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  #65097  
Old May 30, 2010 2:24am
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Quote:
Originally Posted by phpscott View Post
It looks like you are looking for a trade, any trade....
Exactly my thoughts,

I have always believed:

"If a setup is making you think it's not worth thinking over at all"
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  #65118  
Old May 30, 2010 10:39am
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Originally Posted by Pinbar View Post
Ghous

I understand your point by this, and I imagine you would recommend the manner in which to comprehend that statement is trading the weekly & daily?
some where down the peregrination of your learning curve you will find yourself with a feeling of utmost utility. It's the moment in your trading career when everything seems to have fallen in place and all your efforts appear worthwhile. It's when most of your decisions turn out to be correct, your analysis happens to be spot on. Trades you take rocket on, trades you leave tend to be good leaves, trades you miss are rare...everything's perfect. For the vast majority this is make or break time. What you do from here on and more importantly at this very moment is what will determine your future in this business.

The best part about this thread and the people that inhabit it is that they are right beside you in all your phases of learning. I was fortunate enough to be helped in recognizing what I was supposed to do when the light finally came on.

I understood that the best of my analysis, the best of my trades, and the most lucrative of all the opportunities that I took were ones where I had to do very little, or put another way where I had to think the least over the validity of the setups. This was still all on daily and weekly.

I have since come a long way, have ventured into experiments of my own across various time frames and ideas. Some things have changed for me...some haven't budged at all. Using price action as a base for everything that I do trading related is one thing that never has nor ever will change for me. The deciphered tits and bits of truth about the trading Endeavor are other parts of the Constancy for me including the bold statement I mentioned in my post.

Ever wondered why Mike talks a lot about setups that "jump out at you", Setups that appear at BIG BOLD round numbers? and what about the emphasis on BIG bars.

Nothing's more soothing when all it takes you is a glance to hawk a money making opportunity,

g.



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  #65129  
Old May 30, 2010 2:55pm
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Quote:
Originally Posted by Pinbar View Post
Thanks Ghous for your detailed description of your learning experience.

yes, the "Jump Out at You" description that Mike and other seniors continually mention is interesting.
Perhaps, physically and mentally zooming out on the larger TF is the way to accomplish this. It's funny sometimes I can clearly see a trade and take it, usually it is a reasonable trade. By reasonable, I mean I can take half off the table and get my SL to BE + and then take a few more pips out of it.
Other times, I find myself caught up in the noise, then I switch back and...
Packhorse is right. Removing TFs other than the daily and the weekly is a step in the right direction.

Stick to the dailies/weeklies and wait patiently for the big fish. What this exercise does for you while you're getting your feet wet in the business is a favor I can't put in words...let's just say...it is imperative for long term success.

All time frames have their pros and cons and you must understand that when we emphasize on sticking to higher time frames it does not imply that lower time frames suck at following price action parameters. It's just that trade management decisions need to come from an experienced head when trading intra day simply because we're then dealing with bars that posses less information. For the person with the pre-requisites in the trading arsenal intra day is a true trading heaven.

Coming back to my point, here at the thread we are mostly dealing with ppl starting out in the business or those that have taken a spanking from their stern ego, or those that were searching for the magic potion amongst a heap of lagging indicators and realized finally that it never was there . We realize how important is it for such a person to get the hang of "discipline" if he or she wants to make it to the long term, and higher time frames teach that the best...and this is not an opinion...it's hard core fact

g.
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  #65449  
Old Jun 3, 2010 4:45am
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Quote:
Originally Posted by Pinbar View Post
I read your post and the picture of the camel was not visible as yours was the last post on the page. I quite clearly saw the camel in the chart.

Just got up after a nap, that is probably why.

Nasty things those camels, almost got a chunk taken out of my arm by one once while I was visiting Pakistan.
yeah those things can get grumpy here,

One tried to match a Porsche with me on its back at the beach. Forcing the rein to one side ticked him off I guess, but then that is what I was told, would make the camel turn. lol
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  #65558  
Old Jun 5, 2010 7:18am
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Quote:
Originally Posted by roundrock View Post
EURCAD daily -- nice pin bar, great location (rejection of prev support and BRN 1.2500). but the trend is downwards since several months.
Not that I feel this bar is not valid or anything...I just feel it had to be a lot bigger to convince me of its bullish intentions...

But then again you could be doing this for a while and you might have your own ways of dealing with less than A+ setups, which is perfectly fine,

Just so you know what it lacked to qualify as an A+ setup I have attached 2 comparative charts with my thoughts on them,

g.
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  #65562  
Old Jun 5, 2010 11:24am
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Originally Posted by elizo View Post
Hi,

this is my first post here. This is an amazing thread, so I'll do my best to absorb as much as possible while reading the entire thread. It will take a while but in the meantime, I would like to submit this to your opinion. Hopefully I won't bother anybody around.

This is a CHFJPY setup I have seen in daily chart. My rationale to go bearish slightly below the salmon rectangular area is:

1.- Overall trend is bearish.
2.- Daily BEOB
3.- Price came below the Fibo Confluence marked as salmon, so awaiting for a pullback there to maximize my entry...
Hi Elizo,

Welcome aboard our "little world"

Firstly since you are new to the stuff you are advised to play only the conventional entry method i.e take a trade on the break of the bar. I understand what you are trying to achieve with a tight stop but this skill is best left for later...

Things that you need to work on right now are finding the key zones in the market, playing the break of good sized bars and deciphering the reasons behind the movement of price, before and after your trigger bar.

Coming to Chf/Jpy specifically, I am a very keen observer of the close of the bar specially when price is heading into traffic or a supp/res zone. What I see here (and have labeled on the chart) is that your BEOVB found due support at the marked yellow ppz and failed to push through To me that means a lot. All the plus points you mentioned are obviously there but then it's all about stacking as many odds as possible in your favor before pulling the trigger.

An entry order, if you have noticed would still be below the yellow ppz and hence a pending order still looks a nice option, but honestly I find it easier to just stay back on the side lines until I can see a hard break of the near by ppz even if it means entering via a market order. Again it's all about "resisting the urge to jump into a trade" rather than "succumb to it". You are not a slave to the market or your emotions...you (and for that matter anyone) make your own destiny.

g.
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  #65563  
Old Jun 5, 2010 11:26am
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Quote:
Originally Posted by mbqb11 View Post
Hey Elizo

Welcome to the thread

Both of your plans are more then fine with the understanding of the drawbacks of both which I think you do....
Oopsi!!

Snagit's taking some time having me get used to it.
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  #65565  
Old Jun 5, 2010 11:44am
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Quote:
Originally Posted by mbqb11 View Post
still great up there ghous b/c it shows that we are see the same thing and that is a big deal for people who are new, a very big deal by my inbox

Thanks bud
Mike
I understand...

No need to mention your inbox, ppl here still believe you are a human.

g.
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  #65572  
Old Jun 5, 2010 2:15pm
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Quote:
Originally Posted by elizo View Post
Hi Ghous,

thanks as well, very instructing. I see your point and from a risk wise point of view looks pretty reasonable. Obviously, on the other hand, since we would wait for a break of that 1st area you mention, problems arise in terms of profitability. If we wait for 78.40 to enter, with a market order, then my question would be where to set the SL. Still above the highs of the BEOB? Looks really far? Or could it be a solution just above the salmon area, where the confluence of Fibos could defend eventually our position, around 79.85 or better...
In the case of a quick hard break of the first trouble area a tighter stop is a good idea.

g.
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  #65580  
Old Jun 6, 2010 12:22am
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Originally Posted by aserbfx View Post
i hope it is ok to post some stock charts here. imho this discussion about charts, is just a fabulous way to learn. i just love it!!! if it's not ok, please tell me.

this is german basf on the daily.
buob. trouble areas will be the round number 42 and 40 euro.
negativ: it is in traffic.

what do you think?
First it's a Bearish Outside Bar, a beob and not a buob.

To me this sounds pretty ok. The bar is pretty large in comparison to the bars preceding it. I am not into stocks so just looking at it as another chart.

Did you notice the resistance trend line?

g.
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  #65581  
Old Jun 6, 2010 12:37am
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Originally Posted by prohlfer View Post
Hey guys, just started reading this thread, and was hoping for some feedback. Do this look like a good bars to you? I believe it is a BUOB for the USD/CHF. It is following the stronger trend, and appears to have found support at 1.1500. Thanks guys.
All plus points well spotted. My only concern would be that it is at a swing high which means you are playing it as a continuation bar and they can be very tricky. Space is a big factor when it comes to playing out of an obvious swing high/low. Had it formed at the 1.17, it was sure to have gotten more marks on location from me.

g.
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  #65583  
Old Jun 6, 2010 12:52am
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Quote:
Originally Posted by novice198 View Post
The Trade Failed with strong upward thrust on Friday. SL at 1.0495 was triggered for a loss of 1.3%. I think Weekly and Monthly pivots may not mean much instead we should use Price flip zones. Went thru the videos of PeterFM and found same very informative. Now I have marked my charts accordingly and will look for setup around those areas of interest.

One question for the seniors, though not related to this trade, should we keep our Trade posn open during the weekend. I have always been told and of late I have seen also that the weekend gaps...
The Trade Failed with strong upward thrust on Friday. SL at 1.0495 was triggered for a loss of 1.3%. I think Weekly and Monthly pivots may not mean much instead we should use Price flip zones. Went thru the videos of PeterFM and found same very informative. Now I have marked my charts accordingly and will look for setup around those areas of interest.

Exactly! Anything other than price is secondary for us in sanctioning a trigger on the trade setup. MAs, Fibs, Pivot points all help us to confirm the setup but they should never be taken for granted when alone.

One question for the seniors, though not related to this trade, should we keep our Trade posn open during the weekend. I have always been told and of late I have seen also that the weekend gaps can be as large as 200 pips, so would it be better to close on Friday noon EST and then open your position again on Monday as the gap risk is mitigated at the cost of the spread.

For me it'll have to do with answering lot's of questions. Is the trade already in the green? If yes is it moving well, or just "hanging about"? Is it on the intra day or a higher time frame such as daily? Is the setup over all a very high probability one, or just a regular trade?

Depending on the answers to these questions I may or may not hold the trade for the weekend.

Oh and pending orders if not taken are always pulled off before the weekend in my book.

Also last Friday being NFP announcement day should we enter a fresh trade on NFP Friday ( all criteria for set up being in place) as big moves may take place on NFP announcement.

I see no problem with that, A good bar at a good location does not know what time or news it is. N.F.P for such trade setups can bring about lucrative momentum.

****----****

As for your trade setup in general, I feel Usd/Cad is caught up in some big moves lately, unfortunately they haven't been for a trending cause, they have whipped price from behind pushing it up and then from the front thrusting it down. Such times at best can be very capricious and unpredictable. (Where price pulled back was just a minor trouble area yet it provided price with all the support in the world - that's unpredictability for you. )

g.
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  #65593  
Old Jun 6, 2010 10:52am
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Originally Posted by novice198 View Post
Hi Ghous,

Thanks for the feedback. I am trying to comprehend as to how could I miss the minor trouble area, where the PA stalled and reversed. I think I need to analyse the Trade setups with an open mind rather than open eyes.

Cheers
Like I mentioned that BEOB in a normal market instead of a crazy one would most probably have blown through that minor area,

One of the big tricks of conquering ranging markets is the absolute awareness of every trouble area in the way and a keen eye watching price behavior at these areas. Again a market as choppy and whippy as Usd/cad at the moment is best left alone though.

g.
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  #65595  
Old Jun 6, 2010 11:31am
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Originally Posted by Dan Gilbert View Post
another trick is to have a feel for what the entire market is doing together, and base your positions on that. I use crude as my backbone for the comdolls. we are in a bull market for USD right now... I don't go the other way. It has saved me so many times. I think the main problem with this thread is that so many people operate mechanically on J16 when J16 is anything BUT a mechanical system.
I am not into correlations but....agreed.

g.
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  #65617  
Old Jun 6, 2010 11:52pm
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Originally Posted by woleadu View Post
Hi Ghous,
Kindly help with the source of the software you used to write on your chart and make those arrows.
Thanks
It's snagit

g.
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  #65618  
Old Jun 6, 2010 11:56pm
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Originally Posted by syyzxsyf View Post
[font=Century Gothic]Hi,

I am following this thread for some days. It is very informative and very helpful. Thanks for all your great information. Currently, I am demo trading based on daily and 4 hour pinbar.

Today I get a pinbar setup which occurs at the extreme. I take it but I still have some confusion. I post my thought process here and wish you have a look and give me some comments.

I use FXCM as the main feed source.
Attachment 486300
As the rule, I should buy at the break of the pinbar and 10 pips higher. But I am a little late...
My advice would be to just stick to one feed, as for the setup it's been discussed extensively in the last few pages. check'em out.

g.
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  #65633  
Old Jun 7, 2010 7:00am
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Quote:
Originally Posted by syyzxsyf View Post
Hi:

I am a newbie and I like your charts. As to the GBP/CHF, I worry the support level (around 1.6638) below the pinbar. If I short this, I want to short at the retracement to the 5.23-5.28's week high (after the pinbar break and become valid). And then I wish it will go south. I am not sure whether it is a good way to play that.
Attachment 486468

Could some experienced guys give some comments?

Regards,
Yang
I am not into retracement trades myself, but what I know from what I have read here at the thread and seen others do is that these trades because of their aggressive nature are almost always played on very high probability setups (unlike the one you mentioned), setups where one can be absolutely certain that they will break or test a trouble area just that they are taking their time in doing so which can then be exploited to enter at a better price albeit at a higher risk.

Again this approach requires tremendous experience and a very good feel of live market action which no amount of back testing can ever accomplish, it's a skill only time can reward you with,

For newbies our recommendation is to always stick to the core basics of the method and follow James' min requirements outlined in the first post of the thread. A great number of ppl get on with the task reluctantly because they are being made to go against their ideas, but trust me there are abundant examples where a reluctant inception to the journey has become the most adorable job ever...and it all happens when the power of consistent profits sets the mind right.

g.
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  #65645  
Old Jun 7, 2010 10:25am
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Originally Posted by antgal23 View Post
Hi folks

can you give me a 2nd opinion on this potential pb?

its off

a brn
a sigificant ppz on the higher tfs
is in space (sort of)

is the nose long enough to reverse the trend ?

cheers
That thing's been all over the place recently,

here's a chart.

g.
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  #65653  
Old Jun 7, 2010 1:11pm
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Quote:
Originally Posted by Pinbar View Post
EUR/GBP

This looks like we may have a potential Long setup forming.

2 fibos, trendline and a nice PPZ in a nice area at a swing low.

Seems to be plenty of space around the bar.
Now all we need is for it end as a Bullish PB.

Perhaps the size of the bar is not so good.
Hey Pinbar,

just wondering what that red line running across your first chart is supposed to mean? Is it supposedly a trend line?
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  #65656  
Old Jun 7, 2010 1:23pm
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Quote:
Originally Posted by Pinbar View Post
The horizontal line on the daily? It is just sweet spots gold 0.8500
this one...

If it's a trend line it is erroneously drawn. A trend line is either used to connect only lows or only highs and once price breaks through it, it looses it's value completely unless you want to watch price retrace to it for the first time after the break.

Your trend line has been violated multiple times and hence has no value.

g.
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  #65664  
Old Jun 7, 2010 1:41pm
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Originally Posted by mbqb11 View Post
Hey G

Actually many people use trendlines in that manner. Think of them as diagonal PPZ. Again I would be nervous seeing newer traders doing that before doing the real basics and adding as they go. But that can just be a product of how I learn so that is unfair of me too :P

Mike
I see. Maybe the most obvious ones could still be used as "ppzs with an angle" just that I haven't seen them being used that way yet, but then again I haven't been trading for 10 years,

New information for sure.

g.
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  #65673  
Old Jun 7, 2010 2:13pm
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Originally Posted by antgal23 View Post
thanks Ghous for highlighting TAs at old bar highs and lows

thanks also to Mike for suggesting waiting to 1 hr before close to check potential PA trades (and also for the videos, that picking a cherry comparison is priceless)

ive 2 more qns if you dont mind

as A+ PBs on the higher tfs r like chickens teeth (rare) would you...
Chickens teeth? Do they have them? let alone rare I thought the beak was just meant for pecking...

My answer to the first question would be a No for reasons mentioned in my earlier posts,

To the second question, my answer would be to just position size yourself accordingly. I could take a 10 pip pin bar and risk 2% on it, and I could take a 200 pin bar and still risk only 2% on the trade. The trick is to find the right amount of trade volume to enter the trade with.

Here's an MM "fill in the blanks" for dummies like me, see if it suits you.

http://www.earnforex.com/position-size-calculator (enter the info in the first set of blanks and it'll tell you the lot size that you should be going with)

g.
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  #65705  
Old Jun 8, 2010 3:07am
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Originally Posted by supremeChaos View Post
oh wow, bullish pinbar, with a Loooooooong nose & a TON of space
stop loss below the looooong nose
and full profit at Jarroo's first trouble area makes up for a brilliant trade in terms of risk:reward.

Nice catch Dan!

g.
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  #65708  
Old Jun 8, 2010 3:13am
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Quote:
Originally Posted by Dan Gilbert View Post
I'm in for a 1% risk on the full bar... one nano lot was almost too big of a size!
See people? We can take any length of the market and risk whatever we want on it.

Dan's normal 10 Std trade volume shrinks to a nano lot but the risk stays at 1%...ooohhh I like MM!

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  #65770  
Old Jun 9, 2010 1:03am
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Quote:
Originally Posted by Dan Gilbert View Post
Texans don't sleep. They wait.
I sometime get amazed with such statements...

I am obviously very far away (and unaware too) of the U.S state system,

Are Texans really that different from say the Oklahomans (or whatever)??

My dad's been to the U.S in the 90's, says there is no place in the world like Texas.

g.
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  #65777  
Old Jun 9, 2010 1:41am
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Originally Posted by tubguy View Post
Hey Ghous,
Texas is like a small U.S. We have most every geographical feature that you find in the U.S.

Mountains, Plains,Desert, Beaches,Forest, Etc.

We're not all that different. We all get lumped together as cowboys with a hard accent. There are only a handful of real cowboys left. I know this because I was one for 12 years.

Good trading
Mike
Cool!
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IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
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  #65790  
Old Jun 9, 2010 5:20am
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Originally Posted by Jonnyislost View Post
Great job Novice

As far as Money Management goes I (reluctantly) stepped down to 1% after studying J16. And now after 6 months I find it unthinkable that I used to trade with 5% or more in the early days. I was delighted to make 5% one day and then devastated to lose 10-15% the next.
I think this style of tading had a negative effect on my life expectancy, let alone my account balance

Even 2% I consider to be somewhat high, even with total confidence in a strategy. 5 full bar losses in a row might be unlikely, but they are certainly...
Emotions are good.

You ought to feel elated when you get hold of a slam dunk, and you got to curse yourself when you hit the buy button instead of the sell button on your live account.

Emotions help the learning process and are that much important to achieve success and to enjoy it.

the trick is to not let them interfere with your trading decisions. The task gets difficult when you don't have rules set in stone and leave it to discretion early on, and gets easier when you know exactly what you need to pull the entry trigger. Let experience drag these rules into your subconscious so it all becomes instinct...the fun begins then.

g.
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IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
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  #65791  
Old Jun 9, 2010 5:21am
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Originally Posted by nasir.khan View Post
Will this range hold or break?

There is some Divg and 150EMA nearby.

Lets see.....


.
We don't have our rac-man to blow us away, you got to fill in Nasir, O'course you are more than capable of doing it.

g.
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IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
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  #65795  
Old Jun 9, 2010 6:59am
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Originally Posted by Jonnyislost View Post
Agree g, I think it's totally acceptable to be "mad" at ourselves for making trading errors, as it helps us ensure we don't make them again.

But to simply get mad at the market when setups don't work out (even though we do everything right according to our strategy) I think is a bad mindset. I'm sure most people here have experienced the "everything is against me" type paranoias that I went through in the beginning
You bet,

There was a time when I went mad at "how everything on the J16 thread was so pleasantly wrapped in shiny paper by people claiming to be gurus" I still have that piece of writing with me on a torn parchment and blotted ink where my tears fell.

For some reason today it is the biggest source of inspiration for me.

g.
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IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
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  #65812  
Old Jun 9, 2010 10:50am
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Originally Posted by novice198 View Post
Hi nasir,

Nice music (Bahut Vadhiya)
Cheers,
Novice198
Vadhiya? lol

I always thought it was Badhiya, or let's say that's what I inferred from bollywood movies.
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IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
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  #65814  
Old Jun 9, 2010 10:59am
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Quote:
Originally Posted by aserbfx View Post
what about this pinbar on gj?
chart says it all.

EDIT: The last statement in the chart goes like "this bar is a no trade for me"...it somehow got effaced.

g.
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  #65815  
Old Jun 9, 2010 11:04am
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Originally Posted by Dan Gilbert View Post
manipulated shmanipulated. trend is friend. Also, why buy at 1224? it's the best bet!
Wow...
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IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
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  #65896  
Old Jun 10, 2010 5:35am
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Originally Posted by novice198 View Post
Hi Ghous,

The PB seemed to be in a swing High posn. Not much confluence with fibs or PPZ plus too close to traffic. So would be a pass. Though in hind sight it would have been ok to trade.

Cheers
The bar in question was the one I marked on the chart.

cheers.

g.
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  #65921  
Old Jun 10, 2010 8:45am
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Originally Posted by forexben View Post
Hi guys, quick newb question. Mike advocates waiting for the break of the pin and placing a SL behind/in front of the high/low of the pin.

When he plays a breakout (I hope I've got this correct) he waits for price to breakout, retrace/pull back to confluence for confirmation and then breakout again.

I've read that waiting for the retrace on the pin to enter is more risky and aggressive. I realise that the bars are formed differently for the pin and the breakout (breakout having consolidatating bars and the pin being at a swing high/swing/low.)...
Hey Ben,

Good logical question,

while Mike is taking a quick power nap I'll try to jump in,

In my opinion both the cases are worlds apart, and what makes them so different is the information they contain. A pin bar even on the weekly carries less information (or price action) than a tightening range on the same tf or even on a lower tf.

When price breaks out of a range it can be expected to return to test the break out point, simply because it needs to ensure what it is looking to do is backed with enough orders in the market which would be essential for the move, not only does this act as a further confirmation for us it also provides us with nice and easy target for stop placement (just below the pull back or the PA that we see at the pull back).

Making a blind shoot at a bar that seems to be poking out of a range is more risky because you risk false breaks and may or may not have any PA to play around with (even if there is PA it would be more like a BUOB at a swing high which can always be tricky to play) where as waiting for the break and a pull back and PA is a more safer and conservative way of dealing with a break out pattern.

Pin bars on the other hand are a totally different market phenomena, again because they contain less information any quick break out of a pin bar is a good indication that the proposed change in sentiment shown by the pin bar is a valid one which can straight away be taken, if instead price decides to retrace into the pin bar it's the first sign that the "little information" we have of the changing sentiment has issues with it.

There is one more element to the whole query. When price pulls back to test a range breakout it is more probable to receive res/supp at the multiple bar highs and lows, when price pulls back into a pin bar it hardly has any. Go down a time frame to see what sort of market activity makes up a pin bar. You'll see a "V" formation mostly and that's all you are banking on to provide res/supp to an already hesitant price.

g.
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IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
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  #65925  
Old Jun 10, 2010 8:59am
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Originally Posted by Dan-FX View Post
Loving that EURUSD chart and explanation Ghous, thanks

What is the strict definition of the BUOB though? Does the body have to engulf the previous bars/candles body?

Thanks
At least one bar yes...the more bars it engulfs the stronger is the buob...location and space factors will come in too of course.

g.
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IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
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  #65930  
Old Jun 10, 2010 10:14am
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Originally Posted by Pinbar View Post
very informative post Ghous.

I suppose a PB is very often a head & shoulders pattern on the next TF down and one more down to H4 shows the range of this.

Thanks Ghous


Edit:

talking about breakouts, we may have one on EJ that looks about ready to pop.
That I guess would be true for a pin bar with really obvious pair of eyes.
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IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
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  #65931  
Old Jun 10, 2010 10:24am
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Originally Posted by proletary View Post
Hi guys,

I will consider shortong this pair IF PA favourable as this would be a trade along with long term trend.
There are 2 things to worry about:
- the massive momentum up to this point
- bullish divergence on MACD (if the price decides to bounce of my rectangle of course )
Not sure why the dominant momentum would be a worry to you.

It's to the downside, you don't agree?

We are still in a down trend and the recent pull back is no where near a threatening position (no serious BUBs or bullish PA to worry about). Only recently price started to move up and that could very well be in an attempt to test that important area you mentioned. Again don't forget that it's these important areas in the market that move price.

Of course price could blow through the 1215 region in the next few hours but that would be a diff story altogether,

What I am saying is that if price gives good bearish PA at the 1215 region there's no way I would feel the "momentum is against me" as such.

g.
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  #65933  
Old Jun 10, 2010 10:31am
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Quote:
Originally Posted by mbqb11 View Post
THanks G, good stuff buddy
lol np.
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