hi HanSolo, this is a big step to have taken brohearing it said and seeing it for yourself from the charts is another thing entirely!nice one
dont underestimate what you said here...
Thanks J16, Sam Seiden, Udine and Jacko
james16 Chart Thread
- #62,581
- May 3, 2010 2:41pm May 3, 2010 2:41pm
- #62,590
- May 3, 2010 5:12pm May 3, 2010 5:12pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Thanks again Mike.
Slow here today, not sure why?
What's your take on Wizard's crude? I looked - see chart below (the black arrow was the entry I posted a couple of weeks ago (with monthly / weekly / daily PPZ)).
Different broker, but are the bar highs as important as resistance if shorting as the bar lows (at around 8570)? In my chart, we seem to be running into traffic on the highs almost immedutely. However, on the bar lows, there is room to 8520, then to 8470.
Feels like a private lesson from Mike and the Wizard - awesome. Is it like...
good to see you stop by hope you are keeping away from the lighting these days )I am a size guy. You will notice a lot of the bars I take are larger then normal. Now one thing that is important to realize as you go through this is their are a ton of ways to make this work. Big bars, small bars, different locations...so don't be afraid to experiment around as you demo. For me I wouldn't take this simply b/c of the size of the bar. I would rather see us push through these last highs(it looks as if were knocking on the door and with an uptrend I would suspect any move down would be more temporary before a burst to at least test what exists above 87 here. Then if we got a big bearish bar coming off that divergence + new high would be my type of play. Again everyone has certain plays they tend to really like and are comfortable with. Wiz will tell you how important that is.
A break lower could stall at 85.50 and then if not clear way towards 85. I would want to trade away from 85 as we see weekly has a buob so we could be going higher.
Again just my analysis as always and as you can see many bars can be traded a few ways to make it work.
Mike
- #62,591
- Edited 7:33pm May 3, 2010 6:50pm | Edited 7:33pm
Yesterday I feel in love with a PB on daily NZDCHF:
- @ swing high
- @ upper intermediate channel TL (yellow line)
- below 1.7900
- bearish divergence
Still it was a countertrend trade after a very steep up move and, as one can clearly see, selling on friday and ends of month seems not as reliable as on other days. Furthermore BRN 1.8000 may act as magnet for price.
Channel line is pretty arbitary as well, it hasnt been touched in a long time.
Still, I dont think your trade was terrible. Nice big bar, swing high, decent amount of room before the FTA, and then plenty after that. If there was some divergence there, I would have taken it. As is, I passed (a strong move up like that makes me turn into a big girl), but I can see why people like it. Have to remember that these things arent 100%, and sometimes the market just goes against you. Take some notes, reload and move on
Here's an pin bar that played out nicely. Mini-sized Dow 15-min chart.
This is a bit more consistent. Its 95% of ALL traders. I bet 20-30% of the people that actually frequent forexfactory are moderately successful in the very least.
Also, I suspect 70% of FF has trouble tying their shoelaces, so your second estimate could be a bit high
I am a size guy.
http://stupidcelebrities.net/wp-content/fat_girls.jpg
When you have to shoot, shoot. Dont talk.
- #62,592
- May 3, 2010 7:45pm May 3, 2010 7:45pm
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
Many choose unhappiness over uncertainty.
- #62,598
- May 3, 2010 10:37pm May 3, 2010 10:37pm
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
Many choose unhappiness over uncertainty.