I'm pretty much done with all this ...
james16 Chart Thread
- #41,923
- Aug 24, 2009 11:54am Aug 24, 2009 11:54am
- Joined Jun 2006 | Status: Vivere! | 1,034 Posts
I'm pretty much done with all this ...
Gold: Nice PB on the last 4hrs second rejection of area... waiting for it to move down on next bar for confirmation...
The winner of the rat race is still a rat.
- #41,926
- Aug 24, 2009 1:16pm Aug 24, 2009 1:16pm
Cool
Thanks squeezy. Just read all Mike and Jim posts, it's only them.
Here is one I was monitoring last week, but didn't take. It isn't the best example...I hoped it will squeeze a bit more.
Ben
I followed my rules...never a bad thing to do..I guess..).Maybe I will get another chance...only if a A++ bar will form, as I like.
This time I will get in because:
- looks like the trend is turning: higher lows and higher highs.
- Instead of diving into a round number, like the previous setup, this time I will be bouncing off a round number.
- The horizontal line is the current breakout pattern after modifying the lines.
- #41,928
- Aug 24, 2009 1:32pm Aug 24, 2009 1:32pm
- Joined Jun 2006 | Status: Vivere! | 1,034 Posts
Shame on me for not taking this trade (I do not really regret
Maybe I will get another chance...only if a A++ bar will form, as I like.
This time I will get in because:
- looks like the trend is turning: higher lows and higher highs.
- Instead of diving into a round number, like the previous setup, this time I will be bouncing off a round number.
- The horizontal line is the current breakout pattern after modifying the lines.
In the case of this pair, Lets hope for a pullback and some solid PA to the 8700 in the next few days. But it would not be a surprise at all if price right back into the horizontal channel and stayed there for while ... Comfy and warm in there....
I'm pretty much done with all this ...
- #41,929
- Aug 24, 2009 1:33pm Aug 24, 2009 1:33pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
I like breakouts, but unlike Mike and others, I only like the horizontal lines for a breakout. I cannot always decide where a TL should go, and it makes me uncomfortable. Trend line break guys are the smart guys around here...
In the case of this pair, Lets hope for a pullback and some solid PA to the 8700 in the next few days. But it would not be a surprise at all if price right back into the horizontal channel and stayed there for while ... Comfy and warm in there....
- #41,930
- Aug 24, 2009 1:33pm Aug 24, 2009 1:33pm
Wondering if any of you took this. I did and and it is working out nice sitting at about 1:1 already. The way I looked at it was 1.75 was a huge huge level if you zoomed out. the overall trend was down. It broke past 1.75 pulled back and pinned (kind of small) below that level. The pin was at 61.8 Fib. Once again what I think helpe dthis trade was trading toward the least point of resistance and 1.75 was HEAVY! Let's see how it plays out.
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Nice trade, congratz
With the strong trend, and off a round number, I think it is a good location.
Didn't noticed it, but still even if I would saw it, I wouldn't take it because the length of the PB' nose is relatively very small. Just my opinion of course.
Glad you made some pips
Ben
- #41,931
- Aug 24, 2009 1:35pm Aug 24, 2009 1:35pm
- Joined Apr 2009 | Status: Trader | 2,891 Posts
Hi all,
After some break of FF and demoing for cause of baby boy, I am back with high willingness of getting my facts right.
I am trying to look at A+ setups but this one on EJ caught my eyes.
It is not an IB still since the bar has not close but for the sake of the arguments let's suppose it is an IB.
This is how I see things right now.
The PB is spot on the 136 PPZ. There is a lot of support/resistance so even if it has been broken I think we could consider this as a valid PPZ. Am I right or wrong?
There is a confluence with...
http://www.forexfactory.com/showpost...ostcount=41901
http://www.forexfactory.com/showpost...ostcount=41921
- #41,932
- Aug 24, 2009 1:46pm Aug 24, 2009 1:46pm
I like breakouts, but unlike Mike and others, I only like the horizontal lines for a breakout. I cannot always decide where a TL should go, and it makes me uncomfortable. Trend line break guys are the smart guys around here...
In the case of this pair, Lets hope for a pullback and some solid PA to the 8700 in the next few days. But it would not be a surprise at all if price right back into the horizontal channel and stayed there for while ... Comfy and warm in there....
In this case, I prefer a bullish PA, but I will also take a bearish if it will be clear.
It can be traded to both sides IMO.
One can be a breakout trade, which I will give space and try to carry as far as I can, and one can be a range-Chanel trade at extreme high as we like
For me any clear PA off a round number at low TFs will be good
By the way, these lines are not a big deal, really. First thing to do is to spot a trending pair, once you have this, try to identify if it is in a pause right now, making it's way sideways, and just trap it between lines.
I personally like when the lines are pointing against price (for example, if we are trending up, the resistance trend line should be with it's angle pointing down, otherwise it isn't really a breakout lol).
Secondly, I prefer to see at least three points which connect the line, the more - the better.
You can trade also only horizontals, but IMO you will miss many good trades that way. I sure you can draw these trend lines SP
Ben
- #41,933
- Aug 24, 2009 1:49pm Aug 24, 2009 1:49pm
you went long on this one????
http://www.forexfactory.com/showpost...ostcount=41901
http://www.forexfactory.com/showpost...ostcount=41921
Maybe I was not clear but I am looking for a short term bear retracement.
- #41,934
- Aug 24, 2009 1:52pm Aug 24, 2009 1:52pm
By the way, I like these breakout trades because they have a large R:R ratio. I love jim's style, but the only thing that bothers me, is that he takes very short trades. He can allow himself to do so because he has a large account I guess..unfortunately I do not have 
Be aware that the win rate of these patterns are low. That means that if you want to make profit from them in the long term, it is critical to be able to hold them as far as you can.
I am wondering if there is any style that has a large win rate, and a large R:R ratio as well?...
Ben
Edit: Mike, do you care to share your average win rate and R:R of this setup only? please..?
Be aware that the win rate of these patterns are low. That means that if you want to make profit from them in the long term, it is critical to be able to hold them as far as you can.
I am wondering if there is any style that has a large win rate, and a large R:R ratio as well?...
Ben
Edit: Mike, do you care to share your average win rate and R:R of this setup only? please..?
- #41,935
- Aug 24, 2009 1:52pm Aug 24, 2009 1:52pm
- Joined Apr 2009 | Status: Trader | 2,891 Posts
Maybe I was not clear but I am looking for a short term bear retracement.
so thats a typo i think.
so I will have only 1 TP at the highs of the preceding bars
- #41,936
- Aug 24, 2009 1:56pm Aug 24, 2009 1:56pm
- Joined Apr 2009 | Status: Trader | 2,891 Posts
I am wondering if there is any style that has a large win rate, and a large R:R ratio as well?...
Ben
http://www.forexfactory.com/showthread.php?t=168161
i start my week with this one.
Edit: ohhh i did not get ya. You are talking about a style within J16 PA.
- #41,937
- Aug 24, 2009 2:01pm Aug 24, 2009 2:01pm
hmmmm maybe that's the one.
http://www.forexfactory.com/showthread.php?t=168161
i start my week with this one.
Ben
- #41,940
- Aug 24, 2009 2:18pm Aug 24, 2009 2:18pm
breakouts tend to range in the lower 60% range and a bit under 2r
Especially if you can get once in a few months a very long trade like you have showed in one of your guest area videos (introduction to pin bars)
Ben