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  • #221
  • Mar 12, 2008 4:46am Mar 12, 2008 4:46am
Quoting KissFan
I'm gonna figure these out. BEOB Bearish Outside Bar?

KissFan
Yes.

Also see post#24 (page 2). I've created a pdf of the basic setups. There's tons of more info on these in the James16 Chart thread though and how the J16 members trade them. These are more just for my reference so that I can find that info easily. Sometimes I trade these setups but am finding as of late I'm just really watching certain price levels on the daily chart.

I'm also thinking of perhaps creating a reference (similar to table of contents) in post#1 where I can find information in this journal quickly because I'm noticing it's starting to get pretty big and I don't want to have to scroll through 100 pages to find information. Only thing with this though is that I'm not sure how long I can edit post#1 lol.
  • #222
  • Mar 12, 2008 5:07am Mar 12, 2008 5:07am
Quoting zoopy
It's now 7:00pm NY and the daily bar has just closed. We do not have a beob... not sure what this bar is called (neutral bar?). In any case, even despite Fed intervention today, the eurusd didn't drop as much as I thought it would.

Because of the move down and how price just bounced up, I will be watching 1.5300 as a possible entry depending on what price does and how it moves. We may be stuck in a range so I rather enter from the bottom.
Seems like price didn't retrace back to the 1.5300 level and is now sitting at 1.5400. Normally price retraces first at the start of a daily bar before continuing. Euro seems very, very strong right now so will wait before NY opens to see what's happening. There will most likely be a retracement then. If there isn't, I'm letting this trade go. I don't want to enter near the top with Feds and Central Banks throwing money around especially after yesterday lol.
  • #223
  • Mar 12, 2008 5:50am Mar 12, 2008 5:50am
Quoting zoopy
It's now 7:00pm NY and the daily bar has just closed. We do not have a beob... not sure what this bar is called (neutral bar?). In any case, even despite Fed intervention today, the eurusd didn't drop as much as I thought it would.

Because of the move down and how price just bounced up, I will be watching 1.5300 as a possible entry depending on what price does and how it moves. We may be stuck in a range so I rather enter from the bottom.

edit: Chart may be updated... just realized I didn't have a new daily bar LOL. Gotta love DST.

8:00pm NY: Chart remains the same.



Zoopy
Have gone back to post 24 and as far as I can tell it is a beob as it fulfills all the criteria. Can you let me know what I am missing. Still stalking your thread.....http://www.forexfactory.com/images/icons/icon10.gif
Yamin
Yamin On Demo until I am sure!!!!
  • #224
  • Mar 12, 2008 6:06am Mar 12, 2008 6:06am
Quoting yamin151
Zoopy
Have gone back to post 24 and as far as I can tell it is a beob as it fulfills all the criteria. Can you let me know what I am missing. Still stalking your thread.....http://www.forexfactory.com/images/icons/icon10.gif
Yamin
Yamin

On my ibfx feed I don't have a beob but I noticed on my Alpari feed I do. It's very possible today will be a very choppy market and the Alpari feed will end up as an IB. Euro seems to be stuck in a 200 pip range so the closer you can get in near the bottom, the better.
  • #225
  • Mar 12, 2008 6:23am Mar 12, 2008 6:23am
As of late we've had very wild swings. Things you should definitely be aware of are:

1. When Feds or Central Banks start getting involved.
2. China (China has $1.6 trillion in US Dollar reserves)
  • #226
  • Mar 12, 2008 9:43am Mar 12, 2008 9:43am
I was long since 1.5292. When Alpari closed its daily bar as a BEOB ,I closed my position at about +40 pips. This morning when I woke up and Euro hit a new high I threw up on my keyboard. At the moment Euro climbed 170 pips since I got out. Excuse me, while I throw up again.
On the other hand in hindsight of course, when you look at the closed bar, the open and the close and near each other, so it might qualify as a neutral bar. As a matter of fact IBFX shows it as a neutral bar, open and close are at the same level. Oh well, tomorrow is an other day.( Kicked my monitor).
  • #227
  • Mar 12, 2008 9:58am Mar 12, 2008 9:58am
Quoting milan47
I was long since 1.5292. When Alpari closed its daily bar as a BEOB ,I closed my position at about +40 pips. This morning when I woke up and Euro hit a new high I threw up on my keyboard. At the moment Euro climbed 170 pips since I got out. Excuse me, while I throw up again.
On the other hand in hindsight of course, when you look at the closed bar, the open and the close and near each other, so it might qualify as a neutral bar. As a matter of fact IBFX shows it as a neutral bar, open and close are at the same level. Oh well, tomorrow is an other day.( Kicked my monitor).
lol

Looking at the eurusd now, I "should" have gone into that trade at 1.5300 yesterday. But... I'm also glad I didn't because if something bad happened overnight, I could have lost too. I rather have my money in my account than lose it on a bad decision.

Think of it this way... you have +40 pips meaning your account increased. Your next trade the value of each pip will be more
  • #228
  • Mar 12, 2008 4:43pm Mar 12, 2008 4:43pm
Milan,

(sorry not sure how to quote). You have mentioned the open/close bar in your last post being a possible neutral bar and therefore I am assuming not very good for picking a direction.

Am I right in saying that using this as a buy/sell signal is on top of the Jacko method? I have noticed recently that a number of posts appear to be using price action comments that would relate to the James16 thread with spikes and BEOBs etc.

The reason I am asking is I am new to the method but have decided to take it on board as my sole trading technique in forex and want to make sure I am not missing something. This is in no way an attack on Milan so please don't take it this way.

Also does anyone have a good link to a thread/post that concisely explains Fib levels. I appreciate the 50% Fib of the method which is basically just the half way point of a support and resistance and that the 50% is the only one really applicable however there are obviously major and minor resistance/support levels and I want to make sure I am using the most appropriate levels to set the 50% Fib up with.

Any assistance is greatly appreciated.

K8
  • #229
  • Mar 12, 2008 5:33pm Mar 12, 2008 5:33pm
Hey Khornate,
No hard feelings mate, you've got a point there. If I would have strictly adhere to Jacko's method, I should have kept the position and wait for the stop to take me out. Didn't happen, lesson learned. Besides, even according to J16 a BEOB doesn't always mean that a retrace is in place.

Quoting Khornate8
Milan,

(sorry not sure how to quote). You have mentioned the open/close bar in your last post being a possible neutral bar and therefore I am assuming not very good for picking a direction.

Am I right in saying that using this as a buy/sell signal is on top of the Jacko method? I have noticed recently that a number of posts appear to be using price action comments that would relate to the James16 thread with spikes and BEOBs etc.

The reason I am asking is I am new to the method but have decided to take it on board as my sole trading technique in forex and want to make sure I am not missing something. This is in no way an attack on Milan so please don't take it this way.

Also does anyone have a good link to a thread/post that concisely explains Fib levels. I appreciate the 50% Fib of the method which is basically just the half way point of a support and resistance and that the 50% is the only one really applicable however there are obviously major and minor resistance/support levels and I want to make sure I am using the most appropriate levels to set the 50% Fib up with.

Any assistance is greatly appreciated.

K8
  • #230
  • Mar 12, 2008 7:53pm Mar 12, 2008 7:53pm
Quoting zoopy
Just looked at this week's calendar and noticed Ben Bernanke is speaking on Friday. I wonder if he'll make it 5 for 5 this time around? Be sure to monitor euro and cable 12 hours before he speaks lol.
Just keeping this on my radar. Tomorrow is Thursday so there may be a breather/retracement in the eurusd and then up it goes after Asian session tomorrow night NY. At least that's what I'm thinking will happen so it'll be interesting to see if it plays out like this. It's possible we may see 1.5450 so I'll be keeping an eye on that level and 1.5400 if it dips that low.

Another thing I wanted to point out... we have now breached 1.5500 and the move up seems very strong. In my opinion (and I could be wrong) we will be seeing 1.6000 in the near future.
  • #231
  • Edited 7:52am Mar 13, 2008 7:23am | Edited 7:52am
Quoting zoopy
Here's a follow up on post#111. We have now what I consider a dbhlc (double high/low close) PA setup which is coming off a trendline. This tells me there's a good possibility of a downward move coming. I'm just going to take a wild guess and say if it does drop, we'll be seeing 100.00. If it reaches that price I'll give my explanation
usdjpy finally reached 100.00, now I can give my explanation on how I came up with that level lol.

I've attached the current usdjpy daily chart with the levels 105.00 and 100.00. This is more of a study/observation of mine that I've done over the past few months after first reading Jacko's thread and the use of round numbers. After discovering the importance of round numbers, I started paying attention to big round numbers such as 100/105/110/115 OR 4000/4500/5000 etc. What I have noticed (more often than not) if price is able to hold it's ground on a big round number, there's a very good chance it will make it to the next or come within 100 pips or so. This is also the reason why I believe there's a very good chance the eurusd will reach or come close to 1.6000 since 1.5500 seems to be holding very well.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy_post119_result.gif Size: 12 KB
  • #232
  • Mar 13, 2008 8:55am Mar 13, 2008 8:55am
Quoting Khornate8
Also does anyone have a good link to a thread/post that concisely explains Fib levels. I appreciate the 50% Fib of the method which is basically just the half way point of a support and resistance and that the 50% is the only one really applicable however there are obviously major and minor resistance/support levels and I want to make sure I am using the most appropriate levels to set the 50% Fib up with.
Khornate

You could try the babypips website plus I know there are tons of threads right now on fib trading, just do a search.

The reason why I use the 50.0% fib retracement only is because this is probably the most used one that most traders will watch therefore it'll be the most effective one. For the other "minor" support and resistance levels, I use the line chart and have found it very helpful.

I believe TEB trades 50/100/200/300 etc and that is similar in that major support/resistance builds up around those numbers (I may be wrong on this so you'll have to check out his thread... very interesting). I've posted the link below....

http://www.forexfactory.com/showthread.php?t=63443


Hope this helps.
  • #233
  • Mar 14, 2008 6:07am Mar 14, 2008 6:07am
Quoting zoopy
Just looked at this week's calendar and noticed Ben Bernanke is speaking on Friday. I wonder if he'll make it 5 for 5 this time around? Be sure to monitor euro and cable 12 hours before he speaks lol.

Well... unfortunately eurusd didn't go up overnight. That makes it 4 of 5.
  • #234
  • Mar 14, 2008 4:23pm Mar 14, 2008 4:23pm
While everyone appeared to make ripper profits this week, I can say I had a forgetable one. My last 3 trades were for losses. 2 due to buying on a pullback to 1.5600 and then getting stopped out at a 50 and a 55 pip SL and the third was a gut feeling where I bought at where I believed resistance was building up and it fell through and the smaller stop loss was triggered.

From self analysis it appears I am suffering a case of envy (reading here and on the original Jacko's house of pleasure and pain everyone getting lots of pips) mixed with overtrading.

Looking at the current chart I now believe 1.5550 is a good buying point as I have no faith in 1.5600.

Any thoughts about how to improve my entry levels would be appreciated.

Hope everyone else traded with the trend for success.

K8
  • #235
  • Mar 14, 2008 4:25pm Mar 14, 2008 4:25pm
Quoting zoopy
Well... unfortunately eurusd didn't go up overnight. That makes it 4 of 5.
Actually it did, just a little later than usual. Maybe half marks this time. 4.5 out of 5.
  • #236
  • Mar 14, 2008 5:46pm Mar 14, 2008 5:46pm
Quoting Khornate8
Actually it did, just a little later than usual. Maybe half marks this time. 4.5 out of 5.
haha I know. I saw euro go up then wondered whether I should change it. It was a delayed reaction, maybe I should call it 5 for 5 instead because technically speaking that WAS 12 hours before he spoke.
  • #237
  • Mar 14, 2008 5:57pm Mar 14, 2008 5:57pm
Quoting Khornate8
While everyone appeared to make ripper profits this week, I can say I had a forgetable one. My last 3 trades were for losses. 2 due to buying on a pullback to 1.5600 and then getting stopped out at a 50 and a 55 pip SL and the third was a gut feeling where I bought at where I believed resistance was building up and it fell through and the smaller stop loss was triggered.

From self analysis it appears I am suffering a case of envy (reading here and on the original Jacko's house of pleasure and pain everyone getting lots of pips) mixed with overtrading.

Looking at the current chart I now believe 1.5550 is a good buying point as I have no faith in 1.5600.

Any thoughts about how to improve my entry levels would be appreciated.

Hope everyone else traded with the trend for success.

K8
Don't feel bad about others making a profit. Also don't compare yourself to them.

I haven't traded the euro in about 2 weeks now because I'm waiting for a decent pullback. My entries are heavily based on support using the line chart (although there aren't 2 reference points nearby only at around 1.4900), I also use trendlines (daily) and the 50.0% fib retracement.

What I plan on doing though is possibly using the 4 hour timeframe as there have been a lot of opportunities which I didn't take. I'm still glad though, through all of that move, I've managed to stay disciplined and not rush into trading it.

What I may do since you brought it up... I may look at entries on the 4 hour and post that here in my journal. I'm not sure how well it will work though since I haven't tried it out yet but at least it will be put on the table and open for discussion.
  • #238
  • Mar 14, 2008 6:08pm Mar 14, 2008 6:08pm
Quoting zoopy
haha I know. I saw euro go up then wondered whether I should change it. It was a delayed reaction, maybe I should call it 5 for 5 instead because technically speaking that WAS 12 hours before he spoke.
Ahhh. Good to see someone else back-testing and claiming righteousness... Only kidding. Up to you but 90% correct is still a good indicator (devil word).

K8
  • #239
  • Mar 14, 2008 6:21pm Mar 14, 2008 6:21pm
Quoting Khornate8
Ahhh. Good to see someone else back-testing and claiming righteousness... Only kidding. Up to you but 90% correct is still a good indicator (devil word).

K8
lol

I think what amazes me most about that analysis (even though it is for fun and I don't trade off it) is how accurate it is. I see a lot of traders in the forums thinking up the most complexed systems using tons of indicators and all these rules, when they'd probably do better just going long on euro before Bernanke speaks.

Bernanke IS the Holy Grail LOL
  • #240
  • Mar 14, 2008 6:34pm Mar 14, 2008 6:34pm
I've decided to post 3 charts of possible ways to enter on the 4 hour time frame. Keep in mind this is more of an aggressive approach to trade Jacko's method and I have NOT done extensive tests on this. Please do your own testing and be sure to use proper money management.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4hour_box_play.gif Size: 10 KB
Click to Enlarge Name: 4hour_pullback.gif Size: 11 KB
Click to Enlarge Name: 4hour_horizontal breakout.gif Size: 9 KB
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