I believe Strat said early in the thread that the 20's are ema and the 50's are sma.
The BOSS's are the weekly's
Have a re-read to check it out
TonyH
The BOSS's are the weekly's
Have a re-read to check it out
TonyH
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Dislikedhowever I would have expected some kind of pullback instead it just kept on going...and going and going...
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DislikedI had my SL still above the swing high.
You'll probably get your IB on Sunday if you want to count that - I have used them many times but they have to be at the right location at the right time.
A sell stop under Friday's low on GBPUSD will do the trick - volume supports the move down but the shorter cycle has still to top while the others are down so there may just be a wobble before it makes it's merry way down.
Rock n Roll,
StratIgnored
DislikedHi Strat
Thanks for the links to J16 thread and summary...not had a chance to look over it yet...with two small girls my weekends are hectically busy with them.
A couple of quick questions if I may...
I was following another thread (on another forum) last year by a trader of the handle Trader_Dante, who also based his experince and teachings around the J16 teachings...however he uses, I believe, the bar itself as a stop loss rather than a swing high/low...eg if you enter long on a break above of a previous pin bar...then a reversal in price...Ignored
DislikedHello Lao!
300 pips is quite an achievement on a 15minute chart with a 15minute system, I would love to know how you did it
I started out trading the 15min but I found that you could only get that kind of pippage if you took the set up from much higher timeframes, used the higher time frames for support and resistance and only used the 15min for entries.
Most people who trade the 15min are actively watching/managing their trades will get out at the first sign of any reversal (or suffer some stress while they ride the waves) which makes that kind...Ignored
DislikedIf i may answer part of your question regarding the stops.
I believe there is no real right or wrong place to have the stop, just personal preference. Td's stops may be closer than Strat's so therefore he may get stopped out more BUT if trading a % of your account on every trade then he'll also have more size on so the winners will be larger.
But also with a lot of these pin bars they will be at a swing high etc anyway (or at least the better ones are) so you've got that as well as the chart pattern to make the trade appear more likely to produce...Ignored
DislikedStrat what are 20 and 50? SMA OR EMA?
Also what is BOSS 20 and BOSS 50?
Thanks,Ignored
DislikedI believe Strat said early in the thread that the 20's are ema and the 50's are sma.
The BOSS's are the weekly's
Have a re-read to check it out
TonyHIgnored
DislikedThe pairs break out of those god awful ranges we were stuck in all last week, and pretty much in the directions we thought they would! GBP/USD sell stop triggered at 1.4035 (moved it up to Friday's low) and sitting on nice profits already. I'm targeting down to 1.3600 for this move.Ignored
Dislikednice one tgs..i was watching it around 14000 and expected a pullback so I didn't get in...then of course other stuff came up..oh well..move on..however I would have expected some kind of pullback instead it just kept on going...and going and going...
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DislikedHi Strat,
Why would you put a sell stop below the low of the GBPUSD? are you trying to play it as a pin bar? or is it because price closed below the 1.41 resistance level?
Thanks,Ignored
DislikedSome of my analysis now that I'm in front of my charts:
USD/JPY - The longer term trend is down. Price is currently bouncing off the 50% Fib of the down move from last August through December. Price could be forming an M Top pattern if it again drops away from this 99.00 level. A close below 97.00 and I'm selling. A close above 100 and I'm buying.
Trying it's best to put in a top but the buyers are not giving in too easy. Three cycles out of four are topping with the previously failed shorter cycle looking like it may have another run up so still fighting internally. When looking at today's price bar and it's volume it suggests topping action BUT momentum is STILL accelerating to the upside!
TGS - so that we don't confuse anyone, we must qualify the time frame anytime we mention trend. The BOSS trend is down but the Daily trend is up so again another internal fight between the BOSS and it's SLAVE.
USD/CHF - This pair is a choppy mess. While that sucks since it means I'm sitting on the sidelines, it means we're probably in store for a big move when it finally happens. I'm biased more to the downside since Jan - Feb price struggled to make noticeable highs. Price has dropped back down to support around 1.1530. I'd sell on a close below that.
Sitting on the sidelines is good for exercising patience and discipline.
This thing is teetering on the edge of a cliff! In addition to price being trapped between support and resistance it is well and truly boxed in by the 20 and 50.
Today's bar just confirms the mess we are in. It is the total opposite to Friday's bar. It is firmly rejected by major resistance and is now sitting on major support! This cancels out everything the Friday bar told us and really puts us back in neutral. The cycles, or how I'm trying to follow them, have been out of whack since mid - January so forget them - Yes, I hear you, Dr. Joe!
The intriguing thing about USDCHF is that momentum has turned around and is now accelerating DOWN! For this to go down, means the EURUSD has to go up unless it somehow breaks the correlation. However, EURUSD momentum is accelerating DOWN also!
I'm sitting this one out and waiting for resolution of the 20/50 box and the descending triangle.
USD/CAD - Looking like its going to close above the big psych level that is 1.3000. I'll buy that! More specifically, my buy would be above the daily high of 1.3062 (so call it 1.3065).
Just be careful - volume is not too cracky for such a big price bar. It has also been rejected by major resistance at 1.3020 so it may just have a rest before having it's way with that overhead resistance.
EUR/USD - Price formed a LH and bounced right off the upper TL. Still can't get a close below 1.2560. But still, I'd sell if price breaks today's low of 1.2555.Ignored