Thoughts on this PB for later?
If it reverses hard, be ready.
Just my thoughts.
-- Danny
james16 Chart Thread
- #79,024
- Edited 6:37pm Nov 1, 2010 6:24pm | Edited 6:37pm
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #79,027
- Nov 1, 2010 6:38pm Nov 1, 2010 6:38pm
You don't enter any PA on 2 pips after the close so, I really can't grasp what you mean. The buffer is 10-15 pips after the high or low of the PA setup bar.
The close or open and not a factor in the entry, only the high or low.
If the buffer is 10-15 pips after the high/low of the setup bar, don't you miss out on quite allot of pips, let's say we worked off 1HR chart?
Oh and it was my mistake to mention open/close. What I really meant was the highs and lows but since pinbars close at the high/low they usually are at the close.. If you know what I mean? I go by Nison's ideas about pinbars (=close at the high/low) that why I wrote like that.
- #79,028
- Nov 1, 2010 6:42pm Nov 1, 2010 6:42pm
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
I'm sorry if the question was stupid.. Haven't read the whole thread yet I'm still trying to find the goldies
If the buffer is 10-15 pips after the high/low of the setup bar, don't you miss out on quite allot of pips, let's say we worked off 1HR chart?
Oh and it was my mistake to mention open/close. What I really meant was the highs and lows but since pinbars close at the high/low they usually are at the close.. If you know what I mean? I go by Nison's ideas about pinbars (=close at the high/low) that why I wrote like that.
No, it wasn't stupid at all, I thought it was a good question about cutting losses on failed bars.
No questions are stupid.
More aggressive traders may enter on the retrace but generally it is after the low or high with a buffer.
It may cause you to miss a few pips but in the long run, it will keep you out of fake outs.
Don't forget on the daily a good pa setup can run hundreds of pips.
The FTA is the thing.....If you can get to the FTA then you can decide if you are going to take some of the profit off the table and or move to BE with your SL.
- #79,029
- Nov 1, 2010 6:49pm Nov 1, 2010 6:49pm
No, it wasn't stupid at all, I thought it was a good question about cutting losses on failed bars.
No questions are stupid.
More aggressive traders may enter on the retrace but generally it is after the low or high with a buffer.
It may cause you to miss a few pips but in the long run, it will keep you out of fake outs.
Don't forget on the daily a good pa setup can run hundreds of pips.
The FTA is the thing.....If you can get to the FTA then you can decide if you are going to take some of the profit off the table and or move to BE...
What is FTA? Gotta find that out..
I was thinking one thing pinbar maybe we can have a little discussion here.
Wouldn't it be a smart thing to enter a trade WITH THE TREND with a smaller amount of pips 'in buffer' but 10-15 when it is against the trend? In that case we won't get screwed in the retracements aswell instead of waiting 10-15 in a downtrend as we have a pinbar showing downtrend.
Maybe worth thinking about.. Gotta do some research on that
- #79,030
- Nov 1, 2010 7:00pm Nov 1, 2010 7:00pm
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
FAKEOUTS is the word!!! Thanks
What is FTA? Gotta find that out..
I was thinking one thing pinbar maybe we can have a little discussion here.
Wouldn't it be a smart thing to enter a trade WITH THE TREND with a smaller amount of pips 'in buffer' but 10-15 when it is against the trend? In that case we won't get screwed in the retracements aswell instead of waiting 10-15 in a downtrend as we have a pinbar showing downtrend.
Maybe worth thinking about.. Gotta do some research on that
If you click on the J16 terminology in my signature , it will take you to a list of all the terminology. FTA is the First Trouble Area.
Even a trade with the trend can retrace on you, the way you play it safe is money management and not risking 10% of your account on a single trade.
- #79,032
- Nov 1, 2010 7:05pm Nov 1, 2010 7:05pm
If you click on the J16 terminology in my signature , it will take you to a list of all the terminology. FTA is the First Trouble Area.
Even a trade with the trend can retrace on you, the way you play it safe is money management and not risking 10% of your account on a single trade.
Yes ofcourse a trade with the trend can retrace with me but since we're dealing with probabilities, a trade WITH the trend should indicate more chance of working out.
Yes ofcourse, I only risk 5%
- #79,034
- Nov 1, 2010 7:09pm Nov 1, 2010 7:09pm
I was wondering what became of that setup, Danny. .no surprises here.
Has anyone seen Mist Gun? There is your example of a PB at a true swing high before the fact . .thanks blue.
Thanks for sharing that chart. It seems that the swing high in the chart that I posted was not big enough compared to the one you posted. Next time I will look for a bigger one just like on your chart.
Regards,
MG
o que será, será
- #79,035
- Nov 1, 2010 7:10pm Nov 1, 2010 7:10pm
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
Yep I know that, I keep that post as a reference but it doesn't have FTA so maybe you should edit the post and add that?
Yes ofcourse a trade with the trend can retrace with me but since we're dealing with probabilities, a trade WITH the trend should indicate more chance of working out.
Yes ofcourse, I only risk 5%
I think you are joking about the 5%. I hope so.
Updated the link.
- #79,039
- Nov 1, 2010 8:07pm Nov 1, 2010 8:07pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
I have a question for Mike or anyone else that knows about the proxy eye.
Are there any rules for the proxy eye?
For example, up to 5 bars back on the Daily tf, maybe more on H4 etc?
There is no rule. Proxy can be weeks back, it's up to the end user
Best
Mike
