Best
Mike
Where can I learn more about Price Action like those in James16 charts? 9 replies
Dislikedperfect my friend , that is how I saw it too, the major trouble being 1.3 but 1.31 being where to watch off yours being a continuation playIgnored
DislikedHi Geo,
I agree with Atc on this... but just sticking to the same timeframe. I highlighted the FTA on the chart (I know it's in hindsight, but do you see where price reacted to the .8515 level?). The key point with passing on this trade for me would have been the close. On this BUOB, the close only engulfed 1 bar and price failed to close above the BIG round number .8500
An additional weaknesses to the setup would also be a weak bar size.
I'm not saying this to beat you up Geo, we are all trying to learn here. Avoiding tricky setups like...Ignored
DislikedI didn't mean to ignore them, nov. They are definitely in play here on the Daily BUOB.
The size of the BUOB is not that big and the traffic you showed is a bit heavy. It should be an easy pass.
I do like its location and how Price will react to the .8500-8450 (meaning acting as Support) will be key for me.
Should be fun to watch or demo. .Ignored
DislikedInteresting, don't you think?
Or still too risky? I only see that the close is kinda above that level 11050.. the close below would be stronger. Any thoughts?Ignored
DislikedHey Jarroo, got a question for you... Today my tradingsoftware generated on most of the major pairs strong BEOB's, but the positions of these BEOB's were not at swing highs. Normally a BEOB's can be traded as a pullback pattern (@ swing high), breakout pattern (within a range) or as a continuation pattern (@ swing low. How would you classify the BEOB's in the attachements ? And is there a different trading approach between these BEOB's @ different postions ? Why are continuation BEOB's more difficult to trade ? I took all these BEOB's on a demotrade...Ignored
Dislikedhi ghous, nice charts as usual , hope your well.
ii was just lookin at my chart before i read your post and i also liked the chance of the touch trade this mornin. i like this kind of setup,retest of the TL,with the PPZ at the RN, plenty of momentum..
jonIgnored
DislikedHey Adi
I think coming off that HUGE bullish bar with such a weak close is a dead no-no how I play things. Remember bar = small part of this
Always ask yourself the story that way when we get in our reasons are very clear and then we can follow through with the trade plan.
Best
MikeIgnored
DislikedHello everyone,
I managed to document a trade I decided to enter today on the Eur/Usd.
I would love to hear from everyone.
Please go easy on me
Ignored
Dislikedlooks like a good crowd today.
any new folks here finding some success since my vacation started?
i see some new "faces".
welcome,
jimIgnored
DislikedI was looking to do a followup on this Daily BUOB on the Eur/Gbp but you expressed it perfectly, Danny. Price could not find Support at the .8500-8450 levels, to say the least.
Currently, Price looks to close below the .8450 on the Daily as BEOB continuation play. I would look for the .8450 to act as Resistance.Ignored
DislikedI had this on the watch list from earlier in the day. But I needed a close under the previous swing there to consider it personally.
8500 has been a fun area though
MikeIgnored
DislikedDid you see my Daily wedge on the Daily Eur/Gbp? . . .too much form fitting there?Ignored
DislikedYeah a bit for me Jim. Not that I don't agree we are wedging up cause we are. But to pull the trigger on. I still actually think that the area is good enough that if it closed down below the lows, price has no where to go in this situation.
Just my way of being picky of course
MikeIgnored
DislikedThanks Jarroo
That BEOB on Eur/Gbp looks very interesting also. The 4H tf shows some nice rejection of the 0.85 BRN.Ignored
DislikedOne on the reasons we want our Bullish PA at a swing Low and our Bearish PA at a swing High, is the Space they provide at these swing points. Space provides room for our setup to run.
Continuations setups, like an BEOB that is not at a swing High, will tend to have more traffic and have less space to allow our setup to run . . .this translates into risky.
Like Mike has expressed many times, the story of the setup needs to be pretty compelling. He looks to continuation setups to have some other supportive characteristic that agrees with the...Ignored
DislikedI read somewhere on the FF, that when something like this happens with Oanda they will promptly return all the money back, if you complain immediately.
Should be the same with IBFX no?Ignored
DislikedIf this kind of things are ok with brokers, and one can loose money from such invalid charting glitches we really do nothing but gambling here. This is not serious.Ignored
DislikedChasing the market? Yes. But this is a demo trade; I want to see what happens.Ignored
Dislikedactually, there aren't any gaps, gaps a information lacks of your broker, so gaptrading is a myth and gaps as well.... markets are open 24/7,Ignored
DislikedThere is no big vola in december, actually most of the traders trade 10-11 months a year and enjoy the christmas time with their families and make some vacationsIgnored