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  #78014  
Old Oct 20, 2010 9:54pm
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Originally Posted by dk2007 View Post
Hi mike.
Today i saw what seems to me like 2 day Pin Bar on daily AUDUSD. Price bounced off 76.4 ret and PPZ trend is up. But when i dropped down to H4, price seems to retest the trendline after the break down. I do not know whether i should buy this PB signal (there is also PB on the H4). Or should i look at it as breakout?
Please advise. Thank you
I read your posts and try to study and emulate what you do. You Rock man !!
Hey Dk

The good news is we can make a good decision based on just that daily. This 2 day pin would be at a direct swing high where we want to see them at swing lows that create space. We can use that information to know in this case we would be trading right into the last high and essentially right into trouble. It is best to wait for a better reason to trade a bar up at this area if you are going to take a continuation pattern. If you choose to still play this watch the .9950 and more importantly the parity level. Price looks like it does want to go above it, but I will personally watch the 1.0000 level for more information

Best
Mike
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  #78038  
Old Oct 21, 2010 12:14am
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Originally Posted by leelar View Post
Step 1: I learned from these from Jame16:





Step 2: Therefore I have this: (It read: "Double Low Broken here" at the right of the image)
Attachment 565058

Step 3: Then I have this plan:
From post 77820

There are two Supports I saw, S1 and S2.(I could be totally wrong, still new and learning). Since the double low bars(10/12, 10/13) was broken yesterday (10/18). I am seeing it will go south to test S2. Therefore I set my TP to S1, and plan to lock in half...
Hey leelar

The way james uses multiple bar lows is to play a breakout of them. So if you notice on his charts he is selling right as they break. So your gbp/jpy worked out great but you just played it different then James. James would have sold right under those matching lows as a breakout continuation(so you put a sell stop under the two lows) and when they break your order would trigger.

This thread sure does grow fast

Mike
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  #78039  
Old Oct 21, 2010 12:15am
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Originally Posted by dk2007 View Post
Yes i can see that. I 'll be more careful next time.Thanks
But being at swing high and price broke trendline and retest, would you have consider shorting if there was PA?
Hey Dk

Not personally based on that. i don't really use trendlines as a stand alone confluence enough to just short on a break. Would need more to support it personally

Best
Mike
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  #78079  
Old Oct 21, 2010 12:06pm
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Originally Posted by HanSolo View Post
Man this is fun: Take a random chart, mark the PPZ and spot price action. Despite of messy market conditions even the not so perfect ones worked out most of the times (still beware!) A very uplifting and valuable practice.
Yep this will help bring your confidence up in trading price bars. But take it a step further and for each of these setups, mark where price is likely to go and you will see another light come on. Then it's just a mater of being patient and staying picky

Good stuff han
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  #78080  
Old Oct 21, 2010 12:08pm
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Originally Posted by Mist Gun View Post
Greetings everyone,

I looked at Damien100's 1H chart and noticed that the NZD/USD might be forming an inverted head and shoulder (Please CMIIW)?

Anyone thoughts on this?

Regards,
MG
It could be MG, I am watching the 7500 area for clues but we are choppy around this PPZ(no surprise) so just be picky at this area. Let price tip its hand

Best
Mike
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  #78086  
Old Oct 21, 2010 12:48pm
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Originally Posted by xmzhang View Post
I haven't been here at this thread for very long, so could some one explain what the difference is between the content of this thread in the early days and nowadays, is there such a big difference ? I thought this thread was all about PA patterns, PPZ's, S/R, confluence etc... ?
It is zhang the thread just moves fast and is much larger then the old days

Do not fret my friend we have been doing our thing for a very long time
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  #78087  
Old Oct 21, 2010 12:49pm
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Originally Posted by Edonya View Post
No words will describe my appreciation to all James16 thread posters more so the seniors. I took a trade today using confluence. Although i dint take it on a break but after it retraced.
The rules i followed are:
1. Confluence
2. BEOB
3. Testing of the previous break.
4. Bearish trend
I dont know whether i have missed anything or my analysis is wrong.
I will appreciate your response.
Well done Edonya

i wish I had taken this one on the retrace also. This location was a great one we have been watching in here for awhile now. Retrace nailed it too

Best
Mike
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  #78089  
Old Oct 21, 2010 1:07pm
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Originally Posted by Edonya View Post
Thanx alot
but i have one problem i dont know where to put my TP i just put an arbtrary one i.e. at 79.00 of which i dont know whether it is ok.
Thanks alot.
Hey Edonya

This will come with time what feels most comfortable for you. I am choosing a take profit at the last little PPZ buy area. I think we may even drift down to the last low with this one but b/c I won't be around for almost 10 hours I don't want to get caught in a situation where I have no time to manage it so I am leaving a flat take profit in. Now you got a better entry then me so this may factor in as well. You may decide to say go to b/e now(or take some off the table), and see if you can catch a real runner say down to that last low.
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  #78094  
Old Oct 21, 2010 2:12pm
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Originally Posted by HanSolo View Post
This time I marked where price is likely to go (turquoise). Of course it is easier to see what price did with hindsight. But I begin to understand why Jim and other fellow traders don't even care too much about trendlines and stuff. Only one BEOB failed on this chart.
Making me smile bud
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  #78101  
Old Oct 21, 2010 4:14pm
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Originally Posted by unlv_tj View Post
I have read probably every post in this thread, or only skipped posts I didn't need to read (questions already answered, etc.).

And recently I see a lot of the same stuff....
couldn't agree more TJ

There are no big secrets out there, just a lot of repetition and experience that we gain over time
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  #78104  
Old Oct 21, 2010 4:34pm
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Originally Posted by mbqb11 View Post
Hey Edonya

This will come with time what feels most comfortable for you....

There is the expected bounce, now it may come back up and bounce back again off the new former support pivot

those struggling will learn more by not trading for a month and just plotting these PPZs and watch price react at these levels over and over
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  #78133  
Old Oct 22, 2010 1:30am
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Originally Posted by pay tribute View Post
This thread is gold, Jerry, gold!

hahahaha that made me laugh so hard man. James will get such a kick out of this you have no idea
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  #78158  
Old Oct 22, 2010 10:25am
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Originally Posted by Be Cool View Post
Hi Mike ...
Hey Be Cool

I personally only draw the very major ones on the same timeframe I am looking. So If I am on the daily, I will draw the major ones only as I don't bother looking for many trades outside of those(part of being picky). Once I am in an actual trade then I will begin to draw more minor zones and areas that may give trouble with for managing trades. Don't over due it keep it to the ones that jump out at you for looking for trades it will clear a lot up. I see people who draw PPZ from the montly down to 4hr then all of a sudden their chart has a line everywhere and they go into paralysis mode. It isn't that their lines are wrong it is just not in relation to anything. We have to always remember that their are degrees of everything. Major to very minor PPZs. I use the major ones for identifying trades and minors for mgmt.

As for risk:reward, I would read this too b/c you can't always believe the things you first hear
http://www.forexfactory.com/showpost...ostcount=70154

Hope this helps
Mike
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  #78185  
Old Oct 23, 2010 2:25am
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congrats to Jim and his rangers, I know how much it meant.

They beat us up fair and square. Hope they can get that ring finally
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  #78195  
Old Oct 23, 2010 10:45am
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Originally Posted by albinas View Post
Good morning,

Guys, I have a question. I quite often hear terms "weak close" and "strong close". I thought I understand them, but now I have doubts about that.

Let's take a Beovb for example. I thought that strong close is when second bar closes lower than the low of the first bar, and weak close is when 2nd bar just closes below the open of first bar. (as in the chart attached).

But what do those terms really mean?

Thank you for your time,
and here goes a joke:

A sign on the door of brokerage:
[font=&quot]Dear clients, please respect your...
Also to add to what Ghous said.

Think about it from a very simple terms. About WHERE that close is into relation of where price has been.

Say price is stuck in a range and it hasn't been able to close under that range in X amount of bars(time). Then finally it is now able to close below that range. Price has now shown some sort of shift in power b/w the bears and bulls.

Closes are extremely important to me and my trading

Hope everyone is having a nice weekend
Mike
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  #78196  
Old Oct 23, 2010 10:46am
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Originally Posted by arsa View Post
To all seniors here

do you guys rely more on probability or RR?
I guess for me it would be probability. If I see a great setup i take it and work from there

Best
Mike
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  #78200  
Old Oct 23, 2010 11:21am
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Originally Posted by arsa View Post
do you have pre-set tp(s)? or protect it with sl?

all the best,
Art
Hey Art

Nope I look and evaluate each trade and determine from there what I believe is the best course of action for my exits. Sometimes that is trailing out, sometimes a quick take profit, sometimes breakeven and try to run.

Best
Mike
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  #78203  
Old Oct 23, 2010 11:38am
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Originally Posted by arsa View Post
hope i'm not stepping on your toes with all these questions

whats you max consecutive losses? wins?

all the best,
Art
Not stepping on my toes at all, but sort of a loaded question as I trade a variety of methods and there are times I may cut out for a very very tiny loss. So technically speaking it might be a loss of 1/4r or less but technically speaking a loss. It isn't all or none. But I have had 10+ winners in a row(like wise a winner might be very small winner) and also have had 6+ losers in a row.

But from a more general standpoint it isn't uncommon for me to have 2-3 full bar losers in a row, and also 4-5 solid wins in a row

Best
Mike
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  #78402  
Old Oct 25, 2010 12:56pm
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Originally Posted by Pinbar View Post
Thanks for the kind wishes,,,,I love the muppets..The cookie monster is my role hero. My wife was just cracking up at that.


Many thanks
Happy bday Pin, a very happy and healthy year
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  #78403  
Old Oct 25, 2010 12:57pm
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Originally Posted by Samb0o View Post
Hello fx traders.


Havent been here for long time. Read lots of this thread few moths ago and have been demo trading for 6 months now. Mostly 1 day chart. For few moths i have been looking lots of charts but not studying much. (have to start that again). I have been trading james16 method this 6 months now and account shows profit +50%. I think i trade few more months and then start this thing with real account.

Most of this profit has come from XAUUSD pair. Havent tried XAGUSD and wanted to ask you about this pair. Does anyone trade XAGUSD...
Hey Samb

Great to hear about your success so far over the 6 month period that is fantastic.

PA works on all instruments, or at the least allows us to be able to see what conditions fit our personal methods using a chart.

Keep us posted on your progress
Mike
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  #78404  
Old Oct 25, 2010 12:59pm
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Originally Posted by nuclear62 View Post
Hello everyone, has the market been kind of difficult for PA trading lately or is it just me I mean like EURUSD and other liquid markets hasn?t given clear pitbull daily PA for a long time.. Simple S/R setups appear very frequently and there?s where to choose from.
Anyways got to remember that when 3-5 trades per month is enough, it?s not that bad thing
Just stay patient and watch more markets if you can. This will keep you from getting antsy on any one pair/timeframe. I consider myself very picky and I have months where it seems I am trading every day, and months where I take 3 trades for the month. I still get antsy and make mistakes but we can limit those, our long term success is much better.

Mike
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  #78405  
Old Oct 25, 2010 1:03pm
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Originally Posted by nuclear62 View Post
My attention is now on this one, what do you think? Please every kind of comment is welcome
The question to ask yourself as Jarroo was recently posting about is go beyond the PA and figure out why sellers should be coming here. What is behind your trade, and then determine if that is still enough. We do a lot of this without knowing it from how James teaches us. For example BEOBs we want to see at swing highs away from the previous down move. Your beob is at a very minor swing high which then tells us we are trading right into traffic. We can see price boxing over and over again, and it may well do that here again around the 40. But don't be surprised to see it chop around either way as , as a whole this security has been very choppy

Best
Mike
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  #78406  
Old Oct 25, 2010 1:04pm
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Originally Posted by Adilius07 View Post
Interesting. My FxPro 4H bar ends the same as Thinkorswim. Both look identical. However MACD histogram is very diffetent.. thinkorswim has clear divergence Fxpro not.... wow whom can you trust in this business ((

Anyone know what could be a problem? (parameters are identical of course)
The ToS chart looks like the MACD is much more sensitive to price, the settings may be different
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  #78499  
Old Oct 26, 2010 11:33am
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Originally Posted by Pinbar View Post
Thanks Nasir

I have seen that before and I am not sure of the relationship, as Mike is talking about Huge bars, and why the IPBs work. Yeah, he is also talking about the order flow but, I don't really get the connection.


Are you suggesting that this selling is not true selling?
It isn't that HUGE bar indicates more strength/weakness the a smaller bar necessarily. It is the bar in context to the bars around it + the location. Always think all pieces together. The bigger the bar is generally speaking it had to absorb more orders to create that bar. So if you have price making a huge run up and get a small bar. Why are we to believe this small bar should be able to fight such a strong current trend. Here is an example from today that I saw a post about. Yes this may be a bit extreme example but I assure you other people that are newer to this material are taking these left and right and getting burnt. One thing that drastically changed my ability to pick the "top" or "bottom" with reversal bars was understanding what it was trying to reverse. A small bar is more times then not , NOT going to be able to counter where the recent flow is. For example clearly the recent flow is to the upside on gbp/jpy. If I am going to place my money onto a trade it is going to be on a bar where I believe more true selling is occurring. That small pin is clearly a profit taking pinbar or the most extreme of weak selling(again a large sell order at that location would have created a much larger bar). Now this isn't always the case about bar size and some more advanced stuff regarding location but for now that should get you thinking.

This doesn't mean people can't play smaller bars out there. You just have to be more aware of what you are fighting and use that while managing a trade. For me I don't like to hover over my trades and go to b/e if I am up 15-20 pips. I prefer to let things work or just flat out take profit at a first trouble area. The more trend(long or short term) is not a factor the smaller a bar size can be since more likely I am going for a quick move amidst the lack of direction a market is showing.

Remember each thing is a small piece and together the pieces become most powerful. My way is only how I have brought those pieces together.

Hope that helps
Mike

PS sorry for not being around too much, got hit with a quick flu the last few days but starting to feel better should be back to normal in a few days
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  #78501  
Old Oct 26, 2010 12:12pm
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Originally Posted by Pinbar View Post
Well, so much for my theory about that monthly PPZ holding on EUR/GBP.

Back to the drawing board.

I guess that BEOB at the high combined with the MACD div was more than enough to see off that PPZ.

Hmmmmmmmmmmmm



Maybe Jarroo can throw some light on as to why that weekly support broke?
You have to remember pin that that entire area you have marked is really a "zone". So price didn't cut right through it. It stalled where you have that first red bar, then broke higher up into this PPzone and now has bounced once again off this area. What this tells us that there is "interest" around this area, but until it is confirmed we never know exactly what price will do. You can mark the best most important PPZ of all time but we never know for sure what price will do at this area. We either make an assumption(touch) or wait for confirming PA that meets ones criteria.

One thing I personally do to get rid of some of the noise is stick to my analysis on one timeframe only. Evaluate and work off that. Like James does. It makes taking in all the information easier in my eyes.


Nasir asked me to comment about his post above too, and it could be that, but again I don't want to over complicate things if you are struggling here. Simply keep things as simple as possible. If you identify the above area as a strong PPZ(zone again this is why we use the blue shaded boxes), then simply wait for some nice clean PA on that timeframe.

Best
Mike
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  #78512  
Old Oct 26, 2010 2:26pm
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Originally Posted by HanSolo View Post



These posts really made my day. May I ask you, Mike: Where did you learn this stuff?
Glad it helps but again just my interpretation of j16 material all of which just comes from staring at the screen .
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  #78533  
Old Oct 26, 2010 7:50pm
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Originally Posted by Adilius07 View Post
I think I begin to slowly understand the concept of "space".
For example here is a random chart of todays PA. There are 6 potential setups where 2 lack space so can be skipped (marked in red).

If done so - nice profits gained... even if I ignore "space" concept - the good gains would be made... but if I know why would I ignore...

P.S. I understand of course this is not the best example of "space" but anyway it works, even if there is a small space....
Good chart to do a review on for me. I will come back with notes on this a bit later tonight
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  #78536  
Old Oct 26, 2010 9:14pm
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Originally Posted by Adilius07 View Post
Oh super!!! thanks a lot Mike
Now is 6 am here so I will take a little sleep and will be back to here first thing in the morning.
here ya go
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  #78544  
Old Oct 26, 2010 11:22pm
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Originally Posted by spookie94 View Post
I will soon have a little more tome to trade and decided to give the 4H a try. I just had a few questions. If the next bar doesn't trigger your entry do you cancel the trade or do you give it more time?

And, I use FXpro as my main analisis program but place orders on IBFX. Since there is a 4 hour difference in platforms will this cause issues with different bar structure?

Thanks in advance.
Hey Spookie

I personally do about 95% of the time. Many others will give their bars time to either trigger before canceling. I simply do it for consistency and as a way to measure intraday momentum

Best
Mike
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  #78548  
Old Oct 27, 2010 1:47am
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Originally Posted by Breakeven View Post
I've been following this thread for some time now as a non-member. Now that I'm a member of FF, just want to say thanks to all in this thread for the learning experience. Just opened a new Demo and look forward to giving this a shot. I'll post charts for review, thanks!
welcome bud hang around
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  #78560  
Old Oct 27, 2010 2:59am
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Originally Posted by supremeChaos View Post
im sure ghous is gonna reply soon..
just wanna say that trends dont move in a straight line.
there are trends within trends.... price zigzagging up & down.

& he is not trying to target half of that huge trend... at least not yet.
he is only looking to take a chunk out of it... unless price progresses well in favor of his short & he still has some positions left open.
yep remember from the big guy himself James says he doesn't care about trends. It's built into what we do when you think about it. Good bars at good locations and then where is price likely to go from there.

Mike
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  #78580  
Old Oct 27, 2010 5:17am
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Originally Posted by HanSolo View Post
Thanks for your help. But now I'm even more confused. It brings me back to this trade I was also considering. I know it's a BEOB not a PB. But apart from that, trend looks even weaker than on Ghous' trade. And with all that consolidation and some divergence also why wouldn't that be a...

Well trend matters but it is in relation to what price has been doing. Eur/cad was trending VERY strong, and forms a small BEOB at a swing high. We must think QUICK to b/e if we dare try to pick a top with such a small bar with very little confluence. That is as deep an analysis I would take with such a bar / setup personally

Best
Mike
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  #78616  
Old Oct 27, 2010 11:10am
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Originally Posted by HanSolo View Post
That clears up part of my question here. Thx.



Thanks, Mike. While backtesting lately I found that even bars like these often work out if, like you said, you move your stop to BE pretty fast. Still most of the time one probably ends up with Stop@BE.
I was just wondering why Ghous' AUDCAD and EURCAD were considered...
I don't think either is very different actually

As ghous said not the best but he defined his area clearly of where he thought price was to go and went from there. I think the divergence is better on his, but both did get to their trouble areas. Would I take either? No but that doesn't make them bad trades, depends on the style of each trader really

Best
Mike
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  #78637  
Old Oct 27, 2010 3:03pm
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Originally Posted by Greenhaze View Post
Just took a full bar loss on 4h pinbar. The location was very good imo and shape beside the close being under the open wasnt bad aswell. I was going to take some of the table and move stop to be at 1.3875 but sadly price didnt make it there. Sometimes it is painfull to watch how one trade can erase gains from previous two.
Hey Green

I think your target was very logical, I think if the bar closed above those bar lows it changes the trade completely. These probably do work out more times then not, but the headache when you catch a loss like this used to drive me bananas. Wait for that close to get above those bar lows and it should help you, it did for me.

Best
Mike
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  #78639  
Old Oct 27, 2010 3:15pm
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Originally Posted by Greenhaze View Post
Thanks for Your reply Mike , Ghous , Supreme.

By saying wait for the close to get above those bar lows you meant the close of the pinbar?
Yeah. Think of those lows as a prior level which control was set at. By getting price to close above a level that has not be closed above in a small timeframe price will give you a better idea of who has temporary control.

Closes are very important to me

Mike
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  #78645  
Old Oct 27, 2010 6:21pm
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Originally Posted by bigandrich View Post
thoughts on this one? Pin bar poking into the 1.5700 zone and 365 ema
Hey B&R

Careful here I don't see any pinbar. Remember the nose must protrude away from the previous bars high

Best
Mike
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  #78651  
Old Oct 27, 2010 7:52pm
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Originally Posted by bigandrich View Post
both these bars look like they have fairly long noses into the 1.57 zone and were rejected, I'll keep an eye on it for sure; thanks
Hey Rich

That first green bar is a neutral bar. Notice how the open and close are near the middle and it has "tails" coming from both ends. This indicates indecision. That next red bar is the shape of a pin but it is inside the previous bar which makes it an inside bar. For it to be a pinbar it would have to be shifted all the way up to the top of that green bar so the nose protrudes out of the top end only.

Best
Mike
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  #78656  
Old Oct 27, 2010 9:14pm
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Originally Posted by Pinbar View Post
Maybe waiting for PA in the same direction above the BRN would be more viable.

I don't like the close of the PB being below both he 38.2 and the BRN.

Also, it just stopped Dead on the BRN.


EDIT: This looks like a good one to analyze as Jarroo is showing us. Thanks for bringing it to our attention.
the markets will range at similar times. Notice the boxing effect on multiple majors around BRNs. Coincidence ?


which will tip us off nice first
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  #78713  
Old Oct 28, 2010 11:00am
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Originally Posted by Carnegie View Post
Allright well thanks for that! I'll take a look at more of these and will read the entire tread.. So see you guys in this end of the thread in a couple of years, unless I have a question or two



Yes I thought it was a tweezers. But if it isn't very frequent then I'll not put very much time in it.. Does this thread cover allot about trading price action with pullbacks/retracements before entering the tread? Because I think I need to start focusing on that part, I get faked out like 90% on all of my trades.
Hey Carnegie

Welcome to the thread

They signify a temporary support/resistance(lows/highs). But can then be played as a continuation when that support/resistance fails. I like when you have multiple bar highs/lows

http://www.forexfactory.com/showthre...06#post3836606
http://www.forexfactory.com/showthre...02#post3838802

I like to take things to the extreme with a lot of things

Mike
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  #78715  
Old Oct 28, 2010 11:17am
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Originally Posted by bluetrader View Post
I don't believe you can use an EA with Oanda... EA's are specific to the Metatrader platform.


-- Danny
You can write APIs for them. 600 a month -50$ for every 1mil monthly volume
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  #78717  
Old Oct 28, 2010 11:20am
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Originally Posted by Be Cool View Post
Hi Hans,
Thanks for your reply
I tried to plot some more PPZ on your chart. Please correct me if i am wrong.
If you don't mind, next time when you post chart - i might jump in and ask a question or two regarding your PPZ or setup. That would help me immensely as i will be able to learn to follow your thought process

God Bless,
Keys to remember and why neither is wrong here

PPZ are ZONES (so you can combine both "areas" on some points you both marked to create that "zone").

PPZs have both minor and major ZONES. Sometimes a PPZ can be a single line and those tend to be the minor zones(although not always).

Our urges to make things perfect can throw us off with PPZ and much of trading.

Best
Mike
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  #78719  
Old Oct 28, 2010 11:37am
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Originally Posted by Carnegie View Post
Thanks for the welcoming, Mike!

When these two kinds of support/resistance bar happen, they scare me.
Let me tell you why.. It's because of many times they have had two consecutive lows after eachother, so I thought I'd put a sell order UNDER the two lows. So if it breaks, it will go far down correct?

What the market does instead is break the low, make me a profit of 5-10 pips and then reverse up again and make a PINBAR! Do you see what I mean? I think it's called stophunting.
It has happened to me sooo many times now that I don't dare to put...
Yes you are correct, but you have to take it past just 2 bar lows. In a strong trending say up market, matching highs/multiple highs often will work out well. In a strong trending down market, match highs that break often will get slaughtered. In a strong ranging market matching highs that break will also get killed.

Now go to your charts and look for times you have 4-5 matching highs/lows(and I mean to the pip). Now instead of getting a stop hunt, so much orderflow accumulates that you almost have to get a burst more times then not(again nothing is close to perfect in the markets)

Hope that helps
Mike
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  #78725  
Old Oct 28, 2010 12:03pm
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Originally Posted by Carnegie View Post
First sentence was written down.. I think you have coded a little message here for me to NOT forget about the trend before the PA..

I look at my charts and noticed that many times when the market moves down, consolidates and moves down. It consolidates at an almost horizontal area, and then it breaks down. This is on the 1HR chart, so maybe if we went up to 4HR or DAILY it would be a couple of candles with the same low that broke.. Do you see what I mean? Apologise for the bad english.

Just one more question.
THEORETICALLY, if the market makes...
Hey C

This all makes sense yes and your English is fantastic. And in theory it may be well protected BUT if then price is able to get beyond the protected area it could show the real strength is the other way. Again in context to what is going on always though. Same goes for all price bars/setups

Best
Mike
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  #78739  
Old Oct 28, 2010 1:01pm
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Originally Posted by Be Cool View Post
Hi Mike.
I'd like to think that way too. When i get confluence (fibs, PPZ, BRN) on my chart, most of the time they are not on top of each other anyway. But the other day PinBar and Jaroo was discussing something about a break above/below certain PPZ that got me confused. If PPZ are zones, how can you tell that it has been broken? I figured you know since you trade breakouts.

Uh, btw, since they are zones, how many pips difference between fibs, PPZ or BRN would you still consider has confluence?

Thanks for your enlightment
Hey BC

It really depends. Generally speaking your confluence is going to line up decently close. But this is sort of what I was going at before that everything isn't going to be perfection. It's about getting a strong area and you will be able to see it when it jumps out at you
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  #78748  
Old Oct 28, 2010 2:23pm
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Originally Posted by nasir.khan View Post
Yeah but 2 things to ponder.

The bar on the left is huge and could have been better if it had formed on the BRN @ 1.6000.

IMHO.
.
agreed this finally broke out of a pretty decent range and now is trying to get up to 1.6, has the look of wanting to go higher just a slight stall, take profit of todays move
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  #78786  
Old Oct 29, 2010 12:38am
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Originally Posted by Pinbar View Post
Thanks for your input D.
It is always great to hear others people's opinion about things, balances us out.


This is how I am looking at it right now. Indeed trying to do that Jarroo Thingy! LoL
I sure will be checking back on this one on weeks end
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  #78790  
Old Oct 29, 2010 12:50am
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Originally Posted by jarroo View Post
That Weekly BEOB (potentially) standing out to you, Mr. Mike?
yep sure is.Will be hard to talk myself out of a short if it closes below last weeks low
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  #78795  
Old Oct 29, 2010 1:04am
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Originally Posted by Pinbar View Post
Jarroo, is this a different way you are using space than Mike is in that screenshot from his space video?

Or maybe, I am misunderstanding that video which is not unlikely.
You are both right in terms of how I use it. I see space means trade is more likely to get through and can then begin to define out the trouble areas that may worry me along the way down
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  #78799  
Old Oct 29, 2010 1:10am
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Originally Posted by Pinbar View Post
Jarroo's space looks more like a minor possible resistance area.

Maybe you two can define space for me.

I am getting confused.


I don't care about being wrong, I am used to that, the confusion is what concerns me.
Space is just something that I cam up to explain a trade that has more Potential area to work with. it is not going to be the be all end all. I take trades that have zero "space" to work with that I will also consider potential runners. The idea is you can eyeball this space to get an idea where larger potential areas can come into play. Then use that to help formulate a trade plan. This is what I do at least.

I consider myself very picky(most of the time) that I try to let my trades, or reduce my stop in a logical way to run to these areas(space)

Here was a recent space post marked up chart

http://www.forexfactory.com/showthre...36#post4125036

Best
Mike
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  #78801  
Old Oct 29, 2010 1:13am
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Originally Posted by Pinbar View Post
I think I need a beer. Beer=VERY GOOD.
some things need little discretion
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  #78805  
Old Oct 29, 2010 1:24am
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Originally Posted by jarroo View Post
Great chart Mike.

Here's another :
and touche
great chart Jim
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  #78808  
Old Oct 29, 2010 1:30am
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Originally Posted by Pinbar View Post
If it does close as a weekly BEOB the SL is going to be massive.

I am wondering where you guys are going to consider the trade a loser if it comes back on you, so you don't take a full bar loss.

I am thinking this brown line.
It's all really relative and will still represent just a % of my account so it's all the same to me personally. I will use 1.3 to help manage my trade as we get under way but for me it matters how it plays out.

Mike
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  #78810  
Old Oct 29, 2010 1:34am
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Originally Posted by Pinbar View Post
Doesn't this seem to show that space is meaningless?
Jim is trying to show how it is very meaningful actually.

What he is showing is that the large space means price will have an easier time to fall down and when that space runs out we hit our MAJOR trouble areas. But we must watch the trouble areas along the way.

Just another drawing on same chart . Notice pin one large space, pin 2 small space thus each trouble area becomes a bigger deal

As always concepts get blended to create an overall approach and understanding. Not one or the other


Best
Mike
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  #78840  
Old Oct 29, 2010 11:59am
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This one worked out nice, caught my take profit by a single pip. Sometimes you feel the market hits your stop by the pip so when it hits your take profit by a pip that makes up for it. (although we always forget these ones more then the losses LOL)
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  #78843  
Old Oct 29, 2010 12:14pm
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Originally Posted by Carnegie View Post
Awesome trade Mike, congratulations!

It does look a bit like the USDCAD trade I posted here:
http://www.forexfactory.com/showpost...ostcount=78824

But the problem is that I don't have a clue on how to trade these bearish engulfing patterns (I think you call it BEOVB?), do you just put the entry a couple of pips below it and a stop loss above it!?

congratis and have a great weekend!
Hey C

Yep my entry goes below the bar I am trading and my stop loss above the high to start out.

Best
Mike
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  #78845  
Old Oct 29, 2010 12:26pm
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Originally Posted by Carnegie View Post
Allright thanks for that one.. Now I'm wondering, do you consider risk/reward or you just don't mention that in the james16 trading style`?

sorry for terrorizing you with questions, I am on the way of reading the whole thread.. right now im on page 77
Here ya go C

http://www.forexfactory.com/showpost...ostcount=70154


Best
Mike
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  #78847  
Old Oct 29, 2010 12:31pm
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Originally Posted by fxtsun View Post
Hi Mike,

This is weird, why our charts look different, it's the same broker???




fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur

That above is InterbankFX, something with copying templates over will take the name of a different broker

Best
Mike
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  #78854  
Old Oct 29, 2010 1:22pm
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Originally Posted by proletary View Post
Mike, I'd like to pick your brain about this trade if you don't mind.
In my eyes the chart you posted misses an important PPZ (added by me in red colour). Now the BEOB you took was a fine signal, but weren't you worried that it closed just before the PPZ and that the followng bar was definitely bullish in its nature?

Could you pls comment on that? And BTW did you enter when the BEOB broke the BRN level, at it's close or at the retrace?


Hey P

The way I trade the parity level encompasses your red line level as part of the zone. Price had a failure and lack of momentum above 1.0 signalling a stall in momnetum. Price then had a strong bearish move through 1.0, a pullback to the mid minor PPZ level above 1.0(the high of the beob) and then a very strong closing beob. I placed my order below the last low by a few pips. The next bar didn't bother me b/c of the lack of strong close back over the parity level which was my main focus.

Hope that helps
Mike
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  #78857  
Old Oct 29, 2010 2:32pm
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Originally Posted by unlv_tj View Post
By "parity" Mike is refering to the HUGE round number of 1.0000.

1.0000 means both pairs are worth exactly the same or "parity". So this is a great area to look for price action to show the way.
thanks TJ
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  #78969  
Old Oct 31, 2010 10:29pm
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Originally Posted by Be Cool View Post
If they are to be used on other TF, should the periods be converted? Lets say for 4 Hour chart - since 1 daily bar = 6 4H bars then :
150ema would be 150*6= 900 ema
365ema would be 365*6=2190ema
They are used independently on each timeframe as their own EMAs(for those that choose to use them). Just a matter of having a longer term, medium, and some have the shorter term EMAs

Best
Mike
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  #78971  
Old Oct 31, 2010 10:38pm
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Originally Posted by Be Cool View Post
Often times i found the emas are acting as resistance on higher TF, but on lower TF they are under the current price. In this case, should we pay attention at all to the lower TF Emas? Considering that in lower TF the emas could be acting as support?
Please advise. Thank you
Hey BeC

Don't over-think things. KISS. Do your analysis on one timeframe, look for the great locations, and great bars. Simple is better trust me
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  #78974  
Old Oct 31, 2010 10:51pm
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Originally Posted by Be Cool View Post
Sorry guys, forgot to post charts

Does this Daily Pin Bar looks like it's failing? If so why?
Anyone care to explain?
Thanks
Hey BC

A pinbar is not confirmed valid until the low breaks. So right now it is an unconfirmed potential pinbar. Simply put this is a very small bar. If it does break the low it should make it to the previous bars low being the first trouble area. But overall ask yourself why should we take a small pinbar. What is the confluence. It's all about confluence and things will fall into place

Best
Mike
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  #78978  
Old Oct 31, 2010 11:11pm
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Originally Posted by Be Cool View Post
Hi Mike
I haven't taken the trade yet since the PB Low hasn't broken. The way i see it PB is on monthly PPZ around 0.9650 (red line), has BRN 0.9700 above it and 50% ret. All could be acting as resistance.
With regards to PB size - it is rather small.
Are you suggesting that these are not enough confluence factors to make this setup (if you would call it a setup at all) work?
Thanks
Hey BC

No one can tell you if there is or isn't. WOuld I ever take a bar like this? Never. But again most consider me more picky then most. I see price recently getting above a large box of consolidation. Forming a very very small pinbar. Other then that I see no confluence and add to that the small bar size it makes me weary to want to get involved. Now someone who is very conservative and tight with trade mgmt, might say. Well I don't care i'll just move my stops to b/e very quick. Neither is necessarily wrong /right

It all will come down to what works for you. The thing to identify is what isn't working for you.

Most can be chalked up to .

-Over trading (so be more picky)
-Hoping your trades go forever (so be more stingy on mgmt)


Hope that helps
Mike
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  #78981  
Old Oct 31, 2010 11:31pm
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Originally Posted by Pinbar View Post
Mike, still on the Gap video but, I noticed there is a small gap on EG H4.

I am showing the small tf chart only to exaggerate the gap.

As gaps go, would you consider this already filled at the circle?
If i can't see the gap clearly on the 4hr I don't touch it with a ten foot pole. Again I go to the extreme with all the methods it is my zone. I know some who play 20 pip gaps and all kinds of ways too

Best
Mike
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  #79012  
Old Nov 1, 2010 11:04am
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Originally Posted by Be Cool View Post
Mike are you saying the fact that the FTA being too close at the upper consolidation area that may now act as support once price broke out of it -which made this PB more likely to fail?
Hey BC

Careful here again, remember it isn't a pnibar till the low breaks so it isn't a failed bar. Why do I think it didn't break? Well I just think there is not much too it. Remember just b/c something fits the shape of a pin or an outside bar, or any other bar doesn't mean we should trade it. We want to unravel everything and have a story behind the bar. That story is bar size/formation/location/confluence etc. To me this is just a small tiny pinbar. Nothing more, nothing less. So I just simply pass on those(again personally)

Best
Mike
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  #79018  
Old Nov 1, 2010 2:17pm
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Originally Posted by nuclear62 View Post
Hello all!

I took a demo audcad trade. Thought that 1. there?s an important level and the bar closed above it, 2. a well sized pin and 3. a powerful uptrend. But is there really space to go upwards? The situation is a bit like MMM couple of days ago. Please if anyone could share thoughts about this trade, much appreciated!

This lurker says thank you very much everyone!
Hey Nuc

You are very very close. By saying is there really space to go upwards. The answer is no, b/c of the location of this pin at a swing high that means your first trouble area is SUPER close. So I would be looking right to the previous bar high for that trouble area and you can see it bounced right there(can also throw up the next rd number of 1.0100 to see why). Now does that mean price might not shoot straight through? Who knows, but when it bounces that hard I think getting out makes more sense then holding and "hoping" it continues on. Once you can do that with these types of bars you will not take as many losses in these situations.

This goes very good with what me Jarroo and Pinbar were doing over this weekend here
Mike
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  #79040  
Old Nov 1, 2010 9:07pm
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Originally Posted by Pinbar View Post
I have a question for Mike or anyone else that knows about the proxy eye.


Are there any rules for the proxy eye?

For example, up to 5 bars back on the Daily tf, maybe more on H4 etc?
Hey Pin

There is no rule. Proxy can be weeks back, it's up to the end user

Best
Mike
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  #79063  
Old Nov 2, 2010 12:06am
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Originally Posted by joelcf View Post
You wouldnt be the first to lose a bunch of money on the magical powers of Fibbonacci numbers. Dont worry, Jim and Mike will set you straight

*edit* wow this thread moves fast. disappear for a week or two and you come back to triple digit pages to read.


[size=1]I read Liber Abaci in school, and it is kind of sad that for all the contributions he made to mathematics in the western world (which would look very different otherwise - hint: you wouldnt know how to add or subtract, and we would be on page MMMMMCCLXXI!), he...
lol Joel you are on the very top of my list of people to get a beer with
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  #79068  
Old Nov 2, 2010 12:18am
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Originally Posted by Donkey View Post
I just look at it as another chance to get on the train at the 1.3000 station. Just gotta figure out which direction to jump on.
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  #79113  
Old Nov 2, 2010 5:00pm
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Originally Posted by Carnegie View Post
Hiya guys..

Hope you made some money today on the move up!
Just wanted to get som feedback on my trade now.. Or its not placed yet since it's going to be triggered short when price hits 1,4022.

We had a nice long pinbar there and quite some candles resisting the round number 1.4050.
Also there is some resistance from the past weeks.

What do you think about the trade? Talk to me.. Would any of you put your entries there?
Looking at EURUSD 1HR.

Thank you.
Hey C

Be careful here these are the pinbars I see people get themselves in some trouble.

Notice we had a very very strong run up today and price was able to get back above the BRN of 1.4. I would be very careful shorting based on such a small pinbar at such a late time in the day. Don't want to fight it like that.

Let me know if that makes sense
Mike
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  #79116  
Old Nov 2, 2010 5:44pm
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Originally Posted by Carnegie View Post

Basically you are thinking like this:

Pinbars after strong move ups are dangerous.
Recognizing it is late and there isn't much volume traded.
You are correct this is how I view it. Again it isn't about what this one does, but about getting into good habits and training ourselves to wait for the best bars/locations, to put ourselves in the best position.
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  #79118  
Old Nov 2, 2010 6:15pm
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Originally Posted by Carnegie View Post
Okay Mike but then I have yet another question. in the beginning of the thread James and many other say that pinbars are best at extreme highs or lows, how come this is different? Isnt this pinbar at an extreme high?

Could you please show by some pictures a couple of pins you think are reasonable? Thanks Mike, youre really kind!
Hey C

Yes the swing high is good but we don't just trade the bars. We trade the entire setup. Bar size, location, the story etc. The bars are a small part of the overall make up of trading price action.

can you see the difference b/w these two setups? If you look at the top chart clearly it is a very big bar at a swing high + divg and a strong close it JUMPS out at you. Yours is a tiny poodle pinbar. Notice there is a poodle pinbar on the way back down on the top chart. Can you see the one that yours looks like?
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  #79125  
Old Nov 2, 2010 8:50pm
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Originally Posted by Be Cool View Post
Yes, good looking PIN BAR.
0.9900 BRN, 76.4% ret, PPZ around 0.9800.
Already short on break of 8 HR PB on 4Hour TF. Stop above PB high.
FTA: 0.9680, second target:0.9595

I know the daily PB low hasn't broke, but I figure the 8H PB break will do to reduce risk. Am I right, Mike? Where would you enter? And would you place stop above the left eye?

Thanks
Hey BC

This is not one I would personally take due to lack of confluence. But I trade all my bars the same and my entry would go below the low of a pinbar with my stop starting above the high. It is just how I do things. Always remember a pin is not valid until the low breaks.

Also watch out for this high

Best
Mike
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  #79127  
Old Nov 2, 2010 9:02pm
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Originally Posted by kwikwis View Post
Hey Mike,
What is your buffer to enter on break for monthly, weekly, daily bars?
Thank you!
Hey Kwi

It varies but a general overview would be something like

Daily -12-18
weekly - 15-25
monthly -20-40

Something in that realm

Mike
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  #79130  
Old Nov 2, 2010 9:23pm
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Originally Posted by Be Cool View Post
Thanks Mike - i changed my FTA to the bars high you pointed out
When you say lack of confluence, what do you want to see for you to take this trade? Does the fib and the PPZ not close enough to each other?

Is it wise to enter on PB break on lower TF even if PB low on higher TF hasn't broke - like what i did?

Thank you
Hey BC

I just need more of a story to think why I should be selling here. I would prefer to see what price does up at parity (1.000 level).

As for your second question. I know some do this to refine there entry. My concern isn't that this is wrong it is that it might be trying to do too much in the beginning. Just test it to see if it works for you on demo and then roll with it if it does

Mike
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  #79134  
Old Nov 2, 2010 10:26pm
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Originally Posted by spookie94 View Post
Hi Mike,
I view myself as a conservative trader also. That said how do you handle putting your SL at the top of the PBs. Ive tried it and it drives me nuts. When a trade goes into draw down I start to look for ways to not get a full bar loss and many times burn myself. Is there any tips you can share?
Hey Spookie

This is exactly why starting with it above/below a bar is good, b/c it allows a trader to find ways to reduce their risk along the way. I just use logical areas and each trade I just determine the best course of action.

Best
Mike
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  #79135  
Old Nov 2, 2010 10:26pm
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Originally Posted by spookie94 View Post
would this be a better setup in your eyes?
This was one I was watching b/c it is off the 1.4 but i would have needed a bullish close above all the bar lows to the left.

Has a better story too it though the the aud/chf

Mike
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  #79137  
Old Nov 2, 2010 10:34pm
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Originally Posted by cprao View Post
Mike, what is better story here ?

Is it because it is off from the Monthly PPZ at 1.3925 ?
Is it also because it broke weekly PPZ at 1.4 ?
I am sure, the size of the PB is really good.

But two things I did not like
1) It is trading into a cosolidation zone
2) As you said the close is not Bullish.
Hey C

A chart should explain it best

if it could have closed above the bottom of the box and those lows then I would have taken it
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  #79139  
Old Nov 2, 2010 10:34pm
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Originally Posted by cprao View Post
Mike, since you start with above/below the bar, your position size is calculated based on this SL level, right ?
That is correct

Best
Mike
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  #79142  
Old Nov 2, 2010 10:51pm
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Originally Posted by cprao View Post
I believe it did close above those lows
but did not convincingly closed above the bottom of the consolidation zone/box. Mike, Did I see this right ?
Hey C

It is sort of one and the same. To me that isn't enough of a close above those lows to signify it is back in the box. At least enough to put my money on. A bullish close in this case would signify a whole lot more to me personally. But then again I am very very picky
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  #79184  
Old Nov 3, 2010 10:38am
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Originally Posted by Adilius07 View Post
Mike, may I ask, even if it could have closed above those lows why would you still take it. There is no space, a tight choppy consolidation. Is it ok to take trades like this in consolidation?

Hey Adi

It would create a whole new story. You have major support found at the 1.4. You have a boxing effect above 1.4. The pin which signifies bullish strength closing back IN the box would signify a retest of the high of the box is VERY likely.

Remember always. Bar + location + story.

I take many trades that on first look have zero space. Space is only one concept in the many concepts we use and want to integrate all together. The lack of space would then have me only trade it to the high of the range of the box.

Hope that helps
Mike
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  #79185  
Old Nov 3, 2010 10:40am
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Originally Posted by Adilius07 View Post
So those 4 all have different closing times? If I trade on Oanda but look at those 4 feeds I will have 4 times higher chance of spotting a setup?
right now sub in FXDD for the FXCM feed with the recent time change.

I use multiple feeds to get a different view of the aggregation. It doesn't change how I approach looking for a trade in terms of being picky, location location location

Best
Mike
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  #79198  
Old Nov 3, 2010 3:29pm
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Originally Posted by Revstar View Post
Hiya, just picked up some of the previous comments about noticing boxes in price formations/consolodations etc... since I have added PA to the mix I feel my trading really kicking on... Although this is not the sole reason I will take a position it has really helped clear my view... any way enough chat heres a chart.. not sure if any1 else took it... but notice the support at 129... I got lucky again.
trade well
revstar
Nice rev

I got in much later then you on that 4hr buob took it to the 131 area
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  #79202  
Old Nov 3, 2010 6:03pm
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Hey BC

This is not one I would personally take due to lack of confluence. But I trade all my bars the same and my entry would go below the low of a pinbar with my stop starting above the high. It is just how I do things. Always remember a pin is not valid until the low breaks.

Also watch out for this high

Best
Mike
updated chart. 9700 acted as support
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  #79220  
Old Nov 4, 2010 2:36am
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Originally Posted by Dan Gilbert View Post
I know I have not been visiting this thread at all lately, but I had to pop in to post this text book style trade on the weekly T/F...

My trading has become very relaxed, and I pass on more trades than I take... Feels good

I used the PA from 2007-2008 to determine when to move my stop to B/E, and when to close up my trade for profit.

Trade added a bit more than 0.7% to the account....
Nice Dan

The good ones will jump out and are worth the wait. I am looking for one last push here myself

Good to see you stop in
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  #79248  
Old Nov 4, 2010 8:58am
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Originally Posted by Pinbar View Post
Hey Mike,,,,Isn't that a BUOB at a swing high?
yes it is Pin. I talk about continuations here but of course not as much b/c I think continuation setups are more difficult to grasp. But remember at the end of the day it is the story behind it all.

I also took this continuation bar
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  #79252  
Old Nov 4, 2010 9:13am
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Originally Posted by xmzhang View Post
Hey Mike,
What a coincidence I just posted a question about these continuation trades, what makes these trades different compared to the other trades ?
The difference is only in the story. All bars can be played at ALL locations IF they qualify to. The qualifying is the traders job. Traditionally speaking we play BUOBs at swing lows as taught by James. So playing at a swing high is foreign territory to many. At the end of the day though a bar is just a bar and once we dissect the whys behind it they can be played anywhere. We just take pieces of everything as a whole to make up why we should be in trading.

Hope that helps
Mike
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  #79253  
Old Nov 4, 2010 9:23am
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Here is my nzd/usd video since people wondered. It is mostly entry since the exit was easy on this one but never the less I thought I would post one here since I haven't done or updated the guest videos in awhile and this continuation interests some.

http://www.mediafire.com/?a9ji1705fi3ur61
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  #79261  
Old Nov 4, 2010 10:29am
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Originally Posted by Carnegie View Post

So my question is.. What is a 'story' really?

Thank you very much, and apologise for the long post..
Hey C

The story in short is what this entire thread is about. I know that answer sucks but it is the truth. You have to just start and learn and make mistakes and see what others have done that works.

Story in short = Bar + Location

Location = confluence, reasons for importance behind the trade.

So as you work through this thread you will catch onto little new things that you never thought of. Everything from Price Pivot Zones, to divergence, to bar size, to round numbers, and the list goes on and on. Being able to put the pieces together for each setup(they will change and sometimes incorporate a lot of factors, other times one simple factor) will in turn be your story. I just posted a video of a trade I took a few posts back and you can see my story on this setup and why it was a good one to ME.

Hope that helps and good luck
Mike
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  #79263  
Old Nov 4, 2010 11:09am
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Originally Posted by Carnegie View Post
Allright Mike that actually sounds very reasonable. I have a couple more questions but I'll keep on reading and will post what I don't understand.

And oh, btw. Could you take a look at AUDUSD 1HR chart?
To me, the last two candles are making a two consecutive HIGH.
The story behind why this trade would work out is that it is a strong trending market right now right?

Would you take this trade, and if so, where would entry and SL be?

Thanks!
hey C

I would not touch that market on the 1hr. The best trades were at the 1.0000 area and trading here would just be chasing the market, or trying to pick a top. Best to stand aside and wait for stronger PA in the meantime

Best
Mike
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  #79265  
Old Nov 4, 2010 11:23am
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Originally Posted by Carnegie View Post
Why is that Mike? The pins seem to work very well on this chart and on the 1hr of it.

Ok I'll stand aside and won't look at the AUDUSD. But I still don't understand why a two consecutive high wouldn't work out here. The market is actually trending higher. Anyway, you know more than I.

Should I totally exclude the AUDUSD and only trade EURUSD + GBP/USD?
It's just that two bar matching highs alone on an hourly chart at 1130 am est before NFP tomm is just not really worth it in my opinion. When you are new you should be following the minimum requirements on the daily/weekly only as outline by Jim on post 1. Being VERY picky. This can not be stressed enough.

As for pairs to watch. Watch as many as you can and then be the most picky. I watch roughly 60 on the daily/weekly.

Best
Mike
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  #79276  
Old Nov 4, 2010 12:30pm
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Originally Posted by fxtsun View Post
Hi Mike,

Correct me if I'm wrong, but It looks like your entry was on the daily TBLHC + resistance turning support (together with the rest of the story)?

Thanks


fxtsun
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Hey Sun

My chart is a weekly chart if you look. I took the weekly buob. I posted a video a few posts later for you all

Best
Mike
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  #79278  
Old Nov 4, 2010 12:37pm
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Originally Posted by dmc View Post
Nice Trade Mike.

I was in on the NZD /USD trade as well as an the Aud/Cad 4hr, I skipped on this one because I did not want to over extend myself on the Aussie - Kiwi pairs which are correlated.

One thing that was tough with this bar was setting a profit targer. There isnt much history byond that level to look for trouble areas. Do you just try to trail out with this type of trade? as it is with the trend?
Hey D

Like the nzd/usd trade I have a rough target in mind and then manage as we go. I closed it around 1.0135 as it is NFP tomm so we may see markets consolidate down, I had errands to run, and I had a nice week so I decided to close up shop. I don't have one set way to do things, so I just try to go with the flow of what I am feeling for each trade. My take profit was shy of 1.0200 if we bursted up there

Hope that helps
Mike
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  #79282  
Old Nov 4, 2010 12:42pm
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Originally Posted by fxtsun View Post
Yes of-course it is, I saw the video - thank you so much!

My question was, did you enter the trade solely from the weekly TF or did you fine tune the entry from the daily TF?

Thanks

fxtsun
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Hey Sun

I never personally fine tune my entries. I just keep it real simple

Best
Mike
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  #79284  
Old Nov 4, 2010 12:55pm
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Originally Posted by fxtsun View Post
Thank you Mike!

I like simple. Sorry if my questions are annoying. I'm just trying to learn the thought process behind the trades.


fxtsun
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not annoying at all bud
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  #79290  
Old Nov 4, 2010 3:20pm
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Quote:
Originally Posted by Caesar View Post
I quick chart of my last trade.
EUR CHF 4 hr. BEOB engulfing the entire consolidation zone. Closed below the PPZ near 1.37. I got in on the break with a tight move to BE then let it run to the BRN of 1.36 where I tightened up the stop with a close trailing stop as I was going to be away from my computer for a bit. Got stopped for 45 pips near the BRN. Now it has pushed through and hopefully, for anyone in this, that will become an area of support.
nice trade casesar

I love outside bars coming out of ranges like that they are very telling
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  #79291  
Old Nov 4, 2010 3:21pm
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Originally Posted by Edonya View Post
I took this nice BEOB on 4 hrs and i anticipate that the weekly one will be broken.
Regards
Would be a heck of a good entry if it starts to come back on the weekly. Let's see if it comes down for you looks like it

Best
Mike
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  #79303  
Old Nov 4, 2010 7:01pm
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Originally Posted by jarroo View Post
Looks like the Daily DBLHC hit its target.
good stuff brotha
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  #79308  
Old Nov 4, 2010 7:37pm
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Originally Posted by mbqb11 View Post
Hey Lee

We always want to wait for a break to confirm the continuation.
Just an update to this multi bar high break. I didn't take it b/c I was in other very correlated trades but this just showed strength on aud was there for my other trades(and nzd highly correlated) Note the bar prior to the breakout of the multi highs. Left no where to go but up.

Neat stuff James gave us
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  #79367  
Old Nov 5, 2010 10:49am
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Originally Posted by nuclear62 View Post
It's ok nuc this is how we learn . You do it over and over and make the mistakes and just try your best to learn from each one. Progress little bit at a time.

Have a great weekend
Mike
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  #79385  
Old Nov 6, 2010 1:33am
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Great posts D
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  #79446  
Old Nov 7, 2010 9:18am
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Originally Posted by Fxknkw987 View Post
Man, trying to read from the start of the thread and then keeping up with the more recent post to learn as things are progressing is dang hard to cover with a full time job. My social life is non-existent except seeing my girlfriend and making sure she understands my continual hermit lifestyle. However, I tell myself it will be worth it in the end.

All this to ask, Mike on the NZD/USD trade, do you leave positions on over the weekend or are you planning to place the orders to continue on with the trade on Sunday?
Hey FX

Not sure what you mean, my NZD/USD closed out. I posted a video here that I did as well. But if I am in trades I don't just close them down for the weekend if everything is still the way I want to be. If I were to close a trade down before friday, then it's not going to get reopened and I am closing it for good.

Best
Mike
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  #79447  
Old Nov 7, 2010 9:26am
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Originally Posted by clovist View Post
hey, just a couple of questions for you guys

1 - When setting up a break entry, what do you do if the low or high is being broken a lot before the bar closes?

Do you set your order on the current low and enter even if it breaks before it closes?
Do you only setup orders after the bar has closed?
Does it depend on how much of the bar is left, say 30m on a 4hour still has to much time left but on a daily that would be fine?

Just wondering as when looking at setups i have found many break before the close and make the trade less appealing or even...
Hey Clovist

I am a bit confused by your question since you say many break before the close. This cant happen as the bar must close before we have our highs/lows to establish where the NEXT bar will break to confirm it.

Once a bar we want to trade closes if you are trading the break, then your entry goes once that bar closes.

So if I am watching a daily pinbar forming to go short. And my daily bar closes at 5pm est. Once that close is there and the bar is fully formed(ie closed) then my sell order would go under that daily pin. The break is what we call when the LOW of that pinbar gets taken out. This can then happen anytime after that close of the bar was already established.

So once a bar closes and give us the price bars we are looking to put our pending orders in. For me the NEXT bar must break the high/low(depending if I am going long or short respectfully). If it doesn't I cancel my order.

Best
Mike
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  #79465  
Old Nov 7, 2010 5:14pm
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Originally Posted by HanSolo View Post
Just doing some self-talk...

I lately try to get better at spotting meaningful trendlines. While doing this on a random chart I once again become aware of how great the tool of confluence is. Just click the attached animated GIF. It isn't hard to imagine how traders with different styles and approaches kick in and contribute to this 2-day-PB and -BUOB, isn't it?

Unlike many other strategies we see out there this stuff will still work in a hundred years in probably any market available.
heheh nice one bud
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  #79467  
Old Nov 7, 2010 5:42pm
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Originally Posted by PipPirate View Post
Hey guys I've been trading for about a year and I'm new to this system aswell.

I wanted to know your input on the beob on usd/chf weekly, I see there is resistance at the round number of 1.0000, also see there is a ppz around that area and 23.6 fib retracment of the down trend of 5/30-10/10.

Thanks guys your input is much appreciated! And please excuse my crappy analysis, I'm new to all of this
Hey Pip

Welcome bud

We want to see BEOBs up at swing highs, where this one is right at the swing low point. So that means it is trading right into trouble at that last low around .9500. I like the parity level for sure and this suggest further downside, but in terms of all the components James teaches this is one to pass on and wait for a better retracement or more information. Some may take it looking for a quick hard break, but that FTA(first trouble area) at 9500 last low is close.

Let us know if you got more questions

Mike
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  #79471  
Old Nov 7, 2010 6:32pm
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Originally Posted by mission View Post
Hi Mike,

Which 4 brokers are you currently using, the ones I choose keep changing??!!

Cheers
Hey Mission

Yeah there was a bit of change for a few weeks I am back to

IBFX
FXpro
Alpari UK
FXCM

For daily I use fxpro still yes

Best
Mike
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  #79479  
Old Nov 7, 2010 8:42pm
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Originally Posted by mission View Post
Mike, I loaded one of those candle count down indicators and i found that IBFX and FXCM has the same H4 candle?? I prefer Mt4 cause I am used to it, are you using the FXCM US, UK, AUS?

Thanks for your help.
Hey Mission

I have to do some digging for the 4th one until I find it I'll just use the 3. I'll post if I get it, I am sure someone else will jump in too, I don't have too many mt4s since I got my new computers

Mike
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  #79488  
Old Nov 7, 2010 11:04pm
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Originally Posted by ahendon View Post
And what makes FXpro preferable for daily?...

Hey Aaron

No waste at all this is a HUGE thread, I know it can be intimidating.

I do not use FXpro to trade. i only use them to chart. the reason I use that broker to chart is 2fold. Firstly they have a 5pm est close. Although forex is not centralized and there is no official close, I consider this the unofficial official close b/c it is the end of the NY session. Thus the end of the day to me and I want my close at that time. The other reason is they have a ton of pairs with mt4 that I use with my many other brokers. You don't have to chart and trade with the same broker. Since price is price you simply can transfer to the broker of your choice. So I certainly don't recommend(or not recommend) fxpro in terms of real live trading. Always demo with the broker you intend to trade live with and move with baby steps till you find one that is comfortable and you trust.

Hope this helps and let me know if you have any more questions I will try to help
Mike
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