closing half of this trade at 175.90 (around weekly ppz). No, it wasn't based on 5min....
golf time again...
p.s. Looking to close the rest around 165/168, or get stopped out. who cares now...
R.
Long since 1.6990 (50/61fib, confl, etc... and 50fib of daily pin retracement)
..
Long since 1.6990 (50/61fib, confl, etc... and 50fib of daily pin retracement)
..
Those IBs were beautiful .. The InsideBar with the PinBar profit target
I got aout perfectly at the PPZ 1.7430;actually it was 1.7445 but i wanted to get out a little bit ahead and it revealed as perfect strategy 'cause it was 90 pip risk ... 400 win ... and i didn't watch the chart the all day after i placed the trade ... incredible!!
. Great trade raczek! I was so hoping you would share your favorite PA set up.
Thank you
Best wishes,
Jason
. Sometimes they only come once or twice every few months. no problem J.
You wait for such setups for a while, but when they come, you better be ready
Practice and master them and you will never look below daily TF ever again. The Earth is too beautiful, life's too short to waste it in from of the computer...
Best,
R.
As a general rule (not as a law) Price tends to retrace on higher time frames, the Daily and Weekly. This provides an opportunity to reduce our risk after Price has broken our Price Action trigger. Using Fib levels (retracements) and the other eye level in the case of the Gbp/Usd and Gbp/Jpy. But as you know, the best location for these stops is above/below the Price Action set-up.
Once Price broke the left eye level I looked to lower time frame Price Action for a hint of where Price is going. On the Hourly, a couple Inside Bars broke above the eye level. It provided me a lower risk entry. If Price broke down the IBs, I would have taken that short.
Jaroo, your analysis is always so great: methodical, simple, precise.
Once you explained it, I always think "Why didn't I see that myself".
Well done! Thank you!
Saw that GU pin too Jaroo and while it has been shown that CT trading is very risky, I think this CT trade had some good criteria to make it tradeable.
It was off a major Support level at the 1.700 mark (flipped back in '03 and '05) and the pair also showed some nice divergence. I personally didn't trade it because I have taken a few weeks off to focus on developing my personal strategy but I definitely took note of this one.
Pin Bars in the right location, be it with the trend as in a retracement or as a reversal, can be very powerful. This Pin Bar with its location and the confluences you have shown (nicely, I may add), could not be ignored.
Price Action formations, in and of itself, is not enough. We need location, trending or consolidating market and other confluences to support or conflict a given trade.
Nice chart stoli.
Jim
This really sums everything up perfectly, well said Jim.
Bars like the gbp/chf, gbp/jpy pins. If we can just train ourselves to wait just for these perfect ones, you will become profitable long term. I was talking in my chat last night, and saying how it is all the fiddling that we do in between these A+ setups that usually lead to breakeven trading or, negative trading.
Good stuff my friend
Mike
I believe what Ryanmcd has stated before that when Price is trending strong any Price Action showing a reversal (counter trend) should be veiwed with caution. But in consolidating markets these reversal patterns show promise.
We may be entering into a consolidating period.
