Attachments: james16 Chart Thread

james16 Chart Thread

#71,441
Aug 12, 2010 7:39am Aug 12, 2010 7:39am

Jonnyislost
| Joined May 2010 | Status: Trader | 288 Posts

Quoting nycc

Disliked

Hi Jon,
I think u drew the fib wrongly. This is how I draw for checking the BEOB u mentioned.

Ignored

Yes you're right

I rarely use fibs, So subjective, and can be easily curve fitted to show whatever you want them to show
The large bar + BRN + general location would have been enough for to take the trade
J

#71,442
Aug 12, 2010 7:54am Aug 12, 2010 7:54am

mbqb11
| Commercial User | Joined Aug 2006 | 12,004 Posts

Quoting mbqb11

Disliked

I am going to get a lot of questions about this.

Does this bar scream reversal? Not a strong one. Very small pinbar vs a strong move. Is the area great? You bet ya 85 mark right off the last previous low aka double bottom. But to me this screams watch out for first trouble areas. Not a pitbull pinbar, no reason to be a hero

Still 30 mins till close but if it closes as a pin

Ignored

updated chart

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#71,443
Aug 12, 2010 7:59am Aug 12, 2010 7:59am

KissFan
Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts

Quoting Jonnyislost

Disliked

Yes you're right
I rarely use fibs, So subjective, and can be easily curve fitted to show whatever you want them to show
The large bar + BRN + general location would have been enough for to take the trade
J

Ignored

Hello Jonnyislost and nycc. Fibs can be a valuable part of your trading toolbox if you know how to use them. Everyone should use them as simply a tool for measuring high probability. High probability is learned through practice and backtesting and in my opinion is combined with solid PA for the best results. Everything begins with PA is how I see it. I am partial to .382 extensions. I'll show you a couple of set ups that I use with success. They are used with the spirit of simplicity that is taught here on J16. BTW, I'm not trying to promote or defend the use of fibs. I'm just contributing to the discussion.

Three charts: The first illustrates how I use 1 bar (engulfing/pin/outsidebar) and fib for gaining profit. The next chart illustrates an opposing pinbar set up that I also have been using very successfully.

On this scenario, I will wait for two consecutive and opposing pins to print on any timeframe. When this happens, I will fib the range and apply the same strategy as I do with a single bar. I have only used opposing pins with no bars in between. Of course, your risk reward is directly proportional to your entry. Always wait for a break before even considering taking a position.

Best of trading to all.

K.I.S.S.http://cdn.forexfactory.com/images/s...yim/rockon.gif

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#71,444
Aug 12, 2010 8:00am Aug 12, 2010 8:00am

mbqb11
| Commercial User | Joined Aug 2006 | 12,004 Posts

Quoting Pipologist99

Disliked

Mike, so would an entry trigger be a break of yesterday's lows with stop loss above yesterday's high. If not, how would you play this?

Ignored

Hey Pip

I don't see any tradeable PA bars off your area. I would simply be watching this are for something better.

Best
Mike

#71,445
Aug 12, 2010 8:04am Aug 12, 2010 8:04am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting KissFan

Disliked

Hello Jonnyislost and nycc. Fibs can be a valuable part of your trading toolbox if you know how to use them. Everyone should use them as simply a tool for measuring high probability. High probability is learned through practice and backtesting and in my opinion is combined with solid PA for the best results. Everything begins with PA is how I see it. I am partial to .382 extensions. I'll show you a couple of set ups that I use with success. They are used with the spirit of simplicity that is taught here on J16. BTW, I'm not trying to promote or...

Ignored

Fibstrike master!!

I believe . . .

#71,446
Aug 12, 2010 8:04am Aug 12, 2010 8:04am

mbqb11
| Commercial User | Joined Aug 2006 | 12,004 Posts

Quoting jeurre

Disliked

did you guys see eurcad h1 beob ? great setup, unfortunately, i was away

jeurre

Ignored

Hey J

I caught this one off the 30 m this morning

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#71,447
Aug 12, 2010 8:05am Aug 12, 2010 8:05am

mbqb11
| Commercial User | Joined Aug 2006 | 12,004 Posts

Quoting xmzhang

Disliked

Greetings,
I've a question about a bearish 2 bar pattern which appears quite often, I've marked off this pattern in the attachment. This 2 bar combination isn't a DBHLC because the highs are not (nearly) equal, it isn't a BEOB either because the first bar isn't entirely engulfed by the second bar. But it sure has a strong bearish impact. Could the senior members please comment on this bar pattern.http://cdn.forexfactory.com/images/icons/icon3.gif

May the force be with you,

Ignored

you could turn that into a 2hr chart and it would then be a beob. Many people here combine bars melt them into 1 along with the rest of the chart to the new timeframe.

Best
Mike

#71,448
Aug 12, 2010 8:07am Aug 12, 2010 8:07am

mbqb11
| Commercial User | Joined Aug 2006 | 12,004 Posts

Quoting KissFan

Disliked

Hello Jonnyislost and nycc. Fibs can be a valuable part of your trading toolbox if you know how to use them. Everyone should use them as simply a tool for measuring high probability. High probability is learned through practice and backtesting and in my opinion is combined with solid PA for the best results. Everything begins with PA is how I see it. I am partial to .382 extensions. I'll show you a couple of set ups that I use with success. They are used with the spirit of simplicity that is taught here on J16. BTW, I'm not trying to promote or...

Ignored

was wondering when our main man kiss would stop in

#71,449
Aug 12, 2010 8:07am Aug 12, 2010 8:07am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting mbqb11

Disliked

Hey J

I caught this one off the 30 m this morning

Ignored

How do you get to watch all the charts from so many time frames and pairs Mike?

How many hours of computer time does your trading day made up off? Just so that you don't say 20 hours a day I may as well add I am looking for an answer regarding your pure market watch and trade times.

I believe . . .

#71,450
Aug 12, 2010 8:13am Aug 12, 2010 8:13am

mbqb11
| Commercial User | Joined Aug 2006 | 12,004 Posts

Quoting ghous

Disliked

How do you get to watch all the charts from so many time frames and pairs Mike?

How many hours of computer time does your trading day made up off? Just so that you don't say 20 hours a day I may as well add I am looking for an answer regarding your pure market watch and trade times.

g.

Ignored

actual time in front of the charts is not much G, depends on the day. Today I set an alarm for 5 mins prior to 5am. I slept from 1-5am. Then I did this trade, over pretty quick and got a couple more hours about of sleep. I will now watch the charts rest of the day. Again I don't sit scanning charts, they are up while I do other things

#71,451
Aug 12, 2010 8:15am Aug 12, 2010 8:15am

jeurre
| Joined Apr 2010 | Status: Trader | 290 Posts

Superb, Mike

now, we have another one, buob on the same pair, same tf, size a bit smaller though, i still take it as A category,so, entered on the close, see if could make some pips.

jeurre

Quoting mbqb11

Disliked

Hey J

I caught this one off the 30 m this morning

Ignored

#71,452
Aug 12, 2010 8:16am Aug 12, 2010 8:16am

Jonnyislost
| Joined May 2010 | Status: Trader | 288 Posts

Quoting KissFan

Disliked

Hello Jonnyislost and nycc. Fibs can be a valuable part of your trading toolbox if you know how to use them. Everyone should use them as simply a tool for measuring high probability. High probability is learned through practice and backtesting and in my opinion is combined with solid PA for the best results. Everything begins with PA is how I see it. I am partial to .382 extensions. I'll show you a couple of set ups that I use with success. They are used with the spirit of simplicity that is taught here on J16. BTW, I'm not trying to promote or...

Ignored

Thanks for the post kiss!
I do appreciate the value of fibs, just haven't quite got around to incorporating them into my trading style yet. Interesting to see how you use them
Gonna play around with them a bit and investigate

#71,453
Aug 12, 2010 8:25am Aug 12, 2010 8:25am

KissFan
Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts

Quoting mbqb11

Disliked

was wondering when our main man kiss would stop in

Ignored

On que Fudd! LOL!!! Someone said "fib" so I thought I'd show and tell.

K.I.S.S.

#71,454
Aug 12, 2010 8:49am Aug 12, 2010 8:49am

KissFan
Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts

Quoting Jonnyislost

Disliked

Thanks for the post kiss!
I do appreciate the value of fibs, just haven't quite got around to incorporating them into my trading style yet. Interesting to see how you use them
Gonna play around with them a bit and investigate

J

Ignored

I'll loan you the remainder of my duct tape roll that I used to fasten my skull to my screen as I was studying fibs. I'm done studying for a while LOL!! You are in for some sleepless nights brother. Be careful.

K.I.S.S.

#71,455
Aug 12, 2010 9:47am Aug 12, 2010 9:47am

ppfx
| Joined Jan 2010 | Status: Trader | 546 Posts

I saw an interesting situation on the USDCAD. The price is at RN 1.0500 which it seems to be also the 61.8% fibo retracement.
On the daily you can see that the price is caught in a triangle.
On the 4h chart you can see that on the left is a nice space.
And on the 1h chart you can see that, at the moment, price is in consolidation.
So since i missed to go short at 1.05, im now waiting that the price breaks the consolidation area.

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