Don't wish it were easier, wish you were better. ~ Jim Rohn
james16 Chart Thread
- #40,541
- Aug 10, 2009 3:43pm Aug 10, 2009 3:43pm
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
- #40,544
- Edited 4:23pm Aug 10, 2009 4:03pm | Edited 4:23pm
Your thoughts ...why this went wrong not yet but i feel like this PIN will fail.
I am still holding short n e one else in the same boat???
By the way folks....anyone noticed the pin bar bounce off of the 365ema
USDCHF 4H?
Last time price it bounced 350 pips away....interesting.... 
Ben
Edit: I won't take it. The last bar highs most likely turn into support now 
- #40,545
- Aug 10, 2009 4:25pm Aug 10, 2009 4:25pm
- Joined Jun 2006 | Status: Vivere! | 1,034 Posts
I have passed on that one after I saw it did not break. Even if it will break now, I won't play it. Just not feeling comfortable. but that's me.
By the way folks....anyone noticed the pin bar bounce off of the 365ema
USDCHF 4H?
Last time price it bounced 350 pips away....interesting....
Ben
Edit: I won't take it. The last bar highs most likely turn into support now
I'm pretty much done with all this ...
It there was a strong setup on Thursday before the NFP on Friday morning, I will look for a break during the London session. As the NFP approaches and Thursday's setup has not broken yet I will cancell the order. I will not play the break of the setup off the NFP release.
If a setup was formed after the NFP, I will look to trade that on Monday.
-----------------------------------------
regarding my NZDUSD trade, chart below. pending order was below pin bar which did not break. but i was filled in my oanda account, found out that the order was filled at sunday 4pm at the lowest point. do people have similar experience?
this was sunday, so not sure if related to NFP on friday or not. but i do want to ask this as a GENERAL question.
if we see a good entry at the end of friday, do we wait till late sunday night or even monday morning to put in the orders, since weekend traffic is considered to be (what's the word
)not as reliable?(i seem to remeber something similar from before, but can't find it.)
- #40,553
- Aug 10, 2009 8:14pm Aug 10, 2009 8:14pm
Hmmm... many thank you for the comments Mike.
Food for thought...
Still betting small while figuring out the finer details of this methodology.
On Confluence:
I thought there was a confluence of the PPZ in pink + wR1.. there's also a 61.8% retracement from a recent swing high off 1.1113.
Thought this would be a decent confluence of resistance levels.
This, plus a decent pin would = decent short term grab.
Saw the small weekly pin bar off a weekly PPZ... thought the 4hour retracing abit off this Pin would be quite reasonable.
Erm......
skype: ststroud. let's talk trading.
- #40,554
- Aug 10, 2009 8:19pm Aug 10, 2009 8:19pm
Hi Mike,
Thank you for the help, its much appreciated.
I take away that the
(1) weekly close and
(2) the relative size of the 4hour candle wrt recent candles, as well as
(3) the amount of traffic to upside and downside
are important for the "big swing" profitability of a trade.
Will need to digest what you said and give it more thought.
Thanks again
Cy
Thank you for the help, its much appreciated.
I take away that the
(1) weekly close and
(2) the relative size of the 4hour candle wrt recent candles, as well as
(3) the amount of traffic to upside and downside
are important for the "big swing" profitability of a trade.
Will need to digest what you said and give it more thought.
Thanks again
Cy
One Mind, Any Market
- #40,555
- Aug 10, 2009 8:32pm Aug 10, 2009 8:32pm
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
4H Pinbar off the 1.4100 PPZ and Round Number.
78.6 retrace & multiple hits on a trend line.
Trouble around the 1.4175 area, will have to watch the trade fairly close, but the idea is that the uptrend will continue.
[ Bulbrokers STS MT4; GMT + 3: same timezone as FxPro, SIG, FXDD, MT4NF, etc.. ]
eur$ H4 showing a ascending broadening wedge/broadening pattern (Dodger Blue line) + trendline touch + MACD hidden bullish divergence. the hidden bull.div. denotes a possible (up) trend continuation.
white line & dotted line are parallel lines
eur$ Daily chart showing a ascending parallel line (Aqua) & the lingering MACD bear.divergence (Aqua). Not sure if this divergence has already been satisfied/negated by the recent downmove to the 1.41 area. (disregard the red line on MACD: it just shows price tops coinciding with MACD tops/highs)
- #40,559
- Edited Aug 11, 2009 12:28am Aug 10, 2009 10:19pm | Edited Aug 11, 2009 12:28am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Could I clarify this point?
And your PB did not fail. It broke the bottom - went ot the bar highs, and reversed. Happens frequently that way against the trend.
Don't quite understand what you mean
Hey tradertt.
When a high quality PA setup presents itself, what makes it "high quality"?
There's Location (PPZ Levels), supporting confluences (Swing highs/lows at fib levels, 50% retrace levels, etc. )
Another "high quality" characteristic that a setup must have, that Mike and others talk about all the time, is "Low Traffic". What is traffic? Its the previous Highs and Lows that the setup is trading into. The Highs and Lows by themselves or meeting together formimg S/R levels or PPZ levels. We don't want to be trading into many of these levels, the fewer . . . the better.
Notice that the green PB had less traffic then the blue PB. Thus a better result. This is another reason why we like PA at these swing Highs and Lows : Less Traffic.
Indicators show the past. Price Action "Indicates" the future.
- #40,560
- Aug 10, 2009 10:27pm Aug 10, 2009 10:27pm
- | Joined Jan 2009 | Status: Trader | 1,067 Posts
GBPUSD H4 Time Frame BUOB formed
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