Indicators show the past. Price Action "Indicates" the future.
- #11,021
- May 31, 2008 9:26am May 31, 2008 9:26am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
- #11,025
- May 31, 2008 11:18pm May 31, 2008 11:18pm
Thank you pip bagger! I have heard/read great things about the pf. I see what you mean about the pb it is really short and I certainly not very good at know where the best placement is. Thank you again for your help
Hello CMOON10,
I recommend the private forum to everyone interested in trading. I've been trading currencies since 2000 and was profitable before joining the PF, but I am a much better trader since joining. The information is well-worth the monthly fee. I'd gladly pay triple.
As for the pin bar, others may have different opinions, but I wouldn't take it. Setting aside the placement of the bar - I am not sure that it is very well-placed (at a supp/resis zone, or a good retracement level with confluence, or at a moving average) - the nose is just not long enough...
Cheers
PB
- #11,026
- Jun 1, 2008 5:01am Jun 1, 2008 5:01am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
I love this chart.... PPZ or S/R trading is very powerful addition to PA. I've been using this daily dow futures chart since the beginning of the year for all my yen needs..
yep and once price broke clearly below 12700 it was an easy call that price was headed down hard. that was a no brainer sell and it has been very profitable. my dow account is very happy about it. now we watch and see if we can get a pullback to that level with some bar confirmation. i dont trade limit orders very often on daily charts but that area might be a decent place to try one.
jim
...and thanks for setting the alarm. heh heh heh
Bundy's status today: "Waiting..."
- #11,027
- Edited 5:23am Jun 1, 2008 5:08am | Edited 5:23am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Hello,
This is my first post on FF. I have been reading this thread and it has completely changed the way I think about trading. I would like to thank everyone that has contributed especially James16, Dialist, Mike, & seekinglight. I am currently thinking of giving the PF a try, but have not decided it yet. At the close on Friday I noticed what looks like a pin bar to me but I am not sure if it is a good one. Thanks again!
As for the pin bar, others may have different opinions, but I wouldn't take it. Setting aside the placement of the bar - I am not sure that it is very well-placed (at a supp/resis zone, or a good retracement level with confluence, or at a moving average) - the nose is just not long enough...
Cheers
PB
CMoon
That is not a pin by a long shot.
The close and open should be very close ( or a LOT closer) to each other.
The Nose should protrude past previous bars, AND even better, in an above average fashion.
You have missed the basic definition of a pin and it's better to be blunt and help you out.
Bundy's status today: "Waiting..."
- #11,029
- Jun 1, 2008 5:15am Jun 1, 2008 5:15am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Hi cmoon10
I spent some time in the PF and would happily recommend anyone do the same if they want to develop their trading skill set.
The EURUSD bar you show from friday is at a good support zone but doesn't fit the pin bar criteria I look for. It could of course easily prove to be a good trade in retrospect but it could also just be profit taking before the weekend.
There will be much better opportunities around the corner imho.
cheers
FXP
edit: Just realised that may look on the offense. We both dug in at the same time fella.
Bundy's status today: "Waiting..."
- #11,030
- Jun 1, 2008 5:41am Jun 1, 2008 5:41am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Well...here I am again . .one week later.
...BUT, of course, we never assume anything. Wait for price action people.
Bundy's status today: "Waiting..."
- #11,031
- Jun 1, 2008 8:26am Jun 1, 2008 8:26am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Short till PA tells us otherwise. Stop protective of equity.
(Gartley targets)
Bundy's status today: "Waiting..."
- #11,032
- Jun 1, 2008 12:27pm Jun 1, 2008 12:27pm
Short till PA tells us otherwise. Stop protective of equity.
(Gartley targets)
Would love to hear other opinions though.
Hindsight is 20/20
- #11,033
- Jun 1, 2008 2:21pm Jun 1, 2008 2:21pm
Hi Bundy,
What type of price actions confirms that the odds of a breakout are higher than that of a bounce?
What type of price actions confirms that the odds of a breakout are higher than that of a bounce?
That action around cable. It's been said before by someone ( and I'm always highlighting these zones), ....when you see price hang around an area like that, it's more likley to break out than bounce.
...BUT, of course, we never assume anything. Wait for price action people.
- #11,036
- Edited 7:40pm Jun 1, 2008 7:27pm | Edited 7:40pm
hey Jim,
I'm pleased to be with you in this thread, its really been interesting here, with the few i have read. You have made a significance in a very pleasant way, and i want to personally appreciate you for this. I believe i was lead to this thread, unkwnowingly i found myself here and dropping comments, what a great epiphany, which i know definitly will lead to greater successful archievements.
Though i have not read much, but i see ourselves as complement in trading, though not too similar, you up to price actions, and i am up to patterns, and few others...."support and resistance", i love this and when you talked about it. I was pleased to meet you here even virtually.
Because i know i'm not an expert, i go to the professionals for tutor, even people like you who are willing to give us the right suites to wear, and not just fishing for us. One of the things i want you to delibrate on, for me is about being able to identify false break-outs, and filter them.
I need more of your commmentaries and others i found here, though i cant recall names, but you are all here doing great jobs..thankx to all. i also hope to be with you constantly here too, to share what i have got, as you do too.
.
Concerning the eurgbp, these are my personal view: on chart....
Sc.david.
I'm pleased to be with you in this thread, its really been interesting here, with the few i have read. You have made a significance in a very pleasant way, and i want to personally appreciate you for this. I believe i was lead to this thread, unkwnowingly i found myself here and dropping comments, what a great epiphany, which i know definitly will lead to greater successful archievements.
Though i have not read much, but i see ourselves as complement in trading, though not too similar, you up to price actions, and i am up to patterns, and few others...."support and resistance", i love this and when you talked about it. I was pleased to meet you here even virtually.
Because i know i'm not an expert, i go to the professionals for tutor, even people like you who are willing to give us the right suites to wear, and not just fishing for us. One of the things i want you to delibrate on, for me is about being able to identify false break-outs, and filter them.
I need more of your commmentaries and others i found here, though i cant recall names, but you are all here doing great jobs..thankx to all. i also hope to be with you constantly here too, to share what i have got, as you do too.
.Concerning the eurgbp, these are my personal view: on chart....
Sc.david.
- #11,038
- Jun 1, 2008 8:43pm Jun 1, 2008 8:43pm
- | Commercial User | Joined Oct 2005 | 2,899 Posts
IB guys. Ready to play?
...and thanks for setting the alarm. heh heh heh
I'm not a big fan of IBs...
.
- #11,039
- Jun 1, 2008 8:46pm Jun 1, 2008 8:46pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
I'm not a pro or anything, but I would think that with the ranges of the weekly bars recently, that close of a stop is begging to be hit before you reach the FE 100 mark.
Would love to hear other opinions though.
Kind of agree with you, but looking at lower charts, it's protected by a PPZ. And no need to limit ourselves to fear of what MAY happen. There's just as much chance we get 2 or three or more long bearish bars too, isn't there?
I'm trading this on a lower time frame and at the moment, I'm staying in with that stop where it is. I posted the lower TF chart a few days ago, if you wish to see why the stop is placed there.
My personal way of trading this differs from some people here.
Chances are that stop will be hit and I exit with locked-in 4 x risk. ...I'm also waiting for another opportunity to add another short position. If the first position is still there as well then woohoo!
Bundy's status today: "Waiting..."
