I'm not a conservative trader and love S/R, TL and fib/confl. bounces, but this weekly setup has good potential ..
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Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedI'm not a conservative trader and love S/R, TL and fib/confl. bounces, but this weekly setup has good potential ..Ignored
DislikedFollowing James suggestion:
Some daily PINs, demo only to see how they play out.....
23/5 AUDUSD daily PIN off 20MA & 50% fib
Short 82.10 (early entry), stop 82.78,
half off at 8180 (+30)
remaining half stop now at 82.20
23/5 AUDJPY daily PIN off highs
Short 99.72, stop 100.50
(weak, against trend, close around previous daily high)
24/5 move stop 100.22 (daily high)
24/5 GBPCHF daily PIN off 76% fib
Short 2.4351, stop 2.4453
(weak, short nose, against trend, against monthly PIN)
half off 2.4230 (+121), stop on remainder to 2.4390
None of these are 5 star PINs (with trend, long nose & strong confluence), but I'll monitor them to see how they play out.Ignored
Disliked4 hr pin forming off of the 150, 200 and 365 ma's...however it did break a support trendline.Ignored
DislikedPost #10 shows bearish outside vertical bars. This post that Razl is talking about is not one though. Infact, it doesn't look like any bar that James covers.
WizIgnored
DislikedBullish outside on weekly was a good confirmation for a long trade off j16 PP and that’s all I care about. Taking partial profit and moving rest to BE ++ allows to play 18 at a remote, quite location.
Happy trading Wiz
RIgnored
DislikedHi Rac,
Sorry for being a pain, I really didnt see what setup you meant. I get confused with these BUOB/BEOBs, but Im sure Mike said the other day they should close above the last bar, or close as high up as possible. How did you play it then, on a retracement? Because if you played the break of the weekly it wouldnt have gone very far, yet...I am here to learn, which often means asking questions, so if you post a setup, expect questions to follow (Actually, nobody ever asks questions about any setups I post so you never know I guess Im just a pain in the ass) In any case, good luck with your trade, RazIgnored
DislikedPossible set-ups at end of today on EURAUD & GBPUSD, depending on close
Close confirmed PINs on EURAUD & GBPUSD, EURJPY & EURUSD, pending orders waiting....Ignored
DislikedA real novice here still plugging away.
On the above chart (& I don't know how to transfer charts, sorry, if that's possible), the 3rd line says "do not enter until the bar is broken w/ b/s (buy/ stops?) stops". What does 'broken" mean? Next line says, "other side of pin or under 1st eye". What does that mean? Does "eye" refer to entire bar to the left of the pb or just the area covered by the buy & sell?
I know how to set up the fib retrace. lines, but how do you set up the pivot pt line & the S1,2,3 & R1,2,3? If I have to program an indicator for that, then forget it---I don't know how to do that. I asked this ques on the MT4 forum, but got no answer.
Also, on the chart in post #821, what does "TBH" mean?
Thnx in advance---you guys/gals are great w/ your quick & friendly (I hope) answers.
SidIgnored
DislikedHey Sid,
When we say the pin bar broken, we mean the low(if we are shorting) or the high of the bar(if we are taking a long). So in the case of the post you are referring to we wait until price breaks the high of the pinbar to enter our trade(the orange line). You can place a buy stop here.
The other side of the pin or first eye is in refrence to where we place our stops. The other side of the pin simply means the low of the bar in this case(where the arrow is). Or if you want a tighter stop(which also means more likely to get stopped out) you can place it under the first eye. The first eye is always in refrence to the bar before the pin bar. The eye is the close of the previous bar. I circled it(in greyish didn't come out to well).
A TBH refers to match highs, when two price bars have equal highs. Or you can have a TBL, two mtaching consecutive lows.
As for price pivots(R1 S1 etc), you can use an indicator that will auto place them on your chart. I will refrence the post where you can get that here: http://forexfactory.com/showthread.p...ighlight=pivotIgnored
DislikedThnx for your quick response--greatly appreciated. Saw the indicator, but never did one, of course. I'll work on it. How do I drag it to my chart?
SidIgnored
Dislikedcharlies, you nailed all of these!! good work!! I got in on EURAUD and GU, and I'm happy I did :-)Ignored