Spike Bar Indicator - page 3
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29.06.2009
Hi...
Please find the attached charts for 4H and 1H with levels marked. I have made slight changes to the way it appears. Arshad I tried to mark the histories from where I picked these levels from, however I realized that doing so may condense the chart to its extreme and I cannot show the levels properly. If you read the chart w.r.t. these marked levels and scroll backwards you may establish the fact that these levels were good points of rest for the market before it reversed either heavily or reasonably enough to give traders some profits with low drawdowns. Now, thick Magenta and Lime colored lines are levels derived from 4H chart, Slim Orange Red and Spring Green Lines are levels derived from 1H chart whereas Teal (Greenish) and Brown colored lines are levels that I marked instantly once I realize it to play an important role on the trading day itself, example 1.3821 and 1.3792 were realized levels on the trading itself and I marked it on that day. Now these kind of things may occur as I cannot say that I have mastered the concept, I am only trying to adopt what Steve tried to teach us thorugh his explanations. I will be out for tomorrow to get Transfer Certificates for my kids verified from Dept. of Education and hopefully if I could make it by London Open, would love to see what Asian Session had in store for us. I will have my bias still bearish for EURUSD with 1.4113 as Resistance to test max. upto 1.4135 to 1.4145 but not more and if broken, I would love to see 1.4268 acting as resistance till upto 1.4277. If the market drops, 1.4012 till 1.4001 would be quick long profit till 1.4034 to 1.4040 and if 1.4012 is also broken beyond 1.3981 then I would love to wait and watch for further short on a reasonable retracement. This is where I will put intermediate levels to trade for the day. Hope that helps. See you all tomorrow.
Happy trading,
Yusuf SHAIKH
time for action ??
As my understanding about spike bars regarding your referred site nobrainer .....
is it the right time to see price action ?
please comment
Just came in...You are bang on the TARGET
Hi Arshad,
Just came back from city and my whole day was a waste as the guy I was looking for was off early today and I have to go again tomorrow, inspite of my appointment with him today, just non-sense and I hate that. Yeah, you are right in what you said and I am sorry to have missed that. You could probably see what happened at the most recenr Spike Bar retracement and if you were intelligent enough, you should have been waiting for it rather than rushing in. Good spot and I am happy that you started picking up good spots on the chart to make less trades but profitable results. I am sure we will learn more in the future. Take care and good luck. I will try to update this post on intra day basis if it is important.
Yusuf SHAIKH
The help you received from Mr. Steve
Hello Yusuf
Thanks for sharing your spike bar system with us. It certainly nailed the buy on the EURUSD recently.
You mentioned the help you've received from Mr. Steve and his website. Could you share that with us also, or some key words that could be used to find him using a google search.
Thank you.
Please add a popup message alert
Thank you for your indicator, could you please add a popup alert message
Have you seen xxx.tradinginthebuff.xxx
it uses a 123 method around spike bars
Hi.. Yusuf
my understanding was about extra long bars "SpikBars", its lead to TRENT if not broken, if the BULL bar formed then it leads to UP Trend, and BEAR bar to DOWN...
your explanation was very good, and after your explanation it is more intrusting for me to watch this system, please keep post charts to make more confidance about this trading system
check new version indicator it is improved, and let me know if require more changes maybe add auto trendlines etc.Reply - person77
Hi person77...
I am glad you find it interesting. I would not add much on how it works because there are lot to be understood than only knowing what Spike Bar is. Why I adopted this system??? Its because the results are obvious for me after about more than 2 years of unsuccessful trading. Also this idea stops you from overtrading and allows you to take position only at those stages where even if the trade fails, you are out with either small profit or almost very low losses. It all depends on how you control your psyche level. One may not be right all the time and therefore more concentration must be applied on how to exit a trade - Fear Vs Greed.
I did not receive any personal help from Mr.Steve but all the learning I have done, it was through his websit No Brainer Trades that is open to public at no cost and it did help me more than any personal tutoring, I believed in his system and at the moment am committed to it. You are welcomed to participate in the chat room as well to learn more about it. All credits go to Mr. Steve and fellow traders RedCabbage, IronMan and many others. Have a go through this website, you need not do any google search as I am giving you the direct link. Read through each and every literature you may find here under Strategy tab. It is very important to establish an idea of what you are aiming at rather than just looking at some sort of indicators and clicking the buttons. It is more of understanding the market symmetry.
Last words: I cannot call myself a successful trader and with such limited knowledge if I can grasp the concept then all you fellow traders having more versatile experiences than mine can surely do wonders. With due respect to the knowledge imparted to us by Mr.Steve I sincerely thank him once again. He is a wonderful person indeed.
Best regards,
Yusuf SHAIKH
Popup Alert
Thank you for your indicator, could you please add a popup alert message
Have you seen xxx.tradinginthebuff.xxx
it uses a 123 method around spike barsHI.... please tell on which bar do u want to Alert ?
0 index bar which is forming ?
or the bar which is already complete i.e. Bar index no 1 ?
30-06-2009 eurusd
HI...
Just watching 1.4113 as it completes the anticipated up move till about 1.4145 and would still be interested in short at around 1.4111 once it breaks 1.4090. Formation looks good so far but I am waiting now as trend looks upwards and 1.4042 seems to play important reversal role for today. Lets see how it goes, as of now watching for the break of 1.4090 with conviction.
Regards,
Yusuf SHAIKH
complete bar
completed bar i would think is best
HI.... please tell on which bar do u want to Alert ?
0 index bar which is forming ?
or the bar which is already complete i.e. Bar index no 1 ?