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  • #841
  • Feb 23, 2010 11:22am Feb 23, 2010 11:22am
Wow, take a little time out to do some work and miss 5 pages of discussion. Well, I don't guess I missed anything since I read the post. You guys had a busy day, looks like some enlightment was spread around. Interesting stuff everyone.
  • #842
  • Feb 23, 2010 1:01pm Feb 23, 2010 1:01pm
Sho:
Because of my time zone (PST) and full time day job, I don't get enough screen time while market is active (other than asian session). So, I think I should concentrate mainly on daily time frame. I know in the past, you have given few examples of daily chart. I will appreciate, if you please give few more trade example for the daily time frame with explanation.

Thanks in advance...

FX_California
Quoting trade price
i am off now.
i will check the thread later.
c you guys
  • #843
  • Feb 23, 2010 6:30pm Feb 23, 2010 6:30pm
Hi FxCalifornia

In fact I have the similar situation as yours. Hope to see more Daily trades from this thread.

Hi Sho

I am re-thinking of trading M15 due to the popularity in this thread thou the timing is not that favoring me.

For M15, pls. advise the risk:reward and SL:TP for each entry.

Thank you for your time.
  • #844
  • Feb 23, 2010 6:35pm Feb 23, 2010 6:35pm
for everyone compare both seting with your eyes and tell me which one you will trade.
sho
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  • #845
  • Feb 23, 2010 6:52pm Feb 23, 2010 6:52pm
this chart is about impulsive and corrective
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  • #846
  • Feb 23, 2010 10:08pm Feb 23, 2010 10:08pm
Are you also in west coast?
Quoting pj.waterloo
Hi FxCalifornia

In fact I have the similar situation as yours. Hope to see more Daily trades from this thread.

Hi Sho

I am re-thinking of trading M15 due to the popularity in this thread thou the timing is not that favoring me.

For M15, pls. advise the risk:reward and SL:TP for each entry.

Thank you for your time.
  • #847
  • Edited 11:22pm Feb 23, 2010 11:10pm | Edited 11:22pm
Quoting trade price
for everyone compare both seting with your eyes and tell me which one you will trade.
sho
Thanks for that great answer Sho, pure GOLD.
I've learned more USEFUL trading skills from you than at any time in the past.

I appreciate the time you've put into these responses, it can't be easy keeping up with an active thread like this. Don't burn yourself out mate. We're developing wings but haven't flown the nest yet.

Thanks again for taking the time to help us, you're a rare breed indeed.
  • #848
  • Feb 24, 2010 1:42am Feb 24, 2010 1:42am
Hi Sho

anything wrong with short at the arrow which did not work out?
Thanks.
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  • #849
  • Feb 24, 2010 1:50am Feb 24, 2010 1:50am
Quoting the novice
Hi Sho

anything wrong with short at the arrow which did not work out?
Thanks.
For what it's worth (I'm no expert!), I wouldn't be going short on a bullish bar like that. For a short, the candle wick should really be heading up and through or touching some form of S/R.
  • #850
  • Feb 24, 2010 1:55am Feb 24, 2010 1:55am
Sho the chart in post 826 why do you call it an a ++ i can see why because of the pinbar that touches the middle band and then go back.


But before that we have an outside bar would you not consider this one and also the 2 green bar and also the red bar before it seems to me that they have problem going higher that they have find some kind of resistance there.


this is the thout i fight with there sems to be conflicts to me there are almost always something that one can pint at that are against to take the trade.


best regards
  • #851
  • Feb 24, 2010 2:05am Feb 24, 2010 2:05am
Quoting Sutts
For what it's worth (I'm no expert!), I wouldn't be going short on a bullish bar like that. For a short, the candle wick should really be heading up and through or touching some form of S/R.
Hi Sutts

the short was taken off the close of the long bar (preceding the IB) as it broke the support which became the resistance.
I know it is crazy to take a short off a long bullish bar like that.
But unless I am terribly mistaken, this method takes trades off channel direction (which is short in in this case), and off rejection of resistance/support.
This is contrary to what I know of PA as I know it eg not to take short off this huge bullish bar as you mentioned.
Just trying to wrap my head around this method.
  • #852
  • Feb 24, 2010 2:06am Feb 24, 2010 2:06am
Quoting jgadefelth
Sho the chart in post 826 why do you call it an a ++ i can see why because of the pinbar that touches the middle band and then go back.


But before that we have an outside bar would you not consider this one and also the 2 green bar and also the red bar before it seems to me that they have problem going higher that they have find some kind of resistance there.


this is the thout i fight with there sems to be conflicts to me there are almost always something that one can pint at that are against to take the trade.


best regards

I raised the same issues in post 836. Sho has just responded in post 844. I think it makes sense.
  • #853
  • Feb 24, 2010 2:10am Feb 24, 2010 2:10am
Quoting the novice
Hi Sho

anything wrong with short at the arrow which did not work out?
Thanks.
Hello TheNovice
I think Sutts is right. First your blue pinbar is not really a rejection bar. Its lower wick is bullish. Same for the pevious big pinbar: long lower wick. Then your blue pinbar is an inside bar, so I would wait a breakout to one side before entering. BUT! The stochastic showed a huge bullish divergence, see attachment.
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  • #854
  • Feb 24, 2010 2:13am Feb 24, 2010 2:13am
On the same GJ setup, I have added a blue dotted line to show the level of support which became resistance, off which the huge bullish bar rejected.
After I entered short, it seemed that the setup was valid as the next bar, which is an IB, too rejected the level.

Another setup occurred right after that.
It is the A+ setup which Sho mentioned, unless I am wrong again.

It is indicated by the pinbar marked by the green arrow, which rejected the middle line of the channel and went short. This setup was of course invalidated by the next bar which broke it.

Really need explaination for these failed setups.

Thanks.
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  • #855
  • Feb 24, 2010 2:19am Feb 24, 2010 2:19am
Quoting Milton
Hello TheNovice
I think Sutts is right. First your blue pinbar is not really a rejection bar. Its lower wick is bullish. Same for the pevious big pinbar: long lower wick. Then your blue pinbar is an inside bar, so I would wait a breakout to one side before entering. BUT! The stochastic showed a huge bullish divergence, see attachment.
Hi Milton

I know!
This setup was against everything I have known about PA, which is not much actually.
But Sho did mention not to take divergence into account in opening trades, only in considering closing out trades.
I would have waited for the break of the IB if I took trades off it.
But as I explained in the previous post, I took it off the close of the bullish bar, before the IB was formed. This was for the reason of the rejection of the support turned resistance level as I mentioned.
  • #856
  • Feb 24, 2010 2:23am Feb 24, 2010 2:23am
my short on EU, i closed -4 pips


Edit, market changed derection after 10:00 CET news, was not a red folder but u never can tell
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  • #857
  • Feb 24, 2010 2:24am Feb 24, 2010 2:24am
Hello Guys
I am looking for a short in USDJPY
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  • #858
  • Feb 24, 2010 2:25am Feb 24, 2010 2:25am
Quoting the novice
Hi Milton

I know!
This setup was against everything I have known about PA, which is not much actually.
But Sho did mention not to take divergence into account in opening trades, only in considering closing out trades.
I would have waited for the break of the IB if I took trades off it.
But as I explained in the previous post, I took it off the close of the bullish bar, before the IB was formed. This was for the reason of the rejection of the support turned resistance level as I mentioned.
Sho wanted to say: If you see this big bullish divergence, don't enter long on that without all the other rules. He did'nt mean: when you see this big bullish divergence, then go short anyway. But in my opinion a pinbar with such an enormous lower tail, always shows that a big bullish force has pushed the price back up.
  • #859
  • Feb 24, 2010 2:57am Feb 24, 2010 2:57am
Thanks sutts yes it makes seens but it is mutch to consider and mutch to learn and things that is true sometimes nullifies other times because of other things to consider. I have a hard time with this because im stupid my work makes me stupid so .

Good thing You and sho and the other helpfull traders are here. It is mutch to learn but i believein this method.


best regards
  • #860
  • Feb 24, 2010 3:17am Feb 24, 2010 3:17am
Quoting jgadefelth
Thanks sutts yes it makes seens but it is mutch to consider and mutch to learn and things that is true sometimes nullifies other times because of other things to consider. I have a hard time with this because im stupid my work makes me stupid so .

Good thing You and sho and the other helpfull traders are here. It is mutch to learn but i believein this method.


best regards
I agree, there's much to learn and I find it frustrating too at times. Having said that, this method is far superior to anything I've used before (and I've tried A LOT, believe me!).

There are many lessons in this thread that take some time to sink in. The trade management has been especially useful for me and I am beginning to see the results of my efforts to protect precious capital. I'm also only trading the best looking charts (slope, trend etc) and being a lot more picky with my entries which seems to be paying off too.

I think if we stick with it and help each other we can all achieve great things here.

Dave
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