'Fail to plan, plan to fail'
james16 Chart Thread
- #138,561
- Feb 15, 2016 3:37pm Feb 15, 2016 3:37pm
- Joined May 2011 | Status: Trader | 1,265 Posts
'Fail to plan, plan to fail'
- #138,562
- Feb 15, 2016 4:07pm Feb 15, 2016 4:07pm
Now have a BUOB on the 1hr at ppz, maybe it won't retrace any further on the Daily bar and it might make progress North. Though notice price still hasn't closed above the ppz area at the pink rectangle. i wouldn't want to be taking any trades in this area now until breaks up or down.
- #138,563
- Feb 15, 2016 4:54pm Feb 15, 2016 4:54pm
- Joined May 2011 | Status: Trader | 1,265 Posts
'Fail to plan, plan to fail'
- #138,569
- Feb 16, 2016 2:18am Feb 16, 2016 2:18am
{quote} EDIT2: NZD/JPY - Price dropped sharply at the NZ retail sales figures news. After being up 100 pips JUST before the news, it returned 40 pip trailing stop profit only. AUD/SGD - Still in. Slow and steady wins the race, don't they say hehe. Otherwise, i can't find anything worth trading!? Anybody got anything? Looks like i got to put my patient hat on... {image}
I entered a short position on CHFPJY yesterday when last week closed below 117 RN / strong resistance level / Jarroo's Weekly lowest close of support (LCS).
Entry on retest by 116.25, SL initially above the bar that broke now risk almost to BE.
(thin brown line is a D1 LCS that does not want to be broken so far...)
Same reasoning on GBPJPY, except that I first removed by sell limit when I saw a H4 BEOB - then cancelled that order as well when the BEOB failed to break.
Finally re-entered a few minutes ago when price retested 165.25 / 135.50.
Now patiently waiting for price to move somewhere - yesterday was quite low...
First targets are the previous bars low for each trade, then I will try and get some larger move - if price is willing to go further down
Slow & steady
- #138,570
- Feb 16, 2016 3:18am Feb 16, 2016 3:18am
{quote} Hi Bill, I entered a short position on CHFPJY yesterday when last week closed below 117 RN / strong resistance level / Jarroo's Weekly lowest close of support (LCS). Entry on retest by 116.25, SL initially above the bar that broke now risk almost to BE. {image} {image} (thin brown line is a D1 LCS that does not want to be broken so far...) Same reasoning on GBPJPY, except that I first removed by sell limit when I saw a H4 BEOB - then cancelled that order as well when the BEOB failed to break. Finally re-entered a few minutes ago when price...
- #138,572
- Feb 16, 2016 4:39am Feb 16, 2016 4:39am
{quote} Gives me something to study. Thanks PP
In the case of these two trades, the most interesting part was indeed the fact that these levels were clear strong support areas that lined up with higher time frame candle close.
If you look at Jarroos posts, he further assess the validity of the level once broken by verifying whether lower time frames (H4, H1, and lower for strongest levels) candles failed at closing above (in the case of support level broken and turning resistance) or below (vice versa: resistance level turning support). If a H4 candle close above a support level that should hold as resistance, then it may be an indication that this resistance is weak and you'd better get out before a full bar loss.
Dont know if I wrote that clearly, i'm a bit in a mess today...
Slow & steady
- #138,573
- Feb 16, 2016 4:47am Feb 16, 2016 4:47am
- Joined May 2011 | Status: Trader | 1,265 Posts
{image}USD/JPY H1 BEOVB. Expecing trouble around 114.00. See how she goes.
'Fail to plan, plan to fail'
