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Commercial Member
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Joined Sep 2005
|1,118 Posts
I dont know man, GBP has been sort of erratic all day long (at least to my eyes), and with big foundies coming out tomorrow morning (which is always a lottery) I decided to play safe and bank the pips. See, when I enter a trade I ALWAYS have in mind an idea of how price should behave. As soon as it trails out of the "pre-planned pattern" I had visualized, I am usually quick to close the position till I can see things clear again.
Regarding your chart, I am afraid I cannot comment much as I am totally indicator-ignorant. I use none of them myself.
ok ,So you guys don't have any real idea why. Its good that I wasn't the only one suprised. WTB earlier said he couldn't clearly see where the trend was going , so he pulled out. That was excellent timeing.
USD is strong because traders believe there will be more interest rate rises coming. This is the fundamental side. To understand what happened on Friday, just check US Dollar Index chart which has broken a very important neckline and targets around 100 level which will push GBP to 1.60-1.65 level and Euro to 1.10 level. There is still more downside for GBP and Euro.
I noticed on the calender there is a bunch of releases tommorrow from the US.
Is there any way of knowing what is going to be said. I undertand there will be a discussion about the huge US debt. What would that do to the dollar , and how would it affect this pair , short and long term?
Pin bar on 30min chart. I've entered long on the retrace to 1.7460. Originally you'd wait for the second eye to complete, and then entering on the next bar.
The reason I entered so soon := price is again above the Double Tops (1.7458) of the daily chart. There is a pin bar on the 4hr chart, signalling a bullish direction. The low of the second eye is the same as the first. My stop is kept low, 21 pips (1 pip below the nose).
Here is the proper pin bar setup, as originally posted in James16 chart thread. You've got the 2 eyes with the same lows and a long nose. Now you could either enter immediately on the 4th bar, but it's better to wait for a retracement, thus keeping your stops small. On the chart below you can see that price has retraced to 50% of the second eye, which would be a good entry point, with your stop below the nose.
Looking at the chart below, your previous entries would be looking good, because now we have a Pin Bar setup forming on the 15min chart too, signalling bullish direction. We'll probably be testing 1.7495 again. A break above the big figure (1.7500) and we'll see 1.7520 shortly before a retrace (777 big figure strategy).
The past few posts has just been based on what I've learnt from Jim (James16). For all those looking for real time proof that this Pin Bar stuff work, look at the previous posts. You probably won't get the hang of it immediately, but once you do, you feel invincible. If this is just the tip of the iceberg of what we can expect in the PF, then I think the PF is looking really really good.
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Commercial Member
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Joined Sep 2005
|1,118 Posts
11th November 2005, 9:45am EST
777,
Funny you mention that Head and Shoulders on the GBP, because I am stalking that trade too myself. Price broke down the neckline and it's now retesting back the neckline from below. If we get a bounce down off it, it could be a nice short oportunity aiming to the 1.7300'ish area (100 pips move moreless).
Moreover, please notice how the Head's tip touches the counfluence of the down trendline and the swing's 38.2 fib retracement, adding validity to the bearish pattern.
i dont know but i am upset because my system would have caught it had i been at my computer. i almost croaked when i saw it. jim
Ignored
Jim,
Do you trade the crossover every time or do you use retractments and other tech tools to help you set up your trades. It seems somewhere you said you did, but now you changed you ma to different levels. If you still use others, what would they have been to put you in this trade.
I also don't understand some of the intricacies of the market, why it goes down when fundamentals say it should go up and versa vice. That is why I have stopped trading on that info. On the other hand sometimes news will make a currency plumet, like the aussiedollar a couple of days ago. Man if it would be consistant we would all be jillionaires.
So where is this thing going , any ideas. Some websites figure it will go up to 1.7600 before christmas and crash after. Some sites figure it will just tank to 1.7200 . What do you guys figure?
i dont know but i am upset because my system would have caught it had i been at my computer. i almost croaked when i saw it. jim
Ignored
Jim
Don't you have an alert that can tell you when you have that retrace to your pink MA (post 203)?
I'm awaiting the PF with interest and seeing several P Bars shaping right now, but it seems to me to be critical that good charting software has many ways to set up alerts so that a signal is not needlessly missed. Agree? I haven't found any better than Xtick for that.
