Home
Search Forums
Keywords:
Search Titles Only
User Name:
Exact Match
Show Results As:
Advanced Options
Reply
 
Thread Tools Search this Thread
  #81011  
Old Nov 28, 2010 1:43am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Pinbar View Post
EG, BUEOB.


I know it is still below the BRN, but let's ignore that for now.


EDIT:

Finished.....
Well, we knew from the BRN alone this was a NO No trade but, I think the other reasons are probably equally as valid.

This is the sort of thing, I intend to try in a more spontaneous manner.


Any opinions both good or bad, greatly welcome.

EDIT: The other more obvious story looking at the daily alone.
That was just about as perfect an analysis as could get. Remember the weight you give to your PPzs is the important thing here. Whether you draw your PPZs before hand or prefer to throw them in after you see a bar that pops out what cannot be compromised is their extensive use in determining the validity of the setup.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81013  
Old Nov 28, 2010 2:06am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Oldice View Post
Thanks very much, Ghous!...
A PPZ which is obvious is a strong one

A PPZ that hosts plenty of solid evidences of S/R is a strong one

A PPZ that initiates aggressive bounces/rejections is a strong one

A PPZ that is not frequently visited is a strong one

A PPZ that lines up with round numbers is a strong one

Just a few characteristics of a strong PPZ (from the top of my head).

Obviousness is of course important. What makes a price level worthy of watching is the number of eye balls watching it, and that is directly depending on how obvious is the flip that you see created at the price level.

A whole bunch of times just a single bar high matching with a bar low can be just as great a short term S/R flip as you can get (usually first trouble areas), but normally the longer term (more stable) ones tend to host plenty of evidences stretching back in time to sanction its strength.

Ideally, price shouldn't hang around a strong PPZ, it will normally get rejected immediately and aggressively often within a few pips up and down of the PPZ, or better still - to the pip.

If price is frequently re-visiting a price level proven for its S/R abilities chances are there are not enough orders stacked at this level anymore to create and sustain a rejection. What's more its now weak and probably more likely to break.

Round numbers have a psychological significance for a vast majority of traders including Options traders and fundamental traders in addition to pure technical traders. They are hence important and when lined up with an S/R flip (PPZ) they can be sweet trading spots!

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81014  
Old Nov 28, 2010 2:17am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by novice198 View Post
Hi PB,
I am more inclined to draw the PPZ off the weekly TF and then wait for the appropriate PA bars in the PPZ , followed by analysis of the bar and the PPZ before deciding on the action i.e to enter or pass the trade. This ensures that one does not start analyzing each PB, BUOB, BEOB etc........ I remember that location is far more important than the PA bar itself. In good locations, a 'so-so" PA bar may still work out (not that I am advocating to enter on such PA bar) and conversely a very well formed PA bar will have a higher probability to...
Hey Novice,

Nothing about the quality of setups taken is changed if you don't draw your PPZs before hand, unless of course you're in the wrong frame of mind and an empty chart looks like a "free trade area" to you. Like I said the fact that you give a lot more weight to PPZs in your trading is far more important than whether you have them on your chart before hand or they help you decide the validity of a trade setup after the PA bar has formed.

Once again, I am not marketing this approach, just saying that this is what works for me and the way I trade. At the end of the day All that's right in the business is that which works for you and all that is wrong in this business is what doesn't add up for you.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81019  
Old Nov 28, 2010 6:41am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Kika View Post
to play or not to play this is the question (not much experience in continuation boub ) tnx in advance
That doesn't like like a bad setup at all...in my book at least. Good location (obliging to the 2W pin bar, off the 1.000 and forming the break of the H&S pattern on the daily) Decent shape (strong close) and a very very clear idea of where price is going at the break of the BEOB.

g.
Attached Thumbnails
Click image for larger version

Name:	au weekly.gif
Views:	75
Size:	28.9 KB
ID:	588125     Click image for larger version

Name:	au daily.gif
Views:	60
Size:	30.9 KB
ID:	588126    
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81252  
Old Dec 1, 2010 12:17am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Adilius07 View Post
It is a historical day for me today!!! First time in my life I am going to take a trade from Monthly chart!!! No more 2 min TF's.. haha I'm excited!!!

Welcome home!
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81434  
Old Dec 2, 2010 9:53am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by spookie94 View Post
AM I THE ONLY ONE WHO PLAYED THIS WRONG?

I entered on the break of the BOUB, plus buffer and spread. Was there a better entry? Was my stop close?
Nothing wrong with the entry for sure, the stop was probably too tight. I wonder if you go with tight stops all the time, or was it for this particular setup only Spook?

A lot of times people try to guard their "less than A+ setups" with tight stops. Depending on the situation it may or may not be a viable option.

First thing's first we do agree it isn't A+, don't we? I mean clearly the fact that we didn't close above 63 and the adjoining bar highs and lows would be a reason good enough to keep me out of the trade at least but I clearly understand how and why this could be considered a trade by a less conservative trader than myself.

Thing is when you had finally decided you were going to go for a setup that doesn't jump out, on a choppy pair occuring in the last month of the year, was such a tight stop and hence the bet that price was going to shoot off straight away, the right way to go about managing this trade?

I am obviously not in this trade but had I been in, this trade would be FAR from over, although I barely ever keep a stop tighter than a full bar one, if it had to be a tight one here I would certainly have kept it below 62.5 - an obvious PPZ.

Let me know what you think Spookie,

g.
Attached Thumbnails
Click image for larger version

Name:	nj.gif
Views:	40
Size:	31.4 KB
ID:	591271    
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81436  
Old Dec 2, 2010 9:58am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Atc View Post
Do you think this J16/PA works? LOL

Too bad this was demo!

I'm on this crappy laptop...I miss my dual monitors/desktop Once you get hooked on more than one monitor, you just keep wanting more.
Bingo! Now that's one rocking trade, demo or not. That 'clunk" sound of hitting the nail on the head is adorable each time you hear it no?

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81448  
Old Dec 2, 2010 10:29am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Adilius07 View Post
I'm gonna make a pic for you Xmz
I recently finished doing my setup.

A 6 foot pin bar is worth a look.



g.
Attached Images
 
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81452  
Old Dec 2, 2010 10:35am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by spookie94 View Post
I agree that it wasn't an A+ setup....
I'd recommend staying on the same time frame to manage trades just to keep things simple.

If I had played this, my entry would be at the break. SL at the opposite end of the bar (because that's where I like to keep it before I go into every trade I take - though obviously it would have moved up at this stage - most probably just below 62.5 as mentioned in my previous post) and a straight take profit at the marked.

g.
Attached Thumbnails
Click image for larger version

Name:	nj.gif
Views:	54
Size:	32.3 KB
ID:	591305    
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81460  
Old Dec 2, 2010 11:00am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Almfx View Post
Wow KooL !! G. u really do trade from looking at that large board
no wonder, how you get to catch those A+ setup on-time LoL
Hey Alm,

Long time bro...where've you been?

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81461  
Old Dec 2, 2010 11:11am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by spookie94 View Post
Thanks G. Looks like our entry and TP is the same I just need to that SL down.

Heres one for the newbies like my self: This may be common sense but if your thick- headed like myself I hope this is a slap in the face for you. IF YOU ARE TRYING TO INCREASE YOUR POSITION SIZE BY TIGHTING UP YOUR SL REMEMBER, A FULL BAR LOSS AT 2% RISK IS THE SAME AS A 30 PIP LOSS AT 2%. IF YOU WANT TO REDUCE RISK PLACE SL AT THE END OF THE BAR AND MAKE ADJUSTMENTS ONCE THE TRADE IS TRIGGERED.
Now I see why that stop was ultra tight. Well trying to reduce stop size to increase your position size is a BAD idea even with an A+ setup. A lot of times such a thought process gets triggered when you wonder "Ok here we are, with a 140 pip stop and the FTA 30 pips away, let me cut this down to 60 pips so I can at least get hooked up with a 0.5R runner - and hey this setup looks good to shoot for the moon anyways"

In doing so you make a fundamental error. You give too much weight to a single trade. We as traders rely on long term (a big sample space) for our risk diversification and an independent winner or looser has no significance as far as our trading performance is considered.

As J16ers, it's not the R:R that we are concerned about. Its the probability measure of where price is going that makes every trade worthwhile. At the end of the day it's still just the 0.3R that you made, but if you're in the right frame of mind you'll smile and feel sorry for the 5 min scalper who's busy taking 20 trades a day with his nails between the teeth and the A$$ at the edge of the seat.

Don't shoot for 30% a month, you're going to beat almost any 'safe conservative risk averse' investment opportunity out there by going for a modest 8% a month. It's all about consistency which can never be achieved if stops are being tightened to catch that 1% on offer.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81465  
Old Dec 2, 2010 11:26am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by mbqb11 View Post
Just to clarify a bit here G if I may cause some will be confused. It is ok to have a reduced stop to get a larger position size if it fits into what you do(not just willy nilly like G said). Many traders start with their stop much higher then under the bar with the understanding of the drawbacks and advantages.

There are trade offs in everything we do as traders. We have to accept them within our methods

Best
Mike
yup, that would be the flip side of the coin I failed to address.

Nothing wrong of course if you have a proven method where you consistently go in with tight stops and it works for your trade management strategies and mindset. Hell that's what Jarroo does day in day out.

Spookie mentioned he tightened the stop on that very trade majorly to improve his position size which got me going,

Thnx for clarifying Mike.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81466  
Old Dec 2, 2010 11:30am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by unlv_tj View Post
Ghous and Benji up in the mix!

Great to see both of you, especially with Benji being gone for so long. I have studied both your posts so much. The next up and coming guy is xmz. I don't know where he came from, but he has learned this system with Benji and Ghous like speed!
Zhang isn't alone that's for sure. I admire the way Pin bar has matured off and so many others, I am sure James would be very very proud of the progress of the group.



g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81516  
Old Dec 3, 2010 4:55am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by jarroo View Post
I believe that the correct sound is . . .KaBooM!! . . . .lol
hahaha!!
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81546  
Old Dec 3, 2010 11:34am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Oldice View Post
Whoops; here's the chart.
hmm...I don't think I see a BEOB there

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81547  
Old Dec 3, 2010 11:35am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by TheSnowman View Post
Set your options to 40 (or is it 50?) posts per page and reduce it to the 2,000+ something pages that I see

It would be great if the regular posters had a signature link to a post that describes the basics of james16 method or someone could re-post it every page or 10

here is a little something I have been working on
Thnx a lot for the effort bud.

Welcome to the group.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81582  
Old Dec 4, 2010 3:53am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Pinbar View Post
And then I say to myself, just keep it simple with RN, PPZ and confluence.

Set the trap and wait for the bait to bite.

As we can see, I am confusing myself.

Any advice folks?

EDIT:
Self advice: Just go back to Jarroo's PPZ.
Let me go through this a bit...
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81584  
Old Dec 4, 2010 5:15am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Pinbar View Post
And then I say to myself, just keep it simple with RN, PPZ and confluence.

Set the trap and wait for the bait to bite.

As we can see, I am confusing myself.

Any advice folks?

EDIT:
Self advice: Just go back to Jarroo's PPZ.
I'll begin with this:

There are heaps of trading systems, money management concepts and trade management ideas that work. As traders the task we have at hand is to develop a combination of strategies that best suit our needs and mentalities. You don't to that by introspection. You get to that point with a lot of trial and error and practice i.e you learn to walk only when you trip over enough times.

Let me see if I get your dilemma right. At one end you want your trading to be really simple based on a few things "that work for you" but at the same time you can't let go of any other measure that can potentially help you analyze the trade. Is that right?

At the end of the day it really comes to simplicity and further down to your own definition of simplicity. Zhang does a good job with eying PA on higher TFs and using it as a bias on intraday ones. I on the other hand keep my time frames completely separate, that is if I take a setup it has to be for reasons I see on that very chart and time frame and if I pass a setup, something's there on the very time frame that would deter me from taking the trade.

The confusion you're facing has its origins in not having the confidence to pursue what you think should work for you. If you don't find switching between time frames and ensuring you don't violate higher TF PA tedious or complicated and deep inside you want to pursue the exercise you need not worry or regret about not making it any simpler.

Einstein was the one I think who said "Everything should be simplified enough - but not any more simpler"

As you practice along, your emotions, attitudes and results will help you decide what you should or should not add in your trading arsenal.

Think about it. When you first hooked up the mt4 you were more confused than you are today, likewise 6 months down the road you'll be less confused than you are today.

Some things just take time. You can't expect a baby in a month by making 9 women pregnant (Warren Buffet)

EDIT:
To quickly summarize, I don't think I am going to say a yes or a no or give a specific recommendation of how you should go about it because that would certainly mean asserting my own beliefs (not coming from a 10 year old pro) on your thinking process - a bad idea.

Apologies for keeping it a little more general than I should have. Frankly I think Jarroo's going to drop down upon this with the right tonne of stuff, but just thought I was going to add in something which may benefit you in some way.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!

Last edited by ghous, Dec 4, 2010 5:33am
Reply With Quote
  #81585  
Old Dec 4, 2010 5:24am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by ghous View Post
I'll begin with this:

There are heaps of trading systems, money management concepts and trade management ideas that work. As traders the task we have at hand is to develop a combination of strategies that best suit our needs and mentalities. You don't to that by introspection. You get to that point with a lot of trial and error and practice i.e you learn to walk only when you trip over enough times.

Let me see if I get your dilemma right. At one end you want your trading to be really simple based on a few things "that work for you" but at the...
As a followup,

Here are my thoughts on the two setups you mentioned. If EG breaks long I think hitting 86000 would be Job well done. If Eu breaks long a hard break should see 1.37

That's all there is going through my mind about the two. Trust me if you will Bar shape (strong vs weak look) Space to FTA and a visual idea of where the bar is at is what decides my trades 98% of the times.

(not recommending anything, just letting you know what normally goes through my mind when I trade)

Had it not been December, Eu was just about a no brainier for my methods. Regardless of the out come of course.

g.
Attached Thumbnails
Click image for larger version

Name:	eg.gif
Views:	60
Size:	31.6 KB
ID:	592318     Click image for larger version

Name:	eu.gif
Views:	55
Size:	30.2 KB
ID:	592319    
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81588  
Old Dec 4, 2010 5:38am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Pinbar View Post
Thanks Ghous...Some of that made me cringe and some of it made me smile.

You know, I think it may have something to do with being over at the PF reading and watching videos all day.

I have mentioned this a few times before but, I will mention it again as this may be part of the reason, my mind is all over the place.

I know Big Jim has done this a Looooooooong time, and has been through hell and back, fallen into every trading trap imaginable before he arrived at the point he is at today, through blood, guts and probably many tears and from the...
I got rid of everything under the daily time frame precisely because I kept missing setups. Some people are ok with it, I feel like throwing up on every pip that moves in the right direction on the missed setup. I've banged my head against the wall once (hard enough for a bruise) for missing a "once in many months" PB on eu on the 1H.

Yet again...you gotta do what works for ya! lol

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81589  
Old Dec 4, 2010 5:39am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Pinbar View Post
Hmm, so you think EU is a better bet than EG?
For sure!

More space, and a better look.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81602  
Old Dec 4, 2010 7:04am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by lallous View Post
Hi Ghous,

When we refer to more space do you mean what I colored in the attached picture?



Thanks
Space for me is the distance to the FTA. The larger the better.

In your chart not all of that would be "space" in my book. (see chart)

Also attatched 2 other charts to help you get the idea.

g.
Attached Thumbnails
Click image for larger version

Name:	yKX19.png
Views:	12
Size:	3.6 KB
ID:	592345     Click image for larger version

Name:	eu.gif
Views:	79
Size:	30.7 KB
ID:	592346     Click image for larger version

Name:	eg.gif
Views:	67
Size:	31.8 KB
ID:	592347    
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81603  
Old Dec 4, 2010 7:11am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by 666Doom View Post
A high on Monthly Combined with several multiple touches in past , of that of Smaller TF.
It is damn obvious that when month was being formed at-least a single week or two spiked till that high,but i am talking about Weeklies lining up exactly with monthly to the pip or with less gap.
But those weeklies have to be far apart from that particular month.

It is like Daily PPZ is PPZ on daily, we may not see it on monthly.
But Monthly will be visible on smaller TF,i am talking about down top approach

But what if our daily PPZ is in Confluence with...
Nice chart.

More of weeklies lining up in that area of monthly high would be better. That would be a good indication of the strength of the ppz (formed at the monthly high). Remember that post where I outlined a few ways to distinguish strong PPZs from weak ones. A point included in the list was "number of touches". The more touches or evidences of S/R at the level the stronger is the area because more touches make the area obvious and hence catch a lot more eyeballs.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81605  
Old Dec 4, 2010 7:18am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by john225 View Post
Could this line not be a probleme for that trade that this line will act as Resistance?

Ghous would you place a Long order above the Resistance or above the high of the PB ?

john225 ;-)
That would be a minor area to watch out. My order would be just above that res area, and for me a lot would depend on how hard the Pb breaks. Obviously if we blow through the line you drew chances are it'll probably hold as support and help price to make it to the marked trouble area.

An important part of anticipating a strong break would be the strong close on the pin bar.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81607  
Old Dec 4, 2010 7:37am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by john225 View Post
So you wouldn?t set the order and forget it till the next candle opens. You would whatch it how it breaks right?
Would you go to an lower timeframe to watch how it breaks?
I never switch time frames between trades. That is I won't even look at the daily until a weekly trade plays out even if it does so in a month's time.

But yeah my eyes would be on the moves on the time frame the pin bar is at. In case we don't get the hard break I might get out with a little -, 0, or +. This is how I normally deal with setups that are heading into some immediate res/supp (as in very close to my entry point). Slightly further away and I pass on the setup, a little more and it becomes A+ for me.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81615  
Old Dec 4, 2010 10:39am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by mbqb11 View Post
Hey Lallous

I think that is a good representation of space and you will be far ahead with understanding that alone . That is part of how I do it at least. But space and FTA are two difference concepts. But of course they have some overlap. I did a video that some found useful

I have re-uploaded it

http://www.mediafire.com/?prjqndc567ygtud

Best
Mike
Damn! I admire your ability to get things across as simply and succinctly as you do. :

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81622  
Old Dec 5, 2010 3:33am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by albinas View Post
Good morning world,...
Hey Albinas, I loled at the joke.

They are both acceptable BUOBs.

It is not important for the body (as in the distance between open and close) of the first bar to necessarily get engulfed by the body of an outside bar.

What we refer to when we say an "outside bar" is a bar whose high and low (i.e the complete range) both exceed the high and low of the previous bar.

Put together differently, an OB is a bar that has a high exceeding the high of the previous bar and a low exceeding the previous bar's low. As long as you have that you're looking at an outside bar.

hope that clears things up.

g.
Attached Images
 
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81765  
Old Dec 7, 2010 6:35am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

My best wishes to you Mike.

Have a blast!

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81770  
Old Dec 7, 2010 6:52am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Adilius07 View Post
I have an off topic question. Could somebody explain please.
FxPro and Alpari have different daily bar closes right? Then how come daily bars are identical? I don't understand... Or Alpari now has the same closing time as FxPro?
Hey Ad,

They don't have identical daily bars.

Here's a snapshot of 3 broker feeds each having a different 4H and hence a daily, weekly and monthly close. The order of close is Alpari + 1H + IBFX + 1H + FXPRO.

Time frames under the 4H have the same close on all feeds. The differences that you see in bar close/shape occur on higher TFs are due to different 4H, daily, weekly and monthly closes.

The higher up you go on the time frame ladder, the less obvious the difference gets, and this is so because 20 pips up and down on 4H is naturally going to be more visible than on the monthly (and also because a monthly bar consists about 5760 hours of PA and 5761 or 5759 hours of action instead, isn't going to change much) , but again not to say that monthly bars for instance, look exactly the same across all feeds. We know how PA setups can be made or destroyed within pips.

Hope this makes sense.

g.
Attached Images
   
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81772  
Old Dec 7, 2010 6:59am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Pinbar View Post
Hey Adi, I just downloaded an Alpari UK demo, look at the spread on EU.

11 pips for EU, that is crazy..!
And it is not because this is a 5 digit broker because it just dropped to 8 pips.
Spreads do actually go down below 1 with brokers that offer the 5th decimal. Again that's probably the only advantage that this change delivers. So yeah spread on EU may have been 0.8 there Steve you may want to double check...

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81774  
Old Dec 7, 2010 7:02am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Adilius07 View Post
Hey Ghous, yes I think I got it, it was always obvious with 4HR. The reason I brought this question is I thought if I could scan through my dailies on 2 different platforms (alpari,fxpro) I may see a setup which I missed on one...so kinda increase the number of possible trades, lol.
Now I see that it will not make any sense, I will just stick with one.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81786  
Old Dec 7, 2010 9:22am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by mbqb11 View Post
Thanks for the nice wishes all love you guys/gals
Oh common,

Don't tell me you're going to be here assisting us even today

You should really be partying away mate.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #81790  
Old Dec 7, 2010 9:32am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by mbqb11 View Post
This ain't college anymore those days are long gone. I am even doing my webinar tonight

But don't come looking for me this weekend


g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #82017  
Old Dec 9, 2010 9:22am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by jarroo View Post
It was actually Ghous's IPBs that really made me take a closer look at the closes of bars. It was amazing to see how Price reacted, or should I say respected, the close of IPBs.

Take this IPB on the Daily Usd/Jpy in Nov. Not the prettiest . .you could even call it a very weak BUOB. But all the characteristics of an IPB are there.

Price is respecting the close very clearly. There are other example of this with other IPBs . . .maybe its just with IPBs but I did take a closer look at the Closes of bars. .

Nice way to pick a bottom . .wouldn't...
Surprisingly the close wasn't a crucial requirement for good IPBs in my book back when I first shared the idea here. Over time I too realized how important the close was. Furthermore I see the idea applies to regular pin bars as well, ones with a strong close have so much more to Them than when they "merely just close within the prior bar"

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #82176  
Old Dec 10, 2010 9:14am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by AlanB View Post
First post, so Hi folks =)

I have been trying to read through this thread, it really is quite big! I think I've learned a lot from it so far, and started my trades .. well I burned through ?2000 pretty quickly. Thank goodness it was a demo account hah I took the advice on the first post and think I understand the 'philosophy' of it and this thread. It made sense, 'clicked' with me so I've been learning, watching, and set myself up a demo account. I passed ?1000 in losses just figuring the program out to be honest hah then I burned through a lot...
A whole bunch of us new and old timers drop in every day to see if there's a question we can address to. "being new" should never be a deterring factor to posting. DO NOT hesitate one bit to shoot any question that might worry you.

Congrats for a supportive family (can't imagine a trader of a dad )

Welcome to the group Alan.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #82211  
Old Dec 11, 2010 3:36am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by aserbfx View Post
weekly beob on henkel.
comments appreciated.
I would suspect the strength of that BEOB Aser. I see a very strong up trend vs a small BEOB. I see why you have the 35.00 on your radar but you might want to be more careful as price makes its way through the marked trouble areas in case the steam dries up.

g.
Attached Thumbnails
Click image for larger version

Name:	captur.png
Views:	15
Size:	18.7 KB
ID:	596484    
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #82347  
Old Dec 13, 2010 9:24am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Osman View Post
GM guys,

Anybody took this ? I personally missed it

Very nice 4hr setup on G/CHF
Big strong BEOB engulfing 10 bars, close below 1.55
365 ema above.
50% of previous down move

Os.
Fantastic!

It was the story here that makes it so friggin' cool!

Nice...

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #82351  
Old Dec 13, 2010 9:45am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Oldice View Post
Thanks, PB....
IBs can be bearish and bullish yes.

an IB by definition is obviously a bar that get's engulfed by the previous bar. Thing is if you go looking for such bars, you'll end up over trading because IBs by definition are everywhere and at the end of the day you'll have a bunch of long and short orders on your charts waiting for either end of the IBs to break. That you obviously don't want. You need a filter that will help you take only the strong ones.

One way to do that is to obviously look for confluence (S/R flips/PPZs, fibs, BRNs, MAs). Additionally the close matters a lot for me. For a pair that is showing bearish divergence, is giving up on momentum and is rounding up at a BRN, (hence a good bearish story) makes up for a great location for a bearish IB - i.e an IB by definition with a small bearish body and close below the open.

Now again given the location perhaps even an indecision bar at such a location might do, which is why for me "A lot depends on the ongoing story"

That said, nothing catches my eye on the Eu daily. I see an IB yes, but just like any other solidly located PA bar, the "story" is missing.

I am back after a long day at uni, so hopefully I made sense here, do let me know if I don't.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #82353  
Old Dec 13, 2010 9:46am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by jarroo View Post
2nd target hit.
Jarroo at work?...hmm...Yummy treat!



g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #82369  
Old Dec 13, 2010 10:43am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default IB thought process and story

Quote:
Originally Posted by ghous View Post
IBs can be bearish and bullish yes.

an IB by definition is obviously a bar that get's engulfed by the previous bar. Thing is if you go looking for such bars, you'll end up over trading because IBs by definition are everywhere and at the end of the day you'll have a bunch of long and short orders on your charts waiting for either end of the IBs to break. That you obviously don't want. You need a filter that will help you take only the strong ones.

One way to do that is to obviously look for confluence (S/R flips/PPZs, fibs, BRNs, MAs). Additionally...
Here's a follow up chart, with my viewpoint illustrated. A bearish IB that does not have a bearish close, but is still worth calling for in my book.

1 - First thing to notice. Price is in a mess.

2 - A BUOB. What does it do? Closes above the 1.6! Yes a good sign. What can you expect next? The holding up of 1.6 as support?

3 - You bet! Next bar takes off. Where does it stall? Any surprises why it didn't shoot to the moon? This is where the knowledge of sideways markets (point 1) comes into play. Expecting big runners and S/R flips to be pierced like a knife through cake is a BIG mistake, and the primary reason why people complain "ranging markets are tough". If you know J16, you know you are not at the mercy of a sweet trend. We guys know price. Say it after me - WE GUYS KNOW PRICE.

4 - What do we have? Price pulling back all the way to 1.6 and holding up. First indications of bullish weakness (a major trait of a sideways market. Neither party dictates terms for an extended period of time)...

5 - Blimey! An Inside Bar straddled at the 1.6 BRN. It's an I4B actually - the stronger version of the PA bar. Notice how the low penetrates 1.6 but price closes above, though not exactly on a bullish note - an important plus. Do you see the the three bar lows lining up at the 1.6? What can be expected off them if this winding spring get's released to the downside? (Remember we suggested weak bullish momentum following the BUOB reversing at the S/R flip) That's right. They along with 1.6 will probably hold as resistance if price breaks through them. EDIT: Just checked the M15 and it proves the break was a hard one, and price never looked back after making its way through 1.6

6 - Look where today's daily bar found support? Can it blow through it (the last swing low) and establish a new low? Maybe yes, maybe no. The IB has done its job.

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

There we are. That's an example of a "story" which I (and many others) often talk about. Sideways market action, combined with a BRN, combined with an I4B - a killer combo. A bar alone is insignificant

g.
Attached Thumbnails
Click image for larger version

Name:	abc.png
Views:	31
Size:	27.9 KB
ID:	597491    
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!

Last edited by ghous, Dec 13, 2010 11:53am
Reply With Quote
  #82370  
Old Dec 13, 2010 10:51am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Oldice View Post
Ghous, that makes complete sense. Thanks very much!

Any thoughts on the psychological dilemma I posed - that is, missing an entry, only to be tempted to enter when price gets back to that point but there is no new PA to confirm the entry. This is something I've done time and time again; need to stop!!!

--Dave
I don't see a problem with that. It's ok to wait for momentum to line up for you before you decide to go in.

As long as you are not dumping a weekly setup only to go for it 3 days later 'just because price is headed in the right direction' and as long as the PA bar is still valid, you should be fine.

Make sure, you know for sure when you've missed a setup and when a setup's a pass.

Again my 2 cents only.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!

Last edited by ghous, Dec 13, 2010 12:19pm
Reply With Quote
  #82373  
Old Dec 13, 2010 12:09pm
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Osman View Post
E/G PB

Nice location but don't like previous 2 big bullish bars (chart attached), could be retest of 84.5 based on the weekly bearish bar that close below it as Jaroo showed us... if it didn't had those two bars previous it I would take a shot at it..

Whats your view ?
Agreed.

Those 2 big bullish bars certainly dwarf the PB (and its validity).

Thought process is on the right track bud.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #82399  
Old Dec 13, 2010 10:15pm
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by lallous View Post
I loved the bar by bar analysis.
Outstanding piece of information Ghous !!
More more please !!
Can you kindly point me to additional resources regarding the I4B (inside 4 bar)?
Dan Gilbert's posts.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #82400  
Old Dec 13, 2010 10:17pm
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Oldice View Post
Wow. I'm in awe; that's how to analyze a chart. I'll add this to my list of posts to return to again and again. I really appreciate the help, Ghous!

By the way, how do you pronounce that - as in the bird or rhymes with house?

--Dave
lol.

Ghous pronunciation

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #82401  
Old Dec 13, 2010 10:19pm
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Oldice View Post
Again, my thanks. As I rewrote the question, I felt that I was really already answering it for myself. I know that I have a tendency to chase the market, and this has cost me plenty in the past. I think for now I'm just going to either take a setup when it presents itself or not take it at all. Keep it simple, yes?

--Dave
Yup! Know your rules and you'll know your setups. A setup is either your setup or it isn't. What becomes of a setup is then irrelevant.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #82403  
Old Dec 13, 2010 10:25pm
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Pinbar View Post
Do we have a nice Ghous bar on GBP/CAD Daily?

Broke out low of the massive consolidation area it was in and gives us a PB stopping dead on the 1.6000 & the 50 fibo.


The weekly chart is a little confusing, maybe Jarroo could explain his thoughts on this.
Doesn't appeal to me too much as a great IPB Steve,

We are in a terrible mess here, I can see the 1.6, but again too many whipsaws to get me interested.

g.
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
  #82440  
Old Dec 14, 2010 10:37am
ghous's Avatar
<<--(-$-)-->>
 
Member Since Jan 2008
Default

Quote:
Originally Posted by Jigsaw View Post
Nice.

JIGSAW!!!
__________________
IPBs are advanced PA setups and my sincere request to all newbies is to stay away from them until you know the basics like the back of your hand - TRADE SAFELY AND WISELY!
Reply With Quote
Reply

20 Traders Viewing This Thread (6 are members)
Cyrus, phpscott, slade1986, Coop, g_j_hook@yah, Autumm
Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
PDF of james16 thread? Gasmeter Rookie Discussion 4 Jun 4, 2010 8:07am
rock my chair chart thread forex3e Trading Journals 48 Oct 30, 2007 11:21pm