DislikedInteresting set-up in the NZDCAD dailies, although close not below right eye of previous bar. Still, off 0.7335 SBR level & consistent with recent downtrend. I shall endeavour to put MACD on my charts this weekend, so hopefully in future I will also be able to post these in future.
P.S ANyone know of a good broker one can demo oil with?Ignored
Lets break down this pair according to James16's principals.
First of all, we want to trade bearish price action bars at swing highs, and bullish price action bars at swing lows. Here we have a bearish pin not at a swing point. Therefore this is going to be a trade in a ranging market. although the main trend is down, this pair is very choppy and moves down in a range form.
On the positive side, you do have quite a bounce of confluence factors protecting you. You can see the clear price flip, nice looking bar, 365ema which I know james16 would put some weigh on it, and eventually the general move down.
Knowing the james16's principals you can be able to trade profitably in any kind of market condition. So if you do take this bar, where is it likely to go once broke? Of cause the next minor side to side support and resistance price flip I marked in purple.
Now once we broke it down, time to take decision. Will you take a less than A++ bar? if you do, are you going to use your knowledge and cut your risk to zero once price done what it was supposed to do? or you are going to do nothing and hope for a break lower? Or just leave it all as it is and wait for the next daily A+ trade that can form any day on any of the other 30+ pairs you are looking at?
Nothing is right or wrong to do, as long as you have a plan which have been proven to work, provides you enough confidence, and fits your comfort zone as a trader. I know James trades these kind of bars sometimes, and he knows what he is doing.
This is just how I see it though.
PS - an example for an A++ setup in my book on this pair (second chart).
Hope this helps.
Ben