Took half off and am at BE.
Don't want to get stopped out for a loss waiting 2 pips and a new candle to go to BE.
Don't want to get stopped out for a loss waiting 2 pips and a new candle to go to BE.
Attached Image (click to enlarge)
james16 Chart Thread
- #65,982
- Jun 11, 2010 4:05am Jun 11, 2010 4:05am
I saw this setup on H4 & H1, the H4 candle has 12 mins left before it closes.
I think going down to M15 may possibly just confuse matters.
I entered at the pullback of the next candle on H1.
This could just be people who were long taking profits off the table.
I might add that as it is Friday, I took this on my demo account.
** ok, did not see your earlier post. You already managed it accordingly. Congrats!!
- #65,983
- Edited 2:26pm Jun 11, 2010 4:08am | Edited 2:26pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Rac-man meanig raczekfx? He would go for a touch trade wouldn't he? Touch trades are a no-go zone for me, at least for now. I still have to develop that specific feeling for price, call it intuition or whatever. Raczek amazed me with his trades to the point of disbelief.
Anyway I've created a chart with possible PPZ for a kaboom scenario. The upward move would first be dampened by a congestion zone (blue-greyish zone).
The first serious PPZ would be the 1.2437 level. Price has obeyed that level both as support and resistance. The 200 EMA is...
Its a classic Rac (Raczek) setup. . . Support turning into Resistance (or a PPZ level), 61.8 fib, trendline confluence . . this is the KABoom setup. Your other areas you have noted are ok but for now this is the setup.
There is no "feel" for Price or intuition this is at the heart of how he trades or touch trades. Close to the 1.2150. with a 25-30 pip Stop loss. Bam. Being able to see it develop is the trick which just takes time.
The fact that it didn't go Kaboom could be telling, meaning that there might be something else going on. . . .time and patience will tell for sure but i like its odds for going down.
Indicators show the past. Price Action "Indicates" the future.
- #65,984
- Jun 11, 2010 4:12am Jun 11, 2010 4:12am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Took half off and am at BE.
Don't want to get stopped out for a loss waiting 2 pips and a new candle to go to BE.
Excellent Pb.
Indicators show the past. Price Action "Indicates" the future.
- #65,985
- Jun 11, 2010 4:14am Jun 11, 2010 4:14am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
pb, i think you sholudl have reached your FTA already. Good job!
** ok, did not see your earlier post. You already managed it accordingly. Congrats!!
Many thanks...
Yes, I am hoping the 1.4680 area will hold and save my SL.
Now, it doesn't matter what it does.
Funny, I always have the MM in place before I make a trade or even before Jarroo, Mike & Bundy & others taught me to see the setups.
- #65,987
- Jun 11, 2010 4:19am Jun 11, 2010 4:19am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
Excellent Pb.
Thanks Jarroo, I had a good teacher.
Even though this is demo & I can't bank any actual pips, I can bank something perhaps better, Experience.
I don't want to demo any different than I will trade my actual live account.
- #65,988
- Jun 11, 2010 4:21am Jun 11, 2010 4:21am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Many thanks...
Yes, I am hoping the 1.4680 area will hold and save my SL.
Now, it doesn't matter what it does.
Funny, I always have the MM in place before I make a trade or even before Jarroo, Mike & Bundy & others taught me to see the setups.
Pb . .that's great . .looks like you have been paying attention.
(say . . I would like to see the 1.4680 . . . instead of . . hope to see . . .
trust me, there is a difference.
)
Indicators show the past. Price Action "Indicates" the future.
- #65,989
- Jun 11, 2010 4:22am Jun 11, 2010 4:22am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
Hi Pinbar
would appreciate if you could provide EA you use on your charts
top right angle: price
bottom right angle: mkt time
many thanks
ciao
Andrea
They are not an EA but indicators.
One is price, one is spread and the other the market time.
Here you go.
- #65,990
- Jun 11, 2010 4:25am Jun 11, 2010 4:25am
...my learning process even on this
many thanks Pinbar very kind of you really appreciated!
Andrea
many thanks Pinbar very kind of you really appreciated!
Andrea
They are not an EA but indicators.
One is price, one is spread and the other the market time.
Here you go.
- #65,991
- Jun 11, 2010 4:25am Jun 11, 2010 4:25am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
Pb . .that's great . .looks like you have been paying attention.
(say . . I would like to see the 1.4680 . . . instead of . . hope to see . . .
trust me, there is a difference.
Oh, you mean using the phrase "Like to see".
Yes, I know you are right, we should not need hope.
NP Printer69......Great name.
- #65,994
- Edited 5:37am Jun 11, 2010 4:33am | Edited 5:37am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Thanks Jarroo, I had a good teacher.
Even though this is demo & I can't bank any actual pips, I can bank something perhaps better, Experience.
I don't want to demo any different than I will trade my actual live account.
Now this was on the Hourly we shouldn't be trading on this time frame, Daily and Weekly remember (good thing Mike or James16 aren't around).
But can you imagine if this was on the Daily. You could almost add a zero to the pip count. But the main point of this Hourly setup was how it stood out amoung the rest. Funny how we were just talking about it on the Nzd. lol
Indicators show the past. Price Action "Indicates" the future.
- #65,996
- Jun 11, 2010 4:38am Jun 11, 2010 4:38am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
I think you saw it coming, and nudged me psychically. LoL
lol maybe.
Indicators show the past. Price Action "Indicates" the future.
- #65,997
- Jun 11, 2010 4:41am Jun 11, 2010 4:41am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #65,999
- Jun 11, 2010 4:48am Jun 11, 2010 4:48am
Its a classis Rac (Raczek) setup. . . Support turning into Resistance (or a PPZ level), 61.8 fib, trendline confluence . . this is the KABoom setup.
The fact that it didn't go Kaboom could be telling, meaning that there might be something else going on. . . .time and patience will tell for sure but i like its odds for going down.
Yes, patience... Another indecision doji is forming on 4h.
To be honest I'd prefer the bearish PA scenario more. It would definitely play nicely with the downtrend we're experiencing from the start of the year. Anyway I'm prepared (chartwise) for the market to go either way.
Last but not least: Thank you for your comments on my chart.
Cheers
"Put your shoulder to the wheel!"
- #66,000
- Jun 11, 2010 4:56am Jun 11, 2010 4:56am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
I'm digesting this thread in compiled format which is much easier (thank you Cyrus!). When it comes to Raczek I only skimmed his input, but got the impression that he enters when the 'kaboom' wanes off (looking for j16 setups) and setting his TP at the retest of the 'broken' confluence.
Yes, patience... Another indecision doji is forming on 4h.
To be honest I'd prefer the bearish PA scenario more. It would definitely play nicely with the downtrend we're experiencing from the start of the year. Anyway I'm prepared (chartwise) for the...
Rac will still look for bearish PA as confirmation after he enters, meaning he would (in this case) enter at 1.2150 (or 1.2147) and look for bearish PA on the 30Min or hourly or if not stopped out on the 4 hour as conformation.
Where as we will look for PA as confirmation and then enter.
Indicators show the past. Price Action "Indicates" the future.