I am with you on that Razor and i am not trying to pick long-term top there... i believe that psychologicaly it will be hard for this kind of market to hit 2000 without taking major profits before.
Cheers!
Ryan
james16 Chart Thread
Hey Avanish a que for you.
Forget the TF. What point do you enter? I believe I saw in one of the videos, Mike said, it breaks out comes back to support (previous resistance), forms PA there. There we enter. What do you think?
Thanks Vinay
it was already a PA..DBLHC with breakout of the pattern.
i entered at Break.But sometimes i enter at retrace.Judgements will be discretionary if to enter at the break or retrace.
well that was a first
just had a 5.8 earthquake happen during my webinar.
That was a bonus for those today lolol
js switched on TV...looks like people are safe.
Hope All is Well.
yes sorry, it's not. It's more a simple reverse figure.. I point the two bars before the currently bar (friday and monday). I took the entry just after the PPZ.
If I can have some reviews it would be great.
)I don't see a whole lot going on here. Maybe Jarroo would be so nice to comment when he arrives back next time, but even on a PBT&CB thought pattern I don't see a nice super strong support line. I do see that there is a support line, but it is trading back down into an area of consolidation. Did you take this trade?
Ryan
- #100,830
- Aug 23, 2011 5:26pm Aug 23, 2011 5:26pm
- Joined Jan 2006 | Status: Monarch o' the Glen | 5,561 Posts
well that was a first
just had a 5.8 earthquake happen during my webinar.
That was a bonus for those today lolol
That was just an accumulation of Pin Bars landing on fertile Trader soil.
Hope all is well & the Trophy Case is still in one piece.
B
- #100,831
- Aug 23, 2011 5:37pm Aug 23, 2011 5:37pm
Well, hats off to Greenhaze for this...
A question to the seniors.
Given my dislike for BEOB and BUOB (Fear of huge SL/draw down), would you consider an entry on the pullback to reduce your risk?
I'm not sure if this is outside of the J16 teachings...
My approach (all be it on the side lines) is to see how price will react at key levels on lower timeframes.
Thanks in advance.
Would love to see that PB video of yours Mike
Glad you're ok.T
- #100,832
- Aug 23, 2011 7:28pm Aug 23, 2011 7:28pm
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
Nice find Stark
A question to the seniors.
Given my dislike for BEOB and BUOB (Fear of huge SL/draw down), would you consider an entry on the pullback to reduce your risk?
I'm not sure if this is outside of the J16 teachings...
My approach (all be it on the side lines) is to see how price will react at key levels on lower timeframes.
Thanks in advance.
Would love to see that PB video of yours Mike
T
Yeah, some people wait for the retest of the next bar but, we do not always get a retest and sometimes even these OB bars fail.
- #100,833
- Aug 23, 2011 7:57pm Aug 23, 2011 7:57pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Nice find Stark
Given my dislike for BEOB and BUOB (Fear of huge SL/draw down), would you consider an entry on the pullback to reduce your risk?
By taking a retracement trading you aren't reducing your risk necessarily. The only way to reduce ones risk is via position sizing. For example if you take a break of the bar and risk 2% on the entire bar, if your stop loss gets hit you lose 2%. Now if you take a retracement trade you will get a bigger position size and better price but your risk will remain constant. So you still will lose 2%. The idea is how you want to use your risk. So a lot of people take retrace trades to gain that benefit of a better price and thus for most(pending a simple %R MM scheme) a larger position size.
But many outside bars that are good are larger and do have a retrace tendencies. All entry and exits have goods and bads, it's a matter of what works for the trader.
Hope this helps bud
Mike
- #100,834
- Aug 23, 2011 8:18pm Aug 23, 2011 8:18pm
- Joined Jun 2010 | Status: Hello,Mr.Market | 1,806 Posts
BEOB？IB
A chart helps those who can read it.
- #100,836
- Aug 24, 2011 1:42am Aug 24, 2011 1:42am
I think you are talking about the retest of the next bar to the BEOB, not the BEOB itself, right? As it wouldn't be a BEOB if it hadn't closed.
Yeah, some people wait for the retest of the next bar but, we do not always get a retest and sometimes even these OB bars fail.
Hey T
By taking a retracement trading you aren't reducing your risk necessarily.
Hope this helps bud
Mike
I was pointing out the only BEOB on the daily. Using the BEOB as my bias, then a lower time entry. I have always played the break of PA (as you say) but thought maybe there is a way of 'refining' an entry.
Anyhow, nice to see price respecting that first level I drew at 1848.
Got to run...
T
- #100,838
- Aug 24, 2011 4:45am Aug 24, 2011 4:45am
No reason to be sorry. I realize rereading my post that it may have come across a bit bluntly. I just wanted to make sure that we were on the same page (as I all too often am not
I don't see a whole lot going on here. Maybe Jarroo would be so nice to comment when he arrives back next time, but even on a PBT&CB thought pattern I don't see a nice super strong support line. I do see that there is a support line, but it is trading back down into an area of consolidation. Did you take this trade?
Ryan
- #100,839
- Aug 24, 2011 5:49am Aug 24, 2011 5:49am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #100,840
- Aug 24, 2011 5:55am Aug 24, 2011 5:55am
- | Joined Jul 2010 | Status: MAKE IT HAPPEN | 2,220 Posts
Well, got tired waiting for a setup, in fact I had no trades this month so far. And thought I will start keeping an eye on our local market.
Here is a setup (stock) I noticed. I like it.
Will set my order tomorrow at the market open, above current BUOB.
Live trade of course.
Will update on it later, if anyone is interested
Here is a setup (stock) I noticed. I like it.
Will set my order tomorrow at the market open, above current BUOB.
Live trade of course.
Will update on it later, if anyone is interested
