I am pretty sure that there are guys in this thread that understand the stuff as good as Mike but the way how Mike explains it is AWESOME
I totally agree.
His explanations is how I started and its why I'm still trading profitable today.
Although I may drift to my own style of trading now and again (lol) but Mike's teachings and examples are the best foundation to learn and understand what we do here.
His posts are a must read. (All Of Them)
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
I am pretty sure that there are guys in this thread that understand the stuff as good as Mike but the way how Mike explains it is AWESOME
I totally agree.
His explanations is how I started and its why I'm still trading profitable today.
Although I may drift to my own style of trading now and again (lol) but Mike's teachings and examples are the best foundation to learn and understand what we do here.
His posts are a must read. (All Of Them)
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
I am pretty sure that there are guys in this thread that understand the stuff as good as Mike but the way how Mike explains it is AWESOME
I totally agree.
His explanations is how I started and its why I'm still trading profitable today.
Although I may drift to my own style of trading now and again (lol) but Mike's teachings and examples are the best foundation to learn and understand what we do here.
His posts are a must read. (All Of Them)
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
I am pretty sure that there are guys in this thread that understand the stuff as good as Mike but the way how Mike explains it is AWESOME
I totally agree.
His explanations is how I started and its why I'm still trading profitable today.
Although I may drift to my own style of trading now and again (lol) but Mike's teachings and examples are the best foundation to learn and understand what we do here.
His posts are a must read. (All Of Them)
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
Eur/Cad 4 Hour BUOB off a Daily/Weekly PPZ level, 1.5650, at a swing Low, nice space and 50% retracement level. And of course the beautiful hard break with no draw down that doesn't look back.
__________________
Indicators show the past. Price Action "Indicates" the future.
hey, I reserved a seat for you here, if you don't mind, jarroo? but, to be honest, I am a little bit uncertain about this type of setup, given what Mike said about space as below link, which, of course, I don't understand well though.
the thing is, why do you have so much difference in talking about space?
I am not saying any one of you were wrong, simply curious what could be the difference between two of you.
The Difference is the Time Frames. Mike was on the Daily, while I was on the 4 Hour. The Daily's space was very closed or trafficy (is that a word) in relation to the setup while the 4 Hour space was very open or less trafficy to the 4 hour setup.
Granted, Mike will require more space for a setup then I might at times, but the important thing here is that there is a good amount of space on a given time frame for that setup.
Am I making sense?
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
, I am a little bit uncertain about this type of setup, given what Mike said about space as below link, which, of course, I don't understand well though. http://www.forexfactory.com/showpost...ostcount=45042
the thing is, why do you have so much difference in talking about space?
I am not saying any one of you were wrong, simply curious what could be the difference between two of you.
After re-reading Mike's post I believe he was talking about a potential Daily PB setup. Which I would agree with Mike about the lack of space or traffic that this setup would be running into.
Where as the 4 hour time frame had more space or less traffic compared to the Daily.
The confluenced location was very good (Daily/Weekly PPZ level, 50% ret, etc). Also, the BUOB was at a deeper swing low on the 4 hour than on the Daily potential PB.
__________________
Indicators show the past. Price Action "Indicates" the future.
People are surprised when they see some of the trades I take. They go, I don't get it I see traffic. When I see traffic, that doesn't mean no trade, it usually means to tighten up my trade mgmt plan. Good bars come in many forms and many locations. The key is to learn what makes better locations then others, and what makes better bars then others. Then combine that with trouble areas using s/r, ppz, etc.
Thanks for clarifying for me Jim
Mike
Any additional clarifying commements from you Mike is always greatly welcomed.
An important note: My pickyness compared to Mike's is not always on the same page. lol I tend to manage my setups very tightly and look for confirming hard breaks and retests to aid in my decisions, especially with non A+ setups.
__________________
Indicators show the past. Price Action "Indicates" the future.
hey, I reserved a seat for you here, if you don't mind, jarroo? but, to be honest, I am a little bit uncertain about this type of setup, given what Mike said about space as below link, which, of course, I don't understand well though.
the thing is, why do you have so much difference in talking about space?
I am not saying any one of you were wrong, simply curious what could be the difference between two of you.
On your feed krue, the 4 hour PB was below the Weekly/Daily PPZ level and had immediate traffic or previous highs/lows to deal with (blue areas).
The space, caused by the swing low, probably helped this trade move upward but the decision to take the trade would have gave me pause because of the immediate traffic.
The location is King and if I took this trade on your feed it would have to be tightly managed. If this setup didn't break as well as it did I would have be out with a very small loss.
__________________
Indicators show the past. Price Action "Indicates" the future.
Eur/Cad 4 Hour BUOB off a Daily/Weekly PPZ level, 1.5650, at a swing Low, nice space and 50% retracement level. And of course the beautiful hard break with no draw down that doesn't look back.
__________________
Indicators show the past. Price Action "Indicates" the future.
hey, I reserved a seat for you here, if you don't mind, jarroo? but, to be honest, I am a little bit uncertain about this type of setup, given what Mike said about space as below link, which, of course, I don't understand well though.
the thing is, why do you have so much difference in talking about space?
I am not saying any one of you were wrong, simply curious what could be the difference between two of you.
The Difference is the Time Frames. Mike was on the Daily, while I was on the 4 Hour. The Daily's space was very closed or trafficy (is that a word) in relation to the setup while the 4 Hour space was very open or less trafficy to the 4 hour setup.
Granted, Mike will require more space for a setup then I might at times, but the important thing here is that there is a good amount of space on a given time frame for that setup.
Am I making sense?
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
, I am a little bit uncertain about this type of setup, given what Mike said about space as below link, which, of course, I don't understand well though. http://www.forexfactory.com/showpost...ostcount=45042
the thing is, why do you have so much difference in talking about space?
I am not saying any one of you were wrong, simply curious what could be the difference between two of you.
After re-reading Mike's post I believe he was talking about a potential Daily PB setup. Which I would agree with Mike about the lack of space or traffic that this setup would be running into.
Where as the 4 hour time frame had more space or less traffic compared to the Daily.
The confluenced location was very good (Daily/Weekly PPZ level, 50% ret, etc). Also, the BUOB was at a deeper swing low on the 4 hour than on the Daily potential PB.
__________________
Indicators show the past. Price Action "Indicates" the future.
People are surprised when they see some of the trades I take. They go, I don't get it I see traffic. When I see traffic, that doesn't mean no trade, it usually means to tighten up my trade mgmt plan. Good bars come in many forms and many locations. The key is to learn what makes better locations then others, and what makes better bars then others. Then combine that with trouble areas using s/r, ppz, etc.
Thanks for clarifying for me Jim
Mike
Any additional clarifying commements from you Mike is always greatly welcomed.
An important note: My pickyness compared to Mike's is not always on the same page. lol I tend to manage my setups very tightly and look for confirming hard breaks and retests to aid in my decisions, especially with non A+ setups.
__________________
Indicators show the past. Price Action "Indicates" the future.
hey, I reserved a seat for you here, if you don't mind, jarroo? but, to be honest, I am a little bit uncertain about this type of setup, given what Mike said about space as below link, which, of course, I don't understand well though.
the thing is, why do you have so much difference in talking about space?
I am not saying any one of you were wrong, simply curious what could be the difference between two of you.
On your feed krue, the 4 hour PB was below the Weekly/Daily PPZ level and had immediate traffic or previous highs/lows to deal with (blue areas).
The space, caused by the swing low, probably helped this trade move upward but the decision to take the trade would have gave me pause because of the immediate traffic.
The location is King and if I took this trade on your feed it would have to be tightly managed. If this setup didn't break as well as it did I would have be out with a very small loss.
__________________
Indicators show the past. Price Action "Indicates" the future.
Eur/Cad 4 Hour BUOB off a Daily/Weekly PPZ level, 1.5650, at a swing Low, nice space and 50% retracement level. And of course the beautiful hard break with no draw down that doesn't look back.
__________________
Indicators show the past. Price Action "Indicates" the future.
hey, I reserved a seat for you here, if you don't mind, jarroo? but, to be honest, I am a little bit uncertain about this type of setup, given what Mike said about space as below link, which, of course, I don't understand well though.
the thing is, why do you have so much difference in talking about space?
I am not saying any one of you were wrong, simply curious what could be the difference between two of you.
The Difference is the Time Frames. Mike was on the Daily, while I was on the 4 Hour. The Daily's space was very closed or trafficy (is that a word) in relation to the setup while the 4 Hour space was very open or less trafficy to the 4 hour setup.
Granted, Mike will require more space for a setup then I might at times, but the important thing here is that there is a good amount of space on a given time frame for that setup.
Am I making sense?
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
, I am a little bit uncertain about this type of setup, given what Mike said about space as below link, which, of course, I don't understand well though. http://www.forexfactory.com/showpost...ostcount=45042
the thing is, why do you have so much difference in talking about space?
I am not saying any one of you were wrong, simply curious what could be the difference between two of you.
After re-reading Mike's post I believe he was talking about a potential Daily PB setup. Which I would agree with Mike about the lack of space or traffic that this setup would be running into.
Where as the 4 hour time frame had more space or less traffic compared to the Daily.
The confluenced location was very good (Daily/Weekly PPZ level, 50% ret, etc). Also, the BUOB was at a deeper swing low on the 4 hour than on the Daily potential PB.
__________________
Indicators show the past. Price Action "Indicates" the future.
People are surprised when they see some of the trades I take. They go, I don't get it I see traffic. When I see traffic, that doesn't mean no trade, it usually means to tighten up my trade mgmt plan. Good bars come in many forms and many locations. The key is to learn what makes better locations then others, and what makes better bars then others. Then combine that with trouble areas using s/r, ppz, etc.
Thanks for clarifying for me Jim
Mike
Any additional clarifying commements from you Mike is always greatly welcomed.
An important note: My pickyness compared to Mike's is not always on the same page. lol I tend to manage my setups very tightly and look for confirming hard breaks and retests to aid in my decisions, especially with non A+ setups.
__________________
Indicators show the past. Price Action "Indicates" the future.
hey, I reserved a seat for you here, if you don't mind, jarroo? but, to be honest, I am a little bit uncertain about this type of setup, given what Mike said about space as below link, which, of course, I don't understand well though.
the thing is, why do you have so much difference in talking about space?
I am not saying any one of you were wrong, simply curious what could be the difference between two of you.
On your feed krue, the 4 hour PB was below the Weekly/Daily PPZ level and had immediate traffic or previous highs/lows to deal with (blue areas).
The space, caused by the swing low, probably helped this trade move upward but the decision to take the trade would have gave me pause because of the immediate traffic.
The location is King and if I took this trade on your feed it would have to be tightly managed. If this setup didn't break as well as it did I would have be out with a very small loss.
__________________
Indicators show the past. Price Action "Indicates" the future.
Eur/Cad 4 Hour BUOB off a Daily/Weekly PPZ level, 1.5650, at a swing Low, nice space and 50% retracement level. And of course the beautiful hard break with no draw down that doesn't look back.
__________________
Indicators show the past. Price Action "Indicates" the future.
hey, I reserved a seat for you here, if you don't mind, jarroo? but, to be honest, I am a little bit uncertain about this type of setup, given what Mike said about space as below link, which, of course, I don't understand well though.
the thing is, why do you have so much difference in talking about space?
I am not saying any one of you were wrong, simply curious what could be the difference between two of you.
The Difference is the Time Frames. Mike was on the Daily, while I was on the 4 Hour. The Daily's space was very closed or trafficy (is that a word) in relation to the setup while the 4 Hour space was very open or less trafficy to the 4 hour setup.
Granted, Mike will require more space for a setup then I might at times, but the important thing here is that there is a good amount of space on a given time frame for that setup.
Am I making sense?
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
, I am a little bit uncertain about this type of setup, given what Mike said about space as below link, which, of course, I don't understand well though. http://www.forexfactory.com/showpost...ostcount=45042
the thing is, why do you have so much difference in talking about space?
I am not saying any one of you were wrong, simply curious what could be the difference between two of you.
After re-reading Mike's post I believe he was talking about a potential Daily PB setup. Which I would agree with Mike about the lack of space or traffic that this setup would be running into.
Where as the 4 hour time frame had more space or less traffic compared to the Daily.
The confluenced location was very good (Daily/Weekly PPZ level, 50% ret, etc). Also, the BUOB was at a deeper swing low on the 4 hour than on the Daily potential PB.
__________________
Indicators show the past. Price Action "Indicates" the future.
People are surprised when they see some of the trades I take. They go, I don't get it I see traffic. When I see traffic, that doesn't mean no trade, it usually means to tighten up my trade mgmt plan. Good bars come in many forms and many locations. The key is to learn what makes better locations then others, and what makes better bars then others. Then combine that with trouble areas using s/r, ppz, etc.
Thanks for clarifying for me Jim
Mike
Any additional clarifying commements from you Mike is always greatly welcomed.
An important note: My pickyness compared to Mike's is not always on the same page. lol I tend to manage my setups very tightly and look for confirming hard breaks and retests to aid in my decisions, especially with non A+ setups.
__________________
Indicators show the past. Price Action "Indicates" the future.
hey, I reserved a seat for you here, if you don't mind, jarroo? but, to be honest, I am a little bit uncertain about this type of setup, given what Mike said about space as below link, which, of course, I don't understand well though.
the thing is, why do you have so much difference in talking about space?
I am not saying any one of you were wrong, simply curious what could be the difference between two of you.
On your feed krue, the 4 hour PB was below the Weekly/Daily PPZ level and had immediate traffic or previous highs/lows to deal with (blue areas).
The space, caused by the swing low, probably helped this trade move upward but the decision to take the trade would have gave me pause because of the immediate traffic.
The location is King and if I took this trade on your feed it would have to be tightly managed. If this setup didn't break as well as it did I would have be out with a very small loss.
__________________
Indicators show the past. Price Action "Indicates" the future.
is anyone considering the BEOB formed on the EUR/USD to be played as a continuation set-up or is it just me vs it
Not technically a BEOB, the bar high is not higher then the previous bar. Too bad its not at the peak of the swing high, then it would be A+.
As a continuation play we would be looking for a BUOB, correct? The current trend is up. Anyway, I like how you have your order below that big round number, 1.4500. Let's see how it breaks. (if it breaks)
__________________
Indicators show the past. Price Action "Indicates" the future.
thanks, jarroo, for the good explanation to understand the difference. what I looked at this setup were 1.56, fib ret 78.6 and most importantly here the trendline, which is a good reflection of the choppy market, if I may. I am just wondering what might signify the influence of space could be situational dependant: only when swing setup comes into play, space takes its power in determining the setup quality, while in range market, it fades its role given that the range bounds are focal of the battle force, anything in between seems most likely weak...
Yes, space plays an important role in the quality of a given setup, if I understand you correctly. But the location of where space lines up with is the key. At a swing Low or High at a PPZ level, even better with other supporting confluences at this level (Round numbers, Fibs, long term MAs, trendlines, etc.)
I agree that space fades its importance in consolidation areas where again the range boundary's Location plays as the key strength.
__________________
Indicators show the past. Price Action "Indicates" the future.
Eur/Cad 4 Hour BUOB off a Daily/Weekly PPZ level, 1.5650, at a swing Low, nice space and 50% retracement level. And of course the beautiful hard break with no draw down that doesn't look back.
Wow, look at it go. Let me tell you something, when you see Price go to the moon from a quality PA setup you will notice that it started from a hard break, not always of course, but many times this is a characterisic.
Maybe that's why rockets use thoses strong booster to leave the Earth. lol
__________________
Indicators show the past. Price Action "Indicates" the future.
mike, jaroo,
your thoughts on the audusd daily beovb?
while it is at a swing high, me thinks there is a bit too much traffic around it and audusd has been bouncing off the upwards trendline...
sounds like i am talking myself off it!
You may want to listen to those voices they make good sense.
Nice big BEOB at a swing high consolidation area right smack into a ton of traffic . . .ouch. An easy pass for many.
It could work out nicely but be prepared for a lot of choppiness. Big PA at the right location can cut through a lot of traffic. I like watching and studying these setups then actually trading them. You can learn alot on how price reacts to certain levels.
__________________
Indicators show the past. Price Action "Indicates" the future.
thks jarroo, have left it. when in doubt... is there a buovb on eurusd h4 the prevvious candle not the current one?
Yes there is, just barely. Look at the size of it compared to the previous bearish bars. We are not very surprised that it didn't work out or even broke.
Oh wait this is the aud/usd.
__________________
Indicators show the past. Price Action "Indicates" the future.
is anyone considering the BEOB formed on the EUR/USD to be played as a continuation set-up or is it just me vs it
Not technically a BEOB, the bar high is not higher then the previous bar. Too bad its not at the peak of the swing high, then it would be A+.
As a continuation play we would be looking for a BUOB, correct? The current trend is up. Anyway, I like how you have your order below that big round number, 1.4500. Let's see how it breaks. (if it breaks)
__________________
Indicators show the past. Price Action "Indicates" the future.
thanks, jarroo, for the good explanation to understand the difference. what I looked at this setup were 1.56, fib ret 78.6 and most importantly here the trendline, which is a good reflection of the choppy market, if I may. I am just wondering what might signify the influence of space could be situational dependant: only when swing setup comes into play, space takes its power in determining the setup quality, while in range market, it fades its role given that the range bounds are focal of the battle force, anything in between seems most likely weak...
Yes, space plays an important role in the quality of a given setup, if I understand you correctly. But the location of where space lines up with is the key. At a swing Low or High at a PPZ level, even better with other supporting confluences at this level (Round numbers, Fibs, long term MAs, trendlines, etc.)
I agree that space fades its importance in consolidation areas where again the range boundary's Location plays as the key strength.
__________________
Indicators show the past. Price Action "Indicates" the future.
Eur/Cad 4 Hour BUOB off a Daily/Weekly PPZ level, 1.5650, at a swing Low, nice space and 50% retracement level. And of course the beautiful hard break with no draw down that doesn't look back.
Wow, look at it go. Let me tell you something, when you see Price go to the moon from a quality PA setup you will notice that it started from a hard break, not always of course, but many times this is a characterisic.
Maybe that's why rockets use thoses strong booster to leave the Earth. lol
__________________
Indicators show the past. Price Action "Indicates" the future.
mike, jaroo,
your thoughts on the audusd daily beovb?
while it is at a swing high, me thinks there is a bit too much traffic around it and audusd has been bouncing off the upwards trendline...
sounds like i am talking myself off it!
You may want to listen to those voices they make good sense.
Nice big BEOB at a swing high consolidation area right smack into a ton of traffic . . .ouch. An easy pass for many.
It could work out nicely but be prepared for a lot of choppiness. Big PA at the right location can cut through a lot of traffic. I like watching and studying these setups then actually trading them. You can learn alot on how price reacts to certain levels.
__________________
Indicators show the past. Price Action "Indicates" the future.
thks jarroo, have left it. when in doubt... is there a buovb on eurusd h4 the prevvious candle not the current one?
Yes there is, just barely. Look at the size of it compared to the previous bearish bars. We are not very surprised that it didn't work out or even broke.
Oh wait this is the aud/usd.
__________________
Indicators show the past. Price Action "Indicates" the future.
is anyone considering the BEOB formed on the EUR/USD to be played as a continuation set-up or is it just me vs it
Not technically a BEOB, the bar high is not higher then the previous bar. Too bad its not at the peak of the swing high, then it would be A+.
As a continuation play we would be looking for a BUOB, correct? The current trend is up. Anyway, I like how you have your order below that big round number, 1.4500. Let's see how it breaks. (if it breaks)
__________________
Indicators show the past. Price Action "Indicates" the future.
thanks, jarroo, for the good explanation to understand the difference. what I looked at this setup were 1.56, fib ret 78.6 and most importantly here the trendline, which is a good reflection of the choppy market, if I may. I am just wondering what might signify the influence of space could be situational dependant: only when swing setup comes into play, space takes its power in determining the setup quality, while in range market, it fades its role given that the range bounds are focal of the battle force, anything in between seems most likely weak...
Yes, space plays an important role in the quality of a given setup, if I understand you correctly. But the location of where space lines up with is the key. At a swing Low or High at a PPZ level, even better with other supporting confluences at this level (Round numbers, Fibs, long term MAs, trendlines, etc.)
I agree that space fades its importance in consolidation areas where again the range boundary's Location plays as the key strength.
__________________
Indicators show the past. Price Action "Indicates" the future.
Eur/Cad 4 Hour BUOB off a Daily/Weekly PPZ level, 1.5650, at a swing Low, nice space and 50% retracement level. And of course the beautiful hard break with no draw down that doesn't look back.
Wow, look at it go. Let me tell you something, when you see Price go to the moon from a quality PA setup you will notice that it started from a hard break, not always of course, but many times this is a characterisic.
Maybe that's why rockets use thoses strong booster to leave the Earth. lol
__________________
Indicators show the past. Price Action "Indicates" the future.
mike, jaroo,
your thoughts on the audusd daily beovb?
while it is at a swing high, me thinks there is a bit too much traffic around it and audusd has been bouncing off the upwards trendline...
sounds like i am talking myself off it!
You may want to listen to those voices they make good sense.
Nice big BEOB at a swing high consolidation area right smack into a ton of traffic . . .ouch. An easy pass for many.
It could work out nicely but be prepared for a lot of choppiness. Big PA at the right location can cut through a lot of traffic. I like watching and studying these setups then actually trading them. You can learn alot on how price reacts to certain levels.
__________________
Indicators show the past. Price Action "Indicates" the future.
thks jarroo, have left it. when in doubt... is there a buovb on eurusd h4 the prevvious candle not the current one?
Yes there is, just barely. Look at the size of it compared to the previous bearish bars. We are not very surprised that it didn't work out or even broke.
Oh wait this is the aud/usd.
__________________
Indicators show the past. Price Action "Indicates" the future.
I've been following this thread for some time, mainly flicking back and forth and sometimes in the middle. 2700+ pages was tough to read from front to back, especially at the rate pages were added.
I've finally decided to sit down and read through it all, but hit a little snag. On post #111, Jim posted a chart to say "look at post 58" but there are no attachments there. Does any of the early followers know what he is driving at here?
is anyone considering the BEOB formed on the EUR/USD to be played as a continuation set-up or is it just me vs it
Not technically a BEOB, the bar high is not higher then the previous bar. Too bad its not at the peak of the swing high, then it would be A+.
As a continuation play we would be looking for a BUOB, correct? The current trend is up. Anyway, I like how you have your order below that big round number, 1.4500. Let's see how it breaks. (if it breaks)
__________________
Indicators show the past. Price Action "Indicates" the future.
thanks, jarroo, for the good explanation to understand the difference. what I looked at this setup were 1.56, fib ret 78.6 and most importantly here the trendline, which is a good reflection of the choppy market, if I may. I am just wondering what might signify the influence of space could be situational dependant: only when swing setup comes into play, space takes its power in determining the setup quality, while in range market, it fades its role given that the range bounds are focal of the battle force, anything in between seems most likely weak...
Yes, space plays an important role in the quality of a given setup, if I understand you correctly. But the location of where space lines up with is the key. At a swing Low or High at a PPZ level, even better with other supporting confluences at this level (Round numbers, Fibs, long term MAs, trendlines, etc.)
I agree that space fades its importance in consolidation areas where again the range boundary's Location plays as the key strength.
__________________
Indicators show the past. Price Action "Indicates" the future.
Eur/Cad 4 Hour BUOB off a Daily/Weekly PPZ level, 1.5650, at a swing Low, nice space and 50% retracement level. And of course the beautiful hard break with no draw down that doesn't look back.
Wow, look at it go. Let me tell you something, when you see Price go to the moon from a quality PA setup you will notice that it started from a hard break, not always of course, but many times this is a characterisic.
Maybe that's why rockets use thoses strong booster to leave the Earth. lol
__________________
Indicators show the past. Price Action "Indicates" the future.
mike, jaroo,
your thoughts on the audusd daily beovb?
while it is at a swing high, me thinks there is a bit too much traffic around it and audusd has been bouncing off the upwards trendline...
sounds like i am talking myself off it!
You may want to listen to those voices they make good sense.
Nice big BEOB at a swing high consolidation area right smack into a ton of traffic . . .ouch. An easy pass for many.
It could work out nicely but be prepared for a lot of choppiness. Big PA at the right location can cut through a lot of traffic. I like watching and studying these setups then actually trading them. You can learn alot on how price reacts to certain levels.
__________________
Indicators show the past. Price Action "Indicates" the future.
thks jarroo, have left it. when in doubt... is there a buovb on eurusd h4 the prevvious candle not the current one?
Yes there is, just barely. Look at the size of it compared to the previous bearish bars. We are not very surprised that it didn't work out or even broke.
Oh wait this is the aud/usd.
__________________
Indicators show the past. Price Action "Indicates" the future.
I've been following this thread for some time, mainly flicking back and forth and sometimes in the middle. 2700+ pages was tough to read from front to back, especially at the rate pages were added.
I've finally decided to sit down and read through it all, but hit a little snag. On post #111, Jim posted a chart to say "look at post 58" but there are no attachments there. Does any of the early followers know what he is driving at here?
I've been following this thread for some time, mainly flicking back and forth and sometimes in the middle. 2700+ pages was tough to read from front to back, especially at the rate pages were added.
I've finally decided to sit down and read through it all, but hit a little snag. On post #111, Jim posted a chart to say "look at post 58" but there are no attachments there. Does any of the early followers know what he is driving at here?
I've been following this thread for some time, mainly flicking back and forth and sometimes in the middle. 2700+ pages was tough to read from front to back, especially at the rate pages were added.
I've finally decided to sit down and read through it all, but hit a little snag. On post #111, Jim posted a chart to say "look at post 58" but there are no attachments there. Does any of the early followers know what he is driving at here?
So basically, the two charts shows failed DBLHC and DBHLC setups? What does he mean by "you have to learn from experience"? Learning which setups work and which doesn't, or learning that setups failing are part and parcel of the game?
The Eur/Jpy Daily DBLHC in late June 2005 was not at a swing Low. It was near a swing but not at a swing Low. It did a few Days later shoot up to the moon if I recall correctly. (sorry not at my regular charts and I can't post charts)
The 15 min Euro DBHLC was in a consolidation area and not at a swing high where we like them. It had potential being (almost) at the top of the ranged area but bearish PA (like the DBHLC) are best played at swing Highs.
Also both of these setups didn't break so waiting for the break would have saved you from a failed trade. ("which it always will." J16.)
Being very picky with setups like these would give a (I'll pass on these), which is why we like the best setup because they have consistently better results.
__________________
Indicators show the past. Price Action "Indicates" the future.
2nd post. Thanks for comments on my first post, Jarroo and Mike.
I liked the look of this PB with trend, but had to watch it trading into big round number 1.65, and then Mike pointed out, I believe, that it wasn't at a strong swing high. Thanks Mike. Will remember that.
Anyway, took 20 pips or so off it when price broke below. Half off, and moved stop on remainder to BE. Was going to let that ride, but then upcoming news made me close the remainder for another 30 pips or so.
News did not seem to have any effect on this pair. Dang! Could...
Nice trade . . . as long as you understood what Mike said that this was not a ideal setup. You will come to find that waiting for the best, ideal setups are well worth the wait. But there is nothing wrong with practising (demoing) on the lesser quality setups. This will show you why the best setups will out perform the soso ones.imo.
I only follow the News on one day, the 1st Friday of the month. Other then that, I ignore the News.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
So basically, the two charts shows failed DBLHC and DBHLC setups? What does he mean by "you have to learn from experience"? Learning which setups work and which doesn't, or learning that setups failing are part and parcel of the game?
The Eur/Jpy Daily DBLHC in late June 2005 was not at a swing Low. It was near a swing but not at a swing Low. It did a few Days later shoot up to the moon if I recall correctly. (sorry not at my regular charts and I can't post charts)
The 15 min Euro DBHLC was in a consolidation area and not at a swing high where we like them. It had potential being (almost) at the top of the ranged area but bearish PA (like the DBHLC) are best played at swing Highs.
Also both of these setups didn't break so waiting for the break would have saved you from a failed trade. ("which it always will." J16.)
Being very picky with setups like these would give a (I'll pass on these), which is why we like the best setup because they have consistently better results.
__________________
Indicators show the past. Price Action "Indicates" the future.
2nd post. Thanks for comments on my first post, Jarroo and Mike.
I liked the look of this PB with trend, but had to watch it trading into big round number 1.65, and then Mike pointed out, I believe, that it wasn't at a strong swing high. Thanks Mike. Will remember that.
Anyway, took 20 pips or so off it when price broke below. Half off, and moved stop on remainder to BE. Was going to let that ride, but then upcoming news made me close the remainder for another 30 pips or so.
News did not seem to have any effect on this pair. Dang! Could...
Nice trade . . . as long as you understood what Mike said that this was not a ideal setup. You will come to find that waiting for the best, ideal setups are well worth the wait. But there is nothing wrong with practising (demoing) on the lesser quality setups. This will show you why the best setups will out perform the soso ones.imo.
I only follow the News on one day, the 1st Friday of the month. Other then that, I ignore the News.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
So basically, the two charts shows failed DBLHC and DBHLC setups? What does he mean by "you have to learn from experience"? Learning which setups work and which doesn't, or learning that setups failing are part and parcel of the game?
The Eur/Jpy Daily DBLHC in late June 2005 was not at a swing Low. It was near a swing but not at a swing Low. It did a few Days later shoot up to the moon if I recall correctly. (sorry not at my regular charts and I can't post charts)
The 15 min Euro DBHLC was in a consolidation area and not at a swing high where we like them. It had potential being (almost) at the top of the ranged area but bearish PA (like the DBHLC) are best played at swing Highs.
Also both of these setups didn't break so waiting for the break would have saved you from a failed trade. ("which it always will." J16.)
Being very picky with setups like these would give a (I'll pass on these), which is why we like the best setup because they have consistently better results.
__________________
Indicators show the past. Price Action "Indicates" the future.
2nd post. Thanks for comments on my first post, Jarroo and Mike.
I liked the look of this PB with trend, but had to watch it trading into big round number 1.65, and then Mike pointed out, I believe, that it wasn't at a strong swing high. Thanks Mike. Will remember that.
Anyway, took 20 pips or so off it when price broke below. Half off, and moved stop on remainder to BE. Was going to let that ride, but then upcoming news made me close the remainder for another 30 pips or so.
News did not seem to have any effect on this pair. Dang! Could...
Nice trade . . . as long as you understood what Mike said that this was not a ideal setup. You will come to find that waiting for the best, ideal setups are well worth the wait. But there is nothing wrong with practising (demoing) on the lesser quality setups. This will show you why the best setups will out perform the soso ones.imo.
I only follow the News on one day, the 1st Friday of the month. Other then that, I ignore the News.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
So basically, the two charts shows failed DBLHC and DBHLC setups? What does he mean by "you have to learn from experience"? Learning which setups work and which doesn't, or learning that setups failing are part and parcel of the game?
The Eur/Jpy Daily DBLHC in late June 2005 was not at a swing Low. It was near a swing but not at a swing Low. It did a few Days later shoot up to the moon if I recall correctly. (sorry not at my regular charts and I can't post charts)
The 15 min Euro DBHLC was in a consolidation area and not at a swing high where we like them. It had potential being (almost) at the top of the ranged area but bearish PA (like the DBHLC) are best played at swing Highs.
Also both of these setups didn't break so waiting for the break would have saved you from a failed trade. ("which it always will." J16.)
Being very picky with setups like these would give a (I'll pass on these), which is why we like the best setup because they have consistently better results.
__________________
Indicators show the past. Price Action "Indicates" the future.
2nd post. Thanks for comments on my first post, Jarroo and Mike.
I liked the look of this PB with trend, but had to watch it trading into big round number 1.65, and then Mike pointed out, I believe, that it wasn't at a strong swing high. Thanks Mike. Will remember that.
Anyway, took 20 pips or so off it when price broke below. Half off, and moved stop on remainder to BE. Was going to let that ride, but then upcoming news made me close the remainder for another 30 pips or so.
News did not seem to have any effect on this pair. Dang! Could...
Nice trade . . . as long as you understood what Mike said that this was not a ideal setup. You will come to find that waiting for the best, ideal setups are well worth the wait. But there is nothing wrong with practising (demoing) on the lesser quality setups. This will show you why the best setups will out perform the soso ones.imo.
I only follow the News on one day, the 1st Friday of the month. Other then that, I ignore the News.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
After about 4 years of looking in on the FF, I am saying goodbye. The last few months have been an interesting time for me. I, for a lack of a better term, went 'public', and I see very clearly I am better off in the shadows.
This may sound selfish to a degree, and I can assure you, it is. If a man cannot care for himself properly, in agreement with his own needs, how can he care for another? That would be damaging, and I won't do that to you or me.
I will likely pop in from time to time, and maybe send a PM or two.... and then again, likely...
Sad to to see you go as well, SP. But understandable, there is much to be said about having your own "cave" (i.e. the Rac cave. lol) to keep your focus on what needs to be done.
Just take with you and know the fact that you helped and guided many traders here for the better.
Case in point: This post below helped me solidify many "AH-Ha" moments that I had; qualitity of a set, 1st trouble area, etc. Pretty simple and resonable post but I read volumes in it. It helped me very much. Thank you.
Quote:
Originally Posted by StoragePro
Hi Jaroo
I am not Jim, but I play him on TV...
I discussed this very PB on an email yesterday. The PB itself did not fail, but went exactly where I would have expected it to go. It was a PB just below a PPZ, so the trade would be good for a couple of pips only - so it was not my cup of tea. Looking for a PB to break the PPZ, and banking on it is pretty risky.
See the attached screen shot for where I draw the PPZ - Look back to Sep of 2007 - and see why this is a good place for it.
Now have a look at the TBHLC (or is it an BEOB -...
I'll see you on the right side of a trade, my friend.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
Location is very nice. Looks to be one for the stop to break even asap crew. I don't doubt you will squeeze some green pips out of it Jim :-)
The Weekly PB is relatively small but as you said it is off a strong Weekly PPZ level, the 140/141. The Daily may get me some if the Weekly PB is short lived.
__________________
Indicators show the past. Price Action "Indicates" the future.
After about 4 years of looking in on the FF, I am saying goodbye. The last few months have been an interesting time for me. I, for a lack of a better term, went 'public', and I see very clearly I am better off in the shadows.
This may sound selfish to a degree, and I can assure you, it is. If a man cannot care for himself properly, in agreement with his own needs, how can he care for another? That would be damaging, and I won't do that to you or me.
I will likely pop in from time to time, and maybe send a PM or two.... and then again, likely...
Sad to to see you go as well, SP. But understandable, there is much to be said about having your own "cave" (i.e. the Rac cave. lol) to keep your focus on what needs to be done.
Just take with you and know the fact that you helped and guided many traders here for the better.
Case in point: This post below helped me solidify many "AH-Ha" moments that I had; qualitity of a set, 1st trouble area, etc. Pretty simple and resonable post but I read volumes in it. It helped me very much. Thank you.
Quote:
Originally Posted by StoragePro
Hi Jaroo
I am not Jim, but I play him on TV...
I discussed this very PB on an email yesterday. The PB itself did not fail, but went exactly where I would have expected it to go. It was a PB just below a PPZ, so the trade would be good for a couple of pips only - so it was not my cup of tea. Looking for a PB to break the PPZ, and banking on it is pretty risky.
See the attached screen shot for where I draw the PPZ - Look back to Sep of 2007 - and see why this is a good place for it.
Now have a look at the TBHLC (or is it an BEOB -...
I'll see you on the right side of a trade, my friend.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
Location is very nice. Looks to be one for the stop to break even asap crew. I don't doubt you will squeeze some green pips out of it Jim :-)
The Weekly PB is relatively small but as you said it is off a strong Weekly PPZ level, the 140/141. The Daily may get me some if the Weekly PB is short lived.
__________________
Indicators show the past. Price Action "Indicates" the future.
After about 4 years of looking in on the FF, I am saying goodbye. The last few months have been an interesting time for me. I, for a lack of a better term, went 'public', and I see very clearly I am better off in the shadows.
This may sound selfish to a degree, and I can assure you, it is. If a man cannot care for himself properly, in agreement with his own needs, how can he care for another? That would be damaging, and I won't do that to you or me.
I will likely pop in from time to time, and maybe send a PM or two.... and then again, likely...
Sad to to see you go as well, SP. But understandable, there is much to be said about having your own "cave" (i.e. the Rac cave. lol) to keep your focus on what needs to be done.
Just take with you and know the fact that you helped and guided many traders here for the better.
Case in point: This post below helped me solidify many "AH-Ha" moments that I had; qualitity of a set, 1st trouble area, etc. Pretty simple and resonable post but I read volumes in it. It helped me very much. Thank you.
Quote:
Originally Posted by StoragePro
Hi Jaroo
I am not Jim, but I play him on TV...
I discussed this very PB on an email yesterday. The PB itself did not fail, but went exactly where I would have expected it to go. It was a PB just below a PPZ, so the trade would be good for a couple of pips only - so it was not my cup of tea. Looking for a PB to break the PPZ, and banking on it is pretty risky.
See the attached screen shot for where I draw the PPZ - Look back to Sep of 2007 - and see why this is a good place for it.
Now have a look at the TBHLC (or is it an BEOB -...
I'll see you on the right side of a trade, my friend.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
Location is very nice. Looks to be one for the stop to break even asap crew. I don't doubt you will squeeze some green pips out of it Jim :-)
The Weekly PB is relatively small but as you said it is off a strong Weekly PPZ level, the 140/141. The Daily may get me some if the Weekly PB is short lived.
__________________
Indicators show the past. Price Action "Indicates" the future.
Strange. I don't know why but have just checked again and mine is in the same place as yours now. Have not opened MT4 for a couple oif weeks so maybe data was updating.... Anyway, my mistake, no 365 EMA confluence after all.
That's happen to me many times fxp. I'll notice that the EMAs wouldn't line up on different plats so I just close and re-open. Refresh doesn't always work.
__________________
Indicators show the past. Price Action "Indicates" the future.
That's where mine is too. That is pretty odd, but maybe just a mishap. Luckily, we don't need to rely on indicators to get the job done right. I'll be happy if we see a solid retrace into the pin to get in at (noted by the blue area.) It seems the market has caught up with itself now to allow this retracement to happen.
I like that Daily Low as well Mike. Some Bullish PA on the 4 hour and/or Hourly at the level would be nice.
__________________
Indicators show the past. Price Action "Indicates" the future.
Yes sir, I'll undoubtedly jump in if that happens. My targets are simple to see on the daily charts. This is where you say, Duh. haha
I can honestly say Jim, that throughout my time with this career/life of mine, I'm truly inspired by you still my man. Not too many people I can say that with.
Damn, there's not a wrinkle in today- just look around and be happy for it. Have a great night ladies and gents!
Have a great week, brother.
__________________
Indicators show the past. Price Action "Indicates" the future.
Strange. I don't know why but have just checked again and mine is in the same place as yours now. Have not opened MT4 for a couple oif weeks so maybe data was updating.... Anyway, my mistake, no 365 EMA confluence after all.
That's happen to me many times fxp. I'll notice that the EMAs wouldn't line up on different plats so I just close and re-open. Refresh doesn't always work.
__________________
Indicators show the past. Price Action "Indicates" the future.
That's where mine is too. That is pretty odd, but maybe just a mishap. Luckily, we don't need to rely on indicators to get the job done right. I'll be happy if we see a solid retrace into the pin to get in at (noted by the blue area.) It seems the market has caught up with itself now to allow this retracement to happen.
I like that Daily Low as well Mike. Some Bullish PA on the 4 hour and/or Hourly at the level would be nice.
__________________
Indicators show the past. Price Action "Indicates" the future.
Yes sir, I'll undoubtedly jump in if that happens. My targets are simple to see on the daily charts. This is where you say, Duh. haha
I can honestly say Jim, that throughout my time with this career/life of mine, I'm truly inspired by you still my man. Not too many people I can say that with.
Damn, there's not a wrinkle in today- just look around and be happy for it. Have a great night ladies and gents!
Have a great week, brother.
__________________
Indicators show the past. Price Action "Indicates" the future.
After about 4 years of looking in on the FF, I am saying goodbye. The last few months have been an interesting time for me. I, for a lack of a better term, went 'public', and I see very clearly I am better off in the shadows.
This may sound selfish to a degree, and I can assure you, it is. If a man cannot care for himself properly, in agreement with his own needs, how can he care for another? That would be damaging, and I won't do that to you or me.
I will likely pop in from time to time, and maybe send a PM or two.... and then again, likely...
Sad to to see you go as well, SP. But understandable, there is much to be said about having your own "cave" (i.e. the Rac cave. lol) to keep your focus on what needs to be done.
Just take with you and know the fact that you helped and guided many traders here for the better.
Case in point: This post below helped me solidify many "AH-Ha" moments that I had; qualitity of a set, 1st trouble area, etc. Pretty simple and resonable post but I read volumes in it. It helped me very much. Thank you.
Quote:
Originally Posted by StoragePro
Hi Jaroo
I am not Jim, but I play him on TV...
I discussed this very PB on an email yesterday. The PB itself did not fail, but went exactly where I would have expected it to go. It was a PB just below a PPZ, so the trade would be good for a couple of pips only - so it was not my cup of tea. Looking for a PB to break the PPZ, and banking on it is pretty risky.
See the attached screen shot for where I draw the PPZ - Look back to Sep of 2007 - and see why this is a good place for it.
Now have a look at the TBHLC (or is it an BEOB -...
I'll see you on the right side of a trade, my friend.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
Location is very nice. Looks to be one for the stop to break even asap crew. I don't doubt you will squeeze some green pips out of it Jim :-)
The Weekly PB is relatively small but as you said it is off a strong Weekly PPZ level, the 140/141. The Daily may get me some if the Weekly PB is short lived.
__________________
Indicators show the past. Price Action "Indicates" the future.
Strange. I don't know why but have just checked again and mine is in the same place as yours now. Have not opened MT4 for a couple oif weeks so maybe data was updating.... Anyway, my mistake, no 365 EMA confluence after all.
That's happen to me many times fxp. I'll notice that the EMAs wouldn't line up on different plats so I just close and re-open. Refresh doesn't always work.
__________________
Indicators show the past. Price Action "Indicates" the future.
That's where mine is too. That is pretty odd, but maybe just a mishap. Luckily, we don't need to rely on indicators to get the job done right. I'll be happy if we see a solid retrace into the pin to get in at (noted by the blue area.) It seems the market has caught up with itself now to allow this retracement to happen.
I like that Daily Low as well Mike. Some Bullish PA on the 4 hour and/or Hourly at the level would be nice.
__________________
Indicators show the past. Price Action "Indicates" the future.
Yes sir, I'll undoubtedly jump in if that happens. My targets are simple to see on the daily charts. This is where you say, Duh. haha
I can honestly say Jim, that throughout my time with this career/life of mine, I'm truly inspired by you still my man. Not too many people I can say that with.
Damn, there's not a wrinkle in today- just look around and be happy for it. Have a great night ladies and gents!
Have a great week, brother.
__________________
Indicators show the past. Price Action "Indicates" the future.
Strange. I don't know why but have just checked again and mine is in the same place as yours now. Have not opened MT4 for a couple oif weeks so maybe data was updating.... Anyway, my mistake, no 365 EMA confluence after all.
That's happen to me many times fxp. I'll notice that the EMAs wouldn't line up on different plats so I just close and re-open. Refresh doesn't always work.
__________________
Indicators show the past. Price Action "Indicates" the future.
That's where mine is too. That is pretty odd, but maybe just a mishap. Luckily, we don't need to rely on indicators to get the job done right. I'll be happy if we see a solid retrace into the pin to get in at (noted by the blue area.) It seems the market has caught up with itself now to allow this retracement to happen.
I like that Daily Low as well Mike. Some Bullish PA on the 4 hour and/or Hourly at the level would be nice.
__________________
Indicators show the past. Price Action "Indicates" the future.
Yes sir, I'll undoubtedly jump in if that happens. My targets are simple to see on the daily charts. This is where you say, Duh. haha
I can honestly say Jim, that throughout my time with this career/life of mine, I'm truly inspired by you still my man. Not too many people I can say that with.
Damn, there's not a wrinkle in today- just look around and be happy for it. Have a great night ladies and gents!
Have a great week, brother.
__________________
Indicators show the past. Price Action "Indicates" the future.
1. Why you give no more than 35 pips for this? I know this setup should be manage tight but just want to know what is your logic when you just give only 35 pips stoploss. Mine stoploss is below 142.82.
2. In case of 35 pips stoploss, will this be around max of 3% of your account for this setup? Or you will lower your position size if you feel not very confident on the setup?
Thanks!
PippingM
1. On the Daily Gbp/Jpy PB the 143.00 was the logical tight stop loss placement. When I look for tight stop loss placements I want the charts to tell me where to place them. Round Numbers, S/R levels and PPZ levels near the break of the PA setup is what I look for using this approach. Your stop loss of 142.82 is very nice.
2. Yes, the percentage that I use is reflective of the quality of the setup.
__________________
Indicators show the past. Price Action "Indicates" the future.
I cannot begin to tell you guys how much help you guys have been to me! Jaroo, Mike W, all the others who are posting thank you!
I am going to do what Mike W suggested and back test my trade managing, however for the moment, I am curious why you took some off at a 4 hr target when the setup is on daily jaroo? I understand the idea of always netting profit, however when I look at GBP/JPY right now I see golden 145
There were two different and unique trades on the Gbp/Jpy. Each trade were managed differently due to the time frame even though they are the same pair. The 1st targets were the same on these two. This is usually not the case as the 4 hour time frame targets are usually closer.
Low quality setups for counter trend trades will burn you very time if not managed carefully. Meaning , it could go to 145.00, but I'm not willing to endure draw down to get there.
This was not even close to a A+ setup. We need BIG Bars and Big Space and Big Round Numbers and Big PPZ levels for a counter trend setup to be effective.
So why did I take this one if it wasn't an A+ setup? Good question, the smart traders probably passed on this one. On lower quality setups at good location, I will look for the hard break as the decision point to keep or kill a trade.
__________________
Indicators show the past. Price Action "Indicates" the future.
Nice Bearish PB. Price had already broken down past BRN 1.08, retraced above 1.08 and then made a sharp move down again, at which point I got in. SL placed just above 1.08, and TP placed just above the marked trouble area. Full profit taken a short while later.
Not an ideal setup as price was a bit sideways. It was the strength of the downward move after the short retrace that caught my attention coupled with the possibility of placing SL just above that big round number...ie....
A classic J16 consolidation PA trade. Good analysis of the perils of this type of setup and the tight management needed.
I tend to low ball my Price Targets, meaning if they are within 10 to 20 pips of the trouble area I call that a hit. Especially if there is a nice round number in the way, like the 1.7000 in this case.
Nicely Done ttpip.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
hi guys, i have a problem with my charts on fxpro and i was hoping for your input??
mt trend lines dont stay where they are supposed to anymore!!?? i have had a few issues since the platform updated a while ago...this being one of them.
does anyone have any suggestions??
the chart shows the upper tl at different values as i change to lower TFs ??!!
cheers
jon
Sorry jon, I'm not at my regular charts (FxPro, IBFX, etc.) Maybe try a close and restart.
__________________
Indicators show the past. Price Action "Indicates" the future.
1. Why you give no more than 35 pips for this? I know this setup should be manage tight but just want to know what is your logic when you just give only 35 pips stoploss. Mine stoploss is below 142.82.
2. In case of 35 pips stoploss, will this be around max of 3% of your account for this setup? Or you will lower your position size if you feel not very confident on the setup?
Thanks!
PippingM
1. On the Daily Gbp/Jpy PB the 143.00 was the logical tight stop loss placement. When I look for tight stop loss placements I want the charts to tell me where to place them. Round Numbers, S/R levels and PPZ levels near the break of the PA setup is what I look for using this approach. Your stop loss of 142.82 is very nice.
2. Yes, the percentage that I use is reflective of the quality of the setup.
__________________
Indicators show the past. Price Action "Indicates" the future.
I cannot begin to tell you guys how much help you guys have been to me! Jaroo, Mike W, all the others who are posting thank you!
I am going to do what Mike W suggested and back test my trade managing, however for the moment, I am curious why you took some off at a 4 hr target when the setup is on daily jaroo? I understand the idea of always netting profit, however when I look at GBP/JPY right now I see golden 145
There were two different and unique trades on the Gbp/Jpy. Each trade were managed differently due to the time frame even though they are the same pair. The 1st targets were the same on these two. This is usually not the case as the 4 hour time frame targets are usually closer.
Low quality setups for counter trend trades will burn you very time if not managed carefully. Meaning , it could go to 145.00, but I'm not willing to endure draw down to get there.
This was not even close to a A+ setup. We need BIG Bars and Big Space and Big Round Numbers and Big PPZ levels for a counter trend setup to be effective.
So why did I take this one if it wasn't an A+ setup? Good question, the smart traders probably passed on this one. On lower quality setups at good location, I will look for the hard break as the decision point to keep or kill a trade.
__________________
Indicators show the past. Price Action "Indicates" the future.
Nice Bearish PB. Price had already broken down past BRN 1.08, retraced above 1.08 and then made a sharp move down again, at which point I got in. SL placed just above 1.08, and TP placed just above the marked trouble area. Full profit taken a short while later.
Not an ideal setup as price was a bit sideways. It was the strength of the downward move after the short retrace that caught my attention coupled with the possibility of placing SL just above that big round number...ie....
A classic J16 consolidation PA trade. Good analysis of the perils of this type of setup and the tight management needed.
I tend to low ball my Price Targets, meaning if they are within 10 to 20 pips of the trouble area I call that a hit. Especially if there is a nice round number in the way, like the 1.7000 in this case.
Nicely Done ttpip.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
hi guys, i have a problem with my charts on fxpro and i was hoping for your input??
mt trend lines dont stay where they are supposed to anymore!!?? i have had a few issues since the platform updated a while ago...this being one of them.
does anyone have any suggestions??
the chart shows the upper tl at different values as i change to lower TFs ??!!
cheers
jon
Sorry jon, I'm not at my regular charts (FxPro, IBFX, etc.) Maybe try a close and restart.
__________________
Indicators show the past. Price Action "Indicates" the future.
1. Why you give no more than 35 pips for this? I know this setup should be manage tight but just want to know what is your logic when you just give only 35 pips stoploss. Mine stoploss is below 142.82.
2. In case of 35 pips stoploss, will this be around max of 3% of your account for this setup? Or you will lower your position size if you feel not very confident on the setup?
Thanks!
PippingM
1. On the Daily Gbp/Jpy PB the 143.00 was the logical tight stop loss placement. When I look for tight stop loss placements I want the charts to tell me where to place them. Round Numbers, S/R levels and PPZ levels near the break of the PA setup is what I look for using this approach. Your stop loss of 142.82 is very nice.
2. Yes, the percentage that I use is reflective of the quality of the setup.
__________________
Indicators show the past. Price Action "Indicates" the future.
I cannot begin to tell you guys how much help you guys have been to me! Jaroo, Mike W, all the others who are posting thank you!
I am going to do what Mike W suggested and back test my trade managing, however for the moment, I am curious why you took some off at a 4 hr target when the setup is on daily jaroo? I understand the idea of always netting profit, however when I look at GBP/JPY right now I see golden 145
There were two different and unique trades on the Gbp/Jpy. Each trade were managed differently due to the time frame even though they are the same pair. The 1st targets were the same on these two. This is usually not the case as the 4 hour time frame targets are usually closer.
Low quality setups for counter trend trades will burn you very time if not managed carefully. Meaning , it could go to 145.00, but I'm not willing to endure draw down to get there.
This was not even close to a A+ setup. We need BIG Bars and Big Space and Big Round Numbers and Big PPZ levels for a counter trend setup to be effective.
So why did I take this one if it wasn't an A+ setup? Good question, the smart traders probably passed on this one. On lower quality setups at good location, I will look for the hard break as the decision point to keep or kill a trade.
__________________
Indicators show the past. Price Action "Indicates" the future.
Nice Bearish PB. Price had already broken down past BRN 1.08, retraced above 1.08 and then made a sharp move down again, at which point I got in. SL placed just above 1.08, and TP placed just above the marked trouble area. Full profit taken a short while later.
Not an ideal setup as price was a bit sideways. It was the strength of the downward move after the short retrace that caught my attention coupled with the possibility of placing SL just above that big round number...ie....
A classic J16 consolidation PA trade. Good analysis of the perils of this type of setup and the tight management needed.
I tend to low ball my Price Targets, meaning if they are within 10 to 20 pips of the trouble area I call that a hit. Especially if there is a nice round number in the way, like the 1.7000 in this case.
Nicely Done ttpip.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
hi guys, i have a problem with my charts on fxpro and i was hoping for your input??
mt trend lines dont stay where they are supposed to anymore!!?? i have had a few issues since the platform updated a while ago...this being one of them.
does anyone have any suggestions??
the chart shows the upper tl at different values as i change to lower TFs ??!!
cheers
jon
Sorry jon, I'm not at my regular charts (FxPro, IBFX, etc.) Maybe try a close and restart.
__________________
Indicators show the past. Price Action "Indicates" the future.
1. Why you give no more than 35 pips for this? I know this setup should be manage tight but just want to know what is your logic when you just give only 35 pips stoploss. Mine stoploss is below 142.82.
2. In case of 35 pips stoploss, will this be around max of 3% of your account for this setup? Or you will lower your position size if you feel not very confident on the setup?
Thanks!
PippingM
1. On the Daily Gbp/Jpy PB the 143.00 was the logical tight stop loss placement. When I look for tight stop loss placements I want the charts to tell me where to place them. Round Numbers, S/R levels and PPZ levels near the break of the PA setup is what I look for using this approach. Your stop loss of 142.82 is very nice.
2. Yes, the percentage that I use is reflective of the quality of the setup.
__________________
Indicators show the past. Price Action "Indicates" the future.
I cannot begin to tell you guys how much help you guys have been to me! Jaroo, Mike W, all the others who are posting thank you!
I am going to do what Mike W suggested and back test my trade managing, however for the moment, I am curious why you took some off at a 4 hr target when the setup is on daily jaroo? I understand the idea of always netting profit, however when I look at GBP/JPY right now I see golden 145
There were two different and unique trades on the Gbp/Jpy. Each trade were managed differently due to the time frame even though they are the same pair. The 1st targets were the same on these two. This is usually not the case as the 4 hour time frame targets are usually closer.
Low quality setups for counter trend trades will burn you very time if not managed carefully. Meaning , it could go to 145.00, but I'm not willing to endure draw down to get there.
This was not even close to a A+ setup. We need BIG Bars and Big Space and Big Round Numbers and Big PPZ levels for a counter trend setup to be effective.
So why did I take this one if it wasn't an A+ setup? Good question, the smart traders probably passed on this one. On lower quality setups at good location, I will look for the hard break as the decision point to keep or kill a trade.
__________________
Indicators show the past. Price Action "Indicates" the future.
Nice Bearish PB. Price had already broken down past BRN 1.08, retraced above 1.08 and then made a sharp move down again, at which point I got in. SL placed just above 1.08, and TP placed just above the marked trouble area. Full profit taken a short while later.
Not an ideal setup as price was a bit sideways. It was the strength of the downward move after the short retrace that caught my attention coupled with the possibility of placing SL just above that big round number...ie....
A classic J16 consolidation PA trade. Good analysis of the perils of this type of setup and the tight management needed.
I tend to low ball my Price Targets, meaning if they are within 10 to 20 pips of the trouble area I call that a hit. Especially if there is a nice round number in the way, like the 1.7000 in this case.
Nicely Done ttpip.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
hi guys, i have a problem with my charts on fxpro and i was hoping for your input??
mt trend lines dont stay where they are supposed to anymore!!?? i have had a few issues since the platform updated a while ago...this being one of them.
does anyone have any suggestions??
the chart shows the upper tl at different values as i change to lower TFs ??!!
cheers
jon
Sorry jon, I'm not at my regular charts (FxPro, IBFX, etc.) Maybe try a close and restart.
__________________
Indicators show the past. Price Action "Indicates" the future.
It seems a good day for you. So disappointed the GEPPY didn't go.
Question for the NJ trade, what is your first take profit and move BE point on this trade? Is 65 is your first partial TP area?
For this setup, do you prefer to just take partial profit or full profit at 65 because of this pair still in range bound area.
Have a nice day!
PippingM
Don't be disappointed about the Gbp/Jpy, she only acted the way she always does. I gave up on being disappointed about her behavior and now accept her for who she is.
On the N/J, I will usually protect profits on the 1st half by following the momentum up (in this case) and lock in 30 pips but I only caught 23 on the 1st half. (G/J momentum ran right up to the 1st target.)
On the 2nd half of the N/J, I placed my stop loss 23 pips below the break even point so that my worst case outcome of this trade would be: Net 0 pips. Sometimes I will place the 2nd half at break even or just below break even to allow for Price retesting.
2nd half stop loss is now under the 65.
Its all about protecting profits and eliminating or reducing risk, my friend.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
It seems a good day for you. So disappointed the GEPPY didn't go.
Question for the NJ trade, what is your first take profit and move BE point on this trade? Is 65 is your first partial TP area?
For this setup, do you prefer to just take partial profit or full profit at 65 because of this pair still in range bound area.
Have a nice day!
PippingM
Don't be disappointed about the Gbp/Jpy, she only acted the way she always does. I gave up on being disappointed about her behavior and now accept her for who she is.
On the N/J, I will usually protect profits on the 1st half by following the momentum up (in this case) and lock in 30 pips but I only caught 23 on the 1st half. (G/J momentum ran right up to the 1st target.)
On the 2nd half of the N/J, I placed my stop loss 23 pips below the break even point so that my worst case outcome of this trade would be: Net 0 pips. Sometimes I will place the 2nd half at break even or just below break even to allow for Price retesting.
2nd half stop loss is now under the 65.
Its all about protecting profits and eliminating or reducing risk, my friend.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
I had a limit sell in for what I thought was 1 lot.... I accidently a zero on the end of that... When I walked back to my computer my set draw down and stop loss was almost hit at and instead of 2%.... 20% of my account was almost gone.... Trade started to go my way, and I got out at BE as fast as possible.....
Da ja vue . . . .but I didn't get to break even . . .ouch.
__________________
Indicators show the past. Price Action "Indicates" the future.
It seems a good day for you. So disappointed the GEPPY didn't go.
Question for the NJ trade, what is your first take profit and move BE point on this trade? Is 65 is your first partial TP area?
For this setup, do you prefer to just take partial profit or full profit at 65 because of this pair still in range bound area.
Have a nice day!
PippingM
Don't be disappointed about the Gbp/Jpy, she only acted the way she always does. I gave up on being disappointed about her behavior and now accept her for who she is.
On the N/J, I will usually protect profits on the 1st half by following the momentum up (in this case) and lock in 30 pips but I only caught 23 on the 1st half. (G/J momentum ran right up to the 1st target.)
On the 2nd half of the N/J, I placed my stop loss 23 pips below the break even point so that my worst case outcome of this trade would be: Net 0 pips. Sometimes I will place the 2nd half at break even or just below break even to allow for Price retesting.
2nd half stop loss is now under the 65.
Its all about protecting profits and eliminating or reducing risk, my friend.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
I had a limit sell in for what I thought was 1 lot.... I accidently a zero on the end of that... When I walked back to my computer my set draw down and stop loss was almost hit at and instead of 2%.... 20% of my account was almost gone.... Trade started to go my way, and I got out at BE as fast as possible.....
Da ja vue . . . .but I didn't get to break even . . .ouch.
__________________
Indicators show the past. Price Action "Indicates" the future.
It seems a good day for you. So disappointed the GEPPY didn't go.
Question for the NJ trade, what is your first take profit and move BE point on this trade? Is 65 is your first partial TP area?
For this setup, do you prefer to just take partial profit or full profit at 65 because of this pair still in range bound area.
Have a nice day!
PippingM
Don't be disappointed about the Gbp/Jpy, she only acted the way she always does. I gave up on being disappointed about her behavior and now accept her for who she is.
On the N/J, I will usually protect profits on the 1st half by following the momentum up (in this case) and lock in 30 pips but I only caught 23 on the 1st half. (G/J momentum ran right up to the 1st target.)
On the 2nd half of the N/J, I placed my stop loss 23 pips below the break even point so that my worst case outcome of this trade would be: Net 0 pips. Sometimes I will place the 2nd half at break even or just below break even to allow for Price retesting.
2nd half stop loss is now under the 65.
Its all about protecting profits and eliminating or reducing risk, my friend.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
I had a limit sell in for what I thought was 1 lot.... I accidently a zero on the end of that... When I walked back to my computer my set draw down and stop loss was almost hit at and instead of 2%.... 20% of my account was almost gone.... Trade started to go my way, and I got out at BE as fast as possible.....
Da ja vue . . . .but I didn't get to break even . . .ouch.
__________________
Indicators show the past. Price Action "Indicates" the future.
I had a limit sell in for what I thought was 1 lot.... I accidently a zero on the end of that... When I walked back to my computer my set draw down and stop loss was almost hit at and instead of 2%.... 20% of my account was almost gone.... Trade started to go my way, and I got out at BE as fast as possible.....
Da ja vue . . . .but I didn't get to break even . . .ouch.
__________________
Indicators show the past. Price Action "Indicates" the future.
Great observation Jim! Yes, it looks like a reverse d?j? vu. I didn't notice it. Still have a lot to learn! Thanks.
Val?rie
This is not a strong setup to go down, that's not what I'm stating as you should know. We still need to see strong PA at a strong PPZ level (preferably confluenced) to give us a clear, definable reason to go short.
__________________
Indicators show the past. Price Action "Indicates" the future.
Great observation Jim! Yes, it looks like a reverse d?j? vu. I didn't notice it. Still have a lot to learn! Thanks.
Val?rie
This is not a strong setup to go down, that's not what I'm stating as you should know. We still need to see strong PA at a strong PPZ level (preferably confluenced) to give us a clear, definable reason to go short.
__________________
Indicators show the past. Price Action "Indicates" the future.
Great observation Jim! Yes, it looks like a reverse d?j? vu. I didn't notice it. Still have a lot to learn! Thanks.
Val?rie
This is not a strong setup to go down, that's not what I'm stating as you should know. We still need to see strong PA at a strong PPZ level (preferably confluenced) to give us a clear, definable reason to go short.
__________________
Indicators show the past. Price Action "Indicates" the future.
Great observation Jim! Yes, it looks like a reverse d?j? vu. I didn't notice it. Still have a lot to learn! Thanks.
Val?rie
This is not a strong setup to go down, that's not what I'm stating as you should know. We still need to see strong PA at a strong PPZ level (preferably confluenced) to give us a clear, definable reason to go short.
__________________
Indicators show the past. Price Action "Indicates" the future.
Hey FT,
I can say I probably would have taken this trade and would have taken a loss had I been in front of charts at that time yesterday. Luckily, I was out.
It is always safer to keep a filter where you only take a trade if the pinbar is actually a pinbar, meaning it meets the following criteria:
1. Open and Close (O/C) in the top 1/3 of its bar range.
2. The O/C is within the previous bar range.
3. The high of the bar is within the prior bars range.
4. The low of the bar protrudes below the previous bar (the more it protrudes the better).
5....
Great post as always josh. These key characterisics can make all the difference in the world for a trade to succeed or fail, especially on a countertrend setup.
That being said, lol, if I did take this one I would have had a small loss myself. Being the tight trade management guy that I am, my stop loss would have been placed under the round number 1.6000. I probably would have been stopped out for a 20-30 pip loss.
__________________
Indicators show the past. Price Action "Indicates" the future.
personally, i would've taken this. if i did, i will monitor momentum. what happened is after the PB, price ranged around the 1.06 area, instead of shooting upwards, for 3 H4 bars (that's 12hours of no expected action!!;
REMEMBER: "a good setup is a high momentum setup" --jarroo). this will give me concern & lead me to think/re-think my [buy] trade [b](specifically considering the lack of action & the current [down] trend). so probably, i would've tightened my stop &/or closed...
Very nice sChaos. I look for Price to run at the break depending on the time of day and pair (asian session/ london session). It better show me something in a relatively short period of time or I'm out of there.
For the record, "my" quote on momentum is completely paraphased from Mike's discussions on Price Action setups being inherently a momentum movement of Price.
__________________
Indicators show the past. Price Action "Indicates" the future.
Hey FT,
I can say I probably would have taken this trade and would have taken a loss had I been in front of charts at that time yesterday. Luckily, I was out.
It is always safer to keep a filter where you only take a trade if the pinbar is actually a pinbar, meaning it meets the following criteria:
1. Open and Close (O/C) in the top 1/3 of its bar range.
2. The O/C is within the previous bar range.
3. The high of the bar is within the prior bars range.
4. The low of the bar protrudes below the previous bar (the more it protrudes the better).
5....
Great post as always josh. These key characterisics can make all the difference in the world for a trade to succeed or fail, especially on a countertrend setup.
That being said, lol, if I did take this one I would have had a small loss myself. Being the tight trade management guy that I am, my stop loss would have been placed under the round number 1.6000. I probably would have been stopped out for a 20-30 pip loss.
__________________
Indicators show the past. Price Action "Indicates" the future.
personally, i would've taken this. if i did, i will monitor momentum. what happened is after the PB, price ranged around the 1.06 area, instead of shooting upwards, for 3 H4 bars (that's 12hours of no expected action!!;
REMEMBER: "a good setup is a high momentum setup" --jarroo). this will give me concern & lead me to think/re-think my [buy] trade [b](specifically considering the lack of action & the current [down] trend). so probably, i would've tightened my stop &/or closed...
Very nice sChaos. I look for Price to run at the break depending on the time of day and pair (asian session/ london session). It better show me something in a relatively short period of time or I'm out of there.
For the record, "my" quote on momentum is completely paraphased from Mike's discussions on Price Action setups being inherently a momentum movement of Price.
__________________
Indicators show the past. Price Action "Indicates" the future.
Hey FT,
I can say I probably would have taken this trade and would have taken a loss had I been in front of charts at that time yesterday. Luckily, I was out.
It is always safer to keep a filter where you only take a trade if the pinbar is actually a pinbar, meaning it meets the following criteria:
1. Open and Close (O/C) in the top 1/3 of its bar range.
2. The O/C is within the previous bar range.
3. The high of the bar is within the prior bars range.
4. The low of the bar protrudes below the previous bar (the more it protrudes the better).
5....
Great post as always josh. These key characterisics can make all the difference in the world for a trade to succeed or fail, especially on a countertrend setup.
That being said, lol, if I did take this one I would have had a small loss myself. Being the tight trade management guy that I am, my stop loss would have been placed under the round number 1.6000. I probably would have been stopped out for a 20-30 pip loss.
__________________
Indicators show the past. Price Action "Indicates" the future.
personally, i would've taken this. if i did, i will monitor momentum. what happened is after the PB, price ranged around the 1.06 area, instead of shooting upwards, for 3 H4 bars (that's 12hours of no expected action!!;
REMEMBER: "a good setup is a high momentum setup" --jarroo). this will give me concern & lead me to think/re-think my [buy] trade [b](specifically considering the lack of action & the current [down] trend). so probably, i would've tightened my stop &/or closed...
Very nice sChaos. I look for Price to run at the break depending on the time of day and pair (asian session/ london session). It better show me something in a relatively short period of time or I'm out of there.
For the record, "my" quote on momentum is completely paraphased from Mike's discussions on Price Action setups being inherently a momentum movement of Price.
__________________
Indicators show the past. Price Action "Indicates" the future.
Hey FT,
I can say I probably would have taken this trade and would have taken a loss had I been in front of charts at that time yesterday. Luckily, I was out.
It is always safer to keep a filter where you only take a trade if the pinbar is actually a pinbar, meaning it meets the following criteria:
1. Open and Close (O/C) in the top 1/3 of its bar range.
2. The O/C is within the previous bar range.
3. The high of the bar is within the prior bars range.
4. The low of the bar protrudes below the previous bar (the more it protrudes the better).
5....
Great post as always josh. These key characterisics can make all the difference in the world for a trade to succeed or fail, especially on a countertrend setup.
That being said, lol, if I did take this one I would have had a small loss myself. Being the tight trade management guy that I am, my stop loss would have been placed under the round number 1.6000. I probably would have been stopped out for a 20-30 pip loss.
__________________
Indicators show the past. Price Action "Indicates" the future.
personally, i would've taken this. if i did, i will monitor momentum. what happened is after the PB, price ranged around the 1.06 area, instead of shooting upwards, for 3 H4 bars (that's 12hours of no expected action!!;
REMEMBER: "a good setup is a high momentum setup" --jarroo). this will give me concern & lead me to think/re-think my [buy] trade [b](specifically considering the lack of action & the current [down] trend). so probably, i would've tightened my stop &/or closed...
Very nice sChaos. I look for Price to run at the break depending on the time of day and pair (asian session/ london session). It better show me something in a relatively short period of time or I'm out of there.
For the record, "my" quote on momentum is completely paraphased from Mike's discussions on Price Action setups being inherently a momentum movement of Price.
__________________
Indicators show the past. Price Action "Indicates" the future.
How?
price wont meander around a range, price will move in 1 direction for some time.
Check out FinnTrader's $cad H4 chart. he bought off of a PB, but since there was no momentum (no demand/buyers), price consolidated around 1.0600 (taking out stops, whatever), then finally more sellers came in pushing price downward. if there was momentum off of that PB he took, then price would've shot up & not consolidate.
random analogies:
in martial arts, if i kick u & my kick has enough momentum, u will either get hurt &/or...
Your on a roll today sChoas, great post.
I love analogies. I think one has to find their own analogies or put what they read here in there own words to help better understand this method.
The more analogies the better. Here's another one on momentum.
If your driving in a boat on a calm lake and your riding along at a good speed then you try to stop suddenly, what happens? Well you can't stop suddenly in a boat, even if you throw it in reverse. You will still be moving forward in the same direction.
__________________
Indicators show the past. Price Action "Indicates" the future.
The quality of a Price Action setup in and of itself can help you understand when we have momentum.
Take Scot Pippin's 4 hour BEOB on the Nzd/Usd. We have BEOB at a swing High, the size is bigger then the previous bars, the .7350 is a Weekly PPZ level. These are the characterisics of a quality PA setup.
The big bearish bar that makes up the BEOB is up against alot of pressure to keep going down, i.e. supporting confluences. A nice hard break of this setup didn't hurt either.
__________________
Indicators show the past. Price Action "Indicates" the future.
EURAUD just formed a BUOB or two-bar pin on 4hr chart. Price hit the weekly ppz and 1.6500 round number, with macd divergence. Swing low location with space. Is this a good setup to go? The blue box in 4hr is the 1st trouble area, am I identify it correctly? Would like to hear your opinion on this. Thank you.
Nice job Lyra. Great work on the confluences.
My only concern would be the size is too small for counter trend setup.
Manage it tightly if taken.
__________________
Indicators show the past. Price Action "Indicates" the future.
Thanks Sir. similarly, it would be very difficult to stop a roaring bullet train/car abruptly. even when the brakes are applied in the 'maximum', the vehicle will still travel in the original direction (or swerve, but that's a different matter), albeit slower than before (losing momentum/counteracted by brakes).
in the case of launched rockets, it takes a lot of fuel to propel a rocket upwards into orbit. it must overcome gravity (sellers, in trading).
How?
price wont meander around a range, price will move in 1 direction for some time.
Check out FinnTrader's $cad H4 chart. he bought off of a PB, but since there was no momentum (no demand/buyers), price consolidated around 1.0600 (taking out stops, whatever), then finally more sellers came in pushing price downward. if there was momentum off of that PB he took, then price would've shot up & not consolidate.
random analogies:
in martial arts, if i kick u & my kick has enough momentum, u will either get hurt &/or...
Your on a roll today sChoas, great post.
I love analogies. I think one has to find their own analogies or put what they read here in there own words to help better understand this method.
The more analogies the better. Here's another one on momentum.
If your driving in a boat on a calm lake and your riding along at a good speed then you try to stop suddenly, what happens? Well you can't stop suddenly in a boat, even if you throw it in reverse. You will still be moving forward in the same direction.
__________________
Indicators show the past. Price Action "Indicates" the future.
The quality of a Price Action setup in and of itself can help you understand when we have momentum.
Take Scot Pippin's 4 hour BEOB on the Nzd/Usd. We have BEOB at a swing High, the size is bigger then the previous bars, the .7350 is a Weekly PPZ level. These are the characterisics of a quality PA setup.
The big bearish bar that makes up the BEOB is up against alot of pressure to keep going down, i.e. supporting confluences. A nice hard break of this setup didn't hurt either.
__________________
Indicators show the past. Price Action "Indicates" the future.
EURAUD just formed a BUOB or two-bar pin on 4hr chart. Price hit the weekly ppz and 1.6500 round number, with macd divergence. Swing low location with space. Is this a good setup to go? The blue box in 4hr is the 1st trouble area, am I identify it correctly? Would like to hear your opinion on this. Thank you.
Nice job Lyra. Great work on the confluences.
My only concern would be the size is too small for counter trend setup.
Manage it tightly if taken.
__________________
Indicators show the past. Price Action "Indicates" the future.
Thanks Sir. similarly, it would be very difficult to stop a roaring bullet train/car abruptly. even when the brakes are applied in the 'maximum', the vehicle will still travel in the original direction (or swerve, but that's a different matter), albeit slower than before (losing momentum/counteracted by brakes).
in the case of launched rockets, it takes a lot of fuel to propel a rocket upwards into orbit. it must overcome gravity (sellers, in trading).
How?
price wont meander around a range, price will move in 1 direction for some time.
Check out FinnTrader's $cad H4 chart. he bought off of a PB, but since there was no momentum (no demand/buyers), price consolidated around 1.0600 (taking out stops, whatever), then finally more sellers came in pushing price downward. if there was momentum off of that PB he took, then price would've shot up & not consolidate.
random analogies:
in martial arts, if i kick u & my kick has enough momentum, u will either get hurt &/or...
Your on a roll today sChoas, great post.
I love analogies. I think one has to find their own analogies or put what they read here in there own words to help better understand this method.
The more analogies the better. Here's another one on momentum.
If your driving in a boat on a calm lake and your riding along at a good speed then you try to stop suddenly, what happens? Well you can't stop suddenly in a boat, even if you throw it in reverse. You will still be moving forward in the same direction.
__________________
Indicators show the past. Price Action "Indicates" the future.
The quality of a Price Action setup in and of itself can help you understand when we have momentum.
Take Scot Pippin's 4 hour BEOB on the Nzd/Usd. We have BEOB at a swing High, the size is bigger then the previous bars, the .7350 is a Weekly PPZ level. These are the characterisics of a quality PA setup.
The big bearish bar that makes up the BEOB is up against alot of pressure to keep going down, i.e. supporting confluences. A nice hard break of this setup didn't hurt either.
__________________
Indicators show the past. Price Action "Indicates" the future.
EURAUD just formed a BUOB or two-bar pin on 4hr chart. Price hit the weekly ppz and 1.6500 round number, with macd divergence. Swing low location with space. Is this a good setup to go? The blue box in 4hr is the 1st trouble area, am I identify it correctly? Would like to hear your opinion on this. Thank you.
Nice job Lyra. Great work on the confluences.
My only concern would be the size is too small for counter trend setup.
Manage it tightly if taken.
__________________
Indicators show the past. Price Action "Indicates" the future.
Thanks Sir. similarly, it would be very difficult to stop a roaring bullet train/car abruptly. even when the brakes are applied in the 'maximum', the vehicle will still travel in the original direction (or swerve, but that's a different matter), albeit slower than before (losing momentum/counteracted by brakes).
in the case of launched rockets, it takes a lot of fuel to propel a rocket upwards into orbit. it must overcome gravity (sellers, in trading).
How?
price wont meander around a range, price will move in 1 direction for some time.
Check out FinnTrader's $cad H4 chart. he bought off of a PB, but since there was no momentum (no demand/buyers), price consolidated around 1.0600 (taking out stops, whatever), then finally more sellers came in pushing price downward. if there was momentum off of that PB he took, then price would've shot up & not consolidate.
random analogies:
in martial arts, if i kick u & my kick has enough momentum, u will either get hurt &/or...
Your on a roll today sChoas, great post.
I love analogies. I think one has to find their own analogies or put what they read here in there own words to help better understand this method.
The more analogies the better. Here's another one on momentum.
If your driving in a boat on a calm lake and your riding along at a good speed then you try to stop suddenly, what happens? Well you can't stop suddenly in a boat, even if you throw it in reverse. You will still be moving forward in the same direction.
__________________
Indicators show the past. Price Action "Indicates" the future.
The quality of a Price Action setup in and of itself can help you understand when we have momentum.
Take Scot Pippin's 4 hour BEOB on the Nzd/Usd. We have BEOB at a swing High, the size is bigger then the previous bars, the .7350 is a Weekly PPZ level. These are the characterisics of a quality PA setup.
The big bearish bar that makes up the BEOB is up against alot of pressure to keep going down, i.e. supporting confluences. A nice hard break of this setup didn't hurt either.
__________________
Indicators show the past. Price Action "Indicates" the future.
EURAUD just formed a BUOB or two-bar pin on 4hr chart. Price hit the weekly ppz and 1.6500 round number, with macd divergence. Swing low location with space. Is this a good setup to go? The blue box in 4hr is the 1st trouble area, am I identify it correctly? Would like to hear your opinion on this. Thank you.
Nice job Lyra. Great work on the confluences.
My only concern would be the size is too small for counter trend setup.
Manage it tightly if taken.
__________________
Indicators show the past. Price Action "Indicates" the future.
Thanks Sir. similarly, it would be very difficult to stop a roaring bullet train/car abruptly. even when the brakes are applied in the 'maximum', the vehicle will still travel in the original direction (or swerve, but that's a different matter), albeit slower than before (losing momentum/counteracted by brakes).
in the case of launched rockets, it takes a lot of fuel to propel a rocket upwards into orbit. it must overcome gravity (sellers, in trading).
I've been in PF for about 10months now
and now I'm trying to give myself more time to chime in here
Look forward working with you guys!! =)
So, anyone's long gbpjpy?? (except Mark hee)
Such a big size, but I don't see any significant momentum so far
Price did retrace to the expected level, let's see if it holds
*I'd like to hear about the momentum from you Jaroo =)
Just to continue with the momentum analogy of speeding along in a boat and trying to stop suddenly, (which you can't even throwing it in reverse) there is only one thing that will stop the boat quickly and throw you backwards its . . . . hitting the shore. lol
I'm a big advocate if one chooses to look for setups on lower time frames that they must be centered around, played off of, and confluenced with higher time frame PPZ levels, Fib level, 50% retracement levels, etc.
Looking at the Daily Gbp/Jpy your 4 BUOB is looking good location wise. At a Daily/Weekly 50% retracement level confluencing with some nice round numbers 140/141.
Also on the Daily is the 142.00 round number confluenced with a Daily/Weekly PPZ level. This is the shore that your 4 hour BUOB hit.
So Price Action setups have momentum but we have to look for these trouble areas that can put the brakes on it. That's why Mike stresses the importance of BIG BARS (especially on a countertrend setup) because they can produces stronger momentum to break through these trouble areas.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
I don't know if you were aware of the strength of the blue line you have on your chart. (I say this because you didn't mention it in your post.)
Here again the higher time frames Rule when trading on the lower time frames. The 1.4670 is a strong PPZ level on the Daily and added strength to your hourly PB.
__________________
Indicators show the past. Price Action "Indicates" the future.
I've been in PF for about 10months now
and now I'm trying to give myself more time to chime in here
Look forward working with you guys!! =)
So, anyone's long gbpjpy?? (except Mark hee)
Such a big size, but I don't see any significant momentum so far
Price did retrace to the expected level, let's see if it holds
*I'd like to hear about the momentum from you Jaroo =)
Just to continue with the momentum analogy of speeding along in a boat and trying to stop suddenly, (which you can't even throwing it in reverse) there is only one thing that will stop the boat quickly and throw you backwards its . . . . hitting the shore. lol
I'm a big advocate if one chooses to look for setups on lower time frames that they must be centered around, played off of, and confluenced with higher time frame PPZ levels, Fib level, 50% retracement levels, etc.
Looking at the Daily Gbp/Jpy your 4 BUOB is looking good location wise. At a Daily/Weekly 50% retracement level confluencing with some nice round numbers 140/141.
Also on the Daily is the 142.00 round number confluenced with a Daily/Weekly PPZ level. This is the shore that your 4 hour BUOB hit.
So Price Action setups have momentum but we have to look for these trouble areas that can put the brakes on it. That's why Mike stresses the importance of BIG BARS (especially on a countertrend setup) because they can produces stronger momentum to break through these trouble areas.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
I don't know if you were aware of the strength of the blue line you have on your chart. (I say this because you didn't mention it in your post.)
Here again the higher time frames Rule when trading on the lower time frames. The 1.4670 is a strong PPZ level on the Daily and added strength to your hourly PB.
__________________
Indicators show the past. Price Action "Indicates" the future.
I've been in PF for about 10months now
and now I'm trying to give myself more time to chime in here
Look forward working with you guys!! =)
So, anyone's long gbpjpy?? (except Mark hee)
Such a big size, but I don't see any significant momentum so far
Price did retrace to the expected level, let's see if it holds
*I'd like to hear about the momentum from you Jaroo =)
Just to continue with the momentum analogy of speeding along in a boat and trying to stop suddenly, (which you can't even throwing it in reverse) there is only one thing that will stop the boat quickly and throw you backwards its . . . . hitting the shore. lol
I'm a big advocate if one chooses to look for setups on lower time frames that they must be centered around, played off of, and confluenced with higher time frame PPZ levels, Fib level, 50% retracement levels, etc.
Looking at the Daily Gbp/Jpy your 4 BUOB is looking good location wise. At a Daily/Weekly 50% retracement level confluencing with some nice round numbers 140/141.
Also on the Daily is the 142.00 round number confluenced with a Daily/Weekly PPZ level. This is the shore that your 4 hour BUOB hit.
So Price Action setups have momentum but we have to look for these trouble areas that can put the brakes on it. That's why Mike stresses the importance of BIG BARS (especially on a countertrend setup) because they can produces stronger momentum to break through these trouble areas.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
I don't know if you were aware of the strength of the blue line you have on your chart. (I say this because you didn't mention it in your post.)
Here again the higher time frames Rule when trading on the lower time frames. The 1.4670 is a strong PPZ level on the Daily and added strength to your hourly PB.
__________________
Indicators show the past. Price Action "Indicates" the future.
I've been in PF for about 10months now
and now I'm trying to give myself more time to chime in here
Look forward working with you guys!! =)
So, anyone's long gbpjpy?? (except Mark hee)
Such a big size, but I don't see any significant momentum so far
Price did retrace to the expected level, let's see if it holds
*I'd like to hear about the momentum from you Jaroo =)
Just to continue with the momentum analogy of speeding along in a boat and trying to stop suddenly, (which you can't even throwing it in reverse) there is only one thing that will stop the boat quickly and throw you backwards its . . . . hitting the shore. lol
I'm a big advocate if one chooses to look for setups on lower time frames that they must be centered around, played off of, and confluenced with higher time frame PPZ levels, Fib level, 50% retracement levels, etc.
Looking at the Daily Gbp/Jpy your 4 BUOB is looking good location wise. At a Daily/Weekly 50% retracement level confluencing with some nice round numbers 140/141.
Also on the Daily is the 142.00 round number confluenced with a Daily/Weekly PPZ level. This is the shore that your 4 hour BUOB hit.
So Price Action setups have momentum but we have to look for these trouble areas that can put the brakes on it. That's why Mike stresses the importance of BIG BARS (especially on a countertrend setup) because they can produces stronger momentum to break through these trouble areas.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
I don't know if you were aware of the strength of the blue line you have on your chart. (I say this because you didn't mention it in your post.)
Here again the higher time frames Rule when trading on the lower time frames. The 1.4670 is a strong PPZ level on the Daily and added strength to your hourly PB.
__________________
Indicators show the past. Price Action "Indicates" the future.
I ve watched James video from the Guest Section called "James16 price action video". At the end he was talking about the bearish pin bar on Usd/Chf. And when he was showing the ppz why he didnt mention the previous bullish pin bar low as a ppz but went directly to the lower ppz. Am I missing something ? I just cant get it. Please someone explain me. Thanks in advance.
If you could show a chart at the time (Daily Chf/Usd Oct 2008) would be helpful.
He talked about both said PBs on the Daily Chf/Usd on the video. Both setups were very successful.
__________________
Indicators show the past. Price Action "Indicates" the future.
I ve watched James video from the Guest Section called "James16 price action video". At the end he was talking about the bearish pin bar on Usd/Chf. And when he was showing the ppz why he didnt mention the previous bullish pin bar low as a ppz but went directly to the lower ppz. Am I missing something ? I just cant get it. Please someone explain me. Thanks in advance.
If you could show a chart at the time (Daily Chf/Usd Oct 2008) would be helpful.
He talked about both said PBs on the Daily Chf/Usd on the video. Both setups were very successful.
__________________
Indicators show the past. Price Action "Indicates" the future.
I ve watched James video from the Guest Section called "James16 price action video". At the end he was talking about the bearish pin bar on Usd/Chf. And when he was showing the ppz why he didnt mention the previous bullish pin bar low as a ppz but went directly to the lower ppz. Am I missing something ? I just cant get it. Please someone explain me. Thanks in advance.
If you could show a chart at the time (Daily Chf/Usd Oct 2008) would be helpful.
He talked about both said PBs on the Daily Chf/Usd on the video. Both setups were very successful.
__________________
Indicators show the past. Price Action "Indicates" the future.
I ve watched James video from the Guest Section called "James16 price action video". At the end he was talking about the bearish pin bar on Usd/Chf. And when he was showing the ppz why he didnt mention the previous bullish pin bar low as a ppz but went directly to the lower ppz. Am I missing something ? I just cant get it. Please someone explain me. Thanks in advance.
If you could show a chart at the time (Daily Chf/Usd Oct 2008) would be helpful.
He talked about both said PBs on the Daily Chf/Usd on the video. Both setups were very successful.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reasonable size pin off the 17050 area, 50% fib and with the trend. I'm watching to see if the left eye will hold. Target will be the recent lows around 16750.
Very nice.
A J16 trade classic. Nice hard break too.
__________________
Indicators show the past. Price Action "Indicates" the future.
Yes I was well aware of the strength of the PPZ. Somehow I just didn't expect the e/u to continue going higher during the asian session, that surprised me.
Great job. You never know when a runner will hit. Just protect yourself with a little room and hang on for the ride.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reasonable size pin off the 17050 area, 50% fib and with the trend. I'm watching to see if the left eye will hold. Target will be the recent lows around 16750.
Very nice.
A J16 trade classic. Nice hard break too.
__________________
Indicators show the past. Price Action "Indicates" the future.
Yes I was well aware of the strength of the PPZ. Somehow I just didn't expect the e/u to continue going higher during the asian session, that surprised me.
Great job. You never know when a runner will hit. Just protect yourself with a little room and hang on for the ride.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reasonable size pin off the 17050 area, 50% fib and with the trend. I'm watching to see if the left eye will hold. Target will be the recent lows around 16750.
Very nice.
A J16 trade classic. Nice hard break too.
__________________
Indicators show the past. Price Action "Indicates" the future.
Yes I was well aware of the strength of the PPZ. Somehow I just didn't expect the e/u to continue going higher during the asian session, that surprised me.
Great job. You never know when a runner will hit. Just protect yourself with a little room and hang on for the ride.
__________________
Indicators show the past. Price Action "Indicates" the future.
i try to teach things that i have learned over the years that new people can have at least a prayer at staying above water for the first year.
pa, s/r etc etc... i teach basic stuff that i know works. there are many things i do that i cant teach on a forum or anywhere other than by my side and even that would not work until you had crossed the desert with it. the single hardest thing is the rifle mentallity and then not letting good entries...
What all of us must realize that once we have a great understanding of the who, what, where, how and when of a classic A+ trade, other opportunties begin to appear. Just ask the Rac-man and how he got started. The man knows a great location, and I'm sure the J16 way helped him get there.
Thanks Jim,
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
Jim's live touch trades, Texan self defence law, snakes and what rats to feed them....Mikey's friends....
I haven't laughed or nodded so much in a while. Thanks guys. Feels like old times.
Agree with you totally about protecting your family Jim. I think that's what lifetime pf membership is for. The kind of crazy that's going to risk 50% a trade and then come after you when he strikes out, is not the kind of crazy that's going to stick around 12 months patiently...
A lot of Gems in this one Aaron.
This one is profound: Patience brings profitability in trading. Impatience blows accounts.
__________________
Indicators show the past. Price Action "Indicates" the future.
I said many times that, but people seemed to ignore they have ears and eyes..
It's been like that and it's going to be like that for centuries for come, who cares..
You don't just watch Jims videos, you look for tidbits of info 'he lets it slip' from time to time in them. It's the info that I read between the lines, that made the difference from me. I haven't just started trading the way I do on my own, I've seen it 'with my eyes closed' in Jims videos.
It could be just a few sec in a lengthy videos he's made...
Well said Mark. Jim's recent charts will really get people thinking now . . .. Hopefully not too much though.
Jim and Mike's guest videos are very good. One is doing themselves a disservice by only watching them a few times. The code is revealed if you watch them more then 10 times each . . . . but not in one day.
__________________
Indicators show the past. Price Action "Indicates" the future.
i try to teach things that i have learned over the years that new people can have at least a prayer at staying above water for the first year.
pa, s/r etc etc... i teach basic stuff that i know works. there are many things i do that i cant teach on a forum or anywhere other than by my side and even that would not work until you had crossed the desert with it. the single hardest thing is the rifle mentallity and then not letting good entries...
What all of us must realize that once we have a great understanding of the who, what, where, how and when of a classic A+ trade, other opportunties begin to appear. Just ask the Rac-man and how he got started. The man knows a great location, and I'm sure the J16 way helped him get there.
Thanks Jim,
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
i try to teach things that i have learned over the years that new people can have at least a prayer at staying above water for the first year.
pa, s/r etc etc... i teach basic stuff that i know works. there are many things i do that i cant teach on a forum or anywhere other than by my side and even that would not work until you had crossed the desert with it. the single hardest thing is the rifle mentallity and then not letting good entries...
What all of us must realize that once we have a great understanding of the who, what, where, how and when of a classic A+ trade, other opportunties begin to appear. Just ask the Rac-man and how he got started. The man knows a great location, and I'm sure the J16 way helped him get there.
Thanks Jim,
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
Amen bro !
You just have work a little harder than others at the beginning.
Just one example below I could not resist to take, even though I said to my wife: that's enough for this week..
Pull back to solid (imo) ppz with 61fib confl. with a tiny stop..
I took it in the morning and had to leave for few hours. Just closed this as we're approaching daily ppz.
It feels almost like you're given a free lunch on a golden platter..
Believe it or not, few guys I know shorted, right when we...
Classic Rac, simply classic.
Some of the code slipped out in your post Rac. I wonder if people can find it.
__________________
Indicators show the past. Price Action "Indicates" the future.
Cheers Jim. I'll take a closer look at your charts. What threw me is that normally the charts you post have clearly indicated PA bars on them. I guess these are different
Have a great weekend.
Simon
What is also indicated clearly on Jim's charts are where these PA bars are located and other confluences with these locations.
__________________
Indicators show the past. Price Action "Indicates" the future.
Jim's live touch trades, Texan self defence law, snakes and what rats to feed them....Mikey's friends....
I haven't laughed or nodded so much in a while. Thanks guys. Feels like old times.
Agree with you totally about protecting your family Jim. I think that's what lifetime pf membership is for. The kind of crazy that's going to risk 50% a trade and then come after you when he strikes out, is not the kind of crazy that's going to stick around 12 months patiently...
A lot of Gems in this one Aaron.
This one is profound: Patience brings profitability in trading. Impatience blows accounts.
__________________
Indicators show the past. Price Action "Indicates" the future.
I said many times that, but people seemed to ignore they have ears and eyes..
It's been like that and it's going to be like that for centuries for come, who cares..
You don't just watch Jims videos, you look for tidbits of info 'he lets it slip' from time to time in them. It's the info that I read between the lines, that made the difference from me. I haven't just started trading the way I do on my own, I've seen it 'with my eyes closed' in Jims videos.
It could be just a few sec in a lengthy videos he's made...
Well said Mark. Jim's recent charts will really get people thinking now . . .. Hopefully not too much though.
Jim and Mike's guest videos are very good. One is doing themselves a disservice by only watching them a few times. The code is revealed if you watch them more then 10 times each . . . . but not in one day.
__________________
Indicators show the past. Price Action "Indicates" the future.
Jim's live touch trades, Texan self defence law, snakes and what rats to feed them....Mikey's friends....
I haven't laughed or nodded so much in a while. Thanks guys. Feels like old times.
Agree with you totally about protecting your family Jim. I think that's what lifetime pf membership is for. The kind of crazy that's going to risk 50% a trade and then come after you when he strikes out, is not the kind of crazy that's going to stick around 12 months patiently...
A lot of Gems in this one Aaron.
This one is profound: Patience brings profitability in trading. Impatience blows accounts.
__________________
Indicators show the past. Price Action "Indicates" the future.
I said many times that, but people seemed to ignore they have ears and eyes..
It's been like that and it's going to be like that for centuries for come, who cares..
You don't just watch Jims videos, you look for tidbits of info 'he lets it slip' from time to time in them. It's the info that I read between the lines, that made the difference from me. I haven't just started trading the way I do on my own, I've seen it 'with my eyes closed' in Jims videos.
It could be just a few sec in a lengthy videos he's made...
Well said Mark. Jim's recent charts will really get people thinking now . . .. Hopefully not too much though.
Jim and Mike's guest videos are very good. One is doing themselves a disservice by only watching them a few times. The code is revealed if you watch them more then 10 times each . . . . but not in one day.
__________________
Indicators show the past. Price Action "Indicates" the future.
besides a 61fib level, which other fib levels are more significant?
and when u said 'tiny stop' what do you mean?
congrats on that trade tho!
I'm not the Rac-man but I could shine some light on the importance of Fib Levels and other confluencing tools.
The 38.2, 61.8 Fib levels, the 50% retracement level, long term MAs, trendlines, etc have minor significance by themselves. But when they align or line up with a strong PPZ level is when they show their true strength.
Example of the Daily Eur/Gbp a few months ago.
We have a bearish PB that is not at a very deep swing High, but it is at the 61.8 fib level/ 50% retracement level. The key to what gave it strengh was that it lined up with a strong PPZ level, .8800 (in green). Also the 150 ema is confluencing well in this area.
Your Rac entry was at the 61.8 level which is also at a PPZ level (in blue)/150 ema.(red arrow)
So the question, "which fib levels are more significant? would be answered with another question "Do they line up with a PPZ level?"
Stop loss placements would be tight, probably 20-30pips.
Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
Sorry for bringing back the old stuff, but why this one was taken?
Looks like an Inside Bar entry at a swing low. A bit risky with no divergence to help with some confluence, but with a tight stop loss, some positive pips were made.
__________________
Indicators show the past. Price Action "Indicates" the future.
When I am looking to make a trade, it seems to me that I should be looking for certain things to add value to the setup and help to assure that it is a good trade. I would like to list them as I understand so far and would hope for some imput.
When looking to make a trade, the following are things to consider:
Price action- Pin Bar, Bearish Engulfing Open Bar, Bullish Engulfing Bar, Double top, Head and shoulders, etc.
Trend direction- Up or down on your respective time frame.
Support...
This is very good Stephen as well as kesh's post;
Quote:
Originally Posted by kesh
hi, ive been reading this thread for the past 3 months or so and have just registered now to say thanks to jim and also mike whos posts ive found truly eye opening.
i started trading about a year ago, began by reading a couple of books and a few articles on the internet and thought it would be a piece of cake to get the hang of and quicky double, treble, quadrouple my money.
i wont bore you with all the details but i blew 3 x ?2000 accounts in that time without having a clue what i was doing. you name it i did it - went on tilt, chased...
I will look at the Weekly/Daily time frames and look for strong, clear PPZ levels at round numbers. Next I will look for other confluences around these levels; Fibs, long term MAs, trendlines, etc. Then look for PA on these time frames.
I then can look at lower time frames keeping these Weekly/Daily PPZ confluenced levels on the lower time frames.
Once on these lower times, I use the same confluencing tools relative to that time frame and wait for PA.
Example Gbp/Jpy:
__________________
Indicators show the past. Price Action "Indicates" the future.
Amen bro !
You just have work a little harder than others at the beginning.
Just one example below I could not resist to take, even though I said to my wife: that's enough for this week..
Pull back to solid (imo) ppz with 61fib confl. with a tiny stop..
I took it in the morning and had to leave for few hours. Just closed this as we're approaching daily ppz.
It feels almost like you're given a free lunch on a golden platter..
Believe it or not, few guys I know shorted, right when we...
Classic Rac, simply classic.
Some of the code slipped out in your post Rac. I wonder if people can find it.
__________________
Indicators show the past. Price Action "Indicates" the future.
Cheers Jim. I'll take a closer look at your charts. What threw me is that normally the charts you post have clearly indicated PA bars on them. I guess these are different
Have a great weekend.
Simon
What is also indicated clearly on Jim's charts are where these PA bars are located and other confluences with these locations.
__________________
Indicators show the past. Price Action "Indicates" the future.
There is a bit of divergence on the Weekly, also it is at levels where Price has dropped in the past. Price has been trending up strongly and the size of that PB looks relatively small to this strong up move.
The Daily trendline(s) and the .9400 PPZ level is confluencing nicely. Could be a good area to look for strong bullish PA. Or a strong break of the .9400 with confirming bearish PA would look good as well.
__________________
Indicators show the past. Price Action "Indicates" the future.
Amen bro !
You just have work a little harder than others at the beginning.
Just one example below I could not resist to take, even though I said to my wife: that's enough for this week..
Pull back to solid (imo) ppz with 61fib confl. with a tiny stop..
I took it in the morning and had to leave for few hours. Just closed this as we're approaching daily ppz.
It feels almost like you're given a free lunch on a golden platter..
Believe it or not, few guys I know shorted, right when we...
Classic Rac, simply classic.
Some of the code slipped out in your post Rac. I wonder if people can find it.
__________________
Indicators show the past. Price Action "Indicates" the future.
Cheers Jim. I'll take a closer look at your charts. What threw me is that normally the charts you post have clearly indicated PA bars on them. I guess these are different
Have a great weekend.
Simon
What is also indicated clearly on Jim's charts are where these PA bars are located and other confluences with these locations.
__________________
Indicators show the past. Price Action "Indicates" the future.
Lol. Actually, this job requires me to play someone pushing 50. I'm 36. So the night before filming I have to stay up late to get the bags (tricks of the trade). Add to that the fact that I've always been a night owl and here I am.
ouch . . . lol . . . Jim's almost 50. lolol
__________________
Indicators show the past. Price Action "Indicates" the future.
Lol. You're getting me into trouble. I'm not saying everyone of 50 has bags under their eyes, just that they help a 36 year old to look 14 years older. I wouldn't risk the wrath of Jarroo. May end up slapped with one his patented hard breaks...
lol There is nothing more enjoyable then a hard break of a patiently waited PA setup.
That's the only wrath I would give to you, Aaron.
__________________
Indicators show the past. Price Action "Indicates" the future.
I wonder if Rac is looking at this one. Eur/Jpy: 133.00. 61.8, PPZ. (150 ema daily/ 365 ema 4hour)
Touch or blind entries are tough to do. I demo them a lot with so-so results. But when I see a great location and then PA, it sure makes life alot easier for me.
Still waiting for PA to develop on the Eur/Jpy.
__________________
Indicators show the past. Price Action "Indicates" the future.
besides a 61fib level, which other fib levels are more significant?
and when u said 'tiny stop' what do you mean?
congrats on that trade tho!
I'm not the Rac-man but I could shine some light on the importance of Fib Levels and other confluencing tools.
The 38.2, 61.8 Fib levels, the 50% retracement level, long term MAs, trendlines, etc have minor significance by themselves. But when they align or line up with a strong PPZ level is when they show their true strength.
Example of the Daily Eur/Gbp a few months ago.
We have a bearish PB that is not at a very deep swing High, but it is at the 61.8 fib level/ 50% retracement level. The key to what gave it strengh was that it lined up with a strong PPZ level, .8800 (in green). Also the 150 ema is confluencing well in this area.
Your Rac entry was at the 61.8 level which is also at a PPZ level (in blue)/150 ema.(red arrow)
So the question, "which fib levels are more significant? would be answered with another question "Do they line up with a PPZ level?"
Stop loss placements would be tight, probably 20-30pips.
Jim
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Indicators show the past. Price Action "Indicates" the future.
Sorry for bringing back the old stuff, but why this one was taken?
Looks like an Inside Bar entry at a swing low. A bit risky with no divergence to help with some confluence, but with a tight stop loss, some positive pips were made.
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Indicators show the past. Price Action "Indicates" the future.
When I am looking to make a trade, it seems to me that I should be looking for certain things to add value to the setup and help to assure that it is a good trade. I would like to list them as I understand so far and would hope for some imput.
When looking to make a trade, the following are things to consider:
Price action- Pin Bar, Bearish Engulfing Open Bar, Bullish Engulfing Bar, Double top, Head and shoulders, etc.
Trend direction- Up or down on your respective time frame.
Support...
This is very good Stephen as well as kesh's post;
Quote:
Originally Posted by kesh
hi, ive been reading this thread for the past 3 months or so and have just registered now to say thanks to jim and also mike whos posts ive found truly eye opening.
i started trading about a year ago, began by reading a couple of books and a few articles on the internet and thought it would be a piece of cake to get the hang of and quicky double, treble, quadrouple my money.
i wont bore you with all the details but i blew 3 x ?2000 accounts in that time without having a clue what i was doing. you name it i did it - went on tilt, chased...
I will look at the Weekly/Daily time frames and look for strong, clear PPZ levels at round numbers. Next I will look for other confluences around these levels; Fibs, long term MAs, trendlines, etc. Then look for PA on these time frames.
I then can look at lower time frames keeping these Weekly/Daily PPZ confluenced levels on the lower time frames.
Once on these lower times, I use the same confluencing tools relative to that time frame and wait for PA.
Example Gbp/Jpy:
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Indicators show the past. Price Action "Indicates" the future.
They can be tough, but yet they are so rewarding when you get in early, PA develops, and then you can add to the trade and play it as you would any other PA trade.
Through backtesting and demo, I've found that touch entries work best with the trend and OBVIOUS confluence of fib, ppz, 2 bar highs/lows, and/or TLs. I'm not the best with TLs so I use them rarely to look for confluence.
Ross
Classic Rac way to play. Work on those trendlines, you'll be glad you did.
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Indicators show the past. Price Action "Indicates" the future.
I am into touch trades and what I know for a fact is that the single most important thing that will matter the most in your touch trading method is the time you've been doing it for. It takes IMMENSE experience, and that's practically all that it takes.
g.
Practice does make perfect. They are fun to demo.
__________________
Indicators show the past. Price Action "Indicates" the future.
The rewards of this business are huge. Huge. Be kind to yourself and give yourself the chance to achieve them.
Nice Aaron.
Great bars at great locations, is the best way to start and end in my book. The one thing that looking for touch (blind) entries force you to do is look for great, confluenced levels. This is what Rac teaches me when ever he post.
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Indicators show the past. Price Action "Indicates" the future.
a small search yielded these 2 posts by Sir jarroo DBHLC DBLHC
but be sure to familiarize yourself about PA setups (PB, BUOB, DBHLC, etc) we use here first, so u can appreciate the examples more.
Boy I used to zoom in alot. Thank God I started listening to Mike and zoomed out to get the bigger picture. Probably when I realized what the true traffic of a setup presented.
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Indicators show the past. Price Action "Indicates" the future.
All that I meant was that as someone who looks and is 36 I needed help to look the age I was supposed to be playing. So, seeing as I couldn't age my face 14 years, I need a little help from a few late nights, some make up, and a few white flecks added to a beard I'd grown.
No offence intended to the 50 year olds on here, hope none was taken.
Stop the digging Tia.
Too funny. lol
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Indicators show the past. Price Action "Indicates" the future.
There is a bit of divergence on the Weekly, also it is at levels where Price has dropped in the past. Price has been trending up strongly and the size of that PB looks relatively small to this strong up move.
The Daily trendline(s) and the .9400 PPZ level is confluencing nicely. Could be a good area to look for strong bullish PA. Or a strong break of the .9400 with confirming bearish PA would look good as well.
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Indicators show the past. Price Action "Indicates" the future.
Dude, I went bald at 23. Shaved my head ever since. recently had to grow it out for work for a while and that was a shock. Thankfully the job is now over and so it gets shaved again tonight. Then I can go back to pretending that it's a choice and that I could grow it all back if I needed too.
I have five other brothers and most are balding. But the youngest brother has a full head of hair, yet he shaves it bald. He runs marathons.
Go figure.
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Indicators show the past. Price Action "Indicates" the future.
Is there any senior member of J16 that would mind checking out my journal and letting me know what they think of the setups I've taken? It would be very much appreciated
I'll check it out.
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Indicators show the past. Price Action "Indicates" the future.
Sure, Sir. actually, the answer is , depends on what uare specifically asking for.
lol. are u really in your late 40s? u dont type/post slow/infrequently here.
btw, which 'this one'. be more specific Sir.
anyway, i only have good intentions in that post (LASIK, antioxidants etc).
btw, are u infront of your charts, can u (or anybody) please tell me why gbpjpy reversed from 141.18-ish (aside from having a minor PPZ there)??! Thanks
Just kidding with you sChaos. lol
Sorry not at my regular charts. Check your weekly PPZ level, 141/140 is a strong level.
__________________
Indicators show the past. Price Action "Indicates" the future.
'crazy' idea? LOL
nyahahah... i knew it. i was trying to dodge this one. but, to no avail
here are the H1, H4 & daily (FXPro)
the white line is the 141.18ish.
the magenta lines are the Support/PPZs
again, i'm looking for reasons for price reversal other than the minor PPZ (white line)
was expecting price to stop, initially at 141 area (initial TP area from a short trade), but price reversed almost 20pips above that.
on the H4, that doji prior the last bar is actually an IB in another MT4 (XTB) so i'll probably wait what happens when the...
Looks like muliple bars Closes on the hourly gave enough resistence to reverse. How a Bar Closes at key levels give many traders a clue on the strength of Price above or below S/R levels.
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Indicators show the past. Price Action "Indicates" the future.
Hi Jarroo! For the GJ, let's start with this weekly one!
Very nice goodtidings. I like how you fine tuned those levels at the PPZ. I can't help but see that the 140.00, Big Round Number, playing a main role when a clear setup is presented.
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Indicators show the past. Price Action "Indicates" the future.
ok, so, so far, that's the only reason it reversed.
Thanks for confirming Sir.
I've been looking more at the Close of bars along with the Highs/Lows for PPZ and S/R levels. Bundy's line charts (at the Close) got me thinking. ( as he usually does). lol
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Indicators show the past. Price Action "Indicates" the future.
Lol. Actually, this job requires me to play someone pushing 50. I'm 36. So the night before filming I have to stay up late to get the bags (tricks of the trade). Add to that the fact that I've always been a night owl and here I am.
ouch . . . lol . . . Jim's almost 50. lolol
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Indicators show the past. Price Action "Indicates" the future.
Lol. You're getting me into trouble. I'm not saying everyone of 50 has bags under their eyes, just that they help a 36 year old to look 14 years older. I wouldn't risk the wrath of Jarroo. May end up slapped with one his patented hard breaks...
lol There is nothing more enjoyable then a hard break of a patiently waited PA setup.
That's the only wrath I would give to you, Aaron.
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Indicators show the past. Price Action "Indicates" the future.
I wonder if Rac is looking at this one. Eur/Jpy: 133.00. 61.8, PPZ. (150 ema daily/ 365 ema 4hour)
Touch or blind entries are tough to do. I demo them a lot with so-so results. But when I see a great location and then PA, it sure makes life alot easier for me.
Still waiting for PA to develop on the Eur/Jpy.
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Indicators show the past. Price Action "Indicates" the future.
You are right, absolutely! If we can manage to get a third PIN, that will be super :-)
BTW, I don't have too much confidence trading counter trend. I would rather wait for the trendy one :-)
I agree totally. Some people never take CT trades. Unless they are unbelievably obvious. There is much to be said about only taking PA with the trend. Just ask Ryanmcd.
__________________
Indicators show the past. Price Action "Indicates" the future.
Yes, the concept of the "free trade", no matter how its derived (partial positions, break even, etc.), plays an important role in trading PA setups to me.
__________________
Indicators show the past. Price Action "Indicates" the future.
They can be tough, but yet they are so rewarding when you get in early, PA develops, and then you can add to the trade and play it as you would any other PA trade.
Through backtesting and demo, I've found that touch entries work best with the trend and OBVIOUS confluence of fib, ppz, 2 bar highs/lows, and/or TLs. I'm not the best with TLs so I use them rarely to look for confluence.
Ross
Classic Rac way to play. Work on those trendlines, you'll be glad you did.
__________________
Indicators show the past. Price Action "Indicates" the future.
I am into touch trades and what I know for a fact is that the single most important thing that will matter the most in your touch trading method is the time you've been doing it for. It takes IMMENSE experience, and that's practically all that it takes.
g.
Practice does make perfect. They are fun to demo.
__________________
Indicators show the past. Price Action "Indicates" the future.
The rewards of this business are huge. Huge. Be kind to yourself and give yourself the chance to achieve them.
Nice Aaron.
Great bars at great locations, is the best way to start and end in my book. The one thing that looking for touch (blind) entries force you to do is look for great, confluenced levels. This is what Rac teaches me when ever he post.
__________________
Indicators show the past. Price Action "Indicates" the future.
a small search yielded these 2 posts by Sir jarroo DBHLC DBLHC
but be sure to familiarize yourself about PA setups (PB, BUOB, DBHLC, etc) we use here first, so u can appreciate the examples more.
Boy I used to zoom in alot. Thank God I started listening to Mike and zoomed out to get the bigger picture. Probably when I realized what the true traffic of a setup presented.
__________________
Indicators show the past. Price Action "Indicates" the future.
nothing wrong in considering it (the pink box)
Sir jarroo must've concentrated on pointing out main areas on those 2 charts.
if u noticed, on the 2nd chart, price bumped on this pink box area.
That's right. They are the confluenced levels; Round numbers, PPZ and Fib levels. The Pink Box is not ignored, it just doesn't carry as much weight then the confluenced levels if PA develops.
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Indicators show the past. Price Action "Indicates" the future.
1-Price was in an uptrend hit it and came down.
2-Halted for a while.
3-Retraced back to this level and then back up.
Or are you sayin we can't draw until we hav a FIB or RN.
Yes. We want as many confluences supporting Price Action. We are a cheetah waiting in the bush for a sick baby elk, that's stuck in the mud, that's also blind. The pink box is a level that's definitely on the radar but I would rather see PA develop on a stronger level then a weaker one.
Now I'm not saying if PA develops on that level that it can't be traded, but a tighter trade management style must be required. But, then again, passing on the trade is not a bad decision either.
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Indicators show the past. Price Action "Indicates" the future.
hi guys, for what its worth i agree with SC, i think you have identified an important level and one to be aware of and im sure Jarroo was also, at the point of posting his chart it had only two touches and so i think he just probably prefers to keep a clean chart?? Well done for noticing this area though and im sure many people will benefit from your observations.
jon
Well said jon.
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Indicators show the past. Price Action "Indicates" the future.
Just thought i would share how i play B type trades, not for the faint of heart LOL but after practice they are easy.
Note, chart is only zoomed in to show a closer look, normaly the chart is zoomed out to have a better look at the PPZ (1st gray marked area)
Another screen dump to add to my successful trades folder
sohail
oh one more thing, i also have a loosing trades folder where i screen dump and anotate my loosing trades, this has helped me alot to show me where and why the trade was a looser, so i can reflect back on it and not...
Very nice sohail. Reading Price like a book.
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Indicators show the past. Price Action "Indicates" the future.
Another great way to research is to take your MT4, set up a profile, and then mark off every outside bar and PBs over the last few years on a pair with an arrow (I start with the four dollar majors, and then widen to every pair I trade). Then just spend a lot of time staring at the screen, looking at the ones that failed, the ones that succeeded, why and where they turned around. It's a great way to develop confidence and form a strategy and it doesn't take long.
.
1st post please. Excellent.
Its what I do waiting for a trades to develop.
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Indicators show the past. Price Action "Indicates" the future.
well I see the point is that you were looking for a trade so this pink box is not very influenced for *TAKING ATRADE* BUT you would`ve highlighted it if you were *MANAGING A TRADE*.
Quote:
Originally Posted by nasir.khan
So by not drawing the smaller ones (when not in a trade) we can avoid getting into some bad setups.And by highlighting every posible trouble area (when in a trade) we can save some hair.
Exactly.
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Indicators show the past. Price Action "Indicates" the future.
All that I meant was that as someone who looks and is 36 I needed help to look the age I was supposed to be playing. So, seeing as I couldn't age my face 14 years, I need a little help from a few late nights, some make up, and a few white flecks added to a beard I'd grown.
No offence intended to the 50 year olds on here, hope none was taken.
Stop the digging Tia.
Too funny. lol
__________________
Indicators show the past. Price Action "Indicates" the future.
Dude, I went bald at 23. Shaved my head ever since. recently had to grow it out for work for a while and that was a shock. Thankfully the job is now over and so it gets shaved again tonight. Then I can go back to pretending that it's a choice and that I could grow it all back if I needed too.
I have five other brothers and most are balding. But the youngest brother has a full head of hair, yet he shaves it bald. He runs marathons.
Go figure.
__________________
Indicators show the past. Price Action "Indicates" the future.
Is there any senior member of J16 that would mind checking out my journal and letting me know what they think of the setups I've taken? It would be very much appreciated
I'll check it out.
__________________
Indicators show the past. Price Action "Indicates" the future.
Sure, Sir. actually, the answer is , depends on what uare specifically asking for.
lol. are u really in your late 40s? u dont type/post slow/infrequently here.
btw, which 'this one'. be more specific Sir.
anyway, i only have good intentions in that post (LASIK, antioxidants etc).
btw, are u infront of your charts, can u (or anybody) please tell me why gbpjpy reversed from 141.18-ish (aside from having a minor PPZ there)??! Thanks
Just kidding with you sChaos. lol
Sorry not at my regular charts. Check your weekly PPZ level, 141/140 is a strong level.
__________________
Indicators show the past. Price Action "Indicates" the future.
'crazy' idea? LOL
nyahahah... i knew it. i was trying to dodge this one. but, to no avail
here are the H1, H4 & daily (FXPro)
the white line is the 141.18ish.
the magenta lines are the Support/PPZs
again, i'm looking for reasons for price reversal other than the minor PPZ (white line)
was expecting price to stop, initially at 141 area (initial TP area from a short trade), but price reversed almost 20pips above that.
on the H4, that doji prior the last bar is actually an IB in another MT4 (XTB) so i'll probably wait what happens when the...
Looks like muliple bars Closes on the hourly gave enough resistence to reverse. How a Bar Closes at key levels give many traders a clue on the strength of Price above or below S/R levels.
__________________
Indicators show the past. Price Action "Indicates" the future.
Hi Jarroo! For the GJ, let's start with this weekly one!
Very nice goodtidings. I like how you fine tuned those levels at the PPZ. I can't help but see that the 140.00, Big Round Number, playing a main role when a clear setup is presented.
__________________
Indicators show the past. Price Action "Indicates" the future.
ok, so, so far, that's the only reason it reversed.
Thanks for confirming Sir.
I've been looking more at the Close of bars along with the Highs/Lows for PPZ and S/R levels. Bundy's line charts (at the Close) got me thinking. ( as he usually does). lol
__________________
Indicators show the past. Price Action "Indicates" the future.
You are right, absolutely! If we can manage to get a third PIN, that will be super :-)
BTW, I don't have too much confidence trading counter trend. I would rather wait for the trendy one :-)
I agree totally. Some people never take CT trades. Unless they are unbelievably obvious. There is much to be said about only taking PA with the trend. Just ask Ryanmcd.
__________________
Indicators show the past. Price Action "Indicates" the future.
Yes, the concept of the "free trade", no matter how its derived (partial positions, break even, etc.), plays an important role in trading PA setups to me.
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Indicators show the past. Price Action "Indicates" the future.
. . . have you followed the j16 minimum requirements on page 1, that is you are able to trade daily/weekly? Before that I am highly against people jumping down.
My other answer would be, I am going to watch the 1.0500 area for more clear signals, bigger bars. Or any potential breakout patterns forming for a more of a base.
Hope that helps
Mike
Let's see if I can explain this comment on Mike's post, but on the current Gbp/Jpy Daily chart. ( Mike, let me know if I'm off track here).
On the Daily Gbp/Jpy we have Price at a very good confluenced location. Nice round numbers, 140.00, 141.00,
50% retrarcement level, and most importantly, a strong PPZ level.
We see some PA developing, but nothing Big and Bold to what we would like to have to counter this strong move down. As days pass, a consolidation area develops forming a Base of which we could play a breakout trade. The Base (or consolidation area or wedge formation, or etc.) is now an added confluence to support a breakout to the north or to the south.
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Indicators show the past. Price Action "Indicates" the future.
Nzd/jpy a bit more appealing with the divergence and a bit bigger size. Marked the first trouble areas for you which gives a bit more room with nzd/jpy.
Just my views
Mike
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Indicators show the past. Price Action "Indicates" the future.
My Favorite part about these trades are how many of them I can cover my risk and get into a "free trade".
Yes indeed.
Also, since they are a pausing or indecision in Price ( momentum building maybe?) they do tend to give a nice hard, robust break. And you know I love when that happens.
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Indicators show the past. Price Action "Indicates" the future.
hi guys, heres something i will watching next week
not the best locations and i would have liked to see more confluence ....
jon
p.s. ignore the trades they are on demo only
Thanks jon.
Also, nice work on the Eur/Gbp. This is also a 2 Week PB which has a nice size.
A little trick I do is look at the Monthly chart at the end of each week to see 2 or 3 week combo PAs. And on the weekly charts on Tues., Wed. and Thurs to see Daily combos.
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Indicators show the past. Price Action "Indicates" the future.
I see one other poster took a loss on the Daily AJ Pin Bar. I took a loss as well.
The location was iffy, space was GREAT, bar was GREAT, there was MACD divergence.
Pin broke by about 18 pips and then turned back.
I woke up at my 5 am and saw I was about to get stopped out. I then remembered Mike's words about Fridays being profit taking days.
Must have just been a profit taking pin.
Do the seniors here disregard set-ups like this on Sunday evenings? A strong trend with a good bar in the opposite direction forming on Friday? Did any of...
I agree with Mike that the Bar size was way too small but the other qualities on the setup were good. Also your comments on profit taking Friday may have played a role as well.
I didn't take this one, but if I did, I would have had a small loss on this one. Countertrend trading without having BIG PPZs, BIG BARS and Strong confluenced support (Fibs, 50% ret., MAs, Divergence, etc.) can be a very tough way to trade. Even if all of these factors do line up, it still could end up being a failed trade. The power of the trend.
That being said, when many of these "A-ish" qualities present themselves on a given setup (like this one), I add another confirmation that's very important to me (as many of you know): the hard break that runs and never looks back. Or at least be able to move my stop loss to B/E quickly.
If another setup like this one (A/J) presented itself, would I take it? Probably. It's probably why I have more break even trades then losses, which are few.
So I guess my point from this ramble is that I am always trying to be more picky on counter trend trades and I always manage them tight. The setups with the trend are more easily managed. The added confluence of "with the trend" is a powerful confluence to have with any PA setup.
Notice that James16's recent S/R entry trades on the Eur/Usd and Usd/Chf
were both with the trend.
Jim
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Indicators show the past. Price Action "Indicates" the future.
PS. I know I'm new but if others can learn anything from my post it would definitely be the value in re-reading this thread multiple times. It seems that each time you read through it you gain new insights.
Cheers,
Mikali
Absolutely. And as you gain more experience and practise you will gain even more insight with a re-read.
Its funny . . . re-reading some of my earlier posts, I think to myself what was I thinking on that setup. lol
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Indicators show the past. Price Action "Indicates" the future.
I only saw a couple posts on the AUD/JPY pinbar loss. I know a lot more people in this thread took a loss on that trade. but hey no1 likes to brag about losses right? if that trade turned out to be a winner there would be 20 posts here about how it was such a perfect setup and it was an A trade.
personally i thought it was a setup in the A category too.. i think jarro gave it a A- too but he did not take it..
decent setup at the top, plenty of room to run, it broke, and turned around and burned me for 1.5%.. ouch (i normally risk no more than...
Hey dengzhi. Sorry I can't post charts right now, but look at the A/J Daily chart and look at the PBs since say Feb. There's some nice moves off thoses ( big size) PBs, even more so when the up trend was obvious. Now look at the size of the current failed PB after strong move up. As Mike says . .sizes does matter.
Jim
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Indicators show the past. Price Action "Indicates" the future.