Unexpected.
Or the importance of waiting for PA instead of getting in blindly at PPZ.
Or the importance of waiting for PA instead of getting in blindly at PPZ.
Trading: the skill of avoiding trades
- #2,302
- Jun 25, 2009 1:28pm Jun 25, 2009 1:28pm
- | Joined Apr 2009 | Status: temporarily correct | 1,757 Posts
Hello CW71 and others,
I would like to know if anyone here would have considered the chart below to be a doubletop or a double pinbar... I managed some +pips with my TS but I would appreciate some feedback..... never too old to listen
Thanks,
The "pin" you're citing is not a very strong pin, meaning it is not a pronounced rejection of price, though it was good for about 200 pips from the looks of it. It was a swing high that aligned well with a downward-pointing upper trendline, but if you examine esap0's chart above, you'll see that these aren't always reliable.
But the big kicker is the weekly chart showing that price is in between two SR zones, and the move is well underway. I would be looking for entry when price gets nearer to these zone, and shows me some PA that confirms direction.
This does not mean that there aren't any trades in the range, and that PA that occurs within the range is not exploitable, only that the reliability will be significantly higher as we approach weekly SR.
When I look at this chart, I see price heading towards opportunity, and when it gets there, I'll be plenty interested, but until then, I'll go look for another pair or instrument that's already in the zone, and see if those are presenting any opportunities, and when something good comes along, I'll trade it.
This is my interpretation of CW's method' and I'm a newbie to boot, but I'm finding this application of theory to be very "comfortable" and that's priceless to me.
Here's the weekly:
http://i40.tinypic.com/241r18n.png
- #2,303
- Jun 25, 2009 1:37pm Jun 25, 2009 1:37pm
- | Joined Apr 2009 | Status: temporarily correct | 1,757 Posts
I removed my buy stop again as I found reasons why not to take this one. Well done Low
.
stefx.
I have to confess, I couldn't convince myself either, which is why I took it on demo. Don't feel bad, we both missed it.
- #2,304
- Jun 25, 2009 2:22pm Jun 25, 2009 2:22pm
Low,
Please Low don't feel that you can't share your opinion because of a 3"V"s by my name....( I paid big $$$ for them!
). I am not new at this but far from thinking that I can't pick up a new perspective here and there.... sometimes a less experienced person brings a fresh perspective on things that helps even the most experienced traders.
Okay, so your evaluation seems correct to me and had I been using the weekly PPZ I would have been in this trade back to June 15th after a pinbar(not so hot) on the 11th followed by two inside bearish bars. I based my trade on the 4hr PPZ around the 77.00 area. My target was around the 76.00 area but since I could not monitor my trade I place a TS of 30 pips after the BE point and came back from work with positive pips. My strategy atm is to check the daily/4hr for signs of reversal at the top or bottom of a swing, close to a PPZ , take advantage of short term momemtum and pick up 30+ pips per trade. This is not necessarily an ideal strategy but everyone here needs to take what CW has so generously shared with us to heart and then come up with what best work for you based on your temperament, equity, personal goals and self knowledge. You may trade exactly like CW or you may add your own twist... keeping in mind that there are some basic tenets that one needs to keep intact. I welcome your perspective and that of others .... I know of no other way to learn.
Please Low don't feel that you can't share your opinion because of a 3"V"s by my name....( I paid big $$$ for them!
). I am not new at this but far from thinking that I can't pick up a new perspective here and there.... sometimes a less experienced person brings a fresh perspective on things that helps even the most experienced traders. Okay, so your evaluation seems correct to me and had I been using the weekly PPZ I would have been in this trade back to June 15th after a pinbar(not so hot) on the 11th followed by two inside bearish bars. I based my trade on the 4hr PPZ around the 77.00 area. My target was around the 76.00 area but since I could not monitor my trade I place a TS of 30 pips after the BE point and came back from work with positive pips. My strategy atm is to check the daily/4hr for signs of reversal at the top or bottom of a swing, close to a PPZ , take advantage of short term momemtum and pick up 30+ pips per trade. This is not necessarily an ideal strategy but everyone here needs to take what CW has so generously shared with us to heart and then come up with what best work for you based on your temperament, equity, personal goals and self knowledge. You may trade exactly like CW or you may add your own twist... keeping in mind that there are some basic tenets that one needs to keep intact. I welcome your perspective and that of others .... I know of no other way to learn.
Unus pro omnibus, omnes pro uno
- #2,305
- Jun 25, 2009 7:29pm Jun 25, 2009 7:29pm
- | Commercial User | Joined May 2007 | 7,685 Posts
Lol. Sure it's unlikely but being South African I'm gonna have to back my country
It was sad when his father was killed, he was never the same afterwards.
CW
- #2,307
- Jun 25, 2009 7:36pm Jun 25, 2009 7:36pm
- | Commercial User | Joined May 2007 | 7,685 Posts
Hello CW71 and others,
I would like to know if anyone here would have considered the chart below to be a doubletop or a double pinbar... I managed some +pips with my TS but I would appreciate some feedback..... never too old to listen
Thanks,
I would consider it a pair of conflicting pinbars, unless I misunderstand you.
- #2,309
- Jun 25, 2009 7:47pm Jun 25, 2009 7:47pm
- | Commercial User | Joined May 2007 | 7,685 Posts
Low,
Please Low don't feel that you can't share your opinion because of a 3"V"s by my name....( I paid big $$$ for them!
Okay, so your evaluation seems correct to me and had I been using the weekly PPZ I would have been in this trade back to June 15th after a pinbar(not so hot) on the 11th followed by two inside bearish...
CW
- #2,310
- Jun 25, 2009 7:48pm Jun 25, 2009 7:48pm
- | Commercial User | Joined May 2007 | 7,685 Posts
Unexpected.
Or the importance of waiting for PA instead of getting in blindly at PPZ.
Don't worry - It's happened to all of us....
- #2,316
- Jun 25, 2009 10:08pm Jun 25, 2009 10:08pm
- | Commercial User | Joined May 2007 | 7,685 Posts
Been sick as a dog lately....and the latest blog audio sounds like it! 
- #2,318
- Jun 25, 2009 10:26pm Jun 25, 2009 10:26pm
- | Joined Oct 2008 | Status: Trader | 1,080 Posts
Been sick as a dog lately....and the latest blog audio sounds like it!
keep it up the blogs golden
Grabbing the bull by the horns!
- #2,319
- Jun 25, 2009 11:01pm Jun 25, 2009 11:01pm
I would consider it a pair of conflicting pinbars, unless I misunderstand you.
The reason that I considered them a pair of pinbars (not ideal) showing me the way to a sell was that they were almost identical except for a difference of 15 to 20 pips between the open and close price. I also took into account that the 77.0 was an area of S/R. I took a chance with a short leash and a TS after burst of 30 or so pips. I don't advocate this trade.... was using a bit of cautious discretion. Thanks for the feedback
Here is one advice for you CW.... drink hot tea w/lemon and get some rest
Unus pro omnibus, omnes pro uno
