Thanks J16, Sam Seiden, Udine and Jacko
james16 Chart Thread
- #66,764
- Edited 12:24pm Jun 19, 2010 7:47am | Edited 12:24pm
Great post datogio.
This is trading poetry, brother. Nice.
"The direction of price isn't changing rapidly most of the time, that's the biggest problem of trading if you're impatient and the biggest power if you're patient." - datogio.
Jim
I borrowed everything I know from this thread and its participants, so the author of that quote is James16 Chart Thread, I just boiled it in myself.
- #66,765
- Jun 19, 2010 9:00am Jun 19, 2010 9:00am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
I guess its a good exercise in PA structure which is a good thing.
But not seeing the whole picture sure makes them look kind of "out there".
It's like . . . Mike, what do you think of the Daily Aud/Sgd? . . . .
I took out the BRNs. lol
Just kidding guys . . great posts and exercise . . very helpful.
Jim
- #66,766
- Jun 19, 2010 9:57am Jun 19, 2010 9:57am
On my chart it's looking even less significant. I will skip it. But the USD/CAD was a nice one
Earlier in the week I played the GBP/USD IPB. I took the second one which got stopped out soon after the entry. The first IPB prior to the one I took went very well.
I guess I learned that I shouldn't trade an IPB after one has occurred prior to it.
Earlier in the week I played the GBP/USD IPB. I took the second one which got stopped out soon after the entry. The first IPB prior to the one I took went very well.
I guess I learned that I shouldn't trade an IPB after one has occurred prior to it.
Would love to see it work out but it looks like a tough call. Lot's of traffic and whippy volatile moves,
Will be watching it for sure...though that's only what this IPB will get from me.
Location is sound of course but in terms of price action and preceding bars maybe the IPB could have been longer to indicate more strength.
g.
- #66,767
- Jun 19, 2010 11:24am Jun 19, 2010 11:24am
On my chart it's looking even less significant. I will skip it. But the USD/CAD was a nice one
Earlier in the week I played the GBP/USD IPB. I took the second one which got stopped out soon after the entry. The first IPB prior to the one I took went very well.
I guess I learned that I shouldn't trade an IPB after one has occurred prior to it.
It appears that G/U IPB that you have the red arrow on was shorting into a BRN...so IMO would be difficult to fight lower...would have to be in a better location to short.
- #66,769
- Edited 3:05pm Jun 19, 2010 2:55pm | Edited 3:05pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
On my chart it's looking even less significant. I will skip it. But the USD/CAD was a nice one
Earlier in the week I played the GBP/USD IPB. I took the second one which got stopped out soon after the entry. The first IPB prior to the one I took went very well.
I guess I learned that I shouldn't trade an IPB after one has occurred prior to it.
You enter an entire new dimension in your trading career, on the very the day you stop "bar hunting"
It's when the chart "appeals" more to the naked eye than when it only hosts a PA bar at a particular location, that you know you are now legitimately trying to understand what, why, when and where price does what it does,
We come have come to know a term called "price pivot zone" from some of the gurus in the business. the day you realize that this tool here is more than just a horizontal line you throw in to validate a PA bar's location...you know you have started to really get the hang of it. Don't get me wrong, our ppzs do serve the primary purpose of validating PA setups, but we often fail to look upon them as the "gas stations" for price...price thrives on these levels in the market.
You say the IPBs you took were off a ppz? Take a closer look friend, price was merely hanging about it.
A question here. What defines a strong ppz?
Good historical evidence of supp/res at the level? A BIG round number? Both??
A strong ppz is where the big orders lie, and an area that is obvious enough to allow smaller traders like us to believe with some sort of conviction that the bigger orders (not physically visible) are lying there, and that depends on historical evidence and the roundness of the price level, yes.
This is precisely why we refer to a ppz as strong when price immediately bounces off it and does not look back, while we doubt the strength of one where price hangs about and pulls back to it often.
So was the IPB/s really off a solid resistance zone as should be for a good tradable bearish IPB? Was price action (not the pa bars...price action general) really indicating that the uptrend has exhausted and the bears have every reason to drag price down south?
Extract some hints from the text in the chart below and see if you can answer these questions.
(IPBs work best when at extreme swing points, where they don't appear to be after a minor consolidation which can rob them off their "reversal traits")
g.
I believe . . .
- #66,776
- Edited 10:09pm Jun 19, 2010 9:52pm | Edited 10:09pm
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
For the IxB players...Is this a I53B around a BRN on the dragon?...
(FXDD) it's I54B (current bar is smaller than previous 53 bars)
im not sure with shorts. personally, i see a bullish bias on jpy pairs.
Let's see next week...
- #66,777
- Jun 19, 2010 9:59pm Jun 19, 2010 9:59pm
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
- #66,778
- Jun 19, 2010 10:39pm Jun 19, 2010 10:39pm
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
I have not posted here in a LONG time.... I have been looking at things from a slight distance lately. Understanding more and more about developing my intuition on my own beliefs, following through, and recognizing another J16 member's brilliance
Happy trading to all!
Happy trading to all!
Many choose unhappiness over uncertainty.
- #66,779
- Jun 20, 2010 3:53am Jun 20, 2010 3:53am
Happy trading!
I´ve noticed the power of Mike´s cherry trades! Then I noticed I have a problem when trying to find space when selling. Is this right? We have space to sell, when price has rised and then moved a little bit sideways?
Loving this thread, loving the life more and more
I´ve noticed the power of Mike´s cherry trades! Then I noticed I have a problem when trying to find space when selling. Is this right? We have space to sell, when price has rised and then moved a little bit sideways?
Loving this thread, loving the life more and more
