Tell me you played the double barrel 4 hour PBs. Doesn't get any easier then this.
Heya Bundy! where've you been??
Yes this EURJPY H4 looks promising, the only problem is that pin wasn't activated...
Did anyone take this one?
Watch for pull back 'fakes' fellas. Pins etc that are really just returns to a break-out point.
...Or PA that is more likely to be just so.
Come on Mike. You know this.
We all slip up occasionally, eh.
lol
Watch for pull back 'fakes' fellas. Pins etc that are really just returns to a break-out point.
...Or PA that is more likely to be just so.
Come on Mike. You know this.
We all slip up occasionally, eh.
Hmm, I don't think I quite understand your question.
For me generally my thinking is this.
1. Is there a trending market(specific to the timeframe I am looking at).
2. If yes where are we at in that trend(ie, retracement - so we can look for confirming PA at specific levels / or are we consolidating, which in that case we look for a BO with the trend confirmed by PA).
Then you have.
Reversals
1. Are we at an extreme high and low?
2. Is there confluence(double bottom, divergence, round numbers).
3. What does the PA look like(ie, a long nose pinbar that is larger then the move and shows considerable reaction.
Is this sort of what you were looking for?
Let me know
Mike
Hi Mike,
I meant if you miss a breakout trade do you let it go or wait to re-enter? The one that I missed is EURUSD at the start of the week. I drew to arrows on the chart, one arrow is the missed trade the other is where you are at theoretically. Assuming you wanted to be short what would you be thinking at the lower red arrow? Thanks for letting us pick your brain
Jason
countdown to bailout! who would of thought drinking a beer and watching c-span?
countdown to bailout! who would of thought drinking a beer and watching c-span?
Thank you for the excellent charts Bundy. Very insightful, I faded that pin but were so close/ on S/R I only took a very very small position. When I look at a chart I try and think were would I like to get short from? Where would I llike to go long? on that eurjpy I would like to get long after price takes out 147.03 then rebounds quickly.
Jason
By the way, here's another example (happening right now) of what I was talking about earlier...
Mostly what Mike said. If you didn't get in on a good set up then forget about it. Good trades pop out at you. And they pop out at you when they are ready.
Although those charts I posted gave good reason to avoid the pin, they also show an un-respected support history along that line I drew. I'll often fade the pull-back like mike , but I want a much clearer support line to do that than what's here. Most of the time you can draw a trend-line and it'll support your ideas. Can't do that on those charts. If the trade's not obvious, then don't try and invent reasons to get in so as to not to miss out.
By the way, here's another example (happening right now) of what I was talking about earlier...
This yellow arrowed pin-like bar is like many you should be weary of. (It's no where close to being a pin, of course)
It's actually evidence of price pulling back to a diagonal trendline (again) and NOT a good swing low pin that signifies a reversal. Regardless of what happens here, there are much much clearer set-ups (either way) that don't have the history of the previous bars to fight against.
Mike has said it so many times... You need space. Pick those cherries. This is not one of them.
Thanks Mike,
That sets me strait. If you miss one , no biggie , always more around the corner. So if the bail out goes threw.... = long term change in trend? I mean this is a big enough event to cause a change in sentiment don't you guys think?
Happy c spanning lol
Jason
