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james16 Chart Thread
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Apr 6, 2010 8:10am
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Quote:
Originally Posted by printer69
Nasir,
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you know what I have learned more while studying how to trade fx and what a pinbar is?
...to set up my study plan in a logical way and to find my way to deal with this!
...
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The day you realized your true accomplishments lay beyond recognizing what a pin bar is...you understood what the real deal is...and hence you would have understood exactly what is required to "make it" in this business.
Provision of ample time to absorb and apply knowledge is certainly one of the "essential" and yielding initial investments.
Keep it up dude!
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 6, 2010 10:59am
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Quote:
Originally Posted by Atc
I can't thank you all enough for this wonderful thread....I have learned so much and appreciate the professionalism that is carried throughout your posts as well as the joking from time to time.
I have read the first few hundred pages and most recent threads and it has been very rewarding.
Further, I have utilized methods/approaches/instruction and integrating it with my prior knowledge with the markets and it has been most beneficial.
I apologize for not "coming out of the weeds sooner," but I hate to write and wanted...
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Hey Bill.
Glad you are enjoying it.
Welcome home!
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 7, 2010 5:38am
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Quote:
Originally Posted by neutro
This thing troubles me. From time to time (and it's not rare that this happens), when I place an order on my platform, I get the window below. Order is accepted but it doesn't get into the market.
After a couple of minutes, it says "Off quotes" and it cancels my order. And it's not a market order, i try to modify a SL.
Anyone know what's happening? It's the n-th time that this happens, but I'm glad it's only on demo, 'cause it would suck otherwise.
The broker is FxOpen.
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Fxopen has been having problems lately, you can always shift to another mt4 feed such a fxpro etc...I am assuming it's demo you are talking about.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 7, 2010 5:49am
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Quote:
Originally Posted by chartergas
attached is the daily on GBPUSD a pin bar has formed on previous day - so i could go long 10 points above the pinbar. pinbar also was extremely close to the 38 on fibo,
also the price is close to the support level of the past 12months and the rsistance is a long way off for the past 12 months.
so i have a daily pin bar -38% fibo retracement and support and resistance
any comments would be appreciated.
yes im a newbie and i have been reading this tread - up to page 60 only 3000 more to read!
thanks in advance
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You identified the deficiencies well.
It may not be a great take long, but in my book was a good short trade. I played it as a bearish IPB...and got out with a BE.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 7, 2010 2:35pm
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Quote:
Originally Posted by unlv_tj
Ghous,
I passed on the GBPUSD Daily IPB, it was damn tempting. Location was pretty good, closing below the 1.5300 number, and at a small swing high. Also RSI 6 divergence.
Could you give a slight overview of what made you take this trade, and your original SL and TP? I think I have an idea, I just want to double check the ideas in my head.
Thank you!
T.J.
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Hey T.J!
1.53, a dominant downtrend, double top, a nice bearish looking IPB...all got me in.
I haven't modified the way I trade my IPB's so the entry was at the close of the bar with an initial SL 10 pips above the bar high. Moved my stop to BE when price moved 30 pips in my favor (I am more cautious with IPB trades compared with the other setups I take) and got out at BE when price pulled back. My TP as always was the IPB low...
Seems it worked out pretty well except that it disagreed to take me along with it  lol
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 7, 2010 2:55pm
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Quote:
Originally Posted by unlv_tj
Thank you Ghous, I would have had much the same plan, but I think I was being too picky to pass on it. Just back from vacation in Washington DC and I gotta get my mind right again.
Thanks!
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You don't have to regret not trading this setup TJ. Wasn't the sweetest IPB ever so a pass would earn equal respect from me. It really has to do with what you feel comfortable taking. Sometimes I'll pass on an obvious setup just because "something doesn't feel right", I might not even know what that thing is and honestly I don't even care.
Trading is an instinctive art. If I am staring at a setup wondering what to do with it 99% of the times I'll talk myself out of the trade. Needless to say it will mostly take you a glimpse of the setup to get a good idea of it's worth...there comes a time when even confluence indicators come only second.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 7, 2010 10:34pm
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Quote:
Originally Posted by nasir.khan
Does that feel right Ghous? 
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I would pass on that. I like my IPBs to give me a signal of a halt, either by leaving a small wick or by closing on the side my trade will be on (a bullish close on a bullish IPB and vice versa) or both. And then again if this happens at an important location such as at a BRN, you have a real good chance at it.
In my book Ej's not a tradable IPB in terms of bar shape and also because of the poor location it is sitting on.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 7, 2010 10:39pm
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you had your break Jim. 
__________________
 - "It is dirt simple folks." <--> James16
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Apr 7, 2010 10:56pm
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Quote:
Originally Posted by jarroo
Bullish IPB. I didn't take it, but it fun to see these work. A deeper swing low would have been nicer.
Location and structure are very important.
Thanks ghous.

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__________________
 - "It is dirt simple folks." <--> James16
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Apr 7, 2010 11:08pm
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Quote:
Originally Posted by jarroo
Your Daily GU bearish IPB is still in play my friend. S/L looks safe and untouchable. Nothing wrong with a break even trade. 
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oh never mind, I have new problems that have replaced old ones. We had another IPB on GU and this one I wanted to take as my first 2day IPB ( we had one earlier on the Eur/Aud that did work out nicely)but missed it, still have a sell limit so if price can look to pull back before it drops I have a chance...sheesh...lol
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 8, 2010 7:00am
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Quote:
Originally Posted by nasir.khan
Of course not tradeable(is that a word?) now.
but when i posted it i thought it could close some 15 pips up.
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It's not a word but serves the purpose nevertheless  lol
__________________
 - "It is dirt simple folks." <--> James16
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Apr 8, 2010 7:02am
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Quote:
Originally Posted by ertorque
Hey Ghous,
I see some discussion on IPB on charts posted lately. This made me study thoroughly your post on IPB introduction which I had stored in my T0-READ folder a long time ago.
I just wanna say good job there  (although it has been more than a year already). The psychology that the IPB paints makes good sense.
Will add this to my arsenal of PA.
By the way, please check to see if the word "bears" in BOLD should read BULL or not? I think it is an typo error.
CY
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Hi there,
Good observation, it's a typo. will fix it...
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 8, 2010 7:21am
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Quote:
Originally Posted by ertorque
Hey Ghous,
Just wondering about the psychology involved in pin bars (or their variants)
Would you agree that the bar on the right (zoomed-in chart) is more bullish than the IPB on the left chart (let's assume both are in the exact same location). If so, could such bars be played as well as bullish PAs u think? Maybe also with entry at close and SL at the end of the long wick in this example?
P/s: Gentlemen of J16 thread, I know this is a bit off-topic but please bear with me.........
CY
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A bullish pin bar and bullish IPB represent the same mass psychology.
When the trend is down, and a BEB fails to close as is and instead closes higher near it's open we look at it is a pin bar, it's important to us as price action traders because it hints us to a possible reversal (depending of course on the overall location) or a stall in the trend that can be skinned for $$$.
A bullish IPB posses similar logic. When the trend is up and price fails to make a high significantly higher...or better still...it fails to make a high any higher than the previous bar's high and instead travels below it's open as a BEB but then near the end of the day ends up closing near it's open, it get's the shape of an IPB, which shows that "although the bulls were able to defend their title, it was the first time in X bars that they were seriously challenged"...that challenge on the chart is nothing but the longer wick of an IPB.
I really don't want you to look at it as "pin bars vs IPBs" because they're really on the same side...in this context both highlighted bars on your chart are bullish enough, but as Nasir said I would go with the IPB as the pin bar really wasn't all that authoritative. (small nose)
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 8, 2010 7:29am
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side by side IPBs
For those of you who follow IPBs Gu daily today gave the second example in recent times of 2 side by side IPBs working out just as well as a single IPB.
The first was on Eur/Aud daily a few months back.
Location I am sure was the prime factor behind both these setups and their positive results.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 8, 2010 7:32am
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Quote:
Originally Posted by 4X=0
USDCAD
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A beauty! 
__________________
 - "It is dirt simple folks." <--> James16
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Apr 8, 2010 11:10pm
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Quote:
Originally Posted by mike w
Damn, 26! Need a new hip yet? haha I'm just playing brother. Time does fly my man.
Yeah, Benji and the crew stole all our thunder Mike. bastids....  hah
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 lol
__________________
 - "It is dirt simple folks." <--> James16
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Apr 8, 2010 11:25pm
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Quote:
Originally Posted by ppfx
ghous, since you're the master of IPBs (we could call them ghous bars like the Dale doubles  ) , what do you think about the IPB on gold IF its going to close like this? imo it has good chances to go to 1140.00 at least...
it would be nice to see it go like the one on oil from just a few days ago... i know that that one on oil had more space so it was more tradeable (hope that you dont mind if i use your word nassir  )
Attachment 453880 Attachment 453888
Attachment 453881
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Hey PPfx,
A question to you here. Would you ever trade this as a pin bar at a swing low or at any other favorable bullish location?
What you must not forget is that IPBs are basically pin bar setups. So for a bar to qualify as an IPB it must first qualify as a tradeable (Nasir's rights reserved) pin bar by virtue of it's shape.
Both the bars you highlighted are mere indecision bars frequently refereed to as Dojis...you want one wick to extend far more than the other to give it that "pin barish" look.
To answer your question I wouldn't trade these for the reasons mentioned above. Gold's just poked 1140 BRN and might as a pullback to it help your bar work out but then clearly the risk on this one is beyond my appetite.
cheers.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 8, 2010 11:34pm
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Quote:
Originally Posted by nasir.khan
Ghous i was searching your IPB posts but i can't see you stating the exact size you need for an IPB comparing to it's previous bar. or is it discretionary (feeling)???
Looking at OIL daily, The size is pretty small but still the upper wick also is pretty long. There are also side to side IPB's in 4h.
P.S: How do you trade Daily bars. I mean the daily bar close very late here in our country. Do u stay awake for it?
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I am the conventional type Nasir. I sleep early and then wake up early at about 5-6 am in the morning, take/manage trades and then go back to bed if uni's late that day or else I just take my bath and head for uni.
Abt the size of IPBs, I like'em long and big just like you'd like a pin bar. However I don't look for the longer wick to exceed the previous bar but then the IPB itself needs to be considerably large compared to the bars prior to it.
As a classic example look at the daily gold bar and compare it with the aud/chf weekly IPB I described in my "intro to IPBs" post.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 8, 2010 11:36pm
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Quote:
Originally Posted by cprao
Does this mean, in line with EUR/AUD, GU is heading down ?
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I am not hinting towards any correlation. Just saying that this was the second occasion where 2 side by side recent IPBs worked out the way I wanted them to,
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 8, 2010 11:39pm
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Quote:
Originally Posted by mbqb11
unreal stuff, 9 months in I was dripping a sandwich on my keyboard and buying or selling where the mustard landed
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You daymaker!!

__________________
 - "It is dirt simple folks." <--> James16
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Apr 9, 2010 12:16am
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Quote:
Originally Posted by cprao
Thanks for the reply. Does 2 IPB's at a good location makes the case more stronger for a price movement in the direction of the bar instead of one pin bar ?
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Not necessarily. A good strong IPB allows price to break through the end of it's longer wick, and continue on hence doing the job of a true reversal bar. If price get's rejected off the longer wick it may then form another IPB which can also be taken but do you see why this second trade is less valid than the first? Consider the case where a third IPB occurs beside 2 others. Would this be a good hint of where price is directed...probably no.
I am still in the process of forward testing side by side IPBs and as it is they are very rare...will keep you guys posted.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 9, 2010 6:25am
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Quote:
Originally Posted by Dhb
Interesting discussion about central bank intervention.
As far as the power of the SNB to keep CHF low is concerned, its possibilities to intervene are theoretically limitless. Demand for CHF is causing upward pressure. The SNB can print money, so theoretically, it can supply limitless CHF to keep it from appreciating too much.
Earlier, someone mentioned Soros and the BoE. The failure of the BoE to keep GBP in the bandwidth of the Exchange Rate Mechanism (ERM), was due to excessive downward pressure, or supply of GBP, not upward pressure, as is...
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Printing of money isn't as rosy a solution as it first appears to be. Satisfying the demand for CHF by merely printing money is sure to cause inflationary pressures.
The ability of SNB to control the value of CHF is and will always be limited.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 9, 2010 12:29pm
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Quote:
Originally Posted by ertorque
Made 2 IPB trades on the NZDCHF and EURCHF. The former did not trigger (I cancelled the order when things went opposite) but got stopped out in the latter.
I guess on hindsight there was no confluence to play the EURCHF whereas in the NZDCHF there is at least the PPZ acting as a confluence factor.
Well, need to move on..............
CY
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Hey Erotorque,
None of these come close to a tradeable IPB for me, by definition maybe they are IPBs but then we don't trade to trade. We trade to win.
Eur/Nzd was nothing but a small IB indicating halt. When going against a 7000 pip 2 year old down trend you want a much stronger signal.
Nzd/Chf was probably better than Eur/Nzd but again if you zoom out you would see what price has been looking to do the entire time, and you get a feeling today it was able to do just that. Notice how during the past few months your ppz has been tested. If a level is strong price won't bother hanging around it for an extended period, it likes to move away from it and never return. The IPB you traded on the pair was off the 11th touch of the ppz within 5 months. Combine this mediocrity with the bar shape and you have enough reasons to confidently sit this one out.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 9, 2010 12:30pm
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Quote:
Originally Posted by nasir.khan
I think i got it.
Just turn your IPB to 180 degrees and if qualifies as a PB you can take it.Right?
Conventional type huh.
I think conventional type are ones like me who sleep late and woke up late. 
You are kind of a special one. lol
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Yeah right. (To the first part of your post  )
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 9, 2010 12:31pm
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Quote:
Originally Posted by Jduester
These look more like IBs to me. I haven't followed closely, did Ghous comment on those IPBs? I always thought it best for them to break the extreme of the prior bar, then close within it. Might be something to consider. Or I could be way off here
From an IB standpoint, they look good - with trend, good break.
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Exactly! 
__________________
 - "It is dirt simple folks." <--> James16
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Apr 9, 2010 12:36pm
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Quote:
Originally Posted by ppfx
i see thanks for enlightening me
i have another question. so the IPB i have marked below on the UC weekly would be a very good one? ( i shorted a little the upper nose, cause before it was quite long and it would clasify as a good ipb regarding of what you have stated before - i wanted to make it as a school example  )
edit: forgot to add it on a chart the first trouble area would have been around 1.0500
Attachment 454840
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Probably the best of all IPB setups on higher time frames in recent times.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 9, 2010 12:52pm
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Couple of cherries.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 9, 2010 12:54pm
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Quote:
Originally Posted by Nawry
IF it will close as pin(lower close) I will be in. Anybody watching this?
+ massive trend down
+ off BRN
+ 50% ret.
+ FTA about 50pips away
+ swing high?
- nose could be longer
- maybe someone can point some more, i can't..
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Mighty interesting I must say...
 ...
__________________
 - "It is dirt simple folks." <--> James16
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Apr 9, 2010 2:28pm
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Quote:
Originally Posted by ertorque
Hey Ghous,
Now you got me confused  .
While I agree with your diagnosis of the Eur/Nzd, for Nzd/Chf I don't understand what you meant by "level is strong price won't bother hanging around it for an extended period". The PPZ level we drew is respected 11 times as you said and therefore today I see no reason why it will not. The thing is the trade is not made based on feelings, it is based on the presence of the bearish IPB signalling that the short upswing may have lost its momentum. So coupled with the fact that it is loosing steam at...
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What did you do the first time you saw a flame burning? This was back when you were crawling on your knees with your fingers in a drooling mouth. You probably touched it burned your finger and learned that touching the glowing flame is bad because it leaves you with uncomfortable pain.
When price get's beaten up at a pivot zone (a BRN or another confluence zone) it likes to move away from it, mostly after a quick single retest of the level. When price "hangs" about an important pivot zone this is usually a good signal that the orders waiting at this level are not big enough to make price really move or rather the big players haven't (yet) shown interest in throwing in their large orders.
In this particular context the location of nzd/Chf was mediocre,
Regarding the shape look at the chart below...had the IPB been like this it probably would have overcome the first test of "bar shape" in my book.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 9, 2010 2:31pm
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Quote:
Originally Posted by antgal23
Hi Ghous
you just saved my sanity!
im still in beginner mode , had spotted your cherries and saved the pics for the folder but was wondering why nobody had them mentioned here
what is your take on trading pbs not at a swh or swl?
cheers
Anthony
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If not at swing highs and swing lows I like them at highly confluenced zones defined by moving averages, fibs and BRNs/PPZs.
Shoot any specific questions you might have.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 9, 2010 2:40pm
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Quote:
Originally Posted by jspeakman
Hi
Passed on EU/USD because I thought bar lows/highs around 13400 might be a problem. Not sufficient to worry about I guess,
Thanks
J
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Your concern was legitimate. I was watching that level like a hawk, was ready to kill the trade for a small loss/profit if price found trouble breaking it. But then as you might have noticed price never looked back once it broke the PB high, which kept me in the trade.
Another important reason I took this one was that it had a clear trouble area of 1.35 it could have expected to be heading for. It might not appear so but a clear target close by a valid setup is as good a point to be considered as any confluence factor.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 9, 2010 11:07pm
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Quote:
Originally Posted by antgal23
Hi Ghous
how do use ma s to help you decide if the pb is worth taking on?
Anthony
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They can be used as confluence elements Anthony. When they line up with fibs and ppzs the pivot zone becomes even more strong.
I don't use them a lot, I just throw them in once in a while to see where they are...they aren't a permanent feature on my charts.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 11, 2010 12:00am
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Quote:
Originally Posted by jarroo
The same with the Nzd/ Chf. They may look like an IPB, but they are Inside Bars by any definition. Many IBs look like a PB, IPB or a doji or whatever.
A structurely sound IPB needs to have a long nose like a PB but the head needs to have its wick stick out a bit above/below the previous bar. Preferably sticking into a strong confluenced area or strong PPZ level, of course....
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Thanks Jim. 
__________________
 - "It is dirt simple folks." <--> James16
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Apr 11, 2010 12:07am
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Quote:
Originally Posted by ertorque
Hey Jaroo, SChoas,
For the sake of "correctness", would like to clarify something here about the need to have an IPB's short wick stick out a bit. According to Ghous in his post below, the preferable scenario would be having the wick NOT protruding out from the previous bar.
In his attempt to explain the BEARISH IPB (in an upswing), he says (see bold). This means the wick ie the high of the IPB is prefered not be higher than the previous bar (it could be higher but only if a little higher).
And vice versa for the BULLISH IPB,...
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There are no hard and fast rules as to whether an IPB should or should not protrude a wick outside the previous bar. I.e an IPB need not necessarily be an IB also.
I like'm when the shorter wick stays inside the high/low of the previous bar and that's because my stop get's added protection from 2 bar highs/lows. One from the IPB and the other from the bar just before it. (look at the chart below or a visual).
But then obviously if the shorter wick does poke out of the range of the previous bar the setup isn't invalid. It may not even be any less valid than one where the IPB shorter wick stays inside the range.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 11, 2010 12:12am
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Quote:
Originally Posted by g_j_hook@yah
hi everyone, i thought i would give an unbiased explanation of the IPBs as they are in discussion.
the point i think Jarro was making was the an IPB which DOESNT stick out above the previous bar is by definition an IB, and as IBs can be any shape even an IPB is still also an IB by definition. What makes an IPB...
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Good post John,
The way I trade them is aggressive in the sense that there is no "buffer" for my entries...I enter at the close of the bar. This is one reason why I always tell people to be extremely careful in trading these, tight stops and no buffers means more risk in addition to more profits.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 11, 2010 12:16am
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Quote:
Originally Posted by cprao
If this is a good IPB, what should be my conservattive entry points ?
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That it just a pin bar, for an IPB it has to have a long tail in the opposite direction of the current trend. I.e A long to the downside in an up trend and a long nose to the upside in a down trend...look through the last few pages for specific examples of the IPB.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 11, 2010 12:19am
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Quote:
Originally Posted by jarroo
Yeah . . . I saw that.
I think a better definition, and I'm sure ghous would agree, is instead of
" or better still...it fails to make a high any higher than the previous bar's high" . IF the Close fails to make a higher high.
Just like with PBs we want the Open and Close within the previous bar, IPBs need to have this same definition. I'l have to check with ghous for his thoughts.
Here is a case in point.
Nasir.khan was asking ghous if he was "feeling it" with this potential IPB on the Daily Eur/Gbp....
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Absolutely Jim!
Because an IPB is a pin bar hence it has to meet all the basic requirements of one. The open and close have to be within the previous bar.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 11, 2010 12:56am
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Quote:
Originally Posted by jarroo
Yes that does look good as a bearish IPB.
The Close could be closer to the top but still it fits.
With all of Price Action formations, location and confluence is the most important factor. The 145.00 is a Big Round Number and a key level. I would like to see Price touch or piercing that 145.00. Let me put it this way, if the IPB's head was sitting on top of that 145.00 it would look a whole lot better. Price may not be done with that 145.00 just yet.
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In light of jarroo said in the quoted post above:
Somebody asked Mike in a webinar of his in the pf about a weekly IPB on Eu. Mike's not into them but still gave the explanation exactly how I would have. It too had deficiencies similar to our Gj IPB.
Although not entirely untradeable, but then as jaroo mentioned "Price may not be done with that 145.00 just yet."
This is a very important concept, that applies not only to IPBs but to all other PA setups as well. Our PA setups need to be "on" a confluence zone/ppz rather than near it. In PA bars where we have large stops like Pin bars you might get away but I tell you with IPBs you want them sitting right on your perceived confluence zone.
the big games in the market are usually always related with driving price to important levels, and if price isn't quite there, you need to be cautious.
Compare the 2 charts below. Do you see any differences? There are more than one...see if you can decipher them.
(The first chart shows the original IPB that Mike was questioned about, the second chart shows an IPB I drew myself with the deficiencies removed.)
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 11, 2010 1:18am
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Quote:
Originally Posted by sakrani
I think the difference is the 2nd chart touching the 1.3500 BRN.
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That's the first...like I said, there is more than one difference...
g.
__________________
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Apr 11, 2010 1:20am
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Quote:
Originally Posted by jarroo
That one was sweet. And so were these earlier ones as well. Notice the location, off of strong PPZ levels.
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If memory serves me correct you took that first highlighted bullish IPB, right Jim?
g.
__________________
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Apr 11, 2010 4:56am
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Quote:
Originally Posted by cprao
Except the one already pointed, I can't really make it any of ther differrences.
However, one obvious differrence is first one price is closed below the previous open and 2nd one price is closed above the open.
Can you please disclose other differrence after some time (after giving due chance to the forum) for the benefit of everyone here ?
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Sure!
__________________
 - "It is dirt simple folks." <--> James16
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Apr 11, 2010 4:59am
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Quote:
Originally Posted by jarroo
Great post ghous. This one is going right into the "ghous folder" .
How did you do that to that chart?  Cool. 
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 .
(nothing fancy...it's the paint application of Microsoft windows)
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 11, 2010 11:20pm
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Quote:
Originally Posted by g_j_hook@yah
heres a nice looking IPB,RN,50%fib, PPZ, strong downtrend, the gap would add confluence for me also.(could even throw in a TL) i wonder how Ghous would see this situation??
if it closes below the open price it will be a perfect IPB imo
jon
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I would worry taking a trade into the empty region below. The other confluences are valid of course, but then I don't play gaps, so no question of stacking it as a favorable odd and going ahead with the trade (for me)
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 12, 2010 8:53am
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Quote:
Originally Posted by oneuniverse
can anyone confirm this?
below is GC M30, I think it was IPB... and also it was just off same TF PPZ
what would have been your entry?
cheers
Winston
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Yes. That is an IPB. Like S chaos said, We enter at the close of the bar, SL above the shorter wick and first TP is the end of the lower wick.
I wouldn't have taken this trade for 2 reasons. 1) I don't trade the M30. 2) I would wait for the gap to play around and get filled, before I start looking for my setups.
g.
__________________
 - "It is dirt simple folks." <--> James16
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Apr 13, 2010 3:12am
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Quote:
Originally Posted by mbqb11
Hey there winston
I don't know much about these IPBs have to be honest but from what I do know I believe that is what we look for. The only better thing would be if it had higher high like you said. I'll wait for ghous or Jarroo to jump in on these.
Best
Mike
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I saw this and this was an easy pass for me. Honest to God I am not even sure why I did this.
As I look at it, I see it nicely sitting at your blue ppz and the tail's long enough...a high higher than the previous bar's high would probably have made it a better sight as Mike suggested.
If I really dig myself deep I think what held me from the trade was the fact that the IPB did not form at a decent pull back to the recent down trend. I love them at 50 and 61.8 fibs when they line up with MA's and BRNs, such a region is close by on the pair and it's probably where price is headed to.
I wouldn't honestly call that the worst IPB ever though, should pretty much be in the radar, specially of those who operate in a larger locus, and accommodate less than A+ setups with tight management. I am one of these but when it comes to IPBs I am "extremely" picky with them.
g.
__________________
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Apr 13, 2010 3:18am
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here's just another example of recent IPBs I passed.
This was on the Usd/Cad...
Divergence, 1.000 BRN...enough explicit reasons to go for it...
Looking at the BUOB which formed 2 bars ago and how it failed to gather enough momentum for a break up...I was not convinced to to enter long with a 30 pips SL via the IPB...
We had a second IPB form yesterday which is better looking than the first but again for the reasons mentioned I am enjoying these from the side lines.
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I like to be ultra conservative when it comes to IPBs.
g.
__________________
 - "It is dirt simple folks." <--> James16
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