Been looking at these two latest (almost) pinbars on USD/CHF.
Both turned out well, but I didn't trade them as they didn't close within.
Right choice?
Mike
- #18,041
- Jan 7, 2009 12:04pm Jan 7, 2009 12:04pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Mike
- #18,042
- Jan 7, 2009 12:05pm Jan 7, 2009 12:05pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Just took half off my Gu trade at +500 pips
It's been a nice ride uptill here but I am ready for some whipsaws later tomorrow
Regards,
Ghous.
- #18,044
- Jan 7, 2009 12:15pm Jan 7, 2009 12:15pm
- Joined Jan 2008 | Status: Inertial Member | 2,297 Posts
- #18,045
- Jan 7, 2009 12:18pm Jan 7, 2009 12:18pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Nice trade Ghous, if this one breaks out we could see 1.6 then 1.65 easy, looks like many pips for you
given the Interest rate tomorrow and the NFP later in the week I am prepared for anything,
For the past few months I've been strictly avoiding NFP closing out any trades (good bad losers winners all) open and not entering any during and immediately before and after the NFP, but I did notice that longer term trading rarely get's effected much, i'll manage my stops and money as well as I can and look to head into the NFP this time, as i have transformed more into a longer term swing tarder from an intraday guy
Regards,
Ghous.
I believe . . .
- #18,046
- Jan 7, 2009 12:20pm Jan 7, 2009 12:20pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
had a couple of good trades today on GBPNZD and JPY
both BUOB's on the 1hr
GBPNZD was particularly nice as it was a retrace of the TL - this time i actually waited for the retrace
closed them ahead of the rate decision tomorrow - just don't trust those clowns to do anything sensible
Congrats and keep it up
Regards,
Ghous.
I believe . . .
- #18,047
- Jan 7, 2009 12:22pm Jan 7, 2009 12:22pm
Just took half off my Gu trade at +500 pips
It's been a nice ride uptill here but I am ready for some whipsaws later tomorrow
Regards,
Ghous.
I envy your G/U trade as I accidentally close my G/U for my E/U trade lol NVM, there's still opportunity.@Raczek
Nice vid
Your entries are always at the corner of every move.
- #18,048
- Jan 7, 2009 12:27pm Jan 7, 2009 12:27pm
Nice trade Ghous, if this one breaks out we could see 1.6 then 1.65 easy, looks like many pips for you
- #18,049
- Jan 7, 2009 12:28pm Jan 7, 2009 12:28pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Ahhh
@Raczek
Nice vid
It's all part of the game, except it
Cheers,
I believe . . .
- #18,050
- Jan 7, 2009 12:31pm Jan 7, 2009 12:31pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Mike, may I know your reasoning for this one? I know it's a PPZ. But as I see, there are also PPZ below 1.6 which is around 1.56. What do you think when you see area like this? Hope to learn from your experience
I believe . . .
- #18,051
- Jan 7, 2009 12:34pm Jan 7, 2009 12:34pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Mike, may I know your reasoning for this one? I know it's a PPZ. But as I see, there are also PPZ below 1.6 which is around 1.56. What do you think when you see area like this? Hope to learn from your experience
Yep you are correct, that is why I said 1.6 then 1.65
If you look you can see 1.6 is creating a PPZ(blue box), So what I see is price might break out(we are due for a retrace), re test the 1.5 area(another PPZ), and then we might see 1.6 and then 1.65 Which is the last highs of a minor PPZ. Notice if we retrace to each PPZ after breaking higher we will then be putting in Higher lows and higher highs on our way up.
Here is a chart trying to explain more what I mean. Now this is NOT a prediction. I simply formulate these in my head so I am not surprised when it happens and instead can react to PA better. A game plan if you will. Notice the PPZs and rd numbers lining up at each level
This might not even come close to what happens, but those levels are all still good to watch.Hope that helps
Mike
- #18,054
- Jan 7, 2009 1:59pm Jan 7, 2009 1:59pm
- | Commercial User | Joined Oct 2005 | 2,899 Posts
... You got very lucky there
- #18,055
- Jan 7, 2009 2:07pm Jan 7, 2009 2:07pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Thanks Jarroo. The way I see it, it stalled on weekly PPZ somewhere around 1.1320. I've also take the invalid PB since based on I read in this thread, location and PPZ are the crucial supporting point of PB. I have my target around 1.0870.
Thanks!
Very nice.
Indicators show the past. Price Action "Indicates" the future.
- #18,056
- Jan 7, 2009 2:15pm Jan 7, 2009 2:15pm
- | Commercial User | Joined Oct 2005 | 2,899 Posts
That is one gem of a video rac - thanks for sharing your insight. With yr postings and video here and in the private forum looking for breakout set ups (plus for me using MACD for divergence)and the power of price action have made this all make sense. As jim says these opportunities are all over just watch and wait for those sniper set ups to appear. Whilst posting respect and appreciation to jim, ghous, jaroo and mike etc. what goes round......
PA with divergence is very powerful, add confluence..... and you only have to trade few times a year.
This was the reason for posting my live, longer term (few days..lol) trades on this forum. Hopefully, it will get some people on a proper track and gives them something to look forward to.
(general comment for new traders only, below)
5min charts are good for pros only; you can make lot's of quick money when you know what your doing and your pip value is $100 or so, but when I see new traders trying to beat the market on that tf, It's like seeing fish on the bottom of a dry lake. Your money supply will dry up very quickly, trust me. But what the heck... it's your money, life and future, do whatever you want with it. Life is a learning journey...
Here a quick intra day trade I'm in right now
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