software must be 'in consolidation'
no need to rush, bro
One Mind, Any Market
james16 Chart Thread
- #66,825
- Jun 21, 2010 2:21am Jun 21, 2010 2:21am
I had considered a bearish trend exhaustion ....
I wouldnt consider it an exhaustion bar either, since it is a small range bar and the market tried to move higher and failed. A genuine exhaustion bar would be a regular pinbar (in forex anyways, since we cant gap down and reverse, giving us a bullish bar)
I honestly think people should give the IPBs a pass until they get the basics really, really solid. Unless you are Ghous, they are pretty ambiguous and open to misinterpretation
He had an awesome post the other day about interpreting location and the market flow around them - its really good reading.
When you have to shoot, shoot. Dont talk.
Morning all,
I am long off this GBPJPY inside bar at 135 number on GBPJPY. Stop below the days low and open target.
Price has dropped 30 pips or so since I entered but I will leave this to play itself out.
Have a great week.
FXP
if you see weekly,
1) Price is not ready to close above 135
2) Price pausing at PPZ
3) Price rejects 50% Fib
if you see Daily
1) there is good I4B and the friday bar just straddles 135
2) How much to rely on friday bar?
if you see M30
1) there is triangle breakout and test of the traingle break by Pin
which would have been low risk entry keeping the daily stops.
So , in summary this was a little risky trade and I would have limited my long positions to may be 0.5 % .
let's see
Kind Regards
Winston
Trading is a delicate balance of Strategy , Money management and Psychology
- #66,828
- Jun 21, 2010 4:06am Jun 21, 2010 4:06am
- | Commercial User | Joined Dec 2006 | 1,085 Posts
I see an inside bar at an area where orders will potentially be clustered. The bar on the 17th also resembles a continuation pin and I like to see inside bars following these.
As price has already broken the low of the inside bar there is potential for a buob today hence my open target.
I have my normal position size running and will accept the loss if I am wrong.
All the best
fxp
As price has already broken the low of the inside bar there is potential for a buob today hence my open target.
I have my normal position size running and will accept the loss if I am wrong.
All the best
fxp
Hi! thanks for your chart
if you see weekly,
1) Price is not ready to close above 135
2) Price pausing at PPZ
3) Price rejects 50% Fib
if you see Daily
1) there is good I4B and the friday bar just straddles 135
2) How much to rely on friday bar?
if you see M30
1) there is triangle breakout and test of the traingle break by Pin
which would have been low risk entry keeping the daily stops.
So , in summary this was a little risky trade and I would have limited my long positions to may be 0.5 % .
let's see...
- #66,829
- Jun 21, 2010 4:20am Jun 21, 2010 4:20am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
I don't know but I am getting into this habit of passing in on an IPB whenever it is not at an extreme swing point of a pull back or a trend high/low. This wasn't an exception. Once again the extreme swing was that bar high which was bugging you jarroo...small stops are great for R:R but then they require the trade to immediately materialize which is less likely when price is near a swing point rather than at it.
g.
Well said my friend . . . Patience and Pickiness Rules.
Indicators show the past. Price Action "Indicates" the future.
- #66,832
- Edited 4:55am Jun 21, 2010 4:31am | Edited 4:55am
- | Commercial User | Joined Dec 2006 | 1,085 Posts
- #66,835
- Jun 21, 2010 5:26am Jun 21, 2010 5:26am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #66,837
- Edited 7:10am Jun 21, 2010 6:46am | Edited 7:10am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #66,838
- Jun 21, 2010 7:58am Jun 21, 2010 7:58am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #66,839
- Jun 21, 2010 8:03am Jun 21, 2010 8:03am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #66,840
- Jun 21, 2010 8:16am Jun 21, 2010 8:16am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
That isnt really an exhaustion pattern though, because there is only a downmove and then a pause. Which, more than often, continues the same way. For a genuine exhaustion pattern, we would want to see another bullish leg first (and even then, we would probably wait for a breakout and retest, otherwise we are just buying into the top of a range and a PPZ). And a bigger range.
I wouldnt consider it an exhaustion bar either, since it is a small range bar and the market tried to move higher and failed. A genuine exhaustion bar would...
The problem with IPBs is that for one they are just a pin bar located differently to an ideal one, secondly there are no hard and fast rules defined for an IPB (such as for pin bars for example we easily invalidate a pin bar if it does not close within the previous bar) an IPB can sometimes just be an inside bar as well, thirdly they caught the eye of a person who's not been trading or teaching for years.
I am honestly trying my best to get this concept straight and that too to only ppl who have been doing this for a while, it worries me to see a newbie who in one post asks a beginner question and in the next post posts an IPB setup, honestly I get spooked out at this, feel like throwing up
g.
I believe . . .