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  #57222  
Old Mar 4, 2010 3:32pm
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Originally Posted by simjas View Post
original post-I got taken in to this trade and out by a full bar loss-just getting used to posting and trying to upload the metatrader chart. I cant understand how no one else got taken in........
hi simjas, this is one of those bars that on first glance looks great and can sting us newbies if we are not carefull. the first thing i noticed though is that by my feed you shouldnt really be in the trade as it only broke the bar by 2 pips! that little buffer Mike mention would have saved you in this case.Also by my feed you should be still in it as it hasnt broke the high of the pin yet!?
The next thing i notice is that the bar is not very large, and as we are trading counter trend we would want a more decisive bar, bigger with a longer shadow to really show a reversal situation rather than a pause in the PA. i do like the location though...lots of history around this price zone (check out the monthly/weeklies) BRN and the 50% fib retrace from that big down swing, and to be honest i would have expected a better break to what it gave! Another thing that could have warned us of the lacking momentum in this trade is how price behaved the next day, in a situation like this ( counter trend, not an A+ setup)i personally want a nice hard break to confirm the setup, and when it didnt come and price started to dither around the break i would have been out before a full bar loss.( eezy to say after like!?!?)
this is one of those setups where it pays to take care over the details !!
hope this helps

p.s. i have just gone short this pair from the I3B on the hourly chart (demo)...dbl top with div. n as i said i like the location??
lets see what happens? not the best time to be trading the hourly charts!

jon
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  #57222  
Old Mar 4, 2010 3:32pm
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Quote:
Originally Posted by simjas View Post
original post-I got taken in to this trade and out by a full bar loss-just getting used to posting and trying to upload the metatrader chart. I cant understand how no one else got taken in........
hi simjas, this is one of those bars that on first glance looks great and can sting us newbies if we are not carefull. the first thing i noticed though is that by my feed you shouldnt really be in the trade as it only broke the bar by 2 pips! that little buffer Mike mention would have saved you in this case.Also by my feed you should be still in it as it hasnt broke the high of the pin yet!?
The next thing i notice is that the bar is not very large, and as we are trading counter trend we would want a more decisive bar, bigger with a longer shadow to really show a reversal situation rather than a pause in the PA. i do like the location though...lots of history around this price zone (check out the monthly/weeklies) BRN and the 50% fib retrace from that big down swing, and to be honest i would have expected a better break to what it gave! Another thing that could have warned us of the lacking momentum in this trade is how price behaved the next day, in a situation like this ( counter trend, not an A+ setup)i personally want a nice hard break to confirm the setup, and when it didnt come and price started to dither around the break i would have been out before a full bar loss.( eezy to say after like!?!?)
this is one of those setups where it pays to take care over the details !!
hope this helps

p.s. i have just gone short this pair from the I3B on the hourly chart (demo)...dbl top with div. n as i said i like the location??
lets see what happens? not the best time to be trading the hourly charts!

jon
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  #57226  
Old Mar 4, 2010 3:56pm
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Originally Posted by jarroo View Post
Very nice Jon.
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  #57226  
Old Mar 4, 2010 3:56pm
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Originally Posted by jarroo View Post
Very nice Jon.
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  #57276  
Old Mar 4, 2010 10:13pm
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Originally Posted by simjas View Post
Man- Short is the word. I will never touch this pair again or the eur/cad which I thought I would get the double whammy on. Gread or double stupidity. But yet a great pin at the lowest swing low since Gorden Brown was tickeling Blairs %*&*& . I am not in ANY trade for a bit until I can replenish the massive losses I have taken today. I am now on my third large 'hard liquer; (third small vodka as we say in England) and will respond in the mornig when I am capable of repsonding hdsfhvsdhvcjdbvdb cxzncbjscfdsuhf
xxxxx
hi mate, i was gonna reply to this but Mike did allready. i only want to say that you dont have to take these trades personally, it is a good thing that you have learned that bit more and have that bit more experience! taking these trades to heart is a sure sign of the ego interfering in your trading and in your learning process, and that you dont want...dont trust me on this this is an issue ALL us budding traders have investigate very seriously. Ever noticed how hard it is to close a winning possition and take the opposite trade in the other direction at the same time, rather than just closing the trade??
cheers
jon

p.s. i hope you dont me using your post to highlight this!?!?
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  #57277  
Old Mar 4, 2010 10:23pm
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Originally Posted by joelcf View Post
Looks like a bunch of people got stung on the franc crosses. I have like a dozen charts from when I started on Jim's material that tell the exact same story. I'd be so excited at finally finding a pin bar that I couldnt hit the 'submit order' button fast enough!

Unfortunately, little things like location, confluence, trouble areas, momentum and so on.. well, who cares about that crap, THERE IS A PINBAR ON MY CHART!#$%^

These f#%^ckers got me a bunch of times before I figured it out.

I'd be willing to bet that most of the other...
....except that its not funny !! lol. i remember the same,hehe sometimes i would be a trade and wondering why i hadnt bagged 65 pips allready when i suddenly realized i knew nothing about the trade or the PA appart from the fact it showed a pin bar!!
well we live n learn, allegedly.
jon
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  #57278  
Old Mar 4, 2010 10:27pm
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Originally Posted by kiwi_trader View Post
Can you post a picture of the chart. On my GU daily I see no pin bar but maybe our timezones or timeframes are different?
i believe it was this cad/chf pin he was refering to.

jon
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  #57276  
Old Mar 4, 2010 10:13pm
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Quote:
Originally Posted by simjas View Post
Man- Short is the word. I will never touch this pair again or the eur/cad which I thought I would get the double whammy on. Gread or double stupidity. But yet a great pin at the lowest swing low since Gorden Brown was tickeling Blairs %*&*& . I am not in ANY trade for a bit until I can replenish the massive losses I have taken today. I am now on my third large 'hard liquer; (third small vodka as we say in England) and will respond in the mornig when I am capable of repsonding hdsfhvsdhvcjdbvdb cxzncbjscfdsuhf
xxxxx
hi mate, i was gonna reply to this but Mike did allready. i only want to say that you dont have to take these trades personally, it is a good thing that you have learned that bit more and have that bit more experience! taking these trades to heart is a sure sign of the ego interfering in your trading and in your learning process, and that you dont want...dont trust me on this this is an issue ALL us budding traders have investigate very seriously. Ever noticed how hard it is to close a winning possition and take the opposite trade in the other direction at the same time, rather than just closing the trade??
cheers
jon

p.s. i hope you dont me using your post to highlight this!?!?
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  #57277  
Old Mar 4, 2010 10:23pm
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Quote:
Originally Posted by joelcf View Post
Looks like a bunch of people got stung on the franc crosses. I have like a dozen charts from when I started on Jim's material that tell the exact same story. I'd be so excited at finally finding a pin bar that I couldnt hit the 'submit order' button fast enough!

Unfortunately, little things like location, confluence, trouble areas, momentum and so on.. well, who cares about that crap, THERE IS A PINBAR ON MY CHART!#$%^

These f#%^ckers got me a bunch of times before I figured it out.

I'd be willing to bet that most of the other...
....except that its not funny !! lol. i remember the same,hehe sometimes i would be a trade and wondering why i hadnt bagged 65 pips allready when i suddenly realized i knew nothing about the trade or the PA appart from the fact it showed a pin bar!!
well we live n learn, allegedly.
jon
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  #57278  
Old Mar 4, 2010 10:27pm
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Quote:
Originally Posted by kiwi_trader View Post
Can you post a picture of the chart. On my GU daily I see no pin bar but maybe our timezones or timeframes are different?
i believe it was this cad/chf pin he was refering to.

jon
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  #57423  
Old Mar 7, 2010 6:20am
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hi guys, has anyone had any problems with using mt4 indis on mt5?? half of mine dont seem to be recognized!!?? does anyone have the spaced lines indi workin ?? my templates wont cross over either!!?? is this normal??

cheers

jon
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  #57458  
Old Mar 7, 2010 6:35pm
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thanks SC and Bundyraider,
i guess i will jus have to keep them both and switch whenever nescesary. a bit of a pain but no problem.

cheers

jon
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  #57463  
Old Mar 7, 2010 7:45pm
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Originally Posted by jarroo View Post
I do like this one but I don't love it. As ben has said, the BRN of 0.7000 would be a better location for this type of PB. It would add more supportive strength.

Price is in a down trend with its eye on that .7000. Price sure likes run to and hanging around with . . these BRNs.
i like this one but as you said that .7000 is my major worry??that and the fact that it was a pretty strong fall ! but... it is the 50% fib retrace from the last up trend, a PPZ and could be the second touch of the bottom border line of a decending channel if it forms?? i have my order above .7200 though as i want that broken before i get in. jus wish this had all happened.7000!! lol

lets see what happens ?

jon
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  #57423  
Old Mar 7, 2010 6:20am
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hi guys, has anyone had any problems with using mt4 indis on mt5?? half of mine dont seem to be recognized!!?? does anyone have the spaced lines indi workin ?? my templates wont cross over either!!?? is this normal??

cheers

jon
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  #57470  
Old Mar 7, 2010 8:10pm
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Quote:
Originally Posted by Ryanmcd View Post
upto 1st blue line then down...
is it simply the strenth of the trend that makes you say that??

cheers

jon
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  #57472  
Old Mar 7, 2010 8:26pm
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Originally Posted by Ryanmcd View Post
It's due for a pullback, or at least that is what the market does most of the time. And a good spot to pullback into is resistance. Basic EW stuff here.
price doesnt always bounce of the nearest R/S..??

time will tell, anyway i will be tight on this one thats for sure but i think it has a good chance of making .7350-.7400, and i would rather see bearish PA there than at them bar lows??
cheers

jon
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  #57474  
Old Mar 7, 2010 8:43pm
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Originally Posted by Ryanmcd View Post
Why not just short it? Look at the past 6 months why would it change? Oh ya it's a "Good Deal" enjoy that for me I would of had about 7-8 wins on that move down and lose 1 time when it changes trend, you CT folks will lose or miss 70% of that move looking for good deals...
fair point, but i do trade with the trend much more often than not.

p.s. "Keep taking CT trades, I need more money" lol
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  #57458  
Old Mar 7, 2010 6:35pm
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thanks SC and Bundyraider,
i guess i will jus have to keep them both and switch whenever nescesary. a bit of a pain but no problem.

cheers

jon
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  #57463  
Old Mar 7, 2010 7:45pm
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Originally Posted by jarroo View Post
I do like this one but I don't love it. As ben has said, the BRN of 0.7000 would be a better location for this type of PB. It would add more supportive strength.

Price is in a down trend with its eye on that .7000. Price sure likes run to and hanging around with . . these BRNs.
i like this one but as you said that .7000 is my major worry??that and the fact that it was a pretty strong fall ! but... it is the 50% fib retrace from the last up trend, a PPZ and could be the second touch of the bottom border line of a decending channel if it forms?? i have my order above .7200 though as i want that broken before i get in. jus wish this had all happened.7000!! lol

lets see what happens ?

jon
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  #57470  
Old Mar 7, 2010 8:10pm
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Quote:
Originally Posted by Ryanmcd View Post
upto 1st blue line then down...
is it simply the strenth of the trend that makes you say that??

cheers

jon
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  #57472  
Old Mar 7, 2010 8:26pm
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Quote:
Originally Posted by Ryanmcd View Post
It's due for a pullback, or at least that is what the market does most of the time. And a good spot to pullback into is resistance. Basic EW stuff here.
price doesnt always bounce of the nearest R/S..??

time will tell, anyway i will be tight on this one thats for sure but i think it has a good chance of making .7350-.7400, and i would rather see bearish PA there than at them bar lows??
cheers

jon
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  #57474  
Old Mar 7, 2010 8:43pm
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Quote:
Originally Posted by Ryanmcd View Post
Why not just short it? Look at the past 6 months why would it change? Oh ya it's a "Good Deal" enjoy that for me I would of had about 7-8 wins on that move down and lose 1 time when it changes trend, you CT folks will lose or miss 70% of that move looking for good deals...
fair point, but i do trade with the trend much more often than not.

p.s. "Keep taking CT trades, I need more money" lol
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  #57545  
Old Mar 8, 2010 7:46am
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Originally Posted by Cherry View Post
Hello,
I think there has been talk of the gbpchf weekly pin.
I wanted to clarify if you still use this as a pin when there is the gap between it and the previous candle? It's not between the eyes as a pin is supposed to be.
It is the same thing with the eurgbp weekly.
Could someone please tell me if you consider these as pins?

Thanks heaps.
Cherry
hi cherry, the short answer is "no" but they are sometimes taken to mean the same thing.In these cases it is very inportant to have some good confluences to make the setup worth the risk.the most important thing to concider(as allways)is LOCATION. from my experience they are more likely to fail than PBs that close inside the previous bar.
hope this helps.

jon
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  #57556  
Old Mar 8, 2010 9:42am
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Originally Posted by triger88990 View Post
Mike this is for you, I know you are in this trade your speciality,I miss it, forgot to set some alarms to aware me. The close was above 0.7 this was a huge addon


Attachment 434557
Attachment 434558
i took this trade and im glad to here Mike is in this one also! thats as good a confluence as i could have hoped for,
the momentum seems to be there though...?

jon
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  #57558  
Old Mar 8, 2010 10:08am
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Originally Posted by triger88990 View Post
nicely done my friend

Although we are heading in to heavy resistance at 0.7060-80 look on your weekly chart we have from 2 weeks strong rejection off of support level.

manage it carefully and many pips

all the best
yep, agreed. that price lines up nicley with the 365 ma on the 4h
charts aswell. i got in with that buob on the hourly chart you showed so my stop is quite small(the bar is a couple of pips shorter than mt4s bar on oanda) so stop to BE then for me if i decide to let it run??if not im in for about 1-1.5:1 return if it gets there.??

cheers

jon
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  #57545  
Old Mar 8, 2010 7:46am
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Quote:
Originally Posted by Cherry View Post
Hello,
I think there has been talk of the gbpchf weekly pin.
I wanted to clarify if you still use this as a pin when there is the gap between it and the previous candle? It's not between the eyes as a pin is supposed to be.
It is the same thing with the eurgbp weekly.
Could someone please tell me if you consider these as pins?

Thanks heaps.
Cherry
hi cherry, the short answer is "no" but they are sometimes taken to mean the same thing.In these cases it is very inportant to have some good confluences to make the setup worth the risk.the most important thing to concider(as allways)is LOCATION. from my experience they are more likely to fail than PBs that close inside the previous bar.
hope this helps.

jon
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  #57556  
Old Mar 8, 2010 9:42am
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Originally Posted by triger88990 View Post
Mike this is for you, I know you are in this trade your speciality,I miss it, forgot to set some alarms to aware me. The close was above 0.7 this was a huge addon


Attachment 434557
Attachment 434558
i took this trade and im glad to here Mike is in this one also! thats as good a confluence as i could have hoped for,
the momentum seems to be there though...?

jon
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  #57558  
Old Mar 8, 2010 10:08am
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Quote:
Originally Posted by triger88990 View Post
nicely done my friend

Although we are heading in to heavy resistance at 0.7060-80 look on your weekly chart we have from 2 weeks strong rejection off of support level.

manage it carefully and many pips

all the best
yep, agreed. that price lines up nicley with the 365 ma on the 4h
charts aswell. i got in with that buob on the hourly chart you showed so my stop is quite small(the bar is a couple of pips shorter than mt4s bar on oanda) so stop to BE then for me if i decide to let it run??if not im in for about 1-1.5:1 return if it gets there.??

cheers

jon
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  #57649  
Old Mar 9, 2010 10:46am
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Originally Posted by bluetrader View Post
Currently long this 2 day pin on AUD/CAD. First area of traffic highlighted. PPZ's in orange.

Anyone in this trade? Comments?



-- Danny
hi Danny,if i was in the trade i would be looking out for price to break through and close above.9370 with some strength . i see that as the first trouble area. after that the round number.both of them are before the first trouble area you marked on your chart so i jus wanted to make sure you were aware of those too? This a trade i would have passed on for those traffic problems i mentioned. i think there is too much traffic before the .9500 level to make it worth the risk.
jus my 2 cents.

jon
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  #57654  
Old Mar 9, 2010 12:18pm
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Originally Posted by bluetrader View Post
Thanks for your input jon. Is your .9370 area based on the 4 hour chart or the daily? On the daily, price hit my entry price by 5 pips then reversed just below BE forming a small opposing pin. I'm holding on (stop currently below .9300), but good to see why it stalled.

Thanks again.

-- Danny
i have shown how i got the PPZ on the charts. i hope this explains my reasoning,feel free to ask anything if you want to.
cheers

jon
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  #57659  
Old Mar 9, 2010 1:10pm
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Originally Posted by triger88990 View Post
not stupid question at all

They are not pure of S/R play, there it is more than that,they are taken off of zone with strong confluence,and based on price behavior

It's nothing new what I'm doing is all the old stuff which is based purely on price,nothing fancy and nothing to do with any sophisticated systems

all the best!!
hi Trigger, nice trades . could you expand a bit on the "price behaviour" you mentioned,possibly with a chart?? i take it this is not the PA we are used to here??

cheers

jon
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  #57665  
Old Mar 9, 2010 1:45pm
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Originally Posted by triger88990 View Post
hey jon

I was thinking that the RAC cult is familiar think that people are use with it.Is the same repetition over and over as I sayed there is nothing new below the sky

at the moment I was thinking that my chart will be self explanatory

my long shuts are simple break-out and retrace,and look for the confluence

with my shorts is another long story

all the best!!
aha. got ye. so they are simply touch trades. it was this sentence that confused me..
Quote:
They are not pure of S/R play, there it is more than that,they are taken off of zone with strong confluence,and based on price behavior
thanx for the confirmation.
cheers

jon
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  #57667  
Old Mar 9, 2010 1:49pm
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Originally Posted by bluetrader View Post
Interesting.... my assessment was that the current price movement (say Feb -> today) muddied the waters a bit.

This is based on my short experience.

jon, thanks for the explanation... very helpful.

-- Danny
ye, i get what you mean,sometimes price seems to ignore the levels for a while then respect them later on. TLs are more prone to loose significance like that than good PPZs. Just shows the strength of horizontal PPZs !!
glad i could help

jon
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  #57649  
Old Mar 9, 2010 10:46am
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Originally Posted by bluetrader View Post
Currently long this 2 day pin on AUD/CAD. First area of traffic highlighted. PPZ's in orange.

Anyone in this trade? Comments?



-- Danny
hi Danny,if i was in the trade i would be looking out for price to break through and close above.9370 with some strength . i see that as the first trouble area. after that the round number.both of them are before the first trouble area you marked on your chart so i jus wanted to make sure you were aware of those too? This a trade i would have passed on for those traffic problems i mentioned. i think there is too much traffic before the .9500 level to make it worth the risk.
jus my 2 cents.

jon
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  #57654  
Old Mar 9, 2010 12:18pm
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Originally Posted by bluetrader View Post
Thanks for your input jon. Is your .9370 area based on the 4 hour chart or the daily? On the daily, price hit my entry price by 5 pips then reversed just below BE forming a small opposing pin. I'm holding on (stop currently below .9300), but good to see why it stalled.

Thanks again.

-- Danny
i have shown how i got the PPZ on the charts. i hope this explains my reasoning,feel free to ask anything if you want to.
cheers

jon
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  #57659  
Old Mar 9, 2010 1:10pm
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Originally Posted by triger88990 View Post
not stupid question at all

They are not pure of S/R play, there it is more than that,they are taken off of zone with strong confluence,and based on price behavior

It's nothing new what I'm doing is all the old stuff which is based purely on price,nothing fancy and nothing to do with any sophisticated systems

all the best!!
hi Trigger, nice trades . could you expand a bit on the "price behaviour" you mentioned,possibly with a chart?? i take it this is not the PA we are used to here??

cheers

jon
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  #57665  
Old Mar 9, 2010 1:45pm
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Originally Posted by triger88990 View Post
hey jon

I was thinking that the RAC cult is familiar think that people are use with it.Is the same repetition over and over as I sayed there is nothing new below the sky

at the moment I was thinking that my chart will be self explanatory

my long shuts are simple break-out and retrace,and look for the confluence

with my shorts is another long story

all the best!!
aha. got ye. so they are simply touch trades. it was this sentence that confused me..
Quote:
They are not pure of S/R play, there it is more than that,they are taken off of zone with strong confluence,and based on price behavior
thanx for the confirmation.
cheers

jon
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  #57667  
Old Mar 9, 2010 1:49pm
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Originally Posted by bluetrader View Post
Interesting.... my assessment was that the current price movement (say Feb -> today) muddied the waters a bit.

This is based on my short experience.

jon, thanks for the explanation... very helpful.

-- Danny
ye, i get what you mean,sometimes price seems to ignore the levels for a while then respect them later on. TLs are more prone to loose significance like that than good PPZs. Just shows the strength of horizontal PPZs !!
glad i could help

jon
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