@Ghous: Is it pronounced like this: Qutb and Ghous

I guess the "Gh" sounds like the german "ch", which sounds like a very soft "rrrr" or the spanish J in Jos?.

Back to topic... Here is a trade I am in: AUDCHF BUOB on weekly. Not a beauty, I know. And something I am far from being proud of.
I entered @ 1.0050 and missed to go to BE after price has been @ 1.0070. In hindsight this was a bad decision:
Price is not only lingering around the VBRN (instead of clearly breaking it) it is also at the upper channel on the weekly. After realizing what I've done I put my SL from under 1.0000 to 1.0015. So I don't give it up yet but am very sceptical that it will be the rocket that I thought it to be in the beginning.

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Ten minutes before the bar closed I thought about it. Back then it seemed like a possible 8h PB. But the price managed to close higher and spoiled the fancy pinbar look (at least on my chart). On the 1h it even formed a very nice long nose bullish PB.

Of course we could be at the end of the weekly uptrend. But who knows, maybe we will see another upwards breakout out of the flag we're in. The pinbar-like bar that's forming on the weekly and bounces off the TL could be a hint for that.

I want to emphasize that I'm a not an advanced trader. I still got my diapers on in terms of James16 trading. So maybe I am missing something.

Great post and great examples. I learned a lot from your post. Thank you very much!

Just a review...

Yesterday I feel in love with a PB on daily NZDCHF:

• @ swing high
• @ upper intermediate channel TL (yellow line)
• below 1.7900
• bearish divergence

Still it was a countertrend trade after a very steep up move and, as one can clearly see, selling on friday and ends of month seems not as reliable as on other days. Furthermore BRN 1.8000 may act as magnet for price.

Have a great week!
Hans

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Hey nuclear,

AUDCHF was another one I watched. Did not work out for me neither, since I overrated the profit taking on friday - so I got out at BE. But in my opinion it did what it was supposed to do: broke the BEOB and moved to FTA (see the gap @ April 11th). In hindsight I should have passed it due to traffic. Another reminder for being more picky.

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Thanks for your motivating words! The pleasant feeling from being stopped out at BE and knowing WHY it happened greatly exceeds the one from any hit-or-miss high-profitable trade I ever had. It's great to be here.

I see. I think I have to dig deeper into the MACD and divergence. Thanks for your advise.


Dan, do you mean the IB?23? It is a sunday bar. Do you take these into account or just those that fall in place with e.g. BRN?

After watching Mike's fabulous video seminars in the J16 guest section I tried to find some of those breakout trades he shows. Yesterday there was one on EURGBP when price broke the downside of a nice symmetrical triangle (maybe you want to comment on my analysis, Mike?). Though I did not trade it.

Price showed some weakness/indecision at that lower triangle line in the past view days. On the 1h chart you can see a retrace to the triangle line after the breakout (DBHLC on 4h) and a nice PB signal (long protruding nose). That said there were some recent lows and the next RN 68.00 in the way. Furthermore a major PPZ. So I guess it would be better to pass or babysit such a trade.

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+1. And thank you all for making those great video seminars available!