Attachments: james16 Chart Thread

james16 Chart Thread

#121,561
Dec 7, 2012 7:55am Dec 7, 2012 7:55am

ksganesh100
| Joined Jan 2011 | Status: Trader | 59 Posts

OMG...What just happened here!!

I wanted to buy above the 100% fib line and thought yea - I will come back to it in an hour see where it is then...And then BAMM!!

Ganesh

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#121,562
Dec 7, 2012 7:58am Dec 7, 2012 7:58am

meshka
| Joined Sep 2011 | Status: Trader | 665 Posts | Online Now

Just amazing how price reacts to all those Jarroo style levels.... Jarroo... You are my ForexGod buddy

all my obeisances to you

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all is eternal - this is good news for people who loves bad news

#121,563
Dec 7, 2012 8:00am Dec 7, 2012 8:00am

LamerTrader
Joined Jul 2012 | Status: Ninja | 537 Posts

Quoting Pinbar

Disliked

Here you go.

Failing to see that level caused both the entry and exit to be incorrect.

Couldn't see the gap for the space. LOL

Ignored

Thank you so much. On the other hand I still have some uncertanity.
1) How is that possible that the opening of candle D is much higher then the close of candle C. /As i cen see price is a continuous thing. Or does the demand/need change itself so quickly?
2) When we are determining the HCR don't we just take a look at the candles and select the one, that's "body" is the highest?

Sorry for the dummy questions. Have a nice weekend

It's all psychology...

#121,564
Dec 7, 2012 8:02am Dec 7, 2012 8:02am

ksganesh100
| Joined Jan 2011 | Status: Trader | 59 Posts

Quoting meshka

Disliked

Just amazing how price reacts to all those Jarroo style levels.... Jarroo... You are my ForexGod buddy all my obeisances to you

Ignored

Really nice and clean chart Meshka. Thanks for this.

Next trade - BEOB to 1675

?

Ganesh

#121,565
Dec 7, 2012 8:07am Dec 7, 2012 8:07am

srt
Joined Dec 2012 | Status: On Life's Path | 2,076 Posts

Jobs Report (Non-farm Payroll) can really knock things around.:-)

Quoting ksganesh100

Disliked

OMG...What just happened here!!

I wanted to buy above the 100% fib line and thought yea - I will come back to it in an hour see where it is then...And then BAMM!!

Ganesh

Ignored

#121,566
Dec 7, 2012 8:15am Dec 7, 2012 8:15am

DaGrizlyBull
| Joined Sep 2011 | Status: Hybrid | 413 Posts

Quoting ksganesh100

Disliked

OMG...What just happened here!!

I wanted to buy above the 100% fib line and thought yea - I will come back to it in an hour see where it is then...And then BAMM!!

Ganesh

Ignored

News happened.

Why buy ABOVE the 100% level? The whole point of Fib Retracement is to find a cheaper entry on the retracement of the up move.

I don't need easy. I just need possible.

#121,567
Dec 7, 2012 8:22am Dec 7, 2012 8:22am

meshka
| Joined Sep 2011 | Status: Trader | 665 Posts | Online Now

Quoting ksganesh100

Disliked

Really nice and clean chart Meshka. Thanks for this.

Next trade - BEOB to 1675 ?

Ganesh

Ignored

Yeah ... wild goldrush. my BE stop was hitten in seconds... shorted from 1700 brn. shittt.

all is eternal - this is good news for people who loves bad news

#121,568
Dec 7, 2012 8:36am Dec 7, 2012 8:36am

mbqb11
| Commercial User | Joined Aug 2006 | 12,004 Posts

Quoting rustyjeff

Disliked

Its been a while......
But as you learn this game you will find more & more patience is your friend even more than the trend...
Just popping by to say hi to some friends & let them know I'm still in the game..
Just a lot less often but stakes a lot higher..

Ignored

Hey Buddy!

Hope those rough seas are treating you well

Good to see you and that's the way to be

Mike

#121,569
Dec 7, 2012 8:44am Dec 7, 2012 8:44am

ksganesh100
| Joined Jan 2011 | Status: Trader | 59 Posts

Quoting DaGrizlyBull

Disliked

News happened.

Why buy ABOVE the 100% level? The whole point of Fib Retracement is to find a cheaper entry on the retracement of the up move.

Ignored

Hey DGB..Checked home page. Looks like some wildly positive news on employment came out :-)

True - Fibs are traditionally useful for retracements. That is if you want to play a reversal.

If on the other hand you wanted to play a breakout, a break of the 100% line works very nicely too (This is basically buying a break above S or R). The price often tends to hit the next extension level (138%). This is a Jarroo type play (difference being entry is when price punches a level and not necessarily closes above it). I just try and close my trade at the 138 mostly.

An example below from a trade I closed today might clarify..

Ganesh

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#121,570
Dec 7, 2012 8:46am Dec 7, 2012 8:46am

mbqb11
| Commercial User | Joined Aug 2006 | 12,004 Posts

Quoting LamerTrader

Disliked

Thank you so much. On the other hand I still have some uncertanity.
1) How is that possible that the opening of candle D is much higher then the close of candle C. /As i cen see price is a continuous thing. Or does the demand/need change itself so quickly?
2) When we are determining the HCR don't we just take a look at the candles and select the one, that's "body" is the highest?

Sorry for the dummy questions. Have a nice weekend

Ignored

Hey LT

Yes forex is a continuous market, but people consider the weekend. When retail shuts down and most trading activity ceases a "close". Then when the retail and markets become active again if price is off from that weekend close(even though its really still continuous) a "gap". Generally this is a liquidity gap and it gets retested OR becomes a point of interest as their was activity there and the market is beginning to analyze it and how it wants to use this information. Most gaps close in the FX market(maybe not right away)

Best
Mike

#121,571
Dec 7, 2012 8:46am Dec 7, 2012 8:46am

bullzeye
Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts

Quoting meshka

Disliked

Just amazing how price reacts to all those Jarroo style levels.... Jarroo... You are my ForexGod buddy all my obeisances to you

Ignored

GOLD

this H4 BUOB is looking lovely so far

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#121,572
Dec 7, 2012 8:58am Dec 7, 2012 8:58am

bullzeye
Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts

EUR/CAD

on weekly definitely worth to think about it

BEOB on nice location: PPZ and falling TL

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#121,573
Dec 7, 2012 9:16am Dec 7, 2012 9:16am

DaGrizlyBull
| Joined Sep 2011 | Status: Hybrid | 413 Posts

Quoting ksganesh100

Disliked

Hey DGB..Checked home page. Looks like some wildly positive news on employment came out :-)

True - Fibs are traditionally useful for retracements. That is if you want to play a reversal.

If on the other hand you wanted to play a breakout, a break of the 100% line works very nicely too (This is basically buying a break above S or R). The price often tends to hit the next extension level (138%). This is a Jarroo type play (difference being entry is when price punches a level and not necessarily closes above it). I just try and close my trade...

Ignored

You do realize that the close above/below is to filter out a big chunk of the Fakeouts, right? What you do is enter and hope for the best.

I don't need easy. I just need possible.

#121,574
Dec 7, 2012 9:48am Dec 7, 2012 9:48am

Totoro
| Joined Sep 2012 | Status: Trader | 34 Posts

Quoting bullzeye

Disliked

EUR/CAD on weekly definitely worth to think about it BEOB on nice location: PPZ and falling TL

Ignored

Looks nice, since it seems to be at a swing high.

Would it be better to enter such a trade on the next candle open or once price breaks the outside bar's low?
Or maybe even wait for a close below the outside bar's low?

#121,575
Dec 7, 2012 11:21am Dec 7, 2012 11:21am