DislikedHi!
It is my first post here so welcome all. I really appreciate threads like this, I learn loads of stuff.
My question is about trade made by James 3 years ago The chart first:
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I...Ignored
As ghous and others has mentioned, this is a method of trading that has a very basic utility and can be used to enchanced every system out there you can imagine, PA + SR are the basic foundations of trading IMO.
Now I'm quite sure that this question goes to James16 as he is the one you've quoted, but I'd like to give my view too if you don't mind.
As a method and not a rigid system, the PA presented here, the Three Bar Low Higher Close, located at a swing low is the best place to trade these setups, at least for the new folks it would be easier, there are other places you can trade them at, but that's advanced stuffs for the seniors (I ain't one of em).
The most conservative way to trade these setups are entry on the break of the PA bar, which means here the break of the high, I'm sure you're already aware of that.
Now come the most tricky part of our trading method, the exit.
From here on out, if you're in the trade, you'll have a number of options.
1. Take your Full profit on the first Price Pivot Zone (PPZ) you encounter.
2. Take partial profit on the first PPZ and move your stop to BE.
3. Trail your stop below the price bars or below PPZ.
It all depends on what you're comfortable at, every person has a comfort level in which they prefer to do what they do, no single person is the same, you can get 10 people to trade this setup and you'll have 10 different results, that's the beauty of PA, you can chisel yourself into something you'd like to be, or something you're meant to be, and PA+SR is the most appropriate tool to do so.
That's about my view, but I'm sure you'll want to hear from the seniors about this.
Please post your charts here from time to time.
Sincerely.
Marcel.