sure buddy
- mahesh
- mahesh
maheshbohir,
Glad u finally took the initiative to post after lurking for some time.
Keep them coming.
james16 Chart Thread
- #37,464
- Jul 15, 2009 7:40am Jul 15, 2009 7:40am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
My understanding is that these price patterns or "price actions" simply reflect the sentiment between the buyers and the sellers. For instance, take a nice PinBar occurring in a down trend.
1. The bears all happy and fuzzy about the trend that they are riding down, then...
2. all of a sudden the Bulls get interested and start buying like crazy, so the nice down candle turns around because of the buyers and closes forming a PinBar.
3. The bears definitely NOTICE thisand get spooked
.....they want to protect their profits and close...
XYZ: Hi Mike, I am new here. Where do we look for these pin bars?
Mike: Hi XYZ pin bars work best when...bla bla bla
(many others pop in with gems for posts)
XYZ: Right. thnx Mike and the others...
Now if XYZ is really smart and wants to get this stuff drilled inside him in the best way possible he'll do what Greg has done.
if he's anything but sensible he'll write it on a paper and learn by heart. Will he fail?
Probably not. But our first XYZ has a real real good chance of making it because he sees a pin bar working not only because he was told that it would work by some senior pros at the FF thread but because he knew the market should respond like it did. Both would have made a profit but the smart XYZ has made an intangible difference...a difference that will yield it's importance in ways he cannot imagine.
----------
The day you start venturing into the logic behind these PA bars and why the good locations are good, you've opened yourself a whole new world of wonders!
I would love to congratulate you on taking this step Greg, specially because the phase you're in....it's gonna do you a universe of good and I can bet my bank here.
Solid stuff.
I believe . . .
- #37,465
- Jul 15, 2009 7:47am Jul 15, 2009 7:47am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Johny, I am watching this one too, but I think that there is quite strong resistance area at 1360, 1370... and the nose of the bar seems pretty small comparing to the hard move down... But it might still work out...
Sorry, I see Ijay already commented this one...
The pin bar had a small shape but more than anything else, it was heading into some good resistance. It didn't break so no trade but it was a no trade anyways...
Here's my update on the Usd/Cad BEOB trade. Stop keeps moving...
Ghous.
I believe . . .
- #37,466
- Edited 8:57am Jul 15, 2009 7:51am | Edited 8:57am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #37,467
- Jul 15, 2009 8:02am Jul 15, 2009 8:02am
- Joined Apr 2006 | Status: Suaviter in modo, fortiter in re | 1,851 Posts
- #37,468
- Jul 15, 2009 8:08am Jul 15, 2009 8:08am
Nice Job on this one. I debated and debated taking that one. On my feed, it appears to be a minor swing high in traffic.
Almfx, did you take this trade? USDCHF pin on 4HR...
I did, my TP hit just an hour ago or so...
Man, we have to love this game
- #37,469
- Edited 8:53am Jul 15, 2009 8:41am | Edited 8:53am
- | Joined May 2008 | Status: Norman | 296 Posts
I would love to congratulate you on taking this step Greg, specially because the phase you're in....it's gonna do you a universe of good and I can bet my bank here.
Solid stuff.
This Daily trading method certainly has changed my trading strategy...I'm on the road most of the day (I'm in my van while I'm typing this), so I can't stay up/wake up for London to scalp, nor can I scalp NY because I'm driving. It was very frustrating...But I can manage a long term position trade from my van (with portable internet and a laptop). And after dinner, I can sit down and analyse the pairs and enter any position trades then! This is a match made in heaven I tell you!
GregB
- #37,472
- Jul 15, 2009 8:59am Jul 15, 2009 8:59am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Hallo guys
take this entry yesterday.
Playing well, TP half postion now and SL to BE.
Think it will play up to 0,8100 or 0,8200, we`ll see.
Why an entry so late? Was this a pin bar chase or you deliberately delayed the entry?
I believe . . .
- #37,473
- Edited 9:24am Jul 15, 2009 9:14am | Edited 9:24am
- | Joined May 2008 | Status: Norman | 296 Posts
So far I'm up 200 pips on remaining 1/2 position of my GBPCAD short, riding the down retrace on a seemingly larger up trend.
But I'm anticipating some reversal signal around the 1.8245 area where there is nice confluence of a weekly support level, 50%-61.8% retrace and a possible ascending TL of an up channel forming....
We shall see...what do you guys think?
GregB
But I'm anticipating some reversal signal around the 1.8245 area where there is nice confluence of a weekly support level, 50%-61.8% retrace and a possible ascending TL of an up channel forming....
We shall see...what do you guys think?
GregB
- #37,474
- Jul 15, 2009 9:23am Jul 15, 2009 9:23am
Originally Posted by ghous
Just wondering...
Why an entry so late? Was this a pin bar chase or you deliberately delayed the entry?
Thank you for reply
Entry so late because i see it a few hours after open the Daily Bar,
then i think it`s maybe better to wait the Price break the 0,7900 and set a "buy stop" at 0,7910.
I know itīs not right way, but at the time i set up the trade it was the
best (so i think), but iīm a newbie and have to learn so much.
Thatīs why i read this thread since a few weeks.
Sorry for my bad English.
Trade well!!!
Trade well and many pips to all. Martin
- #37,475
- Jul 15, 2009 9:27am Jul 15, 2009 9:27am
Right you are Slurpee
The pin bar had a small shape but more than anything else, it was heading into some good resistance. It didn't break so no trade but it was a no trade anyways...
Here's my update on the Usd/Cad BEOB trade. Stop keeps moving...
Ghous.
What is your TS?
Live it or leave it!
- #37,476
- Jul 15, 2009 9:31am Jul 15, 2009 9:31am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Thank you for reply
Entry so late because i see it a few hours after open the Daily Bar,
then i think it`s maybe better to wait the Price break the 0,7900 and set a "buy stop" at 0,7910.
I know itīs not right way, but at the time i set up the trade it was the
best (so i think), but iīm a newbie and have to learn so much.
Thatīs why i read this thread since a few weeks.
Sorry for my bad English.
Trade well!!!
Also there's nothing wrong in waiting for a close by ppz to break before you trigger your trade. It is completely in compliance with J16's "this is critical" where he outlined a few ways of handling such trades that run straight into a nearby ppz.
Keep going strong, and I would urge you to post more.
J16's this is critical:
THIS IS CRITICAL.
WE MUST LEARN TO:
Notice a strong s/r area just beyond our pa if it exists.
Know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.
if we know its there, we have several choices.
1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken."
Jarroo talks abt this in almost every other post of his...it's really that important.
You without perhaps even knowing followed the 4th method outlined above purely out of common sense, which is commendable.
Regards,
Ghous.
I believe . . .
- #37,477
- Jul 15, 2009 9:32am Jul 15, 2009 9:32am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Ghous, this is a wonderful trade I have to say
I believe . . .
- #37,478
- Jul 15, 2009 9:33am Jul 15, 2009 9:33am
Nice Job on this one. I debated and debated taking that one. On my feed, it appears to be a minor swing high in traffic.
Live it or leave it!
- #37,480
- Jul 15, 2009 9:41am Jul 15, 2009 9:41am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
trailing stop
It's currently set at 1.1375 hidden nicely behind the 1.135 resistance mark.
Ghous.
I believe . . .