Weekly, Daily and H4 on EurJpy.
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james16 Chart Thread
- #89,762
- Edited 2:03am Feb 22, 2011 1:45am | Edited 2:03am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
So I guess with weekly BEOB's:
1. Trigger and initial stop is based on Daily PA.
2. Daily PA signals should occur at the initial retracement after Weekly PA (preferably back to the 50-61.8 retrace of the weekly PA).
3. First target is based on weekly ppz.
... hope I got this example correct ...
You can play this striaght off the Weekly BEOB and never even look at the Daily . . .striaght up PA setup.
I was looking at the PPZ levels on the Daily as a PBT&CB type trade with the weekly BEOB in mind.
The retracement level are mainly based on S/R levels within the Weekly setup. If they line up with fibs . . great.
Tartget(s) are based on the Weekly BEOB and its previous High and Lows
Indicators show the past. Price Action "Indicates" the future.
I like that 1.52 target.
I would like to see a close below it and go for the 1.50 .
Great post g . .you nailed this one. . .right down to the retrace to the 1.54.
is it ok to expect Final target as 1.52 if price doesn't close below it given the size of BEOB as compared to Bullish momentum...do u agree with my thoughts?
check the chart.
Thanks!
- #89,764
- Feb 22, 2011 1:59am Feb 22, 2011 1:59am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #89,765
- Feb 22, 2011 2:12am Feb 22, 2011 2:12am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #89,766
- Feb 22, 2011 2:18am Feb 22, 2011 2:18am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Gotta to go gang . . .great trade on the Gbp/Chf . .
Later,
Jim
Later,
Jim
Indicators show the past. Price Action "Indicates" the future.
Let's try this example . .See this Weekly "setup" in purple, lets' call it a 2 day PB. It has its target in purple. We want price to close below its target to see if it can go lower. But we have to wait untill the end of its week. It closes below on the weekly . .cool. Now look at the Daily TF during this week. . .Daily chart not shown, you have to look at it. .. . .could you hold on untill the week's end??
yeah..that was scary..but then we gota wait til the week's end..weekly setups on weekly chart...n daily setups on daily..this would be better..
(1.6170 target as u mentioned in ur chart)
- #89,768
- Feb 22, 2011 2:52am Feb 22, 2011 2:52am
Keep it simple nice 4h pinbar at eur usd, take profit at FTA. FTA is powerfull stuff and in my opinion is the big difference between succesfull traders and losing traders.
I highly recommend new people to watch all free videos of james and mike from the site, just watch it 10 times or something, i see still new things over and over again. It really helps.
nice 4h pinbar at eur usd, take profit at FTA. FTA is powerfull stuff and in my opinion is the big difference between succesfull traders and losing traders.I highly recommend new people to watch all free videos of james and mike from the site, just watch it 10 times or something, i see still new things over and over again. It really helps.
- #89,771
- Feb 22, 2011 3:03am Feb 22, 2011 3:03am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Keep it simple
I highly recommend new people to watch all free videos of james and mike from the site, just watch it 10 times or something, i see still new things over and over again. It really helps.
Best
Mike
- #89,772
- Feb 22, 2011 3:28am Feb 22, 2011 3:28am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
Touch trade long
confluence----- ppz and RN 1.28 and 50 fib---and we get the bounce
- #89,776
- Feb 22, 2011 5:46am Feb 22, 2011 5:46am
Hello Pipfire
the phrase i highlighted above tells me, u are more focused on the profit/outcome than the risk. avoid that trap.
missing good or perceived 'A' trades trades shouldnt really get u anxious. it (missing trades) is a normal part of being in this business.
if u dont know what an A trade is FOR YOU, then u have to further your study, by reading &/or asking questions. sooner or later, u will find the answer. each trader's A setup/trade is different, so u have to discover yours.
- #89,780
- Feb 22, 2011 6:31am Feb 22, 2011 6:31am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Hi guys,
First of all congrats to all of those that took the GBP/CHF trade..
Everything looked good .. we had :
Divergence
Lower lows
Higher Lows
Close below 1.55 and clear FTA 1.52 as Sir Jarroo pointed out..
The thing that made not take this trade was the close of the BEOB bar, I was looking for a close below previous bar....
Im too picky about this ? Now i think that with the strong downtrend we had.. I could have been more flexible with the close of the beob.. but its easy...
A strong close below the previous bar low would have added to the strength for sure. Its more a matter of your own thoughts on what's a tradable setup. Mike, from what I know of him would not have traded this, not sure about S.Chaos.
Was this A+ as in an outright brilliant setup? No. Was it still tradable based on the story? Yes.
Clearly some people will look for nothing except A+ stuff (Benji) in exchange for a phenomenal win %age while others will find a method to trade the less than A+ setups with common sense and give up on the 95% win rate.
Like I mentioned before, for me personally the fact that we closed below the 1.54 (Jarroo had eyes more on the 1.55) authoritatively was a good enough heads up for my trading style and method.
Does the fact that I (and others) took this setup and it fell like a stone have to say anything about the validity of your decision of passing on the setup? Heck NO! What matters is your consistency and your ability to stick to your own rules no matter what.
Like I said, a pass on this is far, very far from a poor decision, regardless of what became of the setup.
g.
I believe . . .