A few reasons why this may be a good setup.
Daily PB
Resistance level
Round number
Thanks.
Daily PB
Resistance level
Round number
Thanks.
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedWhat do you guys think?
Decent size, prety good location, not at a swing high, though.
Definetely not an A+ setup. Playable with tight MM?Ignored
DislikedI would attach a picture if FF would let me, but have a look at the PB on GBP/CHF daily.
Round # (1.7000)
resistance
PB
ThanksIgnored
DislikedBoth the ucad and uchf have drifted into abyss.
Ucad presented a nice opportunity for a long @ 1.0560 in the wee morning hours while I was asleep, dreaming of green pastures and little bunnies. Nice bounce off the bullish TL starting @ January 21st. (4th consistent major touch) It is a significant trend line now.
A nice break of that, following the major upper bearish TL would be a nice indication to short.
Personally wish I would have hung on to my long from 1.0250.. lol. Me and my damn intraday..Ignored
DislikedI am not playing it, but there is a small 2-hour pin at 1.0650 area......I don't play hourlies and the pin looks two small to me anyway.
Anyone long this pair should at least be aware it is out there.
NathanIgnored
DislikedIf you look at this way it is a break out, pull back type trade. So yes it is tradable. A hard break would also give confirmation to me. Tight MM of course.Ignored
DislikedInteresting.
I'm not a TL expert but, by the look of your chart, the correct way to draw the TL is ignoring the low of the PB (origin)?
Thanks for your feedback, jaroo.
EDIT: Actually it is not a pin but I believe you know what I'm talking about.Ignored
DislikedI have been staring at this chart. It really is intriguing me as a breakout + pullback combo. I don't know if I can get myself to pull the trigger on it , with friday coming tomm, I am reluctant to just stay out lol
MikeIgnored
DislikedWhat was in your intraday that made you close your 1.0250. If I may ask.Ignored
DislikedLets just say its something I need to work on, since I mainly focus on intraday london/ny overlap. I love to spot great opportunities, where I can take advantage of the risk/reward and capitalize on the leverage. So, 30-50 pips for me, could easily be someones 200+ to achieve the same result, with the same capital balance as me. I simply, take on more risk. Its something i learned from one my great mentors.
Although, looking back.. I'd say 1.0314 at the time was my area of interest / taking profits as a resistance area. Took profits once I saw...Ignored
DislikedCHF/JPY is really treating me nice (as anticipated) and I'm like +500 pips up.
Now it's at the bottom of the range I'm seriously anticipating taking some off the table and moving my SL just above the 87 level. From here the market can do whatever it likes I don't care. But I'd be happy if it further drops (Momentum plus general atmosphere looking good).
If it clearly breaks the range I'd watch out next for the following PPZ, and thereafter anticipate a nice move to the RN 80 or even another wave.
Attachment
Looks like...Ignored
QuoteDislikedTHIS IS CRITICAL.
WE MUST LEARN TO:
Notice a strong s/r area just beyond our pa if it exists.
Know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.
if we know its there, we have several choices.
1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.