Peso, BUOB
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james16 Chart Thread
- #24,442
- Mar 22, 2009 3:27pm Mar 22, 2009 3:27pm
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Don't wish it were easier, wish you were better. ~ Jim Rohn
- #24,447
- Mar 22, 2009 7:38pm Mar 22, 2009 7:38pm
...trade was quite nice one, taken from daily.
The set up wasn't looking A+ to start with.
BUOB wasn't located in a perfect spot, I would grade it B +???
Any thoughts from seniors about it ???
Anyway, managed to secure 250 pips on this trade.
Now I/m waiting for a continuation/?reversal. Or maybe just plainly I will sit on my hands and wait for a perfect setup.
What are your thoughts guys ???
The set up wasn't looking A+ to start with.
BUOB wasn't located in a perfect spot, I would grade it B +???
Any thoughts from seniors about it ???
Anyway, managed to secure 250 pips on this trade.
Now I/m waiting for a continuation/?reversal. Or maybe just plainly I will sit on my hands and wait for a perfect setup.
What are your thoughts guys ???
- #24,448
- Mar 22, 2009 7:58pm Mar 22, 2009 7:58pm
...trade was quite nice one, taken from daily.
The set up wasn't looking A+ to start with.
BUOB wasn't located in a perfect spot, I would grade it B +???
Any thoughts from seniors about it ???
Attachment
Anyway, managed to secure 250 pips on this trade.
Now I/m waiting for a continuation/?reversal. Or maybe just plainly I will sit on my hands and wait for a perfect setup.
What are your thoughts guys ???
- #24,449
- Mar 22, 2009 8:18pm Mar 22, 2009 8:18pm
... it's not the greatest on Earth but works for me as a useful sieve
Not to be tempeted too much and to stay focused all the time I've switched on only daily and weekly mode and it works good.
I also change the bars into candles from time to time and see how this works on the charts
Download it and paste into your indicators folder on MT4, then drag it onto the chart. Should work fine.
Have fun, take care
Not to be tempeted too much and to stay focused all the time I've switched on only daily and weekly mode and it works good.
I also change the bars into candles from time to time and see how this works on the charts
Download it and paste into your indicators folder on MT4, then drag it onto the chart. Should work fine.
Have fun, take care
- #24,450
- Mar 22, 2009 8:24pm Mar 22, 2009 8:24pm
... it's not the greatest on Earth but works for me as a useful sieve
Not to be tempeted too much and to stay focused all the time I've switched on only daily and weekly mode and it works good.
I also change the bars into candles from time to time and see how this works on the charts
Download it and paste into your indicators folder on MT4, then drag it onto the chart. Should work fine.
Have fun, take care
Attachment
- #24,451
- Mar 22, 2009 8:50pm Mar 22, 2009 8:50pm
...CAD/CHF long based on the weekly BUOB.
Is not a perfect location (as it could sit down a bit lower), so B trade for location. The shape (if you switch into candle mode) also not perfect. You can see yourself that the signal body of the bar/candle doesn't engulf the body of the previous bearish candle, so overall, one may just goes pass it as a B trade ???
But the last week was so greedy in setups so I will nibble on it with a half of normal risk calculated position. See what happens
Is not a perfect location (as it could sit down a bit lower), so B trade for location. The shape (if you switch into candle mode) also not perfect. You can see yourself that the signal body of the bar/candle doesn't engulf the body of the previous bearish candle, so overall, one may just goes pass it as a B trade ???
But the last week was so greedy in setups so I will nibble on it with a half of normal risk calculated position. See what happens
- #24,452
- Mar 22, 2009 9:11pm Mar 22, 2009 9:11pm
- | Joined Nov 2008 | Status: "The Dude abides" | 160 Posts
...CAD/CHF long based on the weekly BUOB.
Attachment
Is not a perfect location (as it could sit down a bit lower), so B trade for location. The shape (if you switch into candle mode) also not perfect. You can see yourself that the signal body of the bar/candle doesn't engulf the body of the previous bearish candle, so overall, one may just goes pass it as a B trade ???
But the last week was so greedy in setups so I will nibble on it with a half of normal risk calculated position. See what happens
- #24,454
- Mar 22, 2009 9:26pm Mar 22, 2009 9:26pm
- | Joined Apr 2008 | Status: J16 Turtle | 1,572 Posts
...CAD/CHF long based on the weekly BUOB.
Attachment
Is not a perfect location (as it could sit down a bit lower), so B trade for location. The shape (if you switch into candle mode) also not perfect. You can see yourself that the signal body of the bar/candle doesn't engulf the body of the previous bearish candle, so overall, one may just goes pass it as a B trade ???
But the last week was so greedy in setups so I will nibble on it with a half of normal risk calculated position. See what happens
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
- #24,455
- Edited 11:32pm Mar 22, 2009 10:34pm | Edited 11:32pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Have you considered that price needs to break the PA bar in order for it to be validated?
From the looks of things, you took the long on the GU on the close of the PA bar, and the other CAD trade, you took it without the bar breaking..
I know thats part of some peoples trading plans, but i got a small feeling thats not the case here..
...CAD/CHF long based on the weekly BUOB.
Attachment
Is not a perfect location (as it could sit down a bit lower), so B trade for location. The shape (if you switch into candle mode) also not perfect. You can see yourself that the signal body of the bar/candle doesn't engulf the body of the previous bearish candle, so overall, one may just goes pass it as a B trade ???
But the last week was so greedy in setups so I will nibble on it with a half of normal risk calculated position. See what happens
The retrace entry being more aggressive than the conventional break of the high/low entry it must be selected very carefully.
"A simple rule is...A trade that you wouldn't take on the break of the high/low MUST never be traded in an other aggressive manner"
I will add on that retrace entries are best played when you already have an order above an A+ BUOB (including great shape, location and space) and a very important ppz or round number somewhere below the high of the BUOB, in which case the price may retrace to check the strenghth of this level,
These are advanced ways of handling situations and not for the newbies, see how a simple pending order above the high of the BUOB would have saved you from any harm?
Simplicity is least embraced by traders for the inane reasoning that trading..."Can't be THIS simple!!!"
Regards,
Ghous.
I believe . . .
- #24,456
- Mar 22, 2009 11:05pm Mar 22, 2009 11:05pm
As I see it pakiestra was rying to trade this as a retrace entry to the 0.92 region...
...
"A simple rule is...A trade hat you wouldn't take on the break of the high MUST not be traded in an other aggressive manner"
Ghous,
As he mentioned that he was "greedy" with his setups, i assumed he was fairly new to these methods, hence my comments.
I agree with the reasonings behind your rule. I suppose to simplify that more.
No setup, no trade.
And from reading your posts, you know that very well, and i enjoy reading them
It really is up to each individual trader, to learn, analyse, learn, analyse, learn, analyse and compile what their "set up" is. As there will be differences in what people define as a setup.
Sometimes i really get concerned when i see all these "set ups" posted in this thread. As they just look like "guesses". Its a great and friendly place so don't get me wrong, if your new and feel that posting regularly is helping you learn, go for it. But this thread contains everything a new trader needs already. What it doesnt contain is your attitude.
What James16 suggests with his "treat it like a business" model, is simple but brilliant. The qualities this approach engenders in a person is the key to your success. Its these qualities that shape your attitude to either be successful at this or show further refinement is necessary.
This turned into a small rant haha, and by the way not directed at you Ghous
I'm getting back in my hole..
- #24,457
- Mar 22, 2009 11:33pm Mar 22, 2009 11:33pm
I particularly loved this setup on the aussie/cad for it's location
Ghous, on the Aussie/Cad Daily PB, is this setup still valid? The high of the daily PB was broken before the low.
In these such instances, when does the potential setup become no longer valid?
- #24,458
- Mar 23, 2009 12:38am Mar 23, 2009 12:38am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Ghous, on the Aussie/Cad Daily PB, is this setup still valid? The high of the daily PB was broken before the low.
In these such instances, when does the potential setup become no longer valid?
Anways...
Since the bearish pin bar high is broken the pin bar is no longer tradable,
Nevertheless the location is still significant, and I'll still be watching for some further price action on this pair...
There is a weekend gap that needs some filling too...
Regards,
Ghous.
I believe . . .
- #24,460
- Edited 1:11am Mar 23, 2009 1:01am | Edited 1:11am
I was kind of anticipating that, I hate Monday mornings.
Anways...
Since the bearish pin bar high is broken the pin bar is no longer tradable,
Nevertheless the location is still significant, and I'll still be watching for some further price action on this pair...
There is a weekend gap that needs some filling too...
Regards,
Ghous.
And what do you mean there is some weekend gap tha needs filling? I know it gapped up over the weekend but how does that figure into you trading plan?
Thanks
BTW, i still have my eye on the 0.8550 - 0.8500 area on the AUD/CAD as well as the IB on the EUR/USD. Let's see what it gives us this week.