Sorry, but what do PB and IB stand for?
Thanks!
Thanks!
- #1,705
- Dec 21, 2006 7:32pm Dec 21, 2006 7:32pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Speaking of Inside Bars, we got an I4B on the EURCHF Daily today.
This could possibly break to the short side and start a reversal.
Anybody play these setups?
DON'T ANYONE DO THIS: This is an experimental DEMO trade for me.
Sell Limit order 1.6040 (for a reversal near 61.8%)
With stop-loss at 1.6056
Targetting 23.6% fib (and maybe the 150) from larger move. 1.6009 (+ spread ...-ish) for first half of position. Rest to break even once hit.
...Let's see what happens. I most likely won't be here so I'll have to look at it afterwards.
Bundy's status today: "Waiting..."
- #1,706
- Dec 21, 2006 7:43pm Dec 21, 2006 7:43pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Here is one more IB at the top of an uptrend for the AUDJPY.
This one is also sitting on a weekly and a monthly PP which would be violated to the short side if the IB was broken.
And it's got plenty of room to fall down to another weekly & monthly PP that are on top of each other.
Hope this makes sense
:Best,
Mike
- #1,707
- Dec 21, 2006 8:16pm Dec 21, 2006 8:16pm
Hey moneybags, just thought id throw something out there about aud/jpy, recently we broke a three bar high. So if we take this I4B short we must remember that this may now act as a support and to be careful to take profit or watch for a bounce. I prefer to play PA off these areas of support and resistance because i can usually make my stops smaller and feel more confident. This is not to say it might not break right down, but it is something to watch for
Hope this makes sense
Best,
Mike
If someone was to play this I4B to the Short side I would recommend either taking partial profit at that support line and letting the rest ride (after moving your SL to break even), or closing the trade completely and waiting for more PA to see if it's continuing down or bouncing.
I'm not that comfortable with IBs and I4Bs, so I would never go for big profit targets myself.
Lets see how these play out.
-Tom
- #1,708
- Dec 21, 2006 8:55pm Dec 21, 2006 8:55pm
- | Commercial User | Joined Feb 2005 | 2,875 Posts
couldnt have said it better myself.
Hey moneybags, just thought id throw something out there about aud/jpy, recently we broke a three bar high. So if we take this I4B short we must remember that this may now act as a support and to be careful to take profit or watch for a bounce. I prefer to play PA off these areas of support and resistance because i can usually make my stops smaller and feel more confident. This is not to say it might not break right down, but it is something to watch for
Hope this makes sense
Best,
Mike
- #1,709
- Edited 1:46am Dec 22, 2006 1:25am | Edited 1:46am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
MoneyBags' Daily I4B on the EUR/CHF pair...
We have a Tripple Bar High with a lower close on the 1 hour.
Edit: With a little bit of creative license, this was at the 50% retracement.
Waiting for a retracement to enter. (Somewhere around Purple horizontal line)
...This might mean missing the trade. ...But you miss any chance of a loss too, so who cares. LOL
Maybe on this time frame and so few pips risked you'd just enter on the close??
,Bundy
Edit: All those equal highs give as a strong tight stop we can use. A few pips above (plus spread)
We have a Tripple Bar High with a lower close on the 1 hour.
Edit: With a little bit of creative license, this was at the 50% retracement.
Waiting for a retracement to enter. (Somewhere around Purple horizontal line)
...This might mean missing the trade. ...But you miss any chance of a loss too, so who cares. LOL
Maybe on this time frame and so few pips risked you'd just enter on the close??
,Bundy
Edit: All those equal highs give as a strong tight stop we can use. A few pips above (plus spread)
Bundy's status today: "Waiting..."
- #1,710
- Dec 22, 2006 1:36am Dec 22, 2006 1:36am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Bundy's status today: "Waiting..."
- #1,711
- Dec 22, 2006 4:26am Dec 22, 2006 4:26am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Later on...
We've hit the entry price at 1.6027 (Purple Line)
Stop was @ 1.6041.
...Stop looks like it's not very close, but that's just the time frame we're on.
First profit target I've set up as 1.6007. Only a 23% line.
I'm off to the pub. HEH HEH HEH (...come on! I'm allowd to! It's XMAS!!!!)
The rest will depend on price action... If I'm here
We've hit the entry price at 1.6027 (Purple Line)
Stop was @ 1.6041.
...Stop looks like it's not very close, but that's just the time frame we're on.
First profit target I've set up as 1.6007. Only a 23% line.
I'm off to the pub. HEH HEH HEH (...come on! I'm allowd to! It's XMAS!!!!)
The rest will depend on price action... If I'm here
Bundy's status today: "Waiting..."
- #1,714
- Dec 22, 2006 7:08am Dec 22, 2006 7:08am
- Joined Aug 2005 | Status: Novice | 1,017 Posts
Later on...
We've hit the entry price at 1.6027 (Purple Line)
Stop was @ 1.6041.
...Stop looks like it's not very close, but that's just the time frame we're on.
First profit target I've set up as 1.6007. Only a 23% line.
I'm off to the pub. HEH HEH HEH (...come on! I'm allowd to! It's XMAS!!!!)
The rest will depend on price action... If I'm here
Keeping it Simple
- #1,715
- Dec 22, 2006 7:15am Dec 22, 2006 7:15am
- Joined Aug 2005 | Status: Novice | 1,017 Posts
Keeping it Simple
- #1,716
- Dec 22, 2006 7:20am Dec 22, 2006 7:20am
- Joined Aug 2005 | Status: Novice | 1,017 Posts
Keeping it Simple
- #1,718
- Dec 22, 2006 7:46am Dec 22, 2006 7:46am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Are you legal yet?!
Speaking of, though. ...Just called it a night. Early. 12:30. Walked home (only 5 mins from pubs... oh... How convenient!!! LOL ) ...anyway... two kids come up to me asking for a light. Talked. Turns out they're just finnished 6th grade. Here they are with two big bottles of coke with bourbon in them. Off their nut!!
That's so young. Didn't give them a lecture or anything. What's the point??
Bundy's status today: "Waiting..."
- #1,719
- Dec 22, 2006 8:04am Dec 22, 2006 8:04am
Yeah mate. For years!
Speaking of, though. ...Just called it a night. Early. 12:30. Walked home (only 5 mins from pubs... oh... How convenient!!! LOL ) ...anyway... two kids come up to me asking for a light. Talked. Turns out they're just finnished 6th grade. Here they are with two big bottles of coke with bourbon in them. Off their nut!!
That's so young. Didn't give them a lecture or anything. What's the point??