and naturally we print a HUGE BUOB minutes after my post............
.
james16 Chart Thread
- #56,203
- Feb 25, 2010 9:42am Feb 25, 2010 9:42am
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
Many choose unhappiness over uncertainty.
- #56,210
- Feb 25, 2010 10:15am Feb 25, 2010 10:15am
Hi all,
First of all, thank you so much James and all the great members here for this great thread. I am kind of a newbie here, have been learning forex on my own for a few months. Like many of the lost newbies, I have tried systems and systems, indicators and indicators, only to have found that none seem to work for me. Or maybe I am just so dumb that I can't play with them as well as other people do.
Just when I am about to lose hope on forex, I have discovered this thread and it's like rainbow after thunderstorm, LOL.
I have taken the time to read the first 200 pages and I hope I have understood the basic PA that James and the other great members shared here. I have been demo-ing for quite some time, and there are a few questions that I'd like to seek some advice from the experieced members here:
1) When entering the PA trade, I am more of the conservative type that I learned I should only enter after the "break" of the PA. However, I am not very sure if a break means I should enter when the bar broke the PA and CLOSED? Or just a mere touch of the break position by the bar?
If former, the price may have already gone a long way before I entered. If latter, quite often I see the price just touching the break and then retraces.
2) When placing SL, I learned that the conservative way is to place the SL on the other side of the PA (eg, at the other end of a pin bar). Am I correct here?
Coz I have some demo trades in which I couldn't even take partial profit of like 15 pips and price went back like 50 pips and stopped me out.....
Or perhaps those might be poor PA setups that I shouldn't even have taken.
Thank you so much all once again for the great contribution. Very sorry for my questions if they are dumb, and for my English, as it's not my mother language.
Best Regards,
Kristopher
First of all, thank you so much James and all the great members here for this great thread. I am kind of a newbie here, have been learning forex on my own for a few months. Like many of the lost newbies, I have tried systems and systems, indicators and indicators, only to have found that none seem to work for me. Or maybe I am just so dumb that I can't play with them as well as other people do.
Just when I am about to lose hope on forex, I have discovered this thread and it's like rainbow after thunderstorm, LOL.
I have taken the time to read the first 200 pages and I hope I have understood the basic PA that James and the other great members shared here. I have been demo-ing for quite some time, and there are a few questions that I'd like to seek some advice from the experieced members here:
1) When entering the PA trade, I am more of the conservative type that I learned I should only enter after the "break" of the PA. However, I am not very sure if a break means I should enter when the bar broke the PA and CLOSED? Or just a mere touch of the break position by the bar?
If former, the price may have already gone a long way before I entered. If latter, quite often I see the price just touching the break and then retraces.
2) When placing SL, I learned that the conservative way is to place the SL on the other side of the PA (eg, at the other end of a pin bar). Am I correct here?
Coz I have some demo trades in which I couldn't even take partial profit of like 15 pips and price went back like 50 pips and stopped me out.....
Or perhaps those might be poor PA setups that I shouldn't even have taken.
Thank you so much all once again for the great contribution. Very sorry for my questions if they are dumb, and for my English, as it's not my mother language.
Best Regards,
Kristopher
Dreams are hard to follow, but don't let anyone, tear them away...
- #56,211
- Feb 25, 2010 10:18am Feb 25, 2010 10:18am
Yeah... short targeting lows in the 1.4100 area
what u think of this beovb on the weekly euro yen?
i posted the chart yesterday thinking it had potential short and the daily went that way,
i see the current price at decembers 2008 s and r
what u tink?
- #56,214
- Feb 25, 2010 10:57am Feb 25, 2010 10:57am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
very busy nice week for me
Cad/jpy
4hr beob off BRN of 85.
Mike
I'm not sure whether the one I wanted to post has been posted yet.
I just can't keep up with the thread.
I am still sitting on February 18th and now there are something like 800+ new posts 7 days later.
For benssol, and the honor of the much-shunned IB, a TL retest/continuation bar.
Edit: P.S., If anyone actually wants to ask me something in particular, this is also why it's a good idea to just shoot me a PM as there is a real good chance I just won't be able to see it in the thread as a hundred posts a day fly by.
Trust price. Know yourself.
- #56,216
- Feb 25, 2010 11:05am Feb 25, 2010 11:05am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
Trust price. Know yourself.
- #56,217
- Feb 25, 2010 11:14am Feb 25, 2010 11:14am
Hey K, no worries, questions are normal.
Break means price moves above / below the bar's high / low, i.e. the corresponding direction of the setup itself.
Past the high for bullish, low for bearish setups.
Be seeing you around
Best Regards,
Kristopher
Dreams are hard to follow, but don't let anyone, tear them away...
- #56,218
- Feb 25, 2010 11:34am Feb 25, 2010 11:34am
very busy nice week for me
Cad/jpy
4hr beob off BRN of 85. Notice the false breakout of the consolidation that occured after a very strong down move. Price closed below the range too. Targeted next round number and went to bed. This is how to play a continuation bar and notice location is still the #1 factor the bar is my trigger.
Mike
Another question from me regarding your recent CADJPY 4hr trade. Am I right to understand that when you say false breakout, you mean that price begin to rally right after the big big bearish bar and thereafter consolidating for a few more bars (the blue box in the chart)? You term it 'false' because you expect the downward trend to continue later on? Just trying to figure out the terminology here.
If the answers to the above are yes (meaning you expect it to be a false temporary upward rally), then would it be possible to go long right after the first bar (green bar) to the right to the big big bearish bar? These 2 adjacent bars would form what I understand to be TBL bouncing off BRN 85.00 and in this case would be also a sign to go long (reversal trade) with tight management. I mean on hindsight looking at how the price pan out, some pips could have been made if a long trade is placed after the TBL. Are there any logic to my thoughts?
Or am I talking nonsense here? Appreciate your (or anyone else) comments.
CY
- #56,219
- Feb 25, 2010 11:53am Feb 25, 2010 11:53am
Hi antgal, I don't want to partake in too much of the blind leading the blind (I'm fairly new at j16 pa). But... since you asked, below are the spots I would be concerned about.
2 very important things to consider when taking this trade:
1. It's not at a swing high, so this would be more of a continuation play (this is not beginner material).
2. We have another day and a half before the bar closes. Take a look at it over the weekend
and see where things stand (i.e. does it close below the first area of traffic).
Maybe some of the seniors...
i agree, it would be short trading with the trend (Nathan says alot of peeps here prefer to trade BEOVBs off swings)
but ive seen Jim posting beovbs as trend continuation signs (each 2 their own i suppose)
your point about waiting to the w/e is very valid since its a weekly bar, signs on the daily suggest a bear week
as the famous saying goes, lets wait and see!
ps im also new at this game
- #56,220
- Edited 12:25pm Feb 25, 2010 12:01pm | Edited 12:25pm
- Joined May 2009 | Status: LIFE ITSELF | 1,058 Posts
Man I hate missed ones more than loosers, Is there any way to avoid them? I guess not.
could have been the great conclusion of the magic month.
You can say you have missed a trade,when your order isn't filled(which I doubt),or when you see a setup after the facts,or when you are off of markets
hope it helps!
ps: although I do miss from time to time some nice setups, I wondering often what the f*** I was doing at that moment
all the best!!