DislikedNot much happening on eur/jpy
Trying a short on eur/gbp see what happens.Ignored
If Daily was forming a FB, which it could be in the next day or two, I might consider a short on H4 FB.
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DislikedNot much happening on eur/jpy
Trying a short on eur/gbp see what happens.Ignored
DislikedNot much happening on eur/jpy
Trying a short on eur/gbp see what happens.Ignored
DislikedHi all,
I was able to run a report in my demo platform and calculate pips manually in excel.
Week2 Hindsight:
Hindsight: EUR/JPY Long
Anticipation: Price will go up from the current 108.50 to the monthly 50% fib of 109.80 area before it retraces down to the 107.70 area. If 110 is broken, it will be a validation of my long hindsight. If it drops below 107 and never retraces, then I will consider my hindsight to be incorrect. Watch out for range bound week on the daily/4H for this week as a possibility and avoid...Ignored
DislikedWhy would you do that? Both weekly and daily are showing long. I see the FB on H4 but you are going counter trend.
If Daily was forming a FB which it could be in the next day or two I might consider short as monthly trend is down.Ignored
DislikedTradeStar,
Not much of a trend there though (in the screenshot). Also hope you know that it's bank holiday in US (Labour Day).Ignored
Disliked......On my platform, the last 4 daily candles have closed as FBs suggesting that the daily uptrend is losing steam.Ignored
DislikedThose are not FB's by my definition. You need confirmation from the next candle. Just because it closes above the 5ema does not make it a FB IMHO.Ignored
DislikedScott,
Graeme has stated that he doesn't use a hard stop loss most of the time. He is relying on his superb entry skills to take advantage of momentum that will allow him to move SL to BE after a quick move of 15-20 pips. If the momentum doesn't hold, he will close the trade after one or two M5 candles and take a small loss. For those of us who are not so comfortable trading w/o SL, it may make sense to set a 20 pip SL right from the start or above/below the most recent swing high/low, but still watch price action and close the trade early if...Ignored
DislikedJust because a candle closes above the 5ema does not make it a FB IMHO. You need confirmation from the next candle so those are not FB's by my definition.Ignored
DislikedI respectfully disagree on the definition of an FB. If it's outside the 5 & 10, it's an FB in my book. Totally agree on the confirmation part though, since we know that most FBs fail. Confirmation is subject to personal preference, though. For you it may be a break of the FB's low or high on the same TF, but for others it may be weakness showing up on a lower TF, which is how I have been trading them. It all depends on how aggressive or conservative one chooses to be.
KevinIgnored
DislikedFB is similar to a pin bar. And like a pin bar you do not know it's a pin bar till you know what the candle is after it. That is my definition. Graeme explains FB's starting on post #832. You are correct that he says it is an FB after it closes and is above the 5ema. I added the requirement of the next candle to not go above this possible FB. The idea, like a pin bar, is that you have reached a crest of a wave and sellers (or buyers) have run out of steam and are being overrun by the other side. You cannot know that until you see the other side...Ignored
DislikedNot to beat a dead horse (Ooops! Too late!), but I think both approaches can be equally valid. It just depends on your comfort level. As you stated, you prefer to wait for the next candle to get confirmation that the FB (or pin bar) is really signalling a reversal. And I would agree that doing so is a sound strategy. There is absolutely nothing wrong with that in my book. What I will often do, as I stated before, is if I see an FB on a daily or H4 chart, I zoom in to M5 and look for weakness signalling a potential reversal. With the normal up and...Ignored
DislikedIm with you here Kevin,
A FB is a FB, what happens after it has formed either makes it a good one or a failed one, but when they form on a monthly, you would surely look for a good cut price area to get in on a smaller time frame, same on the weekly,daily,4hr, its all relative, if the FB is a good one then waiting till the next candle has formed will get you in for sure and make you feel better about it, but might be late too, could have taken the low risk option straight after it formed and got in several times.
as graeme say's FB's are hindsight,...Ignored
DislikedBy your definition the current E/G daily candle is a FB. Even if your brokers Daily candle has not closed yet I'm guessing it will remain an FB. So are you taking shorts on E/G now or shortly and on what timeframe?
My new daily just started 1 hour ago and it's currently at approx the 50% fib line of the previous candle which by your definition is a FB.Ignored
DislikedBy your definition the current E/G daily candle is a FB. Even if your brokers Daily candle has not closed yet I'm guessing it will remain an FB. So are you taking shorts on E/G now or shortly and on what timeframe?
My new daily just started 1 hour ago and it's currently at approx the 50% fib line of the previous candle which by your definition is a FB.Ignored
Dislikedpersonally my analysis was done on gbp/usd, so i have not invested anytime into eur/gbp.
i hope i haven't offended you pip daddy, was not my intention, my definition as you call it is only that of how graeme brought forward the idea of FB's. I was just agreeing that the FB is an FB by his definition and therefore Marion's definition, if it doesn't touch the ems's, and it is or should be used as a hindsight, for me that is a good reason to start looking for razor sharp entries to participate in the market, if it agree's with my analysis, as i am...Ignored
DislikedBy your definition the current E/G daily candle is a FB. Even if your brokers Daily candle has not closed yet I'm guessing it will remain an FB. So are you taking shorts on E/G now or shortly and on what timeframe?
My new daily just started 1 hour ago and it's currently at approx the 50% fib line of the previous candle which by your definition is a FB.Ignored
DislikedI am sorry if this has been asked before.
Which brokers are you guys using that allow you to have separate entries and not lump all positions of the same currency together?Ignored