That isn't a DBHLC.
The close of the second bar has to be convincingly BELOW the whole range of the first candle.
If that's not the two you mean you may have to point them out.
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Bundy's status today: "Waiting..."
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedCheck back the past couple of pages. We discussed reasons to doubt the viability. Should give you some insight.Ignored
DislikedDo you mean the two bars in the yellow circle?
That isn't a DBHLC.
The close of the second bar has to be convincingly BELOW the whole range of the first candle.
If that's not the two you mean you may have to point them out.Ignored
DislikedI'm guessing that we are looking for a trendline.
1.4347 is a level that's going to put up a hell of a fight.
Let's not rule out a major trend reversal either. We can't go assuming.Ignored
Dislikedwhich is just another way of understanding why this pin failed, if those 3 resistance levels became support at this level ... price tested support and it didn't hold up; so, .......... support became resistance again ... and trading the break of the pin was trading right into a wall of resistance ...Ignored
DislikedWell, the feeling was the discussion started as the PBs started to fail. After PBs just formed the mood was somewhat different...Ignored
DislikedI think this discussion about failed pins is futile. Even though for some a pin might be good enough to take, there will always be someone saying well the nose is not so long, or my PPZ was above that pin so I didnt take it. Which comes to show again that PA is more art than science.
IMO, the main reason for the failure of all the USD pairs pins is this crazy dollar buying, which scares me actually coz you never know where it will finish. In a normal market, I think those pins would have worked great. Its not normal, again IMO, that there is no retracement in the euro fall for 1200 pips and the price just shoots through 2 important support levels. Its scary.
I think we just have to get used to the fact that pins fail, its normal, nothing works 100%. Therefore careful with the MM.
Just my 2 pins.Ignored
DislikedIMO, the main reason for the failure of all the USD pairs pins is this crazy dollar buying, which scares me actually coz you never know where it will finish. In a normal market, I think those pins would have worked great. Its not normal, again IMO, that there is no retracement in the euro fall for 1200 pips and the price just shoots through 2 important support levels. Its scary.Ignored
DislikedThe EU double top on the monthly and the clear H&S pattern on cable's weekly chart forewarned this was going to happen.
The Aussie on the other hand gave little sign except the PB's on the weekly and monthly. Goes to show how strong a signal they are on the higher time frames.
I find it amusing that the fundies have all aligned with price action (Euro/UK recession concerns, Aussie/Kiwi rate drop). PA did however show the way first.
Seeking should be happy with this oneIgnored
DislikedI hear you loud and clear but can someone please tell me why in your opinion this EU pinbar failed? It's at confluence with 161.8 fib and at a PPZ.Maybe it's just one of those trades or maybe I'm missing something like a longer tail needed or something else.Ignored
DislikedPipsja, this post is not specifically for you, but for all of us. I think what is more important is that, bottom line, you never know when a pin is going to fail. We can come up with all kinds of reasons we "think" it failed. Not long enough, too much momentum against, blah blah. No one knows, period. Pins are not the holy grail where we just have to find one that is perfect in formation, and then boom, 100% money in the bank. Anyone can look at the charts and find plenty of sub par pins, indecision bars, or even nothing, at solid historical ppz and find price reacted "as expected". I did not trade this pin, because like many have said the tail wasn't long enough. But, what would we have done if price turned around and never turned back? Great entry, pat pat on back. PA combined with ppz and a solid money managment plan are key.Ignored
DislikedHi guys,
I did see some people discussing (somewhat in a hindsight) failed PBs, citing confluence, PPZ etc.
All that was (somewhat) clear AFTER the event. But did anyone know these two (see the enclosed charts) PBs would fail BEFORE they did? If you knew, what were the reasons?
I believe quite a few people where long on AUD-USD...
Many thanks!Ignored
DislikedYes, you are right on there.
See my chart zoomed below, you'll see the EU PB was actually entirely below the support line and failed to close back above it in the next few sessions. The price is now moving away from it.
So yes, it is now resistanceIgnored
DislikedNot sure if that helps or makes it all more confusing somehow??!!Ignored