DislikedI like to see Price get to the 1.38 . .good Weekly PPZ level there.
Big bearish PA .Ignored
Attached Image (click to enlarge)
james16 Chart Thread
- #87,283
- Jan 28, 2011 8:11pm Jan 28, 2011 8:11pm
My gun is loaded.... but i would still like to see one more push to the upside somewhere at the blue rectangle before any substantial selloff. Lower TL looks interesting.
Did you catch it?
I failed to find an obvious PA entry (despite all the confluence) on this one and stayed out. Shame, it looked like quite a healthy drop.
Just my HO.
The PB came off a nice area but, it looks rather small compared to even the previous bullish bar. Also, I would have liked to see the close lower down the bar and below the 150 EMA.
Hey Pinbar I also found a pinbar candle on NZDUSD daily what do you think about that PB?
http://img827.imageshack.us/img827/8...y29jan2011.gif
Thanks again
- #87,288
- Jan 28, 2011 11:44pm Jan 28, 2011 11:44pm
1 months ago i moved to sweden and in the meantime EUR/SEK... untill the end of february just to see if he can get better rate .....So it would be nice to see 5% growth.
Still 10 days to close...
So, Greenhaze, are you Polish, Swedish or neither?
Tomek
- #87,289
- Jan 29, 2011 1:14am Jan 29, 2011 1:14am
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
meine augen sind die sterne
- #87,290
- Jan 29, 2011 1:21am Jan 29, 2011 1:21am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
Thank you Pinbar... for your opinion....
Hey Pinbar I also found a pinbar candle on NZDUSD daily what do you think about that PB?
http://img827.imageshack.us/img827/8...y29jan2011.gif
Thanks again
Again just my HO.
I don't like the consolidation red boxes on the daily TF.
- #87,291
- Jan 29, 2011 1:42am Jan 29, 2011 1:42am
- | Membership Revoked | Joined Feb 2008 | 9,794 Posts
- #87,293
- Jan 29, 2011 1:48am Jan 29, 2011 1:48am
Interesting location for Dow I think but the size is questionable...
Thanks for the chart. I don't really follow it (Dow's index I suppose?), but visually, the size just doesn't seem right as you said...
The location seems good, but with a size like this and the HUGE uptrend, it's like standing in front of a "bullet train" to stop it.....you get my point buddy.
p.s. And I understand the feeling, while we have been waiting and waiting patiently for PA at such areas, but only to get such kind of sub-par bars, it's just frustrating...but hey, at least we're smart enough from our PA learning not to take that bar.
Regards,
Kristopher
Dreams are hard to follow, but don't let anyone, tear them away...
- #87,294
- Jan 29, 2011 2:15am Jan 29, 2011 2:15am
Again just my HO.
I don't like the consolidation red boxes on the daily TF.
) If I may join the discussion....
I was just about to post this setup asking for opinions, what I like about this setup:
- price seems to be in consolidation between 0.7800 and 0.7570
- the PB is kind of making a triple top around 0.7800 resistance, with slight bearish divergence (also the BeOB at the previous mini swing high also failed to break above 0.7800)
- it's barely off the 61.8 fib
My worries:
- again, this is a friday PB, which maybe profit-taking and maybe not so a reliable setup
- the high of the PB still failed to really touch/test the 0.7800 BRN
- the size and formation of PB is far from an ideal one, just a so-so one at best
- the PB is heading back to 0.700 BRN, so recalling James's "this is critical", if I were to enter this trade, I would put my entry below 0.7700, like 0.7685
- the FTA will be as Pinbar san said, the top of the lower box area, around 0.7650 (so just 35 pips from 0.7685 entry)
Final target could be 0.7570.
Afterall, it is far from a good setup, it may has a chance, but would be interesting to watch nonetheless.
Regards,
Kristopher
Dreams are hard to follow, but don't let anyone, tear them away...
- #87,295
- Edited 3:13am Jan 29, 2011 3:03am | Edited 3:13am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
Hi Pinbar & Confluence (Wow...I am starting to like you guys more and more with your names, joking, no offence
If I may join the discussion....
I was just about to post this setup asking for opinions, what I like about this setup:
- price seems to be in consolidation between 0.7800 and 0.7570
- the PB is kind of making a triple top around 0.7800 resistance, with slight bearish divergence (also the BeOB at the previous mini swing high also failed to break above 0.7800)
- it's barely off the 61.8 fib
My worries:
- again, this is a friday...
Hi, Yes, some interesting names in the thread.
Got to start living up to my name, that is the problem in choosing such an illustrious one!
I was asked the same question earlier and decided a quick video may explain why, I am not so keen on this PB. Remember, I am a also newbie and this is only MHO.
Still, I remember when I would also have jumped on a PB like this one.
Hope this helps clarify why, I am not so keen on it.
Inserted Video
EDIT: Also, take a look at that Daily PPZ on the weekly.
- #87,296
- Jan 29, 2011 3:18am Jan 29, 2011 3:18am
Hi, Yes, some interesting names in the thread.
Got to start living up to my name, that is the problem in choosing such an illustrious one!
I was asked the same question earlier and decided a quick video may explain why, I am not so keen on this PB. Remember, I am a also newbie and this is only MHO.
Still, I remember when I would also have jumped on a PB like this one.
Hope this helps clarify why, I am not so keen on it.
http://www.youtube.com/watch?v=X4P2tWwadbc
Thank you very much for your reply and the effort in explaining with video.
It's so clear and I perfectly agree with you about the big PPZ @ 0.7650 as FTA...it would be quite a tight management if one were to take it.
And I also agree with u the previous BeOB setup was a better one, in addition to the reasons you have explained, what I liked most about it was its "strength" to have engulfed so many prior bars.
p.s. Hey Pinbar san, you're far better than a newbie like me, and I must say you have gone very far and well away from where u started. I hope I could be a fast learner like you too one day!
Regards,
Kristopher
Regards,
Kristopher
Dreams are hard to follow, but don't let anyone, tear them away...
- #87,298
- Jan 29, 2011 3:40am Jan 29, 2011 3:40am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
EURAUD:
A Thick BEOB...
150 EMA,
61.8 fib on Daily n Weekly Chart..
GBPJPY:
A Nice BEOB on Weekly Chart
EURJPY:A nice "stand out" Pinbar on Weekly Chart getting rejected at 114,follows a Trend Line
Ghous,u liking this?
EUR/AUD:
I like this one. For one, notice that we are not close to a swing low (a striking difference from the other 2) In fact we're off the 61.8 fib (not shown) like you mentioned. I like the size of the BEOB and most importantly the close.
Notice how the BEOB closed below the 1.37 with authority. Closes are important because they can be a final word, a final hint of the intentions of price. A strong close below the level indicates that price is really looking for a drop here. This is another major difference between the BEOB on Eur/Aud and the other two you mentioned.
Finally notice the clarity of the FTA (an obvious bar high marking the last swing high). The area between your entry and the First Trouble Area (FTA) is what we refer to as 'space' the fewer flips you have in this area the better. Here we have literally none. Another big advantage over the other 2 setups.
EUR/JPY:
Compared with the Eur/Aud, we are near a swing low which is not good. We like our bearish PA at nice and decent pull backs to down trends and absolute swing highs. This one's rather near to the last swing low, of which we bounced pretty seriously BTW. Compare the size of the BUOB at the swing low with your pin bar and you'll know why your pin bar isn't 'strong'.
Furthermore we are basically caught up in a consolidation box. Its this frequent market phenomenon where price tends to go sideways and chops around in a rough rectangle until it eventually finds its way out of the box and starts to once again trend. Do you see the box on my chart, and what price is up to all the time its been in it? What this means for us traders is that price action 'within' the box has a greater chance of suffering frequent pullbacks and bounces off the marked price flips which doesn't make the setup untradable but definitely very tricky and demanding, best left for the experienced trader with a matching appetite for the risk involved.
GBP/JPY:
Another pair that is rather sideways than trending. Notice that we are near a swing low here too.
The most striking thing and which heavily contrasts the setup on EUR/AUD is the close of the BEOB. Yes its a BEOB by definition but notice how it failed to close below the 130 BRN PPZ. For some people the close matters less because they will have their orders below the RN anyways as the low does penetrate the PPZ they feel that price will have to break the 130 level in order to validate the trade.
What I've witnessed a lot though, is that a weak close doesn't always mean that a poor setup won't break and hence keep you out of the setup. A lot of times you'll see price breaking on a PA setup with a weak close only to reverse soon after.
The reason for this is simple. Our PPZ levels are not solid lines (single price levels) they are for the most part 'zones' or a 'range of price levels.' This is so because it is not always possible for the orders to get into the market as timely and as accurately as a single price level each and every time. Hence they get stacked at different prices quite close to each other and that for us create S/R zones, which we for simplicity denote with a single line.
Even when a single line is as obvious as a BRN, chances are, price can very well temporarily wander off beyond the PPZ before the reverse orders set in. At best you want to enter when the level is 'comfortably' broken by quite a few pips but I for one tend to pass on setups with weak closes literally every time.
I've attached a chart to display the dynamics I am talking about,
hope this helps Avanish.
g.
I believe . . .
- #87,299
- Jan 29, 2011 3:44am Jan 29, 2011 3:44am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
Sheesh! My Swedish friends will be very happy on their vacation in Paris! I'm keeping my eye on this one.
So, Greenhaze, are you Polish, Swedish or neither?
Tomek
I'm Polish and i'm working in Sweden. SEK is crazy strong at the moment but when risk aversion kicks in its getting sold off quite strong aswell. As for EU i managed to short on retest of 2 day low on h1 tf but it was more kind of scalp.
Pozdrawiam
- #87,300
- Jan 29, 2011 4:07am Jan 29, 2011 4:07am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
Hi Pinbar & Confluence (Wow...I am starting to like you guys more and more with your names, joking, no offence
If I may join the discussion....
I was just about to post this setup asking for opinions, what I like about this setup:
- price seems to be in consolidation between 0.7800 and 0.7570
- the PB is kind of making a triple top around 0.7800 resistance, with slight bearish divergence (also the BeOB at the previous mini swing high also failed to break above 0.7800)
- it's barely off the 61.8 fib
My worries:
- again, this is...
