all is eternal - this is good news for people who loves bad news
DislikedSo was not much power in it, isn't it? :-). Mike was quite right as always, at least it gave us a chance to set SL to BE.Ignored
Dislikedexample of an area I am watching if we put in deep enough retraces(I promised Q these before)
Notice the wedge and price gapped right out of the wedge. Gaps can often act as S/R when price closes them
Will price close this gap and turn down? I don't know but I know that's a great area to watch(with the 1.3 in mind)
If price can close the gap and close back INTO the wedge, that is a pretty bullish sign. Great areas offer great opportunities BOTH waysIgnored
Quick question about gaps.... prolly covered before but....
Most of this gap is already closed (15p or so left) - from experience does a gap have to close completely?
If so (and i know they do tend to close eventually) is there any greater likelihood that larger gaps will close any quicker than small ones?
DislikedTrading counter trend is where the most pips are with the James16 methodology. But higher reward comes with higher risk. And we mitigate that risk here by making sure we pick on bars that look really strong and authoritative.
You are right in that this bar resembles the AUD/NZD BEOB with respect to the fact that it doesn't stand out.
The best thing you can do is stay zoomed out on your chart instead of zooming in on the action so you don't miss the relative size of the PA bar. Now of course a BUOB/BEOB has to be larger than the preceding...Ignored
Disliked@up I'm glad we agree
It seems, that our gbpnzd beob is changing into pinbar(weak), and next buob probably...nice lvl, but it's too expensive for me - buy low, sell high, but we'll see...maybe there will be sell opportunity...or break and pullback...Ignored
DislikedHow is this for a confluence trade ? I am not taking it but just asking for knowledge !
fib extension 100
broken trend line retestIgnored
Dislikednotice how that pin broke then shot ALL the way down. That's what happens at less confluenced areas. So it can be trickier to manage and why we say manage them tightly (with less confluence). Markets look like they are wanting to retrace some of the previous weeks moves a bit so that could pull this higher but I would still be protecting my risk trading back into the last swing high with such a short amount of space.
I will wait till that 1.6 though, the more confluence is just easier to wait for in the long run
Thanks for posting the link!
Dislikedhanging man now?. Still bearish. one to watch for sure.Ignored
what weight do you put on 150 and 365 ema's regarding your trade decisions?
I have been thinking about completely removing them?Ignored
I personally don't use MAs anymore. I don't use much of anything. Eventually you see it enough you have a good idea where they would be anyway. I think they are a great way to begin to zone into confluence areas and be picky though. At this point in my trading though I use a clean slate