damn that felt kinda good. i love my baby. she has been here from near the beginning when you never saw more than 30 people on this forum at one time. now its thousands and thousands. you done good merlin.
jim
jim
Where can I learn more about Price Action like those in James16 charts? 9 replies
Dislikedyes..it's been a while.Please..anything from u usually taste good Jim.Ignored
Dislikeddamn that felt kinda good. i love my baby. she has been here from near the beginning when you never saw more than 30 people on this forum at one time. now its thousands and thousands. you done good merlin.
jimIgnored
DislikedWould you recommend entering at this level because the price is also at a resistence?Ignored
DislikedNo, the only thing you can do is wait for price action in the resistance area for clues. But I dont sell tops or buy bottoms, I wait for things to get moving my way again before I get in, some people are good at that(buying tops and selling bottoms) but Im not...like I said before this looks like its going to close as a daily BUOB, but its going in the wrong direction for me personally...(or is it ?)take care, RazIgnored
DislikedHere are my observations -
1. Last week was a bullish pin confirmed by price action this week.
2. Yesterday Daily was a BuOVB
3. 4Hr is a BuOVB
4. 1 Hr closed as a 3 bar BuOVB
5. 1 hr close is above the resistance.
Won't all these patterns indicate a bullish bias?Ignored
Dislikedwhen you see someone say pivot zone they are not necessarily referring to classic pivot points or floor trader pivots. its a term i use for flips in support and resistance over time.
jimIgnored
DislikedIn two hours I'm going to get a new daily candle starting on my GBP/JPY, and if no major movement until then occur, it looks like we're going to have a nice looking pin bar. I'm very much interested in your opinions about it, would you take it norht, knowing that the overall trend is probably still down (although we did have it start moving up)? I won't have time posting it later, so posting the question now. Please, take a look at the screenshot. Thank you.Ignored
DislikedAlso, why are you targeting a Fib level that price has recently shot right through? You're limiting yourself IMO... I would target the 212 area and be done with it...the odds of it hitting 23.6 and then heading back down are low...Ignored
DislikedI would not take this trade because the nearest resistance line is too close to your entry point. You have 2 targets: the first one has a bad risk reward ratio and the second one is 1:1 risk reward ratio. I am sure there are/ will be better trades to get in.Ignored
DislikedI'm sorry, but I don't see any strong resistance too close, could you please clarify? Anyways, I wouldn't enter off the daily chart, I'll time my entry off a smaller tf, so the r:r will definitely be better than 1:1.Ignored
DislikedI have to agree withadriana,
1st target is bad reward and rasio even 2nd target is bad r:r
Entry will around : 209.61
Target profit around : 212.92
Cut Loss : 205.58
Reward : 212.92 - 209.61 = 331 Pips
Risk : 212.92 - 205.58 = 734 Pips
And don't forget The Trend is not in your favour.Ignored
DislikedSo a good spot to either look to book profit on longs, or too wait for PA to confirm as back in shortIgnored
DislikedYour risk is the money you potentially may lose, not including the potential profit. So, if you decided that your entry will be 209.61, then your risk would be 209.61 - 205.58 = 403 pips.
While I agree that the pair has been trending down for quite a while, it does show strong signs of a reversal though. So, in determining your r:r, you also should include the probability of a trade working out. It doesn't even have to be a big reversal, two bullish daily candles will yield planty of gracious pipsIgnored