Dislikededit* I would not trade this pin(if it forms one) personally. We do have support, but the pin is in "traffic". I look for the ones at better swings.Ignored
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Where can I learn more about Price Action like those in James16 charts? 9 replies
Dislikededit* I would not trade this pin(if it forms one) personally. We do have support, but the pin is in "traffic". I look for the ones at better swings.Ignored
Dislikedhey mike , i have a quick question for ya. What exactly do you mean by traffic? Is it jsut because its coming off of news? or because there is only one short bar before it? Thanx.Ignored
DislikedHope thats clear if not lemme know i can throw a chart or two up.
Enjoy your weekend all,
MikeIgnored
Dislikedhe means that, on the chart, there is a lot of action right beside the pin bar. Look at the pin bar for the euro on the dailies yesterday. Other than the bar right beside it, there are none farther to the left of it for awhile. Whereas as the pin for the pound, there are a lot of bars to the side of it. There are at least 4 to the left of it, which is creating "traffic". Hope that helped.Ignored
DislikedThe thing your missing is that there is another pin bar forming/formed right after the one that is suggesting that there is a down move. This shows that the bears lost steam after a while of trying to push it down and the bulls are coming back into control. With that, it would seem that there is now going to be a move upwards. And for your original question, I normally put a stoploss around 20 pips above or below a pin bar that im trading when its on the daily charts. In this case however, i would cancel the short order and make a buy order, but thats just me and i have been wrong before A LOT. Go by what you feel is right through your analysis of the market, and you are bound to make some cash. Good luck.Ignored
Dislikedtrue, and thats a good thought. There is a reason to trade however, the pin bar will be coming up on top of a fairly large support at 9450. There is also a short term support at 9505. I plan on placing my stop right below the longer term support line. Please mention it if i am wrong. Thanks.Ignored
Dislikedthe support level is 1.9500 if we stay above this level most likely we will test near term resititance @ 1.9550 if that holds there is a good chance to see 1.9600. if we stay below 1.9500 I would then expect a test of 1.9400 I would also expect this level to give way to make a lower low based on the fact that we failed to make a higher high, higher than the previous high @ 1.9733Ignored
DislikedHi mike,
Just have a question regarding our big aud/cad montly pinbar trade, i think some others got in to, my question is, when you take a monthly trade like this, do you ever consider taking a hedging trade, on a shorter tiimeframe, like if we get a daily setup to long, do you take some long trades in this situation, or you just hold and wait for the monthly to unfold.
westieIgnored