Home
Search Forums
Keywords:
Search Titles Only
User Name:
Exact Match
Show Results As:
Advanced Options
Reply
 
Thread Tools Search this Thread
  #61515  
Old Apr 22, 2010 3:30am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by mbqb11 View Post
There are a lot of ways to do things right and more ways to do things wrong.

Keep at it
Mike
Quote of the Day.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61520  
Old Apr 22, 2010 3:58am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ertorque View Post
Guys, PB forming in the GBCH 4Hrs (also the daily) at 1.65 although another 25mins to close candle.
Good sign for a reversal

(pls ignore the orange arrow)
Definitely a great location; Daily PPZ level, 50% ret. and BRN.

4 hour . . . bigger PA would be what I would looking for . . like a big BEOB.

PB is still tradable, using the 1.65 ( just above) as a stop loss, hard break would be nice.
Attached Thumbnails
Click image for larger version

Name:	gbpchf422.gif
Views:	38
Size:	27.2 KB
ID:	462518     Click image for larger version

Name:	gbpchf4224.gif
Views:	39
Size:	25.2 KB
ID:	462519    
__________________
Indicators show the past. Price Action "Indicates" the future.

Last edited by jarroo, Apr 22, 2010 4:09am
Reply With Quote
  #61521  
Old Apr 22, 2010 4:05am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ertorque View Post
Guys, PB forming in the GBCH 4Hrs (also the daily) at 1.65 although another 25mins to close candle.
Good sign for a reversal

(pls ignore the orange arrow)

4 hour BEOB, let's see how it turns out.
Attached Thumbnails
Click image for larger version

Name:	gbpchf4224a.gif
Views:	45
Size:	23.7 KB
ID:	462521    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61523  
Old Apr 22, 2010 4:12am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by neutro View Post
Something tells me we're going to trade the news before they get released. (Like USDCAD)

Oh . . . is there news on the Gbp? or the Chf?
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61525  
Old Apr 22, 2010 4:18am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by neutro View Post
Mmmm... no?

Well, yes, in 15 min. Red FF type of news.

I see. I don't look at that calendar to often. Let's see out it plays out.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61528  
Old Apr 22, 2010 4:48am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ertorque View Post
Looks like the bulls are showing their strength in the early hrs of the London session. Now retraced to the eye level of the bar prior to BEOB.
That's a good sign that Price is respecting the BEOB, but the size is troubling to cause a significant reversal. This is almost a touch trade at a good location with the BEOB as confirmation. I'm not the best at touch trading . . .lol . . . so a bigger BEOB or PB would have been better.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61529  
Old Apr 22, 2010 4:54am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Trndsurfer View Post
any one like the look of this, sorry about the lack of info on the chart but my trading platform doesnt have all the cool stuff mt4 does, and they dont seem to have cotton, I traded the first pin succesfully it was my first J16 trade, love how easy it makes trade management when you know why you got in and where and what to look for on the way

also traded the 3rd touch of 83 with a BEOB on the 4 hour

short on the break of the secong pin
Looks good Trndsurfer. The best ones are always easy to manage.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61531  
Old Apr 22, 2010 5:06am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by g_j_hook@yah View Post
i was watching both gb/chf and the eu/gb which was printing a nice BUOB untill the news, lol, i wasnt aware of it untill the spike happened...i was like ...WTF!! lol

why, with the bad numbers, did /does price drop!?? eu/gb dropped 19 pips in 3 seconds!??

jon

would stil like that buob though...??
Why did Price drop? Because everyone thought they would rise? Who knows? lol
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61535  
Old Apr 22, 2010 5:26am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ertorque View Post
Looks like the news will do enough damage to bring price up to the high of BEOB. I am about to lose a seemingly good setup.
What did we learn from this . . (Mike comes to mind) . . . Big bars at Great locations. Great location . . . little bar. . . no trade.

If that was a sizable BEOB, I would put it to you that the News would have meant nothing.

Just some thoughts.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61536  
Old Apr 22, 2010 5:27am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by g_j_hook@yah View Post
lol....maybe they thought there were gonna be even worse!!???

bah...hum bug!! lol

jon

Yes that's right too. lol
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61539  
Old Apr 22, 2010 5:54am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ertorque View Post
well, I definitely thought the size was decent, closed reasonably well below the low of the prior bar. Maybe I need to re-program myself to learn what is considered sizable by you guys' benchmark.
Thanks for the comments though
The close is good as it relates to the previous bar, also how many bars it engulfs is a good factor as well. Although swing high (BEOBs) won't engulf too many.

Heres a nice sizable BEOB on the same pair. Moving to B/E held up for a good amount of pips, better at the previous bar low or above the 1.7000.
Attached Thumbnails
Click image for larger version

Name:	gbpchf4224ab.gif
Views:	39
Size:	70.4 KB
ID:	462587    
__________________
Indicators show the past. Price Action "Indicates" the future.

Last edited by jarroo, Apr 22, 2010 6:17am
Reply With Quote
  #61545  
Old Apr 22, 2010 6:24am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ghous View Post
lol

very "Raccyy" of you jarroo...



g.
You got to get out more g. lol
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61547  
Old Apr 22, 2010 6:41am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ghous View Post
Not until I get my "International Relations" prep out of the way for the exam tomorrow

g.

This thread should count on your exam. You reach many people from around the World, my friend.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61611  
Old Apr 23, 2010 3:13am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Trndsurfer View Post
any one like the look of this, sorry about the lack of info on the chart but my trading platform doesnt have all the cool stuff mt4 does, and they dont seem to have cotton, I traded the first pin succesfully it was my first J16 trade, love how easy it makes trade management when you know why you got in and where and what to look for on the way

also traded the 3rd touch of 83 with a BEOB on the 4 hour

short on the break of the secong pin

Looks like that PB hit the 82.00 nicely, although a bit of a retrace (50%) after the break.
Attached Thumbnails
Click image for larger version

Name:	cotton.gif
Views:	19
Size:	10.9 KB
ID:	463285    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61615  
Old Apr 23, 2010 3:49am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Dan Gilbert View Post
never trade against i4b's
Nice posts Dan. That I4B on the weekly had a big move and Price respected I4B's break nicely (better seen on the Daily and 4 hour ).

The target on the weekly was the 1.6500 and Price cut through that PPZ level like butter. . . . wow.

Playing the lower time frames without knowing whats going on on the higher times can be like trading blind. PA on higher times over rules lower time frame PA every time in my book.

Quote:
Originally Posted by Jcpfx View Post
I don't have any open trades on this, but looks like this pair just hit strong ppz.
1.6600 is a strong level, decent PA would be nice.
Attached Thumbnails
Click image for larger version

Name:	gcweekly.gif
Views:	37
Size:	24.5 KB
ID:	463313     Click image for larger version

Name:	gcdaily.gif
Views:	32
Size:	29.2 KB
ID:	463320     Click image for larger version

Name:	gc4hour.gif
Views:	36
Size:	24.1 KB
ID:	463321    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61618  
Old Apr 23, 2010 4:03am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by fxeturn View Post
I've finally managed to finish reading all the posts (and all the links within) that James suggested in the first post. I know it's nothing compared to someone who actually who have taken the daunting task of reading every single post in this thread, but I think I have understand most, if not all of the 'terms' and 'conditions' in PA trading James16's style. I will take another week to digest what I didn't understand, and will take off to a 3 months demo challenge starting May.

I came into Forex a year ago and I've blown 1 live account. After...
Much respect to you for going through the whole thread.

Looking forward to seeing a chart or two from you in the near future.


Welcome.


Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61619  
Old Apr 23, 2010 4:11am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by bundyraider View Post
The best way to look at news announcement time is as a 'vacuum' in my opinion

If the news is GBP positive, people will position their long orders at the best value price. Those orders to go long may actually ALL be placed at the major support that was BELOW where price was dawdling around just before the announcement. ...You should be able to figure the rest of the picture.

This is how I view it. Everything just works once you view it that way. ...Well more often anyway. LOL
So who are the goofballs that are pushing it down to support on such positive news? The same people? ( ooch . . my head hurts) lol
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61621  
Old Apr 23, 2010 4:24am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by nasir.khan View Post
Nize Location.
.

I like the 1.0100 again . . .if it gets there.
Attached Thumbnails
Click image for larger version

Name:	cad4.gif
Views:	50
Size:	26.7 KB
ID:	463335    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61624  
Old Apr 23, 2010 4:43am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by jeffokes View Post
Mbqb11,Jaroo,Nasir.Khan,Bundyraider ...etc can anyone please kindly help wrt my post #61613 above.

I have been here since December 2009,gone through all the links on the 1st page and have read through to page 332 and want to start using the basics I have grasped, posting my chart and recieve the kind tutorage from you folks...have also gone through all the videos on the Guest area of J16 Group site (man... i recomend greatly for all starters...I still go through over and over and over again)...or must I get through reading the over 4000 pges first?...

Yes that's a bullish PB but as you may know, that we want bullish PBs at swing Lows and this one is at a swing High, not good.

As an IPB its a bearish IPB, the location is very good but on bearish IPB we would like to see the Close lower than the Open. Here's a ghous chart on how to play a bearish IPB. I would suggest to you to search out ghous posts for more info on IPB.


Here's a link that has web based charts.

http://www.dailyfx.com/charts/netdaniachart/
Attached Thumbnails
Click image for larger version

Name:	gbpusd%20ghous%20a.gif
Views:	23
Size:	10.8 KB
ID:	463348    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61625  
Old Apr 23, 2010 4:45am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by bertie123 View Post
Jarroo

Nice looking confluence there - is the blue line the 150ema?

Yes, 150 ema at the close.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61627  
Old Apr 23, 2010 5:03am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by bertie123 View Post
Jarroo

just a quick question-do you draw our fibs at the 'interesting' levels and wait for price to come to you? Thats what I am trying to do rather than just waiting for something to happen.

Well its not just any old fib level, it has to be confluencing with a strong Round Number or better yet, a strong PPZ level at a BRN.

Yes. That's the best way to do it . . Start on the weekly and find your PPZ levels then fine tune them on the Daily at RNs. And just wait for Price to come to these levels carrying some strong big PA with them.
__________________
Indicators show the past. Price Action "Indicates" the future.

Last edited by jarroo, Apr 23, 2010 5:20am
Reply With Quote
  #61629  
Old Apr 23, 2010 5:15am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by bertie123 View Post
Jarroo

just a quick question-do you draw our fibs at the 'interesting' levels and wait for price to come to you? Thats what I am trying to do rather than just waiting for something to happen.

Look at that Gbp/Chf on the Daily. 1.6600 was acting as support now its acting as resistance The 1.6600 is a prior PPZ level with the 61.8 fib and 150 ema confluence.

We are not surprised why it went down from here. The 1.6500 is strong as well. I didn't think price was done with that 1.6500 just yet. But I saw no obvious PA so no trade was taken by me.

I'm sure Rac would have liked it.
Attached Thumbnails
Click image for larger version

Name:	gcda.gif
Views:	32
Size:	28.8 KB
ID:	463374    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61632  
Old Apr 23, 2010 5:35am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by bertie123 View Post
Thanks for that sound advice Jarroo. Keeping an eye on the GB/Chf daily to see what happens. A daily PIn at the close would be nice.

Yes indeed or Daily BEOB.

Seeing how strong the uptrend is, meaning how strong Price cut up through the 1.6500, some bullish PA at the 1.6500 wouldn't be bad either.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61635  
Old Apr 23, 2010 5:37am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by nasir.khan View Post
And the TL..
.
Added confluence is always a good thing.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61636  
Old Apr 23, 2010 5:42am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by jeffokes View Post
Thank you very much Jarroo for your kind respond.
The link - http://www.dailyfx.com/charts/netdaniachart/ opened but this is what I keep seeing (is there something I can/should do? sorry for borderring you this much):-
No bother jeff.

Maybe no Java script.

Try this one and pick one that may work.

http://www.dailyfx.com/charts/
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61639  
Old Apr 23, 2010 5:47am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by triger88990 View Post
As Rac would love it I'm even more in love with what I see.

Make this notes 2 day ago ---> patience and waiting

I have a folder full with this kind of chart,there haven't past a day without making notes and afterwards looking for the update to see my fulfilling prophecy(just jk).

all the best!!
Nice chart triger. Throw some PPZ levels on that chart and looks even better. Wait may you did already.
__________________
Indicators show the past. Price Action "Indicates" the future.

Last edited by jarroo, Apr 23, 2010 6:03am
Reply With Quote
  #61641  
Old Apr 23, 2010 5:54am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by lovejoy80 View Post
Very nice ...I've only just been informed about how 150EMA can act as an additional confluence factor...I took a touch trade but my SL was too tight.

Yes they can be tricky. Rac uses like 20-30 pip stop loss and zooms down to the Hourly, I believe. Looking for some PA or other signs of resistance to go down. Like this area in purple.

And yes . . . he's very patient.
Attached Thumbnails
Click image for larger version

Name:	gcdabc.gif
Views:	51
Size:	27.7 KB
ID:	463408    
__________________
Indicators show the past. Price Action "Indicates" the future.

Last edited by jarroo, Apr 23, 2010 7:08am
Reply With Quote
  #61646  
Old Apr 23, 2010 6:21am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by supremeChaos View Post
an example showing the power of a weekly PPZ.
(dark red bottom horizontal line, 1.3215ish)
eurusd H1 chart
Nice Chart sChaos . The power of higher time frame info.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61648  
Old Apr 23, 2010 6:46am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by nasir.khan View Post


There is no way out without patience and discipline in this business.

I started this touch trading thing with a mindset that it would require less patience and discipline than the classic setups.

But actually it's other way around.
.
Yes that's trure . . . well said. And he started with the basic understanding of PA, PPZs, etc., that are taught and discussed on this thread.

Where is the Rac-man? He is due for a post or two by now.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61664  
Old Apr 23, 2010 9:19am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Just thought I'd post this 4 hour bullish IPB real quick . . . gotta go.

Its not at the best location (better at a swing Low) but let's see how it works out. Location is good at the 1.65 with the trend. Not an A+ IPB.


Later,

Jim

Atc . . .lol
Attached Thumbnails
Click image for larger version

Name:	gcdipb.gif
Views:	35
Size:	23.3 KB
ID:	463543    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61720  
Old Apr 24, 2010 6:23am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Atc View Post
Thanks Jarroo
Quote:
Originally Posted by nasir.khan View Post
Looks good for a reversal IPB.
.
You spoke to soon nasir. lol

Quote:
Originally Posted by ghous View Post
I like these only deep into pull backs and at swing highs and lows.

A further deterring factor for me would be the large BEB and BUB just before the 2 IPBs you referred to.

Not untradabale but definitely far too risky...

g.
When I mentioned in my post "Not an A+ IPB." I thought you would reply ghous . . . "Then why would you take it?" Which is probably at the heart of this thread.

As ghous pointed out, when IPBs (or any other PA setups for that matter) don't meet all the strict criteria of an A+ setup then they are risky trades. So-so setups are tradable, but for me they require very tight management (moving to B/E quickly, free trade, etc) and strict confirmations ( hard breaks, retesting breaks, etc.).


The Gbp/Chf 4 hour IPB was not the best setup as ghous had mentioned. Also if the nose was longer would have helped it more.

It did give up some pips, about 30 pips. So a tight management approach would have produced a profit or at the worst a break even or net zero trade.

Obviously A+ trades are so much easier to manage, I thought it would fun to show some different trade management strategies. I get many PMs about trade management so I thought I would answer some of those questions here. And did I mention that if would be fun. ( I got to get out more myself ghous).


Jim
Attached Thumbnails
Click image for larger version

Name:	gc4hour ipb.gif
Views:	29
Size:	22.6 KB
ID:	463840     Click image for larger version

Name:	gchour ipb.gif
Views:	28
Size:	24.3 KB
ID:	463841    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61723  
Old Apr 24, 2010 6:48am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ghous View Post
Yeah this thread's been moving slow these days...like only at about 5 pages a day or so. You got to get out more.

g.
lol
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61725  
Old Apr 24, 2010 6:57am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ghous View Post
This one will go down as a forever memorable trade setup. Won't ever find a better example of the fact that markets are never 100% predictable.

g.
If that Close was lower then the Open I wonder if that structue deficiency would have made the difference or at least gave up some more pips to the down side. Probably not.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61730  
Old Apr 24, 2010 7:06am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ghous View Post
Might have been a minor factor J,

But too much was in favor of this one to give this setup anything less than an A+ IMHO.

g.

I agree . . . . what was the stop loss on that one? . . . small . . lol

Yeah, chalk it up to not 100% but maybe 99% lol
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61734  
Old Apr 24, 2010 7:29am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by HanSolo View Post
Hello,

my name is Andreas and I stumbled upon this thread about two years ago. I have read it silently and intermittendly ever since. My trading ambitions became more serious over time. I now feel ready to participate in this thread.
I joined Jackos trading group in January, which is great and teaches me a lot about trading (especially what it really means to be patient). Nevertheless, I want to enhance my knowledge and so my trading opportunities. This thread and Jim's group seems to be the perfect place for that. That said I've learned a lot...

Just to add what Mike had said . . .

I understand your concerns with what's going on with the high time frames. But as Mike said, the time frame that the PA setup was presented on is what's important.

But let's look at the Weekly I4B and BUOB . . (chart).

The Weekly I4B hit its target, the previous High or more specifically the 1.0. IMO that I4B fullfilled its purpose. Targets on PA setups are usually levels where we know Price may either reversal on us or continue. Or in other words, they are levels that warn us that uncertainty is at this level and adjustments to our trade should be made. (imo)

The Weekly BUOB is not where we like BUOBs to be located. They are better served at swing Lows. So the BUOB is not the ideal. Sure, the weekly uptrend is strong and the BUOB may be tradable as a continuation setup. But that can be risky, again due to its poor location.

With all that being said, the high time frame (Weekly) actually gave a good indication that a high quailty bearish PA setup was viable.

Just some observations and welcome btw.


Jim
Attached Thumbnails
Click image for larger version

Name:	achfweekly.gif
Views:	31
Size:	19.4 KB
ID:	463858    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61736  
Old Apr 24, 2010 7:43am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by james16 View Post
nice mike.

been awol for a few weeks but about to get plugged back in.

jim

Hey . . . its the big guy.

Welcome back Jim.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61737  
Old Apr 24, 2010 8:08am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Trndsurfer View Post
Yeah took a 1% position on the break and another 1% on the retrace, although I was expecting it to reach 81 and left it, went to work now it's re traced and going against me, cant do anything cause my brokers closed,
Also am short the Euro, at 1.33 and nows it bounced hope it doesnt gap up past my stop ouch...
something is wrong with my head every time I start to get ahead I do something stupid and go right back to my starting point.
I have a $200 account I have been up to $800, $600 and multiple $500 and every time I end straight back where...

Sounds like a bit of over trading my friend. Not sure why you went short on the Euro at 1.33, got a chart?

One problem may be the over expectations of where Price is heading or being overly aggressive on your target selections. I see this all the time and I've done it many times. You know where the 1st target is located and yet you see if you can get more without protecting yourself and/or not taking profits.

The Cotton PB had some previous Highs it was contending with. I don't have a smaller time frame chart but I'll bet you those Highs is where the retracement back into the PB started. (gray lines)

The 82.0 RN was a PPZ level shown by the Support and Resistance levels in purple lines. That was the target and protecting youself at that level at a minimum, would be my play. Sure it could go down to the 81.0 but maybe not. Why turn a profit into a loss. If you have been reading this thread for any length of time, that is a big no-no.

I believe you understand this when you say, "I wake up and start being conservative and looking after my money and slowly make my way back up." Don't look at it as being "conservative", look at it as being a smart, disciplined trader.


Jim
Attached Thumbnails
Click image for larger version

Name:	cot 2.gif
Views:	26
Size:	18.6 KB
ID:	463865    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61738  
Old Apr 24, 2010 8:28am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Seismograph View Post
Hi James & Co,
I think I do not need to emphasize how much your work has helped small traders (like me). Hundreds of others have it already done, so don?t feel bad If I simply reconfirm their statements.
While following some comments here on the AUD/CAD and screening the charts an interesting setup in the daily AUD/USD has caught my attention.
That could have a high probability.

[font=Calibri][size=3]Best...

Looks good. You gotta like those PBs with the trend.

The 93.00 looks like a pretty strong level. How Price reacts to that level is key but it does have potential to reach those previous Highs as you have indicated.
Attached Thumbnails
Click image for larger version

Name:	audus.gif
Views:	35
Size:	21.9 KB
ID:	463867    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61739  
Old Apr 24, 2010 8:48am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Atc View Post
I recall Jim saying that most anyone can trade trending markets....but the range bound markets can make or break a trader...most often we are in a range.....

thought this was a good example/chart---maybe you disagree?

BRN 86.00

Off 50% Fib

3 4hr pins for some pips

Still learning

I would have the Fib levels at the most recent High and Low, still at the 38.2. PA in the range is very tradable as James16 teaches. I like the big PB in Blue as the obvious best of the three. Green 2nd best and yellow one, although it worked out nicely, would have been a pass just because it was too small. Letting setups pass and then seeing them work out is part of being a picky trader. You'll get use to it.
Attached Thumbnails
Click image for larger version

Name:	aud4.gif
Views:	35
Size:	25.8 KB
ID:	463870    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61741  
Old Apr 24, 2010 9:17am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Scotty2Cues View Post
Depending on Mondays opening, thinking of a sell stop just below Fridays low.
Yellow line is fib con (50, 38) from previus highs.

Not the greatest pb, would like to have seen high go through fib ret.

Resons to like.
1) Large downtrend for over a year.
2) Failed to close above 1.0000

Would baby sit it, moving to BE quickly if breaks?
Or am I way off?
Thanks

Bearish PB looks great its just at a poor location, better at a swing High. As a continuation PB? Maybe, but I would be looking for a more pronounce PA maybe a big BEOB at the 1.0 or a big BUOB at the 1.0.

But then again it could be showing us the way down. Should be fun to watch.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61771  
Old Apr 24, 2010 10:01pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ghous View Post
Most of what you asked has to be discretionary and hence will vary from trader to trader. This variance however has nothing to do with how successful or unsuccessful the trader is.





[left]Mike (mbqb11) e.g would never take many of the setups Jarroo takes, because he's always on the look out for the ones that really stand out. Jarroo on the other hand will fiddle around (lucratively) with even the pretty ordinary bars because he knows how to handle them

.

In other words what's A+ for jarroo may not be...

Good post ghous.

I'll tell ya, it's true what's A+ for me may not be A+ for Mike but what's A+ for Mike is definitely A+ for me. lol
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61772  
Old Apr 24, 2010 10:33pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by zakariawaiz View Post
Anybody tell me how to take jarroo hard break trade.
A hard and fast break isn't really a trade or setup. It is a confirmation of a setup that tells me it is correct and has good momemtun. If a setup breaks softly by a few pips and then retrace back into the setup it tells me that something else is wrong. Hence, a good buffer for an entry to confirm the hard break. If a setup doesn't break hard it maybe due to the traffic and/or the quality is not A+, (which is usually the case).

Examples of A+ setups on the Daily Cad in late 2008. BEOB (or 2 day bearish PB) and a bearish PB.

Great locations at swing High, off of a BRN, 1.3000 and closing below a RN 1.2700.

Notice how hard price broke on these two trades. The hourly shows this more clearly. Also on the BEOB, notice how Price retraced and retested the break, another good confirmation that the setup is correct.

So, the hard break is more of a confirming Price behavior. A true characteristic of an A+ trade.
Attached Thumbnails
Click image for larger version

Name:	cad2008.gif
Views:	53
Size:	23.3 KB
ID:	464017     Click image for larger version

Name:	cad2008hourly.gif
Views:	47
Size:	70.9 KB
ID:	464018    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61773  
Old Apr 25, 2010 1:34am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by nasir.khan View Post
Yea but no one knows about this reversal IPB project except Ghous. How did you find out?


Quote:
Originally Posted by ghous View Post
Jarroo being the experienced trader that he is, understood the potential of this PA bar the first time I mentioned it, he's been since watching them and was demoing them parallel to my experimentation.

smart A$$



g.
Yeah, it was G-money . . . I mean . . . ghous . . .that did all the leg work and testing on IPBs. I just jumped on his band wagon and ran with it.

We having been sharing info on IPBs here on the thread. Cool stuff.

I see the multibillon dollar Global Ghous IPB Hedge Fund Plus in his near future.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61813  
Old Apr 26, 2010 12:25am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Trndsurfer View Post
Sounds like a bit of over trading my friend. Not sure why you went short on the Euro at 1.33, got a chart?



Thanks for the feedback, I think the biggest reason I shorted the euro was greed/ fear of missing out. there was a 1hr bearish PB but it should have been baby sat.
same thing for the cotton trade,
your right about the over trading, your not making money unless your trading right....wrong. not losing money is almost as good as making money right?
just have to look for a+ trades that suit the time I have available....
If you have limited time, I would suggest the Daily and Weekly time frames and view as many pairs as you can.

The Hourly PB wasn't to bad. Size could have been bigger, at a retracement level. But its very important to know what the Higher time frames (Daily/Weekly) are telling us before going down to the 4 hour/Hourly charts.

The Hourly PB was close to the 1.3300 so it did have chance and it did break through it. The next step would be protecting yourself once it did. These key levels on the Higher time frames can aide you greatly when on lower time frames. Check out the 4 hour IPB off one of these levels. A nice low risk trade.

Making money is better then not losing money. But not losing money is a key active role that we apply to our trade management when entrying a trade. Appling this to your trades (for me) is more important then setting a take profit, especially in the beginning.

Just some thoughts,

Jim
Attached Thumbnails
Click image for larger version

Name:	euro.gif
Views:	31
Size:	69.5 KB
ID:	464302     Click image for larger version

Name:	eurohourly.gif
Views:	30
Size:	42.4 KB
ID:	464303     Click image for larger version

Name:	euro4hourly.gif
Views:	32
Size:	26.6 KB
ID:	464304    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61814  
Old Apr 26, 2010 12:38am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by datogio View Post
The trend is your friend is the oldest saying relating to trading and everyone seems to know and understand this, but our actions often contradict.

There was a time when I discovered that all my positions were CT. I took my time and thought about it a lot, why was i acting like a sucker and came to the conclusion that I was trying to catch the bigger moves, paradox but I was searching for that moves CT. You know why? because if the movement has just begun there has to be more out there, that is the mindset of a classic sucker IMO and I proved...

Ryanmcd would be proud of this post.

I'll take a PB at retracemnent level with the trend (confluencing with a PPZ level and BRN, of course. lol) every time.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61815  
Old Apr 26, 2010 12:45am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by packhorse View Post
Mike,

As a UK member, I can only say how grateful I am for all of the guidance you give me/us; you really are an inspiration to us all.

Thanks again

Glynn
"Hear, hear"
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61816  
Old Apr 26, 2010 1:04am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by lovejoy80 View Post
Some setups that I'll be taking @ market open (presuming no significant gaps) or watching tomorrow etc.

(note that I consider myself as a more aggresive trader than average).

1. NJ...breakout and retrace area to watch

2. S/JPY - same as (1) plus we havea continuation weekly BUOB

3. U/NOK - BEOB across a major PPZ - look how clear and defined that PPZ is with 150 EMA there too. Not the best size BEOB but the location is great...a buffer below the bars to the left and a FTA of the TL with SL just above the PPZ is how I'd play this.

4. G/CHF...
Nice charts lovejoy.

Watching the Gbp/Jpy 145.00 as well.
Attached Thumbnails
Click image for larger version

Name:	gj25.gif
Views:	35
Size:	27.0 KB
ID:	464317    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61817  
Old Apr 26, 2010 1:06am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by fxprocessor View Post
I was hoping for a gap on GBPCHF tonight and sure enough we had one. I took an entry as soon as my broker opened. Let's see if price can break the BEOB low.
Damn that 1.6500.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61818  
Old Apr 26, 2010 1:34am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Touch trade opportunity on the Gbp/Chf? I'll wait for some PA for the help.

Where's the Rac-man when you need him.
Attached Thumbnails
Click image for larger version

Name:	gc25.gif
Views:	38
Size:	29.0 KB
ID:	464326    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61821  
Old Apr 26, 2010 1:48am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Dan Gilbert View Post
looks like the trend on this one has turned to UP, I was looking to buy @ 1.64 and manage tight, taking off all profits @ 1.65, but this thread isn't about touch trading
lol Good point Dan. The touch trade does show important levels (locations) so I don't mind the touch trade charts.


Nice one at the 1.64, Res turning into Sup. 1.65 . . Res turning into Sup.

Will the 1.66 follow in the same foot steps, we shall see.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61822  
Old Apr 26, 2010 1:51am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Dan Gilbert View Post
while on the subject of touch trades, throw a fib retracement on the most recent swing down on EURUSD, and look where that 61.8 lines up with...............

Yes the 1.34 is showing some good Res at that level.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61825  
Old Apr 26, 2010 2:08am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Dan Gilbert View Post
we are looking at something different...
I see. Nice. I had it from here.
Attached Thumbnails
Click image for larger version

Name:	euro4hourlya.gif
Views:	40
Size:	26.5 KB
ID:	464335    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61830  
Old Apr 26, 2010 3:35am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by nasir.khan View Post
How about retracement back to 280ish.

Btw i think momentum is nicely building up for a hard break,

either up or down.
.
Yeah, It sure likes hanging around the 1.34. May it forgot to kiss the 1.3500 goodbye and is heading back up there. We shall see.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61833  
Old Apr 26, 2010 4:36am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by nasir.khan View Post
How about retracement back to 280ish.

Btw i think momentum is nicely building up for a hard break,

either up or down.
.

Looks like it made up its mind. 1.33 or 1.3280ish looks good. Let me guess . . with the trend.
Attached Thumbnails
Click image for larger version

Name:	eur 44.gif
Views:	40
Size:	22.8 KB
ID:	464413    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61835  
Old Apr 26, 2010 4:56am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by skinfx View Post
Break above RN 67.00
look for PA at retest of PPZ

Anything i have miss out?

Looks good. I'm doing the same with the Gbp/Jpy at the 145.00.
(drawn PB is actual size. lol)
Attached Thumbnails
Click image for larger version

Name:	gjdaily.gif
Views:	38
Size:	23.7 KB
ID:	464439    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61839  
Old Apr 26, 2010 5:12am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by nasir.khan View Post
Hehee.

But this PPZ @ 330 has spoiled the hard break. I think there will be a bounce of some 20-30 pips @ 280 (if price can touch it) if not a complete reversal cause its a nice head & shoulder too.

On the other hand Ej is has gone good. There was this PB (proxy i think) and when i saw price going up against it i checked weekly and monthly and found the show stopper PPZ .lol
.
Yes, your yellow line at the 126.00 would be a proxy left eye for that PB.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61842  
Old Apr 26, 2010 5:25am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by skinfx View Post
nice drawing...lol

Thanks skin. lol I'll check for the same relative size on the 4 hour as well.

I'm sure Mike is a eye balling that 145.00 too.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61847  
Old Apr 26, 2010 5:42am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Scotty2Cues View Post
Been thinking about what happens when I got stopped out at BE on a couple of trades only to see it rocket off without me.

Think I like to move stop to BE quickly. Been thinking about how I can get both... Is the following valid?

1) Say we have bearish pin at swing high. I put sell entry just below the nose. Move my stop to BE. Price moves back up to hit my stop.

2) Place another sell order around WITH A SMALL SL around where we were stopped out for BE hoping to get a second chance.

Or am I way off?
I personally don't like it. But back test it and see how it works out for you.

I think you traded that Cad PB very well, as we discussed before. These things happen, it won't be the 1st time. The free trade approach is not a bad way to go either. It protects you while giving the trade room to run.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61848  
Old Apr 26, 2010 5:54am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Scotty2Cues View Post
2) Place another sell order around WITH A SMALL SL around where we were stopped out for BE hoping to get a second chance.
This reminds me of a James16 quote :

"The ultimate edge in trading is when a traders "use" of breakeven overpowers and conquers the "use" of hope."
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61852  
Old Apr 26, 2010 6:29am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ghous View Post
You have your 500 Dan.

g.
Hey ghous,

I cannot find an IPB that was structurally correct . . . fail. (all quality requirements in location, confluences, etc., being equal)

Now don't get me wrong, there are many that don't meet the Open/Close structure that do work out just fine. Examples on the Usd/Jpy Weekly chart below in blue. Notice the next bars were IPB that work out great.

I haven't checked every chart on every time frame but maybe you know of one that did fail when they were structurally correct. I just thought I'd throw that your way after the DJI and #WK0.
Attached Thumbnails
Click image for larger version

Name:	jpy.gif
Views:	29
Size:	21.4 KB
ID:	464496    
__________________
Indicators show the past. Price Action "Indicates" the future.

Last edited by jarroo, Apr 26, 2010 7:15am
Reply With Quote
  #61855  
Old Apr 26, 2010 6:32am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Scotty2Cues View Post
Thanks jaroo and SC.

Assume a main DT. My sell entry just below the pin gets stopped for BE.

I watch as price retraces up into pin. I could then place another sell stop just below the pin, again looking to get to BE quickly.

But yes SC, my second and third demo trade were stopped to the pip and there was no retrace so maybe a few pips below my original entry

trying it now on the audusd pin
lol maybe I should forget this for now until i have more experience

No keep doing it on demo of course. And do the free trade too on demo. Work it out for yourself . . . . you got to see it for yourself.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61858  
Old Apr 26, 2010 6:46am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

[quote=Trndsurfer;3670622]
Quote:
Originally Posted by jarroo View Post
Making money is better then not losing money. But not losing money is a key active role that we apply to our trade management when entrying a trade. Appling this to your trades (for me) is more important then setting a take profit, especially in the beginning.


couldnt agree with you more, thanks for the advice, I will post ome more charts when I get a chance

Sounds great Trndsurfer.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61944  
Old Apr 27, 2010 1:49am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ghous View Post
When did he say that?!

Damn this was a costly miss

thanks J.

g.

I got it from TiaForex (Aaron). It was his signature but now it seems to be removed.

Quote:
Originally Posted by TiaForex View Post
..
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61945  
Old Apr 27, 2010 1:53am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by HanSolo View Post
My take on the AUDCHF:
BUOB on 4hr. Will probably close under well respected BRN 1.0000. Price did not make it to the last high. Next TFA @ 0.9935 (not marked on attached chart).

What do you think?

Quote:
Originally Posted by HanSolo View Post
This one worked out nicely: 4hr BEOB on AUDCHF.

Nice work HanS. Looks excellent.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61946  
Old Apr 27, 2010 2:09am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Daneel View Post
Many thanks for your reply Mike. I think I'm going to like it here, everyone seems friendly and courteous

Hey Daneel. Again welcome.

Mike gave, as always, a great post to your questions. If you haven't already, check out the guest videos here they are great to learn from and view what we do here:

http://www.james16group.us/Guests/guestmaterial.html

I would agree with Mike, that S/R levels ( Price Pivot Zones or price flip levels) are the core of a great Price Action setup. View the videos many times then view them again. You'll see how Jim (James16) and Mike uses these PPZ levels very much because they are very important.

But then again, all Mike needs is a Chart, a Big Round Number and a Chair. lol


Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61948  
Old Apr 27, 2010 2:14am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by mbqb11 View Post
I need a new chair
Its on its way buddy. lol
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61952  
Old Apr 27, 2010 3:13am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by HanSolo View Post
Thank you very much. It feels incredible to look at a chart and to know what chances are.
Hey Hans.

You basicly got it. Now you just have to wait for the next. Just be very picky: bigger bars, less traffic, strong PPZ levels (like on the Daily and Weekly if your trading on the 4 hour, etc). The really goods one will stand out in a crowd.

Keep it up my friend, you'll get there. Easy stuff.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61953  
Old Apr 27, 2010 3:26am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Cyrus View Post
Thought I'd chime in a little bit. This touches quite heavily on the style that I've been working with. Not been super active here cause I dont' want to complicate things. This has been what's worked for me....

So do you not trade in a ranging markets? You either find a market (pair) that's trending and/or wait for a trending market to emerge from its ranging condition?
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61958  
Old Apr 27, 2010 3:54am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Cyrus View Post
I've found that I enjoy the intra-day alot?
And also studying long term trends and getting on board for a loong ride.

It's bread and butter in the intra-day... and that feeds the funding of long term positions... I derive that view with economics. I have a view and I pick a direction, looking to build positions. For the longer term, I really don't care that much, cause as long as I don't lose, I just want exposure to the major swings.

I guess I can't just do PA only. It's like when I'm in a plane, I need to know abit about the law of lift,...
Its all good Cyrus. It fits well. Trading with the trend or PA with the trend is a good thing. Just ask Ryanmcd. lol

Thanks .


Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61959  
Old Apr 27, 2010 3:56am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by nasir.khan View Post
I would say know your market and trade how it should be.

I mean i made some 200+ pips on EJ and GU yesterday and 100+ pips today on GC, GU and GJ shorts today.

I took all these trades in tight range's so i treated them the way they should've been i.e no partial profits or moving the stops (mainly today). OUT AT FTA.

But when markets will break these ranges i'll be in the trend trading mode again as i was a month ago.
.

Well said nasir.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61960  
Old Apr 27, 2010 4:17am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by s005606 View Post
Hi all, it's been quite a while since I last posted here. While I was not posting, I was still reading this thread every day and learning a lot from you great guys here....

Below pls find the NZDUSD charts, as some members suggested pages ago, this pair was breaking out of the range (blue box highlighted), now can we say it's re-testing the breakout? How do I tell if it's making a breakout+pullback or the previous breakout was just a fake-out and price is now heading back down?

I've read a lot here that great breakout trades may come with a...

Looks good s00. A nice BUOB or bullish PB off that 7200 is what I would be looking for to go long. Breakout-pullback with PA.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61964  
Old Apr 27, 2010 4:28am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by s005606 View Post
Thank you so much Jarroo.....yay, I just realized how foolish I was to ask this question, I just should be looking for PA AGAIN.
A blind trade may work but I would keep the S/L very tight. Bullish PA provides a confirmation, at the least, that your heading in the right direction.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61968  
Old Apr 27, 2010 4:52am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ertorque View Post
Jaroo, s00,

Based on my charts, I would say the pullback should go to the yellow PPZ level (0.717ish) rather than the RN of 0.7200.
PPZ has precedence over RN, no?

CY
It looks like Price has already test that High on the 12th and is now testing the 7200 which is a strong Daily and Weekly PPZ level. So the RN (7200) being a PPZ level is pretty strong.

Plus the Wedge and s00's Box themselves are also a supportive "level" that adds strength to the setup. You can understand why Mike likes these setups.
Attached Thumbnails
Click image for larger version

Name:	nzd.gif
Views:	42
Size:	26.0 KB
ID:	465133    
__________________
Indicators show the past. Price Action "Indicates" the future.

Last edited by jarroo, Apr 27, 2010 5:06am
Reply With Quote
  #61971  
Old Apr 27, 2010 5:03am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by s005606 View Post
Hi CY, yeah, you are right too.
Pls bear with me as I am not very experieced, but I may try to see this PPZ as a big PPZ area from 0.717ish to 0.7200, and keep my eyes closely to see if there's any PA emerge from this area.

EDIT: Jarroo has already shared his views above, you may ignore my newbie view above.

Let's take a trade on the 4 hour bullish PB and find out . . . shall we.

On the break, of course.
Attached Thumbnails
Click image for larger version

Name:	nzd4.gif
Views:	38
Size:	23.5 KB
ID:	465141    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61973  
Old Apr 27, 2010 5:15am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by s005606 View Post
Sure, it'll be a great learning lesson for newbie like me.

UPDATED: On my feed, the current bar hasn't closed yet (2 hrs remaining), but it seems to be rejecting the consolidation box and printing a BuOB (in the making).

Its a nice setup. The one thing that is a concern is the size of the PA. If that PB or your potential BUOB was bigger it would be a no brainer. But, let's try it out and see what happens.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61974  
Old Apr 27, 2010 5:17am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by HanSolo View Post
Thanks for you help and your kind words. I'm going back to patience mode...

BTW, I like my new nickname. It sounds so teutonic!
Patience is a good mode to be in , Hans. lol
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61976  
Old Apr 27, 2010 5:45am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Chris_B View Post
Hi Jarroo!!

My Alpari Uk Feed 4H closes in about 20 minutes but also my PA is not strong...
It would be best to wait for a bigger stronger PA for this setup. So with this type of smaller PA is kind of like a touch trade with small PA confirmation if that makes sense. In other words, its the location that is the strength of this setup right now.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61979  
Old Apr 27, 2010 6:17am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Trndsurfer View Post
ok IPB on daily eu, short from 1.3364, took half off ay 1.3320, stop to be.

what think you?

Well, its not at a swing high or low that we want them to be. Nor at a pullback. It was up against a nice Daily PPZ level, 134.00, trading away from the PPZ is what made it work.

Have you checkout ghous posts and chart examples of these IPBs? If not, I would review them. Not bad, but the location of IPBs are very important.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61981  
Old Apr 27, 2010 6:22am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by s005606 View Post
Very well said Jarroo. If this setup works out well, then it's a testament of LOCATION, LOCATION, LOCATION again.

Many people think that Rac does alot of touch trades but actually he'll use PA on a small time frame for confirmation many times. The key for Rac is always LOCATION, LOCATION, LOCATION.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #61983  
Old Apr 27, 2010 6:25am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Trndsurfer View Post
positives- off the 400 brn and 38 fib, ipb bigger tha previous bar, target 300brn and 23.6 fib WITH TREND
Is the previous bar a Sunday bar? If so they don't count.

With the trend help it as well.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62029  
Old Apr 27, 2010 4:01pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by jarroo View Post
Let's take a trade on the 4 hour bullish PB and find out . . . shall we.

On the break, of course.
Quote:
Originally Posted by s005606 View Post
Sure, it'll be a great learning lesson for newbie like me.

UPDATED: On my feed, the current bar hasn't closed yet (2 hrs remaining), but it seems to be rejecting the consolidation box and printing a BuOB (in the making).
Good thing we wait for the break. Waiting for the break saves the day again.
Attached Thumbnails
Click image for larger version

Name:	nzd4a.gif
Views:	39
Size:	25.4 KB
ID:	465578    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62031  
Old Apr 27, 2010 4:07pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Hey Mike.
Could you give a quick overview this potential setup on the nzd/usd.

Thanks.

Jim
Attached Thumbnails
Click image for larger version

Name:	nzd4azz.gif
Views:	36
Size:	23.1 KB
ID:	465581    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62032  
Old Apr 27, 2010 4:10pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ghous View Post
Me thinks the IPB looks good in terms of shape, but clearly sucks given that it is almost at a swing low...Shorting thiz IPB means you're heading straight into the triple bottom Eu set for it self so nicely.

I like to trade them at swings or at pull backs to major trends.

g.

EDIT: I see jarroo already covered a good bit of what I said in my post above, he needs a break and I keep telling him that, he just won't listen.

...

lol Thanks g.

Yes, the same PA guidelines still apply.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62034  
Old Apr 27, 2010 4:26pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by s005606 View Post
Just an update of NZDUSD on my feed:

The H4 bar closed, but it failed to print a BuOB. Instead, it printed a kinda like IPBish bar.....(see arrow in chart).

I am not very familiar with IPB, but this bar is not at major swing low, and coming from a breakout+pullback setup like this, I am not very sure how we can play it.
Yes that's a small IPB at a pullback. And I sure that ghous would agree with that. Again the PA size would be a concern.

So if you entered at the Close of that IPB your loss would be . . .what . . . 15 pips. I think that meets the "losses small, gains big" mantra.
Attached Thumbnails
Click image for larger version

Name:	anzdu.gif
Views:	34
Size:	30.8 KB
ID:	465595    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62035  
Old Apr 27, 2010 4:28pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by packhorse View Post
Guys,

Others were discussing taking trades with the trend rather than CT. An example of this is possibly building with PB on the EG. Any thoughts?
What with the trend PB are you talking about?
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62039  
Old Apr 27, 2010 4:45pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by mbqb11 View Post
Hey Jim
Overall it looks to be a bullish flag. i don't like the pattern on the daily b/c of the amount of space b/w the recent peaks but if we drop back out to the weekly it looks a bit more clear. It would be interesting if price goes retests .7000 gives us some bullish PA that eventaully clears the way for price to go overall higher. Choppy pair overall really going to be waiting for something clear and disticing around the .7000 area more then anything else. But a break of this and potential for a pullback at your area makes perfect sense too....
Thanks Mike. That makes sense. When I saw this setup potential I like to put my "Mike hat" on so to speak. Its good to see I wasn't too far off.

Thanks again.

Jim
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62040  
Old Apr 27, 2010 4:51pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by HanSolo View Post
Is it just me or are PBs with nearly equal open/close more reliable than other PBs?
Your going to have to give me more information than that Hans.

Where is that PB located? BRN? PPZ level? Or both?
What's its size as it relates to preceeding bars?
Is it at a swing High or Low?
Does it have a lot traffic?
Does it have any confuences that support it? Or confluences going against it?
Is it at a retracement level?
Is there conflicting PA on higher time frames? Or does it agree with higher tiime frame PA?
What is it trading into?

Etc.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62042  
Old Apr 27, 2010 5:00pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Dan Gilbert View Post
fine with me. As long as my bottom line keeps going up, I'll keep folding my 10-5 off suit.

James/Jarroo/Mikes picky-ness has worn off on me, I cannot help it.
But if it was 10-5 suited? You would still fold it, right? (jk). lol

Dano
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62045  
Old Apr 27, 2010 5:04pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Dan Gilbert View Post
oh that's an all in baby! I'm gonna bluff the market!

You'll have to ask Mike what the odds are on that one. lol
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62052  
Old Apr 27, 2010 5:34pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by packhorse View Post
I was looking at the bar that has just ended with its tail touching the Monthly S2. It is at the bottom of a downward trend since about 10th March 2010.

I have 500 BRN lines on my charts, although price is away from these at the moment.

Please tell me if I have missed something here - I anticipate that this may not be a proper Pinbar.

Thanks
Oh I see now ph. The recent trend is down, but we could be at the bottom of a range as well (chart). The bearish PB is not at a swing High so its location is not ideal. As a continuation PB, as you have noted, is risky. I would like to see it break out of its range and pullback with some beahish PA to hit the .8500.
Attached Thumbnails
Click image for larger version

Name:	egdaily.gif
Views:	36
Size:	26.4 KB
ID:	465624    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62057  
Old Apr 27, 2010 5:52pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by packhorse View Post
Many thanks for your help,

Regards

Glynn
Or even something like this Glynn.
Attached Thumbnails
Click image for larger version

Name:	egdailya.gif
Views:	31
Size:	27.0 KB
ID:	465633    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62059  
Old Apr 27, 2010 5:59pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Scotty2Cues View Post
thanks mike
The "Search this Thread" feature on the top right hand side of the thread is a great way to find anything on this thread. fyi
Attached Images
 
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62063  
Old Apr 27, 2010 6:15pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by mbqb11 View Post
depends on what you're up against strictly % wise that is

Quote:
Originally Posted by joelcf View Post

T5s is only 33% vs a standard opening range, about 4% better than T5o. But both are terrible reverse implied odds hands... you win a small pot, or lose a big one
Man, I ain't playing poker with you guys . . anyone for checkers?
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62136  
Old Apr 28, 2010 2:07pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ghous View Post
Ballsy Stuff Dan,

What's going to hold price at 95 in your opinion?

g.
The 95.00 looks pretty strong; BRN, PPZ and 61.8 fib
Attached Thumbnails
Click image for larger version

Name:	jap.gif
Views:	42
Size:	33.2 KB
ID:	466348    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62140  
Old Apr 28, 2010 2:13pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Dan Gilbert View Post
I took a full bar loss on this weekly crude pin.

lesson learned: wait for a larger break over a BRN when price is heading at one.

luckily my wheat trade will keep me way in profit for the week on futures

You may want to take those bullish PBs at swing lows. .shame on you.

As a continuation PB, risky but tradable but never a full bar loss.
Attached Thumbnails
Click image for larger version

Name:	xcl.gif
Views:	37
Size:	21.1 KB
ID:	466352    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62142  
Old Apr 28, 2010 2:17pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ghous View Post
Thnx to you too big man.

Now this is a IPB.
Attached Thumbnails
Click image for larger version

Name:	xcla.gif
Views:	44
Size:	22.6 KB
ID:	466355    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62143  
Old Apr 28, 2010 2:23pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by datogio View Post
I see the top of the channel as well.
Multiple confluences.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62145  
Old Apr 28, 2010 2:28pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by Dan Gilbert View Post
as a continuation, but bouncing off an old resistance.

gimme a break jarro! This is the first week I have seriously started monitoring my futures trading!!!!




lol, I keed, I keed. but yeah I had confidence in it, and am happy I attempted it. How else will I learn.

A chart is a chart my friend. Just having a little fun with you Dano. You're doing great.
__________________
Indicators show the past. Price Action "Indicates" the future.

Last edited by jarroo, Apr 28, 2010 3:31pm
Reply With Quote
  #62148  
Old Apr 28, 2010 2:38pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ghous View Post
yeah that was just about as good as it can get.

Too bad I was busy selling some lotion over clickbank which (supposedly) grew back hair on a bald scalp when this IPB came about.

I sometime wonder where I'd be today if I had got myself into this biz a couple of years earlier than I did,

but then I quickly get over it when I think where I'd be, had I not discovered you guys and your stuff early enough in my life .

g.

I feel the same way at times. Wishing I started in my 20's . . .what a mintue . . are you 20 yet g? Your future looks very very bright my friend.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62161  
Old Apr 28, 2010 3:07pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by HanSolo View Post
Is it just me or are PBs with nearly equal open/close more reliable than other PBs?
Quote:
Originally Posted by HanSolo View Post
Hello Jarroo, I was just thinking out loud after I saw some pretty small dojis on 4hr charts (@ swing highs/lows, PPZ, etc.) that worked like a charm. But then again I have found many counterexamples. So nevermind.

Thanks for your help
Hans

I see. All things being equal about PBs as it relates to location, swing High/Low, etc.

Then the answer is No . . . PBs are not more reliable when their Open and Close are equal. But that doesn't mean they are not tradable.

We like to see Bearish PB with their Close lower than the Open and Bullish PBs with their Close higher than the Open. They show more strength when they are structured this way.

The importance is that the nose is much longer then their heads, within previous bar, location, PPZ, etc.
Attached Thumbnails
Click image for larger version

Name:	chartpb.gif
Views:	39
Size:	81.8 KB
ID:	466370    
__________________
Indicators show the past. Price Action "Indicates" the future.

Last edited by jarroo, Apr 28, 2010 4:24pm
Reply With Quote
  #62181  
Old Apr 28, 2010 4:17pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by PippingMama View Post
Hi Rac,

i guess, it is trendline, 50% retracement and pin bar combo?

PM
Quote:
Originally Posted by triggerju View Post
Easy stuff, don't get confused by "shapes" and "names" - just remember the basic rule that a slope up on any consolidation "shape" you see is bull strength and down slope is bear strength. Wait for PA (pins etc) to confirm - it's another thing in my research folder I'm looking at now LOL

Hope this helps
Trig
That's what I saw first too, PM.

Classic Rac . . . trendline, 50/61.8 ret. and S/R level with PB trigger.

Trig's post was a good one and explains what Rac was showing us in his chart.
Attached Thumbnails
Click image for larger version

Name:	dji.gif
Views:	46
Size:	23.6 KB
ID:	466390    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62182  
Old Apr 28, 2010 4:42pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by ppfx View Post
anyone took this one? i closed half position and moved stops to BE at 93.80...


i took the weekly BUOB on the retrace at 93.00 cause it had a nice ppz area around it + its a RN
seems it was a good take since it catapulted up just when touching the 93.00 area


i also took this one (same strategy as the one above), but it wasnt moving so nice like the UJ so i closed it all at the FTA
Nice work ppfx.

The Hourly had a PB off that 93.00. It's nice to get that extra confirmation when your strategy comes together.
Attached Thumbnails
Click image for larger version

Name:	japp.gif
Views:	40
Size:	29.0 KB
ID:	466394    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62229  
Old Apr 28, 2010 10:56pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by pipmyride View Post
So much for tightening stops too early ... out at BE and then this

I hear ya pmr. I know the feeling all to well. lol

I want to show a couple examples of how the free trade approach, when applied to the J16 PA, can alleviate some of those anxiety looking smiley faces.

Now I understand it cuts down the profit by half and all of that. But I will tell you, it cuts the stress level by 100%, especailly in the beginning of learning the J16 way. Over time, this approach can be dropped as you gain confidence on your selections of A+ trades. Or not drop it, like I do.

The free trade, at its basic level, is reducing your risk while still allowing your trade room to run.

Let's take your Euro 4 hour PB trade pmr. (Sorry pipmyride, I'm not picking on you brother, just thought I would use your post as an example.)

Your intial stop loss placement could be above the PB and/or above the 1.3400. But once that FTA is hit you take half off and move the other that pip distance away from you entry. Done.
Attached Thumbnails
Click image for larger version

Name:	euro ft.gif
Views:	47
Size:	21.9 KB
ID:	466502     Click image for larger version

Name:	euro fta.gif
Views:	44
Size:	24.7 KB
ID:	466503    
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62230  
Old Apr 28, 2010 11:12pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by jarroo View Post
I hear ya pmr. I know the feeling all to well. lol

I want to show a couple examples of how the free trade approach, when applied to the J16 PA, can alleviate some of those anxiety looking smiley faces.

Now I understand it cuts down the profit by half and all of that. But I will tell you, it cuts the stress level by 100%, especailly in the beginning of learning the J16 way. Over time, this approach can be dropped as you gain confidence on your selections of A+ trades. Or not drop it, like I do.

The free trade, at its basic level, is...

Other example, Daily Aud/Usd PB.

Nice size PB with the trend, but not at the best location . . . Bullish PB at a swing low is what we look for and this one is at a swing high.

But let's apply the free trade and see what happens . . the up trend could continue.

Same as before, the 93.00 is a good obvious FTA about 20 pips away. Price hits it and the free trade is applied. Charts

We are then stoppped out for a net zero loss. It sure is easier (dare I say fun) to watch your trade once the free trade is applied, knowing that the worst your going to do is NOT LOSE.
Attached Thumbnails
Click image for larger version

Name:	audft.gif
Views:	42
Size:	23.6 KB
ID:	466504     Click image for larger version

Name:	audfta.gif
Views:	37
Size:	29.2 KB
ID:	466505    
__________________
Indicators show the past. Price Action "Indicates" the future.

Last edited by jarroo, Apr 29, 2010 12:26am
Reply With Quote
  #62234  
Old Apr 28, 2010 11:21pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by mbqb11 View Post
excellent post as always Joel
Ditto that.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62235  
Old Apr 28, 2010 11:28pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by pipmyride View Post
You are right Jaroo - management of these things is paramount to success, and this is something i am still fine-tuning - thx for the refresher

If you do apply a free trade, just be prepared that when your stopped out at net zero loss . . . it then takes off in your direction.

This will happen too. But it does resovle the occurrence that many "A" quality setups tend to retrace to the break or retest the break. This I found this is eliminated with the free trade.
__________________
Indicators show the past. Price Action "Indicates" the future.

Last edited by jarroo, Apr 28, 2010 11:40pm
Reply With Quote
  #62238  
Old Apr 28, 2010 11:35pm
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by joelcf View Post
Not really.

Everyone uses a different approach, but it generally falls under either

a) take profit at first trouble area. Low return, high probability, low variance.

b) move stop to b/e at first trouble area. Lower probability of a non-zero return, but higher potential rewards and higher variance

... or a combination thereof. Stuff like partial TP, dual stop trails, net zero risk positioning, etc.

The reason you see these approaches dominate something like 'take setup, leave stop where it is until we get exit signal or stopped out' is...
Good timing with my free trade posts because this post fits it perfectly.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
  #62241  
Old Apr 29, 2010 12:00am
jarroo's Avatar
J16 Senior Member cczar
 
Member Since Sep 2005
Default

Quote:
Originally Posted by joelcf View Post
lol, if I ever do write a book, I'm gonna owe you royalties on the section entitled 'Why the free trade (and Jaroo) is smarter than you'.

*edit* 500 posts!
lol I'll have to give some to Peter Crowns because that's where I got it. Just appling it to good ole PA setups. I'm sure it not a new approach.

If the next 500 posts are anything like the last 500 . . . man . . it'll be great.
__________________
Indicators show the past. Price Action "Indicates" the future.
Reply With Quote
Reply

30 Traders Viewing This Thread (12 are members)
oneuniverse, jarroo, jspeakman, cupofjoe, HanSolo, Auspip, Location, ghous, Bsn, lafemo, shephrd, jeurre
Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Trend Trading Chart Thread DanUK Interactive Trading 1636 Jun 22, 2010 1:55am (11 min ago)
rock my chair chart thread forex3e Trading Journals 48 Oct 30, 2007 11:21pm