{quote} Thanks for explaining my friend. Took this buy on aus/usd after multiple rejection of fake out area . Your views please? {image}
The key there was to wait for multiple confirmations
g.
I believe . . .
james16 Chart Thread
- #128,721
- Nov 13, 2013 11:37pm Nov 13, 2013 11:37pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
The key there was to wait for multiple confirmations
g.
- #128,722
- Nov 13, 2013 11:50pm Nov 13, 2013 11:50pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
{quote} That's a really nice swing point and a good looking fake out. I do have some issues with space on this one though. If the daily closes as is, then we're running into a PPZ. In a sideways market you're doomed if you end up missing your trouble areas. For me this has to close lower than where price is currently at to avoid running into that PPZ and instead shove it into the column of confluences for the trade. There might still be a possibility of a lower time frame trade even if price closes as is (looking at the strength of the fake out)...
g.
I believe . . .
- #128,726
- Nov 14, 2013 2:45am Nov 14, 2013 2:45am
Good day everyone, I have a few question just to freshen my thought process. Pls examine the GJ chart below. What would you be looking for to take a trade. Price is now at all time high at BRN with bearish divergence on dailies. I will appreciate i co-incise explanation on what one should be looking for and maybe some inclusion of order flow as you have always does.
Jibson
May the odds be in your favour...
Jibson
May the odds be in your favour...
Still trying to get to meet myself...
- #128,727
- Nov 14, 2013 4:04am Nov 14, 2013 4:04am
{quote} That's a really nice swing point and a good looking fake out. I do have some issues with space on this one though... g.
When the going gets weird, the weird turn pro.
- #128,728
- Nov 14, 2013 4:27am Nov 14, 2013 4:27am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
{quote} It's probably me being an old curmudgeon, but didn't we used to call these pin bars in the good ol' days?
G.
I believe . . .
- #128,729
- Nov 14, 2013 4:36am Nov 14, 2013 4:36am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
{quote} We do have a close below the PPZ. I am in on this one. You can see the stop above the pin bar high but its extremely unlikely that I am going to take it. I will be playing this real tight and banking on the marked blue PPZ to hold. If it doesn't I am out for a partial loss, and if it does then I am looking forward to the first trouble area getting hit. {image} g.
Out on the 4H bar close above the blue PPZ. This one's a half bar loss.
g.
I believe . . .
- #128,732
- Nov 14, 2013 7:48am Nov 14, 2013 7:48am
- | Joined May 2010 | Status: Trader | 1,100 Posts
{quote} {quote} {quote} Just a quick little update. Price did stall at the trendline which is a good sign. Would like to see price move down today atleast/possibly stopping at the marked horizontal support level (second from the top). Idealy price will continue to move down/stall and the break will occur next week (considering its wednesday today)
Price stalled/retraced as expected but tbh was looking for a deeper retrace with a breakout occuring early next week. However I will continue to watch how price closes today ..Would need a nice strong close above (taking into account the BRN), smooth retrace and PA to trigger me into a long position ...
Take care
Dan
- #128,735
- Edited 11:10am Nov 14, 2013 10:40am | Edited 11:10am
{quote} Neytiri, These Indexes could very well shoot up even higher the way the markets have been acting BUT Right now we are at all time highs and for me there isn't much of a story. I see you drew that ascending wedge/ consolidate pattern but for me, not really sure if it fits in there. The bars are nice and big which is a plus and you have some consolidation below which is why it can still work. I personally wouldn't trade it but who knows. Just giving you another perspective.
I appreciate your comments. Actually, it is at a swing high and Ghous might spank me for that Mike had posted a similar breakout setup few posts ago and it helped me take the decision to go long. Post 128,735
Thanks,
N
- #128,736
- Nov 14, 2013 11:32am Nov 14, 2013 11:32am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
{quote}
Additionally the SP 500 is at its all time highs on my charts which leaves a lot of uncertainity as you're buying so high that you don't have any areas on the left to use to manage the trade. Whereas with the equity setup you can see Mike point out the very obvious target area for the trade. The obviousness of a target area plays just as important a role as all your opther factors are in validating th trade setup. In fact a big part of your "no brainer" setups is going to be the lack of ambiguity about where price is headed.
This doesn't go on to necessarily validate one setup and invalidate the other, but it does put the equity setup way ahead in clarity, and strength, and when playing breakouts at swing points we obviously want only the super strong setups.
g.
I believe . . .
- #128,737
- Nov 14, 2013 12:29pm Nov 14, 2013 12:29pm
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
{quote} Hey, just a little update Price stalled/retraced as expected but tbh was looking for a deeper retrace with a breakout occuring early next week. However I will continue to watch how price closes today ..Would need a nice strong close above (taking into account the BRN), smooth retrace and PA to trigger me into a long position ... {image} Take care Dan
Still a few hours to go this looks like a DBLHC on daily. Only about 3 pips difference.
- #128,739
- Nov 14, 2013 9:51pm Nov 14, 2013 9:51pm
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
Hello everybody, I have that nice two-day pinbar off major level on the aussie... any thoughts? http://charts.mql5.com/3/65/audusd-d...i-uk-ltd-2.png
I'm watching this one since price is at a nice PPV. The "2day pb" doesn't really go anywhere. It closes below the 0.93865 which has good history to the left of weekly/daily. If price moves up it has some traffic to get through. I like a break below since there is a lot more space for price to move. I guess Mike's pickiness is rubbing off on me. Just not enough for me to pull the trigger at this point.
