james16 Chart Thread

jarroo · #**54010** Feb 4, 2010 4:20pm

Quote:

Originally Posted by TiaForex

Jim,

quick question for you brother. Do you just pay attention to bar highs/lows or are you looking at open/closes too? And is it a case of "I look 90% at bar highs/lows because that's where price bounced but I keep an eye on closes out of the corner of my eye too". I mean what weight would you give to highs/lows vs closes/opens.

Sorry, not expressing myself too clearly. Shoot me a reply if you need clarification on what I'm after.

Thanks buddy.

Aaron

I would say I agree with 90%-80% on the High/Lows 10%-20% on the Open/Close. But when they all start lining up especailly at a RN I really take notice. Meaning, for example, the High and/or Low of one bar is lining up with the Open and/or Close of another bar. Something is going on at this level.

jarroo · #**54015** Feb 4, 2010 4:52pm

Quote:

Originally Posted by james16

VERY NICE J.

i saw your post after i sent this out. after seeing your post i thought i would go ahead and post it here.

there is a reason why jim thinks like i do. he has been riding with me for a while and we are both conservative minded.

jim

In light of the recent move in the Cad.

I strongly believe that the conservative trade management of this style, as shown in your chart (and mine), is worth way more then showing a chart in which Price went to the moon for a 1000 pips.

Thanks Jim,

Jim

jarroo · #**54018** Feb 4, 2010 5:32pm

Quote:

Originally Posted by Dan Gilbert

it's funny that so far, in my live trading experience, I have had no losers on my cross-currency trades, and MANY break evens/losers on USD based pairs... Does anyone have a theory as to why???

I'm thinking of switching to just cross-pairs because this has been really wild, and I JUST realized the only reason I've had losing trades, is because I took positions on the USD pairs...

Maybe the cross currencys are just more technically inclined, and more people are looking at the same thing as the people in this thread???? Where as the USD pairs...

Hey Dan could you show some of the USD pairs that you took or were watching that didn't go your way?

jarroo · #**54023** Feb 4, 2010 6:30pm

Quote:

Originally Posted by takingthepip

Hi,

Just popping in to say hello. I'm still watching the higher tf charts and haven't spotted a really good setup in quite some time. (Not saying there haven't been any!). So I've opened a 2nd demo account to trade the A++ AND the less than A++ setups. This should satisfy my trigger finger and curiosity.

I've moved down to 4 hour and am doing quite well. I'll try to post some charts next week of these 'lesser' setups, maybe they are A++ and I'm just not experienced enough to distinguish. Account is up 3% for the week and I've...

Do you mean the "Bar that Breaks" stop loss placement? Because the trailing 2 bar exit strategy is Mike's method.

jarroo · #**54027** Feb 4, 2010 7:13pm

Quote:

Originally Posted by TiaForex

Thanks Jim

No problem brother.

Hey Aaron lets have some fun. Lets take this eur/chf trade (blind entry, kind of) stop loss about 15 pips, off this weekly trendline and see what happens. Maybe we could get Rac to share some comments on it. Whatda say?

jarroo · #**54029** Feb 4, 2010 7:27pm

Quote:

Originally Posted by takingthepip

Hi Jarroo,

I should say using the Highs/Lows of bars within the PA setup, as you recommended in your previous post, #52583.

Will try this method next week.

Thanks!

- TTP -

Oh Ok.

Just remember that our goal is still to be very picky and find the A+ setups and that once we hit our 1st target we make our adjustments.

That's one thing about an A+ setup, all trade management become very easy.

jarroo · #**54030** Feb 4, 2010 7:30pm

Quote:

Originally Posted by Dale

So the Stock Market had some movement today, most likely a reaction to US overspending.

Anyone think we might see some price action?

Best regards

Dale

Interesting Dale. Our we in a retracement or something more?

jarroo · #**54035** Feb 4, 2010 7:47pm

Quote:

Originally Posted by Cbh123

Hey Jarroo,

Thanks so much for sharing your insights on this thread, I can't tell you how much you've helped my trading.

I was looking over all my trades so far today from my first few months of demo trading, and decided to drop down a time frame (from daily of course) and see how they would have done with your "bar that breaks" stop loss, and I was amazed! Only 1 of the 20 or so trades I've taken would have failed that wouldn't have hit my full stop-loss anyways. I noticed most of my winners broke strong and went to my first target right...

The only tip I can give is the obvious one . . . the higher the quality of the setup (i.e. A+) the better it works.

jarroo · #**54036** Feb 4, 2010 7:49pm

Quote:

Originally Posted by Dale

We will be able to look back and know in the future.

My goal right now is to use the event and price action to get into "risk free positions.

I have not been able to prove this, however I am have the opinion that this type of market environment can provide great price action opportunity.

I like what James used to say... Something like, Would you go rollerskating..??

Best regards

Dale

Well said and well referenced. lol

jarroo · #**54038** Feb 4, 2010 7:56pm

Quote:

Originally Posted by mbqb11

..

That song is now going to be in my head for at least the end of the week.

jarroo · #**54039** Feb 4, 2010 7:59pm

Quote:

Originally Posted by LasVahGoose

Can I play too?

Sure. Should be fun to watch.

edit: that was quick lol wow

jarroo · #**54042** Feb 4, 2010 8:19pm

Quote:

Originally Posted by mbqb11

I had a post i was typing but deleted b/c I am the worst at predicting. But I was going to say if that was the "intervention" level. The snap back should have been REAL quick once we hit there. It was suspicious to say the least, Should be a good point to sell at though for those aggressive touch traders out there

Mike

I've never really studied the touch trade approach . . .obviously . .case in point. lol

I would like to see a big PB at this "intervention" level, which could be in the making as we speak. The only time I really look at the Hourly is to see how hard higher time frame PA breaks.

jarroo · #**54043** Feb 4, 2010 8:20pm

Quote:

Originally Posted by LasVahGoose

I wasn't expecting that... I was thinking long... errrr.

lol me too. lol

jarroo · #**54046** Feb 4, 2010 8:45pm

Quote:

Originally Posted by joelcf

lol, you arent alone. where the hell did that spike come from?

The thing is, you have so many people buying francs at the moment, especially over the last few months - no european wants to be in euros atm, they want something safe that wont implode if spain and greece collapse.

And so after last nights bad news, that's just going to be magnified. Bad news leads to fear leads to panic leads to buying francs in Europe, yen in Asia and USD everywhere else. The SNB would be kinda crazy to try and run a deval program in the middle of a rush of bidding....

I like it, joel. It makes sense.

jarroo · #**54050** Feb 4, 2010 9:00pm

Quote:

Originally Posted by TiaForex

I was just about to agree with you when I saw the charts....lol

Shows me what a bias does to my head. I've been looking for PA hoping to not miss the big "intervention bounce" when it comes but it looks like someone used the quiet Asian session to buy a load of Swiss Francs.

That pair has just gone on to my "don't mess with this unless it's price action even my grandma would trade" list.

Makes me think though. With all this talk about fundamentals and working out the market, I say good luck to you with whatever works. Those who stay away...

Did I say "go long" I meant short. lol

Yeah . .It's still seems a little to voodoo to me too. lol

But I thought I had some assemblage of something close to it. Oh well.

Your right, good old PA is the way to go. And "fundamentals" . . . forget about it. Although I like when Joel talks about it. He explains it in a way that I can understand.

Jim

jarroo · #**54051** Feb 4, 2010 9:12pm

Quote:

Originally Posted by TiaForex

This is why I love you Joel.

When are we going to see JoelCF's 30 minute TV show?

I'd pay for that.

jarroo · #**54058** Feb 4, 2010 10:21pm

Fly me to the moon. wow crazy night.

jarroo · #**54120** Feb 5, 2010 6:18am

Quote:

Originally Posted by TiaForex

I love how after 3 pages of talk of the CHF madness Jim comes in and calms us all down with a safe obvious and easy trade (the NZD was also backed by 2 monthly bearish pinbars). Either a play of that outside bar or a touch pullback to 7000 with a 20 pip stop would have been a great trade (Full disclosure: I didn't take either because I don't do touches or continuation bars yet)

As I said before, volatility gets me excited. It gets us all excited. Big moves are what we love. Well, not quite. We love big moves signalled by PA. Find me some...

Great post Aaron.

I admire how you can put your thoughts into words. Good stuff.

'intervenshunz coming!' lol

jarroo · #**54121** Feb 5, 2010 6:25am

Quote:

Originally Posted by joelcf

Personally, I'd ask Rac. He is probably somewhere in Zurich, hiding under a ghillie suit with a parabolic mic and a laptop

Thanks for the visual Joel. lol

jarroo · #**54124** Feb 5, 2010 6:42am

Quote:

Originally Posted by raczekfx

How did you like that 1.3675..Cbh123?

You crafty devil.

jarroo · #**54126** Feb 5, 2010 6:54am

Quote:

Originally Posted by TiaForex

Fib extension and daily resistance turned support confluence. Man that's good. I would never have spotted that in a million years.

Spotting confluence is an art. When good confluence is presented, it just looks so simple sweet and obvious. That's what I love about this game. It's a complex journey but the end goal is absolute simplicity.

I not sure if this what he used (or uses) but it does line up pretty nice. I sure there is other voodoo dust that he sprinkles on. I also like how the 61.8 FE lines up with the 1.4000.

jarroo · #**54129** Feb 5, 2010 7:09am

Quote:

Originally Posted by TiaForex

There is also this, going a way back. (the silver line is the 1.3675)

Yes . . . nice . . . I didn't go back far enough. I sure its all of the above.

jarroo · #**54136** Feb 5, 2010 7:34am

Quote:

Originally Posted by SeekingLight

And since stocks aren't posted that frequently, here's a bit of the DJI.

(For those in the know, this is an updated version of the infamous "7500 is a must reach level" chart :P Edit: Actually the first one still has that marked in, ooops..duh. Makes it a bit more obvious)

Nice charts as always Seeking. I like your higher time frame perspectives based on PA and the obvious PPZs. It sure aids in lookng for setups in the lower time frames like the . . . Dailies.

jarroo · #**54141** Feb 5, 2010 7:52am

Quote:

Originally Posted by zoli

Honestly I do not have a good feeling about this but I am unsure as to why.

I like tha bar guys. It is also reacted to a potential resistance zone.
There is even MACD and RSI divergence.

But why did this happen after it breached the 50%? Why did this happen after a previous top has been taken out?
Why did this happen after breaching the support line?

Could somebody please comment on this set up? I just have this feeling. A 4H pin bar already failed (I did feel the same and did not go for it actually).

At the end I could feel totaly wrong,...

Not really sure what your asking. The 8H PB worked out beautifully, hitting your 1st target on the nose.

Price Action fullfilled itself . . . . after that . . . .all bets are off in my book.

You protect yourself by taking partial profits . . . and/or . . . reducing your risk and see if it hits your 2nd target.

Great trade Zoli.

jarroo · #**54148** Feb 5, 2010 8:12am

Quote:

Originally Posted by benji533

Hey jrroo,

yes, that was a great area. Here is a post I made on this yesterday.

A double top + divergence + a huge big round number 2.0000, and we can add, the main trend direction, clear historical pivot flip, and the 61 fib.

Hoped to get a nice bar confirmation for jumping in...but nothing like that pin on my feed.
Let's see if I can sort out the 8H bar indi.

PS - and of course, it made it's way to our first trouble area. No reason to take a loss on this...

Nice confluences Ben.

This may help with the periodcon:

http://www.forexfactory.com/showpost...ostcount=15191

http://www.forexfactory.com/showpost...ostcount=15193

jarroo · #**54229** Feb 5, 2010 3:49pm

Quote:

Originally Posted by StoragePro

Some of the ones I can drop here

"No, I'm not a pessimist. At some point the world shits on everybody. Pretending it ain't shit makes you an idiot, not an optimist."

"Can we talk later? The news is on... Well, if you have tuberculosis it's not gonna get any worse in the next 30 minutes, jesus."

"Universe is 14 billion years old. Seems silly to celebrate one year. Be like having a f*cking parade every time i take a piss."

"I like See's candy. Put me in a See's store, I'm eating candy. The whole world is Tiger's See's store, and the...

This guy is freaking hilarious. I can't stop reading them. lol

"It's never the right time to have kids, but it's always the right time for screwing. God's not a dumbshit. He knows how it works."

jarroo · #**54276** Feb 6, 2010 12:33pm

Quote:

Originally Posted by marxdhr

Hi Mike:

This is a beautiful BEORB. Thank you for posting it. If the very next bar following the price action bar (i.e. pin bar or outside reversal bar fails to break the high /low of that bar, how many more bars do you give it to enter the trade before you decide the set up bar is not valid for entry?

For Mike, he follows the "next bar break rule", meaning the next bar after the setup needs to break it, if not he closes the order. It is a good criteria to have . . .think momentum continuation.

I will usually allow more bars before the break . . .think momentum building.

These are all subject to the quality of the setup.

Jim

jarroo · #**54283** Feb 6, 2010 1:08pm

Quote:

Originally Posted by benji533

Hey ts63,

I will let you know my personal opinion on these setups. But of course, that's just me.

Remember that although PA is a powerful thing, the location is even more important in most cases.

Quote:

Originally Posted by mbqb11

I could have typed this word for word lol Nice Benji!

I think these are all "fast break" as Jarroo would say. You have to know when to cut out. For example gold, has potential if it breaks real hard and that area benji has marked can turn into support. Then you have an awesome place to hide your stop. If that thing doesn't break hard you better ditch that thing quick!

Good stuff

Mike

Nice analysis Ben.

I would agree Mike, the young grasshopper has really grasped the football and is running hard with it.

Also the hard and fast break, tight management approach would apply here . . . . absolutely.

But why would it apply? Because this is not A+ trade. Not after this (these) big move down, big Red bars, look out below type of moves. Big bold bullish PA or common sense (confluenced) continuation PA need only apply.

So taking a pass on these setups is a good decision and waiting for higher quality setup is in order. . . . . So what does this mean? It means that if you pass on these setups (justifiably) and they take off to the moon, you do not bang your head on the desk, curse to the gods and kick the dog . . . instead you smile

or laugh

because you are a disciplined trader.

jarroo · #**54296** Feb 7, 2010 2:24am

Quote:

Originally Posted by KissFan

but that day at that very moment I started a journey that revealed to me that it is a perverse wisdom in being true to yourself. Refusing to allow someone at any given time to steal your dream with a statement that slices you through to your core only because there is an ugly part of yourself exposed for an instant that agrees with what was just said. Believing and I mean REALLY believing in yourself gives you the stamina to take on all opposition to fulfillment of your vision of your future success.

K.I.S.S.

Roger I read this many times this morning. . . your whole post. It is printed and posted in my house . . . for all to see.

God bless you brother . . . .you will make it . . .more then you know.

Jim

jarroo · #**54386** Feb 8, 2010 7:28pm

Quote:

Originally Posted by Bemac

Hey Jim. ICCE (2nd) Introduction posted in PF. Will post it Public tomorrow.

{If it's not usefull to you then it will be mine alone.}
BMc

Cool.

jarroo · #**54388** Feb 8, 2010 7:56pm

Quote:

Originally Posted by raczekfx

I think buffet once said, 'buy when everyone sells, sell when everyone buys...'

But on a serious note,... my broker just called me and said, fiber has room to spring back few hundred pips now. He was very optimistic and mentioned 1.4128.
Should I trust him?

Hell no . . . . 1.3500 1st then maybe 1.4000. or then maybe 1.3000

jarroo · #**54390** Feb 8, 2010 8:13pm

Quote:

Originally Posted by raczekfx

I won't argue, but agree on the last number...

Dow is very, very close to...

(Dow) The FE 61.8?

jarroo · #**54406** Feb 9, 2010 12:38am

Quote:

Originally Posted by Bemac

Sorry Cory,
Hopefully this works.

Attachment 412960
Attachment 412961

BMc

Thanks buddy.

Jim

jarroo · #**54407** Feb 9, 2010 12:56am

Quote:

Originally Posted by joelcf

although being an Australian, to me an IRA is a pissed off irishman with a balaclava

You do get some good ones in there Joel.

jarroo · #**54408** Feb 9, 2010 1:14am

Quote:

Originally Posted by PipGator

Hi, marxdhr.

I can't speak for Mike, but I'll try to answer your question. Mike may have already responded by the time I finish typing this.

Mike and James have different styles of trading. The principles taught on this thread can be applied to different styles of trading. One of the most difficult parts of becoming successful using the knowledge provided here is finding how to make it fit your own personality.

For example, some traders will protect their position by moving their trade to BE quickly (and possibly taking some profits quickly)....

Quote:

Originally Posted by benji533

I'm not Mike, but here is my opinion.
Both Mike and james are pick in there own different ways.
I agree about saying James also takes less than A+++ bars if you compare it to Mike's standards. But You also must take into consideration that Jim's way of managing his trades is different than mike's.
Jim actually is "day trading off the daily chart". And again, it comes back to account size. For Jim, when 30-50 pips worth around 20K (or whatever)
Ben

These great posts are excellent examples on the different styles one can use on varing degrees of quailty of PA setups.

One only has to go through Mike's posts and videos to get a fanastic understanding of the structure and reasoning behind a high quality A+ Price Action setup. You know I did.

I would like to give some examples that I used that have helped me grow as a trader, but still allowed me to grow my account.

jarroo · #**54409** Feb 9, 2010 1:56am

Quote:

Originally Posted by jarroo

These great posts are excellent examples on the different styles one can use on varing degrees of quailty of PA setups.

One only has to go through Mike's posts and videos to get a fanastic understanding of the structure and reasoning behind a high quality A+ Price Action setup. You know I did.

I would like to give some examples that I used that have helped me grow as a trader, but still allowed me to grow my account.

This two trades on the Daily Gbp/Usd, Outside Bars in Oct 2009 probably sum up my approach pretty damn good.

This is a general, yet every effective, approach that allows you to trade a high quality setup or a not so high quality setup while you still adhereing to the number one rule in trading (imo) . . .don't lose money not even demo money.

Its pretty simple and is spoken about every often of this thread. But I believe it is a great way when your starting out with the James16 way trading . (really . . . is there any other way trading? lol)

Rule #1. When price reaches the 1st trouble area you move to break even . . .or . . take half off and move to break even . . or take half off and the 2nd half's stop loss is moved minus the amount gained from the 1st half i.e., DIBS free trade style. (Ex 1st half hits 36 pip 2nd half is - 36 pips giving a net zero result on the total trade.)

As you begin to study what a great setup looks and "feels" like . . . this is a great approach that will allow you to interact with a trade and makes some money at the same time ( of course, demo money).

edit:forgot to talk about the chart.

jarroo · #**54412** Feb 9, 2010 2:34am

Quote:

Originally Posted by jarroo

edit:forgot to talk about the chart.

Let me say that I do not want to take away from the main purpose of this thread: Patiently wait for high quality A++ setups and trade only them. This has always been and continues to be our goal. The more we look at charts with this goal in mind the better we have at achieving great, long lasting results.

As each trader is different so is their style of trading, meaning one man's A+ trade can be another man's D trade. This is usually not the case with a James16 A+ setup. PPZ levels, Swing High/Lows, Size and Structure, Retracement levels, BRNs, Divergences, long term EMAs, etc., these confluences have to be apart of an A+ trade. Some parts may be stronger then the other thus reducing the quality of the setup. But these type of setups may still be tradable.

The BUOB on the Daily Gbp/Usd Oct 2009 (A) was a classic setup in my book. Was it an A+ setup? may not. But protecting yourself after the break at the 1.6000 level was a smart thing to do.

The BEOB (B) was a tough one to place at breakeven or free trade stlye. This BIG BOLD RED BAR . . .wow . . this thing is going to the drop like a ton of bricks! It is "OK" to think like that but what you do is protect yourself at the 1st troubled area (the previous Lows) PERIOD.

My point of all this . . is that once you do many trades like this and see what an A+ setup looks like compared to a B+ setup looks like your experience will grow as a trader.

jarroo · #**54415** Feb 9, 2010 3:16am

Quote:

Originally Posted by krue

Hey, jarroo, this is very inspiring, the backbone of any trading style of Jim16 methodology,serves quite a good baseline point upon which one could develop into his/her own rifles. I'd be more than happy to align my mentality to this and get the things done as you seniors have been doing.
thanks, man

Thanks krue.

It is more inline with how James16 trades. But over time, with practise, the true A+ trades that Mike talks about and teaches becomes easier to identifiy. For me, it was trading in this matter that gave me confidence to allow more leeway when an A+ presented itself.

jarroo · #**54417** Feb 9, 2010 3:51am

Quote:

Originally Posted by Prof Hunter

To Jim (Jarroo):
It s not that chart I wanted to post, so it is just an ea chart.
So, price moved 30p in Your way, still 30 more to reach 1st TP, very curious What is Your 'to do'?
1, nothing
2, move SL TEMPORARY to BE
3, take half
4, sthing else

First off the size is small and the 1.6000 is an obvious barrier. Swing low could be lower. So not an A+ setup.

Moving to break even after 30 pips is not a bad way to go due to the traffic highlighted in purple. Once the main target was hit (in blue) I would have taken half off and the 2nd half just below the 1.6000.

No way would I have taken a loss on this one , if i took it.

jarroo · #**54421** Feb 9, 2010 4:16am

Quote:

Originally Posted by Prof Hunter

This is why I told, it is just an ea chart. So let assume it s lower and closed over the big barrier, and A or A+ setup.
Would You give than more leeway?I Mean: would You manage it differently, than?

Probably would give it more leeway. It would have to be a big bold setup. I am always thinking and plotting ways to reduce or eliminate my risk on a trade. While still allowing room for it to move and run.

The cool thing about A+ trades is they tend to run and/or move strongly (or continiously) in your direction after the break. So when they don't move in that way. . . .something else is happening. . . so I better protect myself.

jarroo · #**54424** Feb 9, 2010 4:27am

Quote:

Originally Posted by triger88990

we have the same feelings 1.35 and then 1.300

The 1.4 is too optimistic,as I'm concern, but if the market prove me wrong I know where I should exit and still be in profit

.

I don't know for sure if she will continue to fall or is on corrective recovery mode,is all about probabilityes,but I have learned a valuable lesson which is alwyas reduce your risk and to accept when you are wrong and move on to the next trade,but till then I trade my plan.

I still think the the euro is busted not that the dollar have shows much strenght,is for sure that...

I'm not really good at predicting where Price is heading in the long term like Rac.

or in the fundametal long term like joel.

I just like throwing curves at the Rac-man every once in awhile. just to keep him on his toes. lol

PA all the way Rules.

jarroo · #**54425** Feb 9, 2010 4:36am

Quote:

Originally Posted by jspeakman

Great posts - just amazing having all this help from yourself, Mike, James and everybody - really starting (I think!!) to make sense to me. Liked the weekly USD/CHF move you mentioned back in early Jan - are you still in it btw? Looks like it may be starting to bounce off 0700 PPZ? is that right? Presumably powerful weekly action is likely to drive price on the daily which is something to bear in mind I guess when considering potential runners and trouble spots?

Thanks again

Jeremy

Yes I'm still in this trade, albeit with just half of a position. Again it was not the best A type trade so my trade management was logical. But when it broke it never looked back.

This one has been alot of fun and easy to manage. I would like to see it start to consolidate as it did in purple. I'm still looking for the 1.0900 to be reached and then see what happens.

Looking at the Weekly and Monthly charts are a must to get a good overall look to see if the martket is turnover or trending nicely.

jarroo · #**54426** Feb 9, 2010 4:48am

Quote:

Originally Posted by Prof Hunter

continiously: How do You watch it on a Daily setup? Want to see 1H bars with higher lows (if long)?
And on a 4H setup 30M or 15M bars?

On Daily and Weekly charts I may look down at the 4 hour charts. The hourly charts can be misleading but if Price is trending on the hourly after the break in a continuious manner then this is a good sign.

I rarely look at the 30m or 15m from a Daily setup.

jarroo · #**54428** Feb 9, 2010 5:06am

Quote:

Originally Posted by Prof Hunter

Thank You, Jim!

Your welcome PH. Keep those charts coming.

jarroo · #**54430** Feb 9, 2010 5:20am

Quote:

Originally Posted by triger88990

don't know what I was doing but I didn't take the PB off 1.71-70, but could manage to re-enter from 4h chart after a nice pullback

all the story is on the chart

those of you how catch the move from the top you will be happy next stop 1.63

Yeah I saw it. Didn't trade it. Technically a BEOB but I'm not going to split hairs with you. lol. It had a nice break yesterday and then sat around the break all day retesting.

You got love those big bold bars as Mike would say.

jarroo · #**54431** Feb 9, 2010 5:34am

The Weekly Usd/Jpy BEOB. Retracing to the 90.00 BRN.

Didn't we see a chart from James16 recently that is similar to this one?

Easy small risk trade in my book ( and the big guy's too.)

Mike W will like that the 90.00 is right at the 50% ret. of the BEOB

jarroo · #**54433** Feb 9, 2010 6:46am

Quote:

Originally Posted by yarin

where is your stop in this trade?

Where would my stop be on this type of touch trade? Probably 20 - 30 pips above the 90.00 would be one way to trade it.

Another way (safer way) would be to wait for some bearish PA on say the 4 hour or hourly off the 90.00 and then place my stop loss just above that given setup.

jarroo · #**54434** Feb 9, 2010 6:59am

Quote:

Originally Posted by jarroo

Another way (safer way) would be to wait for some bearish PA on say the 4 hour or hourly off the 90.00 and then place my stop loss just above that given setup.

Here is a chart example of the "safer way" on the same type setup on the Daily Chf/Jpy BEOB. Price break a little and then retraces to the round number 86.00. we then look for bearish PA on the 4 hour chart (in green).

jarroo · #**54519** Feb 9, 2010 10:04pm

Quote:

Originally Posted by joelcf

I swear, its a neck-and-neck race between Rac and Bemac for the coveted Most Cryptic But Clearly Knows His Stuff award.

I'm gonna assume Dow hitting 1000.

You can say that again.

jarroo · #**54520** Feb 9, 2010 10:11pm

Quote:

Originally Posted by TiaForex

So it goes like this:

1) Learn to identify the best PA setups (bars and location, location, location)

2) Learn to identify the potential trouble areas, especially the first

3) Build a system/trading plan around this based on your preference and personality, allowing you to have a positive expectancy overall.

Thanks Aaron.

And thanks for highlighting the key bullet points that we work on all the time. Which gets easier.

jarroo · #**54524** Feb 9, 2010 11:08pm

Quote:

Originally Posted by albertsy2

Hi Jarroo, this PB nose doesn't "protrude" beyond the other candles, though. But it's still OK to play this situation?

Do you mean this 4 Hour PB off the 90.00? The touch trade seems to be working pretty good. A stronger looking PB off the 90.00 would bring some nice confirmation to the touch trade.

Just like any other high quality setup that we look for . . . the 4 hour in this situation is no different. We want a PA setup that meets the "A+" standards . . . PPZ level, retracement level, structure and size, Bold RN, etc.

That being said, this PB is not an A+ setup on the 4 hour. So I would say that it is not OK to play it. But is it tradable ? Considering that it is a retracemant off a Weekly BEOB, at a RN, as a continuation trade is very risky. An easy pass for many traders. But for learning on a demo acct. Go for it.

jarroo · #**54525** Feb 9, 2010 11:18pm

Quote:

Originally Posted by albertsy2

BTW, when you look at the weekly chart, the current candle is still forming; may I assume that you only look at the completed candle before the current one? Or do you just look at weekly at the end of the week (Saturday?) to look for PA and trade the daily accordingly?

No assumption here. We wait for the close of the candle to be formed to given a true PA formation.

Yes we wait until the Weekly candle closes late Friday afternoon to look for Weekly setups.

jarroo · #**54526** Feb 9, 2010 11:32pm

Quote:

Originally Posted by Cbh123

Jarroo, I know you used to trade a lot of multiple bar (2 day, 8 hour, etc.) setups, I was just wondering if you would ever consider a 3 day setup?

I was looking at Usd/chf today and it seems like a strong rejection of the 365 EMA and a fib confluence area. It seems like it would make a nice 3 day pin (I haven't tried that period converter yet, but just visually combined the 3 bars)

If I took this trade I'd be looking for a strong break of the current bar down to the 500 area.

What do you think?

Thanks,

Cory

I do at times look for 3 or 4 day combinations ( 5 day is a Weekly formation). I stick with mainly just 1 and/or 2 Day formations. The more they stand out, the better.

The Inside Bar looked pretty good . . At a swing high, nice RB, nice confirming break with good targets.

jarroo · #**54528** Feb 9, 2010 11:52pm

Quote:

Originally Posted by albertsy2

Hi Jarroo! Thanks for the reply. I was actually looking at this one. It didn't look t0o well formed, but you mentioned that Jim would take it (?).

That is a Weekly BEOB that looks like a PB. Is this what you are seeing too???

I mentioned that Jim would take the retrace of that Weekly BEOB at the 90.00. I may be wrong on this quess of what Jim would take. It was based on one of his recent chart post of a similar setup.

jarroo · #**54529** Feb 9, 2010 11:59pm

Quote:

Originally Posted by benji533

Man, it is obvious that you are re-watching jim's and Mike's videos once in a while. I know it helps me.

http://www.james16group.us/Guests/vi...iningvideo.wmv

Ben

I try to re-visit them at least once or twice a week.

jarroo · #**54530** Feb 10, 2010 12:03am

Quote:

Originally Posted by ghous

Very true Aaron,

The Jims (and there are more than 2) and Mikes (In my knowledge at least 2 fall in the category of my "look up ats") have been a true blessing along with several others...

I've said it again and again and I can go on for ever and still not do justice to their efforts:

"This group of philanthropic angels have changed me, and FYI trading's just a teeny tiny part of the new leaf."

g.

Don't forget yourself there ghous.

Can anybody say IPB. I know I can.

jarroo · #**54532** Feb 10, 2010 12:27am

Quote:

Originally Posted by Cbh123

Thanks for your response, Jarroo. I agree the location on the inside bar was really nice. I'm trying to get better with inside bars; what do you look for in regards to shape with inside bars?

I passed on this one initially because it looked like it had a long bias to me (with the middle close). Is this something you take into consideration or are size and location more important?

Thanks again.

Cory

Inside Bars are just like any other formation in respect to where they are located and the confluences that support them. But they don't give any bias like PBs or Outside Bars. Meaning there is no such thing as "Bearish Inside Bar" or "Bullish Inside Bar". I sure others would disagree with me on that one, but I mean this inrelation to a obvious "BUOB" or "Bearish Pin Bar".

Location is a better importance then size. And a smaller size can give you a better risk when placing your stop loss. They can be tricky so many traders avoid them and I can't blame them, if on another pair there's a huge bearish PB to choose from.

I really like Dale's Double Inside Bar formation. Check out of his posts on this. I have had many great trades on these and look for them all the time.

Jim

jarroo · #**54534** Feb 10, 2010 12:38am

Quote:

Originally Posted by nasir.khan

Hey Printer nice to see you man.

First of all i hope you have gone through Baby Pips.

first: identify an area to be determined with PPZ and/or Fib (confluence)

And you can also add Trendlines, Moving Averages (150 and 365 EMA mostly used here) and big round numbers like 1.5000, 1.4500, 1.3500, 1.4000.

second: wait for PA to happens inside that area.

We can better put it by saying " PA at this area". Cause the close of that PA bar should be sticking out of this area. (see the...

Nicely done nasir. Great post.

Jim

jarroo · #**54537** Feb 10, 2010 12:45am

Quote:

Originally Posted by benji533

Charts

Quote:

Originally Posted by StoragePro

Benji - "Pipmeister"

You got that right SP.

He reading Price like a book. The only book I was reading at his age had a lot of pictures in it.

jarroo · #**54538** Feb 10, 2010 12:49am

Quote:

Originally Posted by mike w

Here's something to check out perhaps. The weekly chart on the eur/gbp closed as an I4B. With that in mind, this daily has the possibility of closing bearishly. From my experience with I4Bs, I've noticed that if they break to one side and a pin forms, more often that not, we'll see the other side of the I4B come into play. This doesn't mean anything yet, but let's wait and see! Have a great day ladies and gents.

I'll be watching too brother. Thanks.

Man . . that Weekly PPZ level at .8800-.8850 looks like a strong SOB.

jarroo · #**54539** Feb 10, 2010 12:52am

Quote:

Originally Posted by benji533

Hey chatzi,

Yes I took one trade off the 4H USDCHF chart. But that was a trade I took on my demo account, as a B trade.

Go back to my previous post and look again at my daily USDCHF chart. See the 1.05000 level? Firstly, that is a big round number which is very important for my trading. Secondly, as you can see on my daily chart I posted, that level acted as a very strong resistance in the past. One price broke above, I was watching this pair as a hawk, hoping to get a great bar off that level with the trend.
Unfortunately, I got no PA bar on...

Just like SP's Usd/Chf trade. Freaking pretty.

jarroo · #**54540** Feb 10, 2010 1:11am

Quote:

Originally Posted by Mp1983

Any seniors able to provide a view on this?

EUR / NZD

Chart 1 shows a pivot zone around 20,000 (can be seen more clearly on a zoomed out view as well). We have a retrace around the 38.2% fib level and price was unable to take out the high of the pin which would represent the left eye, coming close to it by 3 or so pips. From what I understand this is a very good sign.

Chart 2 shows the PA on a daily basis. This is the 3rd attempt to try and break 20,000 which I like as 3 plays a significant number for support/resistance levels. Today we also...

The entry would be at the break of the Low of the DBHLC.

Is this a good setup? Would like to see the DBHLC at a higher swing High. It is off a strong confluenced PPZ level . . 2.0000 BRN and 61.8 Fib level . . . and has a bit of traffic (crowded) to get through. Not bad. Hard break and tight management in my book.

Welcome Mp1983.

jarroo · #**54541** Feb 10, 2010 1:16am

Quote:

Originally Posted by raczekfx

On his toes, eh?
I wouldn't call them toes....

Who knew ?

jarroo · #**54542** Feb 10, 2010 1:24am

Quote:

Originally Posted by KissFan

I think it is the 200ema.

K.I.S.S.

I like it Roger. That's got to be it!

Quote:

Originally Posted by raczekfx

ok... first baby move of 100pips is behind us....

Nooooo, something else....

Something so important that DJ always (almost) bounces nicely off it, triggering wild buying of yen crosses just like we saw today.

Oh who cares.... back to cave.

You know we care Rac-man

jarroo · #**54544** Feb 10, 2010 1:28am

Quote:

Originally Posted by nasir.khan

The way he trades we can also call him PAC-MAN..

Yeah. He ain't afraid of no ghosts. lol

jarroo · #**54609** Feb 10, 2010 8:25pm

Quote:

Originally Posted by ertorque

Hi Jaroo,

Could you elaborate on your comment abt the trade (if taken) as a continuation trade is VERY risky? I asssume when u say continuation you mean price to move lower (since we see that the main trend is downtrend over the longer period). If that is the case, wouldn't the setup be at least an A (going for short) since we have a good PB touching RN and bouncing off 50Fib.
Thanks.

CY

Quote:

Originally Posted by mbqb11

Hey CY

Not going to put words into Jarroo's mouth but actually technically speaking that bar is not a pin as it did not close within the prior bar. It could be considered by proxy pin, but again it has a very tiny nose and a poor close. On the 4hr you are going to see much better bars then this that make passing on this quite easy.

Best
Mike

You can put words in my mouth any time you want to, Mike.

You can even throw a sock in there too if I get out of hand. lol

Mike is correct about the quality of that 4 hour PB . .size, shape, structure, etc. The only thing good about it is that it is off a Bold Round Number ( 90.00) in an apparent downtrend.

Lets remember what brought us to this 90.00 level on the 4 hour, the Weekly BEOB.

The ideal location for BEOBs are at a swing High, preferably at a confluenced retracement level. Since this Weekly BEOB is not at swing High its not the ideal, so it is more risky to trade. Also, this Weekly BEOB has not broken yet which technically it is not a confirmed BEOB.

So what we were doing is looking to jump the gun of this "soso" Weekly BEOB and look for a High quality bearish setup around the 90.00 on a the 4 hour chart, which in my book is risky.

The chart shows a much better, less risky BEOB (in blue) that is at a swing high at a retracement level with trend continuation.

jarroo · #**54610** Feb 10, 2010 8:47pm

Quote:

Originally Posted by ertorque

Even though it is not a true pb, it should not be consider risky to go short.

CY

I would like to hear more about why you think its not risky to go short. I'm not trying to pick on you, CY. I'm just trying to understand what you see.

jarroo · #**54615** Feb 10, 2010 9:20pm

Quote:

Originally Posted by bluetrader

In 2 trades right now.

AUD/USD Daily BUOB off a PPZ. Price is at a swing low and in sideways/uptrend. I moved my stop to right below the PPZ in the .8750 area. First trouble spot is .8915. I plan to move to BE there.

Silver (XAU) Daily Pin Bar off a PPZ. Price is also at a swing low after a very sharp move. I've been learning a lot from Jarroo's posts recently and attempting to incorporate his ideas into my style (thanks J

). I will tighten my stop to half my initial risk if it doesn't move by the close of this bar.

Anyone like...

Looking good Danny.

You got to love the break and big bar of the BUOB on the Aud/Usd. Nice.

The Silver PB is pretty small and structurely not the best. I do like the location . .PPZ, 61.8 Fib and BRN 15.00.

Nice job.

jarroo · #**54616** Feb 10, 2010 9:34pm

Quote:

Originally Posted by Dan Gilbert

I didn't originally want to post this pending limit order on this forum, but I'm going to do it anyway. I placed this order a LONG time ago and have been waiting and waiting for price to get here.

breakout trendline + STRONG PPZ @ .8850 + 61.8% FIB + 50% FIB + 150 EMA... and I dunno... I guess trend?

EDIT: this is EURGBP DAILY CHART

Hey Dan. Good to see you. Nice charts.

Yes that is what I would call a strong confluenced area on the Eur/Gbp at the .8850. Nice.

jarroo · #**54621** Feb 10, 2010 10:31pm

Quote:

Originally Posted by ertorque

Sure Jaroo, no problem.
After reading your post (the one u said u don't mind being fed socks from Mike :0)). I did not relate the 4H chart to the weekly. Now I am beginning to see your point (from a senior's that is).
I had thought that from the 4H alone, the setup is quite good since we agreed it bounced off RN and 50% Fib. The only maybe differing view we have is abt how good the pb is ( yes, it did not close within the prior bar making it a nono to the experienced traders here I understand).

Thank-you very much for the guidance!

CY

This BRN, 90.00 level, is a good area to watch, I'm sure Mike is eyeballing too. But this doesn't take away from the fact that we want some very sizeable PA to accompany it. Meaning even if that 4 hour PB closed within the previous bar, the size was not big enough to cause a trigger fenzy.

But as a touch trade entry it worked out nicely but these take more time to get good at. I still like to have many confirmations in my trading. And big PA at great locations is just one of them, albeit an important one.

jarroo · #**54647** Feb 11, 2010 4:03am

Quote:

Originally Posted by Prof Hunter

Hey, Jim!

Charts for You:Small blue lines as entry.
It s a 4H BEOB (or any bearish break) break on EU showing it, on smaller TFs, initial SL 45p. Break +5p, You are in.
Case 1,: It s a trade You would call A++++. Would You close it on the retrace, against You, or stick to the original SL?

Case 2,: De ja vu on smaller TFs, what show the break, but this time the 4H BEOB is just A or A-.
Q is the same.
THX, PH

This is what I see on this 4 Hour Eur/Usd BEOB setup. Not to bad, I would have liked it at higher swing around the 61.8 fib which would be inline with some previous support/resistence.

Great break . . . and an easy 1st target at the 1.3700, 2nd half would have been stopped out at break even. I would not leave my SL at 45p once the 1st target was hit. Always protect yourself. As James16 would say, " never let a winning trade turn into a loss". With this type of trade management, is how I follow his statement.

I'm not sure you had your entry correct (your blue lines) as shown on the hourly.

jarroo · #**54651** Feb 11, 2010 4:18am

Quote:

Originally Posted by benem

Hallo Guys i need your help to identify correct PPZ....here's my chart on Chf/Jpy....
have i drown them correctly???
Are too much???

Hallo the comments are well appreciated.....

They look good benem.

I like to start on the Weekly time frame, that way you can get some past history on them too. Then they really standout on the Daily.

I would also fine tune them to round numbers and with this pair the .50 i.e, 82.50, 84.50.

Jim

jarroo · #**54652** Feb 11, 2010 4:28am

Quote:

Originally Posted by Prof Hunter

Jim!
I am talking about a theoretical 4H BEOB. (To be exact 2 theoretical 4H BEOB), supposing a break, like I show, and I am curious about Your opinion on those 2 theoretical cases , how You would manage them. Let them come back or not.
Sorry if I not expressed Myself properly.
Would You be so kind to read My post again?
THX, PH

Oh . . I see.

You have to determine what you want out of your given trade. Do you want to reach a given obvious target and close the entire trade with a nice profit? Or do you want to reduce your risk or eliminated it entirely and go for unlimited profit?

jarroo · #**54658** Feb 11, 2010 4:45am

Quote:

Originally Posted by Prof Hunter

A, Both case let s say reach a TP. Would You keep them?
B, Eliminate risk, go for.... Close them with a small loss?

I would take half at reached target. 2nd half would then be placed at break even. I would not close them for a small loss. Worst case would be a break even trade on both.

jarroo · #**54659** Feb 11, 2010 4:47am

Quote:

Originally Posted by Danku

Hi Ghous,

How do you combine the Daily Bars to form a 2-Day Bar without using mt5? Does mt4 have a way of doing this?

Cheers.

You can use this on mt4. Let me know if you need some help.

http://www.forexfactory.com/showpost...ostcount=15191

http://www.forexfactory.com/showpost...ostcount=15193

jarroo · #**54661** Feb 11, 2010 4:53am

Quote:

Originally Posted by MattW

Hey Jaroo, Mike - do either of you still trade DIBS?

I haven't using the DIBS for some time now. It can be a bit time consuming being on the Hourly and the Time of Day has been hard for me over the year. So I have been trading on the higher time frames since then.

Its a great method once you catch a nice trend. I've done very well with it.

jarroo · #**54662** Feb 11, 2010 5:01am

Quote:

Originally Posted by Dhb

Quick update:

When price did eventually reach the ppz, it did what one would have expected it to do. Act as resistance. Did not take this trade myself btw, since I was asleep at the time. On the M30 chart, which is the timeframe I used before to show the setup, there was a pin that first signalled a reversal. Had you placed your stop above this candle, you would have had a few hairy moments, as the next candle did trigger your short, but came back up. Fortunately, your position would not have been taken out, but it did come close. Had you missed...

Well said Boy.

This can be applied to any time frame. The higher the better.

Great bars at great locations. The PA could have be bolder but not bad.

Great post.

Jim

jarroo · #**54664** Feb 11, 2010 5:05am

Quote:

Originally Posted by supremeChaos

Hey Matt,
i believe Sir jarroo (& Sir mike too, if he uses it; mike_w, right?) already "have DIBS in their blood" & are unconsciously applying it, one way or another, in their trades.

Good observation my friend.

I do apply the "Free Trade" position to many of my PA setups.

Good to see you sChoas. Have you been taking some R&R?

jarroo · #**54667** Feb 11, 2010 5:46am

Quote:

Originally Posted by supremeChaos

Sir jarroo,
Thanks for asking.
R&R because of no internet connection for about +/-2weeks.

i believe this is blessing in disguise (clearer, relaxed mind)

i got some 400-500posts (backlog) to read on this thread.

it's great to see everyone again.

I hate when that happens, (knock on wood).

Good you have you back.

jarroo · #**54668** Feb 11, 2010 5:51am

Quote:

Originally Posted by supremeChaos

Hey Matt,
i believe Sir jarroo (& Sir mike too, if he uses it; mike_w, right?) already "have DIBS in their blood" & are unconsciously applying it, one way or another, in their trades.

Looks like the DIBS "Free Trade" position, if applied to ghous' trade on the 2 Day PB Gbp/Aud, would have worked out nicely.

jarroo · #**54672** Feb 11, 2010 6:07am

Quote:

Originally Posted by MattW

Are the blue vertical lines on the chart the initial profit target, and initial stop level (defined by taking initial profit as 1R and backwards applying that to give a stop level)?

I'm not sure where his initial stop was, but once is 1st target was hit ( +80 pips) he would then take half off and then place the 2nd half -80 pips away from his entry. Thus putting himself in a "free trade".

Shown better here on the 4 hour chart.

jarroo · #**54674** Feb 11, 2010 6:09am

Quote:

Originally Posted by Dale

Today I entered the market using two double inside bars on the 4 hr TF...

Although I have already taken part of my position off and will trail most of my remaining position. A small part of the position I will leave at break even....

This break even part will either be stopped out, or it has the potential of becoming a small part of a position that could remain in the market for years.

Best regards

Very nice Dale.

Peter Crowns would be proud.

Jim

jarroo · #**54685** Feb 11, 2010 6:32am

Quote:

Originally Posted by hehesam

1st post for this thread. Btw, Still a newbie. 2 PB forming in h1 timeframe, price rejection 0.7000.
SL above the last h4 candle. Take profit at 0.6970 for 1st position, and BE for 2nd position.
Welcome for all comment.

Nicely done hehesam, gotta love that break.

I like your style, trade management wise.

jarroo · #**54688** Feb 11, 2010 6:34am

Quote:

Originally Posted by Dale

I owe my thanks to you Jim for starting the thread.

Hats off to you.

Dale

Thanks Dale.

The Dale's Double have been very very good to me.

Cheers brother.

jarroo · #**54691** Feb 11, 2010 6:44am

Quote:

Originally Posted by triger88990

hey jaroo you never stop amazing me with the simplicity of your charts you know when I first came in this thread, with your charts I was in love the most, and I even had your template on my charts,you can check it looking back to my first posts.

here is my take on eurgbp mentioned here yesterday,I didn't take it,I'm currently managing others positions ,althought I planned to enter on 8835, had that line on my chart after the break that she made back last weeks ago and I expected price to pullback to it,

For me this would had been a very profitable...

I learned from the master which your template looks like now. lol

That .8535 looks right on the dot.

Waiting for some solid PA at this level should be fun.

For some reason I think this baby is going to continue to go up. ( there I go thinking again.

)

jarroo · #**54693** Feb 11, 2010 6:58am

Quote:

Originally Posted by lovejoy80

I dont do touch trades (well not on live account anyway) as focussing on taking high probability trades on daily and intra-day when time allows.

Pin bar with divergence @ a PPZ area...was looking for a quick fast break so can move stop to BE and I've got it.

As the Rac-man would say . . . .KABOOM.

jarroo · #**54696** Feb 11, 2010 7:12am

Quote:

Originally Posted by chatzi

FX Pro seems like a great broker for this method, it has FX, Stocks, Futures, Indexes all to trade from. Who needs to go below daily, there should be a few decent trades every week with that lot!.

This however requires me to be a bit more agile with my TA, rather than going through all the charts and marking up the TA, I will be looking at each daily chart (at end of day) and weekly chart (at end of week). Looking at the bar and if its got PA then look for PPZ, Fibs etc.

Anyone see a problem doing it this way?

Chatzi

That's how its done, friend.

But I would put the PPZ levels, fibs . . .confluences there first . . . then look for some solid PA.

jarroo · #**54818** Feb 11, 2010 11:19pm

Quote:

Originally Posted by Nawry

Could anyone help me please? Is the pinbar at the bottom of the screen valid? It is at swing low, it has long nose, but it is not protruding much, it's above BRN 225, but below MA(365), with the long term trend also. Could anyone tell me something about it? Was it playable for you? For me it was on backtesting, but this not protruding nose made me very conservative. Thanks in advance!

Hey Nawry.

Sorry I missed your post. Yes its a valid pinbar. Your observation of the nose not protruding enough tells me you're looking at all aspects of a given setup with a fine eye. There can be a setup with many confluences with great size, shape and structure and if one things doesn't line up right, even though many other things are lining up, the trader will pass on the setup. Being very picky is a great quality to have in this business. Just ask Mike and James16.

But its a valid Pin Bar and worked out quite nicely. Shows the importance of what Mike talks about often, that being the bold size of PA we would need after a big move down.

Sure the PB was 1000 pips long and placing your stop loss just below the PB would have be an interesting position calculation for most people, me included. lol

Notice the 230.00 right in front was a clear 1st target. I didn't play this one back then that I can recall, but many times big PA this size will often retrace into itself instead of breaking to the moon. Not always, just often.

It is an intersting PA setup for sure Nawry. Let's hope to get another one just like it. And see if we can jump on and break this kind of beast. we'll be ready for her.

Jim

jarroo · #**54821** Feb 12, 2010 12:58am

Quote:

Originally Posted by Bemac

Not quite.
I look forward to MBQ & Jarroo's take on the bottom Pin.

By way of disclosure, I'm a hesitant buyer.
EDIT & ADD. {1.47xx possible with 1.51 not out of the scenario but not until they resolve Greek Buggerin' Euro issue.}
PB Swing Low. {Those are always much easier to spot 'After the Fact'}.
and this...

Not one personality on this site can manipulate benifit from Your Losses. {Trolls excluded} Therefore, this Site is anchored in generating Cargo for all who dare to study & familiarize themselves with the derth of opinions/positions....

Do you see an upcoming PB on the Weekly Eur/Cad?

I look forward to commenting on it, my friend.

jarroo · #**54823** Feb 12, 2010 1:34am

Quote:

Originally Posted by Dan Gilbert

anybody play this??? I missed it completely...

Triple Inside Bar. Sweet.

jarroo · #**54840** Feb 12, 2010 5:18am

Quote:

Originally Posted by Area51

Hi J16 Threadsters.

Missed this beautiful 4 hour pinbar off a good history of Support and Resistance. Ran for over a hundred pips and is now a BEOB on the daily timeframe.

Is the BEOB still valid at this point? My thinking is that there is still some downside to come possibly to the next PPZ area.
Should you wait for a retracement of the BEOB or is there a specific setup for these that are more reliable?...

Did you play it A51?

Nice hard break. A vaild BEOB all the way. It may not have been the best location so passing on it would not be problem.

Check out the other BEOBs on the Daily Eur/Gbp (you may already have done that). Notice the ones that worked and the ones that "kind of" worked inrelation to location, amoung other things

jarroo · #**54843** Feb 12, 2010 5:21am

Quote:

Originally Posted by Nawry

Jaroo, thank you very much Sir for your reply, it's a lot clearer for me now, really needed a word from someone experienced, hope we will ride together beasts like that in future

Hell yeah we will. Just takes a little time, my friend.

jarroo · #**54846** Feb 12, 2010 5:32am

Quote:

Originally Posted by Danku

Hey jarroo

Thanks for helping me with the 8hr mt4 bars, very handy i must say.

I followed the instructions yesterday and it worked well, infact i took a GBPNZD PB Long and it went to the first trouble area for a cool 97Pips..........this morning i opened the Platform and noticed Price has not moved................on the 8hr TF.........is there something i should be doing because for every pair i loaded the 8hr TF, price has not moved.........now i see no Bars since yesterdays installation, when i check the other TFs, price has moved..........i...

You must note that the "offline" charts are just that . .off line. So they are not recieving a data feed, they're just a snapshot of Price in that time frame.

The periodcon of the time frame you converted will refresh itself but you have to close the plateform and then reopen it. This is the only way I know how its done. And some times it doesn't work. I will have to close/reopen many times to get a refreshed conversion.

Anyone know an easier way?

jarroo · #**54848** Feb 12, 2010 5:38am

Quote:

Originally Posted by datogio

wow nice kaaboom, thanks rac

Nice datogio. Classic Rac-man.

jarroo · #**54850** Feb 12, 2010 5:45am

Quote:

Originally Posted by Prof Hunter

GBPCHF post 52544:

Jim!
In this case Your initial SL was above the setup, and You just narrowed it after took some profit?
Would You mind how it was managed? (I think..., but who knows...)
THX, PH

Tell me what you think first, PH. With some charts . . would be nice too.

jarroo · #**54851** Feb 12, 2010 5:50am

Quote:

Originally Posted by datogio

thanks buddy, the rr is so huge this only trade was worth waiting couple of months

patience is virtue

Nice.

I'm still looking at those Rac touch trades (demo). That Eur/Gbp at .8835 was excellent and obvious. You got to love the exercise of finding those strong confluenced level.

jarroo · #**54855** Feb 12, 2010 6:00am

Quote:

Originally Posted by benji533

A perfect pin, close withing the prior bar, long nose picking out above all the massive old bar highs. Strong resistance level. Divergence.
Moved my stop to BE at the purple line. Exited on confluence of a major round number + PPZ + TL + 50% fib ret.

Show me any other method that can make you high probability money in a sideways market like this. Any other trader would get killed in this type of market, with no understanding of support and resistance.

[u][b]Took me 3 minutes to get my stop to BE, and 12 minutes to exit, on the...

Very nice Ben.

I'm going to have to start a Ben folder with your charts because that one is a keeper.

jarroo · #**54860** Feb 12, 2010 6:22am

Quote:

Originally Posted by Prof Hunter

???

Ok. I see.

If you want to move you stop loss to a tighter placement, you want to use the previous Highs/Lows, RNs, PPZ levels, etc., on the the same time frame that the setup was given. And this setup was a 2 Day PB.

I'm not saying that you using the hourly for key locations is wrong , I'm just saying that using the same time frame that the setup was given will give you a stronger or truer stop loss placement.

jarroo · #**54865** Feb 12, 2010 6:48am

Quote:

Originally Posted by Prof Hunter

I simply curious, how You did managed it?

The purple lines would be the tigher stop loss placements. The 1st major target would be the 1.6800 PPZ level.

My stop loss would be above the preivous High. But once that 1.6800 was hit I would be out at half and moved to break even on the 2nd half.

Although once Price hit that minor target and retraced, I would a have been itching to kill it.

jarroo · #**54870** Feb 12, 2010 7:29am

Quote:

Originally Posted by Prof Hunter

OK, I thought You made a free, or almost free trade at the first minor trouble area. The quality of the setup, or You were not around, or what caused YOU to not do THE CRITICAL'?
THX, PH

I had my stop loss above the 1.7000, again I believed that this was an "A" quality setup and that the 1st major target was going to be hit.

The first minor target was a concern because I thought that the momentum would break right through but I stuck to my guns. Once the major target was hit (1.6800), the setup in my eyes fillfulled itself. The end.

Once a quality setup hits its 1st major target all bets are off on where Price is going to go after that. . . . It served its purpose . . . Its lived its life . . . It all about protecting yourself after that and see if she contiunes to run in your direction.

jarroo · #**54873** Feb 12, 2010 7:43am

Quote:

Originally Posted by kayhan7070

hi jarroo

what do you think about this doji/pin bar?

thank you for your comments

Looks good kayhen.

What targets are you looking at?

jarroo · #**54874** Feb 12, 2010 7:52am

Quote:

Originally Posted by kayhan7070

hi jarroo

what do you think about this doji/pin bar?

thank you for your comments

Let me know how she breaks (if she breaks

)and your targets.

gotta go

later.

Jim

jarroo · #**54922** Feb 12, 2010 10:53pm

Quote:

Originally Posted by kayhan7070

first target area is about 40 pips below at around 1.6800-05 when it reaches there i will take %50 profit and set my stop at BE.

Quote:

Originally Posted by kayhan7070

I have a 130 pip SL.

That's the target I would have selected as well. lol Easy for me to say after the fact. But let's take a look at it . . . 1.6800 is a RN which is a strong, clear PPZ level. Great trade kayhan, nicely done.

Not sure I understand the 130 pip SL since the PB itself is about 100 pip.

Notice that the 1st bar High in blue slowed that break down a bit. (seen better on the Hourly.)

Jim

jarroo · #**54923** Feb 12, 2010 11:27pm

Quote:

Originally Posted by Jduester

This is a great quote and really hits home for me. I've been doing some studying on bars reaching their first zone recently. This quote is so true. For me, I want to focus on simply becoming profitable consistently. That means taking only the highest quality setups and managing them the 'safest' way - which simply means to know where the first trouble (target) area is and have a plan for yourself when price reaches it.

I also realize this type of strategy might not yield me huge gains (depending on the action I take at that first target), but...

Thanks Josh.

Its done wonders to my account and for my piece of mind. But more importantly it has allow me to grow as a smart, disciplined trader.
What I mean by that is as you do many of these "protected trades" you begin to understand more and more of how Price moves when certain conditions arise and when they don't. It is also an exercise in confidence building.

Also, when my account is the same (or bigger) as the big guy's, I'll be ready for it.

Also, look at that "free trade" approach with these setups, meaning that when Price reaches the 1st minor and/or major Target instead of moving to break even, move that SL away equal to the amount gain. Its a great way to get back at Price for retesting your break.

I would say good luck to you Josh, but I don't have to . . .because I know what your results are going to be great.

Jim

jarroo · #**54924** Feb 12, 2010 11:33pm

Quote:

Originally Posted by Caesar

I am using a demo of MT5 which allows many more time frames. 2D 2H 3H 8H 12H etc....
It is customizable
HTH

Thanks Caesar. I have mt5 and use it all the time. But its end of day is 6:00 PM est time and I like the 5:00 PM time so I still use the periodcon.

Thanks,

Jim

jarroo · #**55114** Feb 16, 2010 3:38am

Hey guys and gals,

I'm in FLORIDA. My father had taken ill over the Holidays and has recovered so well that he was fit enough to return home to FLA. So I drove both my parents down here over the weekend and will stay for a bout a week.

Goodby Michigan snow . . . . at least for a week.

jarroo · #**55118** Feb 16, 2010 3:52am

Quote:

Originally Posted by mbqb11

Glad to hear he is doing well Jim

Enjoy some FL sun, it is snowing here AGAIN...enough winter wonderland

The sunny mid 60s feels like the 90s. Maybe I'll get some color in my white pasty winter face. lol

jarroo · #**55119** Feb 16, 2010 3:58am

Quote:

Originally Posted by supremeChaos

Great to hear 'Jim's father' is now doing ok.

i learned the other day about the 'US states of snow'. wasnt it Florida was affected too, albeit mildly

http://news.yahoo.com/s/ap/20100213/...states_of_snow
http://d.yimg.com/a/p/ap/20100212/ca...0avSnSXtzNQA--

I believe that was the northern part of the state. I'm down in Vero Beach no snow here.

jarroo · #**55311** Feb 18, 2010 4:06am

Hey guys,

Just checking in and trying to catch up with the thread.

Florida is going great. These old folks are keeping me pretty busy. I can't keep up with them. Thank God that it's mandatory in this state that if you're over 70 years old you have to play Bridge once a day or I wouldn't get any rest. lolol

Jim

jarroo · #**55312** Feb 18, 2010 4:18am

Quote:

Originally Posted by TiaForex

Agreed. Real money in meaningful amounts has a way of really focussing the attention.

Allow me to use your post to jump off into a general ramble Joel.

When Jim says 'Imagine what a 50 pip move on a large account can mean to you' he doesn't just mean the winners. Making 30 grand on 60 pip move is great. Losing 30 grand when it goes against you is awful. The larger the account gets, the more conservative you get. Both in trade selection and management. And your tolerance for drawdown decreases. Until then, it's tempting to just view it as a video...

I should be back this weekend. I'm need to get back to my comfort zone which is my trading room.

Patience is indeed a virture. It's probably the hardest part of trading, at least it was for me. But it can be mastered, it just takes time and practise just like anything else in this business.

Great post as always Aaron,

Jim