Not very convincing. Short nose. And closed a little too close to neutral for my personal liking.
Compare it to the one from the other day.
(the close on GJ the other day wasn't within the previous bar BTW)
james16 Chart Thread
- #41,222
- Aug 17, 2009 6:54am Aug 17, 2009 6:54am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Bundy's status today: "Waiting..."
- #41,224
- Aug 17, 2009 7:00am Aug 17, 2009 7:00am
The ideal BEOB is at the highest peak of a swing High as we discussed on this post. http://www.forexfactory.com/showpost...ostcount=40210
Price Action is a powerful thing, even in a consolidation. Check out your fold of all James16 charts, that I'm sure you have which you study daily.
There were many supporting confluences that this Aud/Usd Daily BEOB screamed, "Trade Me!"
Off recent Highs.
At the Weekly 61.8 fib.
MACD Divergence
The size of the formation compared to previous bars.
Below the .8500 (strong round...
Yes it was that post I was referring to that got me confused. Just talking about the location, (leaving out the confluence factors), when I posted that BEOB as in the post your included, it was to me also at a high. (High of the range)
Do you mean that the HIGH OF THE BEOB should be preferably higher than the high of all the bars. What got me confused is that the chart I posted previous was also in a consolidation (errrr 14 bars) as compared to the one you took at 3 - 4 bars.
So what I was confused about was the CONSOLIDATION portion cause my chart had a longer consolidation and was wondering if yours is also considered as a consolidation
What am I missing out. Sorry that I cannot get this into my thick head lolz
- #41,225
- Aug 17, 2009 7:02am Aug 17, 2009 7:02am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I have.... but not extensively yet.
I'm just sort of checking the threads "outside james16 thread".
He must be referring to Editor & his threads/posts.
I thought he was symbolizing someone with the word "editor", read a couple of his posts and were like a treat.
g
I believe . . .
- #41,226
- Aug 17, 2009 7:04am Aug 17, 2009 7:04am
- Joined Apr 2009 | Status: Trader | 2,891 Posts
154.00 is a good level for me if we get good Price Action confirmation. At the moment I just see potential to get a little bit further down before a good bounce though. 153.00 get's interesting. There's a lot of work involved in getting through that whole 151.50 to 153.00 'zone'.
If I was in a daily short trade already from the other day?? At the moment I'd be tightening my stops. Not getting out, but ready to take profit if there are better reversal signs.
Fibbo level of 61.8% at 152.93 and
there will be a proper test of Trend line.
I entered short today at 155.70 but i think it's time to give the check back.
- #41,227
- Aug 17, 2009 7:06am Aug 17, 2009 7:06am
Hi Jarroo,
Yes it was that post I was referring to that got me confused....
Specifically this statement:
"Now notice that on your 4 hour BEOB on the Gby/Jpy is not at the peak or highest point. Its in a consolidation area of the previous candles.
Yes, the consolidation is at swing high, but the BEOB is not."
Sorry please don't see it the wrong way. Not trying to pick at your words but trying to see the difference
- #41,228
- Aug 17, 2009 7:10am Aug 17, 2009 7:10am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
You are right about 153 because there is
Fibbo level of 61.8% at 152.93 and
there will be a proper test of Trend line.
I entered short today at 155.70 but i think it's time to give the check back.
...As long as you don't let it become loser.
Some winners are small, some big and many average. You never know before hand. You just take what's given.
Bundy's status today: "Waiting..."
- #41,229
- Aug 17, 2009 7:19am Aug 17, 2009 7:19am
- Joined Apr 2009 | Status: Trader | 2,891 Posts
lol. That's good though.
...As long as you don't let it become loser.
Some winners are small, some big and many average. You never know before hand. You just take what's given.
All i think is that luck is with me big time for past two week's as my pair's (GJ,EJ,GU,EU.) are in a trending mood.
I can't hold myself pulling the trigger. Don't know how much it will cost me.
- #41,231
- Aug 17, 2009 7:28am Aug 17, 2009 7:28am
- Joined Jul 2006 | Status: Trader | 4,090 Posts
Oh I c lolx
I thought he was symbolizing someone with the word "editor", read a couple of his posts and were like a treat.
g
I dream, therefore I become.
- #41,232
- Aug 17, 2009 7:29am Aug 17, 2009 7:29am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Specifically this statement:
"Now notice that on your 4 hour BEOB on the Gby/Jpy is not at the peak or highest point. Its in a consolidation area of the previous candles.
Yes, the consolidation is at swing high, but the BEOB is not."
Sorry please don't see it the wrong way. Not trying to pick at your words but trying to see the difference
Yes, I understand the conflicting point that I have posted. But the next sentence read, "Don't get me wrong, being a BEOB within a consoldation area that is at a swing high has potential."
As you can see the result of the 4 hour Gbp/Jpy BEOB in the consoldation gave up some nice pips when managed carefully. (Chart)
As you continue to practise and study these setups, which you are doing very well tradertt
, you will see that as long as our goal is to seek the best setups to trade we will fine tune our skill in trading PA.
Indicators show the past. Price Action "Indicates" the future.
- #41,233
- Aug 17, 2009 7:44am Aug 17, 2009 7:44am
Yes, I understand the conflicting point that I have posted. But the next sentence read, "Don't get me wrong, being a BEOB within a consoldation area that is at a swing high has potential."
As you can see the result of the 4 hour Gbp/Jpy BEOB in the consoldation gave up some nice pips when managed carefully. (Chart)
As you continue to practise and study these setups, which you are doing very well tradertt
I just wanted to check if there is any BIG NO NO in trading that consolidation
Thank you for the compliment. Still a beginner. Will be going into the PF soon after I am done with the BASICS as no point in wasting money if I do not even bother to build the foundation.
- #41,234
- Aug 17, 2009 7:53am Aug 17, 2009 7:53am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Thank you. Now I understand. We all fine tune trading the PAs according to our experiences. So everyone will take certain setups at different times slightly differently.
I just wanted to check if there is any BIG NO NO in trading that consolidation
Thank you for the compliment. Still a beginner. Will be going into the PF soon after I am done with the BASICS as no point in wasting money if I do not even bother to build the foundation.
Hi Jarroo,
So what I was confused about was the CONSOLIDATION portion cause my chart had a longer consolidation and was wondering if yours is also considered as a consolidation
What am I missing out. Sorry that I cannot get this into my thick head lolz
But when we have a Outside Bar at its highest/lowest point of a swing, be ready to bank some pips.
Indicators show the past. Price Action "Indicates" the future.
- #41,235
- Aug 17, 2009 8:22am Aug 17, 2009 8:22am
Is anyone monitoring this one? It broke the support eventually.
I am interested in going short if I will see a good entry.
http://img134.imageshack.us/img134/2826/1k2pp33.jpg
Ben
The pullback to the previous support is almost done.
Lets see if I can get any bearish PA confirmation on that line
I do not have any EMAs or fibs that line up with that orange line...however I have confidence in that level to be acting now as resistance, cause it was a strong support area for a long time. See all those bar lows and then the hard breakout.
Price is also trending down...making lower lows...we have the pull back...I think all those factors plus hidden divergence plus PA confirmation (if will be any) is enough for me to take it.
If anyone can spot bad factors, it will be appreciated as well.
Monitoring it closely now
PS - did I draw the hidden divergence right? First time I am using it. I'm not sure about it. Hope I have used it right.
http://img156.imageshack.us/img156/2826/1k2pp33.jpg
Ben
