james16 Chart Thread
I know... I have to get up 2:30 am each morning ( 30 min before daily closes)...what else can we do?
I suppose we could switch to a broker with a close in a more reasonable time frame but the draw down to that is obvious.
I switched from my Japanese broker to FXDD because they changed the open to Japan time as I thought this would be a disadvantage.
Aha, so we have;
IB - Inside Bar(s)
OB - Outside Bar(s)
4IB - 4 Bars inside each other (winding coil)
4OB - 4 Bars outside each other (unwinding speaker)
I4B - 4th bar smaller than the range of the previous 3 - significance of the I4B lies in that it usually marks the switch of the sentiments of market participants
I4+B - as above with more bars prior
Probably why I ignored them :-)
good thing you mentioned chfjpy i4b on the weekly, this is how ive been watching it on the 4hr tf
might be another way to get in, breakout + pullback style
Absolutely squeezy.
Some nice PA action, breakout/pull back style, around the 83.00 would be nice.
Also the continuation of "sentiments of market participants".
I4B or I4+B (more than 4 previous bars) can be played just like any other PA formation where Location and supporting confluences make the difference.
You may want to take a second look at them.
Don't tell Dan Gilbert you ignore them because he may direct you to some of his posts where he has shown how profitable they can be.
Like the current Eur/Usd Daily I4+B that broke hard and already hit its 1st target.
just to add
we did in my book have the "first" breakout pullback if you drop to the 1hr(those that know I do that for the initial breakout+pullback).
funny how many ways you can look at one chart but be looking at the same things too, gotta love this stuff
Yes, very true Mike.
I believe this comes back to what we talk about . . trading and managing a setup on the time frame where it was presented. Meaning this wedge formation (and BO + PB opportunity) is presented on many time frames, so each time frame was its own potential of working out .
I may just do that now jaroo, now that I've got that little bit of confusion out of the way. Terminology, especially abbreviations can certainly lead you astray if for some reason you've got the wrong end of the stick.
