[fxThunder]

GU - long setup again.

Cheers,
eNQ

[thalestrader]

Hi Folks,

I doubt that this low is going to hold, but if it does, here is how I see the 6B/GBPUSD at the moment - first chart is 60 minute to show a prior break up level, second chart is 15 minute.

Best Wishes,

Thales

[Kiwi]

Emini,

I thought the method required at least a higher low and a high to break. What I see in that chart looks more like a knife, falling??

[thalestrader]

Originally Posted by thalestrader »

I doubt that this low is going to hold ...

I don't think it even held long enough fo me to press the submit button on that post.

Here are nearby levels of interest viewed on the 60 minute chart (this whole area is a support zone - so a bottom, if it is coming, could come in anywhere here).

Remember, tomorrow is NFP, and while buyers are still buyers and sellers are still sellers and TA is still TA, currencies take on a peculiar skittishness in the 24-48 hours prior to NFP. Wait for your opportunities and insist that they be clear as an upstate New York river (where you can count the scales on a fish that's 20 feet below the surface). Be patient - you do not need to trade 27 times each day ... you do not even need to trade every day. Protect your capital and you will protect yourself.

Best Wishes,

Thales

[BlowFish]

Originally Posted by TradeRunner »

I

4. Its good practice just trading a plan. It is very much like the exercise described in the back of “Trading In The Zone”

It's worth spending a bit of time making sure you actually do the exercise properly. (I'll admit I failed a couple of times in the past). The idea is not to be profitable but to be consistent. Bearing that in mind it makes sense to have a simple clear un ambiguous plan. It's about building confidence in yourself not the plan.

Having said that, elsewhere Thales has pointed out how having a good plan can make the process of building trust in it and then yourself a lot easier. This can present a bit of a catch 22 for traders. By doing Douglas' exercise at least it allows you to judge the plan (as well as your consistency). If you tinker as you go along or have ambiguities from the start any benefits will be lost Just saying from bitter past experience!

[Marko23]

Three simple methods to estimate a target



ADD: out with +20.

[BlowFish]

Originally Posted by daedalus »

Hopefully this rambling tirade makes sense to at least one person out there. Off to shovel more snow!

Cheers!

Looks like you have made some of Al Brookes writings well and truly your own. Great post . Certainly gives some clues to why PA 'works'.

[thalestrader]

Originally Posted by EminiNQtrader »

GU - long setup again.

Cheers,
eNQ

Originally Posted by Kiwi »

Emini,

I thought the method required at least a higher low and a high to break. What I see in that chart looks more like a knife, falling??

EmNQ,

When you post your screen shots you should try to include the price and time scales to make it easier for others to see where you were looking. If I have guessed correctly at where you see this long opportunity, the I am with kiwi - there has not been a L-H-HL where you were. Your trigger point is the high of a bar that was struck before the low. The high point trigger must print after the ultimate low prints.

What you are trying to do, I believe, is similar the pinbar post. Here is Kiwi's post that includes a pic of the chart I made at the time. I think you will find this helps explain what kiwi and I are saying here about your trade.

Originally Posted by Kiwi »

This picture is an excellent example of clear thinking --- especially the last one.

Thales once again applies a 123break philosophy ... to a pin bar ... in a way that would differentiate one that was likely to take off fast from one more likely to backtrack or fail. This logic is something I used to use in sub-timeframe tests to decide where my entry should be and is excellent.

I must say, having read it so clearly, I am going to do a little work to show which pinbars meet the criteria and which dont. Food for thought Thales.

Best Wishes,

Thales