I have pulled that fib from that point basically because I saw that many times that’s what jim and the senior members of the J16 group are doing. Of course they first take the major swings, but also from the others, and then use the confluence lines. But maybe you are right…
ok guys here is my plan I have posted on the other forum…
There are several ways to manage this trade.
We know very well what�s happening on weekly�.lets zoom into daily to place our potential entries and exits.
The 1.6588 is a level which is crowded with daily bar highs. I can bet you they will make trouble for price�.bad trouble or maybe good trouble if we use them smartly?
If price breaks trough, that area will act as strong resistance and we will enjoy a small stop.
In addition, the 1.6310 is a minor PPZ level that can’t be ignored on the daily.
Options:
1)Enter at a break of 1.6588. Exit target will be 1.6310 (minor PPZ). (nice 270 pips).
2)Enter at a break of 1.6588. Move stop to BE when price hits the 1.3610. (Good chance price will consolidate between those areas until it breaks through�.that means most likely it will hit our BE. After 270 pips gain I won�t let it happen personally).
Like option 2, but this time price will break 1.3610 without trouble, and we can move our stop to above 1.3610 and continue managing that trade (that’s kinda betting and hoping = no no).
The AUDUSD is in a similar position btw, with less traffic around but also a less magnificent pin bar. The pin bar is bouncing off of the strong 0.85 PPZ and there’s also the 61 fib from 2008 high to low.
It’s tempting, I admit. It’s hard to be picky when one doesn’t yet know exactly how good the best setups should be.
hey mac i hate to say it but in the world of pinbars, size matters and that one is puny. i wouln’t consider that a good pb. it is however in a decent location and at a good s/r level. btw look to your left on the weekly, do you see that pinbar? that was a huge success os obviously there was selling interest at this level so maybe we will see some down pressure on her this week and if so we can take our weekly outlook and look for a good short off the daily if pa gives us the green light.
I got to go offshore with work so wont have any decent internet connection for a while so good luck with the pin bars and price action. I’ll get to it again once I return.
That is my second trade now…currently open with +76 pips and still running. Be sure I will never let this winner turn into a looser…worst case BE
This feels good!
hey guys just a quick note, ben great analysis on the gu. i trade it for lots of + pips. i have decide to incorporate some other trade ideas into my trading bu i won’t get into it here. I am however getting my long term view from j16 and managing on smaller tf.
I rode GU down to 1.6500 region and it hit my TP there. Good trade on the GU for me and it happened while I was on other stuffs. Weekly charts trading is really relaxed and stress free for me.
Congrats to johnny too, for the GU win, hope this win makes up for the loss in CADCHF and gives him a confidence boaster.
Yeah, I realized myself also and stayed out of the (winning) trade. I’m pleased having done this. Pickiness is something I keep working on getting better at.
Btw, add me to the happy group who took a pip or two off of the GBPUSD.
well the aud pairs look interesting to start this week. the au has a beob so ill be looking at possible shorts on that. i havent done my analysis yet but i will and ill post up a chart. i was sooo busy last week. this week im hoping to post more. i hope everyone is having a good weekend
I’ll have to say that I’m slightly bearish looking at the chart of the pair, but neither direction is appealing enough so I’ll watch from the sidelines along with you Ben. A+ is what we want right
I haven’t mapped my zones on NZDJPY yet, but just quickly flipping through the charts I notice that it seems so be bouncing off of a really strong PPZ at 67.0
Bar formation is less than perfect though, still, might count as a B trade. And we don’t take such, do we now…
more flipping - edit: Wow, how about that USDJPY? weekly two bar bearish reversal at falling trendline or what?
