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james16 Chart Thread
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Sep 16, 2010 11:57pm
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Resident Elmer Fudd
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Quote:
Originally Posted by melvin87
Hey Supreme, thanks for your quick reply. I was actually looking at the chart from MT4 as attached. Somehow, it seems to be more protruding (not too sure if im thinking too much on this one hahah) than the one from FXCM which didn't really make me think much about the previous bar.
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Hey Melvin
Here is my viewpoint, I could probably dig up old posts from this time that say similar
Overall at this point we can see clearly how sideways and choppy usd/cad has been. So a random pin forming isn't really unlikely. But the question is what are the real confluences to take it in such a choppy market. Notice the market coming off a few strong bearish days. Now I think this is still an avoidable trade even if the choppy mess doesn't bother you(some people don't care as much as me). Firstly confluence of reasons, second buffer. If you use any buffer like 12-15 pips(I rarely use less then that on a daily) your trade probably won't even trigger and keep you out of this. Notice your buy would then be up the 2 bar lows where price triggered. This might seem nit picky but I find these little things can go very far
Best
Mike
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Sep 17, 2010 1:15am
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Resident Elmer Fudd
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Quote:
Originally Posted by melvin87
Hey Mike! thanks for the reply. Fully understand the part on the buffer.
However I still don't quite get what you mean when you said 'what are the real confluences to take it in such a choppy market. Notice the market coming off a few strong bearish days' because what occurred to me when i looked at that pin was the bearish bars leading to a relatively deep fib retracement which also happens to be at a ppz which was tested on a few occasions a few months before.
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Hey Melvin
When I see very choppy sideways action I don't think of that pin as true selling, i think of the market sentiment just taking over which is choppy. Those bars can work but the FTA can be killer on these . So I marked in blue the first area which in turn should either be the point where if it doesn't break you cut out for a small loss or your buy goes above that area. But overall the last few bars were strong bearish which would even more so keep me aside from this bar. When I take a reversal bar I want it to dictate that we have strong selling/buying power. In choppy market this power is less strong overall as the choppiness will more times then not take over in the case of a smaller pin. Again this is just how I view things and why you won't see me play in those types of environments much> It is not comfortable or conducive to my trade entry/mgmt style.
Hope that helps
Mike
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Sep 17, 2010 9:41am
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Resident Elmer Fudd
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Quote:
Originally Posted by xmzhang
I've a question for the senior members about the CHF-crosses on the 4H-TF today. Most of these crosses generated a PB on the 4H-TF today. First the E-C, the PB closed below the RNB 13300 and FTA would be at the next PPZ @ 13200-ish. The PB on the G-C was off the BRN/PPZ @ 16000, FTA would be the PPZ @ 15858. Finally the PB on the C-C was off a PPZ @ 9950-ish but FTA at the RNB/PPZ @ 9900 was very near. If we would wait for a close below this level then the FTA would be at the next PPZ @ 9840-ish. So in this case I would prefer the PB on the E-C...
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Hey Zhang
Your viewpoint is fine in my eyes. I would personally always prefer the setups supported by the BRN as gbp/chf was at 1.6. Intraday I am very heavy around these areas to support my trades
Best
Mike
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Sep 17, 2010 1:44pm
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Resident Elmer Fudd
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Quote:
Originally Posted by stewrigh
I think I might be a bit dense but no matter how long I look at this chart I just can't see an I4B.
Can someone show me what I'm missing.
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Hey Stew
It is an inside bar, that has a smaller range(high - low distance / size of bar) then the previous 3 bars.
Let me know if that makes sense
Mike
edit* Jarrrrrrooo = winner 
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Sep 17, 2010 1:47pm
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Resident Elmer Fudd
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Quote:
Originally Posted by jarroo
I beat Mike . . whatt!!! . . .he must have been eating sandwich or something lol
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hahah Halo 2
just playing you're the man
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Sep 17, 2010 5:47pm
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Resident Elmer Fudd
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Quote:
Originally Posted by turnip15
Is it open season
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honestly posting these links does nothing but keep it going. It really is a waste of time. Someone says one word and makes ludacris connections. It's better just to ignore and let those people talk to themselves.
Have a nice weekend all
Mike
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Sep 17, 2010 5:50pm
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Resident Elmer Fudd
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Quote:
Originally Posted by aserbfx
i am not sure if this setup has been discussed here already, but...
pin on daily gbp/jpy.
pro: trendline, space.
con: no distinctive close, small bar, close > open.
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Yea really sweet location Aserb, but my pickiness in terms of bars will keep me away from this
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Sep 17, 2010 6:12pm
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Resident Elmer Fudd
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Quote:
Originally Posted by aserbfx
here is a breakout for mike.
aggressive entry: long now.
conservative entry: wait for a retrace to the resistance at about 72.50 usd and go long there.
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Very interesting one , if you notice it is a BUOB at a swing high. You can play that BUOB a buy above the high as a continuation BUOB too. I often play breakouts that way as well. It feels really uncomfortable buying a new high, but if you nail the breakout/location/pattern etc it can be very nice
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Sep 18, 2010 12:06am
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Resident Elmer Fudd
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Quote:
Originally Posted by bboyomega83
I find BUOB or BEOB as a continuation in a trend pattern is easier and more comfortable to take as it is getting back into the main trend. Goes to show how two traders can see the same thing and both have valid points. Alot of the market wizards often recommend doing things that naturally feel uncomfortable as buying a new high or selling a new low and personally in my expereince the most uncomfortable thing to do at times in hindsight is the correct thing, be it skipping a trade or cutting a loss early or letting a trade play out.
Enjoy the weekend...
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couldn't agree more BB 
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Sep 18, 2010 7:33am
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Resident Elmer Fudd
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Quote:
Originally Posted by packhorse
Hi Guys,
Going on holiday next week. Will be able to get onto FF but not onto my MT4 Platform. (Anyone know how I can from a remote PC?).
You may recall I trade daily Pinbars only. It would be great if someone could post any good set ups on here so that I can carry on trading.
This is the trade I have my eye on for after the weekend. GBPCHF Short. Any thoughts?
- Nice PB
- With the trend
- Swing high
- RSI is turning
- Bounce off the BRN and Monthly pivot
- Weekly pivot is the target 1.5645
Cheers
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Hey Pack
You can use a program like logmein to access your computer if you leave it on
I think the gbp/chf is in a lot of traffic and we have a ton of bar highs under us here so I would be cautious of that area first.
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Sep 18, 2010 11:45am
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Resident Elmer Fudd
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Quote:
Originally Posted by novice198
I have recently changed over to MacPro and now I cannot view the recorded webinars. As I could not solve the problem even after "googling" the problem, I approached the local Apple reseller and even they could not solve it except find the root cause. It seems that the current Webinars are recorded/uploaded in wmv format using the MSS2 codec, which is not supported be MacPro. One of the solutions offered by them is that format for the Webinar is changed to another format.
Does anyone have a solution to this problem?
Informatively, with the kind...
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Hey Novice
This is what other MAC users has told me has worked best for them
Originally Posted by dannstockton
Here's what I found to work for me (I'm on a mac right now running leopard)
1. Download MPlayer here:
http://code.google.com/p/mplayerosxe...nded_rev11.dmg
2. Install Mplayer essential codec package.
http://www.mplayerhq.hu/design7/dload.html
For whatever reason, I was unable to get anything else to work (VLC, WMP for Mac, etc.), but so far it looks like it works great. I think it should work for Snow Leopard as well.
Also, a workaround is to use parallels and WMP.
Windows Media Player for mac is different than Mplayer.
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Sep 18, 2010 12:18pm
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Resident Elmer Fudd
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Quote:
Originally Posted by novice198
Hey Mike,
I also noticed the above response in your earlier post. I had already installed Flip4mac but was not able to watch the webinar. Now I realise using Flip4MAc i can watch your webinars but cannot watch SeekingLight's webinar. Which means Flip4Mac works for Macpro and as such some changes will have to be made to seekinglights webinar recording.
BTW where did you pot the webinars on Oanda which you had tweeted sometime back.
Cheers
Novice 198
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Hey Novice I will PM you about this stuff to keep it off the public thread give me one sec
Mike
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Sep 18, 2010 2:05pm
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Resident Elmer Fudd
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Quote:
Originally Posted by cprao
They look good to me. Some senniors adjust the PPZ's to nearest BRN/s or VBRN's.
Please make a note that PPZ are zones rather than single lines. If you see PPZ at 1.5990, it makes sense to draw it at 1.6000.. since this is closest VBRN and can play a significant role.
VBRN's (Mike's Favorite)makes a great role in this thread..
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exactly thanks C, and lining them up with round numbers helps take some of the subjectivity out and also gives a more definitive area to watch. This is why I also love them
Mike
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Sep 18, 2010 5:27pm
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Resident Elmer Fudd
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Quote:
Originally Posted by aserbfx
tesco on daily.
nice pin with good space. fta is around 415 usd.
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Hey A
I would place the FTA higher at the first bar flip here, especially counter trend
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Sep 18, 2010 5:43pm
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Resident Elmer Fudd
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Quote:
Originally Posted by DBallerz
What is the definition of FTA?
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Hey Dballer
FTA stands for First trouble area. These are HIGHLY probable areas where price is likely to go and can also reverse with these price patterns/locations. Price can usually get to these first areas and are a good way to begin to build a method around the analysis of support/resistance and price bars
Best
Mike
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Sep 19, 2010 9:51am
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Resident Elmer Fudd
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Quote:
Originally Posted by ekling
Buystop order about 20 pips above the weekly BUOB at BRN and with divergence. Im looking for price to move towards 90.00 area but will watch closely if and when price hits the two blue areas.
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Very nice E, I am still long from the daily BUOB which basically is at my entry price so gonna see if this weekly BUOB pushes us up now
Mike
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Sep 19, 2010 10:18am
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Resident Elmer Fudd
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Quote:
Originally Posted by Edd Ganuelas
- - - -
I think this is some sort of a silly question. Going backward from previous post finding out what FTA means, but my guessed is as wild as my imaginations. Would appreciate your help.
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Hey Edd
No silly questions, FTA we use to stand for First Trouble Area
Here are some others as well
http://www.forexfactory.com/showpost...ostcount=56751
Mike
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Sep 19, 2010 10:41am
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Resident Elmer Fudd
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Quote:
Originally Posted by Edd Ganuelas
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Can you direct me from previous post how to determine Pivot Price zone (PPZ)? It looks to me somewhere on the median between support and resistance where the current price action is. Sorry but I am new on this tread.
Thanks,
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Hey Edd
Here is a good starting point on PPZs(price pivot zones)
http://www.forexfactory.com/showpost...ostcount=14084
Best
Mike
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Sep 19, 2010 11:09am
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Resident Elmer Fudd
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Quote:
Originally Posted by ekling
Hey Mike I have a question. Im currently in a situation where im long on GBPUSD and will also be long on USDJPY if that weekly barhigh break. This means im buying both against and with the $ but in different pairs. Is this something you consider when you trade multiple pairs? Those two pairs are not heavily correlated but still, kinda feels wrong to do that.
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Hey E
I stick to the chart for the most part. That is a case that would not worry me as these pairs are not correlated much at all. Where I get cautious are heavily correlated pairs like eur/jpy gbp/jpy , or if your buying usd/chf and buying euro together since they are so strongly inversely correlated.
Mike
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Sep 19, 2010 4:19pm
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Resident Elmer Fudd
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Quote:
Originally Posted by xmzhang
Hey Mike,
Question about your daily BUOB U-J trade. The engulfing bar closed just below the RNB @ 8600, why didn't you wait for a close above 8600 before entering ?
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Hey Zhang
It was close but on this one the previous daily close was just to low to put my buy stop that far above the high to 86. I was comfortable enough with the setup to buy into 86
Mike
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Sep 19, 2010 5:01pm
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Resident Elmer Fudd
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Quote:
Originally Posted by xmzhang
Because of the big size, ie. high momentum bar, of the engulfing bar I quess ?
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yeah exactly, it was not worth trying to stretch my entry out that much further and losing that for just the 86 there
Mike
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Sep 19, 2010 8:58pm
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Resident Elmer Fudd
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Quote:
Originally Posted by ertorque
Hey guys, can anyone tell me if today is Japan's Bank Holiday?
Thanks.
CY
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All Day JPY Bank Holiday
Yep you can check this on the calendar here at FF which is great
http://www.forexfactory.com/calendar.php
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Sep 20, 2010 10:22am
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Resident Elmer Fudd
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Quote:
Originally Posted by antgal23
Hi all
I think my qn got lost earlier
Can you s/one point out where they would enter on the PA setup of 2 consecutive matching lows?
Than  ks
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Hey Ant
It would be on the break of the two lows. You can play matching lows/highs just as a pure breakout continuation trade. I personally do this but they must have multiple matching highs/lows they can be strong continuation breakouts
Best
Mike
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Sep 20, 2010 1:50pm
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Resident Elmer Fudd
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Quote:
Originally Posted by jarroo
Move over MTV, now there's . . .Mike TV. 
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LOL gonna need a lot of on screen makeup
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Sep 21, 2010 1:50am
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Resident Elmer Fudd
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Quote:
Originally Posted by melvin87
Hey guys,
When we trade with the trend on the daily charts, should we ensure that its the same as that of the weekly before entering the trade? Or should you just focus on trends within each individual timeframe only?
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For the most part i keep it with the timeframe I am trading on. I think it just keeps it easier and that has always worked best for me personally. Sometimes you are at areas on a chart that you can't ignore though and that might come into play, but for the most part I think simpler is better personally
Best
Mike
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Sep 21, 2010 10:43am
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Resident Elmer Fudd
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Quote:
Originally Posted by melvin87
Hi guys,
Was doing some backtesting on the AUDUSD (may-june 2010 period) and would like your opinion on my thought process for the following pin:
-bullish pin trading on an uptrend with macd divergence
-size/structure of the bar is ok but would be better if its slightly larger
-confluence of 61.8 fibs with ppz
-however, its trading right into the blue area highlighted (traffic)
As a whole, this won't be an ideal bar to trade (even though price did push strongly upwards after that).
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Hey Melvin
The pinbar had a nice exact trouble area of the Big round number, then notice a few bars later we get a BUOB that closed above that range and above the BRN.
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Sep 21, 2010 11:04am
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Resident Elmer Fudd
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Quote:
Originally Posted by mbqb11
Very interesting one , if you notice it is a BUOB at a swing high. You can play that BUOB a buy above the high as a continuation BUOB too. I often play breakouts that way as well. It feels really uncomfortable buying a new high, but if you nail the breakout/location/pattern etc it can be very nice
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An update AL , this one took off nice
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Sep 21, 2010 12:18pm
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Resident Elmer Fudd
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Quote:
Originally Posted by aserbfx

i would take 1/2 profit now and move stop to BE. just to be on safe side if market turns crazy because of fomc.
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yeah 75 mark was a good target area too 
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Sep 21, 2010 12:19pm
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Resident Elmer Fudd
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Quote:
Originally Posted by dabbledave
Newbie opinion: Hindsight's 20:20, but the bullish outside bar three bars to the right of that pin may have been the PA signal to wait for -- closed at the top-end of or higher than the price range of the busy blue box you identified.
I've a question of my own for anyone who can answer it. I notice some people post charts which show how much time until the end of the current bar in the top left corner. What is that? How can I get that on my MT4 charts?
Cheers
D
PS Logged my first solidly successful demo trade (AUDCAD) at my blog moneyblogpost.com...
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hey dave I have attached the indicator
http://www.forexfactory.com/attachme...2009%2010:26am
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Sep 21, 2010 11:31pm
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Resident Elmer Fudd
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Quote:
Originally Posted by ertorque
Another 30mins before the 4H bar closes; what do you guys think of this impending PB?
So far size is not too attractive but it has the VBRN as confluence. 
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too too small for me at this time of night, maybe drifts down before the main sessions but not sure that makes it worthwhile
Best
Mike
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Sep 22, 2010 8:02am
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Resident Elmer Fudd
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Quote:
Originally Posted by damien100
Thank you to James Mike Jarroo Ghous all Seniors and everyone who posts, James 16 and this thread are just incredible.
Hi Mike I took this trade my first post, a breakout trade,EUR CAD,
Daily price broke above 1.3500 BRN and the channel which started mid July,
I went to lower TF, H4 for retrace pa bar,
entry 1.3572 above high of IPB + buffer and spread.
SL at 1.3490 moved to brake even at 1.3630 ,and took half profit ,closed at 1.3650.
If there are any critical points so I can improve myself I would really appreciate it
Thanks D
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Hey Damien
Welcome and thanks for sharing. I don't trade IPBs, but essentially you bought a breakout of a new high after a pullback, nothing wrong with that at all. My preferred entry by looking at the chart would be the 1hr BUOB that engulfs the range of bars sitting on the top of the channel.
Thanks for posting and hope to see more
Mike
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Sep 22, 2010 8:05am
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Resident Elmer Fudd
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Quote:
Originally Posted by pwellsau
Hi everyone,
Would appreciate any feedback on my thought process on this (demo) trade, GBP/AUD daily....
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Hey Pwell
I caution against taking continuation bars like this until you can do the traditional way James shows us. So we really want to see this pattern at a swing high instead of a swing low. While I do and you can play these bars at all areas, when you play them as continuations you are most of the time trading right into a trouble area since you are buying a new low and thus the analysis tends to be tougher in my opinion. Essentially on this one we are trading into a very strong boxed area and it can cause trouble at any point now. So perhaps we go for a very very quick take profit or move to b/e. Or maybe at this point move your stop down above a recent high and hope to catch a strong break. Very tough trade to manage differently then that though from my point of view.
Just my thoughts though, hope it helps
Mike
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Sep 22, 2010 8:47am
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Resident Elmer Fudd
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Quote:
Originally Posted by pwellsau
Hey Mike, definitely helps, thanks alot.
I have been studying forex pretty full on for 4-5 months now and with a full time job its hard finding good setups on the daily/weekly, or trading on lower time frames that may mean getting out / moving to BE early, as alot of times I will miss when price hits that area....
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Hey Paul
Yeah many people find themselves(most) in this position. My suggestion is to watch as high a tmieframe as you need to feel comfortable(of course as Jim suggest daily/weekly only first no matter what). But even if daily becomes too difficult, watch the weekly timeframe. There are many ways to have your stop moved to b/e at certain areas if you can't be around also. If you can only watch weekly just watch a ton of pairs/markets
Let us know if you have more questions
Mike
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Sep 22, 2010 3:11pm
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Resident Elmer Fudd
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Quote:
Originally Posted by SafePassage
Hi All,
I am new to the thread..and wanted to throw up a chart of what I think is a nice looking 4hr pin bar at the 50% retracement level on the USD/JPY pair. Is anyone else looking at this and do you think it is a trade worth taking?
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Hey Safe
I like the location, but the size of bar and time of day makes that easy pass in my book. Like pipmyride said, if were going to be playing on reversals we want something of substance. Now that isn't a blanket statement b/c some are fine with smaller bars. But still you have the time of the day. It is in my view that a big bar at a location like this gives us much more info and confidence to go off(at least for me I need the very obvious ). I like your location a lot though if it is going to resume this recent up move.
Best
Mike
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Sep 22, 2010 8:41pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Imphilomath
Wow !! now thats called experience ( which I clearly lack). When I looked at the original post, I thought it was a nice bar ( at PPZ- resistance becoming support, and 50% retracement). I did not trade it after reading your post.
Now when I look at the chart, there is no momentum and there are 2 small bars after that pin and not able to breakout. Brilliant observation Mike !!
Can you please share some good looking pinbars you will call A++ ( just from size perspective - not location criteria) so I learn to visually compare and understand what it...
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Hey Imp
Yes time of day goes like this
Europe/US Liquid most active sessions(with the overlap being the most active and it fades after lunch of NY )
Asian/Aust sessions are notoriously he slowest thinnest, so one has to ask themselves how much a move is going to sustain or if they are willing to hold through that. Also things like how much weight should we give to a bar that may form after the active sessions as simply b/c the session is winding down and people are tidying up their positions.
as for some Pins, who better then the big guys posts
http://www.forexfactory.com/showpost...ostcount=59055
http://www.forexfactory.com/showpost...ostcount=39344
http://www.forexfactory.com/showpost...ostcount=39300
Best
Mike
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Sep 22, 2010 10:14pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Fxknkw987
Complete newb here. Been reading J16 free stuff for about 2 years and still struggling.
I wanted to post my graph and share with the above poster that the bars on my graph don't at all line up to the above posters. I know the broker feeds can be different but it seemed quite a bit different.
Any explanations from the seniors?
Thank you, I will be posting more since just reading is not changing my trading account.
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Hey FX
Welcome glad to see you posting and getting involved, hopefully we can shine the light a bit for you
You are correct it is simply broker feeds. Some feeds may deviate up to 4hrs and during that time can drastically change the look of one brokers close times vs another. This is of course cause FX is not a centralized market and most brokers charts close in respect to their timezones. I personally use a 5pm est broker close
Let us know if you have more questions
Mike
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Sep 22, 2010 11:32pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Fxknkw987
Thank you Mike for the immediate response....
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Hey FX
The time is set by your broker. So if you find the broker with the time you want you can use them. Remember you can chart on one broker and use your own broker for trading. This is what I do. My daily (for 5pm est) is fxpro with their tons of pairs.
As for the EJ candletime this is not an Expert advisor it is an indicator. So you want to place this in the Experts folder, then the Indicator folder of your mt4. Then it will come up under custom indicators when you go to apply it. If you can't get it to work don't hesitate to let me know.
Best
Mike
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Sep 23, 2010 12:16am
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Resident Elmer Fudd
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Quote:
Originally Posted by KyEap
Hi,I'm totally new to Forex.
And I'm asked to join here from my friend.
Reading James16 free stuff but I do not understand all the acronyms inside the stuff.
Do you have any acronyms list here ?
thanks.
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Hey Kye
Here is a good starting point
http://www.forexfactory.com/showpost...ostcount=56751
I missed a few on there and can't edit that post now but that is the large majority
Mike
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Sep 23, 2010 12:17am
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Resident Elmer Fudd
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Quote:
Originally Posted by gc7
Hi FX,
If your charting package allows it, you could change the session times to suit when you want the bars to close. I think Mike has multiple feeds for different H4 bars. I have one feed that I change the session times, for example, I have H4 bars that end at 5pm EST, and I also have H4 bars (for the same pair on a separate chart) that end at 7pm EST.
This way I have two version of aggregated data for the same pair. I could create more different session times so that I see a new H4 bar every hour, but I am already struggling to monitor 25 pairs...
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Yes thanks Grant for clarifying, I make the assumption it was about mt4
Thanks bud
Mike
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Sep 23, 2010 6:53am
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Resident Elmer Fudd
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Quote:
Originally Posted by ekling
Mike, i know for a fact that you bought the USDJPY after that huge BUOB. I did to but on the weekly timeframe. As it seems the trade is not going that well and im wondering how you are managing this trade. I have closed out and cut my losses a bit, are you still in this trade?
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Hey Ek
Yes it seems this wasn't taken as a time to turn yet, I am still in but am watching the 84 area to possibly cut my loss out. Was looking to put in some kind of low after a bullish day to get my stop up in this case. For now I am just waiting. E is also correct if price pulls back up to the 85 it is a good place to look for bearish PA as well. So I am in wait mode for a logical time to move my stop up
Best
Mike
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Sep 23, 2010 6:55am
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Resident Elmer Fudd
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Quote:
Originally Posted by KyEap
I'm sorry here,is very shame to ask suck stupid question but this is annoying me.
In james16's chart explanation,I do not understand how do you all catch the trend or bearish outside bar ?
Anyone mind to teach me how to analyze a chart properly ?
thanks.
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Hey KyEap
The best thing to do right now is start going through the first few hundred pages. Some things will just become more clear as you see more examples from James16. Also begin to go through the links that James put up on post #1. The gist of what we are doing is looking for high probability locations and then looking for bar confirmations at that area(outside bars, pinbars, etc)
Let us know if you have more questions
Mike
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Sep 23, 2010 10:13am
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Resident Elmer Fudd
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Quote:
Originally Posted by ekling
Its funny that im being more conservative than you hehe 
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Hey Ek
This is how I treat the majority of my trades though. I only move my stop up when I find the logical time to do it. But yes it could end up nipping me but I have accepted the potential for a full bar loss when I executed my buy order.
Hope all is well
Mike
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Sep 23, 2010 10:15am
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Resident Elmer Fudd
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Quote:
Originally Posted by Location
Mike:
I just opened demo accounts with the four brokers that you mentioned in a post a few weeks ago. After playing with them for a day, I think that the 4-hour charts close times should work like this:
fxpro 5 a.m. est
alpari uk 6 a.m. est
fxcm 7 a.m. est
ibfx 8 a.m. est
However, the fxcm does not seem to close at 7 a.m., which of your four brokers close at 7 a.m.?
Additionally, which brokers do you switch to after daily saving time ends? Thanks.
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Hey Location
For me it is the FXCM one that gives that close. For example the next close is at 11am the previous was 7am est times.
As for after daily I usually have to go hunting through all the mt4s(i have a ton) so I forget, which it was to be honest. When the times switch just post up I will know for then for sure.
Best
Mike
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Sep 23, 2010 10:34am
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Resident Elmer Fudd
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Quote:
Originally Posted by LiuLangZe
Hi guys some questions to ask:
1) I notice some of you guys had a countdown towards close of bar at the top left hand corner of your metatrader, how do I enable that on mine? (sorry for such questions but i had trouble locating them).
2) I'm living in Singapore, say i trade using FxPro what will the time be for bar open?
Thanks for the patience.
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Hey Liu
Here is the post that has the candle close time indicator
http://www.forexfactory.com/showpost...ostcount=75241
You h ave to download it and put it in your MT4 -> Experts -> indicator folder on your computer. Then you must add it to your chart under custom indicators.
As for fxpro and Singapore. I believe you are a full 12 hours ahead of NY time. So this would be 5am est your time for the daily close.
Best
Mike
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Sep 23, 2010 10:41am
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Resident Elmer Fudd
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Quote:
Originally Posted by cprao
Yesterday night, I took this trade.. though it is gone/going as expected..
But wanted to know senior thoughts on this.
FXDD, H4 TF.
From daily and weekly prospective, it is a huge downtrend.
From H4, It broke 1.4000 (BRN). I waited for the retrace to 1.4000 to make sue the support holds.
1. After the intial break of 1.40, first bar was a bearish bar- but still closed above 1.4
2. 2nd bar is a PB, still closed above 1.4
3. 3rd bar is IB. closed above 1.40. This can be treated as I4b.
I took the trade above that IB.
Stop loss - Below...
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Hey C
I never trade inside bars on the 4hr so I can't comment to much but be careful that bar wasn't an inside bar. It had a lower low then the previous bar. You did get your reaction higher and nailed your target at 4100(generally I put my take profit about 10 pips under the round number). The one thing I am confused about is placing your stop loss so far down. I feel this really hurts ones position size on a bar setup like an inside bar where you are looking for a breakout type move as you got. Again if it works for you keep doing it!
Best
Mike
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Sep 23, 2010 11:43am
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Resident Elmer Fudd
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Quote:
Originally Posted by aserbfx
slightly off-topic, but:
does anyone have an indi which displays the price and instrument in the lower right corner of the MT4 - charts? It should show for example: aud/usd 0.9512.
Thanks
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see if this is what you are looking for Al
http://www.forexfactory.com/showpost...18&postcount=1
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Sep 23, 2010 12:11pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Jonnyislost
I like this EUR/AUD BEOB. And this is one of the only pairs that is moving quite smoothly at the moment
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I like this one too J 
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Sep 23, 2010 12:45pm
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Resident Elmer Fudd
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Quote:
Originally Posted by bboyomega83
A few more good things about this BEOB is that its bouncing of 1.4100, and the close is strong and below the consolidation immediately to the left of it, and the relative size of the whole bar compared to the others and its also engulfing the previous 5 bars. What do you guys think?
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Yep exactly. We have a very strong PPZ of two former big all time lows. Price has now retraced to them at 1.4 area and formed this BEOB.
Mike
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Sep 23, 2010 1:25pm
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Resident Elmer Fudd
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Quote:
Originally Posted by billm
Is the entry signal given if price takes out the 4H bar low or are you looking to enter on the current retracement perhaps at a fib level ? I assume the correct place for a stop is above the 4H bar high plus a couple of pips + spread ?
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Hey Bill
My entry would be under the low of the BEOB, you could enter on a retracement but the bar is not valid till that low breaks. My order expires in 2.5 hrs(I give it 4hrs to trigger)
Best
Mike
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Sep 23, 2010 1:32pm
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Resident Elmer Fudd
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Quote:
Originally Posted by billm
Thanks Mike, 4hrs to trigger because its a 4H BEOB ? and your target would be 1.3927 or lower
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Yes I usually only give it one Full bar of whatever timeframe the trigger is. 1.3900 pivot and 1.3800 pivot would be my areas of interest. I have a final take profit around 1.3820 for now but my mgmt changes depending on how the trade moves
Best
Mike
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Sep 23, 2010 2:54pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Chelski
Would anyone commenton this?
80 BRN has held and also formed a DBLHC above this level.
Stopping close to resistance. A break of this bar could see 80.90 or as FTA?
On FXCM feed we also had a small pin closing over 80.
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Hey Chelski
Yeah I think the setups are so small and didn't create enough space away from previous run meaing were trading right into a boxed area and another PPZ. Makes it more difficult to manage and trade. I think of all the aud action we saw today there were better ones(like the eur/aud) to be waiting to get involved with. With this one you have nothing more then really a bullish bar in an uptrend, no real confluence.
Just how I see it
Mike
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Sep 23, 2010 2:57pm
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Resident Elmer Fudd
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Quote:
Originally Posted by podgy
anyone thinkin goin long on this one?
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Hey Podgy
As of right now we have a very weak looking pin and only because the tail is there and open and close are in the prior bar do we consider it one. But we want to see the nose stick out far from the previous low, and personally I want more conviction in the close. Look at the 82 PPZ level and if price could close strongly above it , then the look would be much stronger in my eyes
Best
Mike
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Sep 23, 2010 5:04pm
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Resident Elmer Fudd
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Quote:
Originally Posted by xmzhang
Hey Mike,
My thoughts about this pair are bullish, yesterday price broke out of a symmetrical triangle and closed above the weekly PPZ @ BRN 14000. I want to look for PA confirming the BRN 14000 as support now. Could you please comment on this one, Mike.
May the force be with you.
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Hey Zhang
Yes this could now also turn to support at the BRN. My order was pulled after it never triggered, but at the time the 1.4 was acting as resistance as designated by the big beob CLOSING below the 1.4. we can also now use this area to look for potential bullish PA as well. I use these areas both ways in my trading
Best
Mike
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Sep 23, 2010 5:46pm
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Resident Elmer Fudd
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Quote:
Originally Posted by xmzhang
Hey Mike,
On the 4H-TF price pierced the BRN 14000 but retreated quickly above the 14000 again thus generating a spring (expression used by R. Wyckoff) which should in theory bring price back near the 14050. I've noticed that these one bar false breakouts work mostly fine according Wyckoff's theory.
May the force be with you.
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Hey Zhang
The pending order I had was not that one, as that bar could not close below the BRN(one of my rules). The hour later price was able to close below, but then the following bar could never break the low of the BEOB, thus I am able to avoid a potentially false sell here.
Take care
Mike
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Sep 23, 2010 11:21pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Pinbar
Anyone else unable to log in to the PF?
After I push the Log in button all I get is this.
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Hey Pin
I just sent you a few PMs, it looks like it is your ISP found a thread with a few people who had dynamic IPs
Check and see if what I sent helps
Mike
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Sep 23, 2010 11:25pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Pinbar
I just cleared all cookies and it still occurs.
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I sent you two others ignore that one
Mike
PS you can just PM me with further issues so we can keep this thread free
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Sep 24, 2010 9:34am
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Resident Elmer Fudd
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Quote:
Originally Posted by jarroo
Heading Up North (that's Up State to you Mike . .lol) for my anual late season golf outing ..
http://www.treetops.com/
see ya Sunday night.
Jim
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have fun bud! 
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Sep 24, 2010 9:40am
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Resident Elmer Fudd
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Quote:
Originally Posted by novice198
Not sure if anyone has reported this setup. Looks good to me, except that the PB may break late in evening on Friday and I would not like to keep a trade open during the weekend.
Comments from seniors / experts welcome.
Cheers,
Novice 198
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Hey Novice
Careful here that is not a pinbar. We need a much longer nose, or at least one longer then the body of the bar to qualify as a reversal pinbar as per j16
Best
Mike
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Sep 24, 2010 10:39am
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Resident Elmer Fudd
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Quote:
Originally Posted by damien100
Hi Mike Eur Eud H4 trade ,which failed
entered at 1.4064 above the cosolidation bar highs which were above the 1.400 BRN and PPz also confluence with 50.0% fib and up trendline.
I closed when price dropped but below BE
I looked at the monthly also to give support that price had turned upwards
clearly not so. I can see stupid mistakes but can you comment
Thanks
D
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Hey Damien,
I think your entry is too loose there, if you are going to just buy a new high then it should go above that recent high otherwise you are trading right into the most recent market high. Tighten up those entries(specifically with the bar techniques) and you will find much better timing in the markets.
Let me know if you have more questions
Mike
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Sep 24, 2010 11:17am
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Resident Elmer Fudd
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Quote:
Originally Posted by miracle16
hi mike,
been a while since i popped by and happened to chance upon 2 charts whcih interest me
euro and the aussie
i'm pretty sure these 2 bars will end as a buob
but my concern is whether we should take these bars up front, be aggressive or patient to look for a retracement back at support levels like 0.92 for aussie and 1.328 for euro
aussie seems to be in unchartered territory since 08. cant really see the FTA on this one.
pls advise thanks
safe trading for all.
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Hey Miracle
Firstly remember we really want these bars at swing lows and these are extreme swing highs. Now you can play them as continuation bars but when I do that I generally do that at the top of a pattern. For example if you have a continuation buob at the top of a horizontal resistance area and it closes outside that boxed area. This is a good sign price is going higher. Here was a good example http://www.forexfactory.com/showthre...56#post4037356
Where as both of these would have to be just pure momentum with the trend plays which I won't make. If the euro can't close above 1.35 I would be even more cautious.
Hope that makes sense
Mike
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Sep 24, 2010 1:21pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Dan Gilbert
This past week was the only week of this past month that I made more than 1%....
was it a slow month for anyone else? Or just me?
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been up and down for me to Dan, much like august
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Sep 25, 2010 11:27am
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Resident Elmer Fudd
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Quote:
Originally Posted by tradewiser
Hey Mike,
Do you still use any of the option strategies taught to you by darkstar?
Naj
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Hey Naj
I use the knowledge of market microstructure more then anything. Gives you a better understanding of the whys behind price
Best
Mike
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Sep 25, 2010 11:30am
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Resident Elmer Fudd
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Quote:
Originally Posted by damien100
Mike
Can I just clarify, I either should have taken a break of the dbh (second bar a bullish PB) or entry above the following bar,either one or the other,
If that is what you mean I understand about tightening up, although I was also aware of the 1.4100...
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Hey D
For the me that trendline is a bit too loose to have confidence in for me personally for a breakout + pullback. I look for more concrete obvious patterns to trade off . But if you believe in your trendline(which is up to trader) then it is valid to look for price action on the lower timeframe at the former breakout area, and/or(rarely do this anymore) buy a break of the highest point. Which would be a break of 4100 thus buying with the trend, and buying a new high put into the market.
Best
Mike
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Sep 25, 2010 11:49am
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Resident Elmer Fudd
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Quote:
Originally Posted by lucas101
hello,Mike!!!you are a good teacher,,,i want to know when you see a PB in swing low,but after 2days it desnot breakout,will you wait for the PB to break until it works???
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Hey Lucas,
Thanks I don't know about that yet, just sharing my experience but thanks sir
I personally cancel my order if the next bar doesn't break the Price Action bar I am trading. I do that about 98% of the time. This is how I measure momentum especially for intraday trades, I want to see a follow through. But many here will let their orders sit for 2-3 bars after, so play around and see what is most comfortable for you.
Off to the gym have a great weekend 
Mike
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Sep 26, 2010 9:09pm
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Resident Elmer Fudd
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Quote:
Originally Posted by kcardinalis
I usually take the pinbars regardless of where I find them,
Kyla
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Hey Kyla
I have quoted what is going to be the biggest hurdle and why you are seeing a lot of choppiness. Where we find these bars, what they look like, and the context around them is EVERYTHING. The majority of those bars are in very poor shape/size/ and mostly location. If you tighten up on your entries your overall success and ability to manage yours trades is going to get easier.
Identifying the good bars at the good locations will change your trading dramatically. I see maybe 1 or 2 real good bars on all of those charts, and the rest I would be saying improper location or bar size/look. I understand you have done a lot of testing so I don't want to discourage that, but I also know that a lot of the frustration will go away if you can tighten up these trade entries.
Just to summarize some of what I would say about your charts.
BUOBs we want at swing lows, Beobs at swing highs. They can be played as continuations but learn them at these swing points as James teaches first.
An Inside bar can not be a pinbar. A pinbar must have the open and close within the prior bar and have its nose protrude away from the prior bars low/high.
A small little bar is generally going to get run over in a trend market, and chop at the very first trouble areas in a sideways market(or against a trending market).
Go through those charts and zoom out a bit it will give you a better perspective on your bar sizes vs the current moves, or the current market conditions. Our edge is going to strengthen when analyzing the overall picture, not just spotting a bar and trading it(this is generally very dangerous).
Hopefully some of that helps a bit
Mike
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Sep 26, 2010 10:12pm
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Resident Elmer Fudd
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Quote:
Originally Posted by kcardinalis
Hi Mike!
Thank you -so- much for your detailed and specific response. I was pretty sure I had forgotten something about the locations of the BUOBs/BEOBs.
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Hey K
Quote:
So if you see an inside bar that looks pinbar-ish - and understanding it is -not- a pinbar - do you still generally trade it as if it were an inside bar or avoid it? Also, do you mind please clarifying or rephrasing what you said about small little bars being overrun? Do you mean inside bars, or just smallish formations in general?
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An inside bar can only be an inside bar. Some may say with the pinnish shape that they take a bias on it. Again look past the bar and onto the "where" of the bar. As for little bars, I mean little bars in general. For example your chart you marked these little tiny tiny pinbars coming of strong bearish moves. These are going to get steam rolled more times then not.
Quote:
Do you mind also please linking me to some basic posts on these location topics for the various formations?
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Generally it is as I said. Buobs at swing lows, bullish pins at swing lows. Beobs at swing highs, BEOBs at swing highs. Again this is the basics, but it still comes down to the story. I suggest clicking on James' name and going back through his old posts. This is always the best stepping off point even if it is just a refresher. You will surely see things you missed the first time around. Additionally:
http://www.forexfactory.com/showpost...ostcount=23250
Quote:
Perhaps part of my problem is that I originally learned all this several years ago - and have had many starts and stops in my testing (due to uncontrollable circumstances) - so having returned to it now, my memory may have not lived up to my diligence and I may have forgotten more than I realized....
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Not quite sure what you mean here. Do you mean what does a retracement mean? That is simply determining what the recent trend or move is and looking for a retracement(pullback) of that move. Keep it very simple to start. Look for OBVIOUS trends and locations of obvious pullback points(think PPZ + Fib + round numbers etc). Again keep it simple, trying to catch every move , or pick apart every currency is much more difficult then just looking for the obvious. I believe the above link will help you in a refresher course too.
Quote:
I still find it bizarre this didn't affect even recent tests of old data, only this 2010 data (luck, maybe, turned sour) - but if this location/context stuff solves my current problem, then maybe it will reflect a positive difference in my results over old data as well, making it even better.
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Everything Jim teaches is about Location first. I am not trying to say your backtest results are wrong, it could simply be your interpretation of the material and that is perfectly fine. But I wanted to point out that most think this thread is about the bars, when in reality it is about support and resistance and understanding the bars in the context of where they are and what they look like.
Quote:
My other concern is that even were I to eliminate most of these losses by not taking them, there'd still seem to be a lack of -good- trades. I didn't mark the winning trades I actually did take on these charts, so I'm not sure if there's any simple way for anyone to reply to this part of my query. But is it unusual for there to be wide spans of time with almost no great setups across a currency pair? In these situations, what have you done? Traded more pairs? Traded a lower timeframe? Waited it out?
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Sure you can have every scenario you think of. That is why I think it is a heck of a lot easier to watch tons of pairs and just be super picky. I often hear people watching 10-15 pairs on the daily and getting very frustrated by the lack of action over the course of a few months. Meanwhile you can have other pairs giving great signals. I personally(this is just what I do) watch 60+ pairs on the daily/weekly and watch roughly 30 pairs on the 4hr/1hr. Lots of pairs/bars and then pick the best ones. Where as based on what you were doing you were looking at the gbp/chf finding any single bar that even remotely can be classified as a "bar" and trade it. Where as if you switch to being PICKY and watching many pairs you have just become a sniper in the bushes.
Quote:
And of course, I know that this is a huge matter of personal preference and strengths, but could anyone share with me any currencies you had great results with on the daily or 4HR timeframe this year? I know that the results may not be duplicated for me, but I'd be interested to have a look.
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I think the above sums this up. I have no idea, I could check my logs and sort it out, but the reality is I really am not concerned about an individual pair doing well b/c I know at any time that pair may not give signals for months(again depending on the timeframe and ones criteria). For example right now the usd/cad is very very very choppy on the daily. I pretty much will avoid it at all costs. While many might play it, but the smart ones know it is choppy and are getting out quick. The ones that are not taking this into consideration are getting hammered through the chop.
Quote:
Thanks again for your help;
K.
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Hope this helps
Mike
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Sep 27, 2010 12:04am
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Resident Elmer Fudd
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Quote:
Originally Posted by jdl
Mike, can I ask whether those 60 daily/weekly are with one broker, and if yes, which one? I have not yet found a broker with more than 30 pairs. This would greatly expand my list of opportunities. Thanks!
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Hey JDL
Oanda and MB trading have a ton of pairs
Best
Mike
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Sep 27, 2010 11:50am
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Resident Elmer Fudd
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Quote:
Originally Posted by kcardinalis
Mike, you're wonderful....
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Hey K
I have done a lot of testing on various aspects of my method on many many pairs yes. But ultimately a backtest is simply a historical approach and thus most of the tweaking to what I do has come over the years from forward live testing and the results of that data and observations. I always watched a lot of pairs, but over time I added more obscure pairs to my daily/weekly watch. As for your goal, I don't think it is a bad one, but I think you should throw timelines out the window with trading. It simply doesn't work like that. We have to let things come at the pace they do for us. I have seen people get it in 6months, and others 6 years(and most never). So instead just keep demoing until your results prove to you that you are ready to inch towards live.
Have a great week
Mike
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Sep 27, 2010 11:59am
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Resident Elmer Fudd
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Quote:
Originally Posted by pwellsau
Hi all
Appreciate any thoughts....
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Hey Paul
I like this one how it is engulfing so many bars and off the BRN. The next round number at 1.1600 has a box of consolidation sitting at it so this is a nice area to watch. This is one I would play personally. Buobs that close strong above/below BRNs that straddle multiple bars are very strong signals
Best
Mike
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Sep 27, 2010 12:07pm
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Resident Elmer Fudd
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Quote:
Originally Posted by 666Doom
Hey guys,
Now asking seniors to especially look at charts for me would be folly.
So here is my chart.
The 200 SMA is right there around .8545 and also i see it capping the top around 0.8545
And also there is 200 EMA at 0.8488.
And 0.8500 is a good support level.
Price is forming a symmetrical triangle like formation on 4 hourly chart.
The daily bar at present is looking more like a small pinish bar.
But it should be more like a BUOB or BEOB before tomorrow inorder for anyone to take the setup as breakout.
The trendline's forming the triangle...
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Hey Taz
For me it is about not overthinking it. Here is how I would look at this situation. Either way price has done nothing to tip its hand yet. If today clsoes as is it would be a very very very tiny I4b, which could be played as a straddle alone at the BRN of 8500(very important area). Now since we are at an important area I will watch the 8500 for information for where price may be going(think big BUOB or big BEOB here).
In terms of a breakout since the trend on the daily right now is down I would only be looking to play a breakout+pullback short on a completed formation. Right now we have the "start" of a channel you have indicated. If price moves lower now retouches the bottom ascending trendline (see chart), I would be watching for that scenario to play out.
Good area to watch though for sure. And I don't like to keep to strong of a bias but rather watch and see how price reacts around these important areas. So we have potentials for long or short and if price moves down then a potential breakout if the pattern gets stronger(bearish flag)
Mike
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Sep 27, 2010 12:18pm
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Resident Elmer Fudd
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Quote:
Originally Posted by damien100
Hi Mike
i See what you mean the trendline was to sloppy to base a trade on, the new high .4100 clear entry point
sorry to keep on this, would you mind explaining when you would consider going to a lower TFS to take trades , it would help tighten up my thinking about this
Thanks
Mike
D
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Hey Damien
I will drop a timeframe lower on breakout trades. On the former breakout area we can watch for price action on the pullback( you can use the same timeframe but I like to catch it a bit earlier as the continuation may only go to where price broke out as the trouble area). So for the chart I posted above with my crude drawings for a potential breakout scenario, we would wait for PA on the pullback after price breaks out of the lower trendline. On the pullback to that area(re posted with a red X). Think of it as a diagonal PPZ.
Again simple and obvious is always the easiest and best. Same goes for the patterns lines we use.
Best
Mike
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Sep 27, 2010 12:38pm
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Resident Elmer Fudd
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Quote:
Originally Posted by melvin87
Hey guys,
General question on S/R.
In a bullish trend, as price breaks through a resistance level and bounces back to that level which now acts as support, we look for bullish PA before entering the trade. But what happens if price fails to break through resistance, moves downwards for a bit before moving back up to the resistance line with bearish PA. Other than it being countrend, is it still advisable to enter such a trade?
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Hey Melvin it sounds like you are describing a double top which is a good area to watch for price action. Especially if you have divergence. So yes depending on the look this is for sure an area of interest. Former highs that the market couldn't break when price revisits are great places to look for PA. Same with lows
Best
Mike
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Sep 27, 2010 3:38pm
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Resident Elmer Fudd
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Quote:
Originally Posted by 666Doom
Hi Mike,
You are saying that the BEOB and BUOB will form at BRN of 0.8500 at the time of the Pullback and not inside the pattern(the one forming inside it and closing outside it below a BRN and we play it then.)
Now my doubt is during consolidation breakout, the breakout which is for sure, is confirmed by Buob or Beob bar at the end of breakout.
We don't have a pullback in them,we directly play them as normal BUOB or BEOB.
The Consolidation i'm talking about in the first case is a 5-7 bar consolidation.
So why not in the triangle breakouts,...
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Hey Taz
I am sorry I read this a few times but am not totally sure what your question is. Can you rephrase it maybe. I am having monday brain
Thanks
Mike
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Sep 27, 2010 4:45pm
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Resident Elmer Fudd
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Quote:
Originally Posted by jspeakman
Hi (posted again as posted in wrong area!)
Well that input from Onlydragon was pretty offensive, characteristic of many jibes at J16 which I feel is full of incredibly generous free stuff with great humour.
Having said that, I can never quite get a handle on how much % return one might reasonably expect to earn on a given investment in trading. As I guess we are all in this venture partly out of interest but ultimately I suppose to make some money one day (no different to any other job in that respect) and I quite accept that, as with most things,...
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Questions asked in a thoughtful manner will garner the same respect J, so I thank you for that.
That is the problem with this question is that everyone goals/methods/expectations/risk tolerance varies. I think the best thing is not to have the goals/wants/needs that you need to make 100% a month/year . Instead let your methods dicate that. Understand the potential drawdowns/max DDs of your method and adjust your risk appropriately. I think what most people fail to grasp is what 20-30% a year compounded can lead to. We have one person speak about gaining 60% over the last year and he is literally laughed at for not getting double that. That is the type of disrespect/disillusion/naive posts that make me avoid much outside this thread or get involved in a measuring contest. If anyone is reading this and thinks 60% for the year is not good, then I wish you luck b/c I think your road is going to be a long one.
What will your avg % be? I couldn't even fathom to give you a guess. Some people will risk very small amounts per trade and avg much lower on large accounts. Others might be willing to tolerate a higher DD thus a higher overall avg ROI. I always say though let your methods dicate to the numbers and not start with a number you want in mind. I think that is the backwards approach, in my eyes. You may well land anywhere on this spectrum if you attain a method that gives you profitable returns.
Here are some additional posts that may be of interest to you. Just realize the power of compounding and that what many view as "small returns" are truly where the money is at in the long term.
http://www.forexfactory.com/showpost...ostcount=25753
http://www.forexfactory.com/showpost...ostcount=25755
Of course at the end of the day these are my opinions and I respect those that may disagree
Mike
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Sep 27, 2010 4:47pm
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Resident Elmer Fudd
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Quote:
Originally Posted by jdl
Thanks Mike. I just noticed MB Trading is 7 hour behind NY close. I know that all time frames are considered equally valid views of price aggregation. But I also though you prefered NY close for daily, no? You find no issues with the MB Trading daily close timeframe?
Thanks,
JDL
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Hey JDL
I use FXpro for my daily closing times. The brokers I trade with I don't care what their charts look like. Remember price is price, so it is only a matter of transferring the orders onto whatever client you choose to trade with. They can be based off any chart one desires. Just use the proper pricing of that chart to transfer your orders. If I want to put a sell order below 1.3000, I can do it on any broker I desire, doesn't matter if that broker has an aggregated price chart that shows something different.
Hope that makes sense
Mike
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Sep 27, 2010 4:48pm
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Resident Elmer Fudd
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Quote:
Originally Posted by candletrader
I wish I could came across this thread much sooner, but it's never too late.
Attached is the daily AUDJPY...do you think that pin bar (shooting star) appeared on 9/17 still a valid short trade?
Thanks.
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Hey Candle
IMO this trade is over and done. Price eventually broke the pin and notice it tested the 80 Big round number. I would keep an eye on this area for further info. We are boxing around here, and maybe we can get a big tip off where price wants to go next(think large outside bar engulfing the range)
Best
Mike
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Sep 27, 2010 4:51pm
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Resident Elmer Fudd
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Quote:
Originally Posted by 666Doom
Hey Mike,
I am just asking,that will the buob or beob forming within the pattern at the end of untying of the coils or breakout mode fail or work.
Because there is always a pullback into the pattern,so the buob or beob in the pattern is unable to reach it's full potential.
Hope i am clear,i was also having monday brain i guess  , that is why i could not make it clear.
Look at my chart it is also a triangle breakout.
Have a look.
[b]This Post relates to when i first said, if i can play the breakout when the bar on Eur/gbp closes as beob inside...
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Hey Taz
I may be missing what you are saying again, but if you are asking can you play the outside bar as a preemptive breakout of the pattern the answer is yes and I do this. If the outside bar is pushing right up against the breakout area I use it as a tip off and then do not wait for a pullback.
An example
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Sep 27, 2010 4:53pm
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Resident Elmer Fudd
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Quote:
Originally Posted by 666Doom
Hey Mike,
Waiting for your reply.
Anyways,i have read you are great at the breakout trades.
What do you say of this formation.
I think it will consolidate below 1.3100 before breaking.
I saw a Pinbar on weekly chart, forming just around this level.
Regards
Taz
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Hey Taz
An ascending type wedge like this can usually be a sign of dieing momentum to the upside. I like to wait for an exhaustive large bar to play a reversal off.
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Sep 27, 2010 9:51pm
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Resident Elmer Fudd
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Quote:
Originally Posted by stealth
Hello everyone,
I am a multi-year lurker here on the james16 site
I have to say that this thread has tremendously impacted my trading over the course of a few years....
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Welcome Stealth,
Most of us ignore that small sunday bar completely others include it visually with the friday bar. I ignore it personally
Hope to see you post more
Mike
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Sep 27, 2010 11:34pm
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Resident Elmer Fudd
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Quote:
Originally Posted by Fxknkw987
I am not sure I quite understand the situation here? I am a newb so if someone would elaborate on the situation on how a NY close daily bar might benefit one aspiring trader over another on implementing James16 PA methods?
I also use MB Trading, and I am guessing the NY close is 5 pm? So the daily bars end at 12AM NY time?
Thank you for everyones help,
KK
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Hey KK
Many people use various closes, since FX market is not a centralized market. I use a 5pm est close as I believe it is sort of the unofficial official close. Considering after this time the 2 most inactive sessions begin. Thus you bar is going to change and closed based off these less active/liquid sessions. So is it wrong to use a different close? Certainly not. This a belief thing for myself and others. I don't think it will make a huge difference in the long run from a 5pm -7pm or so close. After that I will start to have some doubts though.
Best
Mike
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