I see. Thanks Mike -Love your new videos
james16 Chart Thread
- #82,701
- Dec 16, 2010 10:11am Dec 16, 2010 10:11am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
- #82,702
- Dec 16, 2010 10:12am Dec 16, 2010 10:12am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
off topic...
please help me. i am drowning in snow here in germany. at least 40 cm in the last 2 hours....
- #82,706
- Dec 16, 2010 10:19am Dec 16, 2010 10:19am
Hi Dave,
I have been looking for a reliable EA for months with BE and FTA and 2nd FTA take profits, etc...Which is simple and reliable to use...i have tested and used a few ....both were unreliable....still searching... I like yourself live on the east coast....
Thanks for your response. A quick questions - what is an "EA"? I too am becoming more picky; the number of trades I take is WAY down from where it was before I came to this thread. Whole days go by without a single trade!
--Dave
- #82,707
- Dec 16, 2010 10:21am Dec 16, 2010 10:21am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
- #82,708
- Dec 16, 2010 10:29am Dec 16, 2010 10:29am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #82,710
- Dec 16, 2010 10:35am Dec 16, 2010 10:35am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #82,712
- Dec 16, 2010 10:44am Dec 16, 2010 10:44am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hi guys,
Just taken a lost on E/G ..
Wanted to share my thoughts and would like to know what you think...
Took and entry on E/G based on the red quare candle, engulfing around 5 bars, broke the 150 ema + div + close above 0.85...
Had my TP around 0.8560.. moved my stop loss to 0.8460 based on the green candle which close strong below the 0.85 area engulfed 3 bars..used that beob as an exit to reduce my stop.
The thing that made me think, was the daily close of the candle, it closed below the 0.85 , 0.8497 i think... with the close unable...
I am close to taking a full loss on this one too. I actually really loved the location of this. But b/c of it being a continuation pattern I believe it is a bit more tricky. It certainly gave a very conservative trader time to reduce stops or get to b/e. My biggest worry was time of the year but I was willing to trust my analysis and let this one go. I personally would have held this one like I did, so I just take my loss(a bit lower is my stop but about to hit) and move on. This is where knowing your methods and style is very important. My daily also closed as a very weak pin and didn't scare me much. But your entire analysis does make sense
Mike
- #82,714
- Dec 16, 2010 11:12am Dec 16, 2010 11:12am
Hi guys,
Just taken a lost on E/G ..
Wanted to share my thoughts and would like to know what you think...
Took and entry on E/G based on the red quare candle, engulfing around 5 bars, broke the 150 ema + div + close above 0.85...
Had my TP around 0.8560.. moved my stop loss to 0.8460 based on the green candle which close strong below the 0.85 area engulfed 3 bars..used that beob as an exit to reduce my stop.
The thing that made me think, was the daily close of the candle, it closed below the 0.85 , 0.8497 i think... with the close unable...
Could anyone please explain how to define a swing low and a swing high?
I didn't enter at all but its interesting to see how this has unfolded thus far.
2 things were highly recommended here given that we weren't exactly headed into a vacuum. The first being a strong close, which we did have and a hard break, which we didn't get.
Notice what the next bar did. Without breaking the high of the pin bar it pulled back all the way to the 365 MA/1.32 PPZ. Like I said in an earlier post, a good part of anticipating a hard break is a strong close. We got that close but price failed...
- #82,715
- Dec 16, 2010 11:16am Dec 16, 2010 11:16am
I think i havent got it. I thought that the BUOB is on swing low
Could anyone please explain how to define a swing low and a swing high?
Thanks ghous for your great explenation
Ure rite... BUOB/BEOB should only be taken at swing hi or low... in this case it was a continuation BEOB
Trade Smart
- #82,716
- Dec 16, 2010 11:17am Dec 16, 2010 11:17am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Hi guys,
Just taken a lost on E/G ..
Wanted to share my thoughts and would like to know what you think...
Took and entry on E/G based on the red quare candle, engulfing around 5 bars, broke the 150 ema + div + close above 0.85...
Had my TP around 0.8560.. moved my stop loss to 0.8460 based on the green candle which close strong below the 0.85 area engulfed 3 bars..used that beob as an exit to reduce my stop.
The thing that made me think, was the daily close of the candle, it closed below the 0.85 , 0.8497 i think... with the close unable...
So what's the next bar likely to do? Should it use 8500 as support as it has that added advantage of opening above the level? Surely.
So now we know why the BUOB was able to break hard. However we fail to see a sustained move. Now here's why trend continuation setups are more riskier than ones at pull backs and trend reversal locations. You often end up heading into areas that are hardly occupied with immediate bar highs and lows to the left which can create the illusion of 'space'. What you then need is to zoom out a bit and make sure you know all the long term levels that may come into play. For example, on the very setup draw 0.8525 horizontal line. No RN but it does line up as an S/R flip, well that's more or less where the BUOB reversed at (closer to 8550 actually, a minor RN)
Additionally you need to understand that in trading trend continuation signals you're sort of riding at the nose of the plane. You're going to be the first one to have your intestines push at your ribs in case the plane dips. You're sort of riding the 'tip' of the prevailing momentum/order flow. The trade is going to feel the heat first thing as momentum slows down (a major hindrance may not always be the reason. Price sometimes just needs a breather and it'll use the most minor of flips to achieve it)
****------****
That said here's how my thought process would be had I been in this trade.
Following a hard break I would know for sure that if momentum was to be on my side 8500 had to hold. My stop would probably be just below the level. Because I was going for a trend continuation signal I would ensure I had all possible major and minor reaction areas marked out (because I have no close by bars to the left to visually spot and anticipate the reaction) such as the non round number 8525 PPZ and the 8550 area. To me a full TP at 8560 was probably a little too ambitious. At worst though this would be a small loss trade for me if I had stuck to the stop level resting just under 8500.
Again this is just how I would have managed the trade and obviously I am not binning your method. I can understand that the bar looked good and you probably wanted to give it the well deserved chance to work out, but just that I would have based the decision more on the stated S/R logic than anything else given that price actually trickled down 8500 and broke the 8H PB.
g.
I believe . . .
- #82,717
- Dec 16, 2010 11:19am Dec 16, 2010 11:19am
Hey Bill,
Thanks for your response. A quick questions - what is an "EA"?
--Dave