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Sonic
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedIgnored
DislikedYep still crazy this week vix @ 70 = stay out, you can get lucky and make money but I don't trade on luckIgnored
Dislikedthe pin bar is perfect the location is not.
remember the overall trend??Ignored
DislikedIf you are playing only Pin Bars with the trend you are correct ghous, not in a good location.
But as a reversal Pin Bar, off of a PPZ 165.00-166.00 from 2000/2001, it is in a perfect location. A potiental "A" trade my friend. Should be fun to see how it plays out.
JimIgnored
Dislikedagreed. it does lie on an overall support trendline for the downtrend, but i just can't forget the last two times i got burnt trying to go countertrend, this setup is a bit better than the ones i took earlier but again the bearish momentum is seriosuly disturbing me...
Regards,
Ghous.Ignored
Dislikedagreed. it does lie on an overall support trendline for the downtrend, but i just can't forget the last two times i got burnt trying to go countertrend, this setup is a bit better than the ones i took earlier but again the bearish momentum is seriosuly disturbing me...
Regards,
Ghous.
http://www.forexfactory.com/attachme...1&d=1223709857Ignored
Dislikedi see a few problems with the Gu setup as well, again there is nothing wrong with the pin bar itself and looks in perfect shape, but if you look to trade this you're going countertrend, noweven if you want to believe that Pin bars do work as reversal signals which ofcaorse is true and that Gu maybe reversing (the divergence is agreeing too) which may also be true, trading this particular pin bar is not what i am looking to do.
the major reason being the hurdles that price will come across in quick successions if it wants to reverse.
1) the 1.72 ppz,
2) the long term support trendline
also take note of these 2 hurdles that the price will need to jump over and the short distance in which they occur...
and finally condier the possibility of any or both of these hurdles proving too strong to be broken, what do we then get?? a great breakout-pullback trade, which i'll be anxiously looking for...
insipte of all this the pin bar may of course work out and best of luck to those who trade it, but aas far as i am concerned this is not the kind of trade i will look to go for given that it will have the added disadvantage of going against the trend.
Regards,
Ghous.Ignored
DislikedThe trend is ultimately still down....but no it is not a good time for SHORT..
GBP/JPY has a long legged Doji on D1 TF.. a near Hammer pattern.
I believe there gona be some bounce up from here..
I will place my Long(Buy Stop) at 173.2x...with SL below 165.9x....
Immediate target 173.4x ... level...
I will be in small lots and trail closely with my TP as I have going against the overall trend...
I will think of the flip side..if the price fail to take my LONG order on Monday..
Have a nice weekend...Guys
SonicIgnored
Dislikedi think you got me worng ofcaorse a short right now is perhaps the most foolish thing to do, it's just that i feel that a long may not be the best thing to do either, i may look for short once we see some retracment occuring from the pin bar and then a bearish PA, i am not going short monday open bro.
Regards,
Ghous.Ignored
QuoteDislikedIf trading were football, trend trading would be the long pass to the former track runner turned wide reciever, while counter-trend trading is handing the ball off the 2nd string running back and hope you get a couple of yards.
DislikedSure thing buddy.... Well Done on ur GBP/USD analysis too...
Here some fine example about trend trading and counter trend trading...From Jay...
SonicIgnored
DislikedI will place my Long(Buy Stop) at 173.2x...with SL below 165.9x....
Immediate target 173.4x ... level...Ignored
DislikedDoesn't sound like a goo RR ratio to me... Even if that profit target is just the first of many planned.Ignored
Dislikedif you look to follow the strategy of placing your stop on the other side of the PA setup you will end with this kind of a RR mostly when you trade the better of the setups, just like in this case, if the Gj pin works out (it's in perfect shape!) you make a hell lot of money if it does'nt you'll loose too much, for this reason i personally don't follow this kind of a stop strategy. although i am not keen on taking the Gj long if i did i would watch the traingle setup on the 4H, maybe a breakout, a pullback and then a continuation of it's way up, in that case my Sl would lie on the trendline provided i get a PA setup to confirm a final bounce this should help eliminate the high risk you're putting yourelf into by placing the stop far below the nose of the pin simultaneously time yourself better through a lower tf.
Regards,
Ghous.
http://www.forexfactory.com/attachme...1&d=1223728019
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Disliked
Here some fine example about trend trading and counter trend trading...From Jay...
SonicIgnored
DislikedThat's another good one Sonic! Thank you for the laugh this morning my friend. Ryans "Someone throwing rocks at your head " is still king imho. Everyone will be pro trend in times like these. Its when the market turns in consolidation and chops the hell out of you that the rubber meets the road. James talks about being able to trade threw that with PA. It is that very area I wish to improve the most in.
If I understand PPZ we are in a ppz now in GU. We are suposed to look for PA at the PPZ. Further we looking for a lot of space and out of traffic pin bars. The GU pin has tons space. It also took out and closed above 1.7000 a huge round number. Its at a swing low ... lol. I'm not saying that the trend is over just saying if you like playing bounces a break of Fridays high could give a nice bounce. Is this not a J16 A grade trade?
edit: forgot to upload chart
JasonIgnored