Hi. What do you think about this inside bar, EURUSD, Weekly
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james16 Chart Thread
- #139,582
- Aug 31, 2016 12:40pm Aug 31, 2016 12:40pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
- #139,585
- Sep 1, 2016 7:49am Sep 1, 2016 7:49am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Well, finally it took of. Daily BUOB - SL at BE. Bought at retrace. Waiting was long, retrace was deep. I don't like such a trade.I was prepared to exit, if it would broke under the lower PPZ marked in picture. James {image}
beauty James, you gotta be real patient in this markets
Hopefully september breaks us out with some better volatility(notoriously the case but we need it
)
- #139,587
- Sep 1, 2016 10:05am Sep 1, 2016 10:05am
{quote} beauty James, you gotta be real patient in this markets Hopefully september breaks us out with some better volatility(notoriously the case but we need it
Do you check USD index (DXY) before taking a trade that involves the USD ?
Thanks !
Trade Smart
- #139,591
- Sep 1, 2016 5:16pm Sep 1, 2016 5:16pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
{quote} Hi ! Do you check USD index (DXY) before taking a trade that involves the USD ? Thanks !
How are you
No I don't do that. I don't really watch other instruments like that to time the market. I'll watch for example the SP500 and Dow together, or yen pairs together(sometimes). But in general I always do better when I isolate my opinion to the single market. Although sometimes the overlap is hard to avoid
Best
Mike
- #139,593
- Sep 2, 2016 9:20am Sep 2, 2016 9:20am
{quote} i've gone ahead and locked in profit on that daily beob now. Notice price pulled back to the daily TL, that's my 'line in the sand'. So had you sold the beob you should sell around there / use that area for trade mgmt in my opinion. Again although my entry was earlier I use the same techniques for entries/trade mgmt . I think that's where a lot of people lose consistency cause they don't really formulate plans. So some trades work, some trades don't but ultimately to find success it's more about consistency (assuming you've found an edge)...
But just a clarification, you did not enter on the break of the BEOB bar? You entered based in the "trendline" retrace and TP at the end of the BEOB. Those who had entered on the break probably have a huge drawdown by now due to the false break.
I, for one, entered at the 23.6 region and held on, carrying a heavy drawdown.
- #139,594
- Sep 2, 2016 10:43am Sep 2, 2016 10:43am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
{quote} Thanks very much for that mbqb11. But just a clarification, you did not enter on the break of the BEOB bar? You entered based in the "trendline" retrace and TP at the end of the BEOB. Those who had entered on the break probably have a huge drawdown by now due to the false break. I, for one, entered at the 23.6 region and held on, carrying a heavy drawdown.
Hey F
Your drawdown should have been very limited on this one. Although i didn't enter the beob since I was already short, if I did take this trade your entry would be on the open sunday or a slight pullback to the TL. Again we always want to enter as close to that confluence as possible see my article below. The next day price pulled back to the TL and then broke DOWN again under the lows. At that point your stop should go above those highs. That is because that is the confluenced area holding, if price doesn't hold there you want to jump out
So if you are like me and start with your stop above the bar, then moved it to above those highs you are taking a SUPER tiny loss.
I explain this in more detail here too abstractly
https://www.james16group.us/wp/pract...-forex-traders
Hope that helps!
Mike
{quote} Привет! Думаю тоже вниз, ибо откатило норм, сейчас вниз до сотки.но может и развод толпы идет, как...
@RussianBoss
i know it's late but i wouldn't trade that pinbar because:
1. i consider that pinbar too small
2. i think USD/JPY is in a box and pinbar was formed at the midpoint of the box; i only want to take a trade from the top or the bottom of the box
