DislikedWell done Keep us updated on how you do (I don't watch 15 min... scary!)Ignored
Many choose unhappiness over uncertainty.
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedWell done Keep us updated on how you do (I don't watch 15 min... scary!)Ignored
DislikedWell done Keep us updated on how you do (I don't watch 15 min... scary!)Ignored
Dislikedyeh i was wondering also in regards to pairs being pretty much the same.
for example any yen pair had pins on friday and also have similar price pattens to do jpy being somewhere in the ticker.Ignored
DislikedI kinda just figured well I may as well just watch the majors such as u.j g.j and forget about the rest because it just feels like im double handling everythingIgnored
DislikedI feel the same way regarding these pins and when they formed. The only one I actually considered was u/j. The fact that it formed during a holiday week and on a Friday was the deal breaker for me. In illiquid markets price can get pushed around and I personally don't think it is worth risking capital on.
Just my opinion.
ScottIgnored
DislikedGreat trade Dan! I hope that once you start doing this full time you will stick around to teach. I really enjoy your posts and the way that they are put together. We can all learn something here from you bro!
K.I.S.S.Ignored
DislikedWell I am glad to see that I am starting to get better at qualifying quality PB's from the poor ones.
I gotta say, I am getting quite a bit better at biding my time waiting for the perfect setup and not jumping on anything that resembles a pinbar or similar PA.Ignored
DislikedYup, that's pretty much it.
Those pairs will always move together because they all have yen as the quote currency. Most will move in tandem with USDJPY, because that's always going to be the primary yen pair, and most of the others are constructions based on it.
One thing to keep in mind is that correlations change over time - sometimes drastically. USDJPY used to be positively correlated with the Dow (Dow up, money floods into the US, USDJPY up), now it has a strong negative correlation (Dow up, money floods *out* of the US looking for yields,...Ignored
DislikedHi again guys,
I would like to ask a question regarding DBLHC/DBHLC and OVB.
The question is: do I have to wait until the second bar that forms the double top/bottom closes before entering on retracement or can I straight away enter into a trade if it is obvious that it would form one of the above PA?
I apologize if this question has been asked before, but I just could not find any similar queries in this thread.
Thanks!Ignored
DislikedOk, I get it but i don't.... lol
It seems to me it makes sense to not watch EVERY fx pair, but rather to have some dif markets to watch as well? (futures or something)Ignored
DislikedThe question is: do I have to wait until the second bar that forms the double top/bottom closes before entering on retracement or can I straight away enter into a trade if it is obvious that it would form one of the above PA?Ignored
DislikedNormally, you want to trade a 2-bar pattern when a third bar completes the setup. You get your two matching lows with a higher close, then enter when the next bar breaks it.
You are asking whether it is okay to trade using just one bar and what you think 'might' happen, rather than 3 confirmed moves.
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Dislikedlol, that must be my exemplary communication skills at play, again
Watch all strong FX pairs, even if they are are strongly correlated, because you will get different signals on each one.
The only time you need to be concerned is where you are actually trading correlated pairs. You increase your risk by having greater exposure to a single currency, which can lead to trouble if there is some kind of event that goes against you.
Is it a fatal problem? As long as you are following proper risk management strategies, I would say no....Ignored
Dislikedthat will be awful, because imho 99,99% of the people here on this thread appreciate your posts. please go on with posting here. it is a pleasure to see your charts.Ignored
Dislikedraczek is the GOD of forex...... !!!! and no one should forget it.... !!!Ignored