Trading is a delicate balance of Strategy , Money management and Psychology
james16 Chart Thread
- #60,502
- Apr 10, 2010 3:51am Apr 10, 2010 3:51am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
The same with the Nzd/ Chf. They may look like an IPB, but they are Inside Bars by any definition. Many IBs look like a PB, IPB or a doji or whatever.
A structurely sound IPB needs to have a long nose like a PB but the head needs to have its wick stick out a bit above/below the previous bar. Preferably sticking into a strong confluenced area or strong PPZ level, of course.......
good to know others observed it too.
we should be vigilant: IPB's can be IBs or PB's, so trade accordingly.
Hello ertorque,
& from my limited observation of IPBs, the better ones have a matching high/low or have a protruding high/low (minor protrusion or not)
.....
if u see IPBs, i think it would be beneficial to view them as possible IPB and continuation PB, instead of narrow-mindedly viewing it as just an IPB.
...
- #60,503
- Apr 10, 2010 3:56am Apr 10, 2010 3:56am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
third screen up and running
now u cant make up excuses that u missed some PPZs
A structurely sound IPB needs to have a long nose like a PB but the head needs to have its wick stick out a bit above/below the previous bar. Preferably sticking into a strong confluenced area or strong PPZ level, of course.
Here are more chart examples to study for all you IPB fans, like myself.
The chart examples are awesome ---puts a visual imprint in my mind!
Here are more chart examples to study for all you IPB fans, like myself.
The chart examples are awesome ---puts a visual imprint in my mind!
- #60,508
- Apr 10, 2010 7:14am Apr 10, 2010 7:14am
Well done Chris B. Nice targets.
Just some observations and thoughts on this one.
My chart may seem a litttle messy but it shows that these levels in traffic do play an important role.
Notice the green line was the 1st area on concern. Price broke the PB and hit this area then reversed. Price then retraced into the setup then broke hard again this time through the green area and hit your 1st target.
Then Price retraced again and retested the break. Retesting the break of the setup, which many pairs did this morning, tells...
I know what you are saying...i'm demoing these setups from a while and quite evrytime there is a pullback to the entry point...I was thinking to to what you do...at the first trouble area reduce my stop but leaving the price some pips to breathe for the pullback...I will manage like this for a while...
Market is like a puzzle, YOU have to fit the pieces!!
- #60,509
- Apr 10, 2010 7:19am Apr 10, 2010 7:19am
Market is like a puzzle, YOU have to fit the pieces!!
- #60,510
- Edited 9:11am Apr 10, 2010 8:41am | Edited 9:11am
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
hi everyone, i thought i would give an unbiased explanation of the IPBs as they are in discussion.
the point i think Jarro was making was the an IPB which DOESNT stick out above the previous bar is by definition an IB, and as IBs can be any shape even an IPB is still also an IB by definition. What makes an IPB different is its shape, which both Jarro and Ghous have already explained. Now an IPB DOESNT have to be inside the previous bar, what is important is its shape as it is that what tells the tale. Wether an IPB what sticks out above the previous bar works out better more often than an IPB that doesnt is something you all need to test for yourselves.
This type of bar has been traded for a long time and is known in the candlestick wold by various names;-hangingman hammer etc. The thing i like about the way Ghous plays the bars is that he trades them from the break of the open/close (depending on wether it is bearish or bullish), and takes profit at the end of the bars rnge. very smart as this way gives us small stops compared to the distance of the first trouble area and a good chance off it reaching that level as it is still a small range for price to move compared the its ave. daily range for e.g. great idea of how to play them.
Traditionally the bar is taken as sign of a possible lack of momentum in a pair and in turn a possible retracement or reversal, but it is considered valid ONLY afer there has been some kind of comfirmation,usually that price breaks the lows and continues on in that direction, so Ghous' method trading them is a good way to go. but is worth noting that it is not the only way.
hope this helps somebody, it ended up being much longer than anticipated.
jon
the point i think Jarro was making was the an IPB which DOESNT stick out above the previous bar is by definition an IB, and as IBs can be any shape even an IPB is still also an IB by definition. What makes an IPB different is its shape, which both Jarro and Ghous have already explained. Now an IPB DOESNT have to be inside the previous bar, what is important is its shape as it is that what tells the tale. Wether an IPB what sticks out above the previous bar works out better more often than an IPB that doesnt is something you all need to test for yourselves.
This type of bar has been traded for a long time and is known in the candlestick wold by various names;-hangingman hammer etc. The thing i like about the way Ghous plays the bars is that he trades them from the break of the open/close (depending on wether it is bearish or bullish), and takes profit at the end of the bars rnge. very smart as this way gives us small stops compared to the distance of the first trouble area and a good chance off it reaching that level as it is still a small range for price to move compared the its ave. daily range for e.g. great idea of how to play them.
Traditionally the bar is taken as sign of a possible lack of momentum in a pair and in turn a possible retracement or reversal, but it is considered valid ONLY afer there has been some kind of comfirmation,usually that price breaks the lows and continues on in that direction, so Ghous' method trading them is a good way to go. but is worth noting that it is not the only way.
hope this helps somebody, it ended up being much longer than anticipated.
jon
PATIENCE... DISCIPLINE
- #60,511
- Apr 10, 2010 8:47am Apr 10, 2010 8:47am
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
PATIENCE... DISCIPLINE
- #60,512
- Edited 10:32am Apr 10, 2010 10:02am | Edited 10:32am
On a high quality setup, A catagory, the ideal S/L placement is above (or below) the given setup. This Usd/Chf qualifies for that type of S/L placement and leaving it there until the 1st and/or 2nd targets are hit. This setup would have fillfulled that premise nicely.
But where I differ is that once the 1st target is hit I move to break even or just below the break even or I'll take half off and move the other half the same distance away from my entry for a "free trade".
My initial stop loss would have been placed above the left eye, about...
Yes, your explanation of the way u manage your trade really helps and clear alot of my doubt. A very good lesson for me. I have been taught by other school not worth to take a trade if the RRR is less than 1. I am so used to this kind of mindset and whenever i saw a trade with so little gain, i will just pass it.
For this case will be ard 80pip SL (enter at 10pip break of PB and SL at top of PB) and 15pip gain. So can i say that you will not consider the RRR when you decide your trade?Just added: Do you always stick to this "rule" of moving your stop? or it depend on the quality of the setup (eg. move stop on daily basis for A+ setup)??
Thanks,
skin
- #60,516
- Apr 10, 2010 10:23am Apr 10, 2010 10:23am
oh man, wow. soooo wide perspective!
now u cant make up excuses that u missed some PPZs
- #60,517
- Apr 10, 2010 10:27am Apr 10, 2010 10:27am
woow those two 19 inch screens looks like 15 inch or less near that monster in the middle
- #60,518
- Apr 10, 2010 10:37am Apr 10, 2010 10:37am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
The English at the site seems to be written in a Russian accent. If that's possible. ID theft central over there. Anyone have problems?
No problems here. I'm pretty careful of things like that myself. If the transaction looked suspicious in any way I wouldn't have gone ahead with it. It would have to have been through an external provider such as PayPal etc.
Been a couple of years since I bought version 1 now, I think.(And upgraded to 2 last year) Any trouble should have filtered through by now, I'd have thought.
Bundy's status today: "Waiting..."
- #60,519
- Apr 10, 2010 10:54am Apr 10, 2010 10:54am
This is my understanding on GBPCHF ?
Does all this make it a good tradable IPB ?
and yes its pretty good, look a few pages back you'll see the discussion
- #60,520
- Apr 10, 2010 11:00am Apr 10, 2010 11:00am
ya i picked up that monster at walmart as a display model for way cheap. its connected by HDMI. when zoomed in all the way the widescreen spreads the bars out so that no pip goes un noticed
now like SC said you cant made up any excuses that you havent seen some ppzs
