Thought I'd add some fibs. Same chart.
GBPUSD 15MIN
GBPUSD 15MIN
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Where can I learn more about Price Action like those in James16 charts? 9 replies
Quoting 4X=0DislikedNeil are you refering to that one-eyed pinochio at the end of your chart?Ignored
Quoting 4X=0DislikedNeil are you refering to that one-eyed pinochio at the end of your chart?
The below chart demonstrates the type of trades I will be looking for, being that I have no risk capital. It's not that I don't want to follow the advice that larger time frames are oh so more reliable. I just can't afford 150 pip stops at the moment.Ignored
Quoting brainjtDislikedit is nice pin bar isnt it? or short nose? where is best give SL, if it is good pb
thx bjIgnored
Quoting 4X=0DislikedBut what if that 3rd bar keeps going up? You will have based your trade off a pinochio that never existed. Is this the right way to play these? Price action confirmation will have never occured. It's almost like taking out the benifit of letting price tell you where the market is going, by trying to predict the price action. What do you think?Ignored
QuoteDislikedIt's interesting that both sets of fibs create a channel around the recent price action.
Quoting 4X=0DislikedYep, that was some forex humor.Ignored
Quoting 4X=0DislikedI suggest reading the first 5 pages of this thread. It ain't no fairytale, but it's the best source for a pin bar definition.
However from what I've gathered, there is no specified length for the middle bar and the eye levels are such that formal argument or discussion is possible. However, I believe the open and close of the middle bar must be within the range of the two outside (eye) bars.Ignored