Thx lallous, I appreciate your comments.
Os.
By the way i like your posts too... plain..simple...
Good one
V
james16 Chart Thread
- #84,502
- Jan 4, 2011 4:37pm Jan 4, 2011 4:37pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Those areas have not been 'dealt with' already Adi.
The close on PA bars is very important. For me it can be the trade maker/breaker. If I simplify the 'areas' down to the 9500 RN, notice how the pin bar low touches the RN and closes above it. The close is above is not a great sign of bearish strength. Had it closed below the 9500 the BUOB would not have been too much of a worry at all, because then you have the added protection from the 9500 quite possibly acting as resistance.
The BUOB in comparison is a much better trade. Do you see...
Great example of PA with a strong close (the BUOB) and a weak close (the bearish PB) as they relate to a key level like a BRN. The bearish PB is not at a swing High and the BUOB is at a swing Low sure helped the situation, size too, etc. . .
But understanding this important point of how PA closes as they relate to our key locational levels, like BRNs, can make all the difference in the world.
The close is important.
Indicators show the past. Price Action "Indicates" the future.
This example should be archived to illustrate close importance. Great post!!!
Great post ghous . .
Great example of PA with a strong close (the BUOB) and a weak close (the bearish PB) as they relate to a key level like a BRN. The bearish PB is not at a swing High and the BUOB is at a swing Low sure helped the situation, size too, etc. . .
But understanding this important point of how PA closes as they relate to our key locational levels, like BRNs, can make all the difference in the world.
The close is important.
- #84,508
- Jan 4, 2011 6:26pm Jan 4, 2011 6:26pm
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
Since we've recently had some videos posted, here's something for the newbies in the triumph of the New Year spirit
(pardon the quality, putting it up on youtube erodes the quality quite a bit)
http://www.youtube.com/watch?v=mNjVZoTeYhk
g.
WooooooW....What a simply GREAT video Ghous, it has everything, it says it all. Wonderful.. And so clear and to the point.
- #84,509
- Edited 7:01pm Jan 4, 2011 6:28pm | Edited 7:01pm
hi Joelcf, whats your thoughts (and anyone who wants to comment) on the gb/chf dbl IB on D1 ?? would love to hear your thoughts. i missed it or i would have been tempted.
It is almost sacrilege here, but (aside from the one exception below) I only take IBs with the trend (or with my directional bias, which *should* be the same). In that way, I kinda view it the same way as a breakout - it's a low risk way to load some more money into a position I want to hold.
Countertrend, the only time I take an IB is where we have a big bar and then a small reversal bar next to it with a strong close - essentially, a retracement play. But even then, it's only for a scalp - usually want to get my stop to b/e before price hits the midpoint of the first bar. I'm on my phone, so this is a fingerpainted diagram (and the blue bar should be smaller, but my fingers are too fat), but...
In a trading range? Not for me. As fxp said, they can be a good volatility breakout play (the old 'coiled spring' analogy), but I've found way too often that you are just buying into the middle of a trading range, and price will just hit the top of the outside bar and then come back down. If you got your stop to b/e as soon as price broke in your favour, maybe it works well and you might get the occasional runner - but, for me anyways, there are far better spots to make money.
When it comes to IBs, Jarroo is the man. He is a veteran of the Peter Crowns days, whereas I was just a lurker messing with some silly things way back then
(pardon the quality, putting it up on youtube erodes the quality quite a bit)
http://www.youtube.com/watch?v=mNjVZoTeYhk
When you have to shoot, shoot. Dont talk.
- #84,510
- Jan 4, 2011 6:44pm Jan 4, 2011 6:44pm
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
Nicely done Steve.
Now can you imagine only taking setups like that BUOB at the 80.00 with all of its confluences . .BRN, PPZ, EMAs, 50% ret., trendline, Size . .only trading setups like that. . . . Well that's what the picky traders do.
I also liked how you pointed out PPZ levels in the video . .
Thanks Jarroo, it was a nice setup as you say.
Now, I have to find them in real time, the hard part.
You have a good rest at the New Year my friend.
- #84,511
- Jan 4, 2011 7:20pm Jan 4, 2011 7:20pm
Since we've recently had some videos posted, here's something for the newbies in the triumph of the New Year spirit
(pardon the quality, putting it up on youtube erodes the quality quite a bit)
http://www.youtube.com/watch?v=mNjVZoTeYhk
g.
Os.
Trade Smart
- #84,512
- Jan 4, 2011 8:02pm Jan 4, 2011 8:02pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Time of year aside, I would have jumped on a break to the downside for sure. As is, it's a pass, but only because it doesnt really fit with my approach.
It is almost sacrilege here, but (aside from the one exception below) I only take IBs with the trend (or with my directional bias, which *should* be the same). In that way, I kinda view it the same way as a breakout - it's a low risk way to load some more money into a position I want to hold.
Countertrend, the only time I take an IB is where we have a big bar and then a small reversal bar next...
Take the Eur/Aud over the . .let's say . last year and a half. There's a few in there . .if you look close . .:nerd:.
But much like any PA trigger. . as Mike would say . .nothing beats a good story behind the PA. If a great story is behind a small risk IB . .I'll take it.
Indicators show the past. Price Action "Indicates" the future.
- #84,513
- Jan 4, 2011 8:15pm Jan 4, 2011 8:15pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #84,514
- Jan 4, 2011 8:35pm Jan 4, 2011 8:35pm
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
Just a scenario I thought I'd share. Last week at this time I thought 1.30 was just a wink away. However I feel pretty strongly (weekly bar)that we will see at least 1.3497 (then higher) before we flirt again with 1.30. Any more upside is a gift for euro bears like myself.
K.I.S.S.
K.I.S.S.
P.S. Yup I am aware of that monster BEOB above. LOL!!
- #84,515
- Jan 4, 2011 8:41pm Jan 4, 2011 8:41pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
looks nice.
hopefully weekly & up favors the upmove further.
let's see how this week &/or next week ends up.
makes sense to me.
i see possibility it will weekly-close at/above it this Friday, if not next week.
if bullishly so, 1.60 - 1.63 doesnt seem far-fetched in 2week's time.
a close above 1.5650, then 1.58/1.59 would confirm this possible path.
let's see.
Indicators show the past. Price Action "Indicates" the future.
- #84,516
- Jan 4, 2011 9:16pm Jan 4, 2011 9:16pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #84,517
- Jan 4, 2011 9:17pm Jan 4, 2011 9:17pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Hi Ghous,
Was this an IPB on AUDCAD?
I have re-read the link that you had shared... but still find it a little difficult to understand / identify IPBs.
0908
Attachment
Notice the IPB is exactly against the 1.02 BRN.
Super IPB!!
g.
I believe . . .
- #84,518
- Jan 4, 2011 9:24pm Jan 4, 2011 9:24pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
A+
Notice the IPB is exactly against the 1.02 BRN.
Super IPB!!
g.
Not near . . at . . the 1.02.
Better than a touch trade.
Indicators show the past. Price Action "Indicates" the future.
- #84,520
- Jan 4, 2011 9:29pm Jan 4, 2011 9:29pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.