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  #66001  
Old Jun 11, 2010 5:56am
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Quote:
Originally Posted by proletary View Post
I'm digesting this thread in compiled format which is much easier (thank you Cyrus!). When it comes to Raczek I only skimmed his input, but got the impression that he enters when the 'kaboom' wanes off (looking for j16 setups) and setting his TP at the retest of the 'broken' confluence.



Yes, patience... Another indecision doji is forming on 4h.
To be honest I'd prefer the bearish PA scenario more. It would definitely play nicely with the downtrend we're experiencing from the start of the year. Anyway I'm prepared (chartwise) for the...

Rac will still look for bearish PA as confirmation after he enters, meaning he would (in this case) enter at 1.2150 (or 1.2147) and look for bearish PA on the 30Min or hourly or if not stopped out on the 4 hour as conformation.

Where as we will look for PA as confirmation and then enter.
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  #66002  
Old Jun 11, 2010 6:03am
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Quote:
Originally Posted by Pinbar View Post
Many thanks...

Yes, I am looking at the 1.4680 area will hold and save my SL.
Now, it doesn't matter what it does.

How's that 1.4680 area holding up Pb? Looks like your reading Price like a book.
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  #66005  
Old Jun 11, 2010 6:17am
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Quote:
Originally Posted by Pinbar View Post
Not at all Jarroo.
I was stopped out for Be+4 pips at 1.4686
Forgot to figure in the spread.

Just as well I took 33 pips off at FTA.

Pb that's fanastic . .you don't know how fanastic that is. Great job.

Now I will reference this trade if I see a little PB or little Outside bar from any of your charts from now on. lol

Great job again.


Jim
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  #66008  
Old Jun 11, 2010 6:22am
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Quote:
Originally Posted by proletary View Post
BEOB on the 4h GBPUSD. Trade Plan:

short @ break of BEOB (1.4648)
S/L @ 50% ret of BEOB (1.4705)
TP#1 2/3 of position @ 1.4600 (beige area) setting rest to BE
TP#2 1/3 letting run

Comments appreciated

Looks good prole.

Be aware of the PPZ at the 1.4631
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  #66009  
Old Jun 11, 2010 6:29am
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Quote:
Originally Posted by Pinbar View Post
Haaaa. Thanks Jarroooooooo

Still, it was not a loser and anything that is not a loser must be a winner.

I am back to the Weekly & Daily from Monday. Honest.


Yes, I shall write this up in my journal.

That's the spirit. Just apply this Hourly trade to the Daily and Weekly.

You read the trade great.
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  #66011  
Old Jun 11, 2010 7:05am
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Thanks Atc.

Later guys ( I'm all ready late . . )

trades locked and loaded.

Nice end to a great week.

Later.

Jim
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  #66045  
Old Jun 11, 2010 1:46pm
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Quote:
Originally Posted by ghous View Post
You can go ahead and do that provided you mention who the artist is in a frame much bigger than the ones you use to frame the chart.

...

lol once framed, I would have Mike sign the lower left corner . . mbqb11. lol

Serious though, its a great post . .fasle breaks . . testing the break . . great stuff. This one is definietly going in the (Ghous IPB folder).




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  #66046  
Old Jun 11, 2010 2:10pm
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Quote:
Originally Posted by supremeChaos View Post
interesting discussion on the gbpusd setup.
i was watching gbpcad at that time, there seem to be a fake upside breakout (no chart but... price tried to breach a downsloping trendline -- on H1/H4 if i remember correctly).
i was reluctant to trade it short because it has gone down quite a bit(for my taste). luckily, i was sort of 'on time' when gbpusd was forming bearish PA (H4 BEOB, FXPro).
i traded gbpusd instead of gbpcad.

am expecting a possibility of price revisiting 1.4350 - 1.4450 (price during June 8/9), if downside momentum continues.
if...
Good eye sChoas on those potential targets.

No surprise where Price was heading . . the good old BRN, 1.4500. Which is where it will probably end the week at. A close below the 1.4500 would be nice.
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  #66050  
Old Jun 11, 2010 2:24pm
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Quote:
Originally Posted by HipsterPipster View Post
Yeah, I am expecting a retrace to at least ~1.6000, maybe even closer to 1.6025 where we get close to the fib 50.

Wouldn't that be closer to the 61.8 fib, Hipster?
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  #66051  
Old Jun 11, 2010 2:25pm
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Quote:
Originally Posted by ghous View Post
If any real credit has to be given to the work it can not be for Mike alone, you are right up there Jarroo and so are several others here at the thread. I would be way down. lol



g.

Don't sell yourself short my friend. (pun intended lol)

You're up there big time.
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  #66052  
Old Jun 11, 2010 2:38pm
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Quote:
Originally Posted by nasir.khan View Post
at 1.2150,.... to the pip???

lol yeah i know he do it often.
.
Once Price hit the 1.2150 then the KaBoom happened. I'm sure Rac would not have been surprised, meaning if Price hit the 1.2147 and then fell like a rock, Rac would probaly say "I missed my entry by 3 pips." He can be that precise.

You got love those multi confluenced levels.
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  #66054  
Old Jun 11, 2010 2:52pm
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Quote:
Originally Posted by HipsterPipster View Post
Hmm, I have 50% right about at 1.4631, pulling from today's high.
Oh I thought you meant the 1.6000 lol. I see now 1.4600ish.
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  #66056  
Old Jun 11, 2010 3:13pm
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Quote:
Originally Posted by HipsterPipster View Post
Haha, oops, yeah that was an eye typo. Ever felt dyslexic?
I better double check those numbers again.

I know the feeling all to well. lol

I thought you had some long term buying going on there Hip.
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  #66059  
Old Jun 11, 2010 3:37pm
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Quote:
Originally Posted by james16 View Post
This is why this thread is what it is.

BECAUSE OF PEOPLE LIKE THIS.

ghous gets it. ghous understands what goes out comes back.

ghous is just one of many here that "gets it" and its why im proud of what this thread has become.

the trading is secondary.

5 year birthday coming up on the 17th.

unreal.

Jim

Wow, 5 years. Thank God for the James16 thread. I shutter to think where I would be without it.
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  #66060  
Old Jun 11, 2010 3:40pm
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Quote:
Originally Posted by ghous View Post
Woohooo!!! that's 1826 days and 6 hours of unprecedented giving and taking.

Geez...that calls for...errr....ummm...something BIG!

Hookers for everyone! . . wait . .that may not be appropriate.
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  #66062  
Old Jun 11, 2010 3:44pm
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Quote:
Originally Posted by ghous View Post
I can't believe I googled that!
lolll
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  #66065  
Old Jun 11, 2010 3:56pm
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Quote:
Originally Posted by james16 View Post
nothing could make me happier than if Merlin stopped by around the time i started it on the 17th.

that would be my only wish.

i dont know how to make that happen.

Jim
That would be cool.

A "Hi' from Dialist would be nice too.
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  #66069  
Old Jun 11, 2010 4:11pm
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Quote:
Originally Posted by Dan-FX View Post
Interesting how trendlines can vary so much, for me price was on the other side so not a supporting factor. Are there any rule of thumbs for drawing TLs or is it just an art and seeing how price reacts or respects it?

Thanks and have a good weekend

For me . . . Trendlines, MAs, Fibs, etc are confluencing tools as they relate to PPZ levels. PPZ levels are at the core of what we do here. When these confluencing tools line up with, emerge on, start to layer upon these PPZ levels they add more strength to the level. (imo) One could do just nicely with just the PPZ level alone. But an added confluence is always great to have.
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  #66079  
Old Jun 11, 2010 10:35pm
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Quote:
Originally Posted by raczekfx View Post
You read me like an open book, my friend...
I've set up limit sell exactly @ 1.2150 last night...
Yeah . . Rac-man! Good to see you brother.

You're a good teacher what can I say, keep the student thinking on his own. lol

Funny how the "KaBoom" (albeit a minor one) happened when Price hit the 1.2150, not a pip less. Interesting.


Maybe you caught the GU . . same type setup . . didn't hit the 1.4500 though. I know the trendline is not the best . . being late on Friday probably not the best time. Worked out nice for about 50 pips.
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  #66104  
Old Jun 12, 2010 10:33am
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Quote:
Originally Posted by Pinbar View Post
Just noticed raczekfx post and remembered Jarroo's many references to this person. Like, "That would be Rac setup" or something like that.

Anyway, it is Saturday so I am allowing my imagination to amble a little more.

I noticed this post by raczekfx way back in 2005 (the black chart), With a GBP/USD short on 2005 Nov 03.

http://www.forexfactory.com/showpost...&postcount=476


This intrigues me a little as, I have read somewhere that the SL on a PA setup can be set at the 61.8 of the PA...
Hey Pb.

If you would have read on a few post beyond that Rac post you would have got
more answer to his reasons behind that trade.

Quote:
Originally Posted by raczekfx View Post
You're absolutely right, Habeeb. This is not a BEOVB and thanks for pointing it out.
I took the trade because of nonefarm data being released next day and was 'gambling' on GBPUSD to drift lower until that time.

have a great weekend and big pips next week

Mark
Well it is a BEOVerticalB, the High and Low engulf the previous bar. We just like the Close of the BEOB to be lower than the previous bar to show strength. Actually its a ghous' bearish IPB looking BEOB but it is a BEOB not a Pin Bar.

This was probably when Rac's cave still had that "new cave smell". I say this because a classic Rac multi confluence setup was staring him in the face.

Rememeber Pb we are on the 4 Hour so let's see where those Higher time frame PPZ levels are located. Wow . . . the 1.7800 sure looks good.

So we have the PPZ level, 1.7800, 61.8 Fib and 365 ema. Kaboom. I could have put a form fitted trendline on this too but I didn't.
I'm sure if Rac sees this post, he'll smile .
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  #66105  
Old Jun 12, 2010 10:52am
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Quote:
Originally Posted by ghous View Post
When little Pbs reverse trends they I bet are always located at a brilliant location.

Let me go over this a bit.

A j16 setup for us constitutes 2 elements.

1) PA Bar (shape etc)

2) Location (space, confluence etc)

Can a PA bar with full marks to it still create a move if the location department is inadequate? yes it can.

Can a good location with full marks to it still make a move if the bar department is inadequate? yes it can. hell that's what jarroo does day in and day out. Rac-man trades only off a good location...take that....

#3 . . . . Rules!
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  #66108  
Old Jun 12, 2010 11:02am
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Quote:
Originally Posted by g_j_hook@yah View Post

gotta laugh old buddy!!
btw some great posts recently bro



...well if your offering Jarroo....im single!!.... lol

jon

She's on her way buddy. lol
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  #66110  
Old Jun 12, 2010 11:04am
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Quote:
Originally Posted by Grousman View Post
Hi all, been a while since posting, actually got a day job so kind of busy. Said it before an I will say it again, Best thread on the net!! Well done to all and I was well helped a lot here.

Ok, I have an ouside bar on EG, off 8200. Was thinking of taking it long if it retraces to around 8280, manage it tightly because some daily bar highs to the left of it. If it clears them looks good to 8400.

Against strong trend thought but this bar size looks good? Made 55 pips based on 4H entry yesterday.

Apologies for no chart but I cant remember how...

Hey Grousman.

To post a chart:

If you’re a meta trader user just right click on the meta trader chart and go to “Save As Picture”.
Then “Select the image you would like to save:” Pick “Active chart (as is)” then click “OK”.
Save anywhere you want i.e. Desktop or a folder.

Then when you enter to post comments go down to “Manage Attachments” click that.
Then click “Browse” to find your pic you want to attach, i.e. Desktop or folder.
Click the pic you want and hit “Open”, Then hit “Upload”.
Wait for it to upload then close the “Manage Attachments” window. Then make sure you hit the “Submit Reply” button that is under the “Manage Attachments” button.
Done.
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  #66114  
Old Jun 12, 2010 11:19am
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Quote:
Originally Posted by nasir.khan View Post
This would be interesting next week.
.
Interesting indeed, nasir.
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  #66126  
Old Jun 13, 2010 1:51am
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Quote:
Originally Posted by nasir.khan View Post
Thanks Jarroo.

i'll try to draw a bar like i did on EJ and see if it works this time. lol
.

I like the most recent swing Highs/Lows for the Fibs. 10300 looks pretty strong.
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  #66127  
Old Jun 13, 2010 2:28am
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Originally Posted by Pinbar View Post
Thanks Jarroo

Yes, I got the wrong idea by not following up on the post.

Anyway, I should not be thinking about alternative setups right now anyway.

Stick to the basics, Pb, they can be very powerful.
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  #66163  
Old Jun 13, 2010 8:22pm
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Quote:
Originally Posted by g_j_hook@yah View Post





jon

loll
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  #66165  
Old Jun 13, 2010 8:52pm
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Quote:
Originally Posted by ddinnov View Post
I'm long GBP/USD for tonight - dunno about you guys..
Quote:
Originally Posted by Pinbar View Post
That's weird, a lot of us including Jarroo were all shorting GBP/USD on Friday.

Some on the H4 some on the h1.

Pb, I'm sure you would agree that the 1.4500 BRN is a PPZ level. Add a 61.8 Fib retracement to it and it becomes stronger. Price is going to react to this level. ddinnov recognized this occurrence (I believe) and acted accordingly. Will this be a reversal long to the Moon? Maybe, but it may also be a bump in the road to a continuation of the down trend. We have only these PPZ levels and Price action to show us the way.
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  #66166  
Old Jun 13, 2010 9:10pm
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Quote:
Originally Posted by raczekfx View Post
good, ooold days



It is funny..

.

Higher time frame levels on lower time frames. An good 1st lesson to learn.


You want to see something really funny . . . check out some of my oold posts . .
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  #66168  
Old Jun 13, 2010 9:28pm
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Quote:
Originally Posted by Pinbar View Post
Oh, I see it now, don't I always when it is pointed out. Doh.
There was no chart with the trade which makes it harder to see what is being discussed.


I suppose this is a touch trade, even so, is this a recommended approach in the face of that Daily BEOB?
Is that Daily BEOB (or 2 Day PB) at a swing High?
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  #66170  
Old Jun 13, 2010 9:55pm
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Quote:
Originally Posted by Pinbar View Post
I hear you Jarroo, there are so many ways to consider this.
Please don't get me wrong, I am trying to get my mind around all these ways to look at this and I can now see that my thinking when looking at this setup may very well be a dangerous extreme.

No, Jarroo it is not at a swing high, but it is not exactly at a swing low either, is it?

" No, . . its not at a swing High" stop right there. Then its not setup we would take . . remember back to basics.

Also, get rid of the Fibs . . its not the 38.2 that holding it up its the 1.4600 PPZ level. The 38.2 fib level is a retracement level to go long (in this case) once Price passed this level is no longer a valid Ret. level. Also its a confluencing tool meaning it has to line up with a PPZ level.
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  #66171  
Old Jun 13, 2010 9:59pm
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Originally Posted by jarroo View Post
" No, . . its not at a swing High" stop right there. Then its not setup we would take . . remember back to basics.

Also, get rid of the Fibs . . its not the 38.2 that holding it up its the 1.4600 PPZ level. The 38.2 fib level is a retracement level to go long (in this case) once Price passed this level is no longer a valid Ret. level. Also its a confluencing tool meaning it has to line up with a PPZ level.

Ooops I guess it does line up Pb, . I was looking at the wrong fib, your Daily fib. Damn those fibs lol
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  #66173  
Old Jun 13, 2010 10:22pm
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Quote:
Originally Posted by Pinbar View Post
Yes, it can get terribly confusing. LOL

So, we can assume that the 38.2 and the PPZ are valid as a resistance level that price needs to break or it could well act as a spring board to plunge this down?

Yes Pb. I'm not a big fan of the 38. I like the 50% ret. and the 61.8 fib.

I quess I wanted you to say the 1.4600 PPZ level and not even mention any Fib, MAs, or what ever. These Sup and/or Res levels are the main focus that the charts give us. PPZ levels and PA are where the setups live.

You'll notice you never see any Fib levels on any of Mike's chart. What does that tell you.
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  #66175  
Old Jun 13, 2010 10:31pm
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Originally Posted by Pinbar View Post
Yes, I am only confusing myself.

As someone said, "if it doesn't jump out at you and you have to think about it, forget it".
That sounds like a quotable quote from Mr. Mike.
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  #66177  
Old Jun 13, 2010 10:54pm
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Quote:
Originally Posted by Pinbar View Post
EUR/CHF looks interesting maybe later in the week.

I realize the weekly PB is small compared to the previous bearish bar, but PA is approaching a nice area.
Looks good Pb. Let's see if that Weekly PB hits the 1.4000.
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  #66186  
Old Jun 14, 2010 1:04am
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Quote:
Originally Posted by bundyraider View Post
That Mike doesn't fib!!
lol I think they get in his way.
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  #66187  
Old Jun 14, 2010 1:09am
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Originally Posted by Pinbar View Post
Yes, possibly keep an eye on it.

Thanks Jarroo


EDIT:

Jarroo

Looking at the 365, 150 & 50 EMAs in such a downturn, I imagine we may possibly see some Bearish PA?

I am not sure about the role of the EMAs, I know we use them as S & R and as confluence but in such a downturn of the EMA as we see on Major TF M1, W1 does this make us be more inclined to have a bearish bias in PA or is this pure counter trend setups we are looking for?
EMAs . . . . as a confluencing tool with S/R & PPZs.

More of a Bearish bias.

We need a whole lot bigger PA to counter that down trend.
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  #66188  
Old Jun 14, 2010 1:11am
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Originally Posted by extraneo View Post
Hello Jarroo,
So, you think that PA should occur in 10300 area?

Yes preferablely bearish PA because it will be at a swing high.
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  #66189  
Old Jun 14, 2010 1:30am
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Originally Posted by spookie94 View Post
Hey Jarroo,
To add to this, would we put less importance on the fact that there is a BEOB because of its location? Meaning there is a small up trend and BEOBs signify a continuation pattern, downward move.
Well Yes (I think, if I inderstand you correctly), One thing that the BEOB shows when they're not swing High or don't have any other supporting confluences, like a wedge breakout or breakout pull back or etc., they can be very risky to trade.

But as confirmation that the down trend is still strong or going on then Yes. Bearish/Bullish PA in a down/up trend, no matter where they are located, is always a good confirmation of a continuing trend.
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  #66190  
Old Jun 14, 2010 1:51am
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Hey Pb.

Remember the Weekly PB on the Nzd/Usd? Well, the PB never broke the Low, so its still valid by definition.

What was your entry on that PB, I forgot 1.6912? or something.
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  #66191  
Old Jun 14, 2010 2:00am
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Originally Posted by jarroo View Post
Hey Pb.

Remember the Weekly PB on the Nzd/Usd? Well, the PB never broke the Low, so its still valid by definition.

What was your entry on that PB, I forgot 1.6912? or something.

Here it is.

Quote:
Originally Posted by Pinbar View Post
Demo Order in place.
We were following the James16 "This is Critical" number 4.

Buy stop .6912 1st target .6965.

Let's see what happens.
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  #66193  
Old Jun 14, 2010 2:04am
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Quote:
Originally Posted by extraneo View Post
on the weekly the last bar has formed a Buob

is right what I see?

Yes, by about 10 pip from the top.
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  #66195  
Old Jun 14, 2010 2:11am
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Originally Posted by extraneo View Post
thanks Jarroo.

I like the .7000.
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  #66196  
Old Jun 14, 2010 2:30am
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Quote:
Originally Posted by proletary View Post
Rac-man meanig raczekfx? He would go for a touch trade wouldn't he? Touch trades are a no-go zone for me, at least for now. I still have to develop that specific feeling for price, call it intuition or whatever. Raczek amazed me with his trades to the point of disbelief.

Of course the 1.2150 level stays valid throughout the whole potential move, giving hints, on where the bulls would want go.

Pls point out any flaws of my reasoning, or hints what to add to the analysis.

Quote:
Originally Posted by jarroo View Post
Its a classic Rac (Raczek) setup. . . Support turning into Resistance (or a PPZ level), 61.8 fib, trendline confluence . . this is the KABoom setup. Your other areas you have noted are ok but for now this is the setup.

The fact that it didn't go Kaboom could be telling, meaning that there might be something else going on. . . .time and patience will tell for sure but i like its odds for going down.
Hey proletary.

This is what I meant about "something else going on". Price broke through to the upside, pretty strong too.

That's the beauty of PPZ levels, they are "flip zones" meaning there's usually a reaction sharply in one direction or the other. So when a strong level, like the 1.2150 doesn't react as strong as we would like to see based on the strong confluence of the level. Support turning into Resistance. The down trend may be stalling out or Price is just hanged around his level, knocking on the door to knock it down.

Don't get me wrong, It did give a reaction and some pips were offered and taken. But . . . . something else maybe going on.
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  #66199  
Old Jun 14, 2010 3:20am
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Originally Posted by extraneo View Post
also the area 1.2200 is a good level of s/r...

Good point extraneo.

These support levels 1.2200, 1.2175, 1.1250 these are all areas of the PPZone that can fullfill this Support into Resistance. Or you could look at it as Support already turned into Resistance last week and now were turning this level back into Support. That down trend is tough to fight.
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  #66200  
Old Jun 14, 2010 3:21am
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Originally Posted by fxprocessor View Post
Nice 1 hr BUOB on USDCAD at a confluenced area. I have entered aggresively on a retrace to the previous bar highs at around the 50 retrace of the bar.

1.0300 is a strong Weekly PPZ.
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  #66202  
Old Jun 14, 2010 3:26am
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Originally Posted by Jigsaw View Post
Real nice trade here.

Jig! . . .what's up brother! long time no see
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  #66205  
Old Jun 14, 2010 3:48am
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Originally Posted by fxprocessor View Post
Hi Jarroo,


Good morning sir.

I also like the small potential double bottom that can be seen on the 1 hour chart too.

Lets see what price wants to do from here

cheers

fxp

"Fly me to the moon . . . "
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  #66208  
Old Jun 14, 2010 4:02am
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Originally Posted by fxprocessor View Post
Fly me to the 62 fib area of the last swing

Stop at BE in case of crash landing

Nice fxp. I'll take it. lol
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  #66211  
Old Jun 14, 2010 4:07am
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Originally Posted by Jigsaw View Post
What's everyone's thoughts with regards to the TP areas ?
If we can get passed those Lows (check mark) the Highs in green or 1.0400 look good.
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  #66216  
Old Jun 14, 2010 4:22am
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Originally Posted by Pinbar View Post
Had to go out

Yes, I think the EP was 0.6912 & the FTA was around the 0.6960 area.

I had to reinstall MT4 since then so I lost that chart.


Looking at the weekly, last weeks BUEOB stops dead at the 50 & 61.8 fibo confluence and the 365 EMA. Perhaps, we need to be looking out for Short setups also.

Good analysis Pb.

I just wanted you to see the James16 "This is Critical" is still in play.

Your entry would have given about 40 pips and no draw down. A move to break even would be a smart play don't you think?
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  #66220  
Old Jun 14, 2010 4:31am
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Originally Posted by nasir.khan View Post
Dow want 10,500.
.

I see nasir.

So just a minor reaction at the 10,300 or no reaction?
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  #66221  
Old Jun 14, 2010 4:34am
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Quote:
Originally Posted by Pinbar View Post
.


Ah, the IB on the M30 with the low broken looks like a clear warning.
Don't look at PA on that time frame, Pb. That 30 min chart was just to show the break and no draw down. Get back on thoses higher time frames, son . . . . lol
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  #66224  
Old Jun 14, 2010 4:46am
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Originally Posted by Pinbar View Post
Wow,,,it feels nice to be adopted, dad. LoL

Ok, yes, I guess the M30 is no place to look at PA.

lol

Let's prove it first on the higher times Pb. Once you do, you may never want to leave them.
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  #66236  
Old Jun 14, 2010 5:24am
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Originally Posted by nasir.khan View Post
You won't let go that 10,300 Jarroo. (Maybe you know something about it that i don't)

I think 10,300 will trigger a retrace back to 10,180 and then price will go straight to 10,500.

I also read somewhere that when 38 is breached chances are that 50 will be tested.

This will also develop some Divg on RSI(6) also.

Damn i am trying to post this for some 10 mins now,...this internet connection is crap. (MT4 is running though)
.

If that last swing Low didn't make a lower low I may buy it. But I'm not ruling out your analysis out, of course. It could be an uptrend week.
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  #66238  
Old Jun 14, 2010 5:37am
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Originally Posted by Pinbar View Post
Demo Order in place.

Target hit Pb. Nice trade.
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  #66241  
Old Jun 14, 2010 5:48am
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Originally Posted by nasir.khan View Post
I made that plan over the weekend so i'll stick to that. (and it saved me from some losses today).

I am not sure about uptrend week but i'll sell things (if setups appear) @ 10,500.
.

Looks good nasir.
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  #66244  
Old Jun 14, 2010 5:58am
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Originally Posted by Pinbar View Post
It was just in my head, didn't even demo it.

LOL

I know Pb. I was just showing you how the James16 "This is Critical" can be applied and how it is very effective.
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  #66304  
Old Jun 14, 2010 5:20pm
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Originally Posted by spyder View Post
Hi all

Watching to see if this bar closes above the 1.03 for a potential long towards the 1.04. Price seems to be struggling a little at the 1.03 so I'm wondering if anybody has any comments on the setup in terms of bar size, location etc.

Thanks


Cad Daily PB.

Not much space so its not the ideal. Tight management required or a pass. Should be fun to watch.
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  #66306  
Old Jun 14, 2010 5:27pm
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Originally Posted by nasir.khan View Post
You won't let go that 10,300 Jarroo. (Maybe you know something about it that i don't)

I think 10,300 will trigger a retrace back to 10,180 and then price will go straight to 10,500.

I also read somewhere that when 38 is breached chances are that 50 will be tested.

This will also develop some Divg on RSI(6) also.

Damn i am trying to post this for some 10 mins now,...this internet connection is crap. (MT4 is running though)
.



Looks like we're both right nasir. . . . well at least so far we are.

Nice work brother.
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  #66309  
Old Jun 14, 2010 7:08pm
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Originally Posted by proletary View Post
Yes I believe that PPZ are one of the strongest tools in our arsenal. It's a book you can read. I have it in my hands but I'm still illiterate. You just added to my ability to read the book. Thank you.

Back to the current situation. I don't trade any time frame other than 4H and 1D (if i did I'd be in the EURUSD since 1h ago, because of the massive BUOB). Attached you see my 4H chart. The PA shows a very strong bounce from our PPZ right after retesting it, creating an IB.

I am considering two levels to enter at a retrace:

1.2205 - price stooped...
Since there was no clear PA at this level, the 1.2150, this would be a Resistance turning back into Support type setup. A setup at these levels I would like to see a BUOB breaking through and either enter at the break of the BUOB or enter at the retest of the level, 1.2150, after the BUOB formed.

Or what could still happen . . . is the breakout / pullback with PA setup. A Mike (mbqb11) classic. Price breaks out and retraces forming some nice Bullish PA at the 1.2150 for a more supportive entry.

IBs at PPZ levels at swing a High or Low are a not a bad setup. A better IB setup is an I4+B at a BRN. Many traders have been using this IB quaifier with good results. Do a quick "Search this Thread" on I4Bs you'll find more info on them. Also check out all of Mike's posts too.
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  #66310  
Old Jun 14, 2010 7:16pm
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Originally Posted by ddinnov View Post
Just catching up with the thread after the weekend now.

I must aplogise for my rather silly GBP/USD joke which was referring to the world cup match between England and the USA. It turned out not to be that funny anyway!

On a serious note I've taken USD/CAD short, AUD/USD long, NZD/USD long all on demo.

I'm wondering if that's too much correlation a it would just take 1 wave of hysterical panic to wipe out all 3 trades...

lol . . you were talking about the World Cup not the pair. I fell for that one.

I never was much of a soccer fan. (jk . .lol)
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  #66331  
Old Jun 15, 2010 2:05am
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Quote:
Originally Posted by cprao View Post
Of all the pairs I have seen, CADJPY looks little better. However I am not able to determine FTA's for this since it is heading into a traffic area.

Pros:
1. Along with the trend
2. Pin is off 68% fibo
3. pin is off Daily ppz
4. Formation of pin bar is not sure.. since the left bar is so small.. Don't know whether this is really considered as a pin bar or not technically.

Cons:
1. Heading into traffic (shaded area in peach color)
2. First FTA is very close by (Blue rectangle)
3. Also heading into 50 (blue) and 200 EMA (Red)
The left bar is the Sunday Bar so your good there. FTA looks good.
Let's see how she breaks .
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  #66333  
Old Jun 15, 2010 2:36am
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Originally Posted by pipmyride View Post
Thats how i like em
Nice.
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  #66336  
Old Jun 15, 2010 2:39am
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Originally Posted by Jlr View Post
Noticed now no one had posted N/J. Anyone mind telling me if there was something obviously wrong with this trade I had missed? I thought the FTA was much further out then A/J. Could be way off though. Anyway, flat now, all worked nicely.
What feed is that? Gotta chart?
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  #66338  
Old Jun 15, 2010 2:54am
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Originally Posted by Jlr View Post
Thanks for responding. Here it is:


Felt like the n/j was offering the free ones. What do you think?
Not a bad setup but, as you have shown, its running into a lot of traffic. An entry just below the 78.00 (those bar Highs) would have been a good entry. But still not that much space to run. An easy pass for many even though they will work out at times.
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  #66339  
Old Jun 15, 2010 2:59am
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Originally Posted by Jlr View Post
Thanks for responding. Here it is:

Felt like the n/j was offering the free ones. What do you think?
I will trade these at times but they require tight management and a hard break like these did. Anything less I cut them quick.
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  #66342  
Old Jun 15, 2010 3:25am
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Originally Posted by Jlr View Post
Thanks J. What target would you have looked for on A/J had you played the break of 78? I felt like n/j had a further out FTA, but I thought a/j had more space beyond the FTA. I thought the a/j's FTA was in fact the 78 level, and didn't consider playing a break beyond there. Phew, confusing, sorry
Quote:
Originally Posted by Jlr View Post
Beyond 78, 77 I suppose? I think I am missing some traffic in here:
That's the thing . .your not missing any traffic you're hitting it all. lol
Once Price broke, any previous High or Low or middle is in play here, in that consolidation area. The setup is with the trend and is carring some good momentum. You just protect yourself and/or take some off the table and let it ride.
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  #66344  
Old Jun 15, 2010 3:37am
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Great, thanks J.
(I'm always protecting, maybe too much)
There's no such thing of overprotecting yourself especially in the beginning of trading (imo). Once you start gaining experience and practise you'll start seeing setups ( like the A+ ones ) can be given more leeway.
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  #66349  
Old Jun 15, 2010 4:14am
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Originally Posted by six gun View Post
I just took a look at the Daily CAD/JPY pin bar.
If you look at the performance of the bar on 13th May, it would be great to pick up such a runner.

It looks like the current pb is running into trouble.
I went down to the 1H chart to see where this was coming from a little more clearly.
Price hit the bar highs at the 88 level and now is moving north.

I guess you wait and watch to see how it behaves.

You got a chart six gun? Many feeds show that Price hit its 1st target, previous bar low at the 88.00. Price is currently testing the break.
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  #66351  
Old Jun 15, 2010 4:21am
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Originally Posted by six gun View Post
This is the 1H chart.

The first target would be 88.0 or maybe even 88.75 if you were cautious.
So really it isn't doing anything that isn't anticipated.
I just looked a nice pb and then there's then there the matter of traffic.
Can you show your Daily chart? The time frame that the setup was given?
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  #66353  
Old Jun 15, 2010 4:27am
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Originally Posted by six gun View Post
Here is the daily for CAD/JPY

I just thought maybe your feed showed something different, it doesn't. Price hit your 1st target as well . . . the previous bar low.

Its better to stay on the same time frame that the setup was presented for S/L, targets, PPZ levels, etc. Moving down to lower time frames only makes it confusing.
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  #66355  
Old Jun 15, 2010 4:43am
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Originally Posted by six gun View Post
The reason I went down to the lower time frame was to see in more detail where the obstacles to price were. This was an analysis after the fact, I did not take this pb.
If I spot a potential difficulty on a chart I find it useful to switch between time frames to take different views of the subject.
PPZ's on a daily will be lost on an hourly chart but for me if I want a closer look or fine tune an entry, something I have already identified, I find it helps to zoom in.

I do the same to see how Price is behaving around targeted levels. I must have misunderstood your post, sorry.
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  #66357  
Old Jun 15, 2010 4:58am
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Originally Posted by nasir.khan View Post
Yes sir,

i was sticking to 10,500 all day but flipped at the last moment. lol


.

I knew you weren't going to ignore that level my friend. Your cyrstal ball is working fine.
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  #66434  
Old Jun 15, 2010 6:34pm
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Originally Posted by HanSolo View Post
Hello, after some weeks of much work and only a few minutes a day to look out for trading opportunities (and follow this thread) I finally took a trade this morning:

EURJPY
Daily Pinbar :: Entry below PB @111.56
Pro: significant monthly/weekly PPZ, some minor fib confluence, strong downtrend,
Contra: small nose, had not reached the preceding highs yet, daily divergence... Maybe not an A trade, but I was pretty sure that it was good for some pips. What do you think?

Since I could not babysit it and am still somewhat...

Nice job Hans.

Sure the swing High could have been higher and the size could have been bigger but all in all no to bad depending on how you managed it.

Not sure how you defined your target(s). The previous Highs and Lows on the Daily, the time frame that the setup was given, are always key.

Now when a previous High and previous Low line up (as you know) that's a PPZ level. Add a RN to that mix (111.00) and you get a strong target or level. Not sure if you saw it, thought I would point it out.

Weclome to the land of Patience, you'll like it here because it Pays.

Jim
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  #66435  
Old Jun 15, 2010 6:39pm
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Originally Posted by six gun View Post
No my mistake!

Last night I was in a discussion about gold.
My buddy showed a 15M chart - I know the gold chart.
I was lost. He had drawn lines and was talking about a bullish triangle.
The chart might as well have been the price of bananas.
I was confused.
I later realised it was a 15M - I had only talked about the daily chart.

I should have labelled the chart properly.
There are so many pairs so when an odd time frame gets thrown in, it is confusing.

No worries friend.

Lack of sleep on my part I'm sure didn't help. lol
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  #66496  
Old Jun 16, 2010 5:53pm
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i believe the FF calendar still does indicate holidays.
if not, here's a list of related links.

the seniors maybe trading or resting. there are tons of things traders do aside from trading.

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  #66498  
Old Jun 16, 2010 6:06pm
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Thanks for your help, Jim. Yes 111.00 was my objective.
On my 4h chart there's a gap over the last weekend (see chart). Do you pay attention to those unclosed gaps when considering possible TAs?


The small gaps I don't really pay any attention to them. The recent one on the EJ was less then 20 pips. The big gaps are hard to ignore. So just like PA, the gap size is important to me.
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  #66501  
Old Jun 16, 2010 7:11pm
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Hi gang what's up

Fiber's refusing to make some nice kaboom second time, I'm refusing to buy lol, that should mean the strength is not done yet. How high can she go... Anybody know?
Hey datogio. What's going on brother?

You gotta like Support turning into Resistance (and vice versa ,of course).

I like that spot.
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  #66503  
Old Jun 16, 2010 7:12pm
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Originally Posted by slade1986 View Post
Any opinions on using an 8 hour chart?

Quote:
Originally Posted by mbqb11 View Post
go for it my friend

Jarroo loves it

what pair?
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  #66505  
Old Jun 16, 2010 7:25pm
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Thanks Guys, are there pairs I shouldn't watch on 8h?

Are there pairs that you shouldn't watch on the Daily? Sorry I'm not trying to be a smart a**, but Price Action can be seen on any time frame, no matter how they are chopped up.

I like the higher time frames like the Daily and Weekly, but sometimes going to the Hourly or 4 Hour can look like noise to me at times. So I will look at the 8 Hour, 12 hour and even the 16 hour to get rid of the "noise".
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  #66507  
Old Jun 16, 2010 7:34pm
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I am watching the GBP/USD on the 8 hour. BEOB off the 150 EMA, 1.4800 and a prior PPZ. Would close 50% after 30 pips and move to break even. FTA around 1.46419 and final tp around 1.45454.

Thoughts?

(Demo trade only)

Look good slade.

I would be aware of the previous bar low as the FTA. The size is not bad but the current up trend seems pretty strong and plotting.
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  #66509  
Old Jun 16, 2010 7:51pm
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Thanks again, I have the Bar Low at 1.4681 and I have my BE Move set to 1.4684. So here goes..... See if I can see where price is going...

The time of day (asian session) can be pretty thin on the GU. Good rule of thumb for retracement levels on BEOB is the previous bar Low ( BUOB ret is the previous bar High). Also a retracement to the 1.4800 is not out of the reach. Again due to the up trend.
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  #66510  
Old Jun 16, 2010 7:54pm
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The time of day (asian session) can be pretty thin on the GU. Good rule of thumb for retracement levels on BEOB is the previous bar Low ( BUOB ret is the previous bar High). Also a retracement to the 1.4800 is not out of the reach. Again due to the up trend.

I say this as it drops hard for 20 pips. lol
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  #66512  
Old Jun 16, 2010 7:56pm
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Originally Posted by mbqb11 View Post
silly price action
lol Just like chicks, silly as hell but you gotta love 'em.
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  #66515  
Old Jun 16, 2010 8:17pm
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Originally Posted by Pinbar View Post
USD CHF

Not a very large PB but the area is interesting, off PPZ at 1.1250 TL seems to confirm possible PA, 38.2 & 61.8 fibo confluence, 365 & 150 EMA cross, not that I am into EMA crosses in the normal sense of them.

The PB looks pretty small, don't you think Pb?
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  #66516  
Old Jun 16, 2010 8:17pm
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Well, guys I moved my BE to just above the 150 ema on the 1hr and closed 50% @ +24 pips and moved the balance to BE.

Nicely done slade.
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  #66517  
Old Jun 16, 2010 8:30pm
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Well, guys I moved my BE to just above the 150 ema on the 1hr and closed 50% @ +24 pips and moved the balance to BE.

Here's a few Price behaviors I would like to see. If they make sense as to how I drew them.
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  #66520  
Old Jun 16, 2010 8:44pm
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I'd wager that more money has been lost on people betting that 'x has to come down/go up' than anything else. When Keynes said that markets can remain irrational longer than you can stay solvent, he wasnt messing around.

(His last words were also 'I should have drunk more champagne', so he clearly knew a thing or two)
He is wrong about the government or public sector playing a big role in the economy. Free markets do not cause inflation, depressions, etc.
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  #66533  
Old Jun 16, 2010 11:15pm
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Originally Posted by Noses&Sight View Post
I want 8hr charts! Is there a way to get Metatrader to display the charts in 8hr increments?

Jarroo, if I didn't know any better, it sounds like your a fan of Hayek. Defending the Austrian perspective?

-John

Thanks Mike for the link.

I'm a fan of Freedom. The separation of government and the economy.

Milton Freeman fan. Also Ayn Rand.
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  #66534  
Old Jun 16, 2010 11:20pm
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Totally agree Jarroo, that is why I mentioned it was not very big.

I am also looking at this as a possible short setup later in the day on H4.

Just going to watch it though, or I may demo it if we get any large PA bars to confirm the S&R area.

EDIT: Actually looking at H4 we may already have a setup forming but in this case I would like to see a retracement back to the orange 25 EMA with some decent PA confirmation.
Yes I see. That 1.1250ish is a strong level check it out on the Weekly. Bullish or Bearish PA at that level looks good.
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  #66536  
Old Jun 16, 2010 11:32pm
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An unfettered free market would absolutely cause both those things. The whole point of Keynesian economics is to dampen those effects. Whether it is an ideal or practical answer is another matter, but history has shown that it is one of the more effective ways. There is a reason monetarianism was quickly abandoned.

This is a whole huge offtopic tangent I try and avoid in here, but I see it as less of a problem with the basic ISLM model, and more with the way that it is twisted for political ends. All of a sudden, we ignore these things when times...

Really? I didn't know that free markets can print their own money or impose progresstive taxes onto themselves that disincentivises economic growth. I guess the Keynesian economics "is to dampen those effects" are "well intentioned". The U.S hasn't had a free market in over 100 years, in was called the Roaring 20s.

But it is off topic and I'm not as well read as you, my brother. I sure you can run circles around this topic. So I'll end it.
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  #66537  
Old Jun 16, 2010 11:36pm
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Originally Posted by ghous View Post
Did a bit of research on my part and what I found out will just flat out drop james' jaw here...

here's a chart displaying our growth along with avatars of some of the angels that made it all possible.

This is your dream come true Jim.

(Used the first post on every June 17th my time to calculate this)

wanted to use some linear regression techniques to project growth over the next few years but that little dot from this year is almost looking like an error...lol




Happy Birthday J16 Chart Thread!!!!
...

That's cool ghous. Don't fight the trend.
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  #66539  
Old Jun 16, 2010 11:39pm
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Originally Posted by ghous View Post
...

I sure the Bar chart had a lot of BUOBs and Bullish IPBs.
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  #66544  
Old Jun 17, 2010 12:05am
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Hey ghous. This Bearish IPB's nose just wasn't long enough, (darn it). Trust me, I was looking for a feed that had a longer nose. lol

Dropped right at the close, 50 pips with no draw down. (ok maybe 2 pips)
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  #66547  
Old Jun 17, 2010 12:14am
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Originally Posted by joelcf View Post
Personally, if I could visit any time in the past, it would absolutely be the late 1920s- mid twenties. Wear a fedora, short some pork bellies off a tickertape, do the Charleston with Gatsby and Livermore, sip whisky with Rockefeller, Morgan and Carnegie (Andrew, not David).



Yeah that would have been a crazy time to be alive. I would like the 1950s too, after the war. Big cars, cheap gas and fast women.

Thanks joel, cool post.
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  #66549  
Old Jun 17, 2010 12:18am
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Originally Posted by spookie94 View Post
Thanks Jarroo, I was curious how you seniors played the retracement on these set ups. Where would you put your SL on this one?

Just above the previous bar low or above the 1.4800. The recent uptrend would be my concern. No way a full bar loss for me.
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  #66552  
Old Jun 17, 2010 12:32am
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Originally Posted by spookie94 View Post
guess not

Have you tried this:

To post a chart:

If you’re a meta trader user just right click on the meta trader chart and go to “Save As Picture”.
Then “Select the image you would like to save:” Pick “Active chart (as is)” then click “OK”.
Save anywhere you want i.e. Desktop or a folder.

Then when you enter to post comments go to “Attachments” click that.
Then click “Browse” to find your pic you want to attach, i.e. Desktop or folder.
Click the pic you want and hit “Open”, Then hit “Upload”.
Wait for it to upload then close the “Manage Attachments” window. Then make sure you hit the “Submit Reply” button that is under the “ Attachments” button.
Done.
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  #66556  
Old Jun 17, 2010 12:42am
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Originally Posted by spookie94 View Post
I'm using GFT. I may have to open a meta trader demo so I can post images here. Any recommendations on a good broker who has a demo without having to open an account?
They all have demo accounts for you to use without opening a real account.

Do you have a capture program like "Screen hunter" or something like that. That should work too.
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  #66558  
Old Jun 17, 2010 12:45am
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Originally Posted by joelcf View Post
You can still post Dealbook images, but as to why the hell they dont just let you export images...

http://www.forexfactory.com/showthre...25#post3487825

(or, as Dan suggests a few posts below that, the new Windows 'Snipping Tool' is kinda neat)


As for free brokers, I cant see much reason not to use IBFX.

That's what I was thinking of . . . the Windows Snipping Tool . . I got it but never use it.
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  #66560  
Old Jun 17, 2010 1:08am
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Hey ghous. This Bearish IPB's nose just wasn't long enough, (darn it). Trust me, I was looking for a feed that had a longer nose. lol

Dropped right at the close, 50 pips with no draw down. (ok maybe 2 pips)

Hey ghous.

A lot of little IPBs tonight. Poor in size but interesting to watch them move as they do.
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  #66562  
Old Jun 17, 2010 1:26am
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Originally Posted by spookie94 View Post
I can send as attachment for now. I'm using XP, so I don't have the snipping tool. I know it can be done, I've seen GFT charts here before. I'll figure out eventually.

Anywho, which bar on this chart would you look at for a break and an entry on this I4B?
Those bars are in an compressing consoldation wedge type formation. In other words: a mess. I wouldn't take any of them. A good old Mike breakout pullback could be at hand.
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  #66565  
Old Jun 17, 2010 1:55am
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Originally Posted by ghous View Post
I am watching them as well, none of them were obviously A+ shapewise but given their locations certainly worth watching!

g.

I haven't see many IPBs (good ones) as of late.

I think the Big Dogs have been studying your posts on IPBs and messing with them. lol
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  #66567  
Old Jun 17, 2010 2:02am
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Originally Posted by ghous View Post
Here's one that's pretty close,

It sort of happens with IPBs...they tend to come by in packages of a dozen or so lol.

g.
Its another reason way I like them g, they trade well in consolidation.
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  #66610  
Old Jun 17, 2010 6:39pm
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Originally Posted by Pinbar View Post
Happy 5th James16 and I must say, the seniors on this site are the most friendly and unselfish, non egotistic people I have ever had cause to stumble over.

They must indeed make you a Very Proud individual and no doubt you are partly to blame for this! LoL

Except that Jarroo chap....He promised us all some Hookers, which have yet to arrive. LOL

Only Joking Jarroo.........I fully appreciate all the kind help despite the lack of Hookers.



Being in Asia this is the best I can do for beer....I shall drink many more of these tonight in celebration...

lol
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  #66612  
Old Jun 17, 2010 6:42pm
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Happy Anniversary to the birth of this great thread.



God bless you James16
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  #66614  
Old Jun 17, 2010 6:47pm
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You stand very close to the top of this mountain jim.

I appreciate you sir.

Jim
My eyes well up as I crack my first beer.
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  #66616  
Old Jun 17, 2010 7:11pm
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Is that the Jalapeno Onion beer? LOL
lol Nope . . just a good old Budweiser.
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  #66618  
Old Jun 17, 2010 7:21pm
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I hear there are some rather good micro breweries in the US, ever tried any of them Jarroo?

Oh yeah, they were the craze a few years back. Tried a lot of them at the time.
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  #66620  
Old Jun 17, 2010 7:30pm
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Interesting area on the Aus/Usd. .8700 level. Support turning into Resistance? Maybe some good bearish PA looks good, like a long wick moving up through and rejecting this level forming a bearish PB. Or Big BEOB bar up and through this level.
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  #66621  
Old Jun 17, 2010 7:45pm
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Interesting area on the Aus/Usd. .8700 level. Support turning into Resistance? Maybe some good bearish PA looks good, like a long wick moving up through and rejecting this level forming a bearish PB. Or Big BEOB bar up and through this level.

Same thing here with the Gbp/Usd. The thing is (as with the Aud/Usd). . . maybe Support is turning back into Support. This is where PA will shows us the way or at least give us a hint.
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  #66622  
Old Jun 17, 2010 7:53pm
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Same thing here with the Gbp/Usd. The thing is (as with the Aud/Usd). . . maybe Support is turning back into Support. This is where PA will shows us the way or at least give us a hint.

Nzd/Usd.
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  #66625  
Old Jun 17, 2010 8:05pm
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on of my favorite setups is setting up Mr. Jarroo on this one. Come on nice PA

Care for a little touch trade on the .7000 retest or retrace, Mr. Mike?
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  #66628  
Old Jun 17, 2010 8:11pm
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Jarroo in this case, how much weight do we give to the support found off the 365 EMA. A lot I imagine.
Absolutely Pb. I wouldn't say its huge but as an added confluence it does add strength. (imo)
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  #66629  
Old Jun 17, 2010 8:24pm
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Originally Posted by mbqb11 View Post
Very possible or another is

Price has been moving higher all weak and is now potentially over sold(divg), friday = notorious profit taking day. Maybe we can see a nice big BEOB up here and closing near or under the top portion of the range under the round number Of course we must now do some waiting(the most important).

Nice Mike.

On the 4 hour, Price comes down and forms a bullish PB at the .7000 (the head of course above the .7000) that 4 hour consolidation (your blue box) would aid in its support, correct?
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  #66632  
Old Jun 17, 2010 8:33pm
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Hey Jim

I think I understand what you are asking. You are saying if price comes down to our PPZ at .7 and forms a bullish pin is that good for me? I would actually prefer a large beob now that we created a new high and have divergence going into a friday. A bullish pin would not be out of the question but would have to be managed tightly for me(depending on its size). I hope we see a sell off with some PA though, but again for me it could go either way(as you see it or this).

Mike

Thanks Mike. I too like to see both sides. Sticking to just one side of the equation at these levels have hurt me before.
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  #66636  
Old Jun 17, 2010 8:44pm
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Quote:
Originally Posted by bug View Post
Looking at the H4 chart, there seems to be huge support building around the 365 ema with 50 and 23.6 fib rets at around 0.6950. I pretty new to the methods used in this thread so Jim and Mike, help me out here: do you use the 150 and 365 emas on a 4 hour chart? Also, have I drawn the fibs correct?
Appreciate your input.

I know Mike doesn't use MAs but I only use them as added confluence to PPZ levels and with keys levels like Price Targets.

Fibs look good.
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  #66638  
Old Jun 17, 2010 8:56pm
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Originally Posted by mbqb11 View Post
Hey CY

IMO the touch trades happened on a shorter time scale. First arrow is first time to 7000, then second arrow is when price broke up finally close above and then pulled back quickly to 7000.


Mike

Also touch trades can be defined on different time frames.

Just like on the Hourly, Price has now close above the .7000 on the Daily, a touch at the .7000 can now be decided.
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  #66639  
Old Jun 17, 2010 9:04pm
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Originally Posted by jarroo View Post
Also touch trades can be defined on different time frames.

Just like on the Hourly, Price has now close above the .7000 on the Daily, a touch at the .7000 can now be decided.

Sorry forgot the charts.

Also the 4 hour bar had closed above the .7000. We can even go to the weekly, again if the weekly closes above the .7000 or a strong PPZ level.

.
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  #66640  
Old Jun 17, 2010 9:13pm
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Originally Posted by Pinbar View Post
Interesting trying to work out what you two gentlemen are up to here.

Maybe the TL will give us a hint.

Trend lines can help with the confluence of all the other factors involved with the PPZ level. But the PPZ .7000 is the key and waiting for PA.

Your trendline is bit unconventional and pretty subjective as with conventional trendlines. Let's see how it works out.
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  #66643  
Old Jun 17, 2010 9:35pm
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Originally Posted by Donkey View Post
Any thoughts on the CHFJPY DBLHC, We seem to have a new PPZ just above the BRN 80. Sell the Break, stop below the BRN (a little large but much safer initial stop)?

Move stop twice around trouble areas at 83 and 84, take profit at 85?

That DBLHC is at a swing high. We want them at a swing LOW. Not a good setup.
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  #66645  
Old Jun 17, 2010 9:49pm
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Originally Posted by ertorque View Post
Thanks for the response MIke, Jim but I am stil unsure.

For example, now that price in the 4H has closed above 0.7,
when we say do a touch trade, does this mean selling right away and anticipating price to go down back to 0.7?

Or does it mean putting a buy limit at 0.7 right away expecting that IF price does go down to 0.7, it will bounce off it heading north?

Sorry if this is a bit of a nuisance but I still have not grasp what you guys mean by touch trade.

CY
Let's define what a touch trade is . .

We are taking a trade with no PA conformation. It is based on mainly the location or level where we think Price will go up or down.

Gbp/Usd last week. At the 1.4500 level , BRN and strong PPZ level.

Price is trending upward since May and entering at a retrace at a strong level would be great. Price comes down to our strong level the 1.4500 and touches that level (+/- 5-10 pips). No PA involved.

Its is better to wait for conformation that this is going to go up at this level like we think it "should". lol So we wait for Bullish PA as conformation not a touch trade. In this case an IB. A Big bullish PB would have been better. lol
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  #66647  
Old Jun 17, 2010 9:59pm
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Originally Posted by mbqb11 View Post
In terms of the way Jarroo is speaking you would be placing a buy limit near .7000 expecting a bounce higher.

Let us know if that makes sense
Mike

Yes that's correct. Since Price closed on the Daily above the .7000 I'm thinking Price will continue upward and I will wait until price comes down to the .7000 to go long. Which I may be totally wrong.

It would be better if Price comes down to the .7000 and forms some nice bullish PA to give me confirmation to go long.
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  #66648  
Old Jun 17, 2010 10:01pm
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So,did you pass on the GBP/USD trade Jarroo, or did you just manage it tightly?

I passed on it because it happened late Friday afternoon.

Oh well . . .there's a better one just around the corner.
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  #66651  
Old Jun 17, 2010 10:14pm
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Originally Posted by Pinbar View Post
I can see how that is probably the main quality which saves people from blowing their accounts. And also at the same time, what a difficult thing that is too achieve with a good balance on things. I mean, I end up passing on setups, then I end up passing the good ones also and next, I pass on everything.

That said, the Friday afternoon pass is one I like, too much taking profits.

Yes that right Pb, you been paying attention. Mike talks about that all the time on Fridays and that was another factor for my decision not to take it.
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  #66654  
Old Jun 17, 2010 10:24pm
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Originally Posted by Donkey View Post
Any thoughts on the CHFJPY DBLHC, We seem to have a new PPZ just above the BRN 80. Sell the Break, stop below the BRN (a little large but much safer initial stop)?

Move stop twice around trouble areas at 83 and 84, take profit at 85?

Sorry Donkey I didn't mean to be so short with your post.

I see you have the BRNs on your chart, which is a good thing. But also there are some other PPZ levels that you can have as well. The 82.00 is one of them. That DBLHC is trading right in to it. If anything, some Bearish PA would look good here because it would be at a swing High.
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  #66658  
Old Jun 17, 2010 11:31pm
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Originally Posted by fxeturn View Post
Anybody played any of these 2 failed PBs? Ironically they happened at the same level around 1.31. While the first one could be a full bar loss (or BE depending on management), the second one might not be triggered though if a buy stop at bar's high was used because it never reached there.

From what I see, the 1st PB's failure could be due to its small size versus a strong prior uptrend. My feed also showed it failed to close below 1.31.
As for the 2nd PB, its size is too small compared to all the prior bearish bars, although it fell on somewhat...
Also the 1st PB's Open was not within the previous bar.

Nice job fxe. These important points that you make here may seem minor but they are Huge. The can easily make or break a profitable setup.

Well done.
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  #66665  
Old Jun 18, 2010 12:47am
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Didn't realize that. Gasp! I'll have to start making notes!
I was thinking about that right after I posted it. How can the Open not be within the previous bar? Open is the Close of the previous bar. lol

Well it was a Monday Open so who knows what happen over the weekend, I would say that it was within the previous bar, and it was valid structurally. But the size was too small.
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  #66669  
Old Jun 18, 2010 1:35am
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Originally Posted by lovefx View Post
Hi guys,
I'm new to James16 trading style. I just want to confirm if this GU 1hr chart show a Pin Bar, which usually use as a reversal sign. Thank's
Yes that's correct. We like to see these at swing High (or Lows) so there is some space and not traffic that we are trading into. Like the green area on the chart, this would be considered traffic. But as you can see it did go to where we would have expected, the previous bar low.
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  #66670  
Old Jun 18, 2010 1:37am
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Originally Posted by Pinbar View Post
Jarroo on my FXDD feed the open of that PB in the uptrend is actually outside the high of the previous bar. If the open of a PB is outside the High of the previous bar, I presume this invalidates the bar as a PB?
Did you see my previous post on this, Pb?
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  #66672  
Old Jun 18, 2010 1:48am
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Originally Posted by Pinbar View Post
Yes, I saw that, and that is why I am asking.

The PB open on your candle chart does appear to be within the high of the previous bar. However my chart showing the bar chart shows the open of the PB outside the high of the previous bar.

Due to the weekend, no knows where the previous bar High was located at . . so that PB might have been within that previous bar. But since we don't know, then it doesn't qualify. So I agree with you Pb, that Open was not within the previous bar and is invalid.
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  #66673  
Old Jun 18, 2010 1:54am
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Yes that's correct. We like to see these at swing High (or Lows) so there is some space and not traffic that we are trading into. Like the green area on the chart, this would be considered traffic. But as you can see it did go to where we would have expected, the previous bar low.
Anyone find that interesting that once the PB hit its target, it reversed.
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  #66744  
Old Jun 18, 2010 11:31pm
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Hey g-man. What do you think of the Nzd/Jpy Daily IPB?
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  #66745  
Old Jun 19, 2010 1:03am
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Originally Posted by extraneo View Post
Pinbar on gbp usd tf 6H
what do you think?

Quote:
Originally Posted by extraneo View Post
yes, there is a downtrend with high swing, even I do not like congestion to 14800
I'm short by 14,812 and now BE
TP1 14760

edit: token SL
Good location and good target. Daily Weekly PPZ level, 1.4800ish. Nice PB rejection of that level-ish. But a lot of traffic. Still work out as expected, but not a lot of momentum (if you look at the Hourly).

Notice the other setups were not too bad but had a little more space to move.
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  #66748  
Old Jun 19, 2010 1:22am
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Originally Posted by oneuniverse View Post
Hi,
Just my 2 cents.....

NJ monthly shows a BEOB with 50% fib retracement and the next month candle is retracing the BEOB monthly candle which could soon resume the down trend

Only Weekly, there is strong support from lower wicks near lower rectangle and good resistance around 65

On H4, we see traingle patter consolidating the upmove, it seems it is poised for upbreakout!

Looking at all three, I would look for shorts near 65 with nice PA

Kind Regards
Winston

Nice plan Winston. Looks good.
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