\
Here is a chart of chf/jpy. I would have a lot of trouble pulling the short trigger because of all those bar highs. That is fighting into a lot of support.
Mike
I understand the Highs that are providing the strong support on the CHF/JPY.
My question is, wouldn't the DBHLC be the PA we are looking for to break that support?
Meaning: Bearish PA to break Support and Bullish PA to break Resistence. (with allowances for retrace before the break, of course)
Thanks,
Jim
Hey Jim,
Yes it could definitely be the hint for it, but I like playing OB, DBHLC, and pinbars at extremes that are not fighting into this(part of what I call creating "space"). It helps especially for the way I tend to exit trades as well. So when I see that, I would rather wait, or look to make a play on a lower timeframe.
With chf/jpy finally breaking out long after a lot of choppiness, that would be keeping me out from grabbing in short too. When I take a daily trade though, most of the time I am holding them for multiple days, so that also will change my opinion. I like things to flow out.
Again like you have mentioned so much too, it is all personal. But if it does stall out, it wouldn't be a surprise with that down there.
Take care
Mike
Just to expand,
If chf/jpy makes its move down, we can see we have another large area of support to look out for.
This is why IMO it is safer to watch for a break long as there is less resistance on the way up, as there is on the way down. I trail my stops, and when there is resistance I often get bumped out before I can catch a move(this is a personal thing).
But I think we can all see how keeping things simple is so important. This is not magic, this is just the phenomenon of support and resistance.
Watch these levels no matter which way you are looking to play
Mike
. Here is a similiar situation for those wanting another example of how I trade.
Here we had a BEOB, or DBHLC but there was so much support we were fighting into that it makes the trade a tough one for me to every take(note* if these occur at extreme swing highs they can be a beautiful thing).
So instead I am geared up for a long move, which of course things don't always work out the way you want, but I am always looking for these big areas to hold, rather then break(when things are trending better one way that is).
Mike
see Jim, you ask a simple question and I rant 3 posts doh
Hi everybody..i am a longtime lurker in this thread and think it's time to get involved a bit more actively
so what are everybodys thaught on the Daily Pin bar AUD/USD ..i went long on the 4H pin before checking out the Daily
but i am still demoing hehe
Seems like an "A" trade to me ? but i am still a noob !
Hi everyone going over my different platforms today ive seen that I get better daily signals using a broker that uses GMT-1, and for 4HR signals they seem to be better with GMT-2 does anyone else have an opinion on this, what time zones they feel are better for different time frames for signals.
loving this thread by the way, thankyou james16 and everyone else involved, its so nice to trade a chart without the usual clutter of indicators, im quickly learning that price should be main reason to take a trade, just wish ide learnt this a few years earlier..
It's been my experience that Price Action with different GMT times usually balances out. Meaning they don't make that much of a differene. Just goes to show you the power of Price Action.
Who needs indicators when Price Action Rules.
Looks like that DBHLC on CHF/JPY proved strong enough to break support.
I do understand your point that Price likes to follow in areas of least resistence, (I think I got that right).
Sorry can't post CHF/JPY chart, not at home. I will later.
Jim
yes it broke hard, and stalled at the next area of support. For those that did take it, this is a good take profit area.
Mike
artial profit at 887, SL to 928.7+spread.