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james16 Chart Thread
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Jun 11, 2010 10:22am
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Resident Elmer Fudd
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Quote:
Originally Posted by Pinbar
Oh Oh News on GBP/USD right now, impact HIGH.
Maybe this will drive it down.
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THIS is what we look for. Pinbar the lights are getting bright!
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Jun 11, 2010 10:29am
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Resident Elmer Fudd
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Quote:
Originally Posted by Atc
Sorry Mike...I am confused by this statement...I thought the news was basically a non-issue...trade what you see....don't trade news 
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Hey ATC
I am talking about his chart 
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Jun 11, 2010 10:39am
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Resident Elmer Fudd
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Quote:
Originally Posted by Atc
Phew---thought I missed something ....in my hours of thread reading
yes the charts...almost forgot about those...LOL

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hahah yeah, don't worry about the news I sure don't. Unless you want too of course.
Mike
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Jun 11, 2010 5:13pm
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Resident Elmer Fudd
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Quote:
Originally Posted by ghous
I can't believe I googled that! 
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oh man that is hilarious
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Jun 13, 2010 8:13pm
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Resident Elmer Fudd
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Quote:
Originally Posted by fxprocessor
Update on this one. My trade decision was spot on but I managed to cut it at break even just before it ran. I little bit fast on the break even. It's been a decent trading week though so no complaints.
There is no reason that this won't go on a real nice run now as it is most certainly with the trend.
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Nice I4B round number  these things can run!
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Jun 13, 2010 8:15pm
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Resident Elmer Fudd
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Quote:
Originally Posted by forexben
Anyone like shorting the AUD at 8500? Strong resistance, 38 fib.....No real other PA though.
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Pretty solid block of consolidation, if price breaks up it can turn into some nice support.
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Jun 13, 2010 8:19pm
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Resident Elmer Fudd
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Quote:
Originally Posted by look_anno
Hi everyone
It's my first post , I interested this thread very well {watched longer time} and I think I see some interesting EURGBP weekly.
any comments, please?
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Hey Look
Welcome to the thread.
This bar is super tiny, we want a much bigger bar to reverse the current down move. These smaller bars are much trickier to play cause they can turn around quick. I suggest zooming your charts out a bit otherwise they often look a lot bigger then they are . I marked where this thing could see trouble and turn around at(blue box and arrows).
Best
Mike
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Jun 14, 2010 5:03am
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Resident Elmer Fudd
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Quote:
Originally Posted by novice198
While other are looking for long, I was looking for short. Is there something wrong with my understanding? I was looking at break of TL, pull back and then the confirmatory break, which didn't happen as I would have liked to happen. Chart enclosed. Comments from newbies and exp welcome.
Cheers
Novice 198
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Hey N
No this isn't neccsarily wrong(charts can offer both ways often and it just depends on the way you approach things). The guys had saw a BUOB at a former low and took a nice retrace entry due to what was located above/below. FXP played it perfect. IMO a very tough entry for anyone new b/c there was a lot to help the inital retrace bounce which was the key to the whole trade. As for your chart if you believe strongly in your trendline then your analysis is fine. If price breaks the current low we could see a run to 1.2060. Some people even just sell the new low(I have been known to do) off a breakout + pullback bounce(again if I believe strongly in my setup and no PA sets up).
Best
Mike
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Jun 14, 2010 10:50am
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Resident Elmer Fudd
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Quote:
Originally Posted by novice198
Hi Mike,
Thanks for your feed back, however, not sure what you mean by above statement. Can you pls elaborate further.
Cheers
Novice198
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Hey Novice, what it means is simply selling under the new low that got created by the initial breakout. So when price pullsback that low that got created by the initial burst you can place a sell stop under that area if you get no PA. Again this is just another way to get yourself into a trade without PA in certain circumstances. I marked the area in blue with where I mean you would place your sell order.
Hope that helps
Mike
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Jun 14, 2010 11:13am
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Resident Elmer Fudd
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Quote:
Originally Posted by supremeChaos
(Sir Mike is probably talking about something akin to or actually a) multiple bar low/high break...
or "flat surface" break 
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Hey Guys,
I thought my previous post would help maybe not lol
It is simply selling a new low, if this happened to the upside you would be buying a new high. It is just a way to get into a breakout pullback that doesn't give good PA on the pullback but where your "area" still holds.
Hope this clears it up
Mike
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Jun 14, 2010 5:02pm
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Resident Elmer Fudd
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Quote:
Originally Posted by bluetrader
Hey Rev, great points on the confluence factors. I agree with you, except for 1 thing.
Before taking a trade I always ask myself, where is it going? This is one of James golden rules. I'm not saying you shouldn't take the trade, it could crash hard. But just thought I'd point that out as a reason not to take it.
Just my opinion.
-- Danny
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Yep I like this, I think we should be retesting near 8500 and the previous "box" of consolidation. A nice area for trade watching 
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Jun 14, 2010 5:15pm
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Resident Elmer Fudd
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Quote:
Originally Posted by fxdrive
I am looking at the following trade plan. So far in my learning curve I have traded the pinbars at the breakout 10 pips below, however, on this occassion I am looking to trade the retracement? Is this a valid setup? Basically, I'm trying to minimise my SL.
I still have trouble picking good TP1 and TP2 and would appreciate some comments.
In the current plan if I hit TP1 then I am effectively at break even with Trade 2.
Many thanks.
Attachment 490837
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Hey fx
Careful here as this is not technically a pin as the close was not within the prior bar. Not to say that your plan doesn't make sense, it does. If that 79 area can't hold then most likely this bar will break up to the upside.
Best
Mike
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Jun 14, 2010 7:20pm
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Resident Elmer Fudd
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Quote:
Originally Posted by fxdrive
Ahh, yes not at pin  Still learning.
Out of curiosity, would you consider, take note and possibly trade any bar which has an exceptionally long wick that does not fit the usual profile of a pin? For example, if the wick was much longer and had blasted way through the 61.8 would this then be an acceptable trade although it does not fit the true profile of a pin? For example ...
Attachment 490871
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Hey Drive
For me no. Some people will play a proxy pin. SO see that bar to the left where you have the first yellow mark. Some will use that as the "left eye" and that would be called a proxy pin. Meaning it is contained within that. I am pretty pick with things like bar size/closes etc. So for me personally it is a deal breaker when I see something like that. Usually if I like an area a lot I just start scoping out other feeds just to get some more confidence in a bar/situation.
Hope that helps
Mike
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Jun 14, 2010 10:18pm
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Resident Elmer Fudd
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Quote:
Originally Posted by roundrock
nice long pinbar at great location, overall trend is up. bounce off PPZ and no traffic nearby. T1, T2, SL are marked in the chart.
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Hey Round
Just curious as to why you placed your stop so far below the pin?
Mike
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Jun 14, 2010 10:37pm
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Resident Elmer Fudd
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Quote:
Originally Posted by cprao
Mike,
Following are my observations on this pair. Would you please share your views on this one ?
CONS:
1)As you stated, it is not a pin bar technically.
2)I also think, the pin is not a result of any confluence (No Fibo or traffice or MA)
3) Not rejected by any PPZ
4) Also running into a PPZ (daily) green line shaded in blue.
Pros:
It is with the trend.
Would have been good. If it emerged from MA's conflunce + 50 or 61.8% fibo and closed underneath the PPZ.
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solid analysis to me C. Much like aud/usd and nzd etc there is a block of consolidation that would just have me nervous. Clearly on my feed there is no pin and overall pretty small bar not to get to thrilled over on my end. Maybe if it gets some legs we see a move a bit lower and into those other 3 previous lows where we found demand.
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Jun 14, 2010 11:38pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Noses&Sight
Everyone has recently been posting examples of either the USDCAD, AUDUSD, or NZDUSD. Correct me if I am wrong, but aren't all three of these pairs commodity pairs, and thus acting in a similar manner because they are all pushed by similar forces.
Let's assume these were better looking trades, less congestions, does the relationship of these pairs to one another change how you all approach the trades?
Thanks,
John
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Hey John
When correlation is a factor which in this case for example aud/usd and nzd/usd would be (not as much as usd/cad for me), I tend to just start looking for the best of the bunch. Similar when every xxx/jpy shows the same signs I don't see a reason to get long/short all of them , instead I pick the best one maybe two.
Again that is just based on my personal methods
Mike
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Jun 15, 2010 9:34am
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Resident Elmer Fudd
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Quote:
Originally Posted by supremeChaos
as James16 mentioned the other day, June17 is the 5th year of this thread.
That is a good testament of this thread/group's integrity
many readers will notice that & put weight on that info as well.

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yep right on supreme. He says stuff like why did we all join at earlier days LOL. Cause we were here on that day to join. People forget when James got here forexfactory was literally a handful of people. There are always some who blame their lack of success on others and it is easier for them to distract themselves that way. I think like supreme said, this FREE thread with literally thousands upon thousands of FREE hours poured into it alive for 5 years and kicking says it all. Trust me your energy is better spent elsewhere.
And let's leave it at that and get back to what this thread is about. Trading, and helping.
Mike
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Jun 15, 2010 9:37am
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Resident Elmer Fudd
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Quote:
Originally Posted by mbqb11
Pretty solid block of consolidation, if price breaks up it can turn into some nice support.
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8500 did what we thought, any surprises really? I always like to see a much stronger test into that under area with the round number. But no surprises here
Mike
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Jun 15, 2010 9:38am
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Resident Elmer Fudd
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Quote:
Originally Posted by fxeturn
I believe I'm one of those people who initially thought this thread is too long and just wouldn't spend some time to read and understand it. I went everywhere else then. Now this is the only thread I've bookmarked and read on FF, and the amazing thing is I've made far fewer losses, more BEs and a little more profit than I've ever had. I don't know if every senior here is real or not (not that I doubt them), but I just know THIS IS IT.
And so I'd like take the opportunity on this thread's anniversary to extend my gratitude to everyone involved in...
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This is why this thread is where it is. I think when people are done looking around at BS indicators etc they sit down and start to read this thread and see some light, then a bit more. Not to say there isn't other great stuff out there. Of course there is. But a lot more bad stuff LOL.
I can assure you my lack of sleep doesn't make me a robot
Mike
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Jun 15, 2010 10:03am
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Resident Elmer Fudd
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Quote:
Originally Posted by manperm
It appears to me that the round # 0.87000 would be a great target for this pair with 50 fib and ppz acting as confluence. My question is, what type of bar would you find most favorable to entering a long position, Mike?
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I was watching the lower timeframes as we approached this area. I would have like to see a pin that pierced through as my chart shows. Again for me I am always thinking of these situations with my different pairs and then when things materialize I execute and manage. If they come close, I sit on my hands.
Mike
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Jun 15, 2010 10:06am
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Resident Elmer Fudd
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Quote:
Originally Posted by ddinnov
Yes! back to why this thread is here.
I'm wondering whether to pull the plug on this trade or stick with it. I took the pin bar this morning without waiting for it to break the low of the bar (+ a few pips).
part of me thinks that I put my stop where I put it for a reason and another part of me thinks that it may just be time to cut losses if it hasn't started moving in my direction by now..
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Hey D
I don't take pins on the close for this reason. Not that it is bad if you want to be more aggressive(same with retracements but I like either taking a break or a retracement as I think it makes more sense market dynamics wise then just entering on a close), but I think before you do this you should decide on a cut out point, or have an idea of where it goes you are out. Now that MAY be above the high of the bar and then it that case you are sort of a bit handcuffed.
Best
Mike
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Jun 15, 2010 10:16am
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Resident Elmer Fudd
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Quote:
Originally Posted by manperm
Here's one more setup I'm watching. It appears a pb is forming on the daily (prematurely, yes), but a beob is also forming on the 4 hour just short of ppz. What would be a good target if the beob on the 4 hour holds?
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Your trouble areas look great my friend 
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Jun 15, 2010 11:56am
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Resident Elmer Fudd
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Quote:
Originally Posted by six gun
It is interesting to see the volume falls off as the index rises.
I have seen divergence with MACD and RSI - going down with these rises.
This is a reverse head and shoulders - I don't think this fits the Dow.
It would easy to say this is a weak rally on low volume before the market gets smashed down in heavy selling.
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that is a very good example of a H&S. Most I see just are so curve fitted IMO. That one is clear as day.
Nice example 6gun
Mike
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Jun 15, 2010 7:16pm
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Resident Elmer Fudd
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Quote:
Originally Posted by feri z kosic
I am short on eur usd... any comments?
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Hey Feri
What exactly is your reason for shorting the euro? If you could expand a bit we can help give you some better comments.
Thanks
Mike
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Jun 15, 2010 7:32pm
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Resident Elmer Fudd
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Quote:
Originally Posted by edge540
I've been reading as much of this forum as possible over the last few weeks and it is an absolute revelation to me,I only wish I'd discovered it 5 years ago!
I've taken 6 demo pinbar trades on weekly/daily time frames and 3 have resulted in good profits with 3 still running and under control.
I have a fairly basic question for the experts and it is  oes the pinbar that you wish to trade have to complement the direction of the trade i.e if the basic trend is down and you are looking at selling a pullback does the pin have to be bearish or the opposite...
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Hey Edge
Glad to hear you are seeing some early success, stick with it.
As for your question you can trade them either way. Of course one should take into account the type of environment you are trading with to manage accordingly. My biggest fear is when I see people taking very tiny tiny bars against the trend and expect them to run forever. That can lead to a lot of trouble .
Best
Mike
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Jun 16, 2010 1:13am
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Resident Elmer Fudd
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Quote:
Originally Posted by Pinbar
USD JPY just made an H4 DBHLC off of the 150 EMA.
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Hey Pin
Remember for a DBHLC price must close below the previous bars low. Shows a lot more strength(depending of course on the location)
Mike
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Jun 16, 2010 10:00am
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Resident Elmer Fudd
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Quote:
Originally Posted by Dan-FX
Hi Guys,
Here is a trade I took yesterday on the CADCHF where I was obviously itching to give my money away!...
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Hey Dan
Your thoughts are fine in regards to where to stick your stop. You are basically saying if that intial retrace acn't hold(the right eye) then price will continue to fall or there is LESS to hold it up. Nothing wrong with that. As for the setup itself it was trading into HUGE amounts of traffic and thus needs to be managed tightly from the get-go. So your thought process is fine to do that to bar setups and analyze where you would want to cut out like that too. Of course you run the risk of price stopping you out with your tighter stop and then turning around before invalidating the setup. But every single way of trading a bar has advantages and disadvantages and you just have to exploit the advantages more then the disadvantages.
Best
Mike
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Jun 16, 2010 12:32pm
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Resident Elmer Fudd
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Quote:
Originally Posted by unlv_tj
Mike (anyone else please feel free to chip in),
I am trying to get better with the trendline breakout trades....
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Hey TJ
Firstly about your trade yes it is valid. The break of the initial breakout, then pullback high is fine. I would not consider that second BUOB as tradeable but more so to help manage the initial trade.
As for me though I don't really use trendlines like that. I look for patterns. So if you have a CLEAR wedge pattern with trendlines that I will trade off. For me b/c trendlines can be so subjective I am looking for clear patterns(wedges, horizontal consolidation, flags, etc). But they must be clear and not curve fitted. Now I would say the same for trendlines too if you want to use them purely. Again the concept is still there of breakout and pullback.
Hope that helps
mike
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Jun 16, 2010 12:42pm
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Resident Elmer Fudd
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Quote:
Originally Posted by unlv_tj
That makes perfect sense. Rather than just a single trend line (which can be used, but is pretty advanced), you can keep it simple and look for the large patterns (which do involve trend lines to visualize).
Thank you Mike!
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Yes exactly but a pattern to me pulls more weight(for my trading) then a single trendline which it is probably just an issue personally gives me too much leeway LOL
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Jun 16, 2010 12:47pm
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Resident Elmer Fudd
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Quote:
Originally Posted by manperm
Regarding chart formations, Mike, what's your take on the AUDNZD daily flag that seems to be forming? It looks to be setting up for a break to the downside, but I like to get second opinions.
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Yep this is more along the lines of where my thinking goes. I drew up what I would like to see happen, but the only issue is this pair just stinks lol. Very choppy PA makes it difficult to get some nice PA often and you are left with a tough trade mgmt the way price moves more choppy then smooth. But never the less the concepts are still there but the aud/nzd is just a less favorable pair, like the aud/cad as well.
Mike
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Jun 16, 2010 4:13pm
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Resident Elmer Fudd
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Quote:
Originally Posted by manperm
One more question Mike: If AUDNZD played out exactly as you've laid it out, what would you look for when seeking an entry? Basically, would you look for pa at your first projected bounce off the lower trend line, or would you wait for it to bounce off of the resistance of the upper trend line? Lastly, what would you say is your most favored type of pa at pivot zones: buob / beob, dbhlc / dblhc, or pb? Thanks for taking the time to answer my questions, by the way.
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Hey Man
I would not be looking to play within the consolidation pattern, too choppy for me. I would be looking for PA at the pullback where the red arrow is. I play all PA bars, but the majority are outside bars and pinbars for the most part.
Best
Mike
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Jun 16, 2010 7:09pm
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Resident Elmer Fudd
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Quote:
Originally Posted by slade1986
Any opinions on using an 8 hour chart?
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go for it my friend
Jarroo loves it
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Jun 16, 2010 7:54pm
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Resident Elmer Fudd
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Quote:
Originally Posted by jarroo
I say this as it drops hard for 20 pips. lol
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silly price action 
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Jun 16, 2010 9:25pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Noses&Sight
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
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http://www.forexfactory.com/showpost...ostcount=64676
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Jun 16, 2010 11:40pm
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Resident Elmer Fudd
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Quote:
Originally Posted by ghous
D
Happy Birthday J16 Chart Thread!!!!
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Jun 17, 2010 1:27am
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Resident Elmer Fudd
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Quote:
Originally Posted by spookie94
Attachment 492433
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?
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Hey Spookie
you can grab a program like snagit. It is free
Mike
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Jun 17, 2010 4:35pm
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Resident Elmer Fudd
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Quote:
Originally Posted by look_anno
hi
I would like to show You my last trade GBPNZD daily,
Thanks for your help, that's really very helpful Thread.
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well done anno. Most people would get crushed with a bar like that
Mike
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Jun 17, 2010 4:38pm
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Resident Elmer Fudd
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Quote:
Originally Posted by datogio
They didn't fail, they never formed my friend, non of them was broken. The lesson from this is to not take the PA setup before the break.
4H pin is still valid but is very small compared to the previous bars, it might be formed because of the noise and is risky IMO.
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and to add to this, zoom out your charts Vasco. Look how very very tiny the bars are vs the previous few bars. It is in my strong opinion that bars of this size be completely ignored.
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Jun 17, 2010 4:45pm
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Resident Elmer Fudd
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Quote:
Originally Posted by lolbin7
Hi guys, is this a BUOB forming on the EURUSD daily chart?
I've also pulled a fibonnacci line but i'm not sure if I've done it right.. please do correct thanks.
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Hey lolbin
Yes you are correct that is a BUOB but I must clarify a few things here.
Firstly the BUOB is at a swing high. We want to find these at swing LOWS, when we are starting out. They can be played as continuations but we should look to add that later on in our trading. For now stick to looking for BUOBs at swing lows.
Secondly, you have your fib drawn correctly but that fib would be used to look for shorts. Since the fib was used for a down/bearish move, you draw it and each number represents the % retracement of that whole entire down move. So you would want to find a BEOB up at that 61.8 if using the FIB tool as part of your confluence.
Let us know if you need some clarification on that
Mike
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Jun 17, 2010 5:00pm
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Resident Elmer Fudd
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Quote:
Originally Posted by vasco25
Hi!
Sorry to ask, what do you mean with none of them was broken? Do you only play pins bars that as been broken?
I make a quick reread on something that i have printed, and one option is to enter the trade earlier, i assumed that is a bad option for a beginner :-(
Regards
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Hey V
Technically speaking a bar is not validated until the high(for a bullish bar) or low(for a bearish bar), breaks. This means that if you enter on a retracement or on the close you are running the risk of getting into a bar that never breaks, like the above cases. I would recommend waiting for a break until you have a more firm grasp on things and then decide if you want to look into some of the other entry techniques.
Best
Mike
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Jun 17, 2010 7:58pm
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Resident Elmer Fudd
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Quote:
Originally Posted by james16
Happy birthday old friend and thank you to all that have given of themselves to make this a fun and happy place.
Words cant describe how much the friendships i have made here mean to me.
Merlin wherever you are i love you brother.
Jim
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you sly dog waiting right till 641 pm 
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Jun 17, 2010 7:58pm
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Resident Elmer Fudd
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Quote:
Originally Posted by jarroo
Nzd/Usd.
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on of my favorite setups is setting up Mr. Jarroo on this one. Come on nice PA
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Jun 17, 2010 8:09pm
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Resident Elmer Fudd
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Quote:
Originally Posted by jarroo
Care for a little touch trade on the .7000 retest or retrace, Mr. Mike? 
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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).
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Jun 17, 2010 8:28pm
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Resident Elmer Fudd
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Quote:
Originally Posted by jarroo
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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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
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Jun 17, 2010 8:38pm
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Resident Elmer Fudd
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Quote:
Originally Posted by jarroo
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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YES! Couldn't agree more, I tend to just have scenarios in my head for a few ways that way we aren't caught off guard. Off course you gotta be flexible in the markets 
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Jun 17, 2010 8:48pm
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Resident Elmer Fudd
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Quote:
Originally Posted by ertorque
Hey Jim, Mike,
Does playing these in the way described by yourselves (waiting for PA) constitute 'touch trade'?
I had thought touch trade in this case would mean either
1) Selling right after the 0.7 breakout and targeting price to retrace back to 0.7.
or
2) Place a buy limit at 0.7 after price has broke out 0.7 level.
Thanks
CY
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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
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Jun 17, 2010 9:37pm
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Resident Elmer Fudd
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Quote:
Originally Posted by ertorque
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
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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
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Jun 17, 2010 10:04pm
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Resident Elmer Fudd
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Quote:
Originally Posted by jarroo
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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Just to continue to add to Jarroo's fantastic posts
We talked about this the other day CY with the aud/usd here. Same type of thing
http://www.forexfactory.com/showthre...67#post3798267
http://www.forexfactory.com/showthre...03#post3803203
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Jun 17, 2010 10:20pm
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Resident Elmer Fudd
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Quote:
Originally Posted by gc7
Generally speaking then, does it mean that you guys don't hold trades over the weekend?
Grant
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Hey Grant
Only speaking for me. I will if its a trade I still see as having merit to hold like any other day of the week.
Mike
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Jun 17, 2010 11:34pm
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Resident Elmer Fudd
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Quote:
Originally Posted by fxeturn
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...
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Hey FX
I wouldn't say either of these failed though. That terminology can be misleading. Bar one I talked about extensively and why it was bad. So just to summarize, small pin vs a VERY strong uptrend. Not much other confluence. It broke and went to exactly where we would expect. After that its up to the trader to decide what they believe is best course of action. Bar 2 like you said is about as small as it gets. IMO I wouldn't give two thoughts about those(as I spoke about already). But also it never broke the high so it is not even a valid pinbar to be a failed one.
Again little details here but I think that wording is important for those new to the thread so I figured I would just jump in here quick.
Thanks for the analysis
Mike
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Jun 17, 2010 11:40pm
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Resident Elmer Fudd
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Quote:
Originally Posted by fxeturn
I passed the Aussie's BUOB that started the uptrend and I wonder why lol... 
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This happens to me ALL the time. You can nail an analysis but either fail to pull the trigger, or things just don't line up right. You get used to it 
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Jun 18, 2010 6:38pm
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Resident Elmer Fudd
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Quote:
Originally Posted by (Yaniv)
I'm not a pro, but here are the ones i would have taken
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In terms of shear bars themselves, forgetting location and just bars.
I think Yaniv has it, but I would add in that BUOB and that first 2 day bar.
Again that is speaking simply in the most basic here are some good bars that are going to generate an opportunity to make pips. This does not mean they are bars I would play with my style. Style is what separates each trader. A conservative trader could easily play all those for b/e or pips.
Best
Mike
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Jun 18, 2010 6:55pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Atc
Defn BUOB-- * Bar 2 engulfs bar 1
* Close of bar 2 is higher than open and close of bar 1, preferably two thirds of way up or more
* Direction is up
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Hey ATC
For a BUOB it must have a higher HIGH then the previous bars HIGH. The aud/usd was close to it but not quite
Mike
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Jun 18, 2010 7:03pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Atc
Come on guys ...it's the weekend .....can't you spare me a few pips? 
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hahah  right on man, I'm done too
Enjoy 
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