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Hey great entry. TP is one of those things you have to decide on what works for you best. Some like to TP all at once, others at different levels. On your chart I may have made T1 where price is sitting now, you can tell we have support there. T2 could be where your T1 is. Again, determing TP is a personal thing, and is the hardest part of forex imo.
I know this wasn't the best answer, but I don't think there is a concrete one.
Michael
edit* here is what i mean. You can see I have awesome MSpaint skills! This is just based on this chart you posted. Seeing the bigger picture may change things.
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Jan 6, 2007 4:48pm
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Resident Elmer Fudd
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Eur/CHF weekly anyone? see next chart for pin bar
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Jan 6, 2007 4:53pm
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Resident Elmer Fudd
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Pin off confluence and resistance
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Jan 6, 2007 5:33pm
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Resident Elmer Fudd
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just to revist pipbirds question about combining bars
Here is an example on the USD/CAD
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Jan 7, 2007 1:15pm
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Resident Elmer Fudd
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Quote:
Originally Posted by bundyraider
Not sure what others will think here, but when I looked at the lower time frames it looked like the pin may possibly be just part of a retracement before continuing down. With that in mind, I'd definitely chose the breaking method. Waiting for it to break the high of the pin.
This pair has me frozen...
The Yen corrected last week, but on other pairs the USD gave us bullish action. I'm just waiting to see if this one goes sideways to make up for the opposing actions. 
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I agree. I would definitley wait for a break here if you decide to play this one. You can see though this pin did bounce of resistance. This one I will not play, because I see much better opportunities elsewhere. I may use this to give me direction on the lower time frames.
Mike
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Jan 7, 2007 1:22pm
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Resident Elmer Fudd
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Quote:
Originally Posted by H103EFA
mbqb11 or anyone else
Just studying the "2 day pin" attached recently on USDCAD.
How would you trade this pin if you are going to. Wait for the right eye to form or be confident to go short when the market opens especially as nose bouncing near a major resistance line for yr 2006?
Thanks for help
p.s thanks for comments bundyraider - i guess you enjoyed the Ashes!
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You can play this as you would play any other pin bar. You can play a retracement and give yourself a smaller stop. This is the more aggressive way to play these bars. Or you can play a break like you would a normal pin bar,. It really is up to you and how you want to play it. The safe way is to wait for the break though.
Just a note about these "double bars". I don't want people getting confused so please don't play these until you have played just the single bars and you are confident in those.
Hope this helps,
Mike
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Jan 7, 2007 3:39pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Melinni
Mike or anyone else,
Looks like a nice pin bar to me. Strong confluence and resistance. Long nose and nice shape.
Where are you planning to enter? Expect for a retracement or beyond the low of the pin?
Thanks!
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Hey Melinni,
It really is up to you, since the close is so low to the break of the pin, one migh assume it will break it early then probably retrace up again. I will probably watch the 1 hour or 4 hour for an entry but if I am away from my computer I will put a sell stop in for a break.
Take care,
Mike
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Jan 7, 2007 6:39pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Panjan
Hai Guys,
I'm learning this price action and hope someone can help me to confirm
this chart.
Is this the Pin Bar?
If it is, where shall place my order?
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that would be a neutral bar(shows indecision)
Best,
Mike
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Jan 7, 2007 8:02pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Gateway
I have read the thread thru once and parts 3 times. But could not figure out why that is different then a pin bar. I appreciate the answere.
thanks
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Hello gateway,
The difference is where the open and close are located. For that example we would want the open towards the top of the bar and the close above the open towards the top of the bar. Instead the open and close are nearly identical and in the middle of the bar. If we think about it in just very basic terms it was a fight of buyers and sellers and neither one so we ended up with a draw in the middle.
Let me know if you need anything else,
Mike
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Jan 7, 2007 8:07pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Panjan
Sorry Mike,
I have to ask further. How can I differentiate between neutral bar and PB. Whats the criteria...thx.
shah
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Hello panjan,
Ok think about a neutral bar simply as the opening and closing both ending up in the middle or near middle of the bar. The most obvious is when the open and close are identical in the middle giving us what looks like a + sign. An ideal pin bar has its open and close within the previous bar and is located at a swing high or low. The close should always be lower then the open(if looking for a short, opposite for a long) and both should be located near the bottom part of the bar. I will post some charts give me a second
Mike
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Jan 7, 2007 8:10pm
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Resident Elmer Fudd
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ok here is the pin bar i pointed out a few pages before this is really good looking one on the weekly chart
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Jan 7, 2007 8:17pm
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Resident Elmer Fudd
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now here are examples of neutral bars and one pin so u can compare. Remember these bars don't have the same look all the time. A neutral bar can look diff ways
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Jan 7, 2007 9:23pm
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Resident Elmer Fudd
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Quote:
Originally Posted by PipBird
Thanks mike for all the double bar examples and help, hopefully this will increase my number of trades as i only trade off dailys.
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well increasing you rnumber of trades doesnt make you more succesful. I try to only take the best trades because i trade to make money not just to trade. I don't know your situation but i just dont want people to assume i find every possiblity to trade.
You know what i mean
best,
Mike
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Jan 7, 2007 10:32pm
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Resident Elmer Fudd
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Quote:
Originally Posted by sch305ny
I got stoped out on GBP/JPY... oh well. next time, I will get out the trade before Friday close.
By the way, I have a couple of questions. Since it is very slow right now on market, if anybody can respond would be very helpfull!
First of all, the circle1 is combined Pin bar, is it correct? this is the daily chart.
So it is 2-day pin. The second bar on this pin bar is closed below the previous bar's open. It should fit the discription of Pin bar right?
Now, if higher the time frame more reliable then, would it over write the circle2 pin bar(even tho it didn't close higher than open,let's say it is pin bar for here)?
Sawa
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Hey sawa,
On your gbp/jpy trade i am not sure where you got stopped out and I am assuming the chart you posted is a seperate question about the USD/jpy. Yes that was a 2 day pin bar that led to a one day pin bar. At the very least you would get stopped out b/e on this trade. The 2 day pin bar did work out depending on what your TP and goals were. as far as playing this for a long the reverse way you certainly could although i just don't know how well the placement of this one is. As stated in some earlier posts a few pages back it is off a resistance line. Does one pin trump another. I would certainly say so. At least temporarily.
Hope that helps,
Mike
also, i see you are playing a buy on the close of a pin bar. That is not wrong or anything but is very very aggressive and I would probably advise against that until you get a feel for the markets you are trading. I would stick to playing a retrace or a break. Just my 2 cents
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Jan 7, 2007 11:15pm
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Resident Elmer Fudd
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well from the quick look, you should have definitly got your stops to at least b/e. Don't forget trading off these lower time frames the bars become less and less reliable. A pin on the day has a much greater meaning then a pin on the hour. That is why james really suggest people master trading them on the daily/weekly/monthly and 4 hour at the lowest first.
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Jan 7, 2007 11:21pm
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Resident Elmer Fudd
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Quote:
Originally Posted by rlelijah
You mentioned that the pin on USD/JPY would not play , but what about day pin on CAD/JPY. Also doesn't USD and Cad most of the time work together. Just learning here.
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I dont have that chart on my MT4 if you could post a chart that would be helpful.
Thanks
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Jan 7, 2007 11:29pm
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Resident Elmer Fudd
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Quote:
Originally Posted by sch305ny
THe lesson learned loud and clear. I took most of the lot out of it at +35 but didn't move the stop. I usually do play the 4hr and daily. This one is the experiment 1hr trade. I will defenitely move the stop loss to b/e as soon as possible and be less aggressive the next time! Thank you so much for your advice, Mike!
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any time
HEY BUNNY!

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Jan 8, 2007 12:28am
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Resident Elmer Fudd
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Quote:
Originally Posted by sch305ny
Speaking of 2day pin bar, I found usd/cad right now. If I would trade this, my plan should be.
1. Enter at the brake of first bar of pinbar's low (1.1715)
2. Set the s/l at second bar of pinbar's high(1.1786)
3. Once it moves down 30 then take 3/4 of lot and move s/l to b/e
Is that ok analysis? or the pin is not long enough? or am I too tired to think it right?  I probably should hit the bed soon hehehe......
Sawa
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hey sawa go a few pages back, i posted about the USD/CAD. As far as what you should do. That is something you gotta test over and over until it fits your trading style. That is a good thought process though!
Best of luck
Mike
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Jan 8, 2007 6:19am
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Resident Elmer Fudd
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Quote:
Originally Posted by Panjan
Thanks Monarch,
But it wasn't the Pin Bar is it? Because the close for that PB is lower than open price. It should be the other way around for the Pin Bar isn't it? Pls help to confirm this for me...
thanks,
shah
excuse for my poor english...
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according to your chart that was a neutral bar. The close and open where located in the middle of the bar, showing indecision. Ideally we want the close to be higher then the open when looking for a long and both open adn close to be in the upper portion of the bar. Pin bars won't always look like this, but in this case it was simply a neutral bar.
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Jan 8, 2007 6:30am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Hi everyone...
Seems Nippy took a heart and went down a little bit for me after all.
At least something :P
I of course immediately made up for it this morning by thinking I could short cable after a 15M pinbar at a trendline hit...got in a bit too late, didn't use a retrace entry and zingggg I got burned. Classic :P
Just wanted to post the monthly for USDJPY although it has gone and ignored PA setups on monthly just as treacherously as EURCHF before....
Starting to wonder whether monthly is almost TOO big a timeframe to use...
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no worries seeking , I also took the 15min pin on the gbp and the jpy at same time. The usd/jpy made up for the gbp loss though. That's the problem with the smaller time frames and why its best to stick to the higher ones for the PA bars. Especially if you are new to this.
Mike
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Jan 8, 2007 7:01am
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Resident Elmer Fudd
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Quote:
Originally Posted by Panjan
Yes, I agree with you Mike coz when I did couple of test, mostly PB's when you try with canddlesticks, it gonna turn out to be either hammer or shooting star.
Thanks again Mike.
shah
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yep right on
take care shah
mike
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Jan 8, 2007 9:35am
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Resident Elmer Fudd
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hey sch
This is how i traded trying to get in earlier, but could be a trade you can hold as it develops. Once again it is more safe to wait for these higher timeframes like you are doing!
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Jan 8, 2007 1:35pm
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Resident Elmer Fudd
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I took profit at the monthly r1 on the USD/chf for +40ish wondering if anyone is holding this trade through thre 4 hour and daily pin. I am gonna look for a better price to re-enter without giving up my profits
also this is my 400th post so lemme just say big thanks to james and all the good people over in the PF much love!
Mike
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Jan 8, 2007 1:35pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Ghostpipper
whats a BOVB, DBLHC, and DBHLC im reading james thread from beginning
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BUOVB=Bullish outside vertical bar and BEOVB= Bearish outside veritcal Bar
DBLHC= Double low higher close
DBHLC= double high lower close
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Jan 8, 2007 1:42pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Ghostpipper
so no one here uses candles do they?
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it is the same thing, just a different way to view it. Habeeb uses candles. I prefer Bar charts. However helps you see it more clear. I used to use candles, but have enjoyed the switch to bars.
Best,
Mike
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Jan 8, 2007 1:43pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Sorry, bit late with this, but thought I should still post it...
Worth at least 30-50 pips so far, even though it's almost ALL EURGBP based so far and not dollar selling per se...
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Hey seek, I don't think its ever late to post. It helps everyone develop. Although I stuck to just the USD/CHF today You could have traded the pound a few ways I'd like to show how. Here first is a chart showing the trendline we were bouncing and either breaking our bouncing.
Here is chart 1 prior to US opening
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Jan 8, 2007 1:48pm
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Resident Elmer Fudd
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Although I was in the swissy earlier then this trade, I saw the same things developing on the pound. This just helped reinforce the trade I was in.
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Jan 8, 2007 3:57pm
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Resident Elmer Fudd
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hey ghost,
The term you put up there isnt correct. That is simply a TBH(two bar high)
Go back through the thread for examples of what I am assuming you are looking for is a DBHLC
There are many pages with examples here. I know this thread is long but it is well worth going through.
I will post an example of a DBLHC and DBHLC
Check this link out ghost for DBLHC ( http://www.forexfactory.com/forexfor...postcount=1586)
And this link for DBHLC( http://www.forexfactory.com/forexfor...ghlight=DBHLC#
Edit** just realized this is post number 2000 for the j16 thread everyone raise there glasses for James 
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Jan 9, 2007 11:18am
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Resident Elmer Fudd
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Glad this is the day I passed out catching up on all my sleep. Looks like a lot of work for not much on the charts eh?
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Jan 9, 2007 11:55am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
USDCHF already did, now just EURUSD needs to cave in and then the world's building blocks are prolly gonna start tumbling :P
.
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Jan 9, 2007 12:19pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Ghostpipper
ok according to this chart if euro closes hour above 3002 and doesnt go lower than bar before it at 2986 than that would be a good sign of a reversal is happening?
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I am not quite sure what you are basing that on?
Best,
Mike
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Jan 9, 2007 12:20pm
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Resident Elmer Fudd
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if anything we have a small 4 hour pin forming off a support line, when broken would be the best idea for a long. I'm not trading that, but just some info
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Jan 9, 2007 12:28pm
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Resident Elmer Fudd
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ok i lied im making one trade.
since we didnt get the break of the USD/CHF daily never got to short it but now were back to the 61.8 with a pin on the 15min. Low risk high reward potential.
It really is best to wait for these pins to show up on the daily, weekly etc. If you were conservative you would have never entered any trade on the CHF because it never broke down.
Mike
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Jan 9, 2007 12:31pm
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Resident Elmer Fudd
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Now here we are zoomed in. This is a great way to trade off a daily mindset. We had a retrace touch the 61.8 exactly, now we try to find confirming price action.
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Jan 9, 2007 12:59pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Goozman
Pin forming, USD/JPY, 4h. What do you think? I am waiting to see if it developes correctly.
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looks like an 8 hour pin forming on mine. Could be a nice one though!
Best,
Mike
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Jan 9, 2007 1:42pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Westie
Hi guys, anyone trading this eur/chf weekly pin?
The current 4hr bar on ibfx is forming a small pin,
I'm looking to get in on the weekly pin if the 4 hr pin forms and breaks,
with a stop above the 4hr pin, what do you guys think.
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hey wesite, Could be a good time to get in short under 1.6125 I am gonna wait for a break of the weekly pin if anything. I am always careful with some of these cross pairs, they just do weird things  :
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Jan 9, 2007 1:43pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Goozman
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Looks great, I had taken a small postion on the bounce of 119.50(weekly r1). I may add to it if i get a break of the 8hr pin which is what my data feed shows. We have some pretty heavy resistance going back to september here.
Mike
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Jan 9, 2007 3:56pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Hey Mike, please keep the monthly BUOB in mind and check out the 1H PB we just had before this move back up for the retrace....be careful here!
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thanks seeking it was a very small position that i closed out upon the close of the 4 hour bar. I am not gonna try to get fancy  :
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Jan 9, 2007 8:54pm
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Resident Elmer Fudd
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lucky australians
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Jan 9, 2007 9:08pm
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Resident Elmer Fudd
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hmmm lemme think... 
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Jan 9, 2007 9:28pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Squash
Did anyone else take the Daily PIN on cable? Any ideas on how far it might go?
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I wasnt around to take the break, we had news at 7:01 that gave it the push for the break, i have a feeling this is gonna drift up over night(I will look to get enter short) and then crash through with tomms news. If it breaks that tbl on the daily cest la vie! I'd keep my eye on 1.92 area for support
Just some thoughts
Mike
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Jan 9, 2007 9:46pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Squash
Thanks Mike. Your input is always helpful.
P.S. Do you trade full time? I notice you on here a lot, but I also read somewhere that your only 23 (I think). Your definately an inspiration for me as I'm only 25. 
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yes i am 23 and i trade full time along with my other business where i work from home so i have a lot of flexibility to watch the charts all day until my eyes go nuts
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Jan 10, 2007 12:57am
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Resident Elmer Fudd
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Quote:
Originally Posted by goodthings
going back a couple of posts I would say that is not a daily pin.
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correct 
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Jan 10, 2007 1:55am
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Resident Elmer Fudd
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Quote:
Originally Posted by goodthings
Mike
I have been watching the weekly pin on the eurchf so far it has not developed. Beings that it has been a couple of days, does it make it irrelevant. When on a weekly pin does it lose it's say credability?
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There really is no answer to that. If the pins top is broken then i would say it is definitley no longer valid. For someone who may have entered on the retrace they are going to hold this position until it breaks one way or the other. Unless they get strong opposing signals to dump it earlier. If it breaks the pin low thurs or fri I certainly would still call it valid by my standards. That is why the safest and most conservative way is to wait for a break, and then placing your stop above the top too give it the room to breathe. After you do your analysis and enter your position, you no longer have control and it just becomes another trade(with higher probabilities we assume)
Best,
Mike
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Jan 10, 2007 2:09am
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Resident Elmer Fudd
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Quote:
Originally Posted by goodthings
Post 2054 calls the cable a daily pin. Some one brought up that that is not a pin because today has not finished out. Technically correct?
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This is a pin. It is a pin once we have the pin formation. To make it a true succesful pin it needs to be broken down such as the cable did today(although earlier because of the news at 7eastern). I am not sure if you are thinking about the right "eye". Only focus on the left eye, and where these pins show up.
Does this clear it up. Please let me know.
Mike
just to clarify we can have pinbar formations in tons of places. Once the the actual bar we are looking to take a position on closes it can be classified as a pin bar formation pending it meets the critera. To be a succesful one(beyond making pips). It needs to be broken. An invalid failed pin is one that is stopped out beyond the "nose". Of course we have different ways to play these bars, but in the most simple way that is a pin bar.
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Jan 10, 2007 8:06am
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Resident Elmer Fudd
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Quote:
Originally Posted by sergen
osHello
This setup give me 15 pips, i close it because i feel it did not have enough strength to go below trendline. phew..
That was inside bar right? the last bar... can someone give me opinion about this setup?
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yes that is correct, but really really be careful playing inside bar on thes elower time frames. I don't play IB on anything less than daily charts.
Best,
Mike
I took this postition also, but have held it through the news too bad the numbers came out so close
Last edited by mbqb11, Jan 10, 2007 8:39am
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Jan 10, 2007 9:19am
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Resident Elmer Fudd
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Quote:
Originally Posted by moneybags
Is it me or has this week been kinda hard to trade so far?
It's funny how you have weeks sometimes where you feel like quitting your job (if you have one  ) cuz the pips seem to come so easily, and then other weeks you feel like quitting trading (and thank God that you have a job)...
I guess it's these times that separate the strong from the weak.
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As long as you follow the same system day in and day out, and you have proven you have the edge on the market, the rest is psychology. It can suck when its a tough day or week, but having faith in whatever system/method you use is what gets you through this.
No weak around these parts right 
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Jan 10, 2007 9:31am
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Resident Elmer Fudd
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Quote:
Originally Posted by Ghostpipper
euro chart retraced to 50%fib level from yesterday and bounced, isnt this a good indication for heading to -138% fib level?
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It's price action around these areas that is important, At the 50% retrace we had a tbh on the euro on the hour and a mini pin on the 15 min. Just playing a touch of the ret level is very aggressive. Find some price action around these levels and confluence and now your odds are really improving
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Jan 10, 2007 12:17pm
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Resident Elmer Fudd
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Quote:
Originally Posted by pitsarge
I feel your pain there Seeking Light. To me the hardest part of trading is letting a trade play out. Once I see pips in profit my fingers get real twitchy to close them out. My best bet is usually to place stops and just walk away.....
Craig
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It is absolutly the hardest part, I watched my gbp go up and down today before finally taking out 55 pts and still have 1/4 of my position out there. Patience and Faith tape it to your monitor, i did awhile ago.

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Jan 10, 2007 12:20pm
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Resident Elmer Fudd
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Quote:
Originally Posted by H103EFA
Hopefully got this right using PA learnt from this thread
Went short on EURJPY due to PB on 4H and 2H charts
I think previous weekly bar was also a BEOVB
Price seemed to retrace to 38.2 fibo from low of 8/1 to high 9/1, hopefully price now going back down again to confirm weekly bar? and my trade!
Sorry no posting of chart, got my proper job work to do!!!!
H
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just watch the 200 as support i have learned to becareful shorting anything with jpy(the carry trades pairs to clarify) in it lol.
good luck!
Mike
Last edited by mbqb11, Jan 10, 2007 12:34pm
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Jan 10, 2007 10:56pm
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Resident Elmer Fudd
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yes i admit i have some sort of weird love for this pair
edit* closed for -25 this thing looks like its gonna continue down i'll hop back on soon, cause when this thing runs its great!
Last edited by mbqb11, Jan 11, 2007 2:57am
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Jan 11, 2007 3:06am
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Resident Elmer Fudd
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Quote:
Originally Posted by habeeb
Yesterday's 4hr pin turned into a Daiy Pin. I'm in already. Got a nice retrace today to the level of the first eye. I've changed my target to the weekly pivot.
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hey habeeb was wondering if you held on, its at a retrace spot now to jump in but I can say this is one pair that i never do well with. I stopped trading it pretty much. It has been teasing a nice down move for awhile now!
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Jan 12, 2007 12:35am
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Resident Elmer Fudd
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Quote:
Originally Posted by johoma
EURJPY & GBPJPY both have DBLHC on the 4h and both are approaching areas of interest with GBPJPY reapproaching the highest high since 1998 and EURJPY having just penetrated the weekly pivot, and approaching the monthly pivot and support resistance (price pivot) zone.
Interested in opinions as to how to play these: do you go for a bounce/retrace or play a penetration/breakout or play a retrace of a penetration/breakout or some other strategy. While I think I've correctly identified areas of potential trades I'm seeking opinions on what to look for or consider now so as to refine my exact entry points/criteria. I'll attach charts below.
Thanks
John
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well good eye, heres my take, i would wait for a break of the current high mark on the gbp/jpy. since you coudl enter on a retrace of the dlhc, too me it would pay to wait for the break and a few more pips is breaking the high of beggining of jan. As far as this going back to a high in 98. Normally I would heavily take that into considertation for a long, but this is a carry trade pair and until otherwise noted, this thing will keep on going and I would think this is going to test the 240 area. Playing a break of this current high would be a good play, unless we get PA the other way.
Best,
Mike
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Jan 12, 2007 12:36am
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Resident Elmer Fudd
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Quote:
Originally Posted by sch305ny
wow I did miss A trade then..... I was up at that time in the bathroom, just didn't think about to bring the lap top with me. hehehe
Sawa
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i was in a similar situation a few weeks ago, I perfect setup i waited for a few weeks happened and i got a fever. Thats more frustrating then losing 10 trades in a row for me lol.
Hope ur feeling better
Mike
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Jan 12, 2007 12:39am
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Resident Elmer Fudd
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also johoma not to mention you could wait for a break and then a retest of the Res line becoming support. This is the safest way, but you could miss the move. You could also play a short here and have a pretty small stop. I don't think anyone is more correct. It's a matter of a traders personality.
Mike
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Jan 12, 2007 3:03am
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Resident Elmer Fudd
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well you may have got your answer now johoma
pin off the resistance
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Jan 12, 2007 3:16am
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Resident Elmer Fudd
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Quote:
Originally Posted by johoma
Yes, also a 4h EurJpy pin. Although playing the bounce and going short would have been profitable, I'm still happy (ok, I'm trying to convince myself) that I was only looking to go long due to the bullish direction of the DBLHC's and, as you've previously mentioned, the safety of going in the direction of the carry. Will I play the pin for a short? No, I think I'll pass on these.
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I am in the short on this, I always have a bullish mindset on these pairs, but this should be good for some pips. I always cut my risk in half when i go short on these pairs.
Best,
Michael
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Jan 12, 2007 8:44am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
The market it go chop chop.....
More boredom means more charts!
GBPJPY 15m, unidirectional chart since bearish setups spell almost certain death 99% of the time...even more so than on EURJPY.
Please ignore the fact it's 15m once again as that's pretty much nothing to really trade off unless you're risking 0-1 cent per pip 
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yep real tough pair to take to the downside. I kinda got a feel for it when I do it, but even since I have no idea what the market will do I cut my risk in half. I took out 25 on it where normally on a 4 hour pin my goal is much much higher. Since the gbp/jpy is a big mover usually u get a little piece out.
chop chop explains today thus far tho
Best,
Mike
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Jan 12, 2007 9:36am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Here's how one coulda traded the news aftermath
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Yep I did that but on the euro
. One can't help feel that the swissy and euro need to catch up to the gbp. Or could i be wrong and its the other way 
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Jan 13, 2007 8:58pm
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Resident Elmer Fudd
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Quote:
Originally Posted by vlazaf
Fans of DBHLC, does this chart qualify?
A potentially lucrative retrace to the current trend maybe???
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I think you meant to say DBLHC, and I would say by the looks the Lows are too far off(especially if that is 20pts) for it to be an ideal one. I am not familiar with this market though, so I can't give anymore of an opinion. I have no idea whats going on except for your chart
Best,
Mike
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Jan 13, 2007 10:29pm
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Resident Elmer Fudd
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Quote:
Originally Posted by grkfx
I believe he is talking about the previous DBHLC on 1/11 and is thinking of getting into it on this retracement. As far as getting in now, personally i would like to see a better pullback to a stronger s/r level.
Looking back at a crude oil 4hr chart some nice opportunities were spotted.
They are both pin bars at a confluence of 38.2 retracement level and pullbacks to support/resistance lines of 61.57 and 57.86
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what broker or how do i pull up those charts through my mt4, it would be much easier to help
Thanks,
Mike
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Jan 14, 2007 12:00am
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Resident Elmer Fudd
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Quote:
Originally Posted by grkfx
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thanks I had a bunch of mt4 but the most any offered were gold and IBM lol I'll keep an eye out. I cant check out any of them cause system is offline so I can't get any updated charts.
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Jan 14, 2007 10:32pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mbqb11
also johoma not to mention you could wait for a break and then a retest of the Res line becoming support. This is the safest way, but you could miss the move. You could also play a short here and have a pretty small stop. I don't think anyone is more correct. It's a matter of a traders personality.
Mike
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Thought I would kick off the week going back to this post. We had a break of the resistance and now a retest as support. We have 30 mins left but this is worth keeping an eye out for. Things work best when you have a plan in your head and the pieces come together.
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Jan 15, 2007 1:11am
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Resident Elmer Fudd
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Quote:
Originally Posted by 59fender
dbhlc 5 minute chart gbp
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I dont have that on my charts, but PLEASE u gotta be careful playing these price action bars on these small time frames! You can be finding bars ever bar on the 5 min time frame . Try the 4hr/daily/weekly its so much less stressful! As James says, you can pull 100s of pips on the higher time frames in 1 trade. How many trades would you have to make on the smaller time frames to do that.
Mike
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Jan 15, 2007 1:20am
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Resident Elmer Fudd
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Quote:
Originally Posted by 59fender
15 looks nice also
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If you are talking about the gbp/usd I am going to have to disagree. Nothing is taking place but a consolidation around the monthly pivot. I know the feeling of wanting to trade and always be in a trade because you think thats how to make money. Once you realize its about not trading and only taking the optimal setups your account will start to grow nice.
Best,
Mike
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Jan 15, 2007 1:29am
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Resident Elmer Fudd
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Quote:
Originally Posted by 59fender
13 pips profit 
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please understand I am happy for anyone who trades on the smaller time frames and makes money( I am happy for anyone who is making money!). I am more speaking for anyone who is new to this thread. If you master the higher time frames, and then want to trade the smaller time frames you will have a much better chance. But for your 13 pip trade on a 5 min chart I will book 200+ pts on one trade and only have to check my computer a few times. The people who read a few posts from James and see a bar on the 5 min and 15 min and try to trade it and catch some bigger move are gonna be seeing their account go down down down. Instead try starting on the daily/weekly. Finding the premium A trades, and watch your account grow grow grow.
Mike
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Jan 15, 2007 3:20am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Hiya Mike, nice chart, the pullback to the prior high once again was the best spot to go! As usual I'm a bit bored here so I thought I'd pull up the 1H perspective of the stuff and see where we are now 
Did you get in? And where? 
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hey seeking,
since it's sunday/monday i waited for 4hour break and will hold it as long as things look good. We shall see. I tend to stay on the 4hr dailys at the start of a week. Then as things get going move to the lower time frames. Just something I do LOL.
Mike
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Jan 15, 2007 9:53pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Squash
I also have my Buy Stop set their but aiming for 1.9755 level for TP. But I have no idea what I'm doing.
Maybe the pros can help out here. Mike, Habeeb? 
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I agree with your bullish view on the pound, although I don't have a position in it. We broke the monthly pivot in the slow euro session and now its tested it a few times so thats a good sign. If we can break 9750, i think that will set the stage for the next big move. I am gonna wait for some more PA before taking any positions. With the US market closed today we didn't get any continued momentum from the euro session. Sidelines till some more clear signs for me. I would be looking to buy at a dip though.
Best of luck,
mike
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Jan 16, 2007 8:42pm
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Resident Elmer Fudd
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squash make sure you draw ur fib on that bar the other way. If you notice the left eye lines up exactly on the 61.8%. I think this is what you meant to do.
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Jan 16, 2007 9:10pm
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Resident Elmer Fudd
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It's important to look for more then just a PA bar. For those who decide to play this bar short look back for more reasons. Here is what i mean. This bar is not at a great swing high, but could be though as a retracement. It is the 23.6 retracement off the current move. Not show on my chart.
Best
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Jan 16, 2007 10:57pm
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Resident Elmer Fudd
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Quote:
Originally Posted by sch305ny
Hi all. I am having such bad days recently. Is that because the end and the beginning of the year? or simply ME? It just happens every time I start to follow a method then about 2 month later, I start to fail so bad. I will try to go back to basics and do all over again. So I don't mean to crowd this thread with repeated questions, but anyone care to help me? 
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Don't get discouraged. The worst thing is to move from method to method without giving it long enough of a chance to master and make your own. The chart you posted is a pin bar and it is at resistance. Some notes. I notice a LOT of people love to play the retrace of these bars to minimize stops. I am all for that, but everyone needs to remember that just because a pin bar shows up doesn't mean its vaild. Not until price breaks the low(in this case). Yes you will have smaller stops, but you will also be in more trades that don't work out. It's just the nature of playing it this way.
Don't be discouraged and keep at it!
chart on diff ways to enter and aggresiveness of the play
Best,
Mike
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Jan 16, 2007 11:40pm
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Resident Elmer Fudd
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Quote:
Originally Posted by sch305ny
Thanks Mike! That is exactly what I did, one method to the other. I started with all the Vegas methods, Sidus, Mouteki, etc... This time around, the PA is the only one give me the confidence when I trade. Of course, some doesn't work out, but good mm with PA. I love the fact that I know how much I will loose in the worst case scenario. But recently I have been loosing every trade because I don't know when to get out. I don't mean that I am greedy on every trade. I try move s/l to BE after +30 and close the half of the trade, what do I do with the other half? I haven't done anything because it usually turn around on me and hit s/l. Rest of the trades I've made didn't hit +30 anyways. Most of my TP is set with vegas daily lines. Is there any better way to set TP? (knowing you guys are going to say it depends how comfortable I am).....
By the way, with your chart Mike, I put the entry on 50 ret on the pin bar. I know that would be another aggressive trade, but since I am loosing most of the trade, I needed to have less s/l. Am I making mistake thinking that way?
Sawa
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I know how your feeling Sawa. I haven't tried all the methods here on the forum, but I am sure if you use PA with them they could be that much better. I know for a fact using PA with vegas helps immensly(and is needed for the VWB).
As for take profits. This is the question that kept me up the most nights. Firstly I will say, it is somehting you have to just practice over and over. I am still getting the hang of it and probably will be for a long time. If I make a trade on the smaller timeframes I get my stops to b/e ASAP. No reason to let a winner turn to a loser on the smaller timeframes. As for targets, using PA, S/R Fib extensions, Pivot levels. All are good targets, especially when they line up. For the closing partial and letting the other partial run. I did this for a long time and was very uncomfortable with this method. For the simple math fact if you are closing half at +30 and letting the last half run and hits your b/e most times. And then your stop is 60, your already fighting an uphill battle depending on your win/loss ratio. I went back over ALL my old trades and simply took full profit at the first level I exited at, and my bottom line greatly increased. I was profitable both ways, but much more so taking full profit. Others are more comfortable with letting partial run for psychological/emotional purposes and have better results that way.
PA is not a system, so it takes a feeling out process.
I hope this helps,
Mike
Edit*
Another thing I would like to mention. Since I started trading PA, I have gradually taught myself to take the best trades. This way I don't have that urge to move my stops up too soon. It is very easy to want to move your stops up quickly when you see profit because it erks people to lose at this. You have to get that emotional attachment gone from your trading. That was a bump in the road for me. Now I am able to hold trades longer and let my profits run. It's a give and take in the market. One day your up 100 the next only 40. Its like waves in the ocean as the tides come in. The tide is coming in(profits) but the waves are constantly retreating during this process. END RAMBLE lol
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Jan 17, 2007 7:09am
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Resident Elmer Fudd
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well with all you guys shorting the pound and fiber, I like to be different and have been long on our good friend swissy. Guess all these are waiting for all this US news. Also been short eur/aud and eur/cad(my fav pair GOGOGO) up some pips
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Jan 17, 2007 7:15am
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Resident Elmer Fudd
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here are the eur/cross pairs im in
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Jan 17, 2007 8:23am
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Resident Elmer Fudd
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Quote:
Originally Posted by vlazaf
My nemesis this year has been USD/JPY, 3 trades that have miserably back fired. Can anyone analyse this pair on the 4hour.
Seems to be just making HL's.
ps: currently short at 120.50
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heres quickly the best opportunities I see without any trendlines/pivots just bars
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Jan 17, 2007 9:02am
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Resident Elmer Fudd
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Quote:
Originally Posted by goodthings
Mike what ma's are the purple brown and white lines?
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150, 200, 365
take care,
Mike
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Jan 17, 2007 5:32pm
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Resident Elmer Fudd
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Hey Westie,
For this trade the other pin like you said was in a bad spot(in traffic) and wasnt really a great one(close was lower then the open). As for this trade anyway it never broke the high of the "semi-pin". So that would cause no concern on my end. Also when I enter a trade, it's after I think it all out, and I have become very discipline in holding them, and not closing out or moving my stops to b/e. I trust my analysis and then the rest is up to the market. I closed this trade right around monthly s2/weekly s1 for 80 pips today. This pair has been a choppy mess, but a choppy mess going down. I probably could hold it still but, after the res on Monthly S2/weeks1, I was content.
I think you answered your own question though. Don't fear having losing trades. If you over analyze these charts to death you can always find reasons for not placing trades or reasons to get out. Just learn to trust your edge and then just do it over and over again.
Best,
Mike
Quote:
Originally Posted by Mr Smith
Hi mike,
NIce eur/aud trade,
just wondering, the 4 hr pin you entered on, there was another 4 hr pin shape going the opposite direction after it, i know it was not really a pin cause it was in bad place and never broker, but personallly i woulda closed after seeing that, this is a fault of mine, so how do you stay in trades when you see that happen,
what makes it so you still think it's going to go down?
thanks mike
westie
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Jan 17, 2007 5:52pm
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Resident Elmer Fudd
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Quote:
Originally Posted by vlazaf
Thanks Mbqb, I have 161.8 ext @ 120.75. Hoping for a sub 120 retrace and will hope to jump in on the next with trend long signal.
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just don't forget about the jpy interest rate statement which is sometime tonight
mike
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Jan 18, 2007 4:18pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Ghostpipper
Hey check this chart out guys
What are good reasons not to take this trade long atm?
its touching the 4h trendline
bounced off of 60 and 38 fibs lately
Im not real experienced but it looks good to me
Only thing i can see bad is the fact that it hasnt lately touched the top of the channel;, just the middle
Please post back everyone, would really love to here from everyone thank you
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Hey ghst,
You are going about this the correct way. Everyone will see different things on their charts. The best thing to do after you draw all your fibs/trendlines etc in, and you see a spot you are looking to make a play at is too now wait for a PA bar/bars to confirm this. You of course can play touches of these lines also without confirming price action. Your stops should be rather small, but these are more aggressive plays. This comes back to a traders personality. I recommend demoing all methods to find your comfort level. Here is simply another way of looking at it. I think were in a consolidation period now, after the sharp uptrend.
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Jan 18, 2007 10:15pm
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Resident Elmer Fudd
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Quote:
Originally Posted by sch305ny
Is there anywhere I can ask about James16 PF? I don't want to do chat in this thread to make it too crowded. I have been URL, but I need to ask some stuff with my personal situation. I know James16 will be too busy to chat with me personally, so what should I do in this case?
Sawa
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Sawa James is really good about answering PMs. He would never consider himself too busy too answer someone. He gets a lot of PMs so it may take a few days at the lognest. If you have general questions someone from the PF can answer shoot me a PM or message me on AIM or Yahoo
Take care,
Mike
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Jan 19, 2007 7:11am
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Resident Elmer Fudd
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here is the only trade I have made so far today.
Best,
Mike
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Jan 19, 2007 1:22pm
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Resident Elmer Fudd
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It is a matter of prefrence. I play mostly the break of pin bars, but mostly the retrace of DBHLC/DBLHC. I consider myself a very conservative trader though. I would rather trade less then more. Sometimes if you wait for the retrace, you miss these things. As a lot of the good ones just take off when they break a bar.
Have a great weekend everyone!
Michael
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Jan 22, 2007 7:34am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Also I've got a question for the veterans:
There's this classic "rule" that highs are s/r, especially if they're 3,4,5..8 year highs. Personally I never understood why that is. The DJI for indices and Oil for commodities never paused and reversed simply because there was a new high made, right?
The same thing for carry trades and crosses, simply because it made a new record high, why would one recoil from an entry?
The argument I had was how to play the IB we had on GJ daily.
I entered as soon as the daily bar broke above 239.80. I got ridiculed as it was "just under an 8 year high" and that "pro traders would never go long under that". I replied "how would it make it better if one entered AFTER a new high was made instead of 20 pips earlier, saving 20 pips stop, making 20 pip more profit and getting the same result or outlook - either it goes or it blows".
I mean, the inside bars that fake out and come back will do so no matter where, no? Better to have some pips locked in before they come back instead of exposing oneself at the high entry and using only a small 10-15 pip stop in hopes of continuation?
I simply think entering early can have you risk free or locking in pips no matter how many years of record highs or lows as opposed to having a higher likelyhood of having the thing blow up in your face...I feel it's safer to be in early than be "confirmed" that it moved out above the high/low...
What's your take on this?
Regards,
SeekingLight
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no expert here seeking but i have quickly learned to just play these inside bars as you did. I am also in this trade on the break. Also when they IB comes back and reverse, I always make sure to reverse my position. Usually thats they real way its gonna break. Have to just forget about that first break :-P
Happy monday!
Mike
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Jan 22, 2007 8:42am
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Resident Elmer Fudd
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Quote:
Originally Posted by bundyraider
IBs are the ones I consistently lose at. :P
...So I don't play them for now. Occasionly playing them on demo instead.
I've tried the "take the second reverse break" strategy, but maybe I just happen to choose IBs that are going to whipsaw all over the place! LOL
All I do is wait for a confirming bar to close now. Depending on how viable the trade still is. Sometimes that confirming bar goes too far for me.
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I used to feel the same exact way. Then realized these start off some nice runs that more then make up for those losers. It was more a matter of learning to hold onto these trades and not be tempted to exit early. Also like pin bars the IBs in traffic are the ones I get most burnt on, so i don't play all of them. And I definitley dont play IBs on anything less then daily.
Price action is all a very personal thing to put into a working strategy I have learned. Still in my g/j u/j and aud/cad. What is everyone else in?
Best,
Mike
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Jan 22, 2007 11:23am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
I'm in a lot of pain with all this staggering +-30 pip ranging....every time we hit the lower boundary I fear it's gonna break and kill me :P
Still in GJ as well, going slightly insane seeing it come down almost 100% from +60.....still hoping cable and GJ continue their upward bound....Waiting for a breakout on cable.
Still long nippy, hoping that doesn't die on me as well...
Short USDCHF from a sort of pin like thing at the .786 + near the high, forming into a 4h pin soon.
I'm feeling very religious today, constantly praying things don't just whiplashthrash me out and nullify all PA I see...
Selling dollars, buying dollars....argh...what am I doing :P
Shiveringly yours,
SeekingLight
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come on seeking, part of the fun is watching your profits go up an down 
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Jan 22, 2007 1:16pm
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Resident Elmer Fudd
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I am also long on the eur/aud now 4 hr pin bar off resistance that goes back a ways. I am still learning to trade this pair. Gets real choppy, but usually will chop one way or the other. Pair doesnt shrink down enough to make it worth putting a picture up. But just check the daily chart for resistance and pin on the 4 hr.
Best,
Mike
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Jan 22, 2007 6:09pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Westie
Hi Mike ,
Just wondering what type of entry aud/cad was, i tried to figure it out, but
coudln't figure out what your entry was.
I'm in the eur/aud, took a 2hr pin bar.
Thanks
Price action is all a very personal thing to put into a working strategy I have learned. Still in my g/j u/j and aud/cad. What is everyone else in?
Best,
Mike
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[/quote]
Hey Westie,
The aud/cad is a trade I had got into on friday and held over the weekend. It was an 8 hour pin bar, OR entry on the second 4 hr pin bar(howerver you want to look at it). Of course this is one of those pairs that only taking long isn't a bad idea(zoom out for that  ). Heres a chart though, hope this helps.
Best,
Mike
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Jan 22, 2007 6:29pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Westie
thanks mike
one more question,
did you enter after the 2nd 4hr pin broke, then retraced, or entered on the retrace of the 1st 4hr pin, as I never thought of entering on the break of a pin then a retrace, i always was thinking you only enter on a retrace if the pin hasn't broken, pls clear this up, as this opens up a whole new way of looking at pins.
thanks mike
Hey Westie,
The aud/cad is a trade I had got into on friday and held over the weekend. It was an 8 hour pin bar, OR entry on the second 4 hr pin bar(howerver you want to look at it). Of course this is one of those pairs that only taking long isn't a bad idea(zoom out for that  ). Heres a chart though, hope this helps.
Best,
Mike
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[/quote]
This pin I entered on the retrace of, but I have done what you just stated. Sometimes If it isnt the greatest location of a pin, but i still want to play it. I wait for a break and watch the price action. A lot of times these pins break 10 pts or so and then come back and retrace, but a lot of times they take right off. So I very rarely, but have, waited for a break and then a retrace on the same bar or even the next bar. I encourage you too look into this also. Demo all different kinds of methods. This goes with how PA is very personal. Once you start to feel comfortable playing PA, it does become systematic, and you can remove the emotion.
Best,
Mike
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Jan 23, 2007 2:45am
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Resident Elmer Fudd
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indeed ciph, I was in on the 4 hour which turned into a daily pin. If that breaks, I will treat this trade as a daily pin bar, which means holding it longer. Just be weary this thing may trend up now, but be ready to watch up and down in your profits every other bar
also if you arent comfortable and you are trading live, I def suggest demo along side. It just helps get a feel for different scenarios, so instead of feeling you end up doing. And if you are demoing open another demo!
Mike
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Jan 23, 2007 3:53am
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Resident Elmer Fudd
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seek ur still holding your g/j too I hope  :
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Jan 23, 2007 6:31am
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Resident Elmer Fudd
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good stuff seeking although my rules for over exposure to the dollar prevent me from some of the yummy profit now
I am still in this trade, but others could have got on for some pips. TBH even if you dont like to hold positions, these PA bars give some good quick pips. Just like seeking DBLHC on the E/J.
Mike
For those following the eur/aud, i am still long, but have adjusted my stops on many positions. Stop on eur/aud moved up to 6386 area.
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Jan 23, 2007 11:20am
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Resident Elmer Fudd
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ciph I didn't take this IB, but You just gotta have confidence in them. If it fails it fails. I have learned to certainly not judge it by the first bar after one, and a good time not even the second bar. Also I know a lot of people play them and take profit or move stops up real quick. I do better when I let these things run.
Mike
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Jan 23, 2007 12:55pm
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Resident Elmer Fudd
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Yes indeed. We had a pin bar off this area. Stop is moved up though thoo .1.6387. Also I closed out of my aud/cad but did not take the 4 hr pin reverse.
Mike
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Jan 23, 2007 2:01pm
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Resident Elmer Fudd
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Quote:
Originally Posted by parlenk
This is USD-CHF 4H chart.there is a potential candle develop into DBLHC.any comment?
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This would not be a DBLHC. A Double Low Higher close is when the Lows are the same and the close is higher then the previous bars high. Let me know if you want me to post some examples.
Best,
Mike
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Jan 23, 2007 2:09pm
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Resident Elmer Fudd
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This is correct, but on the 4hr swiss there is nothing even close to a DBLHC. Unless I am misunderstanding the chart you were asking?
Mike
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Jan 23, 2007 2:22pm
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Resident Elmer Fudd
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I use IBFX and see no DBLHC on the 4hr swissy. Can u please post and circle the bars that you believe are making a DBLHC
Mike
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Jan 23, 2007 2:37pm
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Resident Elmer Fudd
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Quote:
Originally Posted by parlenk
here it comes.
info:the the previous candle:open=1.2404,close=1.2392
last candle:open 1.2393, close still in process (waiting another 28 minutes)..so i think it will be close lower than previous candle.as i said on my first post still waiting..  are we lost in this term of understanding somehow? the candle still not complete yet.if yes..my bad then :P
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Hey Parlenk,
Well you are misunderstanding what the bar has to be. Instead of using the open from the last candle you need to use the LOW of that candle.
So when looking for a Double Low Higher Close.
Bar 1 Low should equal bar 2 low(give or take a few pips depending on time frame). And Bar 2's CLOSE should be higher then Bar 1s HIGH.
Does this clear it up. Here is what i mean in a chart, gimme a sec to post it.
Take care,
Mike
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Jan 23, 2007 3:18pm
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Resident Elmer Fudd
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I know they have a few indicators around that give you bars that have the general requirments(a lot of the time they are WAYYY off), but I really don't even recommend doing that. The best is to train your eyes to recognize each and every bar. Soon they all will jump out at you. Then look for reasons to support playing that bar.
Best,
Mike
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Jan 23, 2007 3:29pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Agreed, forget all that indicator crutch-clutching.
Mike, help me, I'm scared, EURGBP is on a rampage and now cable is going down as euro is going up instead of vice versa
*wonders if Habeeb shorted the 4h Pin*
Could be eurgbp goes all rise now and euro catches up to cable, to meet in the middle....wouldn't that be a hoot :P
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I am in the 4h pin hehe. I closed out all my USD positions for profit, still holding usd/jpy long and now opened gbp/usd short. I really do think were gonna see 2, but just need a little correction first.
eur/gbp i can't even stand too look at that thing! HAAH i know its helpful though, but I really dislike that pair :-P
Mike
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Jan 23, 2007 4:23pm
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Resident Elmer Fudd
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Quote:
Originally Posted by habeeb
Nope, missed it. Even missed the long on swissy from 1.2379 area (signal on daily chart). My trading time is in shambles. Got to sort it out soon, or I'll have to change my trading style. Would really suck to have to change now 
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Where has your trading time gone too?!? 
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Jan 23, 2007 6:01pm
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Resident Elmer Fudd
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Quote:
Originally Posted by habeeb
14 month old son 
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oh forget trading! nothing more important!
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Jan 23, 2007 7:37pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mbqb11
I am also long on the eur/aud now 4 hr pin bar off resistance that goes back a ways. I am still learning to trade this pair. Gets real choppy, but usually will chop one way or the other. Pair doesnt shrink down enough to make it worth putting a picture up. But just check the daily chart for resistance and pin on the 4 hr.
Best,
Mike
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see guys PA always tips us off on these FUNNYMENTALS, hope you all held your eur/aud positions
OK I COULDNT resist
that candle was too big booked 170, nutty news
Best,
Mike
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Jan 23, 2007 9:48pm
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Resident Elmer Fudd
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Quote:
Originally Posted by parlenk
I got 120 pips yesterday from eur and us-jy 0.5 lot each.  but still i lose capital since bad result (-45 pips) on gbp and guess what..it 2 lot.bad bad.
and mike your eur-aud top noche  still on the market? ou..already booked 170 pips..nice then :P
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i am in other positions but closed eur/aud...will look for retrace to enter
Best,
Mike
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Jan 23, 2007 11:09pm
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Resident Elmer Fudd
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Quote:
Originally Posted by parlenk
Hi all,
this is gbp-jy 1H chart (the low just diff 1 pip).on the other hand i notice hanging man on the 4H (last 2 candle ).any opinion?
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these bars are better when they arent in traffic so much and/or at retracements and other confluence. I have been long in g/j for awhile so i hope it goes
Mike
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Jan 23, 2007 11:18pm
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Resident Elmer Fudd
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Quote:
Originally Posted by cipher4d
Missed that GBPUSD 4hr pin because I don't like trading near the end of the US session but maybe I should change this. I just anticipate the action thinning out but I guess after a busy session iI should expect the action to continue. Anybody have any thoughts on this? Maybe it will change my silly superstitious thinking (not like I have much proof backing up my thinking, heh).
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I used to think the same way ciph. I would totally miss out on a lot of good trades on the 4hr. Then I realized I have spent countless days and weeks backtesting, and paying NO attention to the time. So why should I do that now? Made sense to me lol
Best,
Mike
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Jan 25, 2007 12:29am
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Resident Elmer Fudd
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Here was a nice quick one for 120+
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Jan 25, 2007 2:13am
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Resident Elmer Fudd
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I don't babysit any of my trades on the 4hr charts and even the 1 hour charts. THere are a few who trade with me outside of the charts and they know this. If you babysit your trades too much emotion comes into play. Remove the emotion was what has allowed me to make pips!
Keep on pipin all!
Mike
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Jan 25, 2007 3:16am
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Resident Elmer Fudd
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well support held and was a good exit for the short, now we have 4 hr pin I am in on the break.
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Jan 25, 2007 3:17am
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Resident Elmer Fudd
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Quote:
Originally Posted by zazafamily
Hi everyone my family and i are new at trading, and we would appreciate if you guys answer our dumb questions !! thanks before hand
Regarding the gbp/jpy , lets say i would like to take a position in it, if my currency is dollars how do i convert dollars to it?? i understand the gbp/jpy has about 9 pips spread(in my case)
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I am not sure if you are asking how you can trade this pair? You dont have to do any converting. You simply execute the order with your broker. So just cause you trade in USD$ doesn't limit the pairs you can trade to USD.
Is this what you were asking or is it my bedtime again!
Mike
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Jan 25, 2007 10:28am
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Resident Elmer Fudd
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Quote:
Originally Posted by habeeb
Hi Mike,
Is this just a quick trade? I'd be looking to short, targetting 234.85-235.00 before going long. Looks like Weekly pivot acting as resistance.
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no I am still holding this position. I have stopped using pivot points on the carry trade pairs a month or so ago. I found I don't do well with them on these pairs, so this wasn't a factor in my decision making.
Best,
Mike
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Jan 25, 2007 10:53am
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Resident Elmer Fudd
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Quote:
Originally Posted by H103EFA
Hi Mike
Just a quick question. Will you look to move your stops later or do you have a target price in mind as there seems to be a lot of JPY news coming out later?
Basically asking if you also look at future news releases!
H
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I will look to move stops up at some point(maybe not b/e but enough to ut losses if this turns). I don't have a set target price in mind. I just wait for the market to give me a reason to exit. Some people would take profit now being up 70 pts or so. I am looking for the larger runs. I am aware of news, but I really don't let it change my mind on anything unless I am about to put on a new position. hope that helps.
Best,
Mike
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Jan 25, 2007 3:35pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
You're the man to ask :P
Just saw a big personal conflict on GJ..... 4h made a bullish pin, you took it. Now I see 2x 4h making a bearish 8h pin and daily is at its current position a bullish pin, too.
Now, which of the three is correct please!
Arg!
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Well in this situation you can do two things(You can do more then two things, i mean two things i would do lol). I moved my stop up to under the double pin. To me thats not a perfect double pin(first bars open is too high for me) so I won't reverse my position. Instead this is part of my "cut your losses " part. I have been tryin gto live by the motto of cut your losses let your profits run. So my stop will take me out at -6. Yes i know I was up 80 pts, but you gotta give to recieve. I am not going to play the reverse if it breaks down now, just get stopped out.
So I didn't answer your question cause I don't know! but this is what i have been doing when getting conflicting signals.
 :
so Arghhh with ya haha
Mike
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Jan 25, 2007 3:41pm
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Resident Elmer Fudd
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Also here is another trade I made closed my full position now though.
Aud/USD TBL(Three Bar)
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Jan 25, 2007 3:47pm
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Resident Elmer Fudd
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And here is the last trade that I am still in and like the Gbp/Jpy have moved my stops up. My way of trading has been, taking a 3-4 small losses is worth it to hit the big runs. So my win/loss ratio has gone down but my overall equity has been increasing. It is more comfortable way for me to trade.
So this is the eur/cad 4hr pin off the 150 and 61.8.
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Jan 25, 2007 4:45pm
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Resident Elmer Fudd
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Quote:
Originally Posted by BurgerKing
Hi James!
Attached is a chart showing some parallel Horizontal lines.
If I understand your double high/low bar as shown in the 1st page of this thread, the double high low bar is like a Break Out so I just place Stop Orders on these lines like as show in the chart?
If I were to follow that, it appears indeed that the Win/Loss ratio is very high! Though the quantity of trades is very minimal, the win/loss is however extremely good! How much StopLoss should be on these Break Outs?
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Yep find the TBH, and TBL on these higher time frames, is a great way to play breakouts, or a sign of exhaustion.
Be careful with some of the lines you drew. Some of them are not in the right place. I placed an X on the two that would not be considered right.
I made this play on the 4hr Aud/Usd, of the chart I posted 2 posts above yours. We had a Three Bar Low. And just place a sell on the break. Like you said the these higher time frame are key! Also Often times we get these bar lows/highs, that form DBLHC and DBHLC. This is a way to play it the other way, instead of the breakout.
Best,
Mike
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Jan 25, 2007 4:51pm
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Resident Elmer Fudd
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yep this was a great trade also. I choose the gbp/jpy cause it moves big! eur/jpy shoed a similar setup(following gbp/jpy). Important thing is that you waited for a great entry! There are so many, no need to trade ones that are half-ass!
Great job, and your confidence is gonna build real quick picking ones like this!
Mike
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Jan 25, 2007 7:12pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Hiya Mike.
You're totally right. After looking at my charts intensely I figure there's an ok chance we MIGHT see a wave 5 up after that low + 4h pin + now daily pin we put in. That would mean all the way up to the top + 27.2% to that.
But first there'll prolly be a pullback to the fib middle of the daily / 4h pin formation. If that gets violated then we go on down, if it holds we go up. Pretty simple to figure out that way
Good luck with that trade! Rake in that interest
Regards,
SeekingLight
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I don't know anything about waves, but I do love the ocean! Stop is still around 237.50 for my g/j and eur/cad 5250.
Thanks for the analysis seeking
Mike
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Jan 25, 2007 7:41pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Westie
i missed the 4hr pin you got in on mike, but i entered after this 4hr dblhc.
westie
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Hey westie,
lets keep this on rollin then  : this pair is great, can go on 300+ runs like its nothing!
Mike
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Jan 25, 2007 11:30pm
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Resident Elmer Fudd
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hey wesite,
This exit thing gets tricky, I don't think anyone here can answer you if it is a bad move or not. I am keeping my stop at 237.52 but I have also been in this trade longer. I try to think in terms of this when moving stops. At what point when the market moves to what price do I consider the trade I am in No longer valid. If you say, this is the point I no longer would want to be holding this trade, then I think its an excellent stop. Sometimes it is easier to make that decision. Such as when I moved my stop up the first time under the two bar pin(TBL) area. This is rather evident.
I know, this doesn't really answer anything. If I just entered based on that DBLHC, i would have either entered on a retrace, or the break(if i entered on the retrace, I would not have moved my stops. If i waited for a break, it never happened, so i would still be on the sidelines.
Also James recommends once you are in profit to get your stops to b/e never let a winner turn to a loser. While I do agree to this, I have also found this doesn't work well for me, as I try to pick trades I feel have the best opportunity. By moving my stops to quick I found I was always getting out of the good moves, then taking full losses. A lot of people here do VERY well and move stops quickly. Find your style and rinse and repeat.
Michael
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Jan 25, 2007 11:36pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Westie
sweet, that post helped alot, my original Idea was to enter on a 50-60% retrace of the 4hr bar, but I just entered way earlier, but hearing you think out loud there is good info for me, still got a long way to go, but I'm slowly putting it together, hope you guys don't mind me starting to post more and post my trades, even tho they might not be the best trades.
westie
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We all learn from each other, please do post your trades and thoughts. That's what this is all about man! Learning and progressing.
Keep it up
Mike
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Jan 29, 2007 1:25pm
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Resident Elmer Fudd
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Hope everyone had a good weekend, and didn't miss staring at the charts too much
I am short euro for the week, but have just entered a shorter term trade
pin on 1 hr usd/chf
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Jan 29, 2007 4:23pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Jimmywa
what indicator is overlayed on your chart. is that bollinger bands x 8?
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those are the vegas wealth builder indicators. Check out the Vegas sections for more details
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Jan 30, 2007 11:44am
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Resident Elmer Fudd
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I have been short euro on the weekly since friday. I also went short on a 1 hr gbp pin today as well. So the euro I will hold till at least friday unless I get stopped out.
Best,
Mike
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Jan 30, 2007 12:37pm
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Resident Elmer Fudd
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thought I would post my gbp/usd trade. I always find myself over in the cable daily thread, watching everyone over analyze the markets to death. It is some real simple stuff sometimes.
This 1 hr pin then formed a 4hr pin. Taking profit from the 1 hour or you can hold with the 4 hr.
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Jan 30, 2007 12:46pm
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Resident Elmer Fudd
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Quote:
Originally Posted by denonline
very nice Mike! Plus it bounced from weekly pivot..
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bingo, when these setups happen they happen and you don't have to think twice. Gotta love what James teaches!
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Jan 31, 2007 8:39am
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Resident Elmer Fudd
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Quote:
Originally Posted by bundyraider
Why I'm not wanting to continue the short trade for now...
(I want a better trade entry somewhere else now. Another day!  )
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come on bundy I am holding don't screw my position up now  :
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Jan 31, 2007 8:58am
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Resident Elmer Fudd
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Quote:
Originally Posted by bundyraider
Hehe. Don't you hate that!?  :
Oh yeah, and that other target happens to line up with my S3 line. So 9485 looks like an important area.
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I just ask my magic 8ball when to exit. Weird thing keeps saying Ask again. so I guess I will hold all my positions(still short euro pound and gbp/chf
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Jan 31, 2007 11:09am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Well, there it is :P
Bundy, did you catch the TL ride? I'm currently waiting for the retrace to enter....
Btw, that EURUSD rise coincided with the USDCHF 4h bearish pin bar...I shoulda been in that trade :S
Just like the 1h +4h EJ PB....momma mia, so many pips I forgot today...
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that was some crazy swinging in momentum lol. Closed my gbp/chf to cover my euro loss and then only ended up with 70 on my gbp. All that work for not much lol Oh well hope you all faired better
Mike
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Jan 31, 2007 3:54pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Jimmywa
take a look at that. dont know if its a pin
but it is almost a perfect Dragonfly Doji
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It is a pin, but remember we gotta wait for the close. Days like today don't be suprised to see some wacky late movement! I am OUT of the market for now lol.
Best,
Mike
PS seeking we hit 600 on the same day! That has to count for some pips!
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Jan 31, 2007 10:00pm
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Resident Elmer Fudd
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Quote:
Originally Posted by metto
PPB (Perfect PB), anyone disagree...??
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yep its a good pin, we also have a pin on the nzd/usd, and it just retraced 50% and left us with a small pin on the hour
here is a chart of the 1 hour
also note it hit 365 on 4hr which is 50% mark
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Jan 31, 2007 10:19pm
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Resident Elmer Fudd
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Here is a trade I am looking forward to entering and seeing play out if it breaks down. I don't have enough back data on my interbankfx feed, but this pin is off good support and a retrace point.
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Feb 1, 2007 7:12am
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Resident Elmer Fudd
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Quote:
Originally Posted by bundyraider
It's certainly easy on the eyes. Yes.
I don't know what others will say about it being an entry point though.
I'm happier getting in where I did above rather than by this new 4hr pin.
We are getting closer to the bottom of the daily DBHLC and are futher away from any stop positions
Anyone else?
,B
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silly bundy hes talking about the NZD  It isn't anything to rave about but its location is still on that 50% mark for a retrace entry into the daily pin. I am going to wait for the break of the pin to enter though.
Best,
Mike
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Feb 1, 2007 2:15pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
USDCAD made a PB off the 50% and nimbly nabbed my stop. I admit, it was in the worst place and at a classic "trick me out" price, but still, this is the reason I stopped bothering with USDCAD, about as predictable as a woman during high pregnancy...same applies to EURCHF for me. Oh well, live and learn. Need to get me a trailing stop broker...
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ya seeking I have tried to stay away from the USD/CAD lately. The only next trade i see is when we can break past that wall of resistance up at 845. Yest had a good 2bar pin on the hour, that i missed. Other then that it has been really choppy lately and those of you making pips on it i bow to you
Best,
Mike
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Feb 1, 2007 4:48pm
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Resident Elmer Fudd
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Quote:
Originally Posted by banzai
Thanks to you guys for teaching me. I went long EURJPY H4 this morning based on these double bars. (North Finance broker)
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gj banzai let us know how it works out
here is a pin I am going to enter when it breaks, having a sellstop order in
AUD/NZD 4 hr pin off resistance 365 and 50% retrace worth a shot 
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Feb 1, 2007 5:27pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Westie
hi mike, Just wondering for example with this aus/kiwi trade your about to enter, how many pips do you consider a break, do you place your entry like 3 pips below, or 1 pip below, i know this is a personal choice, but im just interested to see how different people chose that number.
Thanks
westie
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depending on the timeframe, but for the 4hr i like 7-10. My entry is at 1.1324 for this trade. For the less volatile pairs I will use 5-7 pips.
Take care,
Mike
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Feb 1, 2007 5:57pm
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Resident Elmer Fudd
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Quote:
Originally Posted by CFII
does that include the spread?
i have been using 2-3 pips not including the spread. since i use a bid chart, i enter long when the bid price is 2-3 pips above the pin bar. if the spread is 4 pips, my actual entry price is ends up being 6-7 pips above the pin bar.
im also curious how many pips other traders put their stops above or below a pin bar. once again, i normally place it 2-3 pips (not including the spread)above/below it.
regards,
CFII
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i use bid also, so for my short it is 7-10 pips but for my long if its a 4 pt spread its 11-14
stops vary on the bar, and s/r around it but if it was just a pin its 5-7 pips above
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Feb 1, 2007 6:10pm
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Resident Elmer Fudd
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Quote:
Originally Posted by MIG
Hmm this is weird, i know the charts will slightly differ between brokers but here's the aud/nzd chart and its nothing like yours Mike?? This is a North Finance Demo account...
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ya it depends on the data feed, i am using interbankFX
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Feb 2, 2007 3:06pm
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Resident Elmer Fudd
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Quote:
Originally Posted by sp123
Hi James, on 07-28-05, 1:34pm, you said:
price action in and of itself is a great tool and yes a lot of times they work in and of themselves. but what we really want is multiple signs of a probable winning trade. price action combined with fib ret, monthly and weekly pivot levels, divergence, confluence etc. i will be dissapointed if and when someone goes hey that dblhc did not work and they did not combine other tools to confirm. jim
on 08-12-05, 4:51pm, you said:
YOU DO NOT NEED ANYTHING BUT A KNOWLEDGE OF PRICE ACTION TO BE A SUCCESFUL TRADER. this is something i am going to present in the course (someday), intelligently add in extra ingredients, like your own proven trading system and you have a real shot at success. stay tuned. jim
Can you please explain this seeming contradiction.
Thanx, sp123
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Hey sp,
Well when James says you do not need anything else but Price Action, he is referring to finding specific Price Action bars, around Confluence(multiple signs of a winning trade). This is all price action though.
Also what he is saying, is once you have a working knowledge of price action, you can apply it to any system to make it better. For instance take the whole SRDC thread. I don't know the ins and outs, but at one part people were drawing channels and playing bounces(I am not sure fully how it worked), but if you add Price Action to the tunnel areas, you are increaseing your odds of a winning trade. So that means looking for Price Action bars AND areas of confluence at the channels.
So adding extra ingredients can be your own trading system or it can be PA by itself(with confluence of course).
I hope I didn't confuse that up more lol
Have a great weekend!
Mike
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Feb 5, 2007 4:14am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Hope everyone didn't indulge in too much bar action over the weekend
Here's something I saw:
Even though Gold seems to be trundling at the moment, there was a bona fide NZDUSD setup at a fib and wave target confluence, which I naturally saw 40 pips too late this morning 
Shoulda gone over my charts better last night...
Anyway, this one may or not end up great, but it IS a superb r/r setup as it may be the end of an ABC correction or something that now continues in trend up(zoom out, you'll see it...). well, maybe we'll retrace :P
My experience is that price comes back at least once to the pins high to visit the grandchildren one last time....
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hope its good seeking, this is the only trade i am in so far
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Feb 5, 2007 11:00am
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Resident Elmer Fudd
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Quote:
Originally Posted by turnip15
Okay, I will take up the gauntlet kind sir !
What weapon should I use - the 15minute or daily chart?

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this one i can defintley answer spot on for james
Daily/weekly
Good luck,
Mike
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Feb 5, 2007 11:07am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Facing a big moral dilemma here....I'm in a very well working EJ short, but we've just begun hitting on s/r and EJ has made over 130 pips today, a bit over it's average in the last few days....
If I exit and we don't much bounce, I miss a chance of moving on, if I stay in and we bounce severely around here, most of the trade disappears...
This is what makes it so hard for me to stay in trades for a long time, know what I mean? :P
Mike, this is what we've talked about......I see EURUSD and cable pins, I see overextended daily range, s/r, targets.....
My mind is melting
I'm still holding on until I see something big saying we're done here, but still....arg!
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Seeking with the gbp/jpy and eur/jpy since they are up more then down, taking profit is always viable. But try a trail on the previous bars high. Unless you really feel its reversal time. I say just the previous bar(as opposed to 2-3bars), cause its been on a pretty quick steep downward slope, so it is more likely for a retrace like this. JUst observations though. But also, Going into this trade, if you felt like you were entering a more short term trade thats one thing. I try to take all the best trades, believing I am going to hold them as long as possible now.
Best,
Mike
seeking i forgot to say to you in our PM that if you are making a bunch of trades a day, its kind of different and difficult to be holding all these trades. I make less and less trades every week now.
Last edited by mbqb11, Feb 5, 2007 11:28am
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Feb 5, 2007 3:11pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
I don't know if you bailed or held on Mike, I entered the Kiwi trade on this 1h pin.
I think we're currently at a great place for our enemies to go short - if we can break on through to the other side (*cue music here*) then we might be good to go and cleared for takeoff....
Here's where and why I entered.
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still holding, today is ending on complete indecision (just like everything else! big suprise right). Only other thing i was able to do was make some pips on the pound today(not based on PA tho) Slow monday as per usual it seems.
best,
Mike
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Feb 5, 2007 8:11pm
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Resident Elmer Fudd
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Quote:
Originally Posted by goodthings
Daily Pin on the USDCHF. The left eye still has a lower close of 2480 compared to 2483 today (yesterday).
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this is a pin bar, but its placement is rather bad. It is in traffic, so a trade like this may be good to give you direction on some lower charts, but I wouldnt take this one and try to hold it. were really whipsawing around these last few weeks
Best,
Mike
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Feb 6, 2007 5:12pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Jimmywa
pin here ?
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different feeds will show diff bar patterns so it will be easier if you post a pic, but on my feed there is no pin on the usd/cad just ranging(daily looks to be forming and I4B)
Mike
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Feb 6, 2007 7:54pm
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Resident Elmer Fudd
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Quote:
Originally Posted by billser
Hi Gang,
This group is great and I'm learning a lot from you all....Thank you.
This is my first time posting and I just want to say how impressed with James I am. I emailed his this week to ask a question and in less than 2 hours got a reply....I thought I would either not get a reply or be waiting for several days.....So thank you James for that......Very Impressive...
I have a demo account with FXDD for the meta trader charts and a live acount with gftforex.....when I look at the 4H charts on both accounts they are always different in terms of one will show a perfect long nose pin and the other one will not even come close to even thinking about trading...Any thoughts on what to do about that or why it happens so that I can understand what to do.
Thanks again James and the Gang
Bill
Las Vegas
PS I'm on page 40....130 to go.......... 
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Hey Bill,
Welcome aboard here.
Depending on what broker feed you use your charts will look different. So the general conclusion is that to play it like you see it. If you want to try a different feed try InterbankFX. I don't have any experience with any of the other feeds, but we have all found interbankFX feed very reliable in the PF. This is also the feed James uses inside the PF to show examples.
Hope this helps,
Mike
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Feb 6, 2007 11:12pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Jimmywa
this is what I was referring to. Is this a pin on usd/cad?
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It is a pin in your picture, but the location of it isnt great. Not good enough for me to play at least. It's better at more of a swing high or swing low, or with a really long nose protruding from everything. Looks like this one was back to the 61.8. There are better ones then this to pass it IMO. Remeber to qualify as a pinbar doesn't mean that you should play it. Like all the price action bars, it is where they are located that means the most. The daily is an I4B though so a better play would be a break of that IMO.
Mike
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Feb 6, 2007 11:20pm
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Resident Elmer Fudd
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Here is what I am looking at on the USD/CAD. This is really more then an I4B it is the smallest bar of the last 25 bars I counted! I think were at a crucial point here.
Heres chart
Mike
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Feb 7, 2007 1:42pm
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Resident Elmer Fudd
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Quote:
Originally Posted by billser
Any thoughts on where the stop loss should go.......? (I'm still on a demo a/c)
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As with most of these bars the best stop loss is on the other side. So for this bar you would put it right under the DBLHC. Since the psych level of 1.29 is right there i would stick it under that if you are confident in this trade.
Mike
edit PS - do these markets suck or what right now. I am pretty much on the sidelines.
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Feb 7, 2007 4:53pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Amen to that. Still in the Kiwi?  Seems to be doing a 2x 1D pin bar, maybe there's some life in it after all 
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ya still in it, bout the only thing im in this whole week lol BORRING
At least I am catching up on much needed sleep
Mike
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Feb 7, 2007 7:05pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Well good thing the Kiwi isn't sleeping.
Unemployment is down and the Pennant has gone active. Hold onto this one, it could go well above 0.7100 if we're lucky
But I'm off to bed, too. Take care!
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Yea hopefully
Still holding a USD/ CAD long and have a pending order in for AUD/NZD
OBR off 365 fib
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Feb 7, 2007 11:13pm
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Resident Elmer Fudd
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Quote:
Originally Posted by billser
This is the weekly chart of the aud/usd. Is 37 pips long enough to be considered a pin bar...!!
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this is more of a neutral bar, or a really small pin bar. We want a much longer nose then this. The good ones will jump out at you
Best,
Mike
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Feb 7, 2007 11:14pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Westie
did you take the break low or the retrace on the aussi/kiwi OBR
I have orders set for break of bullish outside bar on nz/jpy on daily.
thanks
westie
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Took the break low, and then it went straight up LOL
but no worries that's why we have our stop for, just gonna ride it out see where it goes. I still think this was a nice short opportunity, all the EMAs, Price Pivot, Fibs.
We'll see,
Mike
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Feb 9, 2007 2:15am
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Resident Elmer Fudd
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Quote:
Originally Posted by parlenk
Well it a very good up signal u had westie.it's also a pinbar.
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doesnt qualify as a pin bar when its inside like that be careful, but yes that is a perfect beauty of an inside bar westie!, thats what we need to see now!
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Feb 9, 2007 2:38am
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Resident Elmer Fudd
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well here was a nice quick suprise i just caught ...small pin turned out nice on gbp/jpy watching lower time frames to lock some profit now after this sharp move
Mike
looks like daily pin bar might break so i may hold this
this thing dropping like a rock talk about a good R:R on that pin lol.. Looking for the 200 on the 4hr
Last edited by mbqb11, Feb 9, 2007 2:49am
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Feb 9, 2007 2:54am
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Resident Elmer Fudd
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Quote:
Originally Posted by parlenk
Hi folks, here is the gbp.it's brake the trend line.I draw a head and shoulder pattern.been waiting for this brake couple days ago.we are going to see 9300ish ? any opinion? mike..  give me some enlightment here.
thx
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I have been short pound since 9620 so breaking that trendline was big. 1hr pin on gbpy/jpy got me in that. If the 430 news comes out bad this thing might really go down nothing to stop it really
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Feb 9, 2007 3:06am
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Resident Elmer Fudd
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Quote:
Originally Posted by Westie
mike did you get stopped out of aud/kiwi short,
i noticed this bullish outside bar on weekly now.
I was thinking of taking this weekly setup.
westie
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nope stop still there, on weekly would like to see close be higher then previous bar high for an OB
Mike
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Feb 9, 2007 3:36am
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Resident Elmer Fudd
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Quote:
Originally Posted by Westie
ok thanks, that's some good info on the OB for weekly.
do you also use that rule for daily OB?
westie
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yep always.
I still like this AUD/NZD trade even tho it went bad from the start. I would have taken it everytime  but we're still alive.
Best,
Mike
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Feb 9, 2007 4:15am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Hey Mike,
congrats on the catch! What a nice one that was 
I bet it was to make up for waiting and being .... VIGILANT...all week 
Maybe you should hook up with Trichet, kindred spirits and all
If the daily goes properly GJ should see 235.80 for a normal projection, 234.60 for a bigger one....don't you think it's time to close it at > 1:50 r/r at some point? You're getting everyone jealous!
So far the pins low held (like I keep saying, pins break, move out a bit, then come back one last time to the pins close/low/high).
Take care,
SeekingLight
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HAHA yeah seeking I closed this trade looooong ago, considering it was a 1hr trade with a huge move like that. Closed it around the time gbp stalled and all. Nice R:R
I may have normally held longer but with this G7 hoopala I'll cover lol
Mike
whats a post without a chart. Just a few lines for everyone on the gbp
Last edited by mbqb11, Feb 9, 2007 4:46am
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Feb 10, 2007 2:57am
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Resident Elmer Fudd
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Here could be the break the swissy needs. Will play this one
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Feb 11, 2007 7:50pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Westie
wow mike, that aud/nz traade worked out,
just shows having faith in the setups no matter what is the best way.
westie
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you got it bud 
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Feb 11, 2007 10:40pm
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Resident Elmer Fudd
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Quote:
Originally Posted by parlenk
Beovb; bearish outside vertical bar; second bar totally (both the body and the tail) encompasses the
prior bar with a lower close on the second. usually signals a continuation
of the current trend
Buovb; bullish outside vertical bar; same as above just reversed.
both of it call engulf pattern on candlestick
U can enter when the price brake.but usually i play on the opening price of the next bar.here is the chart that i save from goodthings if I'm correct.hmm about the stoploss it's better u wait from somebody else to answer  ...dont follow mine..heheheh it's not suitable for u i guess.
Nb:well anoter 70ish pages to go billser.
thx
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just wanted to correct you that chart is from seekinglight
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Feb 12, 2007 3:52am
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Resident Elmer Fudd
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I have an eye for all good fine art. picasso, seeking
don't forget this one and gbp/chf, but all really correlated pairs, so everyone should adjust risk and position accordingkly if you want to play them all
ehh having trouble uploading, just the gbp/jpy
Last edited by mbqb11, Feb 12, 2007 4:06am
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Feb 12, 2007 2:17pm
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Resident Elmer Fudd
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monthly has broken anyone else coming on for the ride
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Feb 12, 2007 2:25pm
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Resident Elmer Fudd
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Quote:
Originally Posted by 59fender
man, I don't know. nevertrade that long of a time frame, probably have a heart attack
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Well adjust your position size  , then patience patience
someone can at least demo it so I am not so lonely right?!
Best,
Mike
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Feb 12, 2007 2:37pm
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Resident Elmer Fudd
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Quote:
Originally Posted by 59fender
can I at least wait for a pull back I'm having chest pains allready!
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hmm I felt more relaxed after I put the trade on, is that odd?!
Well getting in on a retrace of the pin would have been nicely here, but I don't play retraces much anymore. Nothing wrong with getting in on a lower timeframe, I just like to stick to whatever timeframe I am on. Probably cause I am lazy, and it is less work  :
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Feb 12, 2007 10:59pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Westie
hey mike i Just jumped in for the ride on this aud/cad,
have you personally played monthly much,
and are you playing this with ful faith, that is, placing stop above the high?
or are you placing stop according to daily on this one?
After seeing your aud/kiwi play, I'm thinking just place stop above high
and go for the huge win, but i'd definately appreciate your take on this
particular trade and timeframe.
thanks
westie
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Yep you got it stop above the high, I just try to picture them all the same. A good pinbar is a good pinbar. If the upper left said daily H4 weekly monthly. No difference to me. Rest is up to the market and our position size and risk prevents it from being anything but just another trade.
Take care,
Mike
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Feb 12, 2007 11:01pm
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Resident Elmer Fudd
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Quote:
Originally Posted by MikeW
Hi everyone,
I'm one of the quiet ones that reads but hasn't posted yet (can't say that anymore!).
I've been reading all these posts for a long time now and have to say that you are all a wonderful group of people, or should I say family. I'm honored to be a part of it - even if no-one knows I exist.
I think that I can afford the $129 per month now and am itching to get in to the PF to learn more. Can someone please tell me if I should wait till the end of the month before joining. If I join now will I be billed the $129 and only get 2 weeks worth for the first payment, or does the month start from when I join?
Thanks in advance
Mike
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Hey Mike
Welcome with your first post! Post more often!
The 129$ is charged for a month from your join date, so you can join anytime and get a full month.
Hope to see you inside,
Mike
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Feb 13, 2007 1:22am
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Resident Elmer Fudd
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Quote:
Originally Posted by MikeW
Well I signed up and paid, but now I have a problem. I hope one of you can help.
When I submitted the registration form all I got was a blank page. I should have been prompted for my FF username and password.
In the 'Quick Links' at the top of this page it says that I have 1 subscription so I assume that it went through, but I can't see where there is access to the site (PF). Clicking on the 1 subscription and hitting GO doesn't work.
Any help would be appreciated
Mike
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If you click the main Forums section. At the bottom you should see a thing for James16 group if everything went right
Mike
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Feb 13, 2007 4:03pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Jimmywa
was wondering how it is different on the inside Private forum. (james 16) than the public forum.
I notice quite a few traders post trades for others to see or critique ahead of time and different opinions are posted here which I like. the last forex group I was in had like 50 members and only 3-4 trades were posted a week and hardly anybody answered your questions?
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I wouldn't join the private forum to look for trade calls. The private forum is where you will learn to be independent and trade price, learn MM and psychology, and learn dialists knife. Questions will be answered within hours(minutes even  ) from other members, and James, Fiji, and Dialist are always as fast as they can be(they get a lot of questions). Quite a few people keep journals, but again I wouldn't sign up looking for trade calls. I would sign up so you can do all this stuff on your own!
If you have any more questions about what is inside shoot me a PM.
Best,
Mike
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Feb 14, 2007 8:10am
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Resident Elmer Fudd
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Quote:
Originally Posted by xrbor
Hi,
i went though a good number of posts here and see that james16 and others mainly use bar charting....I am beginner so i am happy that i can understand one, and alas that is candles... I was thinking about joining the james16 private forum but this discourages me a bit... Any info about what are those guys using there?
Maybe, i am just not well educated in fx but what do you think which one is better suited for short term trading? Or is there anybody who is using both??
Thank you for your help in advance.
All the best, xrbor.
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Hey xrbor,
Bars and candles are the same thing. I orginally used candles like yourself, but after spending some time using bar charts I found it easier on my eyes. Many people inside the PF still use candlesticks. But candle and bar charts are both telling you the same thing. It is apersonal preference. But James does use Bar charts in his teachings, when I joined orginally I used candles and after a few weeks inside, I switched to bars. Many have not though.
Hope this helps,
Mike
Last edited by mbqb11, Feb 14, 2007 8:24am
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Feb 14, 2007 9:14am
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Resident Elmer Fudd
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Quote:
Originally Posted by xrbor
Hi,
Thanks for your kind answers! Ok, so i knew too that they are basically, just somehow the visuals differ. But wait, what about the different chart patterns?? i am slowly learning all these nicely sounding candle formations like bearish harami,bullish engulfing,etc. Does bar charting have the equivalent patterns? Even if bar charts don't have such mystical names, there must be very similar concepts...
All the best, xrbor.
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Yep a pinbar on a bar chart is just a hammer(i think!? haah) on a candle. It is all the same stuff, just different names. I am sure you recognize the name Habeeb after going through this thread. He uses candles and he does very very well.
M
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Feb 14, 2007 9:50am
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Resident Elmer Fudd
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Quote:
Originally Posted by xrbor
Hi,
Can you recommend some free stuff on bar chart terms and different patterns? It would be good to learn the basics if i want to switch... Concerning candles, it helps me a lot to recognize these candle patterns...
Again thanks very much, xrbor.
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Well as far as free stuff goes, this thread is FILLED with free bar chart names and examples. If you mean something that shows a bar and then a candlestick pattern that matches that, it really is a matter of just looking at the two. Once you understand how to read a price bar ( http://www.investopedia.com/terms/b/barchart.asp ), you will quickly get the hang of transfering that over to a candlestick bar. If there is something more specific you need lemme know. If you are going through this thread and find a bar pattern you can't seem to make out on candles let me know and I can post a chart.
Best
Mike
edit** Here is the same chart with a few price bars labeled. One is the bar chart and the other is the candlestick chart. This is just to give you an idea. There are much more price bars talekd about in this thread. Thought I would just throw this up.;
Last edited by mbqb11, Feb 14, 2007 10:11am
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Feb 14, 2007 11:05am
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Resident Elmer Fudd
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Quote:
Originally Posted by xrbor
Mike, no, this is not what i mean... For candle charts, there are quite a lot of nice articles explaining how they work, what to watch,etc. Like this series at investopedia, http://www.investopedia.com/articles.../02/121702.asp
Also tons of other things about bearish / bullish formations,etc. Here in the thread what i could see is DBLHC, BOVB, etc. so mainly applying these things...it would be nice to know some background too, ie. what are the bearish formation, trend breakout signals, etc.
Anyhow, i know it is not your job to answer the 100th newbie's question so if i disturb you, just ignore my stuff. Otherwise i really appreciate your help and comments!!!!
All the best, xrbor.
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No bother at all, I just hope I am understanding you correctly now .
Well in this thread all bar formations can be bullish or bearish. If I understand you correctly you are talking about how candlestick formations can have 3 or so bars that make up a bullish pattern or bearish pattern. James teaches many single and double bar formations. So for instance if you are going through this thread, you can have a pin bar at a swing low which what make you look for long and a pin at a swing high which would make you look for a short.
If you go through this thread you will be able to see what are considered breakout bars(such a TBH(two bar highs), what are bullish bars(such as BUOB(Buillish outside bar)). Many of these bars can be used as both bullish and bearish signals. So for instance a break of a TBH could be use to play a breakout, where as a formation of a TBH signals an exhaustion and can be played for a short. Of course certain bars are only bullish or bearish. A dblhc signals a long(but when that TBL is broke of the DBLHC it can be used as a breakout). Then you have bars like an IB(inside bar), and can play a breakout either way.
I think if you go through this whole thread 2-3 times(i know its long but so worth it). You will quickly see which bars are bullish and which are bearish. If you have any particular questions about a bar it would be easier for me to address, as I feel I am not answering your question properly.
Also as you go through this thread you will understand what to look for. Finding a bar doesn't mean to play it. James teaches that the location of where these bars are located are the most important. This thread gives out a lot on information, but the PF is where James goes into much more detail about how to play these bars.
Sorry if this wasn't what you were asking, maybe 3rd time will be a charm
Best,
Mike
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Feb 14, 2007 2:10pm
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Resident Elmer Fudd
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Quote:
Originally Posted by xrbor
Yeap, that's what i meant, many thanks, indeed!!! So i think i have my little homework to do...i try to read through the thread, iguess, it will take some time...
What about the James16 PF?? i am considering learning / trading part-time... Currently i am living the not so laid-back life of a programmer at a consulting firm in Hungary, do you think joining the PF can still be useful in such a way as well??
As usual, again, many thanks for the comments and time, xrbor.
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Definitley read throught this thread a bunch of times, I think i have been through this thread alone 6-7 times. After I read this thread a few times I joined the PF and my trading has changed dramatically. Nothing wrong with learning to trade, while you work. Most people inside the PF have jobs, and work very hard at both, and then spend countless hours learning to trade when they aren't at their jobs. There is no shortcut to forex, but the time and effort you put into this will improve your trading, because it has for so many of us already!
Best of luck to you,
Mike
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Feb 14, 2007 4:11pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Jimmywa
when scanning charts for a potential trade setup
what is the process to use?
for eg. I am looking a t a daily chart of Aud/Cad
do i wait for it to retrace say 50-61.8% retrace of the last
daily move down and see if a pin forms in that area or other setup
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Different people do different things. Some like to mark areas of confluence on the chart for future refrence. On the 4hr and up timeframes, I have certain areas marked, as well as once I see a potential bar, I then scan for reasons why to take the trade/why not to take the trade.
Mike
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Feb 15, 2007 1:54pm
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Resident Elmer Fudd
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Hey westie,
I cheated on this one, I used this daily trendline to find an entry short off on smaller time frame. So would be nice to get a daily pin and that break.
Also here is my weekly trade on the swissy broke down the way I wanted it too. So this one I will hold for awhile.
Mike
Charts of both
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Feb 15, 2007 7:54pm
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Resident Elmer Fudd
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Quote:
Originally Posted by hoss
The Swissy is a nice set up. Will you enter before the end of the week or wait until the start of next week?
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i entered on the break of the weekly IB bar down(and break of TBL). Looking to hold long-term of course.
Michael
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Feb 15, 2007 7:58pm
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Resident Elmer Fudd
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Here is a trade I closed today at the TL cross and 61.8 confluence. I held the position since the first pin bar. So look what started this run, and what is probably going to end this run. Pin bar at the bottom of the channel and a new pin bar at the top of the channel. Just have to be patient.
Mike
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Feb 15, 2007 8:31pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Westie
mike nice hold there, can I ask how you managed this trade, i see it went nearly 60 pips or somethign into profit, if you traded break, then it dropped into a draw down of 30 pips approx, then it slowly built up to wher we are now.
Did you close some when you were in profit? or did you have a longer term view and didnt' want to close or move stop to b/e unless you reached this level?
thanks
westie
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Hey westie,
I dont have profit targets nor do I move my stops to b/e. For this trade I I moved my stops twice, once to under the DBLHC then again under the inside bar. Finally I closed at the confluence near the top. Ya you gotta watch profits go up and down, but thats the only way to stick out these longer runs(that I have found and been succesful with).
Hope that helps,
Mike
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Feb 15, 2007 9:24pm
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Resident Elmer Fudd
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Quote:
Originally Posted by moneybags
That's a pretty great trade Mike. Very patient and nicely done.
Did you at any point close part of the position to lock in some profits or did you let the whole thing ride to the top?
And are you planning on entering short on the break of today's pin?
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I never scale out of winning positions and Yes I will take a break of the pin short today.
Best always,
Mike
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Feb 15, 2007 10:01pm
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Resident Elmer Fudd
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Quote:
Originally Posted by cipher4d
Hey Mike did you get in on the swissy at the first break down at 1.2354 or did you get in on the second push? I was in on the first break of 1.2354 but then got stopped out when it reversed to 1.2405. Where did you place your stop? I guess on breaks of a channel/weekly ib you can't get too tight with the stops? oh well learnin'
I dig the 15 minute chart. Awesome.
Cheers
(i deleted my post because i thought somebody asked the same question, nevermind though)
I think its days like today when there is so much to trade that I do the worst. hah
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My short was at 362 and my stop is above the IB. Not much to think about now  Let the market do what its gotta do in the coming week and then re-evaluate.
Best,
Mike
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Feb 16, 2007 12:57pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mike w
At this time of day, i would wait for the dailies to come out. Then see what they entail. There will most likely also be a pin bar on the daily GBP/USD which means a definite buy is in order. Dont be reckless though, they do sometimes fail.
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Be careful, just because a pin bar shows up doesnt mean we should trade it. We need to find reasons(confluence).
Best,
Mike
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Feb 16, 2007 1:36pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mike w
true, and thats a good thought. There is a reason to trade however, the pin bar will be coming up on top of a fairly large support at 9450. There is also a short term support at 9505. I plan on placing my stop right below the longer term support line. Please mention it if i am wrong. Thanks.
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Ah there you go  . I haven't yet checked anything out. Usually spend the weekend analyzing trades for the new week. If you have done your homework then you are good to go
Best always,
Mike
edit* I would not trade this pin(if it forms one) personally. We do have support, but the pin is in "traffic". I look for the ones at better swings.
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Feb 16, 2007 6:36pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mike w
hey mike , i have a quick question for ya. What exactly do you mean by traffic? Is it jsut because its coming off of news? or because there is only one short bar before it? Thanx.
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Hey mike,
When I say traffic I am reffering to the bars location. Pin bars are best at swing high and lows. If you look at the pinbar that formed it isnt at a swing low. Right next to it we have a bunch of bars(visually looks jumbled(traffic)). Although this pin may work just fine, I would rather wait for a stronger one. Take for instance, The pin on the daily of the euro from today. IT was at a swing high(not to mention other confluence). But if you just visually look at the two, they are very different. Like you said these bars do fail, and they have a higher success rate at certain places(being swing high and lows with areas of confluence).
Hope thats clear if not lemme know i can throw a chart or two up.
Enjoy your weekend all,
Mike
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Feb 18, 2007 1:29am
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Resident Elmer Fudd
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Quote:
Originally Posted by vlazaf
A chart or 2 will definitely help please.
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Hope this helps, I had a few beers so forgive the pretty colors
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Feb 18, 2007 8:08pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Westie
Hi mike,
Just have a question regarding our big aud/cad montly pinbar trade, i think some others got in to, my question is, when you take a monthly trade like this, do you ever consider taking a hedging trade, on a shorter tiimeframe, like if we get a daily setup to long, do you take some long trades in this situation, or you just hold and wait for the monthly to unfold.
westie
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Hey westie hope u had a good weekend,
yep if i see a good setup daily 4hr etc, i will i consider my monthly a whole seperate thing
best,
Mike
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Feb 19, 2007 4:13pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Jimmywa
is this a pin on aud/cad four hour mike? I bought a few minis at the red line and will move stop to free trade.'
crazy spread on CMS VT trader is 10 pips. DRAT!
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\
OK jimmy I will answer here ingore that last PM I got a blank one from you.
That isnt a good pinbar. It is a neutral bar are mine(remember diff feeds will look diff, yours is more of a pin then mine). But on mine it is a neutral bar. We are on a uptrend here, which is just a retracemnt of larger downtrend IMO.
My tip is if you ever have to question something being a good bar. It's not worth trading. This is what I live by. If I can't decide if a pin is in a good location, I know I will have a better one to trade around the corner. But demo demo demo this right?
Hope that helps,
Mike
also for what its worth, for me I look for the much better probability trades on these higher spread pairs. Also just want to note, there is a lot of way to play this PA stuff. My posts are always just my interpretation of it 
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Feb 19, 2007 4:39pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Jimmywa
Mike what is PA? I exited with a small profit.
here is a ? for you. How can different feeds look different?
could your aud/cad be rallying 20 pips at 2pm PST and my feed on aud/cad
be dropping by 20 pips at the same time. this is rather confusing
also are some feeds more acurate that others?
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PA is just abbrv for Price Action.
When I say price feeds look diff, I mean different brokers use diff timezones, so if my 4 hour bar closes at 7 eastern and yours closes at 6eastern our bars will look the same. It has been accepted to just play it as your charts show it. So if your shows a pin and mine doesn't, play it as you see it. But no my a/c wont be going up 20 pts , and yours dropping 20 pts( aside from any fishy business  )
Hope that helps,
Mike
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Feb 19, 2007 6:20pm
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Resident Elmer Fudd
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nope thats not the right area. Click on the Forums button on the main FF page. Then at the bottom of the Forums is a link called James16 Group.
lemme know if it works, and welcome to the pF!
Mike
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Feb 20, 2007 12:14am
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Resident Elmer Fudd
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Quote:
Originally Posted by mtrmth
i have posted on other threads, but i found this one and think it may offer a better opportunity to understand the forex market. i knoiw i have lots of reading to do, and then try to understand what i read into what i see, major task!!! i also know that the news can throw everything to the wind and ruin what anyone thinks at a crucial moment, so i think i will try to look for longer term trends, though shorter terms can be lucrative as well, when i actually have learned something. ok, as for what is going on, does anyone think there will be lots of movement until we see what the boj does and the boe minutes come out in the next day??? also, i do watch cnbc world and the forex analysis they have with some of the big boys and what they are looking for in the markets. most of it seems to be long term, months and the rest of the year for example. do they know anything, or are they just guessing like miss cleo??? there are always people who think opposite, so is it just for programming and eating the time on tv???? i have a thirst for as much knowledge as possible, but am i overloading and that will cloud my judgement or might they actually have some good insight?? anyone?? beuller?? bueller?? what scenerios is anyone looking for with regards to the boj and the boe minutes??? could be some serious pips out there, maybe????
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Hey mtrmth,
I know the feeling so much going on all the time it can get overwhelming. I am a lazy person, so i like to keep things simple. That's what james has taught me to do. As far as all those analysts on cnbc and stuff, maybe some know what they are talking about, but to me more are just that analysts. For instance in Market Wizards book a few of the big time guys talk about how all the analysts dont have a clue how to trade an account for themselves. As for the whole jpy thing. I have been long since yest. Based of nothing but price action. I went long on eur/jpy at 157.18. So i have a nice cushion hopefully holds over into the statment. I am a firm believe TA gives a heads up for these fundamental mvoes. You can't hide where the big money is going, and it shows. But like you said, there is always something that can cause something to go wrong and thats why we use money mgmt!
Look forward to your posts here.
Mike
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Feb 20, 2007 12:53am
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Resident Elmer Fudd
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Quote:
Originally Posted by Jimmywa
was that trade off of the daily pin by any chance? and why was it 18pts above the daily pin if so?
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ya daily pin, it was 9 or 10 pts above without the spread sorry.
M
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Feb 20, 2007 1:43am
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Resident Elmer Fudd
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geez seeking where you been!?
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Feb 20, 2007 2:13am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Doing this, doing that, mostly the usual, trying to make sense of this nonsense market 
Burning money, so my account isn't as happy as it used to be when it sees me.. :P
What's ironic is that I can see how a single good "sweet spot" trade can last seemingly forever (Kiwi, it's been on what, 2+ trading weeks?) and how on the other hand trying to nail down a rather erratic February market intraday can cost you more than your daily trades make...eurgh.
Missed some good stuff due to things just not retracing enough to my liking (USDCHF, EURJPY...) or simply wondering what the heck is going on (Doji/PB then a normal BUB/BEB, then another one against it again....argh.)
Still trying to find my center..
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I hear ya! As you know I am a big fan of those sweet spot trades, and maybe once a week put on a trade under the 4hr charts. this market has been garbage up until a recent few nice moves. Right now I have a weekly, 2 daily and monthly trade going. And one fun shorter term trade. Much more relaxing on my brain, although I still spend massive amounts of screen time so I can learn from all you smart people, and get better.
Good to see you around and I think your center is real close to being found 
Mike
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Feb 20, 2007 5:33am
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Resident Elmer Fudd
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cable is just too cluttered IMO to be trading. I still think longer term cable is going up up, but i wont trade till we get out of this. I was going to play a long off the bottom TL yest but I missed it. My u/j and e/j look fine for now. weekly usd/chf has come back but I think that is just temporary. I have a small short on the aud/usd from 7875 and just took a small position short on eur/cad at 5314.
Gonna wait for a break out of this before I realluy consider a cable trade
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Feb 20, 2007 3:49pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Jimmywa
is euro usd putting in a possible pb?
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Yes we do, it is basically just the 8 hr pin, since we didnt have much movement today. I never pulled the trigger on the short though, but I think it was a good time to go short being off the TL that is still holding.
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Feb 21, 2007 1:18am
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Resident Elmer Fudd
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Quote:
Originally Posted by Panjan
Mike,
I been spotting this PB since yesterday. Do you think it's a valid PB? But I think it's not at traffic spot.
What you guys think...
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ya its a pretty good one, worth playing. I would wait for a break.
Good luck
Mike
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Feb 22, 2007 1:49pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Et voila, 2 days later, pronto. 20 pips to go Mike, are you psyched? 
You better still be in on this! Tell me you made it through the BOJ? 
160 here we come =)
(And 240+ for my GJ I hope) ;D
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Hate to say it seeking I BAILED! right before. I left my usd/jpy position but bailed on eur/jpy as I let the fundies scare me out of holding to yen positions. I will let you know i made over 150 pips on the emotion of everyone else. So i guess that makes up for it pips wise :-/
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Feb 22, 2007 2:03pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Awww 
Never, ever, ever listen to the fun-makers  They're only to be made fun OF!
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I have been really good with that, and this is the LAST time believe me!
I saw that gbp/jpy 1hr pin(after the fact), that was nice! I havent been making many intraday trades lately. The market has been to wacky for me. Just have a few of my longer term positions.
Glad to see you having some good positions!!
Mike
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Feb 22, 2007 7:11pm
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Resident Elmer Fudd
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Here is one to watch, were stuck in this channel here
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Feb 22, 2007 7:39pm
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Resident Elmer Fudd
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Quote:
Originally Posted by james16
good mb. keep in mind its another one of those pins fighting against an outside bar. 
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Yep and stuck in b/w 365/200 on 4hr and that minor price pivot! I could be getting antsy been a slow few weeks trading.
a retrace could be good for some 50+ pts this pair. Maybe time to start my weekend  :
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Feb 23, 2007 1:49pm
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Resident Elmer Fudd
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Quote:
Originally Posted by bundyraider
So I haven't been missing much then? 
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Wow I have been wondering where you have been? Whats up BUNNY? Hope all his well?
Seeking nice early entry on the pound. Like i told you i was waiting for the break so I got in a lot later but still pick up some nice pips.
Have a good weekend all!
Mike
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Feb 24, 2007 2:31pm
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Resident Elmer Fudd
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Quote:
Originally Posted by FOURX
Dear bluefish,
My eyes have segs with all the reading.As I stated I am educating myself, I figure most things out without having to ask for help.Pin bar is a term I have not come across before and would like explaining,preferably not by you so wind your neck in!
Apoligies to James for the tone on your thread.
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Hey Fourx welcome here good to have you
I think blue was jusut trying to help not be mean  This thread is filled with tons of tons of great information! A ton of bar examples, and it is well worth the long read. I know it served me well(have been throguh the whole thing more then 5 times)
But lemme answer your question. A pin bar is a bar that has its close and open within the prior bar. It also has a long "nose" which is protruding away further from the other bars. It is easiest to explain with a chart, let me post one for you.
A few notes. It is more important where these bars are located. They are best at areas of confluence and swing highs and lows(you will read about this as you go through the thread.
As always demo trade to get the feel for it, it is AMAZING stuff,
Again good to have you welcome to this awesome thread!
Mike
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Feb 24, 2007 5:52pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Lou
Excuse me for interrupting the flow of this thread. Somewhere long ago there were Pin Bar tutorials posted. I have been searching for an hour or so, but cannot find the Basic tutorial. I happened to have saved to my archives the 'Pin Bars: advanced material'. But would like to back it up with the Basic.
Can anyone point me in the right direction?
Thank you
Lou
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Hey Lou,
Think this is it?
Best,
Mike
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Feb 24, 2007 5:59pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Lou
WOO HOO !
Thanks Mike
Lou
PS... now I am greedy. where did you find this?
Greedily curious, Lou
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just have a bunch of saved Forex stuff, from here and there lol
Mike
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Feb 24, 2007 9:26pm
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Resident Elmer Fudd
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Had a request for the advanced copy also
Note* these are not mine
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Feb 26, 2007 3:37am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Video, Voice....soon James will be seated in in one of those virtual reality command armchairs with 3 screens and barking out buy and sell orders while slurping on a slushie and dictating his memoirs on the side
Since this monday morning has me going totally bananas out of fuzzy market noise once again I am just going to post a bit of 15M sillyness...it's not to be taken serious....just seems like the only visible trade here today was a 15M PB and that's not a good sign :P
And what's happening to EJ, this is against all my masterful curvefitting, nooo
Ick.
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seeking usually u play these buobs on the hr no? Breaking a bunch of highs here too
Edit* Hope u didnt play that one if you do
This thing broke the trendline. Boy am I glad I haven't been messing around intraday. Man is it easier to trade off the higher timeframes.
Last edited by mbqb11, Feb 26, 2007 4:05am
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Feb 26, 2007 5:29am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Hehehe....man, no kidding, what a start to the week...the usual push and shove of the London open..well, I got hit a bit since I was honestly expecting a move PAST 1.9655, not suckering people into the drop..I'm starting to think the people that trade on Fridays aren't the same ones trading on monday
Did you take that EJ IB break? I'm currently quite uncertain whether I should be looking for a re-entry short for a larger correction or something that signals a return to a rise....and I was soooo sure we'd continue on higher...never underestimate murky Monday :P
I need a new crystal ball!
Btw, the EURGBP PB now has level eyes...will that mean more pain for cable/gj/gchf longs? ....
Edit: Ahem......I do believe I deleted that 1.9600 buy stop a bit hastily this morning....argh? Why does Monday-me delete orders that Friday-me placed? Friday-me knew what it was doing, darnit! :P
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So give yourself 3 day weekends  .
I havent entered any new trades, just holding the same old ones, and closed out of my u/j. We will have to see what the US session brings.
Mike
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Feb 26, 2007 5:37am
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Resident Elmer Fudd
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Ok so I was gonna stay out, but if this pin breaks within the hour I am going to take a small position long. This just lines up a lot more nice
We will see if it breaks.
Mike
edit sorry should say 1.96 me sleepy 
Last edited by mbqb11, Feb 26, 2007 5:49am
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Feb 26, 2007 2:21pm
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Resident Elmer Fudd
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Yep Jimmy I took a long position on the break
her is what we are looking at, let's see if this is the continuation long now.
Note though the Pin didnt close within the last bar, so it is a bit riskier of the trade, but the close was above a support.
Last edited by mbqb11, Feb 26, 2007 2:33pm
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Feb 26, 2007 8:45pm
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Resident Elmer Fudd
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Quote:
Originally Posted by billser
mbqb11
Couple of questions:
1. What are the MA's on this chart
2. Where do I get the indicator for the candle clock
Thank you:wave:
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Those are the 150, 200, and 365 emas
The indicator I will upload
Enjoy bud,
Mike
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Feb 26, 2007 11:18pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mxb
hm looks like a pinbar to me on 4hr eur/usd ...what do you think?
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I cant see what your chart looks like, but on the interbank FX feed we are showing a neutral bar.
Best,
Mike
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Feb 27, 2007 6:46pm
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Resident Elmer Fudd
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Quote:
Originally Posted by billser
When you say on a retrace do you mean that.....the Price will go down to say the 50% fib line of the last bar then move back up...potentially....then you enter the trade
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Billser,
I see you entered on the close on your broker of the pin. This is the most risky(just so happens the close is very near the break of the bar. The most aggressive is buying on the close. The next most aggressive is playing a retrace. And the most conservative play is to wait for a break of the pin.
http://forexfactory.com/showpost.php...postcount=2193 a post I made awhile ago, may help, may not
Best of luck,
Mike
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Feb 28, 2007 1:41am
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Resident Elmer Fudd
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Quote:
Originally Posted by Jimmywa
is this a pin on the daily forming possible?
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Jimmy we want pinbarsr to have very long noses that are sticking away from the price. Then we want to have small body(open -close) in relationship to this nose. Also it is much much much to early to tell, the day has only begun  (we have done no moving on the pound yet)
Best,
Mike
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Feb 28, 2007 7:32pm
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Resident Elmer Fudd
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New month time to evaluate some longer term stuff.
Gbpy/jpy last time we reached here it was major sell off time. IB formed right at this resistance.
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Feb 28, 2007 8:24pm
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Resident Elmer Fudd
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Quote:
Originally Posted by billser
At what point would you consider trading this!
And what kind of stop losses would you expect to put in place
Thanks
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You can simply play a break of the IB(high or low) and stop goes on the other side of the IB. Position size adjusted accordingly of course
Best,
Mike
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Mar 1, 2007 5:12am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Since I missed the daily formation that caused the last 350 pip drop, maybe this one I can take something on.
2x Monthly bars => bearish PB, smack dab on the .618.
Who's got the money, patience and nerves to play this folks?
Anyone? 
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here is going to be a fun one also!
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Mar 1, 2007 1:59pm
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Resident Elmer Fudd
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Yep lemme post a chart of how I got in earlier for a bigger move.
Last edited by mbqb11, Mar 1, 2007 2:10pm
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Mar 1, 2007 6:23pm
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Resident Elmer Fudd
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Quote:
Originally Posted by billser
Nice going Mike,
Please teach me more Grass Hopper.......
I Know ....I Know....Joint the PF side...lol
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lol ya it's true though, everything i know comes from what i learned in the PF.
Btw, people often have different broker feeds and ask which is better, the truth is none is better then the other. A chart through a broker is just a "Box" through which we view the markets. I use Interbank charts but if you were on sbfx feed the same 2 bar pin, show up as one perfect 4 hr pin . Always remember charts are just a way to view where price has been.
here is the sbfx chart of that same trade.
Take care,
Mike
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Mar 5, 2007 4:47am
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Resident Elmer Fudd
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Quote:
Originally Posted by FXfreak
is anybody using one of the three vegas-systems? if yes, what are your results? i read the vegas documents yesterday and wondered if it it is really profitable.
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Hey FxFreak,
I think your best bet would be to post this question in the Vegas forum area. Probably those that use it like yourself would miss your question here.
I would post in here for more answers. http://www.forexfactory.com/forumdisplay.php?f=70
I stumbled across his stuff when I first found these forums, and although I don't use it, it was so important to me that for once I could see their was more to the markets, and different ways to interpret the market(regardless if his methods are profitable or not). It got me for the first time to really think about the markets in a whole new way.
Sorry couldn't be of more help.
Best of luck to you,
Mike
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Mar 5, 2007 2:58pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Westie
Hi Mike,
Our aud/cad trade starting to come into play,
this has already been the longest held trade of my life,
I'm finally learning patience.
westie
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Mar 7, 2007 10:45pm
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Resident Elmer Fudd
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Yep a pin but no great confluence, i would rather take the nzd/jpy 4hr pin if I had to pick.
Might as well wait for a better signal
M
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Mar 9, 2007 2:12pm
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Resident Elmer Fudd
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Quote:
Originally Posted by shamstec
hi jim
thanks a lot for sharing ur great ideas
pls let me chick for this
if bars 1&2 are 4 pips apart could be as dbl?
so at bar 3 it closed high enough to break 1&2 and also the trend line
then i applied fib to bar 3 to get 50% and 61% ret of it as long entry
entry at 61 was already hit while writing _ i placed 20 pip target cos i'm afraid_
so was this setup a dblhc or nearly
i appreciate ur comment
regards
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On a 1 hour chart you want your DBL to be exact. 4 pips is too much of a difference on the one hour chart. I also suggest starting on the daily/weekly charts when you are new to this stuff.
Best of luck,
Mike
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Mar 10, 2007 4:15am
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Resident Elmer Fudd
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Quote:
Originally Posted by GeorgeW
I did 2 entries on demo: USD/JPY and EUR/GBP, I attach pictures. On USD/JPY SL is already mover, and I closed half of the trade.
Please, tell me how did I do.
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George your entries are spot on! looks like you have done your reading so far.
Glad to have you in the PF hope to see you posting inside
Best,
Mike
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Mar 10, 2007 11:49pm
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Resident Elmer Fudd
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Hey Ace if you look at post 9, these are the settings of James stuff from back then
Quote:
Originally Posted by james16
thanks trinity, yes i will post my indicators but going into what i do with them would be to much i think. lets just say i use them as support and resistance levels, they help me to see the big picture. the ma's are simple 21, 79 and 365. the exponential ma is 89. the bands are a keltner channel set at 8,1.3,1.3. i want to take this oppurtunity to thank todd mitchell who taught me much of this. if you ever want to spend two grand and actually come away happy check him out.
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Mar 11, 2007 4:38pm
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Resident Elmer Fudd
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Quote:
Originally Posted by shamstec
hi everyone
if someone cd help i'd appreciate that so much
please give comment about IB's 1 and 2
how to know if IB is bullish or bearish ??
thank everyone
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Hi Sham,
IBs are not bearish, or bullish bars. Theya re a sign of consolidation. The premise behind them is that after a period of consolidation we have a break out. They are usually played with a straddle(ie. a break of the high or low gets us into the market). You can however play a break only one way or the other if your bias is that way.
For example if an IB is sitting on a support line. Your bias would be long(since we have support underneath).
Also may I suggest to use the daily/weekly/monthly. I see a lot of people playing IBs are the 4hour, and to be honest it takes a lot more finesse as you have a lot more falses on the 4hr and under.
Best of luck,
Mike
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Mar 13, 2007 5:42am
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Resident Elmer Fudd
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Quote:
Originally Posted by Jimmywa
where is everybody on vacation? no posts here in a bit?
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Been busy in the PF  :
here is one though,
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Mar 13, 2007 10:44am
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Resident Elmer Fudd
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Quote:
Originally Posted by Jimmywa
so is this a sell setup?
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'was' a sell setup, pinbar off the 50 retrace and TL, ran about 50 pips, depending on how you played it, was a small loss the way I play them.
Best,
Mike
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Mar 13, 2007 10:52am
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Resident Elmer Fudd
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Quote:
Originally Posted by Jimmywa
the 4hour bar ib trade to the upside would have sure made some pips
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Be careful with the 4hour IBs, You will see a lot of IBs on the 4hour due to the dead time. Just make sure you are moving stops quickly. I suggest sticking to IBs on the daily/weekly/monthly till you are comfortable.
Best of luck,
Mike
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Mar 13, 2007 2:59pm
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Resident Elmer Fudd
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Quote:
Originally Posted by shamstec
hi all
should i consider sell even if 2lows have 1 pip difference
or
wait to see if left eye on weeky will be broken or not
the pb on weekly looks unreliable
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A 1 pip difference on a TBL/TBH is ok IMO on the 4hr timeframes. But remember this isnt as strong as a TBL/TBH on the weekly. Soemtimes you gotta be nimble with these breaks, ast hey only give a few points. The pound weekly pin is not a good looking pin on your broker feed. If you check out InterbankFX data feed it is small but better looking then yours. Just play them how u see them. If something doesn't look right, wait for better signals.
Best,
Mike
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Mar 13, 2007 7:15pm
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Resident Elmer Fudd
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Quote:
Originally Posted by billser
Does anyone have any thoughts on the JPY pairs. Do you think that they are in a down trend for a while. Its amazing to think that GBP/JPY can go up and down 250 points and not even bat an ey lid...
Thanks
Bill
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I think were still in unloading phase of the carry trades. Check the monthly IB we are still working off.
Best,
Mike
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Mar 13, 2007 7:29pm
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Resident Elmer Fudd
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Quote:
Originally Posted by billser
Hi Mike,
Not sure what you just said could you explain some more about the " unload phase of the carry trades" means please.
Thanks
Bill
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Do a quick search here on carry trades. You will find all the information you ever wanted
Best,
Mike
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Mar 13, 2007 8:05pm
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Resident Elmer Fudd
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Mar 13, 2007 8:24pm
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Resident Elmer Fudd
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Quote:
Originally Posted by billser
A thousand and One ways to make money.
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did that clear it up?
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Mar 13, 2007 8:43pm
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Resident Elmer Fudd
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Quote:
Originally Posted by shamstec
hi mike
1st i'd like to thank u very much for ur care
i'm a little confused about different feeds
which is the real ?
i follow crown forex feed as i use their platform
if there is a trusted broker feed pls let me know
thanks again
wael
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What I meant about different feeds, was having to do with what time these brokers are on. This will cause bars to have a different look. It is not that one is more right then the other. So we have all come to the conclusion just to play the bars as you see them on your feed. I happen to watch InterbankFX and SBFX demos, to give me a different look.
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Mar 14, 2007 3:57pm
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Resident Elmer Fudd
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was some nice pins today, hope some of you got some pips 
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Mar 14, 2007 4:01pm
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Resident Elmer Fudd
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another good setup
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Mar 15, 2007 3:53pm
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Resident Elmer Fudd
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Quote:
Originally Posted by shamstec
hi everyone
is it pb i mean a good one??
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Yep that is a pinbar
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Mar 15, 2007 4:35pm
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Resident Elmer Fudd
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Quote:
Originally Posted by shamstec
i mean where wd the be and why
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I am sorry I don't understand your question can you rephrase
thanks
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Mar 15, 2007 4:42pm
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Resident Elmer Fudd
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Quote:
Originally Posted by shamstec
hi mikesorry the the problem was with my web pageany how thanks for ur important opinioni mean how can i expect the target level ( min_max)that's the hard part for me
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I assume you mean the take profit level? Thats the hard part, it depends on the type of trader. But watch the 1.2250 level for resistance. Their is no one answer for TPs, that is part of what the individual trader has to develop.
Wish i had a better answer
Best of luck,
Mike
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Mar 15, 2007 5:28pm
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
dbhlc on the 4 hour charts
formed a tbh - strong resistance
but a stop would have to go just over this area...looks highly likely that anyone taking this signal would get stopped out...
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Next bar never broke though, so those who are more conservative, your trades wouldnt have been triggered.
Best,
M
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Mar 15, 2007 6:07pm
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
evening mbqb11,
can i clarify what you mean?
do you mean to say conservative traders wouldn't have had a long entry triggered because the bar failed to break through?
i thought the best way to play dbhlc was to take the trade SHORT at the lower close...in this case most traders would be in with a stop just above the dbhlc - which is now a tbhlc....
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Hey Wiz,
If you are looking to short a DBHLC the conservative play is to wait for the break low of the DBHLC to go short. Taking a short on the close is more aggressive. If I understand your question correctly.
Best,
Mike
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Mar 15, 2007 7:50pm
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
aha - i see! thank-you, i am fairly new to this - slowly working my way through the forum but still way back on page 23...only another 175 to go then...ah well. its only just gone 10pm...
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hehe ahh i remember when I was going through this thread for the first time. Boy was that an eye opening experience. It was like putting on glasses for the first time as a kid. Suddenly we can see!
Enjoy,
Mike
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Mar 16, 2007 4:01am
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Resident Elmer Fudd
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Quote:
Originally Posted by shamstec
hi all
regarding these pin bars
i assume the following - and please do correect me if wrong
--entry after pb formed shd be when the close of the next eye do not exceed the 1st eye
-- stop loss when it does exceed
thanks
wael
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dont be so focused on the right eye. The left eye is more improtant. Then when you find a pinbar in a good spot, wait to play a break of the pin bar on the next bar.
Best,
Mike
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Mar 16, 2007 4:19am
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
hi - i posted a nice dbhlc on the eur/chf, over two four hour bars night, thinking i was going to be showing everyone an example of how this trade setup didn't always work as the market was coming steadily back up.
it then formed a tbh and came off hard...so far, there has been the opportunity for 14 pips profit.
i have learnt so much reading this forum - i really want to thank james for that. it is an incredible source of information and inspiration for me.
i have a couple of questions, that are probably not quite appropriate here but if i don't take up much space i wonder whether someone could briefly answer them?
i am making the transition from spreadbetting into the "real" market. i have had years of experience with sb'ing but nothing at all in the realm of the big boys so sorry if i sound clueless.
1. i have been advised to setup a forex account with Onanda. are they considered to be good?
2. i am used to dealing with expiry dates on my futures contracts with sb'ing or "rolling" contracts in the spot price. it seems like in the forex market I can just hold a spot pair as long as I like without needing to roll! Is this true? do interest charges apply?
that's all
thank you so much,
T
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Oanda is great, especially because of their granularity in position sizing. You can trade for such insignificant amounts of money, but for real money on a real server. I highly recommend it over anything else.
Yes you can hold a positon for as long as you like. As for interest charges, they do apply, Oanda website has a lot of helpful resources.
This should help you in that area http://www.oanda.com/products/fxmath/interest.shtml
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Mar 20, 2007 12:58am
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Resident Elmer Fudd
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Inside Bar on the GBP/USD
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Mar 20, 2007 12:59am
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Resident Elmer Fudd
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Quote:
Originally Posted by Jimmywa
is the daily forming a pin. its at 76.4 retrace
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way to early to tell jimmy, we got a whole day ahead of us, before we need to look at what the daily formed.
Did form a pin on the H4
Best,
M
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Mar 20, 2007 1:25pm
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Resident Elmer Fudd
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Hey Pip,
Glad to see you are doing so well!
I'll throw in my 2 cents. I think if you are trading off the daily charts, exit off the daily charts. If you let every 1 hour 2 hour 4 hour pin bar the oppoosite way spook you out of a position, it gets hard to hold on. If those counter pins are very good trades, you could also take them the other way while holding your other position thinking more longer term. Of course you also have the option of dropping down timeframes to find a better exit. So if you have been in a daily trade, and are looking to exit, droppin gdown to the 4 hour can be helpful.
You stated it perfectly when talking about price action. It really is more an "art". You have to figure out the type of trader you are, and what your strengths are and play of those. I will say this, that for me I used to exit way to early because these lower time frame opposing PA bars would spook me. I have now learned to be more patient and go with the flow(you have to give profits to gain profits). It has made me more patient and disciplined.
Continue to play around with it on demo till you find your comfort zone, no dobut you will.
As for broker, I would check out Oanda, due to their position granularity. For a longer term trade they should be fine, or FXSOL.
Best,
Mike
Quote:
Originally Posted by Pip Squeak
Hello to all,
My first question pertains to contradicting PA on smaller time frames. I mainly use the daily chart to enter on the left eye of a pin formation - at a high/low, or a 'rising w' (small retrace of said high/low), with Fib confluence, and always WITH the trend. Sometimes, while waiting for the Daily pin's left eye to fully form, the 3 hour (oanda), 4 hour, or 1 hour charts have solid counter pin formations. Add to this the daily's reflection of a slightly sinking left eye (on an uptrend), and I now have cause for concern. So I exercise the greater part of valor, and use discresion - I run. I take a small loss, usually no more than 10 - 40 dollars and wait for another entry. In almost every case, I wake up the next morning to find the most beautiful pin, just smugly sitting there safely out of reach, mocking me  .
Once a good pin has formed (with a S.L. of less than 2% of my Net worth), I usually make 150 - 200 pips before cashing in. However, I have come to realize that entering a pin formation is more art then science. So my question is this: after entering on the left eye of a daily chart's pin formation - with the support of the 1, & 4 hour charts, 12 hours later you begin to receive conflicting PA in the form of a solid counter pin formation on the 4 hour chart, what would you do? Do you ride it out, or fall back and wait for better opportunities.
Second question: I'm looking for an honest retail broker w/ good execution. What brokers do guys/gals use? (I reallize that this thread may not be the best place for this question, but I'd rather hear from individuals who use the same/similar strategy as myself.)
Many Thanks,
Pip Squeak
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Mar 20, 2007 3:58pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Lamdun
You know, with all this talk about pins, it almost seems like that's all the J16 group is. In the private group, are other formations discussed? Is the pin bar still the most discussed setup? Or is that just what James is allowed to share with the public?
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All the PA bars are discussed inside. I think the pinbar just gets the most attention because in the right place, they are DEADLY
Best,
Mike
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Mar 21, 2007 3:20pm
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Resident Elmer Fudd
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Here is what the GBP/USD is working off of on the daily,
A few inside bars, the one of the 150(blue ema) is a great trae to be holding, some resistance to get passed here,
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Mar 21, 2007 3:20pm
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Resident Elmer Fudd
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this is what the weekly chart is looking like,
still working off a pinbar on support
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Mar 21, 2007 5:42pm
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Resident Elmer Fudd
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Quote:
Originally Posted by moneybags
Hey Mike,
Just to add my 2 cents here, I would stop trading live immediately if you need to re-focus and change your methods back to the basics. No point on re-adjusting your trading on the fly with real money cuz it could get ugly.
Secondly, I would definitely switch brokers to be able to trade micro lots (1 pip= 10 cents) Because with $1000, if you can only trade mini lots it's too much risk per trade.
Lastly, don't let these loses get you down. It was a lesson, and if it helps you re-focus and progress then it was a valuable one. (I've been there enough times...)
Larger timeframes and PA is the way to go. No need to pile on the indicators.
I don't have any info on when the new site for the PF will be up & running. Maybe someone can give an update.
Good luck and never quit.
Tom
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This is very good advice please listen. You need to either demo trade for 4-6 months to prove to yourself you have the discipline to follow all your rules. This involves money mgmt. You are trading to large compared to your account size.
I highly recommend you switch brokers to Oanda, because of their position granularity. This will allow you to trade for less then pennies, but still get the real experience. You can loses hundreds of points and its only a few bucks. Money Mgmt is key to success in the markets.
Don't try to rush things, take everything slow(before you damage your pockets and psyche). Remember this isn't a race, it's a marathon.
Best of luck,
Mike
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Mar 21, 2007 6:12pm
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
Hi Mike,
Just looking at your chart above with the weekly pin bar...I was under the impression that pin bars needed to have equal "eyes" (in this case, lows) in order to qualify. In your chart it looks like the right eye is much lower where it bounces off the trend line.
I might have got this wrong. P.S Does anyone know the direct link to the forum on Pin bars? I can't seem to find it but I remember a very useful pdf.
Cheers,
Tom
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Don't worry about the right eye, the focus is on the left eye.
lemme get you the link of the pdfs
http://forexfactory.com/showpost.php...postcount=2783
http://forexfactory.com/showpost.php...postcount=2788
Mike
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Mar 21, 2007 6:19pm
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Resident Elmer Fudd
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here is the daily usd/jpy
we have an I4B that has formed on the 365 and is squeezed b/w the 200 also. You can play a break either way.
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Mar 21, 2007 8:57pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Lamdun
Hey guys, is this on the EURCAD Daily a good example of a pinbar? I entered long at the high of the pinbar and set stoploss at the low. DId I play this right?
Thanks!
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according to your chart it is showing a pin bar. Yes you played this correct.
Just remember, try to find some confluence and other reasons to play Price action bars. It is more important where these bars are then anything.
Best,
Mike
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Mar 22, 2007 11:15am
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Resident Elmer Fudd
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Quote:
Originally Posted by superdezign
wow i feel a little lost, i have been reading through all of jame's posts and its excellent, but i not clear on all the formations. Does anyone have a pdf file or something on all these formations? i would really appreciate any help, thank you 
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I know their are a ton of pages to read, but it would do no justice to what you will learn to read it in a pdf. Take a few weeks and go through all these pages here then go through all the pages again. I promise you won't regret it.
Best,
Mike
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Mar 22, 2007 5:48pm
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Resident Elmer Fudd
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Quote:
Originally Posted by billser
Depending on where this breaks..... up/down, where would you place your SL
Thanks,
Billser
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Pending this closes as an IB you can straddle it(buy and sell above and below, and stops on the other side of the bar). It is just a breakout play. Now try to find some confluence, when making a decision to play it or not.
Best,
Mike
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Mar 22, 2007 7:44pm
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Resident Elmer Fudd
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Quote:
Originally Posted by ademac
Would i be right in saying the there is a quality PIN on the NZD/USD. As it is at a swing high, its open and close are withing a 10 pips and the nose is a good 50 pips long.
There is an IB on the EUR/USD on the upside of the IB i can only really see physiological resistance and a swing high. to the down side i see it in a pivot zone for the first 30 pips and a 61.8 ret.
There is also a IB on the CAD/USD on the upside of the IB the doesn't seem to be much in the way of any areas of confulence. To the down side i have the 365EMA. Also it is smack bang in the the middle of a pivot zone.
Enjoy
Ademac
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I still ahve 15 mins or so(not like much should happen) till my bars close. But these are all good observations.
Mike'
edit* lol as i post that my nzd is now breaking away from closing as a good pin
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Mar 22, 2007 7:54pm
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
ademac, i've been eyeing that pin on nzd/usd too.
i'm also watching eur/gbp. there is a dbl (1 pip difference) on the daily and perhaps a possible trend continuation breakout.
but here is my favourite.
triangle pattern formation on gbp/cad with an inside bar today.
this pair looks like it is winding real tight and i have a feeling that a break out, if and when it happens, could be violent.
tom
p.s. thank you for all your comments and i am sorry jim, for making you feel so upset with my post. i can't tell you how much better you've made me feel. this forum really is a great place to be.
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I don't trade the gbp/cad but looking at your chart we had a BEOB before this IB now. So a break down could be very probable. Keep us update on this pair, I dont have it on my charts.
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Mar 23, 2007 3:26pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Melinni
Hi James!
Can you please tell us, after all that night thinking, why you shouldn't have taken it. Is it because you should have waited for a break? or is it something else?
I ask you because, it looked like a very nice pin to me. However I didn't take it because the uptrend was so clear I was scared to short it. I know I shouldn't be scared but the las weeks playing PB have not been very nice to me.
Anyway, thanks in advance Big Master!
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It wasn't quite a pin as James said it was off by a pip. It did have a proxy eye, so it was ok enough to trade. The part that made James lose sleep was not waiting for a break(as he said he usually does).
A pinbar, is not a VALID pinbar until the low is broken.
Enjoy the weekend all,
Mike
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Mar 26, 2007 6:56pm
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
hello fellow traders,
nice pin bar developing here on GBP/EUR.
over here in london, the daily candle is just about an hour away from finishing.
it touches two areas of fib confluence - the 61 and the 38. I got these levels by fibbing not right from the top (23rd Jan) but on the retracements upwards on the 6 Feb and 23rd Feb.
the price has also retreated back below the daily pivot which is the firm black line just beneath the two fib levels.
what makes this really interesting for me is that the daily pivot was previous support in mid december - see that dbl on the left?
well, now that's resistance.
and finally, todays pin is just above the 365ema so if I put a short order beneath the low of the session today, then it would be trading beneath the 365.
i like the look of this - it's my first trade using price action. I'm going to give it a go and see if i get filled.
wish me luck
tom
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lookin good on your chart,
Mike
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Mar 27, 2007 4:08pm
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Resident Elmer Fudd
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Quote:
Originally Posted by nsscott
Hello,
Can anyone point to where I can install a pivot calculator that only shows the pivots, not the R1,2,3, etc?
I have one installed that shows all the lines but it is way to busy on the chart. I tried deleting them but they just reappear after I close the object window.
Does this make any sense to anybody?
Thanks a bunch, Scott
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]
Here is one by habeeb, http://www.forexfactory.com/showthre...ivot+indicator
that shows just the daily weekly, monthly...if u remove all the .// from the code it shows all the r1s1 etc
best,
m
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Mar 27, 2007 4:55pm
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Resident Elmer Fudd
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I thought that one wqas without all the lines
here it is
Once again this is Habeebs indicator
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Mar 28, 2007 4:38am
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
update: nzd broke as expected. for those new to this, lower line on chart was entry (5 pips below pin) and upper line is stop (5 pips plus spread above pin). for me this was a risk of 60 pips.
on the one hour, this had a beautiful setup for fine tuning entry...it broke the low of the pin, then came back up to form the right eye, then broke back below the pin. i was almost tempted to double up 
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here was the 4hr pin bar entry on your nzd/usd
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Mar 28, 2007 4:41am
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Resident Elmer Fudd
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and here is what the gbp/jpy is working off. An inside bar broke south on the daily.
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Mar 29, 2007 9:08pm
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Resident Elmer Fudd
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Quote:
Originally Posted by drj6564
Thankyou Swami,
When you say "which ones are of interest and remove the rest" do you mean the ones that match the most recent PA ? It seems to me that determining trends, support and resistance are a major factor in understanding forex yet it is probably the hardest part to learn or explain since it seems fairly subjective.... I guess this is one of the reasons why it takes so long to learn because one must take the time to study the charts and price movement/action...
For newbies (that includes yours truly) does anyone have any insights or links into learning how to determine trends, support and resistance. Its something that I tend to struggle with yet I know its vitally important..
Thanks again,
Joey Downunder
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I would pick up Pring on Price Patterns. He does great work on support/resistance and trend lines. It's worth pcikin up a used copy for your library.
Best,
Mike
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Apr 1, 2007 1:10pm
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
hi seeking. thanks for your response. i appreciate the feedback because i am still learning this pa. i guess i have found that it works so well when you take the good setups that i start trying to "see" pin bars everywhere.
still, i would like to respond to what you said about that pin bar being a "gamble." you are right - the pins did not close within the previous bars range and the proportions are off, in the sense that the body (open-close) makes up more than 1/3 of the candle.
however, since i am now on demo i am taking these signals and i have found that they are working so far - these two i posted that were not technically correct pins (coffee and usd/mxn) were just the most profitable. i have a suggestion for why this might be.
i guess if you were just entering on a retracement of the pin OR just on the close of the pin as some traders do, then it would be a total gamble but i am always waiting until the next session and entering a few ticks under the pin. now what these patterns show me is that regardless of the length of the body, they have met some resistance, fib level etc and pulled sharply away from it which leaves a long wick. however, since the body is fairly large you have less chance of entering on a false signal e.g. the price dips below the pin by a few ticks and then comes back up - which seems to be what happened to a lot of people who took the kiwi trade recently. in the trades i have shown, the price has to have a siginificant fall (because the body is longer), meaning that it is more likely to be "reliable" in my opinion.
i may be completely wrong and would value others comment on this. i know that this is not the way james taught it - thats not really debatable but i wonder if there is any merit to what i am saying. it certainly seems to be working for me so far but that is the beauty of demo...if it stops then i can drop it 
once again, thanks for your feedback. i love this pa stuff.
cheers,
tom
p.s. i'm about page 150 on this thread so far...can't wait to get onto the pf stuff when i've finished...trying to follow it all in order...free thread first and i'm reading as fast as my eyes can go..
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hey tom,
I think you will find as you trade all these pinbars and such, that it is going to pay just wait for the best pinbars. This is because you will see so many bar setups, that you can be picky. The one seeking is talking about isn't technically a pinbar, but it was in a great spot,with the flip of S/R(hence the reason the signal worked regardless of the bar) So i think the important point is that you are looking for PA bars, and where they are located in relation to whats going on. After all it is more important where these bars are then the actual bars themselves.
keep it up
Mike
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Apr 1, 2007 7:01pm
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Resident Elmer Fudd
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dont forget to keep an eye on the monthly eur/cad
best always,
Mike
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Apr 2, 2007 11:39am
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Resident Elmer Fudd
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Quote:
Originally Posted by dfstone32
Here's my first live trade w/J16 system.
I took half the trade off the table and moved my S/L to break even when I was up 20pips. My question: Should let it ride more before I scale down and cover?
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There is no one right answer here. Price Action is not a system by itself. It is a tool. This isn't to say you can't develop a system around just PA, but it takes a lot of testing to begin to feel out how you can be comfortable trading it. Keep demoing them and you will get a better feel of how to trade each of these bars.
Best of luck,
Mike
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Apr 3, 2007 8:29am
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Resident Elmer Fudd
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Quote:
Originally Posted by Porkpie
Hi All,
Excellent thread, thanks to all.
I read this whole thread the other day, and although exhausted reading it, I have advanced in my understanding of what trading is all about. Most of the basic skills I learnt in my unsuccessful 2 year trading career early on, has become lost under a ton of technical marketeering bull$hit.
So I am going back to basics: PRICE ACTION.
If somebody can provide me with information about where I can find more information on the psychology of the market, in relation to price action, patterns etc, I would be very grateful. Its all very well knowing about patterns but knowing how and why they occur will bring me a step closer to knowing the market and the dynamics of trading per se.
James, I hope you come across my message: could you provide me with a detailed list of the content of the information you provide in your Private Forum and provide a date of when your new website will be up and running? Appologies if it is listed elsewhere in the forum or FF.
You all probably know the site below. The Joe Ross trading manual touches upon similar price action discussed in this forum, such as the pin bar: http://www.trading-naked.com/Articles_and_Reprints.htm
Thanks in advance. I hope to be contributing to the forum once I wipe my slate clean of BS :-)
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glad you are enjoying this thread, thought I would let youknow whats in the PF. This is off the website thejames16group.com, i amjust expanding it a bit,although it could be even more detailed
Here is a breakdown of the private forum:
The James16 Group
1. Welcome - How to use this forum
This section is an introduction to the entire forum
2. James16 trading education
This section is where we will learn the art of price action analysis and confluence. After mastering this material
your trading will forever be improved. I have many students that after mastering price action no longer use
any indicators on thier charts. It really is that good but like anything worth knowing it takes practice and dedication
this is where James teaches his price action bars and setups in a clear and concise manner, this section also has valuable links for other technical chart patters. This section is also where James explains confluence and goes into depth on that topic. Other stuff located here such as charting/broker options.
3. James16 system trading
In this section I will teach several systems using a trailing entry approach. This section is large and its
main focus is following all the markets and inplementing what we are learning. Forex, Futures and options
on futures
- This section contains threads on New Strategies, System Example Forums, James Teaches some of his personal crossover systems, Then he has threads of currency pairs where we can all follow the price action in to forms, a read-only where only James can post, and then a discussion section for the pair where people can discuss and james can post.
4. Sundial systems - Charles' section
This is where charles will teach and follow his knife system and its variations. Its a pip monster when
mastered and can be used in all markets.
- This section is dedicated to the Knife, where Dialist teaches a complete trading methodology. Split in to place Dialist Tutorials(all the different components) and then Dialist Discussions with knife and other goodies) Too large to go into detail of eveyrthing here.
5. Fijitrader - Trading Psychology and Money Management with Douglas
Words cannot describe the importance of these subjects to your trading success. Words also cannot
describe the brilliance of Mr. Bamlett in these two areas. After reading through his sections and
interacting one on one with him you will begin to see the importance of mastering these two critical areas.
Money mgmt, psychology, and other ways to make m oney, need I say more on that
Then thereis the new video section where james fiji and dialist are posting videos with voiceover work so you can see this stuff from there eyes.
and a general discussion, with a lot of misc, and all the other stuff.
Hope that helps a bit could be more detailed but that should give you a good idea,
Mike
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Apr 4, 2007 9:30pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Aceofcards
I'm new to this, so let me know if this doesn't make sense:
There's triple confluence at ~1.9773, and it has hit and retraced twice before. Is it wise to go short if it hits again?
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that would be aggressive, it is best to now wait for a price action bar to confirm the direction you are looking to increase your odds
best of luck,
mike
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Apr 5, 2007 7:12am
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Resident Elmer Fudd
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Quote:
Originally Posted by steveshutts
Does anybody know of a broker that provides a feed via MetaTrader with whom i could trade commodities or CFD's with. I have noticed on this thread that some of you trade Gold etc. Do you use a MetaTrader broker for this?
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windsor direct has gold/silver and a few other commods in it they use mt4. http://www.windsorbrokers.biz/web/cm...o_Account.html
I don't know about live trading with them.
best of luck,
mike
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Apr 6, 2007 3:02pm
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Resident Elmer Fudd
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Quote:
Originally Posted by GeorgeW
Hi everyone,
I've finished what I could on PF.
I need to watch my ruined finance, so I'll take off from PF, and come back later.
I meantime I'll post here.
I'm already in it, but today is a sort of confirmation:
Weekly Pin, a few days ago Daily pin.
May you All have a Great Weekend!!!
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we do have a weekly pin formed, but be careful that daily pin inst a pinbar. The nose wasn't long enough in relation to the body. Yes this trade worked, but many more will not when the bar looks like that,
best,
mike
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Apr 9, 2007 11:05pm
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Resident Elmer Fudd
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Quote:
Originally Posted by shamstec
hi alli'm in abig troubleneed help plsshort g/uwith large lot almost loose all my accountif any idea if it's going down or i should get out nowpls helpthanks a lot
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shamstec that statment worries me, you should never have enough on one trade that your whole account is at risk(i hope this is a demo account)
Please check out the money mgmt section stickied in the Beginner section
http://forexfactory.com/showthread.php?t=3690
Mike
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Apr 11, 2007 3:58am
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Resident Elmer Fudd
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Quote:
Originally Posted by steveshutts
Anyone eyeing up this inside bar on the daily on Oil? Trend is down and looks like bear flag continuation pattern on 240 chart but at confluence support area, 365 ema, trend line, old daily resistance, near to 78% fib.
A break either way could be valid here. Any comments?
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yep steve good analysis, of course i think we would be more biased for a move up here keep the rising TL in tact. we are working off an IB short on the weekly though
Good job,
mike
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Apr 11, 2007 10:41am
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Resident Elmer Fudd
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Quote:
Originally Posted by steveshutts
Here is a question regarding risk/reward for those who are taking profits consistently. I did ask something along these lines before but would like to raise the issue again.
I suppose it boils down to whether you are an all in all out trader, or you scale out etc. I like to scale about half my position at a pre-determined target area so i can move my stop to BE and book partial profits.
However, i am at a constant battle as to what is a good risk/reward for the first target. What do you guys do?
I recently took an AUD/USD short before the easter break and i could have taken partial profits which equated to my initial risk in pip size. However, i think that we need to see about 1:1.5 at least before scaling so i didn't take profits and i got stopped out. This was mainly due to the fact that i was away until yesterday and i could not manage the trade, otherwise i would have moved my stop to BE when price had shown strong support.
I was just wondering whether you guys have a pre-determined risk/reward and if this is not met then you leave the trade?
Also, regarding the entries on these setups. Say, for instance, you wish to take on a dbhlc trade but you want to get in on the retrace to manage a smaller stop, the same goes for a pin bar. Do you wait for the break of the low/high of the bar first and then wait for the retrace?
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This is really where the most work on your trading is going to be with discretionary PA. Just some points to consider. If you are scaling out of a trade make sure it's because it is actually increasing your profitability, not for some emotional reason, like hating to lose, or hating too see a winner become a loser. A good thing to do is go over past trades(a large sample), and see where you intitially took 1/2 off, and just see what your profit would have been had you let full profits run.
As far as R:R, no one says you have to have a set R;R, again lots of testing here. There are numerous exit strategies to think use that may cut your losses and let profits run without having to use a fixed R:R. Such as a trailing stop(trailing previous X bars etc). Just food for thought. Exits are the key here, and its going to become a personal thing.
As for retrace, the whole idea is to get in before price breaks the bar. Although who's to say you can't do both. But when people talk about getting in on a retrace, they mean before it breaks.
Hope this helps best of luck,
Mike
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Apr 11, 2007 11:33am
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Resident Elmer Fudd
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Quote:
Originally Posted by steveshutts
CHeers Mike,
Is this something you have just looked at from forward testing? There are so many factors influencing a decision with this kind of trading that you cannot backtest, as it is discretional.
I suppose i choose to scale for emotional reasons. It enables me to stay in a trade for longer, ensuring a free trade and i can trail the remainder behind swing points etc. I have just started using these setups so cannot look back over past trades.
This is indeed the hardest part of trading. Its all very well for people to say don't let winners turn into losers, but if you always take that attitude then you end up cutting profits all the time.
Nightmare!
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After I had months of trades under my belt(that were scaled out), I went back and redid all my trades had i taken full profit at the point I first scaled out. Needless to say BIG DIFFERENCE in my bottom line. It will be different for everyone too, have to find your niche.
There is ALWAYS going to be a trade off. If you move stops, your preventing profits from runnings, if you don't your increasing losers, etc etc. The idea is to find something that gives us some kind of edge in the long run, then to exploit that over and over day in and day out being confident in our method.
keep up the good work
Best of luck,
Mike
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Apr 11, 2007 4:00pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Trumpcard
WOW! can't believe how enormous this thread has grown!
Mike, for was the BIG DIFFERENCE in profitability favoring scaling out or favoring taking full profit at first exit point?
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favor of taking full profit, scaling out doesn't make sense to me. Cause people scale out of their winners, then take full losses, and end u p chasing their tails. Takes a lot more finesse to be scaling out, and in the end actually helping your bottom line. Everything should be done for one reason, to increase profit. Most people scale out so their psyche remains in tact.
best,
mike
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Apr 11, 2007 4:02pm
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Resident Elmer Fudd
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Quote:
Originally Posted by archangel
BTW , as JIM said he use 21 , 79 , 365 SMA and 89 EMA on the chart . Can anyone tell me what is the purpose for every MA ? Is 365 SMA work like 200 SMA ?
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yes that was neutral bar,
too answer your question about MA, they are all EMAs,. The purpose of the larger EMAs is to be used as support and resistance. Example price reaches the 365 ema and forms a pinbar.
best of luck,
Mike
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Apr 11, 2007 4:03pm
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Resident Elmer Fudd
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Quote:
Originally Posted by shamstec
hi all
could some one tell if it's good enough to look for going long the g/u now
or this pb is being engulfed-almost- by the last on it seems after mr bernanke speech the g/u well not head up ..confused??
thanks all
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The weekly pinbar has no been invalidated yet. This means someone who played a short on the break of the pin would still beholding the position. Once it breaks the top of the pin, it is no longer a valid pinbar.
best,
mike
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Apr 11, 2007 4:20pm
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Resident Elmer Fudd
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Quote:
Originally Posted by shamstec
hi mike
thx for ur reply but me being zero about news facts i can't see what could the speach of mr bernanke affect g/u can u pls tell if there is any pls
much appreciated
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i couldnt tell you how his speech will effect the long-term of the g/u, i know FOMC minutes were hawkish. I don't really pay attention to fundamentals, just know what is coming out and when.
Best,
Mike
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Apr 12, 2007 3:49am
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Resident Elmer Fudd
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Quote:
Originally Posted by steveshutts
Thanks for the reponse guys. I must admit, i do believe that by scaling you end up chasing your tail a lot of the time, which is what i have been doing for a long time. I just wanted to get an idea of peoples risk/reward attitude before they take a trade on, and from traders who are making a living from this.
I know that it depends on the probabilitly of hitting that target etc but just wondered what people think when it comes down to making this decision. We all know the pre-determined risk when taking a trade on, your entry minus the stop gives us this. Do you guys have a fixed target, and if so, do you have a rough estimate of want you want to achieve regarding your risk/reward? I am sure you wouldn't take on a trade that has resistance nearby that equates to the same size as your risk in pips?
Or do you simply look for the next major level of support/resistance and wait for price action at that level. If it smashes through then you hold on to the trade, or if it looks like it is going to reverse then you take profit. The thing with this method is that it is very hard to tell the difference between a retracement and a reversal before its too late and all your profits are taken away.
Do you trail stops on the full position? Just wanted to get a take on these things really. We never really know how far price is going to run and by trailing stops you can catch more of the ride but also you can leave lots of pips on the table when price doesn't trend, which is more of the time!
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Exits are a very personal thing, there are all kinds of variations. It really becomes a testing process. Some people used fixed targets based on R:R rations, some use fib extension, some use S/R with price action, some trail. Their are positives and negatives with everything you do. The idea is to find something that works consistently enough to produce a positive expectancy. This is only going to be achieved through extensive testing on your part, to find something that works for you. I personally found trailing on the 4hr time frames, and using a combo of trailing s/r pa on the larger timeframes(have a whole thread dedicated to exits in the PF)
For instance trailing stops will help cut losses, and help stay in for longer runs, but at the same time may take us out on a small correction. Pros and cons. A fixed target could produce a great R:R, but saying price HAS to reach a certain level is tough, cause who knows where price is going to stop and what if it comes within 10 pips of a 200 pt target, do you let it reverse and hit your stop? The answer comes back to your testing.
Test tons of methods to find one your are comfortable with. Then forward and backtest the hell out of it. Once you can get some idea of the expectancy of your overall system you can start making some consistent pips.
Best,
Mike
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Apr 12, 2007 4:07am
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Resident Elmer Fudd
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Quote:
Originally Posted by steveshutts
With regards to backtesting a discretional approach. How did you go about this Mike? Did you step through years of data bar by bar on the weekly, daily and 240 charts? Did you perform this on various currencies?
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yep also i recommend forextester if you dont have the discipline to use the f12 key
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Apr 12, 2007 12:40pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Don't see that BEOB. I got a PB at the low.
Same story as on USDCAD in effect(also pinned).
USDCAD doesn't have such a nice channel however :P
EURCAD is an unknown entity to me, but I spent a minute alone with it and this is what I can quickdraw you.
This chart is NOT trading advice. This is simply how _I_ would look at this.
Don't change any of your running trades just because I am posting this.
I just wanted to make you aware of a possible squeeze to either side here. Could be it gets squeezed up, exhausts after a short while and uses that impetus to smash back down to new lows.
Things like to do evil stuff like that 
Could also just squeeze out to above the descending TL and find footing again in the chan and even hop that. Trichet is due today, so anything goes.
Edit: just saw the_wizard's post - yea, that 4h PB sits smack dab on that supporting trendline. So unless that goes, it's still got good support. But nothing lasts forever, eh? *g*
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thought i would throw this up for you, yeah u know me and the monthly charts
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Apr 12, 2007 3:35pm
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Resident Elmer Fudd
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Quote:
Originally Posted by shamstec
hi mike
would u wait for monthly bar to close?
and if it closes heigher than it opend - but still lower than the nose - wd u still go short?
i'll wach for it pls sign me up on that trade
thx for ur very nice shots
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if the current month breaks last months bar(pin bar) then it is a valid pin bar and you can short it with proper MM and allthat good stuff
best,
mike
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Apr 12, 2007 6:48pm
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
shamstec, by "break" i am fairly certain mike means as soon as the price goes below the pb low. it does not have to actually close below it.
tom
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yep thanks tom
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Apr 18, 2007 4:57am
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Resident Elmer Fudd
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hello wizard,
I only just saw your post after seekinglight responded to you. I just want to say sorry about your situation, don't let this bring you down, cause that will not help you move forward. People looking to trade and earn and live off their trading are in for a big surprise if not done properly. Any of the guys on this forum will tell you, it took a lot of time, and a good amount of them probably blew their accounts at first(not saying you have to blow an account or anything like that). Basically my point is take things slow, don't try to trade with money you need to survive. Especially when you are in a circumstance for trying to pay bills and live off. This is letting your dreams get ahead of your brain.
I am going to equate this to poker, because this is where I earned my living for 4 years. When I first started out I deposited 50$ into a site, and lost it . Went up a bit then down then up but learned a lot along the way. I didn't depend on that 50$ to live off. It was only my first step into something I enjoyed. Slowly I began to learn to really play the game. The next time i deposited that money grew (slow but grew non the less). Meanwhile I still had a job, and did all the things I needed to. I wasn't about to take the 5,000 in my bank account and go to the higher tables. Slowly I really learned the game, and realized I could make a living(for a college kid) at the tables. Then I deposited a little more money. My friend on the other hand, began to see me winning quite a bit of money, and said it's just poker I watch it on tv, play with you etc etc. Deposited over a grand, and proceeded to lose it within days.
My point is to always do things logically. I have met many people who think they are going to quit their jobs with a $1,000 account in forex. I am not sure how much money you lost, but at least you can recognize your mistake, and now you MUST move forward. BTW you are no were near the first and you surely won't be the last. Take all you have learned and learn to trade consistently on a demo like YOU said. Then prove it to yourself on a micro account. Then a mini. You sound like a young guy, time is on your side too
Head up!
Best to you,
Mike
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Apr 23, 2007 9:34am
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Resident Elmer Fudd
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Quote:
Originally Posted by vlazaf
Can someone please explain and maybe give an example as to what an IB4 is and what are the necessary requisites. I have searched the forums without success.
Thanks.
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An I4B is simply when you have an inside bar that has a smaller range(high - low) then the previous 3 bars. Although you can have an I5B and I10B etc.
Here is an example on the GBP/usd today
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Apr 23, 2007 1:09pm
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Resident Elmer Fudd
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Quote:
Originally Posted by moneybags
Hi Nate,
I'll jump in here and try to answer the questions. (Mike can add his thoughts too)
The way the I4B is played is that you would go Short or Long depeding on how it's broken by price. So if price went below the I4B's low you would go Short and vice versa. But most people will have a bias on where they think price will head so will only play a break in that direction. (it's personal preference really. Some will put a BUY stop above the I4B and a SELL stop below)
And for your second question, yes it has to be inside the previous bar as well as having the smallest range of the previous 3 bars. If it's not inside the previous bar then it's not an I4B.
I hope that helps and makes sense.
Tom
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My only points to add, is I find it better to be unbiased(this is somehting you will have to get a feel for) and I always reverse my position. Meaning ifi take a short,and price comes back up and stops be out on the same day I close and reverse.
Thanks Tom,
Have a great day all,
Mike
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Apr 24, 2007 10:14pm
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Resident Elmer Fudd
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here are the files I located clicking the paperclip button on the James16 thread
PinI4Bbar AHA 0[1].1.mq4
PinI4Bbar AHA 0.1.mq4
I have NEVER used this indicator, so I can not tell you it's reliability.
Never the less here are the files,not sure which is the one you want
I highly recommend going through tons of charts and identifying bar by bar over and over on past data and labeling what they are. Soon it will become second nature.
Best,
Mike
Quote:
Originally Posted by jarcrocker
I had seen in this thread as I was reading through it someone had an indicator that helped locate Inside bars. Does anyone know who that was or have it. I can't seem to find the posts I saw before. I'm trying to train myself to look for all these things,pin bars, ib4, dblhc, beouvbgsxz, Its a lot to take in. How do you guys do it? By the time I think I've found a good trade I find another reason not to take it. I'm trying to follow James guidlines of looking for reasons not to trade so I can find the best ones. Anyway, pin bars are easy to locate and the Outside engulfing bars or somewhat easy. But Dblhc and inside bars. Miss 'em every time!!  Back to my difficulty, I can't find the indicator for IB's....... help please.
PS. Thanks for everything ya'll are doing. Us newbies to PA are very appreciative!!! 
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Apr 25, 2007 4:49am
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Resident Elmer Fudd
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Quote:
Originally Posted by Wanderingwow
Thx for the post Mike, say, how do you use the paperclip function, been looking for that but no luck yet.
"WOW"
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The paperclip is on the left
 Sticky: james16 Chart Thread( 1 2 3 4 5 ... Last Page)
 james16
just u have to do it in the main forum
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Apr 25, 2007 6:42pm
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
not sure i agree with this...maybe that would be the case if you were trend trading but what about if you expect a continuation of this recent move down...then this would be a perfect setup - an attempt to resume the trend up stalls at the 50 and forms a pin...
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going to have to agree with seeking here. I understand what you are saying, but make sure this is something you have extensively backtested, as this is not how james teaches to play pinbars.
happy trading,
Mike
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Apr 26, 2007 6:35pm
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Resident Elmer Fudd
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Quote:
Originally Posted by 2mas
Hi Guys,
As I am studying this precious thread, I remember an important observation posted by Seekinglight or Mike, not sure, long time ago ( at the very beginings of the thread) about the thursday massive runs for the GBP/USD, which he mentioned always happen to retrace around 70 pips and then continue the run in the same direction on Friday for another 100+pips
Anyone remembers that post better?? I am searching for it now.
Any ideas??
Thanks to Jim and alll of you guys.
2mas
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wasn't me

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Apr 28, 2007 8:59am
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Resident Elmer Fudd
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Quote:
Originally Posted by zzz
i found in one place of the thread that jim recommended 365 sma, and in other places he referred to 365 ema. which one he uses?
thanks
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ema
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Apr 28, 2007 1:52pm
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Resident Elmer Fudd
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Quote:
Originally Posted by zzz
thanks mbqb.
jim also said that 79 is sma and 89 is ema. i am playing with them, but would like to make sure i am using "proper" settings. am i correct with types of mas here?
are 2BH on GPB/JPY and EUR/CHF weekly good continuation setups? Will you be trading them?
thanks.
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I think the 79 and 89 are old emas he used to use. Stick to the 150, and 365 emas for now. Really they are all you need. The more advanced stuff inside the PA involves a few other PAs with some systems James teaches.
As for the GBP/JPY weekly mine is not a 2bh, Mine is showing an Inside Bar. And the Eur/Chf is more like a 3bh, and would be a nice way to play a continuation of a break of these 3 bar highs
Best,
Mike
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Apr 28, 2007 2:59pm
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Resident Elmer Fudd
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Quote:
Originally Posted by zzz
thanks for your help, mike. just curious, why you chose to be a firekeeper here?
i also have a question for vmaranhao:
i installed your indicator and it looks fine to me. it already helped me to spot some stuff that i missed without it.
it messes up with my time to the end of bar readings, though. how would you deal with it?
i attached the picture.
mimas, if you are saying that white does not show up on your chart, this tells me that you are using a white background. Switch to the dark one, or you will lose your eyes. you will need them later to count all that money that you will make on trading.
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not sure what a firekeeper means sorry lol
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Apr 29, 2007 3:30am
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Resident Elmer Fudd
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Quote:
Originally Posted by zzz
Mike, firekeeper is the one who keeps the fire burning. I am not sure it is from a dictionary.
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ahhh I will tell you exactly why.
I am where I am at today because of the generosity of people on this board. If it wasn't for people giving back, I would be in a 9-5 job right now. I owe a lot back, as was given to me.
I wish you all a lot of success in this business and I am here to give back as I can.
Best always,
Mike
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Apr 29, 2007 10:51pm
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Resident Elmer Fudd
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Quote:
Originally Posted by zzz
Mike, from your experience, if I am usually getting to my computer 1-1.5 hours after new the daily bar starts to print, how much it distorts my trades, given that they will now mostly be based on daily bars? Or it will somehow average itself out?
Sometimes move goes in my favor, sometimes against. European/US pairs are not traded at this time actively, but anything Yen, AUD, NZD related may have big moves.
Thanks.
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Ya unfortunately it will be a give and take if this is the case. Also many brokers have different daily bar closing times, depending on who you are using for your charting. Maybe you can find one that closes an hour later for you to make all your trades based on that.
Mike
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May 3, 2007 12:14pm
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Resident Elmer Fudd
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Quote:
Originally Posted by vlazaf
Anyone taken the break of the 9am BST Pinbar on Usd/Yen @ 120.25 on the 4 hour TF.
Does it meet with set PB criteria?
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I got in a bit different today.
I rarely trade under the 4hr timeframe(recommend anyone new please stick to the higher timeframes)
Here is a trade I got in on just happened to check the chart
PS haven't posted many PA setups, because frankly I haven't taken too many as nothing has fit my liking recently, just a few here and there
You guys are doing really great in here keep it up 
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May 3, 2007 12:18pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Calulated Risk
231 pages and 3,500 posts later.
my eyes are killing me and could do with a Red Bull or two..... and it's taken me two weeks to get this far.
Well done to all who've contributed to this thread - you know who you are.
I'm ever so pleased to have found a thread that is 99% legitimate one for all and all for one. no BS, no slagging off, and no time wasting (unless you consider praise and appreciation time-wasting).
Thank you, thank you, thank you. Amen!

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awesome! It is a great feeling the first time through, and trust me you will go through it 2-3 more times I bet. I know I did.
Good stuff hope to see you posting!
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May 8, 2007 12:59pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Mr Trend
It's a beautiful trade. I just scaled in yesterday... I'm shooting for around 4600...
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just scaled in?!
Just kidding, but anyway this baby should cruise on down
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May 8, 2007 1:05pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Mr Trend
Heh heh... yeah. I just opened last week. This pair is AUD/USD's little cousin in terms of how slow it is, but when it does move, it moves.
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so true.
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May 11, 2007 2:22am
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Resident Elmer Fudd
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Quote:
Originally Posted by attictrader
Help! I have had MIG-Metatrader4 demo installed for a month and it has expired.....I remember reading on this thread, I think, that there's a way to renew the demo while retaining all the addtional indicators and templates which I have added during the month..........can anyone advise me how to do this?
Thanks in anticipation
B
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go to file and just do open an account
just sign up for new account
Mike
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May 11, 2007 2:31am
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Resident Elmer Fudd
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Quote:
Originally Posted by attictrader
Thanks, Mike.
It was that easy!!
I am now set up in new account and am a happy chappy!
Now, just need to earn a few pips!
B
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Go get em!
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May 11, 2007 1:24pm
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Resident Elmer Fudd
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patience and discipline and ANYONE reading this thread can make money in this market if you put the time and energy into learning what James teaches
this one was easy as cake
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May 13, 2007 7:20am
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Resident Elmer Fudd
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Quote:
Originally Posted by x2012
James: First of all, I would like to thank you for all the work you have put in over the years that led to the formation of perhaps the most important thread I've ever seen on forex forums.
Anyway, down to business:
I've spent the last few days going over this thread and I have come up with a couple of questions:
1) Could someone be kind enough to explain if there's any difference between DBHLC(or DBLHC) and TBH(or TBL) formations?
I understand exactly what DBHLC(or DBHLC) is and how to play them but I'm not so sure how to play a TBH(or TBL)
2) James mentioned somewhere in this thread that he will be revamping the PF to make it better? Has that been done yet? I ask because I'm itching to join in on the fun. From what I've heard time and time again is that the PF is worth the cost anyway; but since some new stuff is expected, and I cant afford more than a month, I might as well get in at the best time (kinda like an FX trade eh? )
Thanks in advance for any replies.
Keep up the great work James, mbq, Seeking, Habeeb, Wizard and everyone else 
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Hey
A DBHLC is when we have Equal Highs but the current bar finishes with a Lower close then the previous bars Low. So a DBHLC is ALSO a TBH. BUT a TBH is not neccesarily a DBHLC. Again the important part of the DBHLC is that the current bar closes lower then the previos bars low.
So if you have matching highs, that is a TBH. And if you have matching lows that is a TBL
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May 14, 2007 7:04pm
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Resident Elmer Fudd
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and I4b almost completed also
best
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May 15, 2007 2:53am
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Resident Elmer Fudd
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Quote:
Originally Posted by tdion
if i had a pip for every one of your posts jim.....
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2,648 , how big of a line would you be swinging

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May 15, 2007 3:11am
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Resident Elmer Fudd
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Quote:
Originally Posted by james16
mb has the best avatar on the whole forum. i crack up everytime i see it.
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lol sad thing is how long it took me to make in MSPAINT
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May 15, 2007 3:57am
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Resident Elmer Fudd
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Quote:
Originally Posted by Mr Trend
I have found that that line of thinking will get a person in trouble. When you trade smaller timeframes, you set your SLs and TPs according to that timeframe. You would've done well on that BUOB tonight...
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yeah I definitely agree here. Planning and thinking through a trade is one thing, over thinking that leads to a whole new set of problems.
I did incredibly better once I stuck to each individual timeframe in and of itself.
That is what worked for me, I see people doing it both ways. Find your niche.
Hope everyone is making pips
Mike
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May 15, 2007 1:14pm
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Resident Elmer Fudd
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Quote:
Originally Posted by vasyuta
Nice PB formed on 4H EUR/CAD
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This looks like a nice one and could start some of the retracement on this dive bomb.
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May 15, 2007 1:15pm
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Resident Elmer Fudd
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Quote:
Originally Posted by lstd
Looks like a nice bearish pin bar off the 61.8% Fibo Exp of the last upswing. Currently though the price does not seem to correspond. What do you think, is it worthwhile putting an order in at the retracement below the pin bar? Thanks!
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I am just a fan of playing a break of the low of the pin, but if you want to put an order on a retracement you can, if that is how you are comfortabletrading. Just remember the pin isn't vaild till it breaks the low.
Best
m
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May 15, 2007 11:00pm
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Resident Elmer Fudd
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Quote:
Originally Posted by dimmi
I traded this on Demo, I had a SL of 40pips.. got stopped out.. is that SL too big for that timeframe, or too small.. u reckon?
Tnx
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remember it isn't the size of the SL that matters. Just adjust your position size accordingly
Best,
Mike
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May 16, 2007 7:47am
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Resident Elmer Fudd
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I like to scan as much as possible and take the best setups.. This prevents one from getting antsy or makinga trade out of boredom.
But if you feel uncomfortable with this, then stick to a few pairs. There is nothing wrong with either way. You have to develop a method that fits your needs,or you will never be comfortable trading it.
There is an important point that you shouldn't trade a pair if you don't know how it moves. An example is someone who trades the euro and all of a sudden wants to apply the same knowledge to a pair like the gbp/jpy.
So i think it is a combo of what you are describing.
Best,
Mike
Quote:
Originally Posted by zzz
james, you never addressed this one as far as i remember, at least in the public forum.
what would you recommend: to trace as many securities as possible, looking for a setup one is comfortable with, or to concentrate on fewer securities (not only currencies) but develop a better feel for them?
it looks like most people here are tracking as much stuff as possible. i somehow starting to feel uncomfortable by doing it this way. it is almost like generally talking to too many people without actually getting to know any of them individually.
i have met different opinions regarding this matter.
Definitely, each security has its own personality and once you learn it in depth, your gut feel will lead you through. from this point of view restricting the number of the pairs tracked may speed up the process of getting into the success zone.
i would say that by tracking more pairs you develop a better feel for the setup irrelevant to what you trade (a pin for example), and by tracking less pairs you develop a better feel for the underlying security, given the same amount of time and effort spend. both ways might work. maybe it depends on who we are? say, a social butterfly in general life would feel more comfortable trading more pairs, same way as they relate to people?
what would you recommend?
Mike, what is your take on it?
thanks.
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May 16, 2007 12:40pm
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Resident Elmer Fudd
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Quote:
Originally Posted by zzz
Thanks Mike,
Yeah, I will probably concentrate on fewer pairs but will try to get much deeper feel for their behavior and relationship.
It is funny ? you became a successful trader to escape working 9-5, and now you are trading more in order to fight with boredom. Time to get back to work?
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Don't fall into that trap. I did awhile back, and I went back to trading too much on the smaller timeframes and coming out breakeven. The better my trading gets the less time I trade. Trading becomes routine, and from routine comes boredom. Instead I fill my extra hours with doing stuff I enjoy. Plenty of stuff to fight the boredom, especially when you are making $$
Also regarding learning a few pairs. Once you learn a few pairs and go live with them(so demo to micro first!) So say you are live on the euro pound and u/jpy. Then run on demo a few pairs to learn those while you trade micro live. Then keep that progression. Slow and steady. and as James always stresses, treat this like a business, your baby and watch it grow!
Best,
Mike
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May 16, 2007 12:44pm
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Resident Elmer Fudd
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Quote:
Originally Posted by MIG
Dont you just hate it when this happens... price went back up to the exact place my stop was took me out then reversed right back down to where i was thinking it would go!! grrrr
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yeah that feeling always stinks, but as long as you can shake it right off and not let it change any decisions in the future it is ok
Interesting enough, how I always stress our charting packages are just a way to view the market through a box.
Your feed the first pin showed, my feed showed the second pin.. Both pins exist, just how we view it
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May 16, 2007 8:31pm
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Resident Elmer Fudd
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Quote:
Originally Posted by moneybags
We also have a DBHLC on the EURUSD.
Any thoughts on this?
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yep euro is getting interesting. I will look to play a break of the TBL from a few days ago or the TBH break.
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May 17, 2007 12:28am
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Resident Elmer Fudd
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Quote:
Originally Posted by dimmi
EURGBP 4H
Pinbar, seems to be around 38.2 Fib,.. not sure on this one.. what's everyone else think?
I'm messing around on Demo with it anyway, not sure exactly on SL and targets for this one (yet)...
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Stick to always placing your stop at the low of the pin. This really is the best spot, some choose to have them higher, but don't try to finesse themtoo much, until you get real good at them. Even then you will probably end up leaving your SL at the bottom. I still do.
Best,
Mike
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May 21, 2007 11:48pm
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Resident Elmer Fudd
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Quote:
Originally Posted by yendis70
Thanks for this thread. I am very new to this thread & forex. The 1st pg of this thread started w/ charts. Where would I go to see the actual set-up?
Thnx, Sid
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Hey Sid,
Welcome to the start of your journey. This thread has tons of pages of information. The information is not meant for real time trading signals. Instead it is intended to start your foundation to learning how to trade price action. I recommend going through each and every post and taking notes.
Best of luck,
Mike
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May 22, 2007 12:16am
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Resident Elmer Fudd
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Quote:
Originally Posted by yendis70
I've started doing that already. And I'm overwhelmed by the knowledge & the technical tools utilized in this FF forum. I'm addicted enough to forex to keep plugging away.
Sid
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That is what it is all about bro. It is quite a ride, and I think it is one of the most enjoyable rides. You picked a great place to start your education. Please feel free to ask questions or PM directly if there is anything you need.
Best of luck,
Mike
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May 22, 2007 3:40am
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Resident Elmer Fudd
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Quote:
Originally Posted by fl_tradin
I took this trade, currently in it....i had a pullback bias on cad.jpy and this helped confirm my bias and intiate a trade. Target around 111.35 so long as 111.65 gives away.
thanks james16!
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just a heads up for it to be a valid DBHLC the second bars close needs to close lower then previous bars low. That is more like a TBH/TBL break
Best,
M
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May 22, 2007 6:34am
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Resident Elmer Fudd
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Quote:
Originally Posted by razldazl
Hi all,
does a BEOB have to close lower than the previous bar or just close lower than the close, I know the bar has to encompass the earlier bar, but Im not sure about the close...thanks
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yeah for a good beob we want the close to be lower then previous bars low as well.
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May 22, 2007 11:18am
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Resident Elmer Fudd
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Quote:
Originally Posted by mimas
Hi James,
I have been through the thread once and am recapping a few areas at the moment.
This might seem like a silly question but can I just ask when you say use daily and weekly charts as these are much more consistant where PA is concerned, is this the only reason for using these longer TF?s ?
I realise obviously things move more quickly on the shorter timeframes and less pips are expected. But just wondered if there were more reasons ???
Stay Lucky.
Mimas.
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The larger the timeframe the stronger the signals. A pinbar on the weekly is stronger then a pinbar on the daily and all the way down. Another reason is noise. Trading intraday 15 min charts, a lot of what you are seeing is plan old noise, and people just get chopped to death. The smaller the time frame the more people tend to overtrade. Overtrading = blowing up for so many people. Larger timeframes are less stressful, less time consuming, and produce lots of pips!
Unfortunatley many people are drawn to forex b/c of the high leverage and their gambling sides come out. People believe that you always need to be in the market, so they pull up that 15 min timeframe and just trade themselves into a hole.
Hope that clears it up a bit, James is one smart JACKED dude
Mike
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May 22, 2007 1:37pm
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Resident Elmer Fudd
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Quote:
Originally Posted by fl_tradin
Ahhhhh, second close lower than the previous bars low.. I missed that part first time around.
Is there a file that outlines the rules for each formation and defines the acronym each one?
thanks
vince
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Ty mimas
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In the PF it is more clearly laid out. Since this is a public thread it takes more scraping through posts to get each bit of information. But most formations on this thread are at one point(if not numerous times) given by definition. If there is any specific formation that you feel you missed the definition of feel free to ask.
Best,
Mike
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May 22, 2007 3:47pm
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Resident Elmer Fudd
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Quote:
Originally Posted by shamstec
talking about confluence
ma + some pivot indicator + fibo levels
what's the best ma setup to use ?
and the best pivot indicator ?
i have the auto pivot indi ( bivot + 3 r/s ) levels
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the 365 and 150 and I personally liek the 200. All EMAs. You can use them as S/R and more advanced stuff that is taught in the PF that James teaches, which is beyond the scope of this thread.
The 365 is a must have 
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May 22, 2007 7:00pm
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Resident Elmer Fudd
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Quote:
Originally Posted by shamstec
you'r really helpfull
i'll use 365 ' 200 ' 150 ma's
but if any of them is in an area near to fibo level then it wd be confleunce ??
i know i'm asking many quistions :
it seems i'm following that u/ch idon't know why
it's retrarcing but i can't cach him with a reversal pa pattern
or shd i wait till it bounces off of 365 ma which is at wr & mr area ?
so what do u think ?
regards
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yeah the idea is to find confluence with Fibs and MAs. Scroll back over a daily/weekly with just the 365 alone. Look for price action at these areas. Same thing with the swissy. Don't just assume a top is occuring or price should reverse. Look for price action to give you confirmation. Don't go chasing a trade, let the setup fit your criteria, and your odds of success will increase greatly
Best,
Mike
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May 22, 2007 7:03pm
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Resident Elmer Fudd
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here is a chart of the usd/chf daily....right at the TL and close to the 365 and we formed an IB
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May 23, 2007 12:44pm
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Resident Elmer Fudd
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Quote:
Originally Posted by shamstec
hi mike
thanks a lot
now i 've ma's . fibo ( manuall )
but still can't find a suggestion for a good pivot indi
what about the one attached yesterday ??
e/u today has bounced off of 200 ema on 4h
now i know why u like it
thanks again
regards
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I don't use a pivot indicator myself, but the best one out there is the one made by habeeb
http://forexfactory.com/showthread.p...ighlight=pivot
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May 24, 2007 8:14pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Goozman
Book... What book?
Jim, are you writing a book? 
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no book lol
New website in the making though
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May 24, 2007 10:02pm
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Resident Elmer Fudd
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Quote:
Originally Posted by james16
yeah i have to admit i laughed when i saw this and then i went and looked at some of my old trading books and really laughed. i could do a damn good one and who knows, maybe someday.
jim
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damn straight you could, with matching dvd set
i am personally waiting for the james16 music video
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May 25, 2007 1:12am
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Resident Elmer Fudd
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Quote:
Originally Posted by yendis70
I'm at kindergarten level & not sure I should be continuing in this thread, but it's very interesting. Thnx
BUT--I don't understand much of it:
don't understand application of wkly pivot level, or how to put in on a chart.
what is fib confluence
you mentioned pin bar; which one?
Sorry--I know this is very basic. I'm on pg 9 & will continue to read & study graphs. It seems I'm the only one in the thread not knowing a hell of a lot (more like not knowing a hell of a little).
Thnx, Sid
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Hey Sid,
Don't be discouraged. This is a huge thread, and you have just started on page 9. I would venture to guess almost all the questions you could ask have been answered in this thread more then once. So I highly recommend going through the whole thread a few times, and things will start to click I promise
Fib confluence - is when you have 2 or more fibs lining up. This would be a place where you look for price action. Ex. You draw fib retracments from 2 different swing low to highs and you have an area where a 50% retrace on one and a 38.2% retrace line up. This is an area of confluence. Confluence can come in different forms as you will see going through this thread. It could be a EMA and a Fib, or a TL, FIB, EMA etc
A pinbar is just the description of a reversal bar that we look for at swing highs and lows. I checked that chart, and it is tough to see what is going on there. There are a few pinbars there, I would just skip that chart and move on many many more examples in the coming pages for you
Best of luck!
Mike
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May 25, 2007 3:06pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Mr Trend
That's not how you trade BUOBs... you trade them by opening a position at the close of the formation.
The only formation that you should really be waiting for is pinbars. It's easy to say that in hindsight.
Furthermore, the R:R on these types of setups (if you wait for them to confirm) invalidates the trade. I have detailed GIFs that show valid setups, yet they are a horrible .5:1, .8:1... rarely 3:1, 2:1, etc...
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going to have to respectfully disagree, you can trade a BUOB/BEOB the same as all the price bars, on the close, on the break, on the retrace
also your close really isn't high enough(that is more of a neutral bar). You want the close to be higher then the previous bars high. That is the best BUOB. Your reality will still remain the same, this isn't magic, just increasing our probabilities
Have a good weekend all,
Mike
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May 25, 2007 4:13pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Mr Trend
No it's not. That's a BUOB. Go look at everything that is taught. Show me where it states that you have to take a BUOB when its close is higher than the previous bar's high and I'll gladly admit I'm wrong.
Once again -- 20/20...
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I said that is the BEST buob. Not the only kind. Either way your bar looks more neutral to me, but as we both no this is no exact science. I play buob only when the close is higher and they have much greater success rate.
Just think it's better for new people to look for the best setups, especially in this public thread, you have been doing it a lot longer
Best,
Mike
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May 25, 2007 4:15pm
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Resident Elmer Fudd
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Quote:
Originally Posted by gidnoa
i'd estimate reading and understanding this thread might give a person a fighting chance (not to lose all of his initial capital).
the PF will improve that to a 15% (very optimistic) chance of making 50% per year. hope i'll be in this 15%...
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you can make a lot more then 50% a year with this stuff  Don't hope, just keep working hard and you WILL do great!
Mike
edit* especially if you cherry pick trades like this...
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May 25, 2007 4:29pm
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Resident Elmer Fudd
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Quote:
Originally Posted by gidnoa
if you're in this nzdjpy trade, does it mean the stops below 87.50 are safe for now? leave my audjpy alone too, btw 
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haha  :
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May 30, 2007 10:15pm
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Resident Elmer Fudd
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Quote:
Originally Posted by yendis70
A real novice here still plugging away.
On the above chart (& I don't know how to transfer charts, sorry, if that's possible), the 3rd line says "do not enter until the bar is broken w/ b/s (buy/ stops?) stops". What does 'broken" mean? Next line says, "other side of pin or under 1st eye". What does that mean? Does "eye" refer to entire bar to the left of the pb or just the area covered by the buy & sell?
I know how to set up the fib retrace. lines, but how do you set up the pivot pt line & the S1,2,3 & R1,2,3? If I have to program an indicator for that, then forget it---I don't know how to do that. I asked this ques on the MT4 forum, but got no answer.
Also, on the chart in post #821, what does "TBH" mean?
Thnx in advance---you guys/gals are great w/ your quick & friendly (I hope) answers.
Sid
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Hey Sid,
When we say the pin bar broken, we mean the low(if we are shorting) or the high of the bar(if we are taking a long). So in the case of the post you are referring to we wait until price breaks the high of the pinbar to enter our trade(the orange line). You can place a buy stop here.
The other side of the pin or first eye is in refrence to where we place our stops. The other side of the pin simply means the low of the bar in this case(where the arrow is). Or if you want a tighter stop(which also means more likely to get stopped out) you can place it under the first eye. The first eye is always in refrence to the bar before the pin bar. The eye is the close of the previous bar. I circled it(in greyish didn't come out to well).
A TBH refers to match highs, when two price bars have equal highs. Or you can have a TBL, two mtaching consecutive lows.
As for price pivots(R1 S1 etc), you can use an indicator that will auto place them on your chart. I will refrence the post where you can get that here: http://forexfactory.com/showthread.p...ighlight=pivot
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May 31, 2007 3:00pm
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Resident Elmer Fudd
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trade i took today, simple breakout of this top resistance, pretty straight forward
be careful tomm folks and have a good weekend
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Jun 4, 2007 4:56pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Trader_V
Hi All,
I am a huge lurker in this forum and have read through many other threads and only recently just finished reading through this one.
First off I have to say how aggravated I am that I only came across this thread so recently and not when I first started trading  Not anyones fault here just wanted to get that off my chest.
The information provided by the folks running this show has been a huge value and an excellent education for me. I have been trading mostly intra-day for over a year and a half and as I am sure you can guess I have not been extremely profitable. I have blown 2 small accounts and really do not want to blow another one.
I have been getting up at the wee hours of the morning to trade the London Open and then crashing for a couple of hours before heading off to my day job. Man is this rough!
After reading through this thread I have a new found hope that I may be able to resume a normal sleep schedule and become a profitable trader in the future.
I am anxious to join the PF to begin the learning process and start practicing what is taught.
My Question is this: (and this goes out to the members of the PF as well as the moderators/owners)
The site has been active now for a little over a year and I want to know if the individuals who are there to help (Dial, fiji, James etc.) are still able to meet the demands of answering questions and helping would be traders at learning the systems and methods taught in the PF?
I know many times in business things will take off and move along very rapidly in the beginning then taper off as things settle in.
The bottom line is I don't want to join the PF and dive into the information only to be left to my own demise without the support of those individuals who got this whole thing running in the first place.
Not that I don't have faith that they do I just don't have a good feel for the current status of the PF other than a new site is under construction.
Thanks in advance for any and all feedback.
Best regards,
Steve
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Hey Steve,
I can honestly say that the support you will recieve from James Dial and fiji, down to all the other members is bar none. You have a question it will be answered within hours if not minutes.
If you have any questions, as for anyone else just shoot me a PM.
Best of luck and glad you stumbled across this thread as well, it is a great thing(to say the least)
Mike
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Jun 6, 2007 1:44am
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Resident Elmer Fudd
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Quote:
Originally Posted by akhan
Here is a nice Pin Bar I noticed on on EUR/USD Weekly chart setup.
What are the expectation of the senior folks of this group, how bullish is going to be.
Please share your thoughts.
Thanks.
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hey akhan,
Be careful here, that bar you have circle is a neutral bar. When the open and close are towards the center of the bar like that, it shows indecision in the market.
Best,
Mike
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Jun 6, 2007 2:45am
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Resident Elmer Fudd
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hey spence shooting you a PM
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Jun 7, 2007 2:31pm
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Resident Elmer Fudd
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Quote:
Originally Posted by lstd
Does anyone have supporting reasons why to take this countertrend daily pin in the making?
Similarly EUR/AUD showing an 8 hour pin very close to being completed. Seems like AUD might have lost its upward momentum for the time being.
Thanks for any comments
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Hey lstd,
Quite often some of the best pins come off Countertrend trades, because a pinbar is a reversal bar. Of course they can come up as retracements to the trend etc. I like pinbars when they are at really nice swing highs/lows, with big noses, counter/ or with trend(more on a retracement). If the day ended right now as IS(still 330 mins left), I would definitley play this aud/usd daily pin.
We shall wait and see
Best,
Mike
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Jun 7, 2007 2:39pm
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Resident Elmer Fudd
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Just as an added note, for something I observe personally. There are 3 major types of pins IMO.
You have:
1. Pins that are countertrend, after large moves up or down, where one feels liek they are going against the longer term trend- such as the aud/usd (if it closes today as is)
see pic 1
2. Then you have those pins that go with the trend(short or longer term) In this case a short term down trend, but that doesn't occur on a retrace, kinda just sticks out there(looks sideways). These pins I never play anymore(not that you can't).
see pic 2
3. Then you have my personal fav, when you get a nice retrace on the current/or longer term trend and a pin forms where it creates space away from the previous trend. Meaning it retraced, but not with a sharp move.
see pic 3, eur chf
Just some observations
Mike
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Jun 7, 2007 4:41pm
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Resident Elmer Fudd
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Quote:
Originally Posted by rlelijah
Just as an added note, for something I observe personally. There are 3 major types of pins IMO.
Mike
Man , that is great basic info. I have been with the group for a while and never seen put so clear. Thank you Mike.
Would you have taken the pin bar on the E/U chart 3 days after the one you highlighted. Thanks again
elijah
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Hey Elijah,
No I wouldn't have. One of the criteria I have for my pinbars is for them not to be in any sideways market. If I am visually looking at a chart and the bars to the left are sideways, I pass on the trade. Instead I observe a possible breakout play instead.
Hope that helps,
Mike
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Jun 8, 2007 2:55pm
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Resident Elmer Fudd
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Quote:
Originally Posted by vlazaf
It's beauty lies in it's simplicity! Wonderful post!
Concentrate on only these 3 pictures with a fair MM system and you are onto a winner.
How many pairs are you concurrently scanning at any one time mbqb11?
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The best advice I remember getting is to concentrate on certain PA setups at a time. The thing that held me back the most was seeing PA setups everywhere, because we are just reading price. So it is fairly easy to make assumptions at any one time. This is a hard way to make money, in the beginning. So I started to work on just certain formations, and slowly add things to my arsenal. And pins still remain my best weapon.
You are correct sir MM is key!
I currently watch 19 pairs.
Enjoy the weekend,
Mike
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Jun 10, 2007 3:23pm
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Resident Elmer Fudd
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Quote:
Originally Posted by razldazl
Hi Mike,
Would you say gbpjpy has the makings of your favourite retrace pin bar? It has pierced fib confluence areas and has quite a longish nose...thanks for your input, it helps to be able to focus on specific setups as you said  take care, Raz
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didn't quite create enough space away from price(for me). I would have liked to see it further away, but because of the pair it is(carry trade), it still wouldn't be bad to play it.
Best,
Mike
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Jun 12, 2007 5:00pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tw0eleven
I'm hoping someone can shed some light on entering the trade for me...regarding the 10pip buy/sell stop. This is an example only: lets say I'm looking at the gbp/jpy pair and looking to go long based on a PB. If the high of that PB was 241.00, we are suppose to put a buy stop at 241.10 right? Or should I take into account the 10pip spread from my broker??? If I include the 10pip spread, then I would actually be entering at 241.20. I hope that makes sense and would like to know the correct way to enter.
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yep that is correct on a long you need to account for the spread(on brokers that take the ask)
Best,
Mb
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Jun 14, 2007 1:46pm
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Resident Elmer Fudd
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Quote:
Originally Posted by spence
hi @ all
i'f tested my first chart with priceaction (bar by bar with F12)
what do you think
are these good signals?
they all made good profits
it seems to be to much for only 2 months
please suggest
thank you
regards
spence
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hey spence great job man
Just a few comments, your second and fourth pins make sure the open and close are both contained within the previous bar. There is something called pin by proxy but that is more advanced and I believe you should hold out on that for a bit. Another comment I have is that when you have these pins that are in a sideways market, if you do choose to play them, you have to realize the market is in a chop and you have to take profit quick(please ask me if you want me to explain this more).
Great work though!
Mike
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Jun 15, 2007 1:25pm
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Resident Elmer Fudd
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Hey dfstone,
Thought I would chime in with my view on your questions/comments.
Again all, these are MY VIEWs(MY BELIEFS). Don't take anything personal and I am not trying to offend anyone
Have a good weekend,
Mike
(answers below in bold)
Quote:
Originally Posted by dfstone32
Here's some weekend food for thought. I'm in a psychological dilemma. I read this thread, pretty much the only thread I read on FF, excepting the articles and really appreciate the hard work that the veterans here put in to coach us newbies.
The dilemma is three fold:
1.) There seems to be a misconception here that the Pin Bar is somehow related to price action. A pin bar is no different than any other chart formation, candlestick pattern or indicator. It provides a trader with signal that something may happen. It shows how "price acted" over a determined period of time. Trading a PB is really trading a chart formation Pure and Simple.
A pin bar is related to price action. It IS price action. Reading candlesticks is PA. The idea is finding a certain type of formation in a high probability situation. nothing can predict the future. Trading forex is not about predicting the future. You are right it is trading price, but why is this a bad thing. We all trade our beliefs of the market, plain and simple.
2.) The second part has to do with objectivity. The problem is I see no reasonable way with multiple datafeeds from multiple brokers to objectively determine what is or isn't a PB by simply looking at a daily chart supplied by our market maker. My prefered way of determining O,H,L,C would depend on the currency pair and markets that are involved most with that currency. EURUSD: 2AM EST-4PM EST, EURJPY: 8PM EST - 10AM EST, and determine my own daily open/high/low/close, Any broker platforms allow this kind of customized chart creation
Every broker that is set on a different timezone is just showing the same thing. Price is price period. Sure it may look a bit different, on different feeds, but when we are viewing charts it is just a box through which we peer into the markets. So my pinbar may look like a different set of bars on your charts, but the fact remains price is the same. You can connect any amount of bars you want to find a so called pinbar. Go ahead give it a try.
If you want choose a broker like tradestation where you can set your candle times(almost positive you can). The conclusion I and many others have come to is that over time it just evens out. So I may get a pinbar this week, and you get one next week. Just play it as you see it. Once again, we trade our beliefs. You have beliefs that by applying these times to price it will help you be more successful. Is there anything wrong with that, no. But it is just your beliefs.
3.) The third has to do with this vague concept of Fib. Confluence. I suggest that while it sounds reasonable to draw two Fib. trends on the chart and look to see where lines overlap or are very close in reality what time periods do we use. Last weeks H/L, Last months, Last years. It is very hard for me to take all my opinions about what should happen and lock them away, because they rarely manifest.
This depends on how you draw them. If you try to make up reasons on every chart why some trade will work, it is going to be tough to make money. I have been there, done that. If you look for the most practical places to be drawing fibs, TLs, intersecting with MAs...where OTHERS should be doing the same, you have a much better shot. You don't need anything to trade price action. Once you can read it well enough, you can gauge what a proper retracement is, or where price is likely to turn around etc etc. I will say that, no matter how much you read about PA, you still need to learn to apply it properly. This isn't an easy thing to do trading. The fact is it is going to take a lot of demoing, backtesting, live trading to get to a point where you are going to make consistent money. Is it possible tho? Yeah it is.
Fib. looks great when first layed out on a chart. But 61.8, 50, 38.1 aren't really that far apart anyway, you might as well say that retacement occurs to around half before resuming a trend larger trend, give or take a hundred or so pips
Like before you can eye these things up when you see enough charts. But the fact is fibs are used all over the world. It is a very common tool used by other chartist, so being aware of what others are looking at can help factor into your decisions. When it comes down to it I look for price action in the right place. Then I look to find contributing reasons why I should or shouldn't take a trade. Then once I make my decision to take the trade, I implement the correct position size, and the rest isn't up to me. I then implement my exit strategy, rinse and repeat. Each individual trade has absolutely zero meaning to me.
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Jun 16, 2007 6:19pm
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Resident Elmer Fudd
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Quote:
Originally Posted by young_09
Hi
I am interested in joining PF. I have one very important question. What is maximum draw down of all systems available in PF? How much could I lose in pips in a row if I follow all rules of all systems and money management?
Is it possible to earn 200 pips a month consistently by following James16 systems?
I will appreciate advice from senior pf members.
Thanks
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The information contained within the James16 is not a mechanical system(although portions can be made mechanical). Every single trader can have different results so there is no exact number of pips or drawdown anyone can give you. I will say that 200 pips a month is easily doable, but again pips are meaningless. It is the context in which those pips are attained.
It is best to read through this entire thread 3-4 times, and you can get a good idea of the possibilities trading with price action
Best of luck,
Mike
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Jun 17, 2007 5:36pm
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Resident Elmer Fudd
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Quote:
Originally Posted by young_09
Thanks for prompt reply. Are there trade recommendation on the basis of their systems by them in PF so I can compare my trades with them?
Secondly, can I apply these systems in any stock market?
Thanks a lot.
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There are not signals given inside(the PF is about teaching people to trade for themselves). A lot of people keep journals in the PF, so you can compare trades. What goes on inside (aside from the education), is a constant discussion on different pairs, and point of views. A lot of people will post a chart and ask/give advice etc.
Yes you can trade any market with what James teaches. Price is price. One of the beautiful things about learning it.
Hope that helps,
Mike
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Jun 17, 2007 9:50pm
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Resident Elmer Fudd
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Quote:
Originally Posted by zzz
here are some results of my digging through Excel stuff:
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That is interesting stuff. And really good way to start developing a trade plan around your backtest results. That is the most important thing, after backtesting, and gaining confidence is to develop a full game plan.
Keep us updated on your success.
Best,
Mike
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Jun 18, 2007 3:57am
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Resident Elmer Fudd
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Quote:
Originally Posted by spence
hi mbqb
thank you for comment
i think a good setup for me is to enter 2 pos. and TP the first on the close of the next day and set the second to break even and let it run till the next resistance or opposite candleformation. so i can cover the positions in a choppy market, i think.
any toughts?
spence
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Just some thoughts before I get some sleep. I have noticed talk of the whole "what do I do now?" stuff. And it kind of runs into other topics that are important. So I figured I would bring this stuff up again.
I certainly don't want to discourage moving stops, or taking % of your position off, because if implemented correctly it works great(James moves stops/takes position off, but don't forget he has been trading almost as long as I have been alive, and he has proven to himself that it works). But I think as new traders we have a tendency to do things for the wrong reasons(ala my reason for bringing this up, via spences post, which I am not trying to single you out  ). This in turn can lead our trading down the wrong paths. So just to keep your wheels spinning check out this thread
http://forexfactory.com/showthread.php?t=12273
You are doing the next step in thinking, instead of just taking trades, you are developing a plan(too many people just see all this great PA, enter trades then are lost when after a few months they haven't made progress). I spent a good deal of time planning all these great entries, and moving stops up, when I soon realized my flaws were all in my thinking/exits(lack there of).
My one thing I always stress(because it is what helped me), is to always have a reason for doing something. If your bottom line is increasing b/c moving stops/ or taking positions off at X pips, then that is fine. But make sure you aren't doing it for psychological reasons(or other factors) that may be hurting your trading more then you know.
just a ramble
Mike
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Jun 19, 2007 8:30pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tw0eleven
Just wondering if I'm recgonizing this pattern correctly, but it appears to be a dblhc on the eur/usd daily chart with a bottom bounce off/near the 38% Fib level. If that's right, then one would look to place a buy order 10pips+spread above the last daily candle according to the rules?
Anyone have anything else to add or correct me if I'm missing something?
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yep this is a DBLHC, if you decide this is a bar you want to play, you can play a break on the current bar, or if you want to play a retrace you can do that also(depends on the trader/plan)
Best,
Mike
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Jun 19, 2007 9:06pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Trader_V
OK here is my 2 cents on this one.
Although there is a DBLHC on this pair the current daily trend is down as indicated by the RED trend line.
Now that we are in a down trend we see that this pair has retraced back to the 61.8 Fib of the last reference high and to the 38.2 of the High point of this new trend. Now I am no expert but I would be leary of taking this signal long.
However as you have and Mike have indicated you could play this with an entry +10 + spread above the high of the last bar which should keep you out of a false break to the upside.
Steve
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Just wanted to add a note. Everyday almost you will find PA setups. Some better then others. It is your job as a trader to decipher what fits into your trading plan. What is your trading plan? Ah the big question.  Everyone will have different plans. But this is the crucial part to being succesful long term. When one is first learning to recognize chart patters, and PA, I definitley suggest just going through charts and being able to read them back to front. So maybe play this DBLHC, to get a feel for price, but this doesn't mean to trade it on a live account. This is where James suggest demo trading for 3+ months(in the positive), before throwing money at it.
When I look at the euro, my entry was, and still is the Pin bar off the 150. Getting in now, is getting in late IMO, and it is better to wait for a better opportunity. So now for me, I use this DBLHC, as the next set of information into my current trade. Normally I wouldn't move my stops up, but since we had this TBL/DBLHC I will move my stops up to under this point. So although I didn't use this particular bar(not that you couldn't) as your entry, I still use it as information to my exit(extreamly important). And if you wonder those in the PF know I don't like to outright take profit, I am a trailing stop type guy.
Just my 2 cents
Mike
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Jun 20, 2007 4:38pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Kaysole
Mike,
You once pointed out in this thread that you sometimes combine bars together to see if a pinbar has been formed. Do you consider this method just as successful as one bar being a pinbar? If so, is there a limit on how many bars you combine? Your answer is appreciated.
Stay healthy,
Kevin
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Hey Kevin,
In all honesty you can combine as many bars as you want, as that is just giving a picture(pinbar), of what price is doing. I tend to only do it with 2 bars on the 4hr(sometimes 3, if the look is right)...but on the daily and up it is something I will combine a lot more bars for. I think a few times I have combined 6 or 7 bars(but now my stop was on the highest pt of those bars, so the trade is a longer term trade, which is the same as a combo of a weekly bar and a few days etc). A lot of times if you start combining more then 2 bars, the last bar or one before that will be a signal in and of itself, but visually it is easier for me to look at the pinbar situation(jeez i hope that made sense). It is all a visual thing for me. In the PF I have a thread about my way of trading and some ideas I kick around. One huge thing that always comes back is how I pick out a good pinbar from a bad one, and it really isn't mechanical per say. But in my mind it is, because I have an eye for what I look for.
If you are new to pinbars, and price action(this is in general), stick to single bars(maybe use two brokers on different timezones, to expand your view), and then work up to picking out multiple bar combos. It is very easy to get overwhelmed in trading. Stick till you get something working before thinking about adding other components. That is what helped me at least.
Hope that helps and take care
Mike
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Jun 20, 2007 7:05pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Kaysole
Mike,
I didn't quite get that sentence. Could you clarify please? (You probably should've guessed that I would ask this bonehead question)
Good trading,
Kevin
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Kevin,
wasn't you at all. What I meant was sometimes when you are combining bars, the last bar may be something like an inside bar, but for me it is easier to look at it as a pinbar(when the bars are combined)
Mike
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Jun 21, 2007 11:34am
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Resident Elmer Fudd
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Quote:
Originally Posted by dltvn
Hi Raz,
Thanks for your insight. I am new to this group and don't quite understand all that is being said or what is taking place in this forum. I have seen Jim charts talking about learning the PINS and I am not sure what exactly does he mean by this. Could you shed some light on this. I will greatly appreciate it. Dan
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Hi Dan,
Welcome to the greatest thread on forex factory
start here for Pin Bars
http://www.forexfactory.com/showpost...8&postcount=34
But slowly make your way through this WHOLE thread. I know it is long but it is well worth it. You will find so many pinbar examples it will make your head spin.
Best of luck!
Mike
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Jun 25, 2007 2:27pm
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Resident Elmer Fudd
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Quote:
Originally Posted by lstd
At the end of the day any movement in a highly efficient market resembles a random walk, and the forex markets are among the most efficient markets you can find. I recently have been toying with the idea to create a system based on volatility and randomly generated trade signals but with a tight MM in place. I believe that such a system could be winner. I even believe that team aphid is running a similar system which generates a nice equity curve.
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resembles a random walk, but the market is farrrrr from random.
with that said, I agree with mr.demark(my PA strategy is based SOLEY on cutting losers and letting profits run). My winning % is dismal at best some months. I also agree MM is the foundation.
Also Wiz, come back bigger, better, and mentaly rested, take care
Mike
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Jun 26, 2007 1:31pm
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Resident Elmer Fudd
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Quote:
Originally Posted by lstd
Hi everyone, todays PA looks like we will be getting bullish pins on the dailies for the yen. I do not know what to make of them. In general over the last months such PA has resulted in good entries. My feeling, though, is that something big is in the making with regards to the carry pairs (swissy is very reluctant to surrender ground at the same time). Also BoJ is finally commenting on forex. What are your views on these pins?
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I personally completley ignore anything fundamental. But if you are unsure about a trade ever, just pass.
I am in on the 4 hr pins on /jpy pairs. Good action today.
Best,
Mike
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Jun 26, 2007 2:33pm
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Resident Elmer Fudd
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Hey David,
Firstly welcome to this forum and the james16 thread. You are in for one fun ride 
You are correct about the news trade. That is a very very risky trap newbies fall into. They are over leveraged, and love the feeling that they can make a lot of money quick(you can guess what happens to their accounts eventually  ). As for following tips, and other peoples signals. It is another trap new traders fall into. The best thing you can learn to do is fish for yourself. Take control of your trading.
I hope you have found your way over to the Forex Beginner Q&A section. Read the sections on money mgmt, and psychology. These are some of the most important parts to trading, and are crucial to your future success.
As to your chart. This is correct. That is a DBHLC! Very well done.
Don't be afraid to ask questions and seek help. And don't forget to demo trade or open an account with a broker that allows you to trade for pennies. No real money, until you can proev to yourself you can be succesful over at least 3 months(following a strict Money mgmt and trading plan)!
Wish you much success,
Mike
Quote:
Originally Posted by drtduarte
Hello to all,
I'm really a newbie on forex, just started a month a go, and even that I have done 50 pips on 5 seconds, and $1500 with a $2000 account on 3 days, this was just luck. I was trading on the news move, this is very risky but to someone who know nothing about forex, I guess that is the best trading way.
Altough, this does not hapend every day, eg. past week I have done this only one time with GBP/USD.
After this, I tried to follow fxstreet.com tips, but I can tell you that in one week all the tips to do the reverse of what really hapened.
So I was searching on the net I have found this great forum.
I'm trying to understand this james16 trading system.
I have uploaded a file with one of the james16 situations that I have found on EUR/USD, and I hope that someone can tell me if I'm right.
Thanks to all and good trading
David
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Jun 27, 2007 8:43am
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Resident Elmer Fudd
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this one finally took a breather also
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Jun 27, 2007 12:12pm
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Resident Elmer Fudd
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Quote:
Originally Posted by dltvn
Hi mbqb11, it seems as though your E/A trade is going north rather than south looking for the 50% ret.. Is that how you see it too?
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this one got busted up fast is how i see it!!

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Jun 27, 2007 1:27pm
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Resident Elmer Fudd
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Thanks Tom
and dan, feel free to PM me anytime if you need something
Mike
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Jun 27, 2007 1:46pm
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Resident Elmer Fudd
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Quote:
Originally Posted by dltvn
p.s. - how do I make this attachment bigger so that it can be viewed better?
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not sure the best way, since you are using a different charting program. In MT4 it is very easy cause you simply right click the pair, and when you save the picture you selct 600 x 600(max size allowed on FF). If you aren't married to those charts, give MT4 a shot.
Best,
Mike
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Jun 27, 2007 4:48pm
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Resident Elmer Fudd
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Quote:
Originally Posted by drtduarte
I know already what is a pin bar, I have one on the picture if i'm right.
Can anyone explain me how to understand a pin bar on the 4 options.
Regards
David
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Hey David,
Basically1, and 3 are the same ----and 2, and 4 are the same thing. In the picture it just has to do with where the open and close are for those candles. But since they are so close to each other and at the very end, those would both be pinbars and just think of 1 and 3 as one type,and 2 and 4 as another. What you want to look for is the open and close to be within the previous bar(towards the top if it is a 1, 3) and (towards the bottom if it is a 2 and 4). Bars 1 and 3 you are looking to short, and bars 2 and 4 you are looking to long.
It is more important where these bars are located. As you go through this thread more you will see we look for them at swing highs and swing lows. So we look for a bar 1 at a swing high and a bar 2 at swing low.
Best
Mike
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Jun 27, 2007 8:39pm
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Resident Elmer Fudd
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Quote:
Originally Posted by yendis70
I've read that some of you use IBFX (Mike, etc). There is a FREE 30-DAY DEMO. What is the fee after that?
Thnx, Sid
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no fee Sid, just open a new demo account. Go to file open an account and your back in business.
Best,
Mike
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Jun 27, 2007 9:46pm
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Resident Elmer Fudd
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Quote:
Originally Posted by "Q"
anybody see the pinbar forming on the 4hr chart for the usd/jpy? Any thouhgts of going short?
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no pinbar forming on mine, different broker timezone I am sure... but if we check the daily out we had a pin, that retraced and looked what is holding that right now... of course it hasn't broke the top of the pin yet, but just thought I would throw this up for you
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Jun 27, 2007 10:03pm
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Resident Elmer Fudd
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Quote:
Originally Posted by dltvn
Hi guys, I have posted earlier my Eu/Jpy strategy but got no responses. I don't know if this was a lucky move or not but it created a nice profit, hit my target and even went further. I would like to have some of you give me your opinion as to weather that was a move according to the James16 method or jsut a beginner's luck.
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very hard to see what is going on or read anything in your chart, that is why I didn't respond. Maybe when you want to post a chart, use mt4, it is much more clean for the forums at least. I can't quite see what your exact entry was if you could clarify it. I am going to guess you saw the Two bar low, and then played a break of the resistance and your TP was the pile of MAs?
If it worked it was a good entry. But if you can say exactly why you took the trade I can tell you if it is something taught here by James or not.
Thanks,
Mike
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Jun 27, 2007 10:23pm
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Resident Elmer Fudd
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Quote:
Originally Posted by dltvn
If it worked it was a good entry. But if you can say exactly why you took the trade I can tell you if it is something taught here by James or not.
Thanks,
Mike
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Hi Mike, I tried to make the screen shot as clear as I can (FXtrek is not the best for this). The 9:00 and 10:00 am bars seemed to form a low bottom although not a perfect one since the closing was not higher but, I looked at long move down that started at mid day of the 26th and reached a 50% ret. of a Fib. from 6/12 to 6/22 and thought that this was a good place to go long.
Entry was done during the formation of the next 2 bars (11:00&12:00 am )
that formed another low bottom.
Thanks for your help Mike. Dan[/quote]
yeah it was a good trade, you used Support area to find a bounce. If you want to wait for price action bars to tip you off this can help a lot of times keep you out of false moves. Here you had a TBL in the rectangle so that was a goo sign. I would have waited for a breakout of the range that had formed, to be more confident in it.
Take care,
Mike
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Jun 28, 2007 1:21am
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Resident Elmer Fudd
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Quote:
Originally Posted by seve
Does the pin up work on any time frame like 1 hr or mostly higher time frames?
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a pinbar works on all time frames, but is much more reliable the higher the timeframe. Learn to trade profitably on the daily/weekly before you even think about the hour timeframe.
Best,
Mike
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Jun 28, 2007 1:26am
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Resident Elmer Fudd
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Quote:
Originally Posted by yendis70
Because I want to eventually start a live acct w/ micro-lots, I'm trying IBFX, but its spreads are wider than ODL Securities (whose MT4 charts I've been using, but doesn't have micro-lots) & Oanda (which I've been trading w/, but has very limited charting capabilities but does have micro-lots).
The concern is that I'll lose more money than I'll profit, at least in the beginning. Any thoughts, or should I just stop whining?
Thnx----Sid
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Hey Sid,
My recommendation to people first going into live money to trade small lots is Oanda. The platform is really great, the only bad thing is the spread widening, but should have little effect if you are trading the larger timeframes(which is what James recommends). They allow you to trade for less then pennies a pip, so the granularity is perfect. You can always use different charts, and place your trades on oanda. This is what I did with Oanda, and FXsol. I still use MT4 as my charting, and also Oanda for my charting. Oanda spreads are pretty good too on most pairs. Again I only have experience with a handful of brokers, and never an MT4 broker, so someone else might chime in here.
Best,
Mike
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Jun 28, 2007 3:23am
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Resident Elmer Fudd
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Quote:
Originally Posted by razldazl
Hi 211,
I like the look of this one, could it be an mbq favorite pin type too  , happy pipping all, Raz
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here are some I am in now, although I lost on the jpy earlier this week. But these are the ones I salivate and wait for
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Jun 28, 2007 6:32am
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Resident Elmer Fudd
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Quote:
Originally Posted by habeeb
IBFX is a good broker. You can do almost anything on MT4 and you can trade 1 cent lots. I guess the only thing I too don't like about them are the widenning of spreads, but that's not a big issue.
FxSol is a good broker too. Don't have any complaints about them (apart from the spreads being higher than most other brokers). They're rock solid ... hardly ever had requotes, always connected, and haven't experienced any slippage from them yet. You can trade 10cent lots with them. You can change your leverage/lot size manually on the trading platform.
I haven't traded with Oanda, but I've read somewhere that they don't offer trailing stops (corrections welcomed).
Take Care
Habeeb
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Yes Habeeb you are correct about oanda...no trailing stops. This is often the reason people pass up on oanda. Also oanda is 50:1 leverage at most. FXsol offers up to 400:1, but watch out, the swap rates become killer against you. I am on MBtrading now. Commissions are high, but the execution has been amazing and I am very very pleased with them. Just another route to check out. You can trade 10 cent lots with them.
Best,
Mike
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Jun 28, 2007 6:33am
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Resident Elmer Fudd
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Quote:
Originally Posted by vlazaf
HI Mbq,
Sorry if this has been asked before but which Metatrader broker platform do you use?
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I use InterbankFX for charting only(demo account).
Mike
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Jun 28, 2007 6:34am
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Resident Elmer Fudd
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Quote:
Originally Posted by drtduarte
I'm amazed with your results, I'm watching those crosses on my platform too.
What was the price of your entering on each cross?
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I always wait for a break of the pinbars usually 5-8 pips. Stop is always on the low of the pin. The rest is up to the market
Take care,
Mike
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Jun 28, 2007 7:16am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Admit it Mike, you're just with them because they have the same initials as you
...or maybe they're actually your company! ;D
hehehe 
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Jun 28, 2007 10:00am
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Resident Elmer Fudd
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Quote:
Originally Posted by seve
Could you explain the entry point after you see the pin. I m confused. Is it right after the bar next to the pin moves higher than the pins high?
Thank you in advance for your helpfor your help.
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yep this is exactly correct.
best,
Mike
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Jul 1, 2007 12:46pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Gmak
don't want to clog up the thread, however I just became a member of this group last week and have no clue how to navigate to it within forex factory.
Any help will be gratefully recieved

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hey gmak,
If you click the forums button at the top of the page. Scroll down to where members lounge is at the bottom. You will see a link to the James 16 group. It is under the members lounge. Click that and you will be taken to the other forum
Welcome
Mike
Last edited by mbqb11, Jul 1, 2007 2:36pm
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Jul 2, 2007 10:45pm
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Resident Elmer Fudd
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Quote:
Originally Posted by raczekfx
Let me add couple more pieces to a puzzle...
Trade or not to trade.. ?
It's for sure worth watching.
R
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bingo R  , and this is why I am in it. Isn't about being perfect, just picking the high probability spots to get your money in with, then managing your trades.
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Jul 2, 2007 10:53pm
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Resident Elmer Fudd
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Quote:
Originally Posted by raczekfx
Hi Mike,
I hope you?re doing very well. I really enjoy your posting on FF.
Cheers,
R.
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doing great, hope you are too
and right back at you, always quality from you
Best,
Mike
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Jul 3, 2007 1:25pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Mr demark
yeah, that is true. I missed the double low part.
But some price action is there, what do u think of it?
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well as long as we have bars we have price action right ?  :
but yeah, nothing here on the daily really jumping out(bar wise). If today closes as is you could combine the 2bars and they are forming a pin off a TL, and always nice to be long on these pairs
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Jul 3, 2007 1:35pm
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Resident Elmer Fudd
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Quote:
Originally Posted by razldazl
I prefer the ones that come right out and beg me to trade them these days...
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This is really they way to go Raz(and exactly how I trade). You will be more patient, and have more confidence in your trades. Then after you get comfortable trading certain setups, you can then begin to to add more to your toolbox. For the new people that visit this thread, it can be very overwhelming because price action is everywhere, every bar, every tick, and it is very easy to find reasons to always be trading, and always not be trading. Learn, practice, trade a setup, trade it to death, then branch out to other setups.
take care bud,
Mike
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Jul 3, 2007 1:39pm
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Resident Elmer Fudd
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No pain no gain....no just kidding, really trading shouldn't be painful. Should become pretty systematic
Quote:
Originally Posted by Mr demark
yes, i saw the 2 bars=pin too. But i'm trying to figure out which is more painful.
a) not taking a trade that turns out very profitable
always another profitable trade around the corner, can't chase the market
b) taking a good setup that turns out a loss
if you do the proper analysis and it fits YOUR criteria to trade it, then let it fly. But if you are looking for GREAT setups, and decide to trade a GOOD setup, that is where it can be painful
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PS. V for vendetta is one of my fav movies! pps. natalie portman went to my high school, tiny little girl
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Jul 5, 2007 1:52am
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
hey Josh
i tried it all - pink and yello, and grey, even magenta (kidding..), but you are right - the black BG along with the lime bars and red ones for me are the best..it simply pops out.
but hey thats me..
have a great day
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yeah it is where I settled on(I tried evvvverything). I even got rid of the red. Staring at 4 monitors for so many hours, was really putting a strain on my eyes. The lime green is very soft, and I rarely ever feel that strain. I also make it a point if my eyes ever get to that point to look off in the distance. My eyes definitely feel worse since spending all this screen time the last year(got an eye checkup in a week, so that will be the real test  ) Will always just be a personal preference.
Mike
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Jul 5, 2007 11:58pm
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Resident Elmer Fudd
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Quote:
Originally Posted by raczekfx
... I wonder when is this TL going to break.... 
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I took a long position on the inside bar. So hopefully it holds up for a bit longer  But if not, I will watch for the tipoff or pullback
Mike
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Jul 6, 2007 12:39am
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Resident Elmer Fudd
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Quote:
Originally Posted by raczekfx
nice entry, I stay away from IBs..
I usually set my limit orders at PPs with some kind of confluence.
First touch is touch is my favorite..
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yeah I don't do those often so my hats off to you. First touch can make for some amazing amazing trades. Sometimes I am too conservative, maybe with time I will loosen up more hehe
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Jul 6, 2007 11:28am
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
I hope this helps, Dan. When you have conviction, make sure you are positioned to take advantage of it. Pin bars are two a penny but trades like this do not come along often.
Wiz
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Wiz I am glad you did so well on your trade, but I HAVE to chime in here and say that anyone who is starting to trade, just because you believe the trade is a homerun doesn't mean to throw your whole bankroll at it. Live to trade another day. Period. Stick to 1-2%(really 1% of your capital.)
I had to butt in here because it is super misleading for new people just wandering in here, to think if they see an A trade to start wire in money so they can swing a larger line then they can afford. That is really a disaster in the making. I understand after your first position(which you said you were swinging a much larger line then usual), that you made sure you were never not going to lose your profit(thankfully), but I just worry too much about new people and reading things the wrong way.
No matter how much you believe a trade is going to go your way, the fact is once you place the trade it is not up to you anymore. There are NO guarantees in this game, only high probability situations(from a chartist standpoint).
as James says rifle shots guys/gals
Have a good weekend all
Mike
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Jul 7, 2007 5:08pm
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Resident Elmer Fudd
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Quote:
Originally Posted by razldazl
Hi all,
I like the look of this pin, some might say its in traffic but I call it a retrace pin, what do you think mbq? I like where its positioned, ie fib confluence and s-r if it breaks low...comments? Raz
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Hey Raz, this pin doesn't fit my personal criteria, so I will be passing on it. That doesn't mean it isn't a good trade or one worth taking, I just have my plan I like to follow week in and week out.
Take care,
Mike
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Jul 13, 2007 7:21pm
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Resident Elmer Fudd
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Hey mamutot, my answers in bold
remember these are just some of my thoughts. In the end it is up to the individual.
Have a good weekend,
Mike
Quote:
Originally Posted by mamutot
hello,
the week ended for me in a very bad way - didnt take profit at the right time and entered another one on the worst time, well - i am still learning i guess ( it never stops..i know)
No worries, this is all part of learning. This is why we demo until we can grasp everything we need to be consistent. And even when you are consistent, you will have losing weeks, some good weeks, some bad weeks, some better some worse, etc. This is part of trading. It is learning to deal with winners and losers in the same manner. Check out turbokaos journal, that guy is the real deal, and you can see the ups and downs of trading. But week in and week out he trusts his methods.
i am trying to implement pin bars mostly but i want to start with others also - like this I4B i saw on GBP/CHF - is it a good setup? did i place the entry at a good price? what about the stops and TP's? i divided my trade into 2 - one tp's after 20 pips or so, and the other one trails the stop after the same amount of pips. the entry is spread+5 pips above, stop is set below the last 4h low of the week and along with 150 ema on 4h i find it strong enough - otherwise i would have made it a small position trade - which i cant see coming since there is a R level right above 100 pips or so.
I4bs, and IB can give people a lot of trouble. Price will consildate down and then we can get big moves away from these I4bs, making for some big money makers. Some people choose to be biased on them, but from my personal experience, I always play a breakout both ways. I have many reasons for this, but the majority of it lies in my back and forward testing, and regarding my trading plan. This will be different for everyone.
As far as your entry, it is fine. I do the same thing with +5-10 pips depending. My stop always is on the other side of the IB(with a reverse). Unless there is very strong area to place my stop otherwise(such as a PPZ, or the 365 ema) . I really don't like dropping down and trying to minimize a stop. Especially on these bars. The whole range is important to the bar working IMO.
The TP is another huge topic. But I unfortunately can not give you the right answer. I am NOT a big fan of scaling out of a trade. This is a huge topic, that is beyond the scope of this thread, but if you want my reasons shoot my a PM. As far as how I manage trades on the daily timeframes. I never have a set TP level. I always re-evaluate the trade and the end of the bar close. This helps me from making irrational decisions. If you do decide to scale out of your trades like this, it should be because you have proven it is profitable. A lot of people scale out for the wrong reasons.
Again not trying to scare you off from anything you are doing, just trying to make you realize how personal this part of it is. Some people might close all their trades at day end. Some might decide to have a trailing stop. There really is no one right answer, and it is up to you as the trader to find a style that works for you(and why we demo). The important thing is to develop this slowly, and learn from all your mistakes/good trades.
WOW - how much can i write? i moved through it - i do with many trades, but i am missing somethings almost always, make me see if i was wrong about pending this order - here comes the image:
btw - thanks
now that i am looking - i might split it to 3 parts for the profit taking.
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Jul 13, 2007 10:01pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
Do we call that pin bar on daily EUR/USD ??? Or not really ??
I say not really, but things must maybe start to top out soon...
Anyone going to trade based on that candle ???
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yeah this is a neutral bar(open and close in the middle of the bar) - shows indecision, no trade based on this candle for me
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Jul 14, 2007 12:18am
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Resident Elmer Fudd
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Hey ray,
Matching lows/highs can be great ways to play breakouts or continuations. But my recommendation is to find these patterns on the daily and higher charts. This raises our confidence level much better on these higher timeframes. Patterns such as Inside bars and TBL/TBH give many many false signals on the 4hr and lower timeframes, and takes much more finesse.
See how nice it worked on the euro weekly chart. And look at how much less noise we have.
Best,
Mike
Quote:
Originally Posted by 1234
Hi all,
Just reviewing Friday's bars and looking towards next week start. Can not see any PBs on the daily that stand out but came across a Three Bar Low on the four hours 08.00, 12.00 and 16.00 for Friday each having the same low 0.6773 on the EUR/GBP. I read somewhere (not sure where now) that these bars could be considered rejection bars and I was going to jump in at the start of next week with a long.
But in the James16 thread, Three Bar Low is a sign to go short and better to enter on the break of the Three Bar Low 0.6773.
Looking for other clues, there is, to me, strong resistence at 0.6800 and the price should open just below the daily pivot point on Monday at 0.6781 There is also a daily trend up since June 29 on the daily's. I find these clues confusing.
Anyway, what do others think of this possible trade for next week of going short on the break on the Three Bar Low rather than looking for a long.
All the best with price action trading for the start of next week. Ray
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Jul 15, 2007 2:54pm
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Resident Elmer Fudd
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Quote:
Originally Posted by dltvn
Hi Mike and Mamutot, could you help me here, what is I4B and IB, thanks, dan
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Hey Dan,
and IB is just an inside bar. An inside bar is when the current bar is contained within the previous bars range. So the current bar from high - low is smaller then the previous bars high-low(range)
And I4b = an inside 4 bar, where the current bar has a smaller range, then the previous 3 bars, and is contained within the previous bars high - low.
An I4b you can read on this post
http://forexfactory.com/showpost.php...01&postcount=2
hope that helps,
Mike
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Jul 16, 2007 12:56pm
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Resident Elmer Fudd
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Quote:
Originally Posted by fx_ninja
anybody know of a MT4 platform/broker where you can trade oil and the metals?
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North Finance should do the trick
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Jul 16, 2007 4:54pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
I'll stick to looking to buy both on dips
Don't see either in valid PB territory yet and currently most pairs are a coin toss(50% chance of doing what you want them to or not).
Still 3 hours to go to GMT candle close on daily here.
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well im already short, so I will be different 
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Jul 16, 2007 4:56pm
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Resident Elmer Fudd
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and another aud pair
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Jul 16, 2007 4:58pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Doh! Hehehehe...well I can't betry my Kiwi long ;p
Admittedly, AUDNZD is crashdiving, so there you go, we can both have our cake AND eat it ;p
And you're cheating, that's a North Finance feed PB, I don't watch those ;p
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lol I stopped for awhile, but after missing a bunch of nice ones on this feed I am back too it now(especially that usd/cad one)
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Jul 16, 2007 5:24pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
hi mb - dont you treat the audcad trade asa risky since it is near 150 & 365 ema's?
and also near a pivot zone - but still from the wrong side of it...
explain it to me please
thanks
Michael
i added image here
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For my 4hour trading I don't pay attention to PPZs or emas the same way others do. I use that stuff for my entry criteria. But if a PA bar meets my entry criteria, that is all that matters. Daily/weekly charts is different
Best,
Mike
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Jul 16, 2007 6:45pm
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Resident Elmer Fudd
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Quote:
Originally Posted by drtduarte
Well at least your pin bar is very diferent than mine, could it be due to timezone?
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different data feeds yea
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Jul 16, 2007 6:58pm
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Resident Elmer Fudd
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Quote:
Originally Posted by drtduarte
Here you have one sreen capture with metatrader and another one with my trading platform from saxobank.
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yeah it all depends on your brokers timezone. Remember tho, price is still price. Nothing is different, just our view. A brokers charting platform is just a box through which we view price.
Mike
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Jul 16, 2007 7:04pm
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Resident Elmer Fudd
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Quote:
Originally Posted by drtduarte
What is your timezone, just to check I'm able to change it 
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I use IBFX and north finance...IBFX daily closes at 8pm eastern and north finance i forget maybe 6pm eastern
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Jul 16, 2007 7:20pm
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Resident Elmer Fudd
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Quote:
Originally Posted by drtduarte
Thanks for your help.
But it's not fair  I'm waiting for a PB already for a week... lol
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most of trading is waiting, trading is extremely boring
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Jul 17, 2007 4:57pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Here ya go.
Just threw this together quick so mercy mercy mercy me if I missed something.
Weekly really helps to get a big picture however and there were places to utilize what you saw on weekly over on the daily charts.
First a closeup of the range I mentioned, then I'll post the bigger picture that includes last summer.
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jeez that breakout was as nice and easy as it gets, doh for not being in these markets
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Jul 17, 2007 5:55pm
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Resident Elmer Fudd
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Quote:
Originally Posted by dltvn
Hi Madog,
As I see it on my daily chart, yesterday's bar was also a PB and I would wait another day before deciding if this is a real signal at the end of a long run offering a reversal and on the weekly chart it is too early to tell ..... the week is not over yet and I will be careful at this junction to act on such signal.
The way it seems to me, the pair in running sideways for the moment and any "significant" break to the up side or the down side will be a reason to get in although a down side run is already "long in the nose" and it is questionable if this is a right time to get in. Dan
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I do agree with you here dan about the pair running sideways. If anything I would use this for a breakout play.
But be careful about calling yesterdays bar a pinbar. It looks like a pinbar(by shape), but since it is an inside bar, that is all it is. For a pinbar has specific conditions that it must meet. As for the bar shaping up today the nose is no where near long enough to qualify as a good pinbar, and you really want the open and close to be near the bottom of the previous bar in this case. This will make the nose protrude away from price, where here we are still sideways.
good luck guys/gals,
Mike
Last edited by mbqb11, Jul 17, 2007 6:12pm
Reason: and gals!!
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Jul 17, 2007 9:12pm
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Resident Elmer Fudd
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Quote:
Originally Posted by dltvn
Hi Mike, I am still learning James' system. I have been doing demo trading now for 3 years and like other guys, fell by mistake into this forum and it opened my eyes so to speak ....... great system and you guys are just a delightful bunch.
I am very greatful for your comments here and it is another step in my education with this system, so here is a question for you .........
I have read so far the first 71 pages and thought I understand the PB but you threw a curve ball saying that a PB needs to go below/above the previous bar in order to qualify as such and are you also saying that "the Nose" is only the portion that pass the bottom/top of the previous bar? Am I understanding it right ??????? Just wanted to check my understanding here.
I guess there is no escape but to go into the PF once I finish reading all these pages. Looking forwards to doing it.
Mike, your comments are great, thanks for it all. Dan:wave:
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Hey Dan,
Yes, you want the nose portion to go past the low(when looking for a long), or past the previous bar(s) high(when looking for a short). The more the nose protrudes away from the previous bars the better a pinbar.
I may be missing your question if so please try me again and I will try to answer it right I promise!
Here is a chart with some pinbars and bars confused for pins
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Jul 18, 2007 4:08pm
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Resident Elmer Fudd
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Quote:
Originally Posted by attictrader
I was stopped out today (original entry @ 1.0530 last week) having moved stop over the intervening days to 1.0475, just above 8 ema as I thought this would be relatively safe.....I had wanted to stay live in this trade but still have difficulty with stops...still setting too close. Looking to get back in.....too slow on the reaction as I should perhaps have reentered asap after stopout????
Always learning and willing to learn more!
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Hey attic, thought I would chime in here with some of my personal experiences. This has been a big topic lately, so your question kind of triggered a ramble.
A lot of people have trouble setting their stops and TPs. I have noticed the last few pages a lot of talk about problems in this regard. From my experience I will offer up some advice that has helped me. Instead of trying to baby each trade individually(i.e trying to move stops, or find the best TP areas, or moving down in Timeframes to finesse an exit), try just simple trailing stops on your trades(or something consistent such as TLs, and support/resistance).
I use a few methods but personally like to wait till each bar closes, to determine the next spot to trail my trade. This allows me to cut my losses and still let my profits run. The market ends my position(80%) of the time. There are a few ways to do this. For your trade here don't ever regret trailing your stop or getting stopped out if the reasons for doing so were thought out(I always tell people when they do something, ask themselves WHY? they are doing it). I found it very helpful to make decisions on ONE timeframe. If you enter on the daily, then use the daily to exit. Multiple time frames is extremely difficult with the amount of information one has to digest to make a logical decision.
I am assuming you entered on the daily pin for the usd/cad. Looking at the chart a good time to move your stops up would be on the IB(just above it- see red arrow on chart). Even if the trade bottoms out now, you still captured a decent move, and it is on to the next trade.
I think a lot of people try to finesse there trades too much. They know james will move stops up and take partial profit, but what people forget is he has been at this for 25 years. He is so in-tune with the market it is crazy(believe me it is uncanny sometimes). And he doesn't always move stops at a certain number of pips either, I hear people throw around moving stops at 20-30 pips etc. This is fine, but make sure it is because it is profitable. The problem with over finessing each trade, is people start to find every reason to move stops/ or close partial, or take profit. It is more important when learning especially to find some consistency. I made a lot more progress once I tried to follow a certain set of rules, more then just watching each trade, and getting scared out, or not holding on long enough. I have very strict entry criteria, and my exit criteria is pretty strict for the most part, leaving no surprises for me. I am not saying there aren't tons of different ways to go about this don't get me wrong.
Price action is not a full trading method by itself. It has to be molded to fit ones personality and developed into a full trading plan(of course involving proper MM). For those struggling, I highly recommend laying out some guidelines for more then just entries. This helps us react to the market, instead of being surprised by the market. Never should one wake up and be shocked at what happened. One just reacts in response. It takes a lot of the stress off. It is all about being consistent and that is where having a trading plan comes into play. This may seem redundant or even a bit vague to some, but I have found a lot more success when I established consistent trading plans. Those who can constantly finesse each trade, timing perfect exits/entries have my utmost respect and admiration. I for one can not trade consistently enough like that.
OK end of my long rant, and remember these are just MY personal experiences. Everyone trading PA will go about it in there own way developing themselves a system. I hope this wasn't too jibberish, my mind goes a lot faster then my fingers
Mike
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Jul 19, 2007 1:41pm
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Resident Elmer Fudd
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Quote:
Originally Posted by lava
Hi Guys,
I am not familiar with this method but I just spotted this:
Can you tell me what it means?
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This is an inside bar, and a TBL(two bar low), which is showing we are sitting on some support.
I wouldn't put too much into this setup on the 4hr timeframe, as this happens a lot, with a lot of falses. Since you are new to PA, stick to the daily and weekly timeframes you won't regret it
Take care,
Mike
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Jul 19, 2007 1:53pm
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Resident Elmer Fudd
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Quote:
Originally Posted by lava
Thanks for the reply Mike:
On the daily I think that there is a pinnochio recorded yesterday?
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be careful here, a lot of people get confused. That bar yesterday is a neutral bar(shows indecision). When the open and close are located in the middle of the bar. Look back 6 bars on your chart, that tall thing sticking out. That is a pinnochio(pin bar). My advice is too go through every page on this thread twice(I know it is a ton!) But I promise you there are so many examples of pin bars, and other price action bars your head will spin.
It will be so worth the read I promise!
Best of luck,
Mike
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Jul 19, 2007 2:16pm
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Resident Elmer Fudd
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Quote:
Originally Posted by habeeb
A bit off-topic, but I see that there are 3 steps when you sign-up for the PF. The first step is accessible ... does anyone know what steps 2 and 3 are?
Thanx
Habeeb
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I think they are just confirmation/receipt and then your access to the PF?
Shot in the dark been so long
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Jul 19, 2007 8:09pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
For the next few days I would like to ask a question a day, and hopefully get some consice answers... Thanks for all those who may answer.
Todays question...
What is the correct way to trade DBHLC and DBLHC ??? This assuming I have found one at the right place and the right time... what are the rules for trading this ???
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I just responded with same thing in PM to tiki, but in case others are intereted.
Much like any PA bar you can play them as soon as the bar closes(most aggressive) you can play a retracement(semi-aggressive), or you can wait for a break of the bar this is the most conservative way, and the way I play them. Much like other PA, one should trade them on demo till they find what works best for them. There is no one right way. Some might even choose to use them for direction on a smaller timeframe, and jump on in when the smaller timeframe agrees.
best,
Mike
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Jul 20, 2007 2:55am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
Mike does a great job of keeping everything KISS, with all the really important core facts 
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aka I am a lazy bum  :
but seriously, everyone has to find how to suit PA to their personal style, and things will start to fall into place and click
Hope everyone ends the week nicely,
M
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Jul 20, 2007 1:53pm
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Resident Elmer Fudd
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Quote:
Originally Posted by lava
Does the Pin have to close near to the top of the bar?
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you want the open and close to be near the top of the bar(when looking to go long), as much as possible. It is even better when the close is higher then the open. But it doesn't have to be exact. Basically top 1/4 of the bar with a looong nose is the best. And you want the open and close with the previous bar
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Jul 20, 2007 8:02pm
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Resident Elmer Fudd
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Quote:
Originally Posted by vlazaf
A very lucrative trade for Friday afternoon. The 1st scale out at previous lows has been taken. Now should one trail here or run with 100% of the stake size?
Any suggestions please? How would one monitor and money manage a trade that's already in your favor by over 100pips. I know there are no hard and fast rules and each to their own but any assistance from members of this thread will be appreciated.
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This is the toughest question to answer, because it isn't about one trade. It is about a string of trades and how you decide to play them. If I told you exactly what to do this trade, would it really help you in the long term(again maybe if you took every trade and played them exactly every time)?
You need to develop how you are going to react through a plan, that you know will get you out on top. If you are just looking for ideas, and you want to scale out(again I am against it), then scale out half your position and place your stop somewhere above 121.90 which should now act as a resistance. There are way to many variables that go into this. Is there anything wrong with taking outright profit either? Is one better then the other? The only way to determine this is for you to decide. You could put in a trailing stop of 50 pips, 75, 100? Only through back and forward testing are you going to figure out what works best for you. Maybe you might decide to close all trades at the end of a trading day on a 4hr chart, and daily charts to trail above the high of each previous days. There are so many possibilities.
I know answers like this people don't want to hear, but this is why me and you could both take this trade and have to different results, and neither of us be wrong. If it fits into our overall goals and trading plan, then we were both right.
But enjoy the pips, and be proud that you are starting to pick out the high probability entries, that is important, just don't stop there.
Keep up the great work and have a great weekend
Mike
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Jul 22, 2007 1:16pm
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Resident Elmer Fudd
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hey guys just letting people know I will be out on vacation from wed - monday so I will get to my PMs when I get back I am not ignoring you
Here is a trade I am looking at also(3rd time back to this resistance)
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Jul 22, 2007 2:27pm
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Resident Elmer Fudd
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Quote:
Originally Posted by streetguy88
does anybody know where to get the indicator for that
"*** minutes till bar end"
on the previous chart top left hand corner..
thanks..
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http://forexfactory.com/attachment.p...1&d=1172540696
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Jul 22, 2007 3:33pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tw0eleven
Just curious, were you looking to go long or short? I'm not quite sure how to play this, but I posted a chart a page or two back showing the same thing you did. Thanks!
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we have a pinbar on the daily so I will be looking to short on a break
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Jul 22, 2007 3:55pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tw0eleven
Thanks Mike, I wasn't sure if we were waiting for a break of the PB for a short or if we were waiting for it to break the resistance above for a long position.
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both can be valid plays 
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Jul 23, 2007 9:24am
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Resident Elmer Fudd
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Quote:
Originally Posted by lava
Hi,
Can anyone tell me is this a BEOVB?
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yeah this is but, these bars are much more reliable when the close is lower then the previous bars low.
And also you really shouldn't even be looking to play anything on the 1 hr charts. Stick to the daily/weekly in the beginning it will save you a lot of headaches I promise.
M
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Jul 23, 2007 12:29pm
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Resident Elmer Fudd
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Quote:
Originally Posted by lava
Thanks Mike,
Just trying to get my eye accustomed to recognizing the setups. I am not entering - just observing for the time being. Not even scalping. Very difficult this AM. Feels like they are stop hunting. Or just hunting- but what?
Edit - Whilst you are here!!- The eye to the right of the weekly(this week) on the weekly chart is now lower than the eye on the left. That make me more warry. But how do you view it?
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the right eye is never my focus, all my focus is on the left eye.
Take care,
Mike
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Jul 23, 2007 12:32pm
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Resident Elmer Fudd
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Quote:
Originally Posted by razldazl
Thks 211,
the good thing about oanda is you can literally trade 1 cent lots if you want, so its really a lot more flexible than other brokers, ie normally the smallest you can trade is one minilot or 1 dollar. Great for live testing and compounding, but hard to take seriously...also they really have excellent execution, but the drawback is the chart package is soooo basic. Anyway good to know about the fx solutions, Raz
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both oanda and FXsol are very good. I have used both, and still, have an account with oanda. With FXsol, the swap becomes very high as your leverage is increased. As for retail brokers go, both oanda and fxsol are great. As with any broker, their are drawbacks and positives.
Best,
Mike
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Jul 24, 2007 12:27pm
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Resident Elmer Fudd
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Quote:
Originally Posted by razldazl
Yes, I was in the first one, but I got knocked out ...so this was just another opportunity I noticed  and took advantage of, Raz
ps, this is the 3rd cad position Ive taken in the last few weeks, Ive been knocked out every time trailing by day before high...anyway live and learn
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not to be a joykill here raz, but this is a position I would have never taken(so not sure how this is an mbqb special  ). If you missed that first entry, just wait for the next
best,
Mike
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Jul 24, 2007 2:21pm
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Resident Elmer Fudd
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Quote:
Originally Posted by razldazl
He he, well I meant putting the bars together thats all. Blinking nice drop though eh  Raz
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hehe you bet it was, nice job
Mike
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Jul 24, 2007 3:30pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
I really feel compelled to announce now that I have made some pips !! I am really happy cause these are the first major pips I have made since joining the PF and started learning J16...
Made pips last night on EUR/JPY... don't remember the price action set up, but made 20 pips there... made two trades there, when target was hit, moved stop to BE, then got stopped out later... ( of coarse price has now gone down further again and I would have made even more pips... but oh well... got some there anyways...
Next, as I mentioned earlier I took short on USD/JPY 10 pips under that BEOB a couple of days ago... 120.70 was a major fib line, but it finally broke through... got 30 pips there and now moved stop to BE and free trading now... second target is 50 fib line around 119.75, which also happens to be at the 200 sma... ( rob bookers sma favorite ) Lets hope it can get there withou stopping me out again... but I got pips in the pocket !!!
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right on bro 
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Jul 24, 2007 4:30pm
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Resident Elmer Fudd
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Quote:
Originally Posted by raczekfx
nice dive today. after last friday's drop I couldn't pass an opportunity and took long yen positions on sunday open.. not a rifle shoot but certainly a B shot 
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I did quite the opposite, I took a position short on the gap up sunday(these almost always fill, and this one was huge, I closed out most of it for a huge gain, and then held onto the last .5% till the 150 ema on the 4hr, which i just closed and reversed.
Those gap fills can be nice easy money with huge R:R
Mike
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Jul 24, 2007 5:00pm
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Resident Elmer Fudd
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Quote:
Originally Posted by raczekfx
I believe we took same trades, Mike. When I said, I took long yen positions, that'd be short yen crosses (gbp/jpy, eur/jpy) 
I took half off @ 248.50; I also saw 150, but watching DJ bleed decided to hold. Might add more at Tokyo open... or trail stop
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haha sorry I read so quick, i thought you went long the gbp/jpy !
Nice trade bud!
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Jul 24, 2007 5:01pm
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Resident Elmer Fudd
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Quote:
Originally Posted by ianf0ster
Hi Mike,
Can you tell a newbie where you put your stop on this one. You say that the R:R was huge. OK I see how far it dropped, but if your stop was above the high at 251.09 then I don't think that the R:R was huge!
Thanks,
Ian
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My stop was just above 250. 250.07 i believe I had it
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Jul 24, 2007 5:02pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Mr Trend
Gap fills are bread and butter.
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almost too easy right 
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Jul 24, 2007 5:36pm
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Resident Elmer Fudd
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Quote:
Originally Posted by ianf0ster
Thanks Mike,
I think I see, so you placed the trade pretty soon after the Sunday open. According to my MT4 broker's demo chart it opened at 250.02 with a high of 250.18 , then down down down.
So I assume you were looking for an initial 60 pips to fill the gap plus whatever trail you felt you could get.
Ian
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bingo placed it right on MT4 of IBFX open, a bunch of us did, inside the PF at least...it was quite a show
Take care,
Mike
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Jul 31, 2007 9:16am
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Quote:
Originally Posted by mimas
Hi Ian,
Cannot see how this is a two day pin on my chart ????
I did however take the pin last night on EUR_AUD, but made a few pips but has not moved any since so came out !!!!!
Probably too early....
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Yeah I agree this one is pushing it as to look at it like a 2 day pin bar.
Do check out how strong these s/r can be
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Aug 1, 2007 3:51am
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
I'm still trying to pin down (pin, get it?) the movement in EUR/CHF.
First I was long and got stopped out, then I tried to go long again and got stopped out again. Now I have reversed and gone short...stubborness is never good for your account balance. lol
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still 10 mins over here till close but this pin would coincide with the 200 on the daily
wait and see
Mike
edit* oh well close but no cigar on the close
Last edited by mbqb11, Aug 1, 2007 4:01am
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Aug 1, 2007 2:24pm
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Resident Elmer Fudd
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Quote:
Originally Posted by ianf0ster
Question for SL, Jim, Mike or other experienced guys:
How do you handle the situation where in volatile conditions, different brokers show different PBs etc. ?
Is there a recommended close time for Daily bars?
(I am spread betting with IGINDEX in the UK - they have useless charts - max 1Hr and close FX bars at 10pm local time = 5pm EST. For charts I use MT$ a demo account with a broker whose server time is GMT+2 , but they again close bars at 5pm EST. Neither of them have any bar fror a sunday except from 5pm EST onwards).
Is it recommended to use or to ignore/avoid Sunday bars?
Thanks,
Ian
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Hey Ian,
The best thing to do is play it as you see it, if you want to look at two brokers with different timezones, you can play things on each broker. You will get a different view of price, but in the end price is still price. Since the FX markets are 24 hours there really is no definitive close time for a daily bar. I use IBFX charts, others use NF charts. Neither is better then the other(at least in all my time doing this no one could prove it to me )
As for sunday bars, I have always ignored them, others I know combine them into the previous bar. For me I do what James taught which was ignore those little suckers.
Hope this helps,
Mike
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Aug 1, 2007 2:53pm
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Quote:
Originally Posted by JoshDance
Any thoughts on this 2BH on AUDUSD? Seems like a good place to place a buy stop.
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yep josh good eye, that could be our next breakout point(retrace) before the move down(monthly in mind here)
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Aug 1, 2007 3:00pm
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Resident Elmer Fudd
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Quote:
Originally Posted by JoshDance
Ah wow, I had not noticed the monthly pinbar. Yikes. Are you planning on going short on a significant break of this? I would hesitate to go long above the 2BH, if it's going to be just a short move up. Hmmmm, decisions, decisions...
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yep I have orders pending in on both of these with their proper position size
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Aug 1, 2007 3:44pm
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Quote:
Originally Posted by Trader_V
Mike,
I got an entry question for you.
I noticed on your pics that you seem to be looking for en entry greater than the 10 pips that we normally discuss. Have you found that larger distances for entry orders works better for larger tims frames? Or are there other factors involved here?
Thanks in advance,
Steve
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yeah they are greater then 10pips, because you have to kind of magnify each, like i might use a 10 pip entry on the 4hr, so to me a 10pip on the monthly isn't enough. I basically eye it up, as if it was a 4hr/daily chart. That is how I try to view all my charts
Mike
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Aug 1, 2007 3:47pm
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Quote:
Originally Posted by JoshDance
Here's a consideration I just had...
So, it looks like there are a few good monthly trade possibilities. It would seem to me that a minimal SL would be idea. A monthly pinbar I just saw spanned 800 pips, so this would only allow me to trade a very small position size. On that note, wouldn't it be better to trade things like breakouts at S/R levels, where the SL could be kept in the 300-400 pip range?
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that is going to be up to the trader Josh. If this is something you feel comfortable doing. I try to treat all my trades the same across timeframes. The one bad thing is the margin tie up involved in the longer term trades. So I transfer that money in so it is like those trades aren't even there taking up margin.
some might just use the monthly for direction, and once the pin breaks, look for an entry on the weekly charts. All up to the trader, and that is why there is no one right way.
Mike
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Aug 6, 2007 2:49pm
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Quote:
Originally Posted by attictrader
A two day pinbar forming on Daily (includes last night's climb)??? A possible short tomorrow?
PT lower TL around 1.3685.......? Or should the Sunday mini bar be discounted?
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most of us just ignore the Sunday bar, like it never existed. Others don't, but James ignores them, so then I do too 
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Aug 6, 2007 2:57pm
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Resident Elmer Fudd
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Quote:
Originally Posted by PeterFM
You may need more than one  .
If there's anything you don't understand, just ask Mike
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lol peter 
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Aug 6, 2007 3:00pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
hi mb
ignoring them is quite easy to do but it creates sometimes a gap that i personally dont know how to deal with - if there is a pin bar - should i look for a close under fridays high??
if you could show an example that would be great
thanks
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Basically if price gaps under a potential pin bar, I would simply wait for the gap to close(which they usually do), then either enter when the gap closes, or after the gap closes wait for a re-break of the pinbar.
I will try to find an example
Mike
edit* it was really hard to find any examples of a good pinbar that gapped away. But yesterday there were gaps so I am just using this GBP/JPY inside bar as an example. If you were straddling this bar, Instead of going short on the open of the gap. I would wait for the gap to fill as it just did, then wait for a break back down or up. Lemme know if that clears it up
Last edited by mbqb11, Aug 6, 2007 3:13pm
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Aug 6, 2007 8:24pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
lets have a look on the GBPCHF - interbank chart, daily.
it would have been a nice PB - but is it?? i mean the gap somehow take all of the essence out of it - or it doesnt? as long as the eye is closed above friday's low?
thanks again
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In this case, I would completely ignore the gap portion. Just stick to playing the pin how you normally would
mike
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Aug 6, 2007 8:25pm
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Resident Elmer Fudd
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Quote:
Originally Posted by fuzzle
Mebe I'm hallucinating! You guys (and ladies!) tell me if I'm seeing things.
Eur/USD daily. I use the IBFX feed, but the last 12 days or so have created a pin also. Is this valid?
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playing multiple day pinbars, especially 12 day pin bars are a bit tricky. I am not sure if you are new to the PA but if so, look for the single bar PA bars. It is much easier IMO
Take care
Mike
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Aug 6, 2007 8:37pm
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Resident Elmer Fudd
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Quote:
Originally Posted by fuzzle
Ok, thanks. Point taken. What I am thinking now is that a pin bar is nothing more than a correction to a trend on whatever time frame I'm looking at. This makes it easier for me to understand.
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yeah it is often easier for people to view multiple bars as a pinbar in order to grasp what price is doing. In the most basic sense the a pin bar is a reversal bar(s). Depending on where it is located it may be a reversal bar back into the larger trend, a top or a bottom of the larger trend etc.
Best,
Mike
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Aug 7, 2007 1:15pm
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Resident Elmer Fudd
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Quote:
Originally Posted by zoheir
Hello guys,
I'm your new friend in the PF but couldn't find a USD/CHF thread, so i'll post it here.
This is the 1H USD/CHF - is there gonna be a pin ?? let's wait and see, if it is, it's gonna be a perfect one!
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well I think you are trying to focus on the right eye here, which you don't even need to worry about. Just focus on the actual pinbar and the left eye(where the open and close of the pinbar is located). This bar is a neutral bar since the open and close are in the middle of the bar
Best,
Mike
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Aug 7, 2007 5:46pm
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Resident Elmer Fudd
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whoa whoa easy there seeking with all the praise, i am just as new as the next guy/gal...just trying to play the game the way it works for me. Definitely shouldn't be in the same boat as the great traders that you mentioned who have been at it a lot longer and better, but I do appreciate the kind words.
I win and I lose, and often I lose more then I win, but the reason I see my profit is because of everything seekinglight said. Just try to be consistent, patient and get in tune with the market. I always ask myself Why? I am doing something.
Many pips for all
M
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Aug 8, 2007 2:46pm
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Hey mario
Tried my best to answer but was a bit confused on the questions. My answers are below in bold. Please lemme know if you need something clarified better.
Mike
Quote:
Originally Posted by didymario
good day every body. just to let u know that i
am a newbee and i have started demo trading this system.
however i have a question
1.what is the significance of coloring the bulish and bearish bar differently ?
I think you mean having bullish bars one color on the chart and bearish bars another. Like bullish green, bearish red. The only significance is a visual one. I have all my bars green.
2. if i have any of the price action formation and the last bar of the set up is opposite the direction of our trade do we go ahead and take the trade ?
The bar to be most focused on is the current bar.
for instant we have an inside bar formation signalling that we should go long, and the bar which is totally engulfed is bearish, do we still see it as a good opportunity to go long ?
I am a bit confused here. For an inside bar you are neither bullish nor bearish, because an Inside bar is showing consildated price. The way to play this is with a breakout. As long as the bar is inside the previous, you can straddle it with buy and sell orders. Of course you may choose to be biased in one direction, but that is usually more depending on the location of the bar.
take a look a the last 3 bars of ur daily eurjpy chart ad see what i mean
thank u
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Aug 8, 2007 7:12pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
Can someone please explain to me what is a 'swap" ???
THX
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just another word for rollover/premiums/interest etc
check your broker for their policy here is mb tradings
http://mbtrading.com/fx/interest.asp
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Aug 9, 2007 2:49am
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Resident Elmer Fudd
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Quote:
Originally Posted by maarf01
Hi everybod,
Please, i have attached a trade i took on Nzd/Usd now
Reasons are,
Pin Bar on 4hr
resistance at 0.7700
Trend line break exactly at the neck of the Pin Nose
I'll be waiting for your comments esp. Seeking light, Big Tom and others
Thanks
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that is a pinbar, but the low of the pinbar never broke. So the bar is no longer valid(exceptions apply). But the most basic way is to have the next bar break the low of the pin, if it does not cancel your order
Mike
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Aug 9, 2007 2:41pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
hi there
would you enter the break of the BEOB/TBHLC forming on the gj from fib 50, 4h 150 ema, crossing down the resistance level (Lime horizontal line) ??
if not - why not??
Michael
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Hey Michael
If it closes as is(mine doesn't close till 8pm eastern so i find no reason to start looking at dailies till 730). You play the trade both ways. My preference would be a break of the TBH getting us back into the carry trade the right way, although shorts are the preferred direction(not sure how long that will actually last)
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Aug 9, 2007 2:58pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
so you are actually saying that in your opinion it won't go short and if it does it wont last long?? but either way - you put entry on both sides?
thanks.
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I never like to be short that much on the carry trade pairs, so for me this is a Trade setup(if occurs) that I would not take short...rather wait for the long entry only
Again just in my opinion
Mike
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Aug 9, 2007 11:15pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
I also read this morning in this forum that if a PB does not break on the next bar, the order should be cancelled... is this true ? Is this the rule ? It does make sense to me... I think MBQB11 said that...
Thoughts... ????
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up to the trader, But the conservative way is to wait for a break of the pinbar on the next bar. Without the break we then cancel the order. The next bar then is most likely an IB, which can still be played or wait for then Pin to break also. Up to you, I wait for a braek, and it doesn't occur on the next bar I cancel any pending orders
M
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Aug 12, 2007 5:01pm
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Resident Elmer Fudd
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Quote:
Originally Posted by goodthings
Mike do you make your trades mostly on placing an order or manually. Been thinking about that for myself for a while. If I have a good trading plan I should be able to place orders. Some of it is based on the time it would hit the order. If it did not hit it a certain time then pull the order because the market motion is chopping and would not want the order to get placed. And a person would cancel his order if he seen the currency totally move away from his order too. Any insight?
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I think I understand your question. I simply place a pending order once I see PA that I like. If the order isn't triggered within the next bar then I manually cancel it. Similarly my exits are trailing based on previous bars so these bars take the time factor into it. So if after "x" amount of bars, my stop is moved, price has had "x" amount of time to move. If it hasn't by then the stop is moved up(trailing). This is similar to someone who might move there stops after "x" amount of hours.
I hope I understood you correctly
Mike
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Aug 13, 2007 5:18pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
would anyone enter the trade of the i4b that are forming in the YEN pairs?
i am asking since the upper limit is a very strong resistance area, and the lower is against the trend.
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I was just having a discussion with Tom via PM about the JPY pairs. Specifically the NZD/jpy. If it closes as an IB, I would keep the Buy above the Previous resistance (noted by red arrows). So you use the IB as a breakout, but so as to have a better chance at the breakout, taking it above that area. Then IF price breaks away. You can then move your stop under this area with the thinking that it will now hold as support and give you good stop placement. Yes your initial SL will probably be a bit larger. But overall I believe it is the more conservative play. And of course You can play a breakdown of the TBL/IB
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Aug 13, 2007 5:49pm
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Resident Elmer Fudd
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Quote:
Originally Posted by goodthings
Yes both help. Which way do you more often enter a trade manually or setting and order. Almost every time I do it manually. As far as exit goes probably half the time I do it manually the other half is hitting my target or of course getting stopped out. Of course we like hitting are target and not getting stopped out. 
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90% of the time I enter a trade by setting an order. Yes hitting our target is much nicer then getting stopped out
Take care,
Mike
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Aug 14, 2007 2:50pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
hey there
did you go short after seeing any price action besides breaking the support level? i mean - i am trying to enter only when i have a setup of PA, do you guys play only breaks??
thanks
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see my post #5398 there was a TBL that broke
-M
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Aug 15, 2007 6:54pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Mr demark
and i strongly believe that pin bars/ hammers/shooting stars works because of the momentum involved in such a price action
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yep. Without the proper order flow that these patterns create, price will not follow through
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Aug 15, 2007 7:01pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
mbqb11
So would that confirm my idea of a good PB being a compressed H & S ???
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depending on how you want to look at it. It might not show up on the charts. For example if price spikes up 60 pts then back down instantly. You have a pinbar but not HS pattern on your chart. The concept of a PB being compressed HS still is a valid observation, if that helps you understand what you are doing better.
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Aug 16, 2007 4:37pm
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Quote:
Originally Posted by superdezign
So, I have been trading for maybe a year and a half and have read a good 2 dozen books or so. My entries are alright, and my exits could use work.. I have money management down like its a science.. but I feel all but solid in my trading..
I am curious.. do you guys think I could learn anything new from the James16 Private forum?
I am just looking for some extremely robust and very logical entry techniques that use no indicators or MA's..
Do you guys think the PF will be of any use to me?
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I really haven't met anyone who didn't get anything out of it. I mean for 129$ for a month isn't it worth the shot?
But my answer is yes you will. Of course you get what you put into it, but that really doesn't apply for you as I have read your posts.
If you have anymore questions lemme know,
Mike
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Aug 17, 2007 10:31am
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
I saw those back to back pin bars at support so I went long on a break.
Because the stop was fairly tight I took a larger size than normal.
Then I went to lunch.
When I came back, I logged onto the BBC website and saw that the Fed had cut interest rates...
Well...
It hit resistance (Jim's S/R pivots) and came off so I closed out!
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It really is great stuff James teaches huh
Here was the euro FLIP and you could of had a 1 pt stop and made many many pips. Across the board great opportunities, and not once did you have to even worry about fed cuts or anything. Some of us had no idea it even happened for awhile
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Aug 17, 2007 5:16pm
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lol look at this monster
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Aug 21, 2007 1:46pm
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Resident Elmer Fudd
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Quote:
Originally Posted by tth
Hi guys!
Was wondering anyone still has these files? I can't get them anymore.. would really appreciate it if anyone could help!
Cheers
tth
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here are the pinbar files(note i forget who the author of these are but i believe they are located in the file
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Aug 21, 2007 3:13pm
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Resident Elmer Fudd
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Quote:
Originally Posted by PeterFM
eat and drink too much 
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I fixed peters quote  :
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Aug 21, 2007 3:16pm
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Resident Elmer Fudd
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Quote:
Originally Posted by PeterFM
fix his trading? 
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pffft peter can do that on his own, EVERYONE knows that 
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Aug 21, 2007 4:30pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Four Kids
What does IB4 stand for?
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It stands for an inside 4 bar.
here is a post I made about it with a chart for an example
http://forexfactory.com/showpost.php...postcount=3361
you can have an I5B, an I6B etc.
best,
Mike
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Aug 22, 2007 6:20pm
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Resident Elmer Fudd
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Quote:
Originally Posted by boxingislife
lol no i could care less. very small positions. not trading seriously since my grandmother died on monday. havent been around or had time to really do any analysis till tonight. but i thought if i could get out as close to breakeven as possible it would be nice
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sorry for your loss, my condolences
Mike
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Aug 23, 2007 5:27am
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Resident Elmer Fudd
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Quote:
Originally Posted by razldazl
Hi all,
So this week, Ive taken the aussie pin, and I was kind of losing hope of it getting anywhere until last night when it finally gave a nice push up...niceee!
Im also long gbpjpy, basically from the break of the daily pin and 365 ema, although I have to admit I closed it last night (with 100 pips) in case the boj news did something strange...ok, charts below... BTW Im in the pf! Amazing stuff my eyes look something like this  ...I think Im going to become one of those lifetime members, theres just so much information in there! Have a great week all,Raz
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Haha yeah there is a ton of info, my eyes were coming out of my head for a long time
glad to have you in raz look forward to your posts inside too
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Aug 23, 2007 5:36am
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Resident Elmer Fudd
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heres a quick trade I made on a pair I have recently began to watch again
Three bar high broke and was a quick 40 pips
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Aug 23, 2007 2:14pm
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Resident Elmer Fudd
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Quote:
Originally Posted by boxingislife
ok im new with the price action stuff so bear with me
heres the daily eurchf
looks like a pin
should i wait and enter on a small retracement or should i place my order when it breaks?
obviously i have to wait for the close to see if anything changes
would u guys take this one?
thanks
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If after you analyze this one(personally I dont even bother looking at the daily formations till about 15 mins before they close, because everything can change in minutes let alone hours). This could be a good continuation into the temporary downtrend. For me it is a bit too much in traffic, but I am super picky guy
My personal preference is to always play a break of the pin, with my stop above. This keeps my trading consistent, which I find very important. But you have to find what you feel most comfortable with. A good thing to do is open multiple demos and try different things in the beginning and find where your comfort level is at.
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Aug 23, 2007 2:44pm
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Resident Elmer Fudd
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Quote:
Originally Posted by happy camper
Hi box
I will enter second half of my position on this pin if it brakes(it HAS to be a brake!) on the daily.I allready jumped in on 4H...looks like it could test 1.6200 area again,don't know though 
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excellent trade!
(because I am in it too  )
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Aug 23, 2007 5:50pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
Could somebady please tell me about the last green candle on this chart...??
What does this kind of candle mean? Is there anything that can be done with it??? Is it a BUB ???
Or is it just a nothing bar???
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yeah it is pretty much just a BUB although you usually want to see the close higher, I wouldn't call it much more then that
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Aug 25, 2007 1:23pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
is this a 2 week PB in the EURUSD??
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yep or you can just look at it as in IB, but visually I look at it as a 2 day PB helps me
M
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Aug 27, 2007 2:20pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
what do you think of this one here? 2 TBH forming in the same area, one of them provided TBHLC and the second is just a simple TBH, how would you play this one???
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don't forget that middle bar of the 3 is the Sunday bar. So a lot of us just completely ignore that bar when making decisions(as taught by James). The outside two are close to TBHs though. I am still in the pin, so if this area breaks(including the first set of TBHs,) I will look to use this area as support for my stop to be placed underneath. No surprise today was slow with the holiday and all.
M
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Aug 27, 2007 9:59pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Johnnyl
Sure, if you don't mind sharing I'd be interested. I know there are a bizillion different indicators each with their quirks. If you have found something that seems to work well, it would probably save me some time trying to sort through them... Thanks, Johnny
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Habeeb has made some great ones
http://www.forexfactory.com/showthread.php?t=3047
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Aug 28, 2007 6:41am
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Resident Elmer Fudd
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Quote:
Originally Posted by alcastro
I have my metratader with NorthFinace for charts analysis and all that stuff, and I enter my trades using FxSol due to the convenience of its trailing stop.
This morning I was long in the Eur/US and suddenly I saw a incredibly long spike going south in the NorthFinance platform-almost 200 pips!!!. Of course it hit my s/l. But I checked my fxsol trade and I am still live there.
What happened at NF? Was it stop hunting? Can they make those massive moves? It must have killed everybody!!!!
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nah just a bad price feed
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Aug 29, 2007 5:08pm
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Resident Elmer Fudd
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Quote:
Originally Posted by J2FcM
If Sundays are often disregarded.. are Fridays as well? Are Friday daily bars obsolete as soon as they are over?
Also, What if Sunday is an eye, Monday is a pin bar, Tues is an eye? Disregard?
Does this mean, ignore monday pin bars too? Only pay attention to "eyes" that show up on Monday, and pin bars that occur on Tues - Fri?
:surprised
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for those of us that ignore the sunday bar we simply just think of it as it didn't even exist. Basically just put an X through it. Others of course combine sunday with monday or friday. It is up to you. I learned from James to ignore it so it is just habit
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Aug 29, 2007 5:28pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mimas
Although the daily is not finished yet has anyone noticed the DBLHC on most the JPY pairs, CHF, USD, EUR,GBP, when all these lined up last time on pins bars last time I remember thinking I wish I had take this lot........!!!
Anyway be interesting to look at if they turn out to be DBLHC tomorrow.
Also keeping an eye on going long on the DBLHC on GBP/CHF if it hits the 24138 level, as just above 38 fib and 150MA.....let wait and see......!!!
Stay Lucky 
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NF bars closed(i watch that also)
Theya re all showing BUOB and really nice ones at that.
All pretty much look like this
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Aug 29, 2007 5:49pm
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Resident Elmer Fudd
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Quote:
Originally Posted by J2FcM
I see the low on the 27th is a full 11 pips higher than the low on the 28th. Is FXCM THAT UN-RELIABLE?
Also,
NF bars closed(i watch that also) what is NF?
And
BUOB =? I can't remember, but it is when the 1st bar is completely engulfed by the second bar, and has a closing that is above the high of the 1st bar. Signaling a bullish movement right?
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yeah a buob(bullish outside bar) is when the bar has a low lower then the previous bar, and it closes in the top portion of the bar. I personally like to see them close higher then the previous bars high, that is a strong one to me.
Mike
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Aug 29, 2007 7:00pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Johnnyl
Mike, are you looking for a pinbar on the 1 or 4 hour charts to pinpoint an entry into the bullish outside bars seen all over the dailies today?
j
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I make all decisions on the same timeframe. So if I decided to long a BUOB on the daily, I play a break of the high and my stop goes underneath the low. I like to keep each individual timeframe separate and enter and exit on it. It helps me from analysis paralysis
Mike
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Aug 30, 2007 6:21pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
...I'm trying to stay sane ;P
I mostly fail at that though ;p
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Aug 31, 2007 3:29pm
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Resident Elmer Fudd
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Quote:
Originally Posted by raczekfx
4hr is my second favorite after dailies. Plenty of nice opportunities ...
Some of these I took and posted in my journal, some of them just watched.... 
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Sep 2, 2007 1:05am
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Resident Elmer Fudd
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Quote:
Originally Posted by TradeStar
This pin bar /eye concept I still don't understand. Could someone please explain how should one trade this setup.
Thanks in advance.
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Hey TS
The main part to focus on is the left eye. I circled it in the picture. You want the open and close of the pinbar to be contained within the previous bar(usually around the left eye) and you want them to be towards the top of the bar in this case(towards the bottom when looking for a short). You preferably want the close to be higher then the open. In this case of our pinbar it is the same. That is ok also. The main thing is you can see that the left eye is near the bottom of the bar, and the pin bar has a long nose sticking out and the open/close are within the previous bar, and also near the bottom of the previous bar(what allows it to stick out). After that it is all trade managment, but it is identifying the good pins from the bad pins(location location location)
Hope this helps,
Mike
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Sep 2, 2007 1:19am
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Resident Elmer Fudd
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Quote:
Originally Posted by tiago
hey moneybags,
thanks for the response, do you know where i can find these indicators to download? thankyou...
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i know this is one of them
http://forexfactory.com/attachment.p...839&d=10-10-06
if you click the paperclip symbol at the top tight of the screen of this page you can see there are a few others that i believe do similar things
I have never used any of them though so I have no idea whos they are or anything sorry
Mike
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Sep 2, 2007 1:41am
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Resident Elmer Fudd
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Quote:
Originally Posted by Four Kids
Hey mbqb11,
Do you consider the pinbar on the EU daily a healthy one, or is the open close to far down the previous bar?
Gerard
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Hey Gerard,
My main problem from my point of view is that our nose isnt long enough. If we had a nose sticking out higher out, it would show me price was really being rejected. Another problem is the location. If you notice the market is kind of stuck in this sideways action. That isn't to say that a pinbar in this location wouldn't work. But I am very conservative so generally I like to see them at the very top of swing highs and lows.
Mike
edit here is a picture of what I would have liked to see. I added in the tip of a longer nose(the pink) and see where it would ahve been rejecting off. Previous support, too me that would be more ideal in me making a decision to risk some $$ in this trade.
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Sep 2, 2007 2:06am
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Resident Elmer Fudd
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Quote:
Originally Posted by Four Kids
Thanks Mike.
I see what you mean about the location and the nose and the sideways movement on my chart but your chart looks quite different to mine.In fact even your prices are very different.
Gerard
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haha gerard i posted the eur/jpy by mistake! not the euro/usd
My bad!
Lemme check the euro out for you
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Sep 2, 2007 2:09am
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Resident Elmer Fudd
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Ok with the euro, it is very similar also. The body of the bar(open -close) is about the same size as the nose, which makes it not a pinbar really. I would have wanted to see the open and close much closer together and the whole bar moved up to the top of that area.
What this does still show is heavy resistance that it is really having trouble cracking to the top side.
I am still long from the pin back on the 16th. If that top area breaks, I will look for that resistance to flip and turn to support to place my stop under it. For now I am just holding on to my position with my stop at 1.3540
Sorry about that confusion again
Mike
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Sep 2, 2007 8:54pm
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Resident Elmer Fudd
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Quote:
Originally Posted by TradeStar
Thanks a lot Mike.
So left eye is essentially the price where the previous bar closed (Is this understanding right?)
and the pin bar's open and close should be contained within the body of the previous bar (meaning between open and close of the previous bar) right?
So right eye would be the close of the right side bar?
Thanks a lot for taking time to explain.
TS
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yep the right eye is the open though on the right side bar. But most people are using that bar to enter(trigger bar) so the right eye doesn't mean much. So if the right bar breaks the pinbar you enter etc
M
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Sep 3, 2007 2:22pm
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Resident Elmer Fudd
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Quote:
Originally Posted by omsai
Hello James16,
I am enjoying your thread and it has become a Trading Bible for me. I have learnt to pay attention to each individual bar and try to decipher it. Earlier, I use to rely mainly on Indicators, but you have shown me a path of understanding the 'Real Price Action through Swings along with Fib. Ret'. I donot have proper words to express my sincere thanks. Further, coming to the above said 'chart', my view is that had the 'closing of next bar been higher than the Pin/Nose bar's closing', I would go 'Long', otherwise as the chart shows, it is obvious that the chances of price going down is 'higher', keeping in mind the 'Tendency of Price Fluctuating from Upper Channel to Lower Channel and vice versa'. Well, Sir, these are my views and I am 'No Judge'. I have just put these lines to confirm from you that am I right in understanding the given situation? Please let me know.
Omsai
Peace. May God be with you.
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Yep James is the best
yes you are correct. Playing a break of a failed pinbar in this case long can often be great setups. I have to warn you though that it is a more difficult play to make when starting out. So in the beginning I would suggest sticking to playing the pinbars in the direction they indicate. If they fail, I would simply stay aside and wait for your next signal. But it isn't wrong to play failed pinbars, just occurs much more often and can be more tricky when first starting out.
Take care
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Sep 3, 2007 4:15pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Four Kids
What is chop?
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he is just referring to the choppiness of the market, caused by lack of activity and such because of the holiday. When the market can't make up its mind, so we just bounce around in choppy ranges
Mike
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Sep 3, 2007 4:34pm
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
Thanks Mike.
Dollar/swiss has been like this for a while now, imo, not just today...
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couldn't agree more, can't remember the last trade I took on it because of this. Too tough to trade for me
Take care
Mike
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Sep 3, 2007 7:19pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
Can you tell me what you mean by this ??? Are you saying that PA works better in trending situations rather than choppy times ???
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PA is PA, but if I am entering a trade, I like to have the most room for that trade to go, so i can make the most money. If I look at a chart that is choppy, I know my system has a greater chance of stopping me out along the way(The nature of choppy markets). This makes the risk involved not worth it for me. It is kind of like fighting a strong trend. Sure the PA could be there to go against a strong trend, but is it worth getting your money in there, or a better spot.
Of course this is all according to my trading plan. Everyone is different.
Mike
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Sep 6, 2007 12:55pm
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Resident Elmer Fudd
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Quote:
Originally Posted by J2FcM
hoping the weekly trend is getting broken and heading south...
Am I totally off here?
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Hope is a dangerous thing in the markets
Since your initial analysis was wrong, best to just cut your position. That is a bad habit to develop
The good thing is you are on demo, and making mistakes is how you learn. Close out, and move on
Mike
Last edited by mbqb11, Sep 6, 2007 1:29pm
Reason: meant to say move on, not move out LOL
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Sep 6, 2007 1:28pm
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Resident Elmer Fudd
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I wouldn't even consider putting on a position till we can get out of this range look at that support it found, unless that breaks --
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Sep 6, 2007 1:57pm
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Resident Elmer Fudd
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My views in bold below
Quote:
Originally Posted by J2FcM
thanks for the replies...
and holy crap, yeah trading off hope is lame. Thanks for pointing out I said it, without even realizing it.
one can learn a lot going over past posts, and seeing their writing, it helped me a lot. That is why a journal(personal or public) can help a lot of people.
I have some follow up questions though...
When do I determine my trade went wrong? I have the stop loss set above the triple low bars... and I'm only half way there - plus, there was a drop that only set me off to -40 pips.
This is a question I always ask myself prior to entering a trade. Some people believe their trade is only considered wrong once their stop loss is hit others don't. When you entered the trade(if you could post a chart of where you entered it would helps also), did your plan say, once a break below these bars, the trend is continuing, unless my stop gets hit. Then you should still have confidence in the trade. IF on the other hand you wanted to see momentum through those TBL formations, this would be a good time to cut your losses(remember "cut your losses ride your profits".
And also, is there more incite to this trend in specific? I mean, although the weekly has been going up up up, the last chunk of the chart shows a definitive drop - below the bullish support
This depends on the timeframe you are looking at. The longer term timeframe is still up. Zoom out on the weekly, but the shorter timeframe is down.
Finally -
It is my understanding that double and triple low bars are "trend continuation" patterns... I looked at the daily and saw that things were heading down in general, and saw the low bars were at a 50% retrace.
This told me, that there was a sign of upward movement stopping, and the triple\double low bar told me the same thing - the trend was about to continue downward.
Correct?
Trend continuation when they are broken, trend stall(or reversal) when formed. If we are in a move up, and we make a TBH, this is showing exhaustion, now some might choose to play this exhaustion, but I like to play a breakout of these bars for continuation. Still always remember it is crucial WHERE these bars are located. TBH/TBL occur left and right, playing all of them would be suicide in my opinion.
and should these double and triple bars only be played... a few bars after they form? So that a "breakout" may be confirmed??? ie. I played them too early.
Again depending on what timeframe they form, where they form can depend on how you play them. If we have a nice TBH on the weekly, price moves down for some time, and comes back towards that TBH weeks later, you can be looking to sell(double Top), or buy a breakout). Nothing is concrete here, going to be up to the trader to put this together, that works for them
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Sep 6, 2007 2:28pm
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Resident Elmer Fudd
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Quote:
Originally Posted by J2FcM
thanks again for your thoughts.
I think I am still a little hazy on how to react to TBH, TBL's and their Double variants.
I've mostly just paid attention to Pin bars and Pinnochio formations; and jumped a the chance to get "ALL UP ONS" a TBL formation.
Re-reading your thoughts, I have a question on "what is broken":
I see a TBL, on daily... The only way it can be broken is if the next day, a bar forms that goes below all the TBL's... and closes below them too I assume.
I think previously I was assuming a TBH = trend continue upward, TBL = trend continue down. - doh
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When an actual TBH/TBL forms, it is showing exhaustion, when that then breaks it can be a continuation. So it is both in a sense.
Here is the EURO, We had a TBH(three bar high over 5 days) this is exhaustion of the sharp move up, strong strong resistance. This brought us back to a trend line, and then sometime later when that area broke, it set is off again(trend continuation).
Hope this helps
Mike
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Sep 7, 2007 9:10am
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
Good stuff Goozman, great calls!
I was in the 1hr/4hr pin bar on GBP/JPY today and was 37 pips up and I held on and it spanked me and left me with just 3 pips.
The problem I find with trading size (and by size I mean where it starts to mean something to you) is that it can influence your decision making process. I think I made the right decision to hold but when closing out would have meant ?148 profit and being stopped out meant just ?12 profit, you still feel like you have done something wrong!
This is something that demo cannot teach you.
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Good trade to cut short being in such a tight chan. A small win here is a big win I think.
I wasn't prepared to trade until we left this channel, now I will look for a short when it presents itself
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Sep 7, 2007 1:19pm
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Resident Elmer Fudd
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Quote:
Originally Posted by J2FcM
Anyone go Short on FBP|JPY in the last few days?
I posted earlier how I HOPED(I know don't hope) that it would drop down, after I was at -70 pips, but hadn't hit my stop.
I stayed in, came home yesterday to +18, woo hoo!.
Later that evening I had +40.
I set my limit to +50 since it seemed no one really jumped on this trade, and I woke up with my limit being hit... AND... my old limit being hit.
I know, don't think of the what if's... but as a demo'er still I would like to know --- was it foolish for me to keep drop my limit? Sure I took in 50 pips, but I didn't stick to my plan, and essentially it cost me +150 pip potential.
What do you guys do to access if your trade should be lowered in limit... should I have gone down to an hourly chart to see what things are doing? I want to hone down my precision so things like this happen as little as possible.
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Of course these are another one of those personal trading questions, so remember again, mine is just my opinion
Personally My plans are set before entering a trade. Then it is all maintenance work. If my target is X, then that is my target. The reason for this is when I am not in a position yet I am able to think most clearly. Of course there are exceptions when I trail certain trades, but mostly just in reaction to how things pan out. So if X happens I do X, if Y happens I do Y. If you analzyed the trade correctly before hand, lowering your limit, or raising your stop can lead to bad habits. Then when you are rewarded it can reinforce this bad behavior. Of course if you have a solid reason and understand the ramifications(risk vs reward) of doing something, then I am all for it.
Have a good weekend
Mike
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Sep 10, 2007 5:38pm
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Resident Elmer Fudd
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Interesting setup forming on the aud. Last week was an I4B on the weekly. On the daily we have a pinbar(in traffic) forming on support, after a break of the trendline
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Sep 10, 2007 7:02pm
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Resident Elmer Fudd
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Quote:
Originally Posted by dltvn
Hi Mike, 
I have two questions for you :
1. Are you anticipating a further rise out of the pair? I am sitting with a stop order on the sell side and just wondering what is your take on this.
2. I have been watching your charts with envy for a long time, what chart service do you use that gives you such array of drawing tools to add to the charts? Mine is so limited and cumbersome. Is this one of the free charts or do you pay for this one? I am curious.
Regards, Dan
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Hey Dan,
The trend right now would still be considered down(in the short-term), but the longer term trend is up. So a position I would take would be a long term position. So ideally I would like to see a break above 8320, for entry then a further move to 8400. Then I would want to see 8400 turn into support for a further move to the upside.
As for charting service I just use the free MT4. I use InterbankFX and NorthFinance.
Take care,
Mike
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Sep 10, 2007 9:09pm
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Resident Elmer Fudd
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Quote:
Originally Posted by dltvn
Mike
I don't know what I did wrong but part of my typing got into your replay ????
Dan
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Yeah you could wait till a break of that pin also, but for me a break above todays pin and a break of the weekly I4B would be enough
It might not even make it up there 
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Sep 10, 2007 10:34pm
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Resident Elmer Fudd
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Quote:
Originally Posted by dltvn
I have been burned so many times lately with this Aud/Usd that I guess I have turned very conservative and want to say " Show Me " . I just don't trust these in traffic signals and feel that it is better to have a clear sign that we have a new direction.
I am probably missing on some action when I get that conservative.
Dan
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When in doubt stay out. I am sure you have heard that 100 times and it is the truth. I am an extremely conservative trader, as most know inside the PF. Don't regret missing a move.
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Sep 10, 2007 11:08pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Brainwrek
Hello Gentlemen,
I am seriously considering joining the James 16 group. But I was told before I do, I should go through this thread first. So I did (the first 12 pages at least).
My problem is that I'm such a newbie (only learned the word "Forex" 3.5 days ago) and I'm confounded by all the abbreviations... RET FIB PIN. I've been through the babypips.com course (which I would highly recommend to other total noobs), but as good as that is, it doesn't cover a lot of the cryptic stuff mentioned in this thread...stuff seasoned veterans would take for granted.
Ok, here's an example of what I'm talking about... Look at the chart from post #30. It says "Put your stop above the two bars." I think stop means STOP LOSS, but which bars? I see about 500 bars there. LOL.... Oh and by the way... What part of the chart am I looking at anyway?
SO.. my question is:
Is the James16 Private Forum written in plain English simple enough for an idiot like me to follow? Or is it a more in-depth continuation of this forum? If it's the latter, then I have much learning to do before I can catch up to the rest of the class.
BTW... As I said, this is only my 3rd day knowing about Forex. So I feel EXTREMELY fortunate that I've found you guys before I made any costly mistakes... Whatever you call it, a Blessing, Good Fortune, Karma, whatever... I'm thankful.
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Welcome to forex world  , if you are ready for the long haul I have to say you certainly stumbled onto the right place(FF and this thread). I would recommend to start in the beginner section of the FF forum located here
http://www.forexfactory.com/forumdisplay.php?f=56
Go through all the stickies in particular.
To get the most out of the public thread, and the PF you should be as informed as possible. The PF covers things from start to finish, in regards to PA(price action), but being 3.5 days young into Forex, it is in your best interest to hold off for the time being. At the least go through this thread 2-3 times(I know that sounds like a lot, but if you are dedicated it is worth it). Going through the beginner section as well as other sections will help you pick up on a lot of the lingo, and little things that will make the transition easier.
Of course feel free to ask questions as well
As for that chart James is referring to the bar formation(as you will read going through this thread), called DBHLC. This is the 2 bars I circled, and he is referring to placing your stop(stop loss), above the 2 bars. In this case price RET(retraced) to the 61.8 FIB(Fibonacci Retracment) and then formed a DBHLC(Double High Lower Close).
Just for reference,
Ret = Retracment
Fib = Fibonacci
Pin = Pin bar( a bar formation)
Things may seem cryptic now, and they certainly are. Expect a lot of studying and many many hours of screen time, both learning and reading. Just don't get overwhelmed and best of luck
Take care
Mike
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Sep 11, 2007 4:14pm
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Resident Elmer Fudd
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Quote:
Originally Posted by dltvn
Hi Mike, I have another question for you. On the MT4 which one do I use, I see two version 1. MT4 Mobile and 2. MT4 Client . which one is the free charting ? Could you send me the link to the one you're using?
Thanks for your help. Dan 
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it is MT4
here is IBFX's
http://interbankfx.com/Downloads/MT4.exe
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Sep 12, 2007 1:43pm
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
Breakout scenario on the cards.
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Yeah I never trade this pair, but have been watching this one for a looooooong time LOL
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Sep 12, 2007 11:39pm
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Resident Elmer Fudd
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Hey Sas,
Too make this easier, just view the red bar(I recolored it), that is our pin bar. It is located in a good spot(a good spot being a long nose protruding away from price bars to the left). It also has its open and close contained within the bar to it's left. The bar I highlighted in yellow is the bar we are looking for it to break the high of the pinbar(the high would be the green small line I colored in). If the yellow bar however breaks the low of the pinbar(the red bar), then that pinbar is invalidated.
And yes 1 tick = 1 pip
Does this help?
Mike
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Sep 13, 2007 6:55pm
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Resident Elmer Fudd
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Quote:
Originally Posted by moneybags
That's the name of the game sometimes Tiki.
Sometimes trades like these come up where it happens so quickly.
I actually was about to trade the GBPJPY pin but saw it too late and it had already moved quite a bit. But it then proceeded to move a lot more.
That's why you need to play what you see if it looks good and fits your plan.
Don't try to get back at the market for trades you missed out on.
Trust me, it only leads to trouble.
Tom
PS: GBPJPY= wow! just keeps going........
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doesn't get nicer then that 
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Sep 14, 2007 7:07pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Renefx
Hi, raczekfx.
I assume you really understand how pb works.
As a newbie, I would want to understabd it too.
I'd seen the self explain pino chart, But seem cvomplicated to me.
Would you mind to explain about the pino bar?
1. Is there any particular number of pips between the High/Low and Open/Close of the bar to qualify such bar as Pinochio ?
2. I assume we are watching the current Bar (next bar after pino bar)
to break over of what bar before the pino bar ?
Will appreciate any help. Sorry for the English, it's not my native.
Thanks You in Advance.
More Power and Pips to Jim.
Thank You All,
Renefx
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Hey Renefx
It is a bit confusing in the beginning, but keep reviewing and reading this thread from the start and you will get the hang of it. There are so many examples throughout this thread that it will become clear.
Also I am attaching a file(not written by me), but seems to help a lot of people get the gist of things in the beginning
http://www.forexfactory.com/attachme...753&d=08-21-07
Maybe this will help you.
Mike
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Sep 17, 2007 3:29pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
what do you say about entering long on the break of this BUOB?
pretty nice on the ema and fib 50%
????
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could be another great entry just be aware of the resistance to the top if we stay in this channel
a lot of PFers seem to have got in on the 4hour pin(blue box) at the lower channel ema fib etc
Take care
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Sep 18, 2007 3:03am
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
Hey there
i was waiting for this to happen - after the TBL on the 4h chart andthe price not making anything but sideways i waited for it to break short - well , it did.
any comments??
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this is what you sold into
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Sep 18, 2007 3:09am
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
i see what you are saying...
to be honest i was in this trade to take very fast profit - i guess that was in my subconcious...
thanks
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Not saying you are right or wrong
just showing what I see, if you had a trade plan then stick to your guns
Take care bud,
Mike
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Sep 21, 2007 2:53pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
This weeks price is going to stop right at the neck line... giving us one of those nice fake out daily PBs...
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these types of bars are really not good looking pinbars. Look at the nose, and the previous bars low. Do they work sometimes sure. But are they what I consider an A trade pinbar? Definitely not. Especially if you are lacking confluence.
That is if we closed as your chart shows.
Enjoy the weekend all
M
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Sep 21, 2007 3:03pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
You see seeking, I can babble as much or more than you !! Why, I am almost the only person posting over and over here in this thread today !
Difference is... you can babble and make pips, while I babble and can't even make turkey...
Your babble is half full of wisdom... my babble is 90% empty.
And speaking of such things... where is mbqb11 ??? He hardly ever posts unless someone asks him a question !!! And I saw his picture around here the other day too. What is he... about 16 years old ??? How the heck does he know so much ??? That is something that truly has been on my mind !! Is there a forex class in school somewhere ? Maybe it's an after scoold club or activity that I never knew about... And I do want to see the picture again, but I can't find the thread anymore where J16 was going to post his picture after 30 others of us posted theirs... Wonder how many hundreds of pips he has made while I am babbling...???
OK, next week I will make some pips, and I will stop baabling and kicking myself in the butt !!!!!!!!!!! I didn't have to work more than 2 hours today, so I am sitting around here at home sulking about my $ 50 loss...
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I just posted above this and no i am not 16 I am 23 thanks...my picture is in the general discussion forum
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Sep 22, 2007 4:20am
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Resident Elmer Fudd
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Quote:
Originally Posted by raczekfx
We'll check back again next Friday... 
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Just want to say, just b/c I don't find them worth trading doesn't mean they aren't great trades. I just have certain criteria and standards that fit to my trading plan. If it doesn't fit, I don't trade it. Having a trading plan is really crucial to me. So when I say, something doesn't look right, doesn't mean it can't be perfectly valid in someone else's trading plan. The last thing I am out to do is prove myself right or wrong on an individual trade(single trades are meaningless to me)
Many pips to all!
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Sep 22, 2007 3:00pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
Unfortunately, I do not have, nor is there any way I will ever have 20 hours a day to devote to learning forex... but I do spend every spare moment with forex, which is up to 4 hours a day... and no, my 5 year old does not always appreciate this...
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Well I think we can both agree there are much more important thigns in life. Everyone does what they can to get to the next step. I think every person that ever tries to trade can do it, but they have to be willing to go through the ups and downs. I was lucky enough to be firstly have stumbled onto such great people to help me along my way, and secondly have no other commitments then myself(as selfish as that is). Success in forex is no where near as awesome as the success of having a 5 year old son
You are awesome tiki I love your spirit now I gotta go work on some videos !
Mike
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Sep 23, 2007 9:28pm
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Resident Elmer Fudd
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Quote:
Originally Posted by HipsterPipster
Yeah, 10, but some of these can be worth it when they move.
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I agree it is all relative sometimes, but 10 is still pretty high on this pair. I am showing b/w 3-4 on MB trading and it is an off time.
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Sep 25, 2007 5:08pm
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Resident Elmer Fudd
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Quote:
Originally Posted by BeachBum
My 4 hour chart had a DTHLC yesterday for a nice short; I missed it....... 
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actually for it to be a DBHLC(DTHLC), the second bar needs to close lower then the previous bars low. This would just be a TBH(DTH), which still indicates exhaustion, but thought I would clarify for the new ones to the thread
Mike
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Sep 25, 2007 5:16pm
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Resident Elmer Fudd
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Quote:
Originally Posted by BeachBum
Thanks Mike..............I'm still learning to combine PA with my established trading strategy for better results!
Note to self: Back to PA definitions and charts later today for additional review, no more newbie mistakes........... 
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you're still a cash making machine 
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Sep 25, 2007 5:24pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Mr Trend
Hey Mike. I was bored last night so I decided to watch your video. You sound like a damn Yankee man...

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 and i LOVE the NY YANKEEES TOO
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Sep 25, 2007 5:29pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Mr Trend
Don't know if I'd take that pin...I'd rather wait and see if we break through the 116 or 113 area...
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Yeah I am going to agree this pin is in traffic. Yes it retested the old TL, but a break out of the 116, area would give me a lot more confidence. I am watching the gbp/jpy that pair is going to give us a hell of a good play soon
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Sep 25, 2007 5:38pm
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Resident Elmer Fudd
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Quote:
Originally Posted by BeachBum
Sorry..............I thought it already had............... 
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you got way bigger BALLS then me!  :
I am too conservative I can't play in this, but when this breaks out, I will certainly be looking for an entry, cause it is gonna break harrrrrrrrrd
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Sep 25, 2007 6:03pm
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Resident Elmer Fudd
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Quote:
Originally Posted by BeachBum
Funny you should say that because I consider myself a conservative trader; the 4 hour chart & Fozzy allow me to 'play' in this traffic with a 65 pip S/L. That chart shows 7 trades; I got stopped out on the Sept 21 signal and went right back in on the next bounce. Seven winners and one loser with a 65 pip S/L...............experience with a strategy breeds confidence in that strategy; now I'm working on refining with PA. Thanks for the help.........
BTW............every one of those winners was worth 100+ PIPS; shooting fish!
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like i said you are a money making machine
great stuff bro
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Sep 25, 2007 6:13pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Mr Trend
Yankees... Lord... no wonder you're not profitable yet...
Ohhhhhhhhhhhhh hell no he didn't just go there!!!

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I will take that last line as a joke
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Sep 26, 2007 1:20pm
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Resident Elmer Fudd
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Quote:
Originally Posted by young_09
Hi Mike
Could you please tell me how to record video like videos in PF?
Thanks
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I used the camtasia video software, it is pretty cool
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Sep 27, 2007 4:23am
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
I once got struck by lightning through my pc! Woke up on the floor. Only lasting damage was my modem though which pretty much blew up.
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r u serious?!
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Sep 27, 2007 5:38am
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
I know, I know, it's news...but if anyone is considering or already long USD/CAD, it may cheer you up:
DOLLAR-CANADA: Talk of decent demand in place between C$0.;9980/70, one trader reports, while another notes recent buying seen from a 'smart'
Swiss fund. Offers noted at C$1.0050/55.
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jeez wiz that is crazy talk about an AHA moment (sorry couldn't resist) glad you are ok though
and since news is saying to buy I guess I will sell if we break 1 again 
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Sep 27, 2007 5:58am
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
LOL dude, well I prefer AHA moment than "sign from above".
Please don't buy Canadian dollars...I want my AUD/CAD to carry on up... 
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LOL bro I am sorry but I am laughing over here cause I picture you trading forex then your seat blasting back(ala the movies) your hair sticking straight up and you waking up and going "wtf I am just trying to buy the euro"
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Sep 27, 2007 6:01am
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Resident Elmer Fudd
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uh oh wiz you jinxed your trade
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Sep 27, 2007 2:21pm
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
I want to tell you folks something and this is a bit controversial. As much as I agree with Jim on pretty much everything there is one thing that bothers me and that is when he says "if you can't trade daily bars then don't bother going lower because if you can't make money on daily TF what makes you think you can do it on one hour?"
This sounds very reasonable but I tell you that when I trade daily, I get a few losses and a handful of breakevens and a few small wins. basically my account goes nowhere.
When i trade hourly, I make over 2,000% in three months.
I have thought about why this might be and it comes down to trade management.
But this is exactly what I said when I spoke of the difference between what I want to do and what I am good at doing. Because I tell you now I want to capture big moves in the market and hold positions that trend as some of you do very well (I keep thinking of Mikes Euro position) but I just can't seem to do it now.
When i trade hourly, it somehow feels right - I feel alert, in touch with the markets movement, precise. When I trade daily bars I just feel unsure of things.
So the whole point of this is to say that start on weekly and daily but if you can't do it, don't be afraid to try other timeframes (on demo of course) because since I started trading hourly I haven't looked back.
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I agree trade with what you are comfortable with, but starting out on the lower timeframes usually destroys most peoples accoutns. If I remember correct you started on the lower timeframe and it took a lot of trial and error and a few blown accounts(it could have been someone else). So all that gave you experience which you then used to formulate a plan to be comfortable on the lower timeframes.
But I also must say there is no way you can make 2000% in 3 months without taking substantial risks along the way(you certainly aren't risking 1-2% per trade). That can be extremely misleading and someone new stumbling onto forex and this thread should be aware of this. Numbers like that draw people, and would immediately draw some individuals to go right for the 1 hour and take substantial risks.
I think that James is right though. In general if you can't make money trading a daily, being able to trade a 15min/30min/hour timeframe is going to be very difficult(especially if you are a newbie). Now that you are able to make money on the hour, I bet you could make money on the daily timeframes.
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Sep 27, 2007 2:48pm
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
So, yes, I would say that for me I have found 1hr easier. But it didn't come overnight and I didn't make that money playing it safe.
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not to mention the dude got struck by lighting! Prob can fly and other crazy sh*t!  :
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Sep 27, 2007 3:12pm
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
Oh no, Jim's not going to be happy when he reads this. I blame HipsterPipster, as soon as I posted it I realised that it might be a mistake and deleted it and then she told me that the subscribers had been emailed it anyway...
Canaxis, to answer your question, I trade the setups Jim has taught us but I add in a few other things of my own. As explained above I have had over 3 years of experience (translate this as losing money) learning what works and what doesn't which means that I play the bars largely on instinct.
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Lol wiz your answer should be go stand out in a lighting storm with a kite. One must get hit by lighting first! Man I am never gonna forget that about you
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Sep 27, 2007 3:38pm
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Resident Elmer Fudd
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You guys don't get it
Don't you see the similarity
Lighting strike ----------- PIN BAR
HE has an edge
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Oct 2, 2007 4:57pm
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Resident Elmer Fudd
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Quote:
Originally Posted by rustyjeff
Hi all,
Does anyone know how to view more than the std 10 pairs using ibfx. I like the mt4 demo for my charting but can only see 10 pairs.
Any ideas Thnks.. Jeff
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If you click the market watch button, then right click that window and click show all, the rest should pop up
Mike
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Oct 2, 2007 5:08pm
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Resident Elmer Fudd
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Quote:
Originally Posted by rustyjeff
Thanks Mike,
Great video btw, whens the next out??
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prob not till next week, this weekend is a couple of my friends bdays so I don't want to half ass it 
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Oct 2, 2007 5:44pm
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Resident Elmer Fudd
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Quote:
Originally Posted by rustyjeff
Is that when you took that photo on the pf. Ha Ha..

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nope that was just a boring summer night 
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Oct 2, 2007 6:19pm
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Resident Elmer Fudd
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yeah formed by racze 
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Oct 4, 2007 2:58pm
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
P.S. If EUR/CHF nosedives can you all refrain from gunning me down. I do get things wrong...
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And you DO get struck by lighting but who's counting  :
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Oct 4, 2007 6:35pm
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Resident Elmer Fudd
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Quote:
Originally Posted by oloman
Jim, I can't tell you how much I look forward to see you all on this forum and in the PF.
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Look forward to seeing you posting inside
Welcome aboard :wave:
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Oct 4, 2007 6:35pm
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Resident Elmer Fudd
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Quote:
Originally Posted by HipsterPipster
Try Aleccohfx. Has some stocks and futures as well as FX. Some of the feed has spikes, but I think you can manually change them in MT4. I would suggest you start an accnt with a large ballance because the lot sizes are not mini. Dion
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windsor direct and North Finance too
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Oct 5, 2007 1:00am
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Resident Elmer Fudd
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Quote:
Originally Posted by Wall_Street
Well now that I am really off topic here I will ask my original question. What do most of the experienced traders do before NFP when a potential set-up may be there right now? This is one of my main problems with deciding whether or not to take trades right before major news announcements. And major news announcements to me are Fed speeches, Interest rate announcements and NFP, with a few others. I know some views about fundies around here but this news announcement is one of the most wicked volatility producers there is. Thanks for the opinions and I will be posting more after I am done reading everything.
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I completely ignore news on my longer term trades (4hr and up) for my intraday trading I am aware of what news is coming out when. If there is a signal that is going to be triggered by the NFP I ignore the signal. I generally take NFP fridays off and catch up on sleep. I generally tend to be in before other high volatility news. But if I am on an intraday trade and hovering around entry point, I close out that trade. If I entered say a daily trade and it is hovering around b/e, I do not close that trade, I simply let the trade plan out.
Just my way of trading and welcome to the great j16 thread 
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Oct 5, 2007 6:07am
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Resident Elmer Fudd
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Quote:
Originally Posted by Longboat
Hey guys do you need Metatrader to use this system? My broker doesn't support it. thanks
Rob
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Nope Rob you can use any charting software you are comfortable with. This is simply learning how to read Price action and combine it with other tools. So as long as you have charting you can learn this 
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Oct 8, 2007 5:43pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Wall_Street
I hate to do this because I don't want to clutter this wonderful thread up with nonsense. I was wondering how you PM someone, or return a PM once you receive one? I try to PM people or reply to the PM's and I get and an error message pops up that says I don't have the rights to do this. The only thing I can think of is, do you have to have that other person on your buddy list before you can PM that person? If not then I don't know what else I have to do. I am pretty computer savvy so asking this question really makes me feel dumb. Thanks in advance for the help.
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It is a preventative measure put into place by FF for new members/low post counts. You need a certain amount of posts to be able to use this feature. This is because a lot of people sign up and just spam PM people. At this time I am not sure if there is any other way around it. I could be wrong about that though.
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Oct 8, 2007 7:24pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Wall_Street
I just remembered a question I had while reading through this whole thread. (And let me tell you that was no easy task....but really loved it....thx everyone). I remember reading something about combining bars together to form a pin bar. Can someone explain this a little more?
Is it just as simple as taking the last two bars and adding them up? I would still think that location, location, location would still be king however. So the open would be from the first bar and the high and low would be a combination of the two bars. Then finally the close would be the last bars close? Do I have this right?
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yep this is correct and correct about that the location is still king
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Oct 9, 2007 1:05pm
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Resident Elmer Fudd
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This is a BUOB(buillish outisde bar)
A dblhc is when the two LOWs are matching and then the close has to be higher then the previous bars high.
Mike
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Oct 9, 2007 3:26pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
Seeking... have I missed something somewhere ??? Well, I know I have missed many things, BUT are you saying even a pin bar should not be traded after it breaks, until there is more confirmation ???
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He is referring to the break of the pinbar as being the confirmation. But trading blindly IMO is trading without confirmation of what is going on around the price bars (ie: Location) as SL has referred to as well.
I agree with seeking that playing breaks of the bars is the best way to start to learn them(and I still play most bars this way personally).
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Oct 10, 2007 2:28am
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Resident Elmer Fudd
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beauty of a picture and how simplistic this can be, just gotta be patient
nice one JD
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Oct 10, 2007 2:28pm
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Resident Elmer Fudd
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Quote:
Originally Posted by saskgui
Part of the reason i don't understand this post is i don't know what PPZ means... any help?
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PPZ means a price pivot zone, which is basically flip in support/resistance. It is really taught in great detail in the PF
Mike
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Oct 10, 2007 2:34pm
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Resident Elmer Fudd
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mine in bold below
Quote:
Originally Posted by mamutot
i am now LIVE with an account of few $$..
Great to hear, but remember have a plan and trade it. Don't let the $$ fool you no matter how small the amount. Just be patient and stick to your plan and you will do fine.
i havent had much time lately - about the last month and a half,
and i just now figured once you have a live account - you watch it better closer, and much more often.
You should treat your live account how you treated your demo(easier said then done). What I mean is your trading plan should not have changed. You should have proven to yourself on demo that you can be profitable(James recommends 3 months). I agree. Then take that knowledge and do the same with micro lots to begin.
the question is:
How do you trade??
do you sit near your LCD 56" screen all day long and wait for setup?
I personally day trade and trade longer timeframes. For my day trading I choose to trade the London session because it is the most active. Living in est time, I have to pick and I can't be up through out both sessions completely. It sucks for now.
do you check all of them once a day - and then what? pending orders?
[IMG]file:///C:/DOCUME%7E1/MBOZZ/LOCALS%7E1/Temp/moz-screenshot-13.jpg[/IMG]For my longer time trades I check them once a day for daily and every 4 hours if I am in a four hour trade(there are exceptions). If it is . For the longer time frames I just leave pending orders in. Especially daily time frame. Set my order. Check back on it at the end of the day. Of course I am at the computer trading other timeframes, so I can monitor it anyway.
i would love to get replies - even PM's if it is off subject.
Thank You All
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Oct 10, 2007 2:34pm
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Resident Elmer Fudd
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Quote:
Originally Posted by saskgui
Thank you. I have made it a good portion through this thread (1st 100 pages or so) and i plan to join the pf as soon as i finish the thread and the book i am reading. I want to have the basics covered before i join.
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That is the way to go. Just take your time, no rush. The FX markets aren't going anywhere 
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Oct 10, 2007 7:57pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
dont want to give any ideas so not showing TF, but this one is great, if it breaks, i guess so - what do you say?
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g/c looks still good to be buying but not on the 15 min timeframe nothing really jumps out at me. On the longer timeframes I will be looking to buy
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Oct 10, 2007 9:45pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Wall_Street
Mike,
You said you will be looking to buy the GBP/CHF? Can you share some of your thoughts with some charts maybe? I was actually looking at the opposite, but I can see it both ways now depending on the TF you are looking to trade I guess.
The monthly is bearish from last month, the weekly is bullish from the DB around 3500 area, as well as the daily. But we have hit some key resistance areas and come off some. The 4222 is the 200 EMA on monthly as well as an area of fib correlation from weekly and daily down moves. Strong resistance in that area as well as a daily pin bar showing possible downward potential if we break 4081 support area. I am still fairly new to all this PA stuff but I have been trading for about 2 years. With mixed results I am afraid. That is why I would love some views of anyone else with more experience. I agree that the overall trend right to left is up however and I know this would be going against the longer term uptrend. I will attach some charts. Thanks everyone!
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Yes it will certainly depend on your timeframe. I am a big 4hr guy, and here is what i see. Currently the 4hr is trending up as indicated by the higher highs and higher lows(blue lines). We can see the downtrend line broken, starting our uptrend, and the final look for a bounce at 61.8 was broken. So for me this means, ok let's look for reasons to get into this trade. At this time, I would be looking to buy, but not without confirmation somewhere. This can come in many forms such as:
Bounce off new trendline, consolidation and breakout of that consolidation with the new trend.
For right now I am in wait mode but will keep an eye for buying opportunities.
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Oct 10, 2007 9:47pm
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Resident Elmer Fudd
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You can also see the daily downtrend line has broke, and retested. This gives me more confidence in my upward bias.
Here is the daily view
Hope this helps
also i forgot to note that the TBH was not quite perfect, but an IB none the less. and it broke to the long side which is what I would expect
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Oct 10, 2007 11:08pm
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Resident Elmer Fudd
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answers in bold beneath
Quote:
Originally Posted by Wall_Street
Mike,
Thank you for that informative discussion. I can see your point.
I have a few questions? Do you use the 78.6% retracement in your fib calculations? From the looks of it you don't. Can you explain?
I do not. My fav fibs are the 50 and 61.8. I use fibs more to get an idea what kind of retracement the market has put in. So i do use them for confluence and to give me more reasons to take a trade, but I never play blind touches on retraces. I like to just get a feel for where the market is at.
Also your use of trendlines was very good. I use them too but I don't seem to always draw the best looking ones or trust there breaks. But I do see a very nice bullish candle showing good strength right through your downward trend line. Very good sign for your upward bias. Trendlines are something I must get better at.
Trendlines are one of those highly subjective(to some) and debatable topics. My use of trendlines is to find the most obvious ones. If you have to start moving a trendline all over the place curve fitting it, I don't believe in those much. I keep things very very basic. I don't believe in over complicating things, and this holds true for when drawing trendlines. Again I like to see confirmation on everything, with price action.
Also to me it looks like the daily formed a pin bar on Interbankfx. Do you agree that it is a pin bar? If not can you tell me why?
This is more of neutral bar suggesting indecision in the market. If you notice the pin nose is not long and the open and close are near the center of the bar.
I try to use a ratio system when finding pin bars. I really like when a pin for a short closes in the bottom 25% of the range. Or a pin for a buy closes in the top 75%. Do you kind of classify your pins like this?
I certainly do use my own classification system. Not number based, but visual. I did a video in the PF on them and I believe most people got a very good idea of how I identify a good from bad pinbar. It is subjective like anythign else in trading, but to give you the most basic idea of how I look at them is, is it big and obvious? The pinbar should jump out slap you in the face and say trade me. Why? Because if you see this, others are seeing this, and then we get the potential proper orderflow involved to help us through with this trade. The pinbars, that you have to mull over for are just not worth trading to me. My job is to make money, and I try to get my money in with the best of it as best I can. Again I have seen other use % of range and such as you, and all I can say is if it works for you then stick with it. Test the hell out of it and gain confidence in it. Then it is just a matter of being patient in waiting for the market to come to you. Not you chasing the market. Patience, confidence, execution.
Also I didn't see any MA's this time. Do you only use those for certain pairs or set-ups? Thanks for the help. Anyone else is welcome to comment too.
I use MAs also. Just try to keep them off most of the charts I post if I think of it. Helps keep things more clear, and in this case I didn't feel the need to stick any up there. Like fibs, MAs are a guide for me. Not enough to make or break a trade solely.
Hope this helps
Mike
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Oct 11, 2007 12:45am
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Resident Elmer Fudd
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Quote:
Originally Posted by Wall_Street
Mike,
Could you please post a few of your most recent trades with a small summary of how you entered and how you are managing those trades? This would be very helpful for me to see if I am taking the best set-ups or trading too much. Thanks
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sure here are a couple
first is just a simple 4hr pinbar trades
second is a longer term trade off a breakout and IB.
stops are always on the opposite side of the bar I take(ie low of the pin, low of the IB).
I am going to refrain from posting any of my intraday trades as I highly recommend sticking to the higher timeframes especially in the beginning
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Oct 11, 2007 12:57am
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Resident Elmer Fudd
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Here is how I look for trades. I look for these types of areas that consolidate down real tight. Then look for what is around it. Notice the consolidation that occurred at the same spot last time. No surprise for the pause here. Now we have to wait. But I write this down so I am aware to keep an eye on this.
There are so many great opportunities out there to take mediocre trades. Just be patient for trades that fit YOUR criteria.
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Oct 11, 2007 1:06am
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Resident Elmer Fudd
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Here is a pair that might get people in trouble. They pull up a daily chart and say look a pinbar(get real excited, and emotion takes over). But to me bars like this are completely in traffic. Look at where we stalled and look at the steepness of the rising trendline. Price to me has a lot of pressure on it to bust down. Does this mean we won't see price move up and maybe continue towards the descending TL? I don't know. I am not a mind reader. But this is something I began to talk about in a video I did in the PF(also explain traffic bars better on video), about playing the failure of PBs. This is a case where I would consider playing a failure of this PB on the low side. I consider it more advanced in terms of PA trading that is taught here.
So hopefully this gives you an idea of how I begin to view things. Every trader is going to have their own views. And it is important to formulate your own and not be persuaded by others. Read, practice, test, learn, test, test repeat repeat. Soon things just become clear in there own way. Looking back on learning this stuff I can remember the times when things suddenly became more clear, then a bit more clear. As traders we are always growing and learning. Never ending process in my mind. But I believe eventually you do reach a place where you are simply DOing. The thinking is not there anymore. You have trained your brain to do all that work automatically. Instead you just act upon the information presented in a logical manner. You weigh the probabilities, and you place your trade. In the end this is a game of probabilities. Get them on your side, and money comes next. So many people feel the need to trade, and have trouble waiting b/c they may trade of the daily timeframes. And then something doesn't quite fit exactly to their plan. But they say, oh hell it is close enough. Place the trade, lose, and begin to dig a hole. I understand most people here have full time jobs, so they can't be tied to the screen. But, that is no excuse to take trades that don't fit into a sound logical plan. If it takes a month for a good trade to show up, then so be it. Remember what James says, treat this like a business!
Whoops rant! Sorrry I just woke up so thoughts are cluttered, might have to edit this again for clarity lol! I really hijacked this page haha
Take care
Mike
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Oct 11, 2007 9:48am
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Resident Elmer Fudd
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Quote:
Originally Posted by Wall_Street
Mike, I greatly appreicate these examples. I have most of those set-ups on my charts as well. I also told a trading buddy of mine just the other day that I didn't really like this USD/CHF set-up short. It did work out however but not the best set-up. Yes the kiwi is a good example and the GBP/CHF broke downward. Interesting and exciting this PA stuff is. Love the help thanks Mike and everyone. Oh can anyone tell me how to save charts from this forum. Thanks
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no problem. Just remember to practice and demo demo demo
For me the gbp/c had no triggers long. NZD broke out to the long side but unfortunately took off without me. Usd/CHF triggered a short for me and came real close to stopping me out. But I will hold the trade none the less and carry out my plan as is.
As for saving charts. Right click the chart in mt4 . Click save picture as. Do save active chart or select a size like 800 x 800. Then when you go to post under submit reply is a button called manage attachments. Click that, and locate your file and upload and you are all set
Take care,
Mike
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Oct 11, 2007 10:56am
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Resident Elmer Fudd
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Quote:
Originally Posted by SeekingLight
I think he meant he wants to save YOUR charts Mike
If so:
Just use file / save page as (or in IE it's called "Save as", you can also just press CTRL + S)... and then in the drop down box under the file type / name choose "webpage, complete" and it will not only save the page of the thread but the pictures as well.
You could also right click the image / the chart and choose "Save image as.." and save that.
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lol whoops my bad. I tend to see keywords. Save, Picture, chart. And brain just fires off common asked questions lol!
My bad thanks SL
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Oct 11, 2007 11:02am
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Resident Elmer Fudd
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Quote:
Originally Posted by PeterFM
Nice Pin, Pete's stops, I'm in???? 
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LOL  you almost hit them all
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Oct 12, 2007 4:33am
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Resident Elmer Fudd
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Quote:
Originally Posted by oloman
Hi all.. Here is a chart with me trying to compile my beginning of studies in the PF..
Any comments on that?
ps.
I managed to get the MT4 up and running. Thank's for the tip Vlazaf!
"""""""
http://www.northfinance.com/demo-account/
Hope this helps - FX and futures"
""""""""""""
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yes looks good keeping it nice and clean, and have the important areas marked. I like how you are boxing consolidation. I do similar
Keep it up 
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Oct 12, 2007 5:06am
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
hey there - is it a good one...???
just wondering.. 
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Oct 12, 2007 5:12am
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
yes, i know..
the thing is that it is on the 2nd charting i use -and i am not sure taking it in the real account i am trading with - i was expecting that somehow but it feels weird to take it there while not seeing that on my live account chart..
i know that i should only trade with what i see - but hey, thats awesome..
i was thinking to wait another signal in the live chart..
suggestions??
thanks
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whatever rules you have set forth for yourself, follow it religiously. Have a plan and trade it. It sounds so simple, but it is so important. If rule one is to trade only off a certain broker charting, then follow rule one and never break it.
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Oct 12, 2007 5:15am
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
ok - fair enough
what if my rule is to trade out of both charts? is it ok? does anyone do it?
after all - there is only 1h difference between them, so it is a small delay that can show me the direction...
thanks
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sure I use two broker charting works for me. As long as you aren't chasing signals and following your plan I give it a thumbs up
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Oct 12, 2007 5:24am
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
thanks mike
you have no idea how much inspiration i have from you
i can actually feel the giving from you!
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 go get them pips
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Oct 13, 2007 4:20am
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
I rate today's daily Pin Bar as a B- C+... not in great location but bouncing off a fib and perhaps bottom of channel... fair chance it will return some pips.
If I trade it, I would trade after a break of the Pin with two positions... first profit target at 2.0460. Move stop to break even or above to lock in some pips for second position... then trail stop...
Sound right or not...??
THX
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here is my problem with this bar. yes it is technically a pinbar
But look what we are trapped within. This range tends to limit these types of bars
So the positive. A pinbar at the bottom of a temporary channel. This may move to the top(most likely.)
The negative. The potential to get out of this channel to me is as good as a coin flip.. Is getting your money in on a coin flip scenario worth it. For me no. I would rather wait for a breakout, and a confirmation.
Please make your own analysis and stick to it. This is simply my view 
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Oct 14, 2007 6:44pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
Do you people take PA as a confirming action but with a criteria less good than you would have taken alone? meaning - after a break - would you consider a in traffic PB as confirming PA??
if an example is needed - i will post an image
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Yes I look for confirming PA, but with less of a strict criteria. I look to find PA after a breakout and then see momentum. So if we have a breakout on the daily and we get an IB and then the IB breaks our way but for a few days price kind of chops around I will consider closing depending on the look.
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Oct 14, 2007 7:07pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
what you define as momentum?
i am familliar with this term from Dynamic and Statistics Lessons at the university - what is your definition?
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It isn't much more then reading the price action. If the market doesn't advanced as expected(I don't mean it goes shooting through), But if my entry is barely hit, and then price just sits there for a few days, I have to decided if it is worth remaining in that position, which involves other decision making factors of course.
The question I always try to ask myself being as objective as possible is:
Is this a position I want to be in? If i wasn't in the trade, would I want to be in this trade? If the answer is No, I exit. If the answer is maybe, I usually exit also. If the answer is Yes then I hold.
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Oct 14, 2007 11:39pm
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Resident Elmer Fudd
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Quote:
Originally Posted by HipsterPipster
I had posted a comment about the daily with some consolidation around the 2.3000 area. It broke for a fall to 2.2500. This will be a consistent drop for the last 5 weeks from a high of 2.4800 to the current low of 2.2500. Math (2300 pips) in the last 5 weeks. I know that many of you do not trade this pair but, I will be watching for some form of correction.
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I have been trading this pair quite a lot lately especially intraday. I see no reason to try to pick a bottom yet
Just zoom out, picking bottoms here can be dangerous on a pair like this(ie like the loonie also)
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Oct 14, 2007 11:45pm
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Resident Elmer Fudd
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for all i know we are at a bottom here, but I just see no reason to trade to the long side when the chart looks like this
Just my opinion stay safe all
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Oct 15, 2007 12:03am
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Resident Elmer Fudd
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Quote:
Originally Posted by HipsterPipster
Yes, my comment was regarding the daily before, and on the weekly we have the 5 bearish bars. We wait for PA, not a bottom. GBP/AUD=(GBP/USD)/(AUD/USD). Do you see any correction on AUD/USD? Best regards.
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Aud is strong. So I continue to look for plays with the trend. If we correct, and I miss the correction I could care less. The idea is if I stick with the longer term trend that is like this I search for longs(in the case of Aud/usd). If my entry criteria is met, I have the strength of the trend behind me, which is putting the odds in my favor. I am not against playing corrections, but in runaway markets I am. Simply b/c I am not good at it. I don't discourage others from doing it. I just encourage everyone to create their own analysis and trade it. I enjoy reading others views on trades/trading, but at the end of the day I am the one in control of my account, so it is only my analysis that I follow.
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Oct 15, 2007 12:05am
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Resident Elmer Fudd
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I wouldn't search for any shorts until this TL is broken
Until then I search for longs, and if i miss an opportunity b/c of a correction it does not bother me
Best
Mike
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Oct 15, 2007 12:39am
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Resident Elmer Fudd
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Quote:
Originally Posted by HipsterPipster
A correction will be your oportunity for your long.......
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yep so I search for longs now, as well as after corrections
Sometimes you see opportunities for corrections such as a beauty of a pinbar at the end of a long run. But from my experience when we have moves that are just never ending such as the CAD was. I never try to pick a top or bottom
This is just from my experience
Take care
Mike
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Oct 15, 2007 5:17am
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
Back to back USD/CHF pins about to be invalidated...As Mbqb11 said, first wasn't the best being in traffic. But I think there was nothing wrong with taking the second which showed a good deal of resistance to a push lower.
The pair broke up giving a decent probability that the move would continue higher...but unfortunately...not this time
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chop chop chop  I took a loss on that one...no wonder I haven't traded that pair in awhile
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Oct 15, 2007 8:38am
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
Who is going to be first to tell everyone else not to do this...Mike...Seeking...it's going to be...
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I don't know what the point of this is. If you want me to say that holding on to losers and having 1000% gains in a few months is unrealistic and a way to blowup. Then sure I will be the first.
If you want me to tell someone what do with their money, then I certainly won't.
Again, I find it inappropriate for this thread, really doesn't have anything to do wtih learning to trade PA
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Oct 15, 2007 9:02am
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
Just a joke really - guess it didn't come across in that way 
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apologies then wiz I just couldn't read that one out
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Oct 15, 2007 3:01pm
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Resident Elmer Fudd
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Quote:
Originally Posted by HipsterPipster
You meen you never pick a T or B on your timeframe, right? I must comment further, who said anything about taking a T or B or even longing GBP/AUD? A correction is what we all look for if we are thinking of getting any PA at some PZ that will be our supposed blessed entry with the trend. Without any corrections, consolidations, market farts… whatever you call them, we don’t have PZ. Best trading to you.
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Timeframe plays a huge part in what I am doing. I think we all know that you can have an uptrend on the 1hour and a downtrend on the daily.
I never said anythign about not wanting/looking for market corrections. I simply said trying to find a long in a pair like the gbp/aud is not worht MY money. Then I also said I do play corrections, but it would be in a pair like the GBP/USD. We both can agree that even though the GBP is in overall uptrend, it can't make its mind up for awhile where it wants to go.
A pair liek the GBP AUD is like a hot knife falling. I don't want to catch it. SO my point was, I just look for retracements, to play to the short side. That certainly doesn't mean there aren't plays long. But for me to take a trade I have to be really really comfortable.
I hope that clarified my thinking. Also don't get me wrong, when price moves so hard and fast, I know a correction is coming. I personally just can never time them right. I tried in the past with mixed results. So now I only do what works for ME(this is the key anway, I am sure with both agree here  )
Take it easy
Mike
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Oct 15, 2007 5:17pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Ryecatcher
Hi
can anyone tell me if thereare other payment methods available to join the private forum (i dont possess a credit card...cash only kinda guy)..
Have emailed james but as yet no reply.
anyone help
Rye 
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I would send James a PM. I believe(don't quote me here) that he accepts Western Union as an alternative.
Mike
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Oct 15, 2007 6:38pm
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Resident Elmer Fudd
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Quote:
Originally Posted by saskgui
I took this trade on the daily at the break of the pb. I know it is not in an ideal setup however i am confused why you talk about the potential of getting out of the channel? I was happy to trade in the channel and take my 50 pips. Are you thinking breakout and lots of pips?
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For me everything is risk reward. And trading within such a tight range limits my reward. So I simply pass on those type of range bound trades. Like I always say, it isn't that they don't work or aren't good for some pips. But they just don't fit into my trading plan. I don't expect anyone to do exactly what I do and is why the market is so dynamic. I just like to wait for the prime prime setups. Finding what works for you is the most important.
Best,
Mike
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Oct 22, 2007 2:46pm
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Resident Elmer Fudd
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Quote:
Originally Posted by raczekfx
B.T.W. Last week was my best week ever in my entire trading career in terms of pips.
All the credit goes to the founder of this thread and the PF
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we expect at least double this week from you mark, anything shy of 10k and no ice cream for you  :
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Oct 25, 2007 10:50am
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Resident Elmer Fudd
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Wiz I only said what I said based on the % you risk per trade. Which last you told me was sometimes 10%+. SCARY! It was never on your analytical skills. They have and always will be top notch. Risking 1/10 of your bankroll on one trade can just put yourself into a hole no matter how good your analysis is. Simply b/c the market can't be 100% predicted, not even if your Mr. Buffet. I just don't want to come to the computer one day and see you had a few bad trades wipe you out. No one here does, you are extremely valued. Believe me I know what it is like to feel limited by your account size, but I just don't know if it is worth the gamble. I have also said though it isn't MY money so I would never ever tell you what to do. Just looking out for a friend. I can't protect you from lighting tho your on your own  :
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Oct 25, 2007 2:30pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Wall_Street
Mike, I would agree that trading 10%+ on any one trade at one single time is not good MM. But I would also say that if you have identified a trending pair which usually comes from one weak currency vs. a strong currency (USD/CAD), then over time you can build your position size in that pair up to more then 10%+ very easily if market conditions stay tame. This hasn?t been the case for some time because of the volatility of the credit markets. Also if you end up having 5 or 10 different entries and now none of them are at risk of loss, then this is ultimately what you want to do. Not many people do this I think. A lot of the time you don?t have to trade every pair under the sun but find the best 4 or 5 pairs and get to know them the most. Then you just set up your TA and wait for price action to show you something is there. I know you know all this but I chose this time to say these things. I much like seekinglight usually write things for myself as well as everyone else. Thanks
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Building up positions that are risk less, and going in risking 10% is completely different. I am talking about from the shoot risking upwards of 10%. You are speaking of something different
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Oct 25, 2007 2:54pm
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Resident Elmer Fudd
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Quote:
Originally Posted by moneybags
Here's a chart for you folks to have a look at.
Decent looking USDCHF Buy Pin at swing low.
At first glance, some people might see it and take it cuz it looks ok.
(sorry I'm kinda bored)
Tom
PS: This might be good for some pips (say to the T/L) but because I look for large reward trades I tend to not enter trades where I feel price has many obstacles.
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looks like we won't have to make that decision, no break 
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Oct 25, 2007 6:02pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Wall_Street
mbqb11 (Mike),
Let me clarify one thing. I understood what you said and yes I agree with you. Risking something like 10%+ on any one entry is not good MM. I said that in the comment you referenced, first line. But I also said that I thought Wizard's goals were to get many positions going in one pair over time, so his position size in that pair grows without risk. So all in all you could have something like 10%+ running at one time. I may be mistaken. I thought I read a thread here somewhere that Wizard started with just that topic in mind. Anyways thanks for the comments everyone.
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yes this is what his thread was referring to, but that had nothing to do with what I was speaking about. If you see wiz has decided to reduce his position size and has agreed he feels more comfortable.
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Oct 25, 2007 7:56pm
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Resident Elmer Fudd
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Quote:
Originally Posted by saskgui
Hey guys
Just thought i would post a chart. A few inside bars forming. Since this is trending up and sitting on some support i am thinking the probability of a long trade may be reasonable. Nothing too long, maybe a tp of 50 pips in my mind. Also i think it is bouncing off a pivot as well but i can't get my pivots points working yet.
Any thoughts?
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This is exactly the type of things too look for. Clean simple, and effective
Flip of S/R is so important in trading IMO.
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Oct 25, 2007 10:30pm
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Resident Elmer Fudd
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Quote:
Originally Posted by moneybags
I'm with Mike. I also like the look of this for a long.
Mind you I'm already long so I really hope it works out.... 
T/L, PPZ, and good overall trend. Lots of reasons for it to work out. Seems pretty straight forward.  No sure thing in this market though. Let's see what happens.
Tom
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This IB is one I will play after we break the descending TL I will look to enter on a retest. I could miss the boat, but it is my plan going into it so i will look to follow through. Another problem is tomorrow being Friday. Hopefully it either moves through in the euro session or not at all till Monday.
Last trading day of the week stay safe and smart
Mike
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Oct 25, 2007 10:58pm
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Resident Elmer Fudd
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Quote:
Originally Posted by saskgui
Interesting, you are playing tl's like Jim plays the first time back on the 365 ema i think?
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Sort of, I always like to wait for another confirmation. So I might drop down in timeframes, I rarely play a pure touch of the TL. I like to get some PA.
In this case the IB is my hint to watch for the breakout. So I am playing a breakout of the IB, but just in a different way I am more comfortable with. Sometimes I play straight break
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Oct 26, 2007 4:31pm
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Resident Elmer Fudd
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IBs can be really great for trend continuation as well. Don't forget an IB is consolidation. So the idea is, if a trend is moving real fast, it takes a breather before continuing> this often happens in the form of an IB.
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Oct 26, 2007 5:06pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
And in the cases here where I posted the charts, I belive on lower time frames, the price had already changed directions and showed up as IBs on 4hr... It's when I had looked on the lower time frames and saw price already going the other way, and then translated it into an IB on higher TF, is when my mouth dropped open !!! Ok OK I know it is all easy everyday stuff for you guys... but I hope you felt the same way I do now, when the light come on for you way back when !!!
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It is all about the light coming on, and it is awesome to watch when someone has an AHA moment to themselves.
Keep us updated tiki 
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Oct 31, 2007 4:56pm
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Resident Elmer Fudd
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Quote:
Originally Posted by mamutot
how wonderfull is this stuff of PA - i am using another system that is based on a 4h chart and retracing of fib levels and stuff, doesnt really matter - the thing is that i didnt enter on the PB formed few days ago on the AUDUSD - wasnt great in my opinnion, it did work well though as everyone can see.
go PA!!!
(if i post too much - let me know..  )
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Certainly don't post too much, I for one enjoy your posts as I am sure others do.
That is the beauty of PA, and what James tries to say. PA can be traded by itself with simple s/r, but combine PA with your favorite system and it can only be better!
Happy Halloween!
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Nov 1, 2007 2:46pm
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Resident Elmer Fudd
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Quote:
Originally Posted by the_wizard
I find this market symmetry amazing so I thought I would share it with you.
Same pattern over two bars at a double bottom.
Even more interesting is that the DOWN day that precedes the UP day on BOTH measures almost EXACTLY the same as each other.
There is a 1 pip difference at the high and a 2 pip difference at the low.
Incredible stuff.
Who says history doesn't repeat itself??
A couple of thoughts...firstly, this is a DBLHC (4 pip difference) and secondly, look what happened last time!
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that is some nice stuff, I got a long signal mouteki style as well the question is can we hold it for that long 
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Nov 5, 2007 5:16pm
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Resident Elmer Fudd
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Quote:
Originally Posted by blueruby
No amount of psychology will teach one how to trade properly.
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After awhile you realize trading is all psychological. So I will disagree greatly. Fijitrader would blow your mind on this psychology stuff. I would say 95% of traders(aspiring) need to learn about psychology of trading more then anything else. I understand you are saying if you don't know how to trade how can it be psychological. But after spending 3-6 months learning what trading is and some tools, the rest is psychological. Most people I help/speak with have the tools, it all is just how they are built mentally.
Just my 2
Mike
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Nov 5, 2007 5:18pm
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Resident Elmer Fudd
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Quote:
Originally Posted by creeper
Hi everyone,
I spotted a small pinbar on USDJPY. Normally i wouldnt play this pinbar but there seems to be very strong support under the pinbar so it might be worth trading for a moderate profit target inside the channel.
Chris
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Hey Chris I certainly see the support, for me personally I always wait until a breakout for some PA. For the U/J I won't search for longs or shorts until we get out of this bit of consolidation. I am much more conservative in the way I trade, so by no means is my way the right/only way
Thanks
Mike
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Nov 5, 2007 5:22pm
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Resident Elmer Fudd
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few of the jpy pairs are on my breakout watchlist 
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Nov 5, 2007 5:25pm
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Resident Elmer Fudd
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and another scenario I am watching for PA - LOTS OF CHARTS SORRY
if it breaks in a clean way(meaning we dont reach those bar highs and just move sideways). I look for PA at a pullback purple horizontal
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Nov 5, 2007 7:43pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
Actually, here is the IB I am interested in... mainly because it gives me the impression that price may finally be turning around... and my hidden indicator also shows divergence... so maybe the time is near... 4hr shows mostly sideways for the last couple of days...
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This will be interesting to watch. My purple is a low that goes way back where price is stalling. We are clearly down trending though, so too look for longs is tough for me to do. Instead I want to see a break of that support and look for PA there. So the Break of the IB low, confirmed could be the next move lower till the next lows around 1.13 One could draw a channel going downwards, but it wouldn't be something I would have on my charts right now.
Just how I see it
Mike
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Nov 5, 2007 8:42pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
Yes, and right as usual... I don't know why I always look for place to go in the other direction instead of the trend direction...
But I still think my IB is pretty...
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actually I find your observation quite accurate. This IB showed up here for a reason. Indecision.
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Nov 5, 2007 9:08pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Wall_Street
Mike & Tiki,
I agree with both of you on this pair. I agree with Mike that I want to stay with the overall downtrend but I also agree with Tiki that a retracement is warranted. I show devergence with RSI and we have strayed a bit away from the downward TL. So I would like to see a retrace to around 1640/79 area and then some PA to show me a bounce back with overall trend. I will attach a chart. As always this is just my opinion and Mike could be right about the break lower without a retrace. Happy trading all.
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another good trade plan. That is the important thing to have a plan and stick to it. I will be looking to take shorts. Either on a move lower, OR I would like to see a retrace back to 1.1620 area and see if that can hold. Either way those are the only two scenarios that I will look to play. If anything else happens, I will be on the sidelines
Take care thanks for sharing
Mike
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Nov 5, 2007 10:15pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
Unfortunately as chf has been going, if we get a retrace, it might only get up to your next fib line or the S-2 line, or if lucky, to around 1.600... when would your idea of getting in on the trade occur?? By Arizona rules, the indicator would be telling me go long about the time the move is most of the way over and then I am stuck with only a few pips or trying to find a way out at break even as price turns back towards the trend... and of coarse all this would happen at night while I am snoozing away...
Hey, I think I've convinced myself not to look at this trade idea anymore !!!
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This is the problem with fighting the trend. You have to have big balls to keep on holding(or at least strong convictions). This isn't to say counter trend trading isn't worthwhile or possible. It is just more difficult and thus I stay away from it for the most part.
The fact that you are so torn tells me you should just stay away from either side. It just isn't worth it, if you aren't really comfortable with pulling the trigger. The opportunities will be endless. Wait for the one that fits everything you want, then pull the trigger. This will give you the confidence to hold your trades. Put it another way, you pull the trigger to go long here, but now you have this internal dilemma in your head about it. So you get up a few pips, and it starts turning on you so you close, only to see it go another hundred pips. You have cut your winner short. Scenario 2 you pull the trigger long, the trade goes immediately against you, you take a full loss. You have rode your loser.
I think you can see my point. Again this isn't a recommendation long or short, or what you should do. It has more to do with having thought out trade plans.
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Nov 5, 2007 10:49pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
USD/CAD hasn't bottomed out ??? 
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LOL
MY RSI SAYS IT IS OVERSOLD SO I BOUGHT 30 standards
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Nov 5, 2007 11:09pm
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Resident Elmer Fudd
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Quote:
Originally Posted by dunningduke
Gutsy!!
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I got 8 indicators lining up for the long, just added another 10
PS this is a joke for those that are wondering(nothing else to do at this time of night)  :
OK OK i won't derail this amazing thread anymore 
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Nov 6, 2007 3:30pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Scot Pippin'
Hope everyone is gaining as much as i have from James' teaching and words of inspiration. I joined the PF briefly as I was unemployed at the time, but hope to return when I get back on my feet. I'm still in demo and will stay there until I double my account twice.
Just wanted to say that I'm beginning to read the charts the way James said I would with time. Not that I have it down but I have managed 70% since August. Lately I've been asking myself whether it can really be this easy?
I hope so, I have my first child on the way and I want to be able to tell her that she can do whatever she wants in life....and I want it to be the truth 
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That is same great results keep it up! Congrats on having a new baby girl on the way 
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Nov 6, 2007 5:50pm
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Resident Elmer Fudd
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Quote:
Originally Posted by saskgui
What is a two day pinbar?
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combining two bars that would make a pinbar. So you take the open from the first bar and the close of the second bar.
Here is a chart with 2 examples
Remember price is price, our charts are just a viewing glass into what that price is doing
Also a lot of times you can look at them as a combined 2(3, 4) day pin bar, but the last bar is it's own formation. For example below the second example of a 2 day pin bar. The second bar is a bearish outside bar.
Mike
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Nov 6, 2007 9:41pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
OK, someone please enlighten me....
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02:32 EUR/USD: Trades To Fresh All-Time High As USD Broadly Weakens Sydney,
November 07: The market has successfully knocked out a option barrier at 1.4600
and stops have been triggered up to 1.4665. Traders say that comments from a
Chinese official saying that China should diversify into strong currencies such
as the Euro have sparked the move higher.
02:36 USD: Slammed Lower On Comments From China Official Sydney, November 07:
Comments made by a top Chinese adviser saying that China should diversify more
of their 1.4 TLN USD reserves into the Euro sparked a huge jump in the EUR/USD
from 1.4565 to 1.4665 in very quick time. The comments have weighed on the US
dollar across the board and helped push gold ever higher. --
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Nov 6, 2007 9:52pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Tiki Trader
Couldn't you have said something BEFORE the spike ??? 
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I was too busy on the phone with china officials
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Nov 7, 2007 12:02am
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Resident Elmer Fudd
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Quote:
Originally Posted by Bemac
Yeah, right... I believe you {thousands wouldn't} More like Too Busy Placing Trades you  *&%$#
 :
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:wave:  :
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Nov 7, 2007 4:58pm
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Resident Elmer Fudd
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Quote:
Originally Posted by MattL4417
Hello! I'm Matt, I'm pretty new to forex and trading. I would like to thank james16 for sharing his secrets with everyone  . Using the james16 method, I would like to know if entering this with a low would be a good trade on the GBPJPY.- well there's no way to be sure whether it would be good or not.. but based on the DBHLC would this be something people enter using this method? I'm trying to get a feel for the whole thing 
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Hey Matt welcome to the J16 club
Yep you have correctly identified the DBHLC formation and this could be the clue out of this current consolidation on the gbp/jpy
Best
Mike
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