Hi,
Spotted this on the daily looking for a bit more of a break, and keeping a tight stop on this one.
Spotted this on the daily looking for a bit more of a break, and keeping a tight stop on this one.
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedHi,
Spotted this on the daily looking for a bit more of a break, and keeping a tight stop on this one.Ignored
DislikedHi,
Ok here goes. The trend line broke a couple of days ago yesterdays bar retraced but the bulls pushed it back up and it's currently pushed past a tripple bottom from the the previous swing low.
Working out PA is pretty new to me so forgive me if it sounds like jibberish.
ThanksIgnored
DislikedNice short setup on EUR/USD. It would be better if today closed lower than yesterday, but it still looks like a potential setup, imo, and right at the ppz. Price is stuck at some support ont the H4, but if it makes it through, could be a pretty good trade. Any thoughts?
Tyler
EUR/USD DailyIgnored
DislikedWe may have a possible setup here on EC.
Weekly PPZ is at 1.5500. It's the first time coming to this area. A daily PIN has been broken to the upside.
We have more upside potential here.Ignored
DislikedOne could argue that it wasn't triggered - and if it isn't triggered it isn't a pin..
I think we had a definition flying around where it isn't a pin until it trigs(which is why the retrace entry stuff is always a tradeoff between higher leverage and more risk due to an unconfirmed setup).Ignored
DislikedExcellent point Aidan.
But if you ignore the Sunday candle (yellow) which we do when looking for Price Action. And combine the 5/09/08 and 5/12/08 Bars (candles) we would get a two day Pin Bar. Something to look act.Ignored
DislikedI do agree with bundy that there isn't anything that stands out, Price Action wise, that would initiate a entry.
But we as students of Price Action need to study and practise as much as possible. It doesn't mean we have to make a trade. Because we want the best Price Action in the right location with a good about of confluences to make a high probablility trade.
What I see is Inside Bar (candle) on the Eur/Usd Daily.
Let's break down the current Eur/Usd. We have IB at a S/R level (PPZ) and we are in a down trend.
Anything else?
High probability trades with IBs are to take a break at the bottom of IB in down trend or take the break of the top IB in a uptrend. So taking a break at this bottom IB could be a possible trade. Is it the best trade? Probably not. That's up to the trader to decide.
Its always good to analyze Price Action in different ways, this is how you get better at it over time. IMO.
JimIgnored
Dislikedplaying these bars before they actually qualify by a break is ok a lot of times but certainly more risky. a pin bar is not confirmed until it breaks and i rarely play them until they do. the only time i will take an unconfirmed entry is if i see it in a prime location that i feel warrants an early entry.
so to recap. a "pin bar" that never broke did not fail because it was never a "pin bar" in the first place. the lower the time frame the more this happens but once again if you only play breaks you will at the least know its a confirmed bar.
jimIgnored
DislikedHey Jim,
Do you consider a "break" an eye for the third bar and you play everything thereafter? Unless its at what you consider a swing high/low with confluence.....
RIgnored
DislikedI've been lurking around here for some time and now plucked up the courage to post. Would like to thank james and others here for the help and knowledge they have provided throughout this excellent thread.
Check out the potential pin bar on cable, its on a strong ppz. Hope it stays like this.Ignored