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  • #1,741
  • Apr 7, 2009 11:26am Apr 7, 2009 11:26am
Hi Baba G
This is fun....a chart paints a picture..Nicole
Attached Image
  • #1,742
  • Apr 7, 2009 11:28am Apr 7, 2009 11:28am
This is kinda confusing
I'm guessing you entered at the low of the bar
Since you said you plan you exits ahead of time and you exited only after an hour then you target mus have only been about 40 pips or just above 80.00

this seems like a small target to take on the daily I must be missing something obvious here
  • #1,743
  • Apr 7, 2009 11:37am Apr 7, 2009 11:37am
Quoting Naws
This is kinda confusing
I'm guessing you entered at the low of the bar
Since you said you plan you exits ahead of time and you exited only after an hour then you target mus have only been about 40 pips or just above 80.00

this seems like a small target to take on the daily I must be missing something obvious here
There is nothing confusing about it Naws. Lance was completely spot on with Baba entering on a break of that IB4. He entered off the high of the candle, with his stop below the low of it. When price closed up above the next S/R, he moved his stop below Thursday's bar low, taking all risk off the table with gains to be taken. When the Pin Bar reared it's ugly face Baba entered on the close of the candle, securing his profits. He is now in a short off the low of the PB.
Bang.
  • #1,744
  • Apr 7, 2009 11:39am Apr 7, 2009 11:39am
Just to show the difference on candles with different data feeds, here is my cadjpy - notice Baba G's ""nice pin" is nothing like a shooting star on my data and instead is a nice bullish continuation bar.

This is why it is so important to ONLY TRADE WHAT YOU SEE ON YOUR CHARTS and not what someone else says to trade because of what they see on their charts.
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpy no shooting star.gif Size: 24 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,745
  • Apr 7, 2009 1:02pm Apr 7, 2009 1:02pm
Quoting AminAS
There is nothing confusing about it Naws. Lance was completely spot on with Baba entering on a break of that IB4. He entered off the high of the candle, with his stop below the low of it. When price closed up above the next S/R, he moved his stop below Thursday's bar low, taking all risk off the table with gains to be taken. When the Pin Bar reared it's ugly face Baba entered on the close of the candle, securing his profits. He is now in a short off the low of the PB.
I thought we were talking about the last pin bar thats one candle back
It seems strange to me that he would plan a daily trade with such low profit target
  • #1,746
  • Apr 7, 2009 1:07pm Apr 7, 2009 1:07pm
Quoting FxPippy
Hi Baba G
This is fun....a chart paints a picture..Nicole
You definately deserve a nice cup of tea for that. Its that simple, I will put the toast on too.

Love
S
GOD IS NOT SHORT OF CASH
  • #1,747
  • Apr 7, 2009 1:09pm Apr 7, 2009 1:09pm
Quoting AminAS
Did you just enter short off the bottom with a TP at the next lower support? (Previous swing high) Price went down and hit the level, you got your profits, trade executed all according to plan in one hour? A pure 50 pip profit or so.
and the meek shall inherit the earth. Amen.
GOD IS NOT SHORT OF CASH
  • #1,748
  • Apr 7, 2009 1:23pm Apr 7, 2009 1:23pm
Quoting strat
Just to show the difference on candles with different data feeds, here is my cadjpy - notice Baba G's ""nice pin" is nothing like a shooting star on my data and instead is a nice bullish continuation bar.

This is why it is so important to ONLY TRADE WHAT YOU SEE ON YOUR CHARTS and not what someone else says to trade because of what they see on their charts.
I am so glad you posted this because my chart looks like yours and not BabaG's so i was getting quite confused. Thanks
Nicola
  • #1,749
  • Edited 2:02pm Apr 7, 2009 1:33pm | Edited 2:02pm
As I have stated before, I use Sunday bars in my analysis and yes, I know I'm in the minority BUT it works for me. Since Asian trading on "their" pairs (JPY) is becoming more significant and not just the "meat" for London to retrace, I believe more and more traders will consider the impact of Sunday bars. My logic is that Asian trading, especially on their pairs is just as significant on Sunday as it is on any other day of the week. I even take it one step further in that, because it is a "separate" day, it tells me the thinking and sentiment of the trading houses in Tokyo.

I know there are just as many arguments against Sunday bars as there are for them, BUT, for me they are invaluable so save your arguments as they will fall on my DEAF ears and BLIND eyes!

Out of respect for our professional traders, I thought I would keep in line and ignore these Sunday bars. My first and last time at doing this!

See EURUSD chart.
I recommended a "tongue in cheek" long up to the trend line and major resistance -Tokyo obliged and would have given me around 75 or so pips.

Had I taken the Sunday bar into consideration (as I normally do), I would have placed a sell stop below the Sunday bar and would have been 130 pips or so in profit at Monday's close.

Now, because I didn't take the Sunday bar, I am left with a huge BEOB of 256 pips meaning, to take this trade I need a SL of 260 pips or so to take a trade down to major support at 1.3180 - or in other words, a risk of 260 pips for a 130 pips profit - not for me.

Again, had I taken my Sunday bar, I would now be up 230 pips as of where price is at now.

Back to Sunday bars for me!
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd sunday bar.gif Size: 24 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,750
  • Apr 7, 2009 1:34pm Apr 7, 2009 1:34pm
US Crude looks set to close below $50 today which is quite bearish.
If the the equity rally tops out here then then this will take crude back down with it.
Although crude poked its head above the Boss 20 it did not get any support from it and we now have a lower high on the daily.
A pullback to $45 would be a 50% retracement to the lows and is also a major SR level and the daily 50sma.
Nicola
Attached Image (click to enlarge)
Click to Enlarge Name: wti dailiy nic.gif Size: 23 KB
  • #1,751
  • Apr 7, 2009 1:37pm Apr 7, 2009 1:37pm
Quoting strat
Just to show the difference on candles with different data feeds, here is my cadjpy - notice Baba G's ""nice pin" is nothing like a shooting star on my data and instead is a nice bullish continuation bar.

This is why it is so important to ONLY TRADE WHAT YOU SEE ON YOUR CHARTS and not what someone else says to trade because of what they see on their charts.
Sorry Strat, but now I'm confused with these different data feeds.

On Baba G's chart, isn't the shooting star on the 6th April? (with a high of about 82.8)

Wouldn't this then correspond with the BEEB on your chart?
  • #1,752
  • Apr 7, 2009 1:41pm Apr 7, 2009 1:41pm
Quoting strat

I know there are just as many arguments against Sunday bars as there are for them, BUT, for me they are invaluable so save your arguments as they will fall on my DEAF ears and BLIND eyes!

Out of respect for our professional traders, I thought I would keep in line and ignore these Sunday bars. My first and last time at doing this!



Back to Sunday bars for me!

Whether one counts the actual bars themselves or just studies the Market opening through to Mon morning taking any gapping into consideration is very important market info. Lets keep that channel open for discussion when relavant. Often Sunday trading gives away the Boss's intent.

Evening ragas and juglabandi
Swami S
GOD IS NOT SHORT OF CASH
  • #1,753
  • Apr 7, 2009 1:47pm Apr 7, 2009 1:47pm
'You definately deserve a nice cup of tea for that. Its that simple, I will put the toast on too.'

Goodie, I love my tea and toast - honey please! Nicole
  • #1,754
  • Apr 7, 2009 1:57pm Apr 7, 2009 1:57pm
Mark Maber in his book 'Marber on Markets' says there are so many different people playing different rules for gaps that he ignores them and sees them as windows - all windows must be closed at some stage. I've found its often more profitable to expect a window to close, so in the case of Strat's chart I'm not surprised.

Sunday orders are also a reflection of those who get their 'tips' from the Weekend papers - so the masses are often wrong. I'd like to see some backtesting done; I'll look at some Sun bars as far back as my data allows and see if there is a trend. I'm inclined to think that fading that first bar would often bring rewards?
Trade less and become more profitable!
  • #1,755
  • Apr 7, 2009 3:18pm Apr 7, 2009 3:18pm
Quoting strat
Had I taken the Sunday bar into consideration (as I normally do), I would have placed a sell stop below the Sunday bar and would have been 130 pips or so in profit at Monday's close.

Now, because I didn't take the Sunday bar, I am left with a huge BEOB of 256 pips meaning, to take this trade I need a SL of 260 pips or so to take a trade down to major support at 1.3180 - or in other words, a risk of 260 pips for a 130 pips profit - not for me.

Again, had I taken my Sunday bar, I would now be up 230 pips as of where price is at now.

[b]Back to...
Just wondering what reason would you have to place a short trade after the sunday bar other than it being at resistance, in terms of PA I don't recognize a bearish candle to indicate a short
  • #1,756
  • Edited 4:01pm Apr 7, 2009 3:52pm | Edited 4:01pm
Quoting Naws
Just wondering what reason would you have to place a short trade after the sunday bar other than it being at resistance, in terms of PA I don't recognize a bearish candle to indicate a short
Several reasons:

1) Because it was a Sunday bar
2) Because it stopped at TL (which EURUSD respects) and major resistance
3) Because it was EURUSD on a Sunday which is not traded in volume by Tokyo
4) Because London has a history of retracing Asian moves
5) Because London has a history of retracing Asian Sunday moves
6) Because it has worked so many times in the past
7) Because of the gap
8) Because it was only a small bar
9) Because placing a sell stop below the gap/ above the high of Friday's bar makes it a low risk trade (If it goes higher, I don't get filled)
10) Because it "looked right".
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,757
  • Apr 7, 2009 3:55pm Apr 7, 2009 3:55pm
Quoting Grimweasel
Mark Maber in his book 'Marber on Markets' says there are so many different people playing different rules for gaps that he ignores them and sees them as windows - all windows must be closed at some stage. I've found its often more profitable to expect a window to close, so in the case of Strat's chart I'm not surprised.

Sunday orders are also a reflection of those who get their 'tips' from the Weekend papers - so the masses are often wrong. I'd like to see some backtesting done; I'll look at some Sun bars as far back as my data allows and see...
Steady on, Danny boy! I'm not saying to treat them any different to any other bar - I am saying treat them as any other bar with respect to support and resistance - they still obey the same laws.
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,758
  • Apr 7, 2009 4:23pm Apr 7, 2009 4:23pm
Quoting elitejets
US Crude looks set to close below $50 today which is quite bearish.
If the the equity rally tops out here then then this will take crude back down with it.
Although crude poked its head above the Boss 20 it did not get any support from it and we now have a lower high on the daily.
A pullback to $45 would be a 50% retracement to the lows and is also a major SR level and the daily 50sma.
Nicola
Crude still brings back horrible memories - look at those long bars with long wicks and long tails - wild volatility - imagine being on the wrong side of those!

No need to imagine for me - I've been there and still got the scars (and lost the $)
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,759
  • Apr 7, 2009 4:37pm Apr 7, 2009 4:37pm
Hey Baba G,

Your CADJPY was a very good teaching demonstration tool. I hope you can do more of these.

If you do, will you identify, with an arrow, the exact bar (set up bar) you are trading off as I, like Naws, and I guess many others (plus those who have different data), were confused as to which bar you were talking about (set up bar).

Thank you.
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,760
  • Apr 7, 2009 4:40pm Apr 7, 2009 4:40pm
EUR/AUD

Im looking at daily chart and see that EUR/AUD is at a strong support level. I am considering going long here 1.8575 and then checking to see what price does at this level to see wether to keep this trade going. Placing long here I can have quite a short stop if trade doesnt go my way. Question is would you place a long at support now or wait for PA to confirm the entry but get in at a higher price?
Attached Image (click to enlarge)
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