Personally I don't like EURUSD PB, there is not enough room for the move up.
- #19,502
- Jan 24, 2009 11:48am Jan 24, 2009 11:48am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #19,503
- Jan 24, 2009 12:24pm Jan 24, 2009 12:24pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I don't like EU daily pin.
Reasons:
1. Bearish close.
2. In traffic
3. Daily/weekly close below 1.3
4. Between trendlines
I will wait for a trend continuation or a potential pullback to 1.33/1.35.
I believe . . .
- #19,504
- Jan 24, 2009 12:52pm Jan 24, 2009 12:52pm
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
- #19,506
- Jan 24, 2009 1:24pm Jan 24, 2009 1:24pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Yup , thats how it works ;]
Personally i would add that i like to see the open and close at the both extremums of the bar.
Here are a couple of shapes and sizes i want my BUOBs to be in. the first one as described by Green haze is one where the open and close are far apart declaring clear bull domination
the other chart hosts another nice looking BUOB with a good sized body (i.e the gap between the open and close) and a tail to the south, the longer the tail the better, another instance of superior bull domination.
The third chart shows a "thumbsdown" BUOB IMO...a BUOB nevertheless though.
The high and low are so close to each other that the bar actually spells more of an indescion between the bulls and the bears than anything else. Regards,
Ghous.
I believe . . .
- #19,507
- Jan 24, 2009 4:56pm Jan 24, 2009 4:56pm
- Joined May 2008 | Status: has long shorts | 2,584 Posts
- #19,511
- Jan 25, 2009 12:00am Jan 25, 2009 12:00am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #19,512
- Jan 25, 2009 12:02am Jan 25, 2009 12:02am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Anyone watching this setup?
Looks good to me prior bar nuetral.Nice swing high,with trend.70-80 pips before any road blocks.Enough time to set at break even.What you guys think of this?Again to all you older guys on this thread,thanks!I have been studying forex for about a year and a half.I think I am finally getting a feel for price.This thread seems to bring that out in a clear manner.
Any newbies out there take note of everything posted here,I am begining to think James is right when he says it really is that easy,when you follow a few hard rules...
one of the many great emerging setups IMO
I believe . . .
- #19,513
- Jan 25, 2009 12:26am Jan 25, 2009 12:26am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
What does it mean if a setup is "in traffic"? I have seen people pass on setups because of being in high traffic areas.
When you're on a road driving, and get stuck on a slim road with loads of ppl squeezing their cars through any space good enough to accomodate them that's when you put the blame on "traffic" when you reach late at the office and have to see the boss.
Imagine this scenario...and then replace cars by price bars and the road with the space around the bar currently in action...you should get it then
Basically traffic is when price action is too intense with big sized bars all over the place, some up some down some sideways some going nowhere.
When looking for price action setups a PA signal in a "traffic" stituation is best avoided as there is higher probablity of the bar appearing as a result of indescision, madness and wild swings (in volatile conditions) hence mostly proving to be a false one.
For example if you're looking for a pin bar, you want the pin/nose to protrude away into "empty space" and away from the vicinity of the bars immedietly next to it. A great example of a valid Pin bar in traffic was on the Eur/Chf. (attatched below). To show the converse Ive also attached another chart oif Gj showing a pin bar that is not in traffic i.e at a good location.
let us know if there is still confusion.
Regards,
Ghous.
I believe . . .
- #19,516
- Jan 25, 2009 3:46am Jan 25, 2009 3:46am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
What do you guys think about this entry and stop loss for the USD/CHF. Overall I like the setup, there is a lot of confluence and validation for that pin (left out a lot of higher level retrace lines), even though it isn't the greatest looking pin.
The thing I am getting hung up over is the entry and stop loss. I usually enter in at around the 78.6% retrace of a pin, but I know this setup usually won't even retrace past the left eye which increases my risk, unless I move my stop loss.
I prefer the first scenario on the daily chart, but I don't...
If you're worried about stop size, it's because of either too small of an account, or your broker's lack of small enough lot sizes.
You pretty much answered your own question.
Don't try too hard to trade retraces until you have got a handle on the leading bar formations. Trading retraces isn't the key to your success. When appropriate circumstances arrise, they just improve your results later on when you have already conquered your main goal ...being consistently profitable.
Bundy's status today: "Waiting..."
- #19,519
- Jan 25, 2009 7:53am Jan 25, 2009 7:53am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Hi Gannina,
My concern on this trade is that on my fxpro feed the break of the daily pb is heading straight into a round number of 1.1500 and then a daily/weekly ppz of around 1.1480....as James says you don't wanna take a loss on these kinds of trades.....I'd watch this one a bit more closely and set my stop to break even asap.....
Hope this helps,
Joe
I'm not excited about that pin at all. That IB says a lot. It's sitting pretty neatly on 1.1500. Proving respect for it. I'm not prepared to play a pin that's sitting right next to a sideways movement. Especially after a Friday where you tend to get profit taking anyway. I'm not seeing short there until we break that 1.1500 and show respect of the resistance. There's better.
Bundy's status today: "Waiting..."