lol now that looks like one heck of an inverted R:R .. but we wont start that again !
But you are also correct. If I ever miss one of these, I will have lost couple of trades' profit.
But WE WONT START THAT AGAIN..
james16 Chart Thread
- #74,161
- Sep 7, 2010 9:39am Sep 7, 2010 9:39am
But you are also correct. If I ever miss one of these, I will have lost couple of trades' profit.
But WE WONT START THAT AGAIN..
- #74,163
- Edited 11:07am Sep 7, 2010 9:43am | Edited 11:07am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
i have a question on the traffic and ppz. we have some tight traffic and then a big bar that engulfs/hides this entire traffic from now on. can we ignore that traffic behind the bar and consider only this bar for future FTA, PPZ calculations ? is that traffic still valid ?
That's because markets do have memory. Sometimes short term other wise long term and they still do remember ppz areas despite blowing through them on an occasion or too.
Heck all our trading is based on this market memory.
g.
I believe . . .
- #74,164
- Sep 7, 2010 9:46am Sep 7, 2010 9:46am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Wow! Some guys here at FF are finding it hard to deal with the post traumatic stress after the Jacko episode it seems
I believe . . .
- #74,165
- Sep 7, 2010 10:13am Sep 7, 2010 10:13am
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
K.I.S.S.
- #74,166
- Sep 7, 2010 10:26am Sep 7, 2010 10:26am
- Joined Oct 2008 | Status: Just be the witness. | 1,089 Posts
i have a question on the traffic and ppz. we have some tight traffic and then a big bar that engulfs/hides this entire traffic from now on. can we ignore that traffic behind the bar and consider only this bar for future FTA, PPZ calculations ? is that traffic still valid ?
Imagine taking that sell move yourself with that bar. Who are you selling to ? To the banks, they take up all the USD.
Normally ( not always ) what follows during the next few days is a return back to the range/PPZ where it all started to break out from. This is not a guarantee, but for me it was very helpful to see the price action over several days and how public or very large bars are often treated like a gap in stocks, i.e. the gap gets closed or less extreme.
But the traffic before and after is equally important, the large bars often just provide a bridge from one PPZ to another one.
I would recommend to look at the last 20-30 large bars in a chart and see if they closed again or not. That was very good for me.
Hope that helps, Ghous can say the same thing in 4 words......
Be like water.
- #74,167
- Sep 7, 2010 10:35am Sep 7, 2010 10:35am
- Joined Oct 2008 | Status: Just be the witness. | 1,089 Posts
[quote=ppfx;4004888]a little something i spotted on the EU 1h... where is K.I.S.S. now?
That is a very good example how one can easily be trapped in lower timeframes. Note that K.I.S.S. pointed to a weekly PPZ which was rejected.
I at least don`t know how many times I got burned taking these fib levels intraday as a holy grail.
But the higher timeframes are much more important and override smaller ones. And even then other factors like swing low, swing high, traffic etc. have to be considered.
And fundamentally : do we have a risk on or risk off day ? At the moment I wouldn`t buy EU or AU.
( charts not from home, will normally post MT4 charts )
That is a very good example how one can easily be trapped in lower timeframes. Note that K.I.S.S. pointed to a weekly PPZ which was rejected.
I at least don`t know how many times I got burned taking these fib levels intraday as a holy grail.
But the higher timeframes are much more important and override smaller ones. And even then other factors like swing low, swing high, traffic etc. have to be considered.
And fundamentally : do we have a risk on or risk off day ? At the moment I wouldn`t buy EU or AU.
( charts not from home, will normally post MT4 charts )
Be like water.
- #74,173
- Sep 7, 2010 1:50pm Sep 7, 2010 1:50pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
My trade from monday has come to an end with +35 pips. Hit the FTA exactly as I anticipated.
Again this one was with a good rejection and a strong downtrend.
Attachment
I believe . . .
- #74,175
- Sep 7, 2010 2:19pm Sep 7, 2010 2:19pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
My trade from monday has come to an end with +35 pips. Hit the FTA exactly as I anticipated.
Again this one was with a good rejection and a strong downtrend.
Attachment
Best
Mike
- #74,177
- Sep 7, 2010 2:35pm Sep 7, 2010 2:35pm
- | Joined Sep 2009 | Status: Trader | 1,227 Posts
There you go, price action indicator, all bars.
A hint: choose to view attachments, and then 'hide images'. Most of what will appear are indicators.
- #74,179
- Sep 7, 2010 4:45pm Sep 7, 2010 4:45pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Nice BEOB PB type PA on weekly.
Monthly PPZ is a bit close.
Yeah, some traffic around it seems.
Looks like it gave a good intial momentum drop to at least cover your risk by moving to break even, allbeit in a thin Holiday market.
This is all we are looking to do with PA in a consolidation or sideways markets . . . move to break even or cover your risk. Or, of course, take a 30-40 pip profit.
I do like those Outside (Pinnish looking) Bars.
Indicators show the past. Price Action "Indicates" the future.
- #74,180
- Sep 7, 2010 5:02pm Sep 7, 2010 5:02pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.