Mike/Aaron, In no particular order, thanks for the help gentlemen.....
DislikedI'm with Joel. ...Waiting it out. Too many issues for this pair to deal with for the minute. ( and the retarded bit. ...it's bed time. lol)
If you want my thoughts on how much room? ...Enough room to get into profit and start moving stops. Where the stop is likely to be nicely protected. ...That's just me though.Ignored
DislikedYou are quite right!...Ignored
Dislikedi took full bar loss(demo). i saw it as a triple top with div, some nice space before the first TP which is around 970 like yours.
i managed it on the daily chart, there was no opportunity to move stop to BE. however after the bullish pin, i set TP to BE thinking it had a higher odds to hit TP before hitting full bar stop. but it didn't happen.
so, from mike and scott's post, it seems top2 should be a trouble area instead, which was not how i saw.Ignored
DislikedWe prefer to see bullish outside bars at swing low points signalling a reversal. This bullish outside bar is at a swing high and so is best ignored when starting out.
Bar identification is only a small part of the method. The key is finding good bars in good locations. A good location has some confluence of a price pivot zone, EMAs, fibs or whatever you like to use to stack the odds in your favour. Keeping the chart as zoomed in as you have it makes it harder to see these good locations because you can't tell what is going on around price. So...Ignored
DislikedI haven't heard it put better.
Those first levels almost always see a bounce of some kind. The question is always is it just a temporary bounce or a full on stop-killing reversal.
If that first level is far enough away from my entry then I have some breathing room to work out which one it is. My stop gets to break even and the trade still has room to move.
If that first level is 15 pips away, well it's going to put me in drawdown even if it's only a small bounce. And I find that hard to handle.
I've had too much time in a cold room with...Ignored
Thanks both for the fast responce. How do I diverse the minor from the major PPZ. I really understand what is the difference but may you give me some examples of major and minor PPZ please. Thanks in advance.Ignored
DislikedHello Aaron, thanks again for the responce. Just need to clarify a few things.... Jim's chart that you sent me is showing one BEOB at a swing high position but the first BUOB is halfway up the incline..? How would one know the difference?
I've attached another chart here of the current gbp/usd daily... there are two OB's that I've highlighted, the one idicated by a white arrow is bearish... but actually reversed... the other one (yellow arrow) is bullish on the 365 day EMA and long term fib (end2007 to the low earlier this year i think) and this...Ignored
DislikedOne question. Can this be considered 2 consecutive matching lows? He have an established trend but its a little weird because its friday and monday candle. But the difference is only 0.8 pip. Or am i missing something?Ignored
That first BEOB is at a swing low point.....
DislikedI made a post a while back about this one and how I managed it....Ignored
DislikedHey Mike, thanks for the info... I'm assuming one jsut has to demo and see how they work until you get a "feel" for it...
I hope you actually get to trade..you seem busy ansering questions all the time!
DislikedI'm watching CADJPY a daily pin is forming.bar ends in 15 mins on my charts.
I have a reservation - whether it actually is a valid pinbar...
the open is very slightly just below the close of the previous days bar rather than in the range of the previous day...does this matter?
but it is at a ppz, of sorts and a swing low.
I won't be too ambitious with my target, maybe 84.35, as its in a downwards channel.Ignored