So u r not keen on the Short side???
Glad to see u ard, Sir..
Sonic
- #14,424
- Oct 14, 2008 9:28pm Oct 14, 2008 9:28pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
I understand that there is a bullish divergence. But the overall trend is down. And today's pin bounce off from ppz. So will you guys consider this a good pin? I am rather new to price action, would like to hear your comments.Thanks.
Indicators show the past. Price Action "Indicates" the future.
- #14,425
- Oct 14, 2008 9:36pm Oct 14, 2008 9:36pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Absolutely. A good PB set-up.
Bundy's status today: "Waiting..."
- #14,426
- Oct 14, 2008 9:51pm Oct 14, 2008 9:51pm
- | Commercial User | Joined Feb 2005 | 2,875 Posts
trend questions are always hard for me to answer because i dont trade like 99.9 percent of other traders. Most of my trading could be considered "daytrading" off of a daily chart. other than myself and those i have taught im not aware of anyone else that approaches trading like i do.
with forex i trade a large enough pip size that a half or one or two day move off of a great daily bar is more than enough to make a significant profit and i catch more than my share of great moves. risk reward also means nothing to me. why would it when im 95 percent sure or more that im gonna get some profit or at the very least plenty of time to get my stop to breakeven on the entries i take?
i wait for the set up and if it does not happen i simply do not trade. i check the bars integrity, check for divergence, check fibs, check my pivot zones and if its there its there and if its not its not.
i trade the mini dow a little bit differently but not much. i daytrade that market with a 2000 tick chart and look for the above mentioned confluence at round numbers. 50,00 etc. im the only person on the planet i think that daytrades that market with a 2000 tick chart but i quit trying to be like most traders a long time ago anyway.
with forex i trade a large enough pip size that a half or one or two day move off of a great daily bar is more than enough to make a significant profit and i catch more than my share of great moves. risk reward also means nothing to me. why would it when im 95 percent sure or more that im gonna get some profit or at the very least plenty of time to get my stop to breakeven on the entries i take?
i wait for the set up and if it does not happen i simply do not trade. i check the bars integrity, check for divergence, check fibs, check my pivot zones and if its there its there and if its not its not.
i trade the mini dow a little bit differently but not much. i daytrade that market with a 2000 tick chart and look for the above mentioned confluence at round numbers. 50,00 etc. im the only person on the planet i think that daytrades that market with a 2000 tick chart but i quit trying to be like most traders a long time ago anyway.
James.
So u r not keen on the Short side???
Glad to see u ard, Sir..
Sonic
- #14,427
- Oct 14, 2008 9:52pm Oct 14, 2008 9:52pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Bloody oath.
Bundy's status today: "Waiting..."
- #14,429
- Oct 14, 2008 10:04pm Oct 14, 2008 10:04pm
- | Joined Jul 2008 | Status: Trader | 1,836 Posts
trend questions are always hard for me to answer because i dont trade like 99.9 percent of other traders. Most of my trading could be considered "daytrading" off of a daily chart. other than myself and those i have taught im not aware of anyone else that approaches trading like i do.
with forex i trade a large enough pip size that a half or one or two day move off of a great daily bar is more than enough to make a significant profit and i catch more than my share of great moves. risk reward also means nothing to me. why would it when im 95 percent sure or more that im gonna get some profit or at the very least plenty of time to get my stop to breakeven on the entries i take?
i wait for the set up and if it does not happen i simply do not trade. i check the bars integrity, check for divergence, check fibs, check my pivot zones and if its there its there and if its not its not.
i trade the mini dow a little bit differently but not much. i daytrade that market with a 2000 tick chart and look for the above mentioned confluence at round numbers. 50,00 etc. im the only person on the planet i think that daytrades that market with a 2000 tick chart but i quit trying to be like most traders a long time ago anyway.
especially appreciated the expression "bar's integrity."
"Believe nothing you hear and half of what you see." Proverb
- #14,430
- Oct 14, 2008 10:05pm Oct 14, 2008 10:05pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
with forex i trade a large enough pip size that a half or one or two day move off of a great daily bar is more than enough to make a significant profit and i catch more than my share of great moves. risk reward also means nothing to me. why would it when im 95 percent sure or more that im gonna get some profit or at the very least plenty of time to get my stop to breakeven on the entries i take?
I've been on both sides of the fence now. Narrowing down to good R/R trades has helped a lot in the past, but I've found as I've gotten more proficient with choosing the correct bar based trades, and managing them correctly that I've been able to put that further into the background. Especially when you start to trade pullbacks of bars more successfully and choose those well also.
I guess what I'm saying is , I started using PA to improve what I already had learnt, but now I'm growing more and more into your type of trader.
...very smart. Sneeking it in! ...We're on to you now... 
... You'll have many, many clones in the years to come for your evil plans. lol
Bundy's status today: "Waiting..."
- #14,431
- Oct 14, 2008 10:05pm Oct 14, 2008 10:05pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #14,432
- Oct 14, 2008 10:17pm Oct 14, 2008 10:17pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Yes. That PB has a lot of work to do to be convincing. I would like to see it break hard to down side would help convince me. If it does, consolidating boundries could be forming.
A retrace from the current level, though, re-inforces that PPZ. lol
Bundy's status today: "Waiting..."
- #14,433
- Oct 14, 2008 10:28pm Oct 14, 2008 10:28pm
- | Commercial User | Joined Feb 2005 | 2,875 Posts
see this "means" a lot to me because if you dont understand by experience like some of these guys/gals do then then YOUR NOT gonna "get" what im saying. this was very hard for me early on with this thread and the group.
what i do is simple but some of it just has to happen for you with actually doing it before you will understand. it used to drive me crazy trying to implant into peoples brains that much of what you have been taught is simply flat out garbage.
things like complication equates to better, risk reward is key, brokers are out to get me, why did the market turn where it did, lower time frames give more trades and will make you more money, the market is random and therefore impossible to trade. blah, blah, blah. for gods sake what a bunch of bullshit.
markets are about price and support and resistance. if i look at a bar and take a trade and watch it go 75 pips into profit and then take a loss im a damn fool and i need to quit and go find out whats causing me to be a damn fool.
treat this as a business. dont trade with real money until your proven, trade simple, trade less and trade smart and it helps to have a large account.
anything else is a waste of your time and will probably end in a waste of your money.
jim
what i do is simple but some of it just has to happen for you with actually doing it before you will understand. it used to drive me crazy trying to implant into peoples brains that much of what you have been taught is simply flat out garbage.
things like complication equates to better, risk reward is key, brokers are out to get me, why did the market turn where it did, lower time frames give more trades and will make you more money, the market is random and therefore impossible to trade. blah, blah, blah. for gods sake what a bunch of bullshit.
markets are about price and support and resistance. if i look at a bar and take a trade and watch it go 75 pips into profit and then take a loss im a damn fool and i need to quit and go find out whats causing me to be a damn fool.
treat this as a business. dont trade with real money until your proven, trade simple, trade less and trade smart and it helps to have a large account.
anything else is a waste of your time and will probably end in a waste of your money.
jim
Jim on Risk Reward...
I've been on both sides of the fence now. Narrowing down to good R/R trades has helped a lot in the past, but I've found as I've gotten more proficient with choosing the correct bar based trades, and managing them correctly that I've been able to put that further into the background. Especially when you start to trade pullbacks of bars more successfully and choose those well also.
I guess what I'm saying is , I started using PA to improve what I already had learnt, but now I'm growing more and more into your type of trader.
- #14,434
- Edited 10:46pm Oct 14, 2008 10:35pm | Edited 10:46pm
- | Commercial User | Joined Feb 2005 | 2,875 Posts
- #14,435
- Oct 14, 2008 10:49pm Oct 14, 2008 10:49pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #14,437
- Oct 15, 2008 3:39am Oct 15, 2008 3:39am
If I understand PPZ we are in a ppz now in GU. We are suposed to look for PA at the PPZ. Further we looking for a lot of space and out of traffic pin bars. The GU pin has tons space. It also took out and closed above 1.7000 a huge round number. Its at a swing low ... lol. I'm not saying that the trend is over just saying if you like playing bounces a break of Fridays high could give a nice bounce. Is this not a J16 A grade trade?
edit: forgot to upload chart
Jason
In my study the only thing I missed was divergence, Do you always use MACD to verify divergence? Best Wishes,
Jason
May the fish in your stream of life always bite.
- #14,438
- Oct 15, 2008 7:13am Oct 15, 2008 7:13am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
Thanks for validating this James, I was hoping this was an A grade trade. Your chart said "like taking candy from a baby" but lead locked has to my favorite saying
Best Wishes,
Jason
macd normal setting is what every1 uses
- #14,439
- Oct 15, 2008 9:14am Oct 15, 2008 9:14am
- | Joined Feb 2007 | Status: POP FIAT FASCISM | 1,106 Posts
- #14,440
- Oct 15, 2008 12:16pm Oct 15, 2008 12:16pm
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
Good example of the power of PPZ + PA.
GU price ranged between two PPZ levels (this is M15 chart, on H1 that looked like Inside Bar, Outside Bar, Inside Bar). I placed a short stop order below the round number (1.7500) - why I chose IB breakout downwards is another story
Price raced to "sticky" point 1 - H1 TL and (!) Fibo 23. (BTW, that green candle after TL breakout was a mini-retracement - which formed a "quasi" 1-2-3 pattern).
The price then dipped to the next PPZ, and then (surely enough) to the last one (where there was a confluence with Fibo 38!).
Almost 100 pips in 2hrs with a 15-pip initial SL (between my entry point and the bottom of the range).
I partially exited my position at TL breakout point (because of Fibo confluence).
The bulk of my position was exited at TP3 (ignore the logic of the S/R labels), the rest at TP2. I should have done the other way around as TP2+Fibo 38 was a strong "magnet".
Thanks a lot, the James16 gang for bringing PA and PPZ "to the masses"!
GU price ranged between two PPZ levels (this is M15 chart, on H1 that looked like Inside Bar, Outside Bar, Inside Bar). I placed a short stop order below the round number (1.7500) - why I chose IB breakout downwards is another story
Price raced to "sticky" point 1 - H1 TL and (!) Fibo 23. (BTW, that green candle after TL breakout was a mini-retracement - which formed a "quasi" 1-2-3 pattern).
The price then dipped to the next PPZ, and then (surely enough) to the last one (where there was a confluence with Fibo 38!).
Almost 100 pips in 2hrs with a 15-pip initial SL (between my entry point and the bottom of the range).
I partially exited my position at TL breakout point (because of Fibo confluence).
The bulk of my position was exited at TP3 (ignore the logic of the S/R labels
), the rest at TP2. I should have done the other way around as TP2+Fibo 38 was a strong "magnet".Thanks a lot, the James16 gang for bringing PA and PPZ "to the masses"!
One Chart is Worth Ten Thousand Words.