hi all,
how about this beovb ?
Hiya
Can't give any trade advice...this is simply what I see on my chart:
It looks like if it were to move, it has room to 0.7250 before the first "tops" come in again / past that area and it's 0.7050 going by weekly.
Seems like a valid BEOB bar from it's "placement" / OHLC.
Can't tell you what/whether to trade and what not though and given the steep move up I also do not know how it will all end
Usually steep rise with little s/r = risk of steep descent if momentum can build(remember Gold last year? Or the last AUDUSD meltdown..).
What was the question again? How about the BEOB? It's about 200 pips and red! ;p
Take care,
SL
Just a reminder as to why there is NOTHING WRONG WITH HIGH TIMEFRAMES.
I know wizard loves the 1h and Swami just hinted at 15m and Bundy chimed in, BUT, especially if you are beginning, you want to give yourself the time to actually lose errrr build your account SLOWLY(but seriously, it IS about delaying losing real live money until you know what you are doing) until you really understand what you're looking for.
CADJPY was just such a terrific example of
-hold on to your winners
-don't mix timeframes(daily PBs that had no meaning galore)
-don't trade against the weekly PB
-good risk/reward
-pin bar was after a "smooth" BUB, not in sideway traffic, eyes level, open/close at the low
that I just have to post and emphasize this, BIG.
250 stop, over 1100 pips moved already -> well over 1:4 risk/reward.
This is the trade we're all looking for.
I think it helps to to not only have the setup in your head, but the potential(target), too, eventually.
Sell 115 while thinking about 100. Why not?
And to repeat myself over and again - find that ONE trade a week that could do this and even at 1% you can get 4%.
If each week you only take one trade and that one were to be one like this and you managed to make just 2% on average per week(some may lose, some might not go up to 1:4 risk/reward, etc) - you will double your account in a year.
Just some sobering compounding figures on controlled shots vs overtrading.
Why compromise on "could or could not be a semi-decent pin, sorta", forcefully looking for setups every day, is what I'm saying if this kind of stuff also exists
Don't force it, find it
Just a reminder as to why there is NOTHING WRONG WITH HIGH TIMEFRAMES.
) 
)
....Currencies and the 15 min / 5- min charts always seem a LOT harder than in other markets too. If you aren't in the habit, keep it that way! From Bundy and Seeking........
ALL Spoken From Pros..............!!! And everyone should listen...
I had not even looked at the CAD/JPY weekly chart when I placed my order for the daily Pin.... Yes my order only kicked off thanks to misplacing it by a couple of pips... I should have been more careful there... but the stupid thing was even thinking of placing the order inthe first place... !!!
I am still a real beginner....
From Bundy and Seeking........
ALL Spoken From Pros..............!!! And everyone should listen...
I had not even looked at the CAD/JPY weekly chart when I placed my order for the daily Pin.... Yes my order only kicked off thanks to misplacing it by a couple of pips... I should have been more careful there... but the stupid thing was even thinking of placing the order inthe first place... !!!
I am still a real beginner....
Just a reminder as to why there is NOTHING WRONG WITH HIGH TIMEFRAMES.
I know wizard loves the 1h and Swami just hinted at 15m and Bundy chimed in, BUT, especially if you are beginning, you want to give yourself the time to actually lose errrr build your account SLOWLY(but seriously, it IS about delaying losing real live money until you know what you are doing) until you really understand what you're looking for.
CADJPY was just such a terrific example of
-hold on to your winners
-don't mix timeframes(daily PBs that had no meaning galore)
-don't trade against the weekly PB
-good risk/reward
-pin bar was after a "smooth" BUB, not in sideway traffic, eyes level, open/close at the low
that I just have to post and emphasize this, BIG.
250 stop, over 1100 pips moved already -> well over 1:4 risk/reward.
This is the trade we're all looking for.
I think it helps to to not only have the setup in your head, but the potential(target), too, eventually.
Sell 115 while thinking about 100. Why not?
And to repeat myself over and again - find that ONE trade a week that could do this and even at 1% you can get 4%.
If each week you only take one trade and that one were to be one like this and you managed to make just 2% on average per week(some may lose, some might not go up to 1:4 risk/reward, etc) - you will double your account in a year.
Just some sobering compounding figures on controlled shots vs overtrading.
Why compromise on "could or could not be a semi-decent pin, sorta", forcefully looking for setups every day, is what I'm saying if this kind of stuff also exists
Don't force it, find it
And I wasn't born yet... !!!hi giraia,
I am by no means a pro.... I'm just trying to do my best to put pieces of the puzzle together. I already had a position since 208.77 off 4hr TF (posted in attachment in peaks and valley thread) and simply added on a close after daily pb printed. To me it looked good, but it didn't work. When it met my SL, I simply reversed as per attached chart.... We're trading probabilities so I understand PB will fail from time to time even if majority traders will say it was a perfect one...., we just need to know where we need to admit, we're wrong and move on...
many pips to all..
Well said however from my short experience so far i disagree with the fact that you will find a trade like this once a week. Once a month maybe if you are lucky.
So what do i learn from this? Perhaps that is what distinguishes the profitable trader from the loosing one when starting out. The first is disciplined enough to take walk away from the charts after finding nothing on thier TF while the other has to trade so they look at daily, 4hr until they find a trade.
but as i know raczek is a pro and took this pin... and i think this was really a perfect pin... no?
...I still think we have lower to go in the Yen pairs from here (don't trade this thought though!!) . ( Check out USD/YEN. It's looking like hitting 102.00 now.) It wasn't until I reduced these entries to almost nonexistant size and stopped more and more to do them that my trading picked up.
Oh and since raczekfx mentioned it - I'm just starting out as well. I don't think I would any time soon categorize myself as a "pro", either. Just because you're actually making something of it doesn't automatically make you a pro
But then I have very far fetched and strict definitions of a pro...basically a superhuman idea
IMHO they come more often than one may think(daily and weekly trades); but I believe the trick is that one entry can last for several weeks and then becomes many many sub-trades(addons, etc).
This is all stuff I will go into more detail on in my section / videos / journal over at the private site. I have a thread there I want to eventually fill with these setups and explain the how where when what and why; if possible from memory of having actually taken them myself. Possibly I'll do charts and video, maybe only video. Not sure yet, probably both.
Ahh this is big. Yes, exactly. And the thing is - it isn't a trade, but a gamble since you FORCED it onto the chart. It didn't "jump out at you" / come to you, you PUT IT THERE.
Makes a whole lot of difference.
What really screwed me up and locked me inside "break even hell" was simply taken "trades" that were really gambles, not trades.
It wasn't until I reduced these entries to almost nonexistant size and stopped more and more to do them that my trading picked up.
---
Oh and since raczekfx mentioned it - I'm just starting out as well. I don't think I would any time soon categorize myself as a "pro", either. Just because you're actually making something of it doesn't automatically make you a pro
But then I have very far fetched and strict definitions of a pro...basically a superhuman idea
