CHFTRY DBLHC 2 day PB.
4th touch of support off 2.00 BRN & 150 EMA nice space ahead.
4th touch of support off 2.00 BRN & 150 EMA nice space ahead.
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedId like to hear the opinion of the group about the 2 Bar Pinbar, monthly timeframe that is about to form on eur-usd and aud-usd.
Sorry i missed some posts, but dont know what's HCR-LCS (I assume H mean high, L means Low, R means Resistance and S mean support), but dont know what C means.
Thank you and best trading to allIgnored
DislikedHere's one of my better charts that tells it all . . not only the abbreviations but the setups as well.
JimIgnored
DislikedNo worries thanks for your time and reply Sir, wish you many happy pips!
No Daily trades for me but these big moves may bring some trading opperchunities
SITTING ON MY HANDSIgnored
DislikedI'm sure Donkey won't mind if I use his Eur/Nzd trade to answer a few question I got about the labeling I did on this trade.
"Where is the Support? PBT&CA, was there no Support at this level? . .etc . ."
When Price broke through and Closed above the HCR level, 1.7400 on the 4 hour TF this bar or wick (in blue) was Price acting as Support because Price could not close below it.
Now here's the fun part, If we take this 4 Hour HCR level to the Hourly TF what do we have here? . . We can see the transformation from Resistance to Support...Ignored
DislikedI'm sure Donkey won't mind if I use his Eur/Nzd trade to answer a few question I got about the labeling I did on this trade.
"Where is the Support? PBT&CA, was there no Support at this level? . .etc . ."
When Price broke through and Closed above the HCR level, 1.7400 on the 4 hour TF this bar or wick (in blue) was Price acting as Support because Price could not close below it.
Now here's the fun part, If we take this 4 Hour HCR level to the Hourly TF what do we have here? . . We can see the transformation from Resistance to Support...Ignored
DislikedYes ..sort of . .The daily levels were used and a 25-30 pip hard S/L would have been fine, but I also use a stop loss indication if Price closes below my entry level. So you can see that there was no Hourly or 4 hour close below the 3867.
If there were a close below on say the 4 hour I would have been out.Ignored
Disliked2 bars were labelled "Price breaks thru & closes above". After the 1st PBT&CA bar, did u entry long on the next bar when it touches the green line (HCR)? Yes, that correct.
Thereafter, there is a PB, then a bar that comes close to the 2 bar high blue line. Is that where it offers a possible 2nd entry? Yes, multiple bar Highs (or mutli-Lows with LCS) that are above our HCR level offer not only an intial entry but a secondary entry as well .
[color=black]I think I but PBT&CA twice because of this...Ignored
Dislikedhi all,
Pls give your critics on these 2 setups. Still learning, so all comments welcome
For AUDCAD: Nice big PB with wkly MACD divergence. But I do note some congestions (marked in grey area) to the left.
For AUDNZD: PB at BRN 1.3 & PPZ with 50% fib confluence.
Edit: Since both have AUD leg, if we have to choose only 1 of these setup, wld AUDNZD be the better one?Ignored
DislikedMike,
Thks for the above useful link. I'm trying to study your AUDJPY trade above. As my feed is diff from yours (so the bars look diff), can u kindly provide a screen cap of AUDJPY chart of where u entered (I believe its the 18th) and where u bailed out? (was it the 19th?). Did u bail out early becos it hit your FTA and u didnt like the bar formation? This wld make a very gd case study for us. Many thanks!Ignored
DislikedMike,
Thks for the above useful link. I'm trying to study your AUDJPY trade above. As my feed is diff from yours (so the bars look diff), can u kindly provide a screen cap of AUDJPY chart of where u entered (I believe its the 18th) and where u bailed out? (was it the 19th?). Did u bail out early becos it hit your FTA and u didnt like the bar formation? This wld make a very gd case study for us. Many thanks!Ignored
DislikedHi Mike,
Could u pls help to take a look at these 2 charts and give your comments? AUDCAD trade wld have stopped out as it has taken out PB high today, while AUDNZD still struggling to stay afloat. I wld like to learn from u what is wrong with these 2 setups that is not working? (well as least one of them has failed). Thanks!
http://www.forexfactory.com/attachme...1&d=1319680068
http://www.forexfactory.com/attachme...1&d=1319680082Ignored
DislikedHey FX
Sorry about that
Here is my chart and also where I bailed out. Price came and retraced pretty high up then moved down. So I decided to cut some of my loss if it came back above that area.
Best
MikeIgnored
DislikedHi Mike,
You mentioned you cut some of your loss when bar went back up and hit the dotted line.
Qn1) Do u cut some losses prior to this already?
Qn2) How did u determine the bail out line (dotted line)? I'm guessing its the close of the trigger bar BEOB or just above the high of a small red PB? (2nd day of ur trade)
Many thanks for your time and patience with me as I learn in this trading journey. I always learn something from your commentsIgnored
DislikedHey FX
Notice on the aud/cad you are shorting right back into your former breakout area. Price actually does exactly what we would expect and still does hit the FTA(your shaded grey box). So really this one did workout, but I still would not trade back into that former breakout area you have marked. The finally tip off is your bars inability to close below the BRN of 1.0500
As for aud/nzd it is similar in that it closed weak(could not close below the round number). THat to me coming off that strong up move is always a sign to stay away...Ignored