Just be careful we are in a very tight sideways consolidated market. Remember we want to look for beobs at swing highs. a break of the BEOB is VERY likely to see the rising TL though
Best
Mike
Attached Image (click to enlarge)
james16 Chart Thread
- #114,142
- Jul 10, 2012 9:32pm Jul 10, 2012 9:32pm
Waiting for this to get triggered... or not
Pros:
Continuation of trend after consolidation
Break of 0.97120
old support at 0.97519 newly found
Space to the left
BEOB
Cons:
Using BEOB as continuation Pattern rather than reversal, other than that, awaiting your comments
Expectation:
Will try and trail to near parity (1.0) after establishing a free trade asap.
Pros:
Continuation of trend after consolidation
Break of 0.97120
old support at 0.97519 newly found
Space to the left
BEOB
Cons:
Using BEOB as continuation Pattern rather than reversal, other than that, awaiting your comments
Expectation:
Will try and trail to near parity (1.0) after establishing a free trade asap.
- #114,145
- Jul 10, 2012 11:26pm Jul 10, 2012 11:26pm
Out of 42 charts another three stood out today
EURUSD - the counterpart to the USDCHF Trade posted earlier
GBPCHF - Trend, trading into space, channel breakout, DBLHC
USDDKK - Trend, Space, Momentum, BEOB (continual)
Lets see what gets triggered, Comments of course welcome.
EURUSD - the counterpart to the USDCHF Trade posted earlier
GBPCHF - Trend, trading into space, channel breakout, DBLHC
USDDKK - Trend, Space, Momentum, BEOB (continual)
Lets see what gets triggered, Comments of course welcome.
- #114,148
- Jul 11, 2012 2:08am Jul 11, 2012 2:08am
hi...
Although a person who have spent more than 4-5 months on learning from this thread must be clear about question im asking here... but like every newbie was searching for a perfect system here and there...
thats why have missed a lot of important things taught in this thread....
1-How do we open positions using HCR and LCS.
2-Do we enter a trade when the prices closes above/below the daily HCR/LCS.
3-can we use lower time frames less than daily for HCR/LCS to trade on.
regards
aslam
(hoping a reply from Mike, Ghous or jaroo....any one)
Although a person who have spent more than 4-5 months on learning from this thread must be clear about question im asking here... but like every newbie was searching for a perfect system here and there...
thats why have missed a lot of important things taught in this thread....1-How do we open positions using HCR and LCS.
2-Do we enter a trade when the prices closes above/below the daily HCR/LCS.
3-can we use lower time frames less than daily for HCR/LCS to trade on.
regards
aslam
(hoping a reply from Mike, Ghous or jaroo....any one)
- #114,149
- Jul 11, 2012 2:33am Jul 11, 2012 2:33am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
hi...
Although a person who have spent more than 4-5 months on learning from this thread must be clear about question im asking here... but like every newbie was searching for a perfect system here and there...
1-How do we open positions using HCR and LCS.
2-Do we enter a trade when the prices closes above/below the daily HCR/LCS.
3-can we use lower time frames less than daily for HCR/LCS to trade on.
regards
aslam
(hoping a reply from Mike, Ghous or jaroo....any...
Yes we wait for price to close above a major HCR or in case of an LCS we wait for price to close below the LCS.
Next we use the concept of support turning into resistance and vice versa by taking a trade on the pullback to the HCR/LCS.
So in case of an HCR, once price closes above (Price breaks through ahd closes above = PBTCA) we can take a long at a pull back to the HCR.
In case of a LCS, once price closes below (Price breaks through and closes below = PBTCB) we can take a short at a pull back to the LCS.
Bear in mind that HCR/LCS levels are at their best on higher time frames such as daily and weekly but where these levels stand out as very strong, Jarroo does utilize the lower TFs in that he will take a trade as price closes above say the daily strong looking HCR on the 1H or the 4H. Aggressive but might effective provided the HCR/LCS is strong enough.
Jarroo will be able to shed more light.
g.
I believe . . .
- #114,152
- Jul 11, 2012 4:01am Jul 11, 2012 4:01am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Here is one I caught and just took full profit.
Nice one Steve . .very similar to the one I caught on the Euro . .Monthly LCS Level with a Monthly 365 ema confluence . .
. .check out the signatures on this one . .all the way down to a 5 min signature . . no close below on the the 5min . .
.oh wait I just check the 1min . .1min signature there too . . I usually just stick to the Hourly signature . .
Indicators show the past. Price Action "Indicates" the future.
- #114,153
- Jul 11, 2012 4:12am Jul 11, 2012 4:12am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Jarroo is back, as are the profits! Good to see you buddy.
I went the other way, PBT&CB small area of consolidation, retest of D1 LCS and BAM! Sloppy entry 3-4 pip draw down
Sorry I can't post an annotated chart, computers are security protected, I'm at the day job.
T
. .I didn't see any Daily LCS levels on the FxPro feed at th 1.0240 but that was a great level to short . .do you have some new magical chart feeds, bro . ? .. Indicators show the past. Price Action "Indicates" the future.
- #114,154
- Edited 5:25am Jul 11, 2012 4:38am | Edited 5:25am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
PBT+CB 2 weekly LCS levels. I thought the pair showed strength the way it smashed through the levels last week and then retraced over a few days. Watching this one closely. I want to see it quickly move away to confirm the downward momentum.
Any thoughts? Particularly, if it stalls around the S/R over the next day. Does that tell you anything about the level? I want to see last weeks momentum carried through by the end of the day to confirm the flip.
GbpCad is a bit of a "Crazy Cross" in my book but the Weekly and Daily LCS levels (damn gaps!!
) presented a nice setup. It had some nice Space to the down side and it hit some Daily targets (in blue) nicely. You got love those "to the pip" entries . . in both direction .
. .Bam!!That stalling or hesitation and not falling down to the ends of the earth with all that open Space to run down towards was telling you that something was up . .
. And up it was. PBT&CA these LCS levels on the Daily, returning Price to Support. Nice one Mebius,
Jim
Indicators show the past. Price Action "Indicates" the future.
- #114,155
- Jul 11, 2012 4:48am Jul 11, 2012 4:48am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
I dont look at this pair. But looking at it now the chart just looks like a 'mess' to me. However if I had to pick a level on that chart it would be the LCS level that you have plotted yourself. (it lines up nicely on the daily and weekly) However i would of traded it off the daily with daily targets which means I would be out of the trade by now. It would of been a difficult one to hold onto though in my opinion. Did reach 1:2 Risk Reward (based on valid targets and my stop placement) See charts below.
Just so you know. Im also new to this method...
Indicators show the past. Price Action "Indicates" the future.
- #114,156
- Jul 11, 2012 4:51am Jul 11, 2012 4:51am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
nice one meshka, broke the resistance--> retrace and --> shoot up. How easy can it be...
Attachment
Classic . .
Indicators show the past. Price Action "Indicates" the future.
- #114,157
- Edited 5:24am Jul 11, 2012 4:58am | Edited 5:24am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
No problem mate. Nice trade
Here is a setup im keeping my eye on. there was a setup off the daily level (first arrow) which probably would of spiked yuou out (moved up 35 ish pips). Looking for another retest.
Attachment
Attachment
Indicators show the past. Price Action "Indicates" the future.
- #114,158
- Jul 11, 2012 5:01am Jul 11, 2012 5:01am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Nice one T . .
AUDUSD, follow up.
Indicators show the past. Price Action "Indicates" the future.
- #114,160
- Jul 11, 2012 5:15am Jul 11, 2012 5:15am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Hi mate, This trade was a 'mixed' setup in my opinion. Here is what Jarroo said about these types of setups:
Cheers
Dan
Hi Dan I am always trying to learn here could you explain why this was mixed. The price closed below the daily and monthly levels which failed to act as support then turned to resistance nicely. Was touched to the pip and shot away for a good hourly signature. If the hourly bar had not behaved in this way I would have cut for a small loss. Could you help me out and explain why it was mixed.
Thanks mate.
These levels of strong S/R can be traded in both direction just by following the Close of Price. This was the old "Resistance (HCR level) . .PBT&CA . .failing as Support . .returning to Resistance " Trick ..
.Price tend to this when in a choppy market and/or a bigger story is going on.
. .and if we look at the Weekly, Mike will tell you that there sure is a bigger story going on. A big wedge Price Pattern forming and this trade was in the middle of it. . .cause of the choppiness confirmed.
Jim
Indicators show the past. Price Action "Indicates" the future.