Credit where it's due
I got this wrong. It played some games with you but it worked. I hope my words didn't put you off too much.
...finally it goes my way but i close my trade on BE with a lousy tiny pip 
Have a great weekend all
james16 Chart Thread
- #110,241
- Apr 13, 2012 1:11pm Apr 13, 2012 1:11pm
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
...finally it goes my way but i close my trade on BE with a lousy tiny pip Have a great weekend all
- #110,245
- Apr 13, 2012 2:55pm Apr 13, 2012 2:55pm
It is almost a neutral bar. The close is not strong and the wick did not protrude enough to reflect a true buying power. Also closed below BRN 85.
It is a pass.
- #110,247
- Apr 13, 2012 4:15pm Apr 13, 2012 4:15pm
- Joined Sep 2010 | Status: Trader | 1,122 Posts
Human
- #110,249
- Apr 13, 2012 4:49pm Apr 13, 2012 4:49pm
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
meine augen sind die sterne
I'm posting the following because I want to know if I am looking at PA the right way. Please don't think that I am certain about what these charts mean for price movement into next week. I might only be taking one of these trades.
Okay, so looking at what weekly bars have done this past week:
SGDJPY weekly bar shows a nice PB with a 100 pip nose near the 38.2 Fib Line. Good close too. and that's 4 weeks of "space" to the left I believe.
USDHKD showing a weekly DBHLC with the highs at 7.766. I haven't traded this pair before though.
GBPUSD...
Hey man, im no senior, but having asked some questions like yours previously, I'll give my 2 cents for what its worth,
Pin on SGDJPY is going right back into the bottom of a box that we broke out of. We expect the base of the box to flip to resistance. This is where Mike would say look for the story. It can be more telling than the nice looking bar which we(and definitely me) can get carried away with.
Hmmm, the HKD chart is a BEOB on weekly, but going down to daily for the story, I don't like the look of it. Not a great place. It would be a no for me.
On GBPUSD, it could well go to the bottom of the box, but again we are in a box, and this signal is not strong enough for me, with the FTA being the middle of the box being quite close. Again I would pass.
EURUSD, yup, this is on everyones watch list. I was watching the retest of 1.3200, and took a small touch trade(my first) with very small percent of risk as a tester. Closed at days end with 100 pips, and will resume by looking for PA breaking out of the H & S formation.
This is just my view, but take heart. When I say I was exactly were you are now not so long ago, I mean it! Pestering Mike with every pretty looking pinbar and BEOB.
Best,
Heeb
- #110,259
- Edited 10:00am Apr 14, 2012 9:37am | Edited 10:00am
how about the GBPJPY and EURJPY pairs?
double BEOB near/off the EMA.
I see the EURJPY BEOB but I didn't mark it down here on my chart, because usually the USDJPY and EURJPY charts are highly correlated too but not so much on these 3 most recent daily bars. no BEOB on USDJPY.
Maybe the divergence can be traded, But that depends on if the USDJPY will follow the EURJPY..
edit:
the chart is just to show how the prices are basically layered on top of each other
I just noticed that where the USDJPY made higher highs and where the EURJPY made lower highs, the price then moved higher... I haven't done this divergence trading before though (or with MACD divergence). I hear that divergence trading works well with PA confirmation.
the EMA that you said the BEOB is near.. it is acting as support because price is above it moving downwards, so for a BEOB to be bouncing off of a EMA (confluence), the EMA should be at the high of the BEOB acting as resistance!
