Home
Search Forums
Keywords:
Search Titles Only
User Name:
Exact Match
Show Results As:
Advanced Options
Reply
 
Thread Tools Search this Thread
  #62256  
Old Apr 29, 2010 2:09am
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by nasir.khan View Post
BEOB is there (assuming), BRN is there, Momentum is there (looking at size of previous bear bar bars), Price has closed below the BRN and PPZ @ 5530 as well, Space is there until 5387.

So what's the part of the story that i am missing here?

Thanks
.

Hey Nas

The reason is that BEOB is only engulfing one prior bar, on a 4hr chart that usually isn't enough in itself. If it was a continuation bar engulfing 1 bar off say a breakout pattern that might then be enough. But the aggregation of price could simply be what makes it engulf one prior bar. I just like more information the majority of the times to play contination bars(like englufing a range of bars is WAY better).

Hope that helps
Mike
Reply With Quote
  #62259  
Old Apr 29, 2010 2:15am
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by fxeturn View Post
Perhaps it's pronounced as 'Gauss'?
lol when Ghous gets on here he's gonna crack up
Reply With Quote
  #62266  
Old Apr 29, 2010 2:32am
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by nasir.khan View Post
Ok you mean like Daily beob's @ 1.55 and 1.60 on cable. Not enough bars to call it breakout but the authority (especially the first one) and size is really me something.

Recently i have started considering the size of the bars comparing to previous one's and it helps alot in interpreting the charts.
.
Yes things like bar size, or the range an outside bar covers is very important to me too


Mike
Reply With Quote
  #62304  
Old Apr 29, 2010 11:31am
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by ghous View Post


g.

THanks! I might need some practice with that
Reply With Quote
  #62306  
Old Apr 29, 2010 11:42am
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by lexx View Post
Hi everyone.

What do you think about forming pin on EURGBP?
looks like it pierced price .8700 and there is possible entry on trend..

Attachment 466854

Lexx
Hey Lex

Generally speaking we do want pins at swing highs, but ultimately they can be played in many locations. I do like how you have marked where price is likely to go(all things holding). This is more important then anything with these bars.

Best
Mike
Reply With Quote
  #62309  
Old Apr 29, 2010 12:14pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Atc View Post
Mike ---would you say this pin would be tightly managed because of the traffic area to the left?
Hey ATC

As this is all a moot point now since price has kept falling. But generally speaking on a pin like this at a swing low(that has not created a swing high point) you are coming right into a trouble area almost every time. This is also none as traffic yes. Now the catch is that certain continuation pins can turn into big runners at the right locations, but for the most part just finding a pin near a swing low(a bearish one that is), we have to watch that first close area, which for this one would have been decently far away but now is hitting it pretty much. The reason this is the first trouble area is the last few times it hit here we found buying, so we can't really ignore it.

Let me know if that makes sense
Mike
Reply With Quote
  #62310  
Old Apr 29, 2010 12:23pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

possibly the first time anyone has posted this pair
Attached Thumbnails
Click image for larger version

Name:	a.gif
Views:	49
Size:	13.5 KB
ID:	466886    
Reply With Quote
  #62315  
Old Apr 29, 2010 12:54pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by benji533 View Post
Hey Dan,

Just noticed you have been talking pretty much a lot about the trend recently, so thought to share my thoughts if it's ok

Although that pin was going with the trend, I would never take it as it would be buying straight into an high - best location for my bearish PA bars.
As much as the trend direction can be important, it's still only one piece of the entire story that price is telling. Matching those pieces together is what I think James is trying to teach. Look at the entire story like location within the trend (pullbacks...

GREAT POST!
Reply With Quote
  #62332  
Old Apr 29, 2010 2:55pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by triggerju View Post
. Why does everyone ignore this? Why doesn't anyone understand this?
who's ignoring this, this is exactly what we promote here
Reply With Quote
  #62338  
Old Apr 29, 2010 3:05pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by triggerju View Post
Dan, I TOTALLY AGREE... that's not what I'm saying!!

Why can't anyone get this?! If you search 1hrbars you get 24 in a day. You get 6 4hr bars. You get 1 daily bar. Over a month, 1hr/4hr gives you a wonderful selecton box of pins to be picky about. VERY PICKY. Daily gives you what? A handful?! You can make your financial goals quicker YET JUST AS SAFE by using VERY GOOD VERY PICKY 1hr/4hr PA/pins.

How much simpler can I explain it?!
Trigger(really just using your posts as a springboard to rant )

I mean this in a very nice way I think you have missed a lot of key points brought up by seniors and long time members. I know this is a super long thread so I will re-explain for clarity from at least what I mean. Remember this is a thread where we see tons of NEW traders who have no concept of anything but shotgun trading on 5 min timeframes. When you achieve a certain level with this material and understanding of the market in general you know how to survive and learn and do things right until you can possibly make it.

The fact James says to start on the higher timeframes, is NOT to never trade the lower timeframes. Or that most people might not end up down there. The idea is that first of you can trade daily/weekly and make a very nice ROI per year. You can watch 100s of charts on daily weekly INCREASING the opportunities(and hell some people just don't want to check charts more then once a day). If you watch 20 forex pairs on daily/weekly you are severely limiting yourself and this is the same thing you are saying. More pairs = more opportunities. It is easy to scan 100 charts for a daily/weekly close, impossible(IMO) to scan 100 charts on the hourly. So there are many ways to increase exposure to trading opportunities.

But this isn't even the point most of us bring up when we say start(keyword) on the higher timeframes. The reason to start on the higher timeframes is to develop the skill and mindset to keep you in the game, learning to trade profitable and then to help translate those skills to wherever is comfortable(90% of my trades are 4hr and under so I understand). What happens is most people read something about forex, go to the 15 min chart and trade till they are blown out. They don't realize how crucial patience, discipline is b/c they are constantly "in a trade". It's more of the feeling then it is the actual mindset of a trader, which IMO is what the higher timeframe to start is about. It is to clear out so many(and I see this everyday as I deal with many NEW traders0 bad habits.

So I think you are missing what we are trying to get here. Your point isn't incorrect, its the context of the rest of it. My last question I pose to the general people who are reading this thread. If you are trading the 5min the 15min right now and have been banging your head on the table and refuse to get off, that is FINE. If that is what you want to do. No one is ever telling you you CAN'T. The question really is if what you are doing isn't working then maybe try to find a new way to get it to work that is logical from people who have been in it.

Again. DO people trade j16 price action on every timeframe. YES! It's a process to learn to become profitable. Some of the rules and general guidelines are to help get people to a point where they are close. No one can make you profitable over night, and at the end it is up to YOU the person to make it happen. The tips/advice we all give is from experience.

The journey you take with this material or anyone elses' is ENTIRELY yours. There are a 100 ways to make it work and even more to make it fail.

I truly hope this clears it up and I can reference this post in a few months time when it is brought up again

Best and I appreciate all the hard work people put in, this is not something easy
Mike
Reply With Quote
  #62348  
Old Apr 29, 2010 3:24pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by triggerju View Post
Agreed. 5 mins and the like is death. 1hr is minimum anyone can really keep good at.


Thanks

Trig
Hey Trig

Again it all comes down to our beliefs. Some of what you say I will just respectfully disagree and that is OK! As for 5mins is death I know a few very successful 5 min PA traders. So it just shows you it can work anywhere and it can fail anywhere. Also we do promote rifle trading and all the likes but as you can imagine a thread with 7 million views 60,000 pages and the countless personalities there is only so much you can control day in and day out without having to refrence back tons of old posts and keeping the noise down. But we have a great place here where we can all voice our views and opinions in a non threating and understanding way, and that is bar none to me.

Thanks
Mike
Reply With Quote
  #62371  
Old Apr 29, 2010 7:02pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by joelcf View Post
lol, I didnt think it was a question, I thought he was making a point about the chart. Oops.
yeah same here lol
Reply With Quote
  #62388  
Old Apr 30, 2010 12:11am
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Cyrus View Post
Hope I didn't rustle too many feathers. Time to bail.
Like Jim says

Quote:
Originally Posted by james16 View Post
like ive said before.

the only thing i know for sure is i dont know anything for sure.

And I think anyone who doesn't think this is in for a world of hurt
Reply With Quote
  #62393  
Old Apr 30, 2010 1:18am
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by ddinnov View Post
Morning all,

Can I get an opinion on the BUOB on GBP/CHF daily?

Can't see any trouble areas until 1.6650, nice space and closed above the BRN. I see there is CHF news due out in about 3 hours though :/
Hey DD

Yep you nailed it with your first trouble area , analysis is fine. Don't worry about the news :P. I do see you entered before the break and with a tight stop. No problems if that is what you have tested, but remember a bar is not valid till the high breaks and of course invalid till the low breaks

Mike
Reply With Quote
  #62451  
Old Apr 30, 2010 12:14pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by jspeakman View Post
Hi Mike

Been wondering about looking at more pairs. Currently looking at around 30 pairs and not finding much to trade lately. Is it worth looking at more obscure currencies (Albanian Lek/Mongolian Tugrik! or EU/HUF someone posted recently - I thought the spreads might not make them worth trading. Or looking at stocks/commodities possibly?

Thanks

J
I think the more the merrier J. As long as you can keep up with it. I personally watch

euro, usd/chf, nzd/jpy, usd/nok, cad/jpy, gbp/aud, chf/jpy, gbp/cad, eur/aud, eur/cad, aud/usd, gbp/jpy, usd/jpy , usd/chf, gbp/usd, nzd/usd, eur/gbp, nzd/usd, usd/cad, eur/jpy, gbpchf, nzd/cad, eur/nok, aud/usd, aud/nzd, aud/sgd, cad/chf, usd/sek, gold and silver. I will check out some other random ones here and there for the daily and weekly since I am more likely to play them on the larger timeframes as opposed to intraday

Some spreads are too big for me intraday but from a daily/weekly standpoint I am ok with. Obviously some pairs are just ridiculous to trade but you can usually see this clearly from the chart or if the spread is ridiculous. But most times the spread (if you have decent broker) is relative to how the pair moves and shouldn't scare you off .

Hope that helps
Mike
Reply With Quote
  #62453  
Old Apr 30, 2010 12:23pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by datogio View Post
I wonder what mike would think of this 4H BEOB, is the previous minor consolidation enough story?
Hey D


That setup was strong enough for some pips, and When I saw it I knew where it was going, but that still won't let me break one of my golden rules which is trading into LARGE ppzs(I only trade away from them). The large PPZ I am speaking off is 1.65. But certainly a real nice one coming on a friday.

Nicely done sir!
Mike
Reply With Quote
  #62454  
Old Apr 30, 2010 12:43pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by TiaForex View Post
It's been a while since I've posted. I trade faster markets these days so there's not as much time to post during the day, but it's nice to see some interesting discussions, particularly the one between StoragePro and Joelcf about psychology (also nice to see the regular three monthly "you guys suck!" interlude. Something to set your watch by... ). When I saw SP and Joel exchange their posts on psychology I was reminded of what, for me, is the essential nature of this thread. A place where traders can feel free to express differing opinions...
wow this guy goes in hinding and comes out with an essay! I skipped it first so I could actually read it right :P

No really all is true, everything SP, you, Joel, it all makes sense.

I read Mark Douglas' book and was like really? I was like this stuff is so obvious. Then after I realized the state of mind so many people come to trading with that the book has merit. It's like the starter kit for new traders. Even some people who have been around for awhile but just have no self control. It's HUGE for them. Bigger then people realize but for some it's the obvious parts of trading. So my trading in the zone is in mint condition and just sits there(anyone is welcome to have it, I have given away most my trading books lol).

But I agree with Aaron it's all about pieces and fitting them. Most people unfortunately don't last to get even a few pieces into sight where they can see what the picture of the puzzle is going to be. Most just look at the back cover of the puzzle box but don't start the puzzle.

Mike
Reply With Quote
  #62456  
Old Apr 30, 2010 12:51pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by NosferatuMan View Post
I see your point. But would you trade the pin that formed in H4 (away from 1.65)? Or do you consider it people taking some profits before weekend?
yeah it is way to late into a friday I am done! done with this month! What a boring one for me

But in general I don't trade this late on a friday unless the markets are going crazy or I am in a trade already. Aaron knows weekend Mike begins to creep in on fridays


Mike
Reply With Quote
  #62460  
Old Apr 30, 2010 1:07pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by pizdun View Post
meet me in the cluub its goin dowwwn....



just a shout out to mike and james. may 1st will officially be the one year anniversary of me reading this thread for the first time. it will also mark my first year of profitability in this business. coincidence? i think not.

THanks so much. after 4 years its nice to finally see some green
awesome sir! Now I can drink 1 extra beer in honor of you tonight

Reply With Quote
  #62462  
Old Apr 30, 2010 1:37pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Ted1983 View Post
I see a posibility brewing to sell the USD/YEN.
What do you guys think of this setup?
looks very small bar, very weak selling on a friday that could just be some tidying up before the weekend. I think price is getting attracted to that 95 level or close to it

Best
Mike
Reply With Quote
  #62468  
Old Apr 30, 2010 2:28pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by nasir.khan View Post
Ok Mikey do you have any objection on FTSE (FFIM) daily bar. (not closed yet)
Hey Nas

While it maybe be bearish in nature I want a much higher high on my beob. Again someone with tight mgmt it may very well give them the opportunity to eliminate risk but my mgmt style is a bit more lenient so I would need a better bar to play a continuation.

Mike
Reply With Quote
  #62471  
Old Apr 30, 2010 3:15pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by jspeakman View Post
Thanks Mike - have been watching most of these (not much action this month as you noted!) but there are a few there new to me which I will add to my list. Are commodities/Stocks worth throwing in the mix? - would be a new field to me.

Thanks again for all your help

J
I would say go for it if it isn't too much to keep up with especially if you are trading daily/weekly only. This way more opportunities and don't have to sacrifice being picky.

Best
Mike
Reply With Quote
  #62497  
Old May 1, 2010 12:54pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Pipage View Post
Any views on shorting the NZD/JPY daily. Nice pin bar, rejected from the 68.50 resistance line. If it retraces i may short at 68.45.
Any views much appreciated.

Pipage

[IMG]file:///C:/DOCUME%7E1/TAJ/LOCALS%7E1/Temp/moz-screenshot.png[/IMG][IMG]file:///C:/DOCUME%7E1/TAJ/LOCALS%7E1/Temp/moz-screenshot-1.png[/IMG]
Hey Pipage

It didn't close within the prior bar on mine by 1 pip. So not technically a pin, I am sure some feeds will show or it is a proxy pin(see bar with an arrow). I know that sounds nit picky but the reason that matters to me is based off it being firday and maybe it just being some profit taking. If it breaks hard we could see into 67.50 though(blue box).

Have a great weekend
Mike
Attached Thumbnails
Click image for larger version

Name:	a.gif
Views:	52
Size:	13.8 KB
ID:	467849    
Reply With Quote
  #62517  
Old May 2, 2010 1:54pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Artie View Post
Hi Mike,
I've been around a while, but havn't posted on this thread yet. Thanks for all the great knowledge.
Can you tell me how you came up with 67.50? I looking at 67 as PPZ.
Thanks
Hey Artie

Glad to see some of you lurkers come out and post

Yes you are correct 67 would be the much more major trouble area but the other round numbers 50s also are going to be trouble areas and if you can find some bar highs or lows there then you can confirm that to be the more "first trouble area". So you are not wrong at all. What I like to do is say how confident am I in my entry? Meaning how strong of an entry. Where is price likely to go?(meaning what are the different trouble areas). Then I make decisions on what to do at these areas and they can vary each time.

Hope this helps a bit
Mike
Attached Thumbnails
Click image for larger version

Name:	a.gif
Views:	37
Size:	12.4 KB
ID:	468080    
Reply With Quote
  #62518  
Old May 2, 2010 2:06pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by cprao View Post
Thank you George. This looks really good to me.. Hoping that experts also shed their opinion on this.

The pin is off from Monthly and weekly PPZ. Pin closed (whole body) within the left bar.
First FTA can be at - 1.8500
If that crossed, we can see - 1.8750 (another ppz on daily)
Target 3 can be - 1.900

The only challenge is the pair has to work hard to move against the trend.
Yes these can be tricky. Fridays are notorious profit taking days esp in such a strong trend. If the left eye area can't hold I would expect it to fall. But we really need to monitor these first trouble areas(bluebox) extra close in a strong trending market. I really am never comfortable with small bars trying to turn such a strong trend.

Hope everyone had a nice weekend
Mike
Attached Thumbnails
Click image for larger version

Name:	a.gif
Views:	38
Size:	9.2 KB
ID:	468085    
Reply With Quote
  #62569  
Old May 3, 2010 1:12pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by ira View Post
Mike, can you please comment on this setup. Any reasons for not taking it?
Hey Ira

Basically the summary is just a very tiny bar not at a great swing high. I wrote a quick blurb here the other day.

http://www.forexfactory.com/showpost...ostcount=62462

Hope that helps
Mike
Reply With Quote
  #62570  
Old May 3, 2010 1:17pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Pinbar View Post
Hi, people

I am new to FF as a member but not as a reader.
Actually, I have been reading and trying to absorb the thread since December of last year and Finally got to the end.
It was tough as, this is quite rightly a popular thread and pages would appear almost as fast as I was reading them, I got the better of you on weekends though. LoL

Have demo traded for almost 3 months with good but not brilliant results, that said the account has increased by 15% in the latter half of my trading, probably because I learned to not jump on every PB, IB...
Hey Pinbar

I can not believe you are the first person to take that name after all these years! Good grab!

As for you Weekly usd/jpy, that is not a pinbar. That is what I believe people call an IPB, or an invertedpinbar, or insidepinbar, note ven positive. Not a J16 bar, someone named ghous has coin this term so I can't really comment too much on it as I don't know them too well. But my one thing to say would be trying to analyze a bar and then go to each different timeframe is(in my view) an overcomplication and usually will lead to analysis paralysis. I think the easiest thing is to find your good bars and then just trade them on what you see in that timeframe. The daily u/j you pointed to was a very very tiny pinbar at a so-so swing high. It never broke so no trade, but again maybe a C bar at best.

Welcome again
Mike
Reply With Quote
  #62571  
Old May 3, 2010 1:19pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by nuclear62 View Post
Hello!

So many PA is "failing" right now, friday profit taking PA..? I mean in my watching list.. NZDJPY pinbar, USDJPY BEOB and AUDCHF BEOB. Anyway I?m only shorting AUDCHF from pullback@1.0000 at the moment

Nonetheless, have a good week everyone
Hey Nuclear

I wouldn't say any of these have failed though, nzd/jpy never broke(so not a valid bar unless it broke) same with usd/jpy, and aud/chf gaped out to the first trouble area on my broker. If you don't wait for breaks then this is sort of the catch. If they do break you are in with a better position size, if they don't your in prior to a confirmed bar(not that there is anything wrong with that). Weak profit taking caused these small bars it seems.

Best
Mike
Reply With Quote
  #62574  
Old May 3, 2010 1:40pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by nuclear62 View Post
Hey Han!
For me too, you?re right, thank you for your post

And thanks Mike, that is really true, learning and learning a lot in this thread, hope I really evolve as a trader, trying hard
that's how we do it
Reply With Quote
  #62575  
Old May 3, 2010 1:56pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by BWise View Post
I dont think I've heard anyone mention the monthly AUDNZD BEOB. Its at a swing high and is being rejected off the 1.3 BRN. It also has divergence as confluence.

Thoughts?
yeah this ones interesting just so much garbage it is trading into. Very choppy look from this timeframe. 1.2550 looks to be coming though

Mike
Reply With Quote
  #62580  
Old May 3, 2010 3:33pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Jonners67 View Post
Would this be an I5Bar?
High at BRN 12600 and low at 12230, but middle of trading range for the last 3 months.
Dan?

Thanks J67
Hey J

Do you mean today's current bar on your chart?

If so that is not an inside bar. To be an inside bar the entire range(high to low) must be contained within the previous bar. Two bars prior was an inside bar.

Mike
Reply With Quote
  #62583  
Old May 3, 2010 3:45pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Jonners67 View Post
Mike thanks. I was thinking of Dan's / Ghous' inside 4 bars - where the bar is within the range of the previous 3 bars - or have I got that horribly wrong?

Just wanted to do some demo's on it and searched the thread but cannot (yet) find the full description. I know you posted a link a few days ago but I wondered if there was anything more comprehensive. They seem to wind up into big moves.

I'll keep searching. As ever, thanks.

J67
Hey J

You may be thinking of an IPB(which is ghous thing), and inside4b(I4B) is simply an inside bar that has a smaller range then the previous 3 bars. It still must be an inside bar.

Here ya go

http://www.forexfactory.com/showpost...ostcount=59040

Best
Mike
Reply With Quote
  #62586  
Old May 3, 2010 4:53pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Jonners67 View Post
So firstly it is an inside bar, then it can be an I4B as well, i.e. being an I4B alone is not significant enough as PA?

Thanks

J67
an I4B must be an inside bar. But not all inside bars are I4bs.

You can have an I74B, which would be an inside bar that has a smaller range the the previous 73 bars.

So an I4B is an Inside bar the MUST have a smaller range then the previous 3 bars and MUST be an inside bar(that is inside the previous bar only not inside the previous 3 bars).

Let me know if that clears it up
Mike
Reply With Quote
  #62588  
Old May 3, 2010 5:09pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Jonners67 View Post
So, the play on my previously posted chart (posted again) would have been the inside bar two days ago, that also happens to follow the previous day's inside bar and is at a PPZ long. This shows a winding up ready for a breakout?

J67
Hey J

Yep this would make much more sense. This would be an I4B, maybe an I6 or 7B. Price basically formed this I4B right under 125 when it broke both it bursted higher(inside bars show a consolidation and the I4B shows a decreasing of range )

Mike
Reply With Quote
  #62591  
Old May 3, 2010 6:12pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Jonners67 View Post
Thanks again Mike.

Slow here today, not sure why?

What's your take on Wizard's crude? I looked - see chart below (the black arrow was the entry I posted a couple of weeks ago (with monthly / weekly / daily PPZ)).

Different broker, but are the bar highs as important as resistance if shorting as the bar lows (at around 8570)? In my chart, we seem to be running into traffic on the highs almost immedutely. However, on the bar lows, there is room to 8520, then to 8470.

Feels like a private lesson from Mike and the Wizard - awesome. Is it like...
Wiz plays these markets quite a bit(Hi bud good to see you stop by hope you are keeping away from the lighting these days )

I am a size guy. You will notice a lot of the bars I take are larger then normal. Now one thing that is important to realize as you go through this is their are a ton of ways to make this work. Big bars, small bars, different locations...so don't be afraid to experiment around as you demo. For me I wouldn't take this simply b/c of the size of the bar. I would rather see us push through these last highs(it looks as if were knocking on the door and with an uptrend I would suspect any move down would be more temporary before a burst to at least test what exists above 87 here. Then if we got a big bearish bar coming off that divergence + new high would be my type of play. Again everyone has certain plays they tend to really like and are comfortable with. Wiz will tell you how important that is.

A break lower could stall at 85.50 and then if not clear way towards 85. I would want to trade away from 85 as we see weekly has a buob so we could be going higher.

Again just my analysis as always and as you can see many bars can be traded a few ways to make it work.

Mike
Reply With Quote
  #62652  
Old May 4, 2010 10:46am
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by the_wizard View Post
I'm looking for $84.75 for 1/2 and $84.15 for remainder on this trade.
this thing dropped like a rock! NICE WIZ!
Reply With Quote
  #62653  
Old May 4, 2010 10:51am
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by fxeturn View Post
What do you guys think about Currensee? It's a social networking site for forex traders which links the site directly to your live trading platform and records your live trading performances.

The fact that it's a member of NFA might convinces traders to join it, but that actually increases my doubt of it even more. I don't really like the idea of a single organization that has the access to the information of a large number of traders (soon to be majority if left unchecked). A broker that hunts stops is one thing, but something like Currensee has...
simple answer don't join something that has no benefit for you and also don't be so paranoid The markets much to large for your orders to really matter the big boys don't need a site like that to see your orders they are trading insane amounts of money straight through banks and seeing a lot more fed directly to them on sizes of orders that actually matter.
Reply With Quote
  #62654  
Old May 4, 2010 10:59am
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by nasir.khan View Post
The one and only FXPro. lol

and if i remember correctly this is only setup Mike traded in December-09.
,
it was niiiiiiice
Reply With Quote
  #62659  
Old May 4, 2010 11:17am
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by ezz View Post
These Trends almost always surprise me, i never expected that the Down trend will reach these levels BUT IT DID! luckily i stopped trying to figure out where price will reverse along time ago and just traded what i see
This was one of my big turning points also
Reply With Quote
  #62662  
Old May 4, 2010 12:05pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Pinbar View Post

EDIT: Is there no known, reasonably reliable mechanical method of drawing PPZ to keep it objective?
Hey Pin

I often see this question and I think it is a slippery slope. Part of training your eye to see these areas is going to serve you far greater into the future with understanding and getting that feel for price. As they are so crucial to the foundation of PA trading I would just keep practicing and getting good at spotting the major and minor ones and let it take its course. I cringe when I see those S/R indicators(no offense to anyone who uses em!)

Of course just my opinion

Mike
Reply With Quote
  #62686  
Old May 4, 2010 8:31pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by bundyraider View Post
Hi Scott,

Was this... (see chart)

Location isn't spot on, but it's not like it's totally crap. I'd have drawn that line and passed on this one regardless of the size of the pin, but I know many don't do this and still make good money on similar ones over time.

Would be good to hear Mike's opinion on this bar. (<-- Obvious-ed it up. )
here is a clip from today's webinar where I talked about this bar and the aud/sgd. Again these are just MY views.

http://drop.io/q6ks7v7

Best
Mike
Reply With Quote
  #62764  
Old May 5, 2010 12:08pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by HanSolo View Post
After watching Mike's fabulous video seminars in the J16 guest section I tried to find some of those breakout trades he shows. Yesterday there was one on EURGBP when price broke the downside of a nice symmetrical triangle (maybe you want to comment on my analysis, Mike?). Though I did not trade it.

Price showed some weakness/indecision at that lower triangle line in the past view days. On the 1h chart you can see a retrace to the triangle line after the breakout (DBHLC on 4h) and a nice PB signal (long...
Hey Han

I don't have a problem with your breakout pattern but if I play a breakout pattern from the weekly the lowest I will go is the daily about 99% of the time. You certainly can go lower if it is comfortable for you.

Best
Mike

edit I went back over this trade more and the interesting this was price consolidated again to form a new breakout pattern at the edge of the old one on the 1hr. Then it broke out and pulledback to give a nice 1hr pin. Missed this one silly old me.

Last edited by mbqb11, May 5, 2010 12:23pm
Reply With Quote
  #62765  
Old May 5, 2010 12:09pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by tehuringa View Post
G'day all....haven't dropped by for a while but nice to see plenty of new faces in this thread....and of course nice to see all those crusty old faces that I've grown to love too
Reply With Quote
  #62766  
Old May 5, 2010 12:16pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by relyt View Post
Thanks, bundy. I have watched all of the videos in the Guest Area, but was very overwhelmed, which is why I want to stick to just pins until I can get my head around that. I will take your advice and combine what I know about "A+ pins" with what they say about S+R. I think I might need to go back and watch those videos a few times.
Hey RelyT

I think it is a good idea and it was me who said it, or at least I have said it. I think way to many people start off on the wrong foot, are trading every 10 mins and simply don't get a chance to actually do anything right. They just click click click. We are all guilty of that at some point. If we really focus down and try to do a few things really well the light seems to get brighter and you can add components as you go. Of course everyone's journey will vary but this IMO is a good jumping off point especially if you are overwhelemed.

Best of luck
Mike
Reply With Quote
  #62769  
Old May 5, 2010 12:28pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by extraneo View Post
Hello guys
I'm thinking of using the rules of Jim along with divergence
you tell me what is the best indicator to identify the divergence?
Hey E

Jim uses MACD standard settings, many others use RSI. I would pick whichever you are comfortable with the RSI from what I understand is a bit more sensitive.

Best
Mike
Reply With Quote
  #62771  
Old May 5, 2010 12:48pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by extraneo View Post
Thank you.
is a good idea to look at the divergence on the weekly
and then enter the daily according to the rules of jim?
It is in my opinion that we should keep timeframes separate in that regard. But of course there are always people who will do things different and that is fine. I just think if divergence is showing up on the weekly that is divergence in refrence to that timeframe. That is how I like to keep things simple.

Best
Mike
Reply With Quote
  #62775  
Old May 5, 2010 12:58pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by extraneo View Post
was just an idea
I want a system that will enable me to combine the rules of Jim with some things to be safer, since the jim's rules involve wide stop loss
Don't be afraid to apply what you already know and add J16 stuff into it in your own way. That is a very good way to start! James would say that is a good way to go with it.

Best
Mike
Reply With Quote
  #62779  
Old May 5, 2010 1:16pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by extraneo View Post
Thanks, you're very kind.
I have two questions, if you want to answer
what is the setting of RSI?
it is better to enter the break of a minimum of pinbar or dbhlc or wait fibo ret at 50?
Most people I know use the standard RSI setting but others use a custom one with a lower number.

As for entering our bar setups, it comes down to what is comfortable for you. I always wait for a break. A setup is not confirmed until it breaks. So for me I like this conservative approach. Many others are willing to trade this confirmation and get in on a retracement to have a bigger position size. So as you can see advantages and drawbacks to both. I would test and demo to see what you find most comfortable and work from there.

Mike
Reply With Quote
  #62811  
Old May 5, 2010 5:01pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by tehuringa View Post
Hey Mikey and Jarroo.....I missed you guys

we missed ya bud! Enough of living the dream over there! back to work :P
Reply With Quote
  #62812  
Old May 5, 2010 5:02pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Dan Gilbert View Post
mehhhhh..... hindsight, yes.... I have seen too many times price does actually make it to that round number first, then shoots down. I would say this particular trade is an exception.
That's what we call option protection at its finest :P
Reply With Quote
  #62823  
Old May 5, 2010 5:49pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Dan Gilbert View Post
50% fibs have been handy on gold


Gold chart:
IMO commodities and futures respect the 50 fib more so then fx markets
Reply With Quote
  #62829  
Old May 5, 2010 7:38pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by bundyraider View Post


They say Forex is the hardest of them all to trade.
"they" say a lot of crazy things :P
Reply With Quote
  #62880  
Old May 6, 2010 3:30am
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by jarroo View Post
Yes sir. Penty of momentum to do just that, cut through the 1.5.

I think I hear a ton of alerts going off from Mike's computer coming through the thread. lol
Reply With Quote
  #62881  
Old May 6, 2010 3:31am
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by ira View Post
Thanks for the video Mike, it's great!!!

Can I please ask, do you look for overall market conditions like trend, range, does it play any role in your trading? Or you simply observe areas of confluence? And do you use trend lines?

Ira
yes all those do play a role to some extent. If it's on the chart I do not ignore it. I don't use trendlines much except for when I am looking at breakout patterns or real obvious ones for a little extra confluence.

Best
Mike
Reply With Quote
  #62941  
Old May 6, 2010 12:36pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by (Yaniv) View Post
Something that i'm trying on Demo.

EURGBP 26H PB.

That PB is smaller than the bar before it, ATR for that TF is about 70 pips, that PB was 100 pips from the high to the low.

FTA at 0.86
26h pin! why not the 4hr buob as above :P

Just messing with you yaniv my man

Mike
Reply With Quote
  #62942  
Old May 6, 2010 12:37pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

I got like 30 emails about the usd/jpy of people just killing it on it. Talk about a runner . Good job to those that followed their plans
Reply With Quote
  #62950  
Old May 6, 2010 2:09pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by bluemosaic View Post
Just wondering - was the USD/JPY a good example of a double top off the 95.000 resistance/round number?

thanks
Hey Blue

Yes that is what people were doing. DBHLC with divg off the 95 arae. Boy did that thing drop like a rock wish I took it

Mike
Attached Thumbnails
Click image for larger version

Name:	a2.gif
Views:	28
Size:	12.7 KB
ID:	470774    
Reply With Quote
  #62953  
Old May 6, 2010 2:15pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Dan Gilbert View Post
dang mike.... I think you caught a piece of this volatility in some way? I hope!
nope not on the way down at least LOL my methods flourish best when we swing, unless I catch a breakout play. Just nothing quite lining up for me these last few weeks
Reply With Quote
  #62955  
Old May 6, 2010 2:28pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Dan Gilbert View Post
Your psychology must be on point if this doesn't bother you in the least lol.

I'm upset that I only caught the trades that I did, and this has been one of my best weeks on record as far as demo+real trading combination goes.
It can be tough watching all the action. I had a real slow last month after a flying start the first 3 months. But that's just how it goes. Your method does what it does. I forgot who said it , but it was something when I am out of the market it's other peoples turn to get theirs

I finally had an order pick up with some slippage though, but maybe its my turn :P maybe not

Keep at it Dan you are doing great
Mike
Reply With Quote
  #62962  
Old May 6, 2010 2:51pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by jarroo View Post
Holy Sh*T
haha wow Jim wait till you see my live video you can hear my reaction. It all happened while I was taping, going to render it now.

I finally got mine gotta love this volatility

Mike
Attached Thumbnails
Click image for larger version

Name:	gbpcad.JPG
Views:	33
Size:	76.9 KB
ID:	470802    
Reply With Quote
  #62978  
Old May 6, 2010 3:12pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Ryanmcd View Post
If you made money in the past 2 hours dont bullshit yourself and say it's skill. But don't worry, the losses will return after the Vegas day is over.
damn
Reply With Quote
  #62981  
Old May 6, 2010 3:14pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by The Captain View Post
Exactly. Anyone that made cash the last few hours - technicals had nothing to do with any of it. You just happened to be on the right side when the bomb went off.
Actually technicals were still in place on plenty of things. If you just start shorting or long when you see large bars then I agree. My trade was very sound and I have made similar plays year after year. Just like if you were short usd/jpy from the DBHLC, did you know this would happen. HELL no! But if it does and your in then you ride the train.
Reply With Quote
  #62985  
Old May 6, 2010 3:18pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by The Captain View Post
Agreed.. I shouldn't say anyone that made ANY profit.. But we all know why things happened the way they did..and it wasn't technicals..
yes believe me I agree. If you just start clicking buy and sell when this stuff happens your in for a world of hurt one day.
Reply With Quote
  #62989  
Old May 6, 2010 3:23pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Ryanmcd View Post
Come on now Mike, anyone swinging a LARGE trade line is going to stay out of this shit. From what I know so far is it was a software error on a fund. No curbs after 2:00pm so it went nuts. Yes you can luck out and make money here but saying you knew this move was coming is like saying "I sure know how to pick the lotto numbers" it's all luck. What if it went up 1000 points?
Ryan I was well in my position before mine took off here. My trade plan was firmly in place. Did I know this would explode that quick? course not lol. But it did and you react accordingly.

Ahh was just going to post only in PF but here is my trade. Did I expect this that QUICK , no way. But this was a trade that had a firm trade plan. No one knows whats going to happen at anytime. That isn't the argument. I think you should understand I am talking about understanding your trade plan.

At least that's what I did. Oh My actual order was a BV(bounds violation) and I got in 10 pips later so I should say that

(I am taking this down in a few hours though)

Mike

Last edited by mbqb11, May 6, 2010 3:48pm
Reply With Quote
  #62991  
Old May 6, 2010 3:25pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by jarroo View Post
For some reason . . I think Rac had something to do with this . . .
Ka Boom! comes to mind.
He farted
Reply With Quote
  #62998  
Old May 6, 2010 3:31pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by Ryanmcd View Post
Mike this video is CLASSIC haha,

It's like you are at dinner with a supermodel on the 1st date and she says, lets skip dinner and just have rough sex gggg.






p.s. Just busting your balls on the trade, I know you have a clue, what my worry is all the retards thinking that they are now Forex Jedi's after a move.
hahaha,

yes of course. And I agree. If you just jump in b/c you see big bars. You are eventually dead in the water and you have zero chance. IMO you had a trade plan going into today like ANY other day or your are clueless. It's just gambling any other way.

back to my 5 min charts :P
Reply With Quote
  #63000  
Old May 6, 2010 3:34pm
mbqb11's Avatar
Resident Elmer Fudd
 
Member Since Aug 2006
Default

Quote:
Originally Posted by bundyraider View Post
I'd bet my whole account that Rac was in.

There's some major entry conditions before this happened.
anytime the xxx/jpy are falling to their deaths rac is in, no doubt about it
Reply With Quote
Reply

19 Traders Viewing This Thread (8 are members)
ertorque, desocupado, dorellino, silly cybin, cprao, Rosentrade, deang001, wilcox
Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Trend Trading Chart Thread DanUK Interactive Trading 1659 Jun 27, 2010 10:17am (9 hr ago)
rock my chair chart thread forex3e Trading Journals 48 Oct 30, 2007 11:21pm