Would LOVE to see a 4hr pin form here.
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Disliked5. As Zoopy mentioned in his journal, we have not seen a re-test of the 1.5000 area. Maybe the frenzy is over for a while.Ignored
DislikedHi Static
Just dropping by reading your last post. Is that suppose to read 1.5900?Ignored
DislikedAttachment
Actually I was referring to your reasoning behind a bearish outlook a couple post back in your journal when you said:
" 2. Since breaking the trendline at 1.4900, we have not come back to confirm that break."
I'm assuming you meant the descending trendline shown on the chart below (or the S/R line depending on how you look at it). I didn't word it very well, but I meant, we could be returning to the 1.5000 area to test it and confirm that break. Do I understand your statement correctly?
If this were to happen we would obviously still be well within the weekly uptrend, it would just be a deep retrace, which is still possible.
I hope that's clear! And that I didn't misinterpret you.
Thanks for being the first one to write in my journal!
I just went back and looked at what I wrote.... so unclear... sorry man.
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DislikedOK,
This is a new approach for me but I think it is well reasoned, and I am comfortable with it.
Trade # 7 - Bought at 1.5695 with a 50 pip TSL
The reasoning for the trade:
1. We are back near the 4 hour trendline which price has not broken yet. 1.5700 is a nice round number. (I could mention that it is the 50% fib retrace of the last 1 hour swing, but I think that is insignificant)
2. Although I believe we may see a retrace, I am sticking with long positions, and the AH will get me out of trouble if needed.
3. I am using a 50 pip stop now because I am less willing to give the trade too much room when we are near such big resistance. I am simply not willing to risk as much when we are near what I believe to be a medium term top.
4. I have kept my lot size the same, so my risk is cut in half for this trade.
5. Should I need to use the AH strategy I will be converting my soldier back to a 100 pip stop with half the lot size.
6. Overall I just feel that if the market heads south from here, we will see at least 1.5550 very soon. However, I will only be going long.
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DislikedNot sure about 1.5550. I think we may be heading to 1.5800 soon. Once we break that we will most likely see 1.6000. Could be wrong though. You know how it goes... when you think you have it figured out the tables turn on you lol.
Forgot to also mention... if you look at the 1 hour chart, the highs/lows are becoming higher.Ignored
DislikedYeah, you may be right. I think the important thing is that we are both on the "right" side!!! The side with the AH!
If we lose that 4HR trendline with a confirmed break, I see more downside. The way it's looking though, we're in for at least one more rally.
On the bullish side we have an activated 2 X 1 hr Pinbar. Good.
I was a member of J16 for quite a while, and the price action training is a wonderful addition to Jacko's method.... or maybe vice versa .
Were you a member?Ignored