A few reasons why this may be a good setup.
Daily PB
Resistance level
Round number
Thanks.
Daily PB
Resistance level
Round number
Thanks.
james16 Chart Thread
- #53,242
- Jan 28, 2010 5:01pm Jan 28, 2010 5:01pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
got a love it when you set and forget...
Indicators show the past. Price Action "Indicates" the future.
- #53,245
- Jan 28, 2010 5:17pm Jan 28, 2010 5:17pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #53,246
- Jan 28, 2010 5:20pm Jan 28, 2010 5:20pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
I would attach a picture if FF would let me, but have a look at the PB on GBP/CHF daily.
Round # (1.7000)
resistance
PB
Thanks
A bit of traffic infront. A hard break through that . . and/or retest of that . . . . would be great confirmation.
Indicators show the past. Price Action "Indicates" the future.
- #53,247
- Jan 28, 2010 5:28pm Jan 28, 2010 5:28pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Both the ucad and uchf have drifted into abyss.
Ucad presented a nice opportunity for a long @ 1.0560 in the wee morning hours while I was asleep, dreaming of green pastures and little bunnies. Nice bounce off the bullish TL starting @ January 21st. (4th consistent major touch) It is a significant trend line now.
A nice break of that, following the major upper bearish TL would be a nice indication to short.
Personally wish I would have hung on to my long from 1.0250.. lol. Me and my damn intraday..
Indicators show the past. Price Action "Indicates" the future.
- #53,248
- Jan 28, 2010 5:28pm Jan 28, 2010 5:28pm
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
I am not playing it, but there is a small 2-hour pin at 1.0650 area......I don't play hourlies and the pin looks two small to me anyway.
Anyone long this pair should at least be aware it is out there.
Nathan
K.I.S.S.
- #53,251
- Jan 28, 2010 5:40pm Jan 28, 2010 5:40pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #53,252
- Jan 28, 2010 5:51pm Jan 28, 2010 5:51pm
I have been staring at this chart. It really is intriguing me as a breakout + pullback combo. I don't know if I can get myself to pull the trigger on it , with friday coming tomm, I am reluctant to just stay out lol
Mike
I nearly pulled the trigger on this 1H BUOB earlier today which was a good pullback to the trendline. I didn't because of a recent tun of losses from overtrading, and also going down to the 1H to get a trigger on a daily trendline is often just one step too far for me. I also didn't see the momentum over the next couple of bars.
Now I am considering buying a break of the highs with a stop below the pin and trailing out on the 4H BAT or 4H 2 bar trail... but there is some sideways traffic. A breakout is a different animal though.
- #53,253
- Jan 28, 2010 5:52pm Jan 28, 2010 5:52pm
What was in your intraday that made you close your 1.0250. If I may ask.
Although, looking back.. I'd say 1.0314 at the time was my area of interest / taking profits as a resistance area. Took profits once I saw exhaustion at that level.
Didn't rob booker say he goes for 10 pips/day in his book?
lowest draw down possible please.
- #53,255
- Jan 28, 2010 5:57pm Jan 28, 2010 5:57pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #53,257
- Jan 28, 2010 6:19pm Jan 28, 2010 6:19pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #53,258
- Jan 28, 2010 6:19pm Jan 28, 2010 6:19pm
First of all, congrats on a great trade wh1zz0!
BUT
Mike, Jim and everyone,
how would you actually rate the pin bar from 11th of Jan, base on which wh1zz0 took this trade? I checked the chart and for me it's B trade at best. All I can see is very good resistance there. Other than that, I don't see divergence, no fib (it's between 50 and 61), and pin bar just looks very small to me, half the size of previous bars. Am I missing something or am I just too picky?
The last GBPCHF pin bar looks much much better, at least to me...
BUT
Mike, Jim and everyone,
how would you actually rate the pin bar from 11th of Jan, base on which wh1zz0 took this trade? I checked the chart and for me it's B trade at best. All I can see is very good resistance there. Other than that, I don't see divergence, no fib (it's between 50 and 61), and pin bar just looks very small to me, half the size of previous bars. Am I missing something or am I just too picky?
The last GBPCHF pin bar looks much much better, at least to me...
CHF/JPY is really treating me nice (as anticipated) and I'm like +500 pips up.
Now it's at the bottom of the range I'm seriously anticipating taking some off the table and moving my SL just above the 87 level. From here the market can do whatever it likes I don't care. But I'd be happy if it further drops(Momentum plus general atmosphere looking good).
If it clearly breaks the range I'd watch out next for the following PPZ, and thereafter anticipate a nice move to the RN 80 or even another wave.
Attachment
Looks like...
- #53,259
- Jan 28, 2010 6:28pm Jan 28, 2010 6:28pm
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Don't wish it were easier, wish you were better. ~ Jim Rohn
- #53,260
- Edited 6:49pm Jan 28, 2010 6:35pm | Edited 6:49pm
Man it's good to see this thread swinging. I read every post. Have done for almost two years.
I do that because it's funny how you can read something again and again and again and it just doesn't click. I've read the James16 'This Is Critical' post so many times, we've even joked around about it on here, but something started to click with me this month.
I had a bad month due to a lack of discipline and over trading. No other way to slice it. I am going to review things and get some tighter rules on to cut down the discretion. Because discretionary trading is fine when you're feeling on top form but that can slip so easily. So I am going to the old 'so many bullets a month' plan. After those bullets are used, no more trading.
The reason I mention the 'this is critical' is because since Jarroo's been back I've been staring at a lot of his charts. I always used to think 'man his trouble areas are so close, how does he ever make profit'. Of course after a year of staring something began to click (I'm a slow study) and I realised that on the daily timeframe, any single bar high or low can stop my trade.
Any. Single. Bar. High.
I used to think support and resistance was those big visible areas that any kid could see. And those are great for getting into trades I've found. But once I am in, any daily bar high or low is a trouble area. It just slapped me in the face yesterday looking over Jim Jarroo's old charts. He marks out every bar high/low. And if there is one bar high and one bar low at any given level, well that's a pivot zone.
I know it probably sounds like I am saying the simplest stuff, and if I'd read my post last year I would have nodded and moved on. But sometimes this stuff sinks in on different levels. I've been employing a lot of hope in my targets and suffering as a result. But looking back on my losers, every trade turned around at a previous bar high or bar high/low PPZ. Not one of them 'failed'. That is amazing information, as anyone who has been to PF and watched James' 'where is price going' series will tell you.
As James would say, armed with this information 'what can stop you?'
I understand in my gut now what Jarroo means by hard breaks. I understood it in my head before, but it's a long ole journey from the head to the gut (it usual involves a stop off at the foetal position under the desk on the way). Jarroo knows where his first potential trouble area is, and it's usually close. He watches price at this level. It either blasts through or it turns around. If it turns around, he doesn't mess with it and closes out (unless it's a triple A setup in which case they get a little more room).
Why ever does it take so long to arrive at something so simple? I scratch my head sometimes on this one. Seems to be the nature of the learning curve. When a good clear setup is posted, I usually think 'man my grandmother could have traded that'. We all jump on those. They are easy. Trading isn't finding those. Trading is sitting on our hands when the nearly trades come along.
So first potential trouble area becomes critical to identify. Then watch price at that level. And you have a choice: take some profit, get stops to break even, take full profit. But if it turns around and kills you from there, don't scratch your head in surprise. The market should never surprise you, even though you never know what it's going to do.
Sounds familiar as an approach doesn't it? A little like this....
James16:
I do that because it's funny how you can read something again and again and again and it just doesn't click. I've read the James16 'This Is Critical' post so many times, we've even joked around about it on here, but something started to click with me this month.
I had a bad month due to a lack of discipline and over trading. No other way to slice it. I am going to review things and get some tighter rules on to cut down the discretion. Because discretionary trading is fine when you're feeling on top form but that can slip so easily. So I am going to the old 'so many bullets a month' plan. After those bullets are used, no more trading.
The reason I mention the 'this is critical' is because since Jarroo's been back I've been staring at a lot of his charts. I always used to think 'man his trouble areas are so close, how does he ever make profit'. Of course after a year of staring something began to click (I'm a slow study) and I realised that on the daily timeframe, any single bar high or low can stop my trade.
Any. Single. Bar. High.
I used to think support and resistance was those big visible areas that any kid could see. And those are great for getting into trades I've found. But once I am in, any daily bar high or low is a trouble area. It just slapped me in the face yesterday looking over Jim Jarroo's old charts. He marks out every bar high/low. And if there is one bar high and one bar low at any given level, well that's a pivot zone.
I know it probably sounds like I am saying the simplest stuff, and if I'd read my post last year I would have nodded and moved on. But sometimes this stuff sinks in on different levels. I've been employing a lot of hope in my targets and suffering as a result. But looking back on my losers, every trade turned around at a previous bar high or bar high/low PPZ. Not one of them 'failed'. That is amazing information, as anyone who has been to PF and watched James' 'where is price going' series will tell you.
As James would say, armed with this information 'what can stop you?'
I understand in my gut now what Jarroo means by hard breaks. I understood it in my head before, but it's a long ole journey from the head to the gut (it usual involves a stop off at the foetal position under the desk on the way). Jarroo knows where his first potential trouble area is, and it's usually close. He watches price at this level. It either blasts through or it turns around. If it turns around, he doesn't mess with it and closes out (unless it's a triple A setup in which case they get a little more room).
Why ever does it take so long to arrive at something so simple? I scratch my head sometimes on this one. Seems to be the nature of the learning curve. When a good clear setup is posted, I usually think 'man my grandmother could have traded that'. We all jump on those. They are easy. Trading isn't finding those. Trading is sitting on our hands when the nearly trades come along.
So first potential trouble area becomes critical to identify. Then watch price at that level. And you have a choice: take some profit, get stops to break even, take full profit. But if it turns around and kills you from there, don't scratch your head in surprise. The market should never surprise you, even though you never know what it's going to do.
Sounds familiar as an approach doesn't it? A little like this....
James16:
THIS IS CRITICAL.
WE MUST LEARN TO:
Notice a strong s/r area just beyond our pa if it exists.
Know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.
if we know its there, we have several choices.
1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.