{image} Am I seeing this 'right'? (in regards to the box mostly) The Plan is posted in my journal.
james16 Chart Thread
- #130,901
- May 14, 2014 8:41pm May 14, 2014 8:41pm
- #130,903
- May 15, 2014 4:26am May 15, 2014 4:26am
When is an Outside Bar not an Outside Bar?
GBPNZD - The first chart is the daily with an upward trend line which is hit multiple times and holds as support (price cannot close below it) - until the last bar, which we'll come to in the second chart which is the 4hr.
The 4 hr chart: We have two outside bars OB1 and OB2, OB1 broke through the daily trendline and reversed immediately, OB2 broke the trendline and is a runner. The differences between the bars are probably clear to J16 followers, but for the newer people it shows the power of confluence and patience.
1. The daily trendline, when OB1 breaks it price hasn't been there for a long while, in fact it is barely a trendline, when OB2 breaks it we've had two more confirmations that the trendline is a strong support area. (The white boxes on the daily chart), to have a touch just before the break is a great sign.
2. Consolidation, at OB2 price has created a little box of consolidation which it also breaks, this is there due to 3.
3. Big Round Number, the 1.95, not just a BRN but one which has shown it can flip price, look at the flips on the 4 hr chart. OB2 breaks it and closes below, there are also two bars just before which could not close above either.
Daily chart
4HR chart
GBPNZD - The first chart is the daily with an upward trend line which is hit multiple times and holds as support (price cannot close below it) - until the last bar, which we'll come to in the second chart which is the 4hr.
The 4 hr chart: We have two outside bars OB1 and OB2, OB1 broke through the daily trendline and reversed immediately, OB2 broke the trendline and is a runner. The differences between the bars are probably clear to J16 followers, but for the newer people it shows the power of confluence and patience.
1. The daily trendline, when OB1 breaks it price hasn't been there for a long while, in fact it is barely a trendline, when OB2 breaks it we've had two more confirmations that the trendline is a strong support area. (The white boxes on the daily chart), to have a touch just before the break is a great sign.
2. Consolidation, at OB2 price has created a little box of consolidation which it also breaks, this is there due to 3.
3. Big Round Number, the 1.95, not just a BRN but one which has shown it can flip price, look at the flips on the 4 hr chart. OB2 breaks it and closes below, there are also two bars just before which could not close above either.
Daily chart
4HR chart
- #130,904
- May 15, 2014 6:05am May 15, 2014 6:05am
- | Joined May 2010 | Status: Trader | 1,100 Posts
When is an Outside Bar not an Outside Bar? GBPNZD - The first chart is the daily with an upward trend line which is hit multiple times and holds as support (price cannot close below it) - until the last bar, which we'll come to in the second chart which is the 4hr. The 4 hr chart: We have two outside bars OB1 and OB2, OB1 broke through the daily trendline and reversed immediately, OB2 broke the trendline and is a runner. The differences between the bars are probably clear to J16 followers, but for the newer people it shows the power of confluence...
To me that OB2 happened irrespective of that 'trendline' (as in that trendline cant really be considered a trendline)
Take care
Dan
- #130,905
- May 15, 2014 6:42am May 15, 2014 6:42am
- Joined Mar 2009 | Status: Trader | 25,480 Posts
{quote} Is a trendline really a trendline if its been previously invalidated ... To me that OB2 happened irrespective of that 'trendline' (as in that trendline cant really be considered a trendline) {image} Take care Dan
Sorry for the cross link here guys but I didn't want to recreate it. If the link is out of line please let me know and I'll promptly remove it.
http://www.forexfactory.com/showthre...77#post7465777
Ghost Rider - WWTBMD?
Hello. A long time I was not here, and even miss everyone you.
The last two months I have been analyzing their transactions and realized that I am having big problems with the introduction of transactions. Inputs for many couples were good, but yields are very sad
Sometimes the yield was very early, and sometimes sits out of the deal and the winner turned into a loser. 
I would like that you would let me know how you deal with?
Sorry for my english. Google translated.
The last two months I have been analyzing their transactions and realized that I am having big problems with the introduction of transactions. Inputs for many couples were good, but yields are very sad
Sometimes the yield was very early, and sometimes sits out of the deal and the winner turned into a loser. I would like that you would let me know how you deal with?
Sorry for my english. Google translated.
It's only after we've lost everything that we're free to do anything.
- #130,914
- Edited 9:57pm May 15, 2014 9:41pm | Edited 9:57pm
For this one, what should i do next? {image}
I was stopped out for a loss at the retest of 1.5000. My intention was to try to trail to 1.4500 and take profit there, which is close. Zooming out and looking at how this pair seems to really like the 1.4500 and 1.5000 BRNs, I would personally be inclined to TP near 1.4500.
I think this pair shows perfectly why we need to look at the boxes Mike teaches. The current PA entry looks almost identical to me to the entry PA in box 2.....
Didn't really answer your question, but looks like you have profit locked in so you are in great shape on this one !!
- #130,915
- May 15, 2014 9:53pm May 15, 2014 9:53pm
Hi Leopower, Am looking at the same pair - EU for possible BUY tomorrow, let me hope she can continue to play around 1.37000. That PB at Support, With Trend, Big Round Number looks good. Maybe another Fakey in the making. Waiting for daily close. Good luck {image}
....The space to me still looks lower. I considered taking profit yesterday once the TL PPZ was respected, but decided the upside potential of the further move down was worth giving back some back. I tightened my stop to 5p above Wednesday's high....it held once, let's see if it will hold again.
- #130,918
- May 16, 2014 5:28am May 16, 2014 5:28am
- | Joined May 2010 | Status: Trader | 1,100 Posts
UPDATE: {quote} {image} {quote} {image} Take care Dan
Price closed below BRN and looks to continue to the downside. Marked potential areas for trade management.
