Hi 4xjoema, my best guess is that broker got bad data or itīs some kind of data spike, anyway I tend to be sceptical when I see these.Mav
james16 Chart Thread
- #124,522
- Apr 7, 2013 11:17am Apr 7, 2013 11:17am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Mike, There is a lot of traffic in the Eur/Cad. May I know what makes it a good setup for you? Kenny {image}
While Mike's away, here's my perspective:
The EUR/CAD BUOB is loaded with supporting confluence. The rising trend line, the 1.3 BRN and a strong looking bar itself engulfing more than a week of price action.
The bars it engulfs doesn't count as traffic, because naturally the BUOB had a strong close above all the prior bar highs and since a traditional entry targets a few pips above the high of the BUOB you are clear of that area. Moreover the bar highs or the marked consolidation box and the strong confluence of the 1.3 BRN would have acted as an added cushion against a potential pullback too.
All in all these are the kinds of setups that we are after. Nice strong bars with enough confluence with some nice space to move into.
hope this helps.
g.
I believe . . .
Hi all!
here is my watch list !
USDJPY: weekly continuation buob --> i think price will arrive to 100 BRN but and i like the buob very much but i'm note very comfortable with trouble areas i marked in red.
EURAUD: weekly DBLHC (second low is one pip under the first.. i dont't think we can it a BUOB) at strong support (strong LCS held). weak close above 1.25 make me more comfortable taking it on a retrace on the red level on H4 chart.
comments appreciated! let me know what you think!
here is my watch list !
USDJPY: weekly continuation buob --> i think price will arrive to 100 BRN but and i like the buob very much but i'm note very comfortable with trouble areas i marked in red.
EURAUD: weekly DBLHC (second low is one pip under the first.. i dont't think we can it a BUOB) at strong support (strong LCS held). weak close above 1.25 make me more comfortable taking it on a retrace on the red level on H4 chart.
comments appreciated! let me know what you think!
- #124,535
- Apr 7, 2013 3:35pm Apr 7, 2013 3:35pm
My pending was triggered on Friday, using Jarroo method...nice lcs (tested multiple times) with round number...kind of situations I'm looking for... {image}
will look maybe i will find a place to join you tommorow ... I am looking @ gold also.
all is eternal - this is good news for people who loves bad news
- #124,537
- Edited 5:01pm Apr 7, 2013 4:19pm | Edited 5:01pm
- | Joined Jan 2010 | Status: Seeker | 372 Posts
this was nice trade rafstraszek
- #124,538
- Apr 7, 2013 5:55pm Apr 7, 2013 5:55pm
Question for Mike or anyone else that can answer. I'm still trying to get the hang of these PA bars and was wondering how you play big bars. Here's my example. Now I know this BUOB I've circled is not at a swing low, but it's closed above previous resistance and there's a lot of space above so I'm wondering if it could still be traded as a break out. Anyway, it's a large bar, and if I entered on the break, with stop at the other end, the stop would be too large. How would you guys play a big bar like this?
- #124,540
- Apr 7, 2013 6:15pm Apr 7, 2013 6:15pm
That is quite a good clear close above a strong resistance level, so looking for longs is the way to go. If you want a discounted entry and/or a smaller SL size, you can go long on a retrace into the level you have marked (94.51) , with SL below the BUOB. (Or you can zoom into a lower TF to find a "safe zone" to hide your SL below)
