Great use of confluence there. Still didnt 100% love the way it looked but definitely putting the probabilities in your favor with BRN, The accuracy of the trendline, Support turned resistance. Good one!
james16 Chart Thread
- #130,882
- May 12, 2014 5:42pm May 12, 2014 5:42pm
- | Joined May 2010 | Status: Trader | 1,100 Posts
... sllooowwww
- #130,883
- May 12, 2014 5:54pm May 12, 2014 5:54pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
{quote} Mike, hows the PF going. Are things still active over there. This thread is moving so slow is frustrating
This threads slow cause FX is slow right now. I'm much more active in stocks last few months
Mike
- #130,884
- May 12, 2014 8:32pm May 12, 2014 8:32pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
GBPSEK 4 hr chart pin bar with confluence. {image}
- #130,885
- May 13, 2014 8:29am May 13, 2014 8:29am
{quote} Personally I have better results with breakout/continuation trading than with pin bars (especially small pin bars) and fake outs. Actually I don't even trade small pin bars or fake outs (I tried it on demo but the variance was big, many were winners but also many were losers). I trade the patterns like wedges, channels, triangles, boxes and strong PPZs. What I do different than what is taught in this thread is that I don't trade trend line breakouts if the trend line isn't part of a pattern and I don't wait for a J16 PA bar like an outside...
- #130,886
- May 13, 2014 9:45am May 13, 2014 9:45am
{quote} Thanks
The high variance was one of the main things I quitted playing poker. I hated to go all in with AK or JJ even though I knew they were profitable. If you have a strategy with win rate between 50-60% with 1:1 RR you will have high variance even though the strategy is profitable (you may even be a loser after a lot of trades even though your strategy is profitable). If you have a strategy that wins 75% of time with 1:1 RR the chances you will be a loser after many trades is much lower. I'm looking in trading for higher win rates and for me breakouts/continuations of important levels (not just any single swing high/low) and big pin bars with space it seems they are higher probability.
{image}
However, it's just my view on the cable
Learn from yesterday, live for today and hope for tomorrow.
- #130,889
- Edited 6:22pm May 13, 2014 6:03pm | Edited 6:22pm
{quote} I'd be cautios with long trades around that area on cable. Although we saw a very strong reaction last time, I am not really convinced there will be enough bulls stepping in this time. The way we are trading into the level is not exactly how you usually try to 'trap' some bears before a bull move. Smells bearish. Especially that D1 chart doesnt look too bullish imo However, it's just my view on the cable
Neytiri
{quote} I didn't want to say in my post that small pin bars or fake outs aren't profitable. Just that they have high variance. At least for me. The high variance was one of the main things I quitted playing poker. I hated to go all in with AK or JJ even though I knew they were profitable. If you have a strategy with win rate between 50-60% with 1:1 RR you will have high variance even though the strategy is profitable (you may even be a loser after a lot of trades even though your strategy is profitable). If you have a strategy that wins 75% of time...
- #130,891
- May 14, 2014 3:44am May 14, 2014 3:44am
- | Joined May 2010 | Status: Trader | 1,100 Posts
UPDATE:
Take care
Dan
{quote} UPDATE: Chart below Mike, anyone else in this ? {image} Take care Dan
{quote} Two other levels to watch for on the same pair. I wouldnt bother with the top level since its against the trend. levels are also the top and bottom of a box that mike talks about. {image} Pretty simple potential setup .. {image}
Take care
Dan
- #130,892
- May 14, 2014 5:53am May 14, 2014 5:53am
- | Joined May 2010 | Status: Trader | 1,100 Posts
Does anyone know how to get rid of these info boxes that pop up whever you hold the cursor over an object or price bar ?
- #130,893
- May 14, 2014 7:19am May 14, 2014 7:19am
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
{quote} If I have this tracked correctly, 171.03 is my next target short. I have been in and out of this one a couple of times already. Flat now and will be looking short again if I can get positioned smartly around 171.90 before the next drop. K.I.S.S.{image}
K.I.S.S.
- #130,895
- May 14, 2014 10:43am May 14, 2014 10:43am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
lots of good charts to watch
here is a few of the usd pairs that are on my watch list as well as Dan I have been watching the aud/nzd same way for ages so refer to his as it's picture perfect
usd/chf is just opposite of the euro but same idea
I like these to look for breakouts but we could remain contained too, you gotta let PA show the way
Also someone on the PF today asked for a mini cheat sheet of breakout patterns. Their are more variations but this is a quick one I drew. Arrows indicate the ways i'll look for a breakout , some i'll look both ways. Figured i'd post here as well
it's a paint style drawing but it's official!
here is a few of the usd pairs that are on my watch list as well as Dan I have been watching the aud/nzd same way for ages so refer to his as it's picture perfect
usd/chf is just opposite of the euro but same idea
I like these to look for breakouts but we could remain contained too, you gotta let PA show the way
Also someone on the PF today asked for a mini cheat sheet of breakout patterns. Their are more variations but this is a quick one I drew. Arrows indicate the ways i'll look for a breakout , some i'll look both ways. Figured i'd post here as well
it's a paint style drawing but it's official!
- #130,896
- May 14, 2014 10:57am May 14, 2014 10:57am
- | Joined Feb 2011 | Status: Aspiring J16 trader | 343 Posts
Hey,
I've been looking for stocks last weekend again and found this one (MIG).
I'd be looking for a pullback to RN $6(.02) to enter long with a SL at $5.20, targeting $7.35.
Anyone see this one, passed on it, with me here?
Happy trading
W
I've been looking for stocks last weekend again and found this one (MIG).
I'd be looking for a pullback to RN $6(.02) to enter long with a SL at $5.20, targeting $7.35.
Anyone see this one, passed on it, with me here?
Happy trading
W
It's a sport, an artform and a science.
- #130,899
- May 14, 2014 6:23pm May 14, 2014 6:23pm
- | Joined Feb 2011 | Status: Aspiring J16 trader | 343 Posts
Hi guys, I was wondering what everyone thinks of the 4hr/ Now daily BUOB formed on the EURGBP. Looks like we have a weekly pin forming at 0.8150 area support as well to confirm the confluence. I took a small buy position on the break of the 4hr BUOB. Any thoughts on this set up?
It's a sport, an artform and a science.
- #130,900
- May 14, 2014 8:24pm May 14, 2014 8:24pm
Hi guys, I was wondering what everyone thinks of the 4hr/ Now daily BUOB formed on the EURGBP. Looks like we have a weekly pin forming at 0.8150 area support as well to confirm the confluence. I took a small buy position on the break of the 4hr BUOB. Any thoughts on this set up?
There is a very obvious target to me, at which point if not a full take profit, BE or most of risk reduced would be a must in my book. It really is a perfectly formed outside bar.
