DislikedHi SC, yes BUOB off FxPro or Alpari feed. I liked the location even more than the bar shape, is like break through Res and then test it as Sup forming BUOB.
137 was on my radar too. Somebody here even mentioned it. But I honestly thought the bar structure and location was something that could logically overweight that RN. (also buob was off BRN). So I think it was still a good trade which just didn't work.
Yes MANY trades, good onces, and fail for some reason.
This is what my EC starting Jan 1 look like....Ignored
james16 Chart Thread
- #94,741
- May 3, 2011 2:00am May 3, 2011 2:00am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
- #94,744
- May 3, 2011 2:46am May 3, 2011 2:46am
Shoot,does this has to workout in the last minute or something?
You see its almost second day,if you keep your orders open for a few days after original candle you can get burnt.
Moreover it's still sitting on support which i told before.
First:
Its not pin.
Second:
If it can be considered one,it should work,right the next day.
Third:
An Good Trader would cancel order if it did not work next day.
Fourth:
Opportunity gone is gone,there will always be another one waiting for you,dont get frustrated over it.
Regards
Taz
- #94,746
- May 3, 2011 3:15am May 3, 2011 3:15am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
.. BUOB off FxPro or Alpari feed. I liked the location even more than the bar shape, is like break through Res and then test it as Sup forming BUOB.
137 was on my radar too. Somebody here even mentioned it. But I honestly thought the bar structure and location was something that could logically overweight that RN. (also buob was off BRN). So I think it was still a good trade which just didn't work.
...
if your entry was +/-10pips below 137.00, u should've monitored how price reacted on the approach to 137.00. on IBFX, the 'BUOB' high was 136.94-ish, then dropped from there.
it's also good to point out that, IMHO, this BUOB was neither at a swing low or high (u could argue it's at a higher swing low area) -- if u zoom out, it's in the middle of the March29 - April8 upmove.
gbpjpy (& other jpy crosses) had a huge run up since March. i think that upmove was a bit 'too far too fast'. as a result, price is currently in a consolidation. who knows, it might go down a bit more.
i believe u should continue to test & see what u are comfortable with.
..& be more picky with your trades.
either u demo further or take smaller position sizes on a live account.
& dont focus on your equity curve too much... focus on becoming better.
that equity curve graph is just a 'report card'.
hope this helps
took this trade .. i saw confluences of gap support and fib ret with a pinbar closing above the 150EMA. I took the trade at retracement and was almost stopped out (i was almost sure i would lol) Was there anything that I missed that perhaps made this a trade not to be taken? Or was it just fine?
not all pinbars (or PA setups) break with momentum.
are u referring to the Fib. retracement shown on your chart? i thought u were referring to the retracement of the pinbar itself. i think the latter is more useful in this particular case.
(if u like entering on retracements, ideally u should enter when there's a PA setup (PA setup on the retracement area, regardless of timeframe). otherwise, u are blind touch trading which entails more skill to do successfully, IMHO.)
hope this helps
- #94,747
- May 3, 2011 3:18am May 3, 2011 3:18am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
- #94,748
- May 3, 2011 3:29am May 3, 2011 3:29am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
- #94,750
- May 3, 2011 3:40am May 3, 2011 3:40am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
- #94,753
- May 3, 2011 3:50am May 3, 2011 3:50am
- | Commercial User | Joined Nov 2010 | 1,178 Posts
Nothing personal,just business
- #94,754
- May 3, 2011 4:00am May 3, 2011 4:00am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
- #94,756
- May 3, 2011 4:05am May 3, 2011 4:05am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
We wont call that working Avanish.
You see its almost second day,if you keep your orders open for a few days after original candle you can get burnt.
Moreover it's still sitting on support which i told before.
First:
Its not pin.
Second:
If it can be considered one,it should work,right the next day.
Third:
An Good Trader would cancel order if it did not work next day.
Fourth:
Opportunity gone is gone,there will always be another one waiting for you,dont get frustrated over it.
Regards
Taz
i do the same..my entry was 1.04(50% entry).once it almost reached the top of the pinbar high..it made no sense for me..so i cancelled in between with a bit of drawdown...yes u were right..strong bullish trend..n relatively medium-sized PB..so i only prefer slingshot long protruding PBs..as most of my trades in my 1st 1 n 1 n half month of Practice failed in PBs due to some reason or the other...i dnt knw why i took this PB..maybe i got emotional with it!no prb..
oh well, same entry point on the same setup, what a mess. next time, i may try to enter on opposite direction once having noted a A+ setup based on my experience to see if could make some tiny bucks
just for the records, this is a failed BUOB. No excuses, they sometimes fail. Unless a senior (Mike, Ghous?? can clarify something I havent seen).
Size: engulfing 5 bars (bigger than at least the last 10 bars)
Location:good:
BRN: YES
Space:Yes
Nice daily PPZ zone
Feed: 5pm EST
confluence:YES
Tell me one thing that is not good about this bar and location? plz
Plz don't say it didn't close above 137. Because then I will say it did close above 136, 135. And not every whole number you see is a BRN. numbers have relativity in the given context....
- #94,760
- Edited 4:50am May 3, 2011 4:34am | Edited 4:50am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
just for the records, this is a failed BUOB
Tell me one thing that is not good about this bar and location? plz
Plz don't say it didn't close above 137. Because then I will say it did close above 136, 135..
the market will do whatever it wants, regardless of what u want or expect.
i often say big bars dont guarantee a winning trade, just as not all small PA setups are losers.
Plz don't say it didn't close above 137. Because then I will say it did close above 136, 135..
if u insist that it did close above 135, & 136, well... that is PAST Price action, & we dont trade that. we only trade the present or future PA.
if we focus on what has past & disregard or belittle what is right in front of us, well, we will definitely get killed in this market.
it is up to the market to decide which area to stall on or to bust through.
if there was heavy or persistent selling prior/at 137, selling which is greater than demand, price has no choice but to move down, regardless if there was a 'big BUOB' prior or a Central bank who bought prior.
The size and added confluence should have trumped 137 easily (at least on the retrace)..According to what I have learnt so far should have taken us to red line..
yes, the red line, but things dont always go as planned.
that 'BUOB' triggered on IBFX demo & Oanda live. (it was not a BUOB on both, in fact)
learn from a trade. u cant change it, u can only improve upon it.
& never have a rigid &/or closed mindset.
I like your entry Vasmiza. I took the same long but price didnt close above 135.85 support so i took a 0.2% loss on that one aswell. Not bad setup overall but tight trade management was needed.
Sir Greenhaze was aware of what lies ahead, & he acted accordingly. (i trade lower TFs, but) if i were in it, i would've taken a bigger loss. but increasingly i have learned to kill bad trades much much sooner, & i'm continually learning.