DislikedHow about a little game. Let's see how many can predict where these are going. Consider you are looking at these as potential setups. {image} {image} g.Ignored
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james16 Chart Thread
- #128,182
- Oct 21, 2013 1:21am Oct 21, 2013 1:21am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #128,184
- Oct 21, 2013 2:18am Oct 21, 2013 2:18am
{quote} FX has been tough M, hang in there. But this time of not trading is as important as the trading time. Being able to wait for things to fit your criteria is what separates the wannabe traders from those just using the markets for fun. I suggest you start looking into other markets too so when ones slow you'll find setups elsewhere I know you know all this but it's a good reminder for the new folks Keep at it! Best Mike
. Also not much time, so things are developing preatty slowly, but still I move ahead step by step.
If not up, then down, otherwise sideways :-)
- #128,186
- Oct 21, 2013 3:14am Oct 21, 2013 3:14am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
We had some great insights and thoughts coming from so many of you.
I could read them and couldn't resist a smile seeing how many nailed these.
The important thing to understand with both was that they were heading into traffic and called for extremely tight trade management hence my inquiries about SL plans to people who didn't explicitly mention them.
First up, the BUOB:
Very strong bar and at a swing low. Also a fake out off the prior bar low. No doubts that this was a sure tick in the boxes for size as well location. As mentioned though it was headed into a lot of traffic. Some outright rejected the setup altogether seeing the mess that it was heading into. Others carefully spotted their trouble areas and outlined their tight plans to play this one out.
You can now find the answer below and go back to your analysis to see if you got this right. Of course different traders will come up with different results for their own trade plans but regardless of it, the important thing to understand, and the real objective of this exercise is to make you think in terms of initial trouble areas and simply getting your gut feeling developed up to the point where you can look at a chart and tell where price is initially headed at the break of a PA bar.
Next up, the bearish Pin bar:
Many identified a more narrower version of the larger PPZ that was at play here. I was longing...literally longing for some one to come up with the explanation of the boxing phenomena so obvious on this one that created a massive PPZ. Jibson I saw was able to spot the boxing, but he didn't expand it further to dig out the massive PPZ created by one box over another. Prasad pretty much identified the bigger PPZ but missed out on the boxing phenomena.
Regardless of whether you picked that up or not, price as it unfolded, provided significant evidence in the lack of interest to the downside by those multiple side ways bars. It pays to have a discretionary strategy as opposed to a set and forget one, to be able to process the information as it unfolds and group it up with the pieces you used to initially enter the trade with.
Being in a sideways market (which can be nippy) when for a good 24 hours for a 4H trade, price doesn't show any signs of movement, is it going to be ultra hard for the alarms to go off? Not unless you let emotions come in the way.
Great work everyone who participated. I really do mean it, because I know it doesn't make a whole lot of difference whether you got it right or wrong. The important thing is stepping out of the dark and really putting your thoughts to work in order to hone them and enable them to flow in the right direction in real time when it would actually matter.
g.
I could read them and couldn't resist a smile seeing how many nailed these.
The important thing to understand with both was that they were heading into traffic and called for extremely tight trade management hence my inquiries about SL plans to people who didn't explicitly mention them.
First up, the BUOB:
Very strong bar and at a swing low. Also a fake out off the prior bar low. No doubts that this was a sure tick in the boxes for size as well location. As mentioned though it was headed into a lot of traffic. Some outright rejected the setup altogether seeing the mess that it was heading into. Others carefully spotted their trouble areas and outlined their tight plans to play this one out.
You can now find the answer below and go back to your analysis to see if you got this right. Of course different traders will come up with different results for their own trade plans but regardless of it, the important thing to understand, and the real objective of this exercise is to make you think in terms of initial trouble areas and simply getting your gut feeling developed up to the point where you can look at a chart and tell where price is initially headed at the break of a PA bar.
Next up, the bearish Pin bar:
Many identified a more narrower version of the larger PPZ that was at play here. I was longing...literally longing for some one to come up with the explanation of the boxing phenomena so obvious on this one that created a massive PPZ. Jibson I saw was able to spot the boxing, but he didn't expand it further to dig out the massive PPZ created by one box over another. Prasad pretty much identified the bigger PPZ but missed out on the boxing phenomena.
Regardless of whether you picked that up or not, price as it unfolded, provided significant evidence in the lack of interest to the downside by those multiple side ways bars. It pays to have a discretionary strategy as opposed to a set and forget one, to be able to process the information as it unfolds and group it up with the pieces you used to initially enter the trade with.
Being in a sideways market (which can be nippy) when for a good 24 hours for a 4H trade, price doesn't show any signs of movement, is it going to be ultra hard for the alarms to go off? Not unless you let emotions come in the way.
Great work everyone who participated. I really do mean it, because I know it doesn't make a whole lot of difference whether you got it right or wrong. The important thing is stepping out of the dark and really putting your thoughts to work in order to hone them and enable them to flow in the right direction in real time when it would actually matter.
g.
I believe . . .
- #128,188
- Oct 21, 2013 4:47am Oct 21, 2013 4:47am
wow Ghous that was swt. Didnt even knw its a a surt of bck trade. I have learnt more on this, i see reason why chart time is very important(James will say with time it will just be a visual thing) and then learning and relearning patience. No one like you Guys
Still trying to get to meet myself...
- #128,196
- Oct 21, 2013 8:34am Oct 21, 2013 8:34am
- | Joined May 2010 | Status: Trader | 1,100 Posts
Hey guys, here is a quick simple trade I took on the daily. Im currently at BE with around 5% ish floating. Just a simple TT short off the clear PPZ. I will leave my stop at BE and just see what happens. I know this isnt the best way of managing a trade but there is a difference between being at BE and letting a trade go and trying to do the same when your stops are not at BE and hoping that a trade goes in our direction. Ive also noticed that my trading has evolved ever so slightly. Its still J16/Mike but the more I trade the more I start to understand...
Take care
Dan
- #128,198
- Oct 21, 2013 9:05am Oct 21, 2013 9:05am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
{quote} g Thanks a lot for the exercise. The PA signals were great but there was no great story around these signals. As you said they were difficult trades and needed a lot of baby sitting in case we took the trades. I missed the box concept though I was aware of the entire scope of that PPZ. I simply mentioned the level in my post. PA signals are important triggers but then we need to get the holistic picture(space, confluence, FTA's) right to be able to take the trade.
I deliberately put up the toughies as there is no fun predicting the obvious.
Its always setups like these, that bring about confusions and also test your skills and abilities so great to be exercising with such setups.
Thanks everyone. Glad you enjoyed it. I think we could make it a regular for the weekend so everybody knows when they should be jumping in for the game and we don't have people missing out.
g.
I believe . . .
- #128,199
- Oct 21, 2013 9:10am Oct 21, 2013 9:10am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Did any body take this trade on the monthly chart of AUDCHF. This seems to an nice IPB. This has the potential to hit the 50 level on FIB but I could not find the entry for this trade. {image}
That wouldn't have qualified for me. I would have preferred it to have formed at the 8000 RN to be a little more interesting.
g.
I believe . . .
- #128,200
- Oct 21, 2013 9:22am Oct 21, 2013 9:22am
{quote} Hey P, I deliberately put up the toughies as there is no fun predicting the obvious.
Yep, that would be fun.
I started working on these ones but my 4yo daughter stole my laptop.
Yes, she can be very persuasive
testing my patience
Slow & steady