Your retest confirmed as price breaking out of that triangle , stiff resistance due anywhere between now and 1.63 round number ! if you look at your weekly you ll see your PPZ areas very clearly in another triangle.
Cheers
V
james16 Chart Thread
- #110,742
- Apr 25, 2012 3:08pm Apr 25, 2012 3:08pm
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
- #110,743
- Apr 25, 2012 3:15pm Apr 25, 2012 3:15pm
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
...pair bounced of the 150EMA, what would you do?
- #110,745
- Apr 25, 2012 3:28pm Apr 25, 2012 3:28pm
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
Gold nice rejection of the demand zone...forming another pin bar, i think it will gonna break the TL
- #110,746
- Apr 25, 2012 3:30pm Apr 25, 2012 3:30pm
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
13 weeks in the making and... BAM!
- #110,747
- Apr 25, 2012 3:31pm Apr 25, 2012 3:31pm
Hi Jim
This is the last trade I demo after our pms I have been trying to find more confluences before jumping in
This trade on the USD/JPY had a HCR @ 81.02 obviously that is a BRN too, it had the 365 EMA just below at 80.80 and was also at the 38 fib level from the big move up that started on Feb 1st.
I waited for the confirmation bar this time which was on the 23rd april and then entered on a touch trade from 81.02. I closed 3/4 of the trade at the FTA 81.56 which is the next HCR the rest is now a free trade at break even and I hope it may push on from here but it matters not now.
This is the last trade I demo after our pms I have been trying to find more confluences before jumping in
This trade on the USD/JPY had a HCR @ 81.02 obviously that is a BRN too, it had the 365 EMA just below at 80.80 and was also at the 38 fib level from the big move up that started on Feb 1st.
I waited for the confirmation bar this time which was on the 23rd april and then entered on a touch trade from 81.02. I closed 3/4 of the trade at the FTA 81.56 which is the next HCR the rest is now a free trade at break even and I hope it may push on from here but it matters not now.
I got some PMs around the same topic and the answer is more practise and then more practise . .to see these setups over and over again.
Soon it will be like riding a bike . .
This kid says it the best . .riding a bike or trading . .. . you gotta love the remix . .
The original . . . http://www.youtube.com/watch?v=vTiZY...eature=related
The mix . . .http://www.youtube.com/watch?v=jbGrhqFx_tc
- #110,748
- Apr 25, 2012 3:49pm Apr 25, 2012 3:49pm
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
EUR/NZD have this one on the watchlist
Stop thinking like a retail trader
Forextrinitrader3.0 Profit This Month:
na
- #110,753
- Apr 25, 2012 6:49pm Apr 25, 2012 6:49pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
I was watching the USDJPY its on 80.86 and a double low higher close formed on the daily yesterday, and 8 hour i entered today and gained 30 pips and I took pofits and exited now its retraced the gains. How long does anyone think it will gain more and break the current reisitance or is the downtrend resistance going to result in a breakout sell? dont know if I'm asking the correct question, but anyone take on this is welcomed...
This is similar to my previous post. We want to find DBLHC down at swing lows where this one is right near the swing high or the last point of selling right around .70 mark. So these get people into trouble without stronger confluence as we buy the high and we are really buying right into the selling point. Look for these at nice clean swing lows with space when starting out they are much easier that way
Best
Mike
Hey Raf
Just be very careful here as this pin is at a deep swing low. Remember we want to stick to them at swing highs when learning them. The reason is in this case we would be trading right back into the point of buying. Sellers were absorbed but with a close like that and right near that bottom often we can spring right back higher. Just be careful with these when starting out
Best
Mike
Hey Trini
This is similar to my previous post. We want to find DBLHC down at swing lows where this one is right near the swing high or the last point of selling right around .70 mark. So these get people into trouble without stronger confluence as we buy the high and we are really buying right into the selling point. Look for these at nice clean swing lows with space when starting out they are much easier that way
Best
Mike
Stop thinking like a retail trader
Forextrinitrader3.0 Profit This Month:
na
Your welcome (or lack of) seems a bit harsh to me if i'm honest. Could you perhaps expand on what you've been up to this last 20 years if you felt the need to ditch TA and go into indi's/EA's?
either way, you've found the right place to help you. Lots of nice folk here.
Well I seem to have got on the wrong side of a few people which wasn't my intention. It seems my 20 years bit caused a stir... not sure why. I'm not trying to say "look at me" but emphasising the fact that I was sucked in with the glitz of a lot of sprukers on EA's then looked at indicators that I've never used in my life before..
I'm not saying I gave up on TA either - I love it !! What I tried to say was that it was good to come across a thread that's based on PA with a bit of trendline, support/resistance and my favourite Fibonacci etc.
For the last 30 years I've been an equity/option adviser for a local broker here in Australia having concentrated on T A from the early nineties - after all I am about to suffer the indignity of turning 60 in two weeks
Anyway I realise that the written word can be taken the wrong way so..
Keep up the great work and I hope to learn and contribute to this thread.
Cheers
- #110,760
- Apr 26, 2012 12:01am Apr 26, 2012 12:01am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Hi Jim
This is the last trade I demo after our pms I have been trying to find more confluences before jumping in
This trade on the USD/JPY had a HCR @ 81.02 obviously that is a BRN too, it had the 365 EMA just below at 80.80 and was also at the 38 fib level from the big move up that started on Feb 1st.
I waited for the confirmation bar this time which was on the 23rd april and then entered on a touch trade from 81.02. I closed 3/4 of the trade at the FTA 81.56 which is the next HCR the rest is now a free trade at break even and I hope it may push...
Excellent . .well done . .you got the levels down. .nice Daily confirmation. . .great target, HCR . . its great that you took profit there. You could have taken 100% profit there because if PBT&CA this HCR level we can always re-enter . .
My feed didn't have a Daily confirmation . .my HCR was 80.90 /80.83 . .damn gaps
.If you look zoom out a bit, you can see that we had LCS level (06/07 April). .this lines up nicely with the 80.90 HCR . .Strength. . .nice TT or bullish PA on a lower TF. ..and we have the 80.83 and 365 ema as our protectors .
The 81.00 is considered just a RN . .like the 83.00 or 86.00. . BRNs on the pair would be 80.00, 85.00 90.00,95.00, etc.
Well done, sir . .
Jim
Indicators show the past. Price Action "Indicates" the future.