Just trying to understand rac's way of thinking
Ben
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedCan you please explain the reason of this being a good short setup? All I see is price hitting a ret level..nothing more..even not PA bar.
Just trying to understand rac's way of thinking
BenIgnored
DislikedAs far as I know it is based on identifying the 61.8% retracement on a large time frame (like Daily or 4hr) and looking for PA on lower time frames.
I've had really good results with itIgnored
DislikedIt will make you lose your hair... be verrry careful.... (Makes you think about that crystal ball everyone talks about.)
Of course before anyone gets themselves into some kind of foaming lather, and blindly jumps on a short, look at the landscape. There is a HUGE MASS of bar highs right below going back to the beginning of June.
Of course no one knows what will happen, but the upside potential is very nice. The short side is full of slop and chop. I'd sure love some north bound PA.Ignored
DislikedThanks for your responses.
I just look at this chart and I see so much reasons why not going short, and no reason why yes going short lol.
I rather not get into it too much...everyone is free to trade as he wish
BenIgnored
DislikedYep.
here is what these big consolidation areas are starting to mean to me.
Big longer term moves.Ignored
DislikedThanks for your responses.
I just look at this chart and I see so much reasons why not going short, and no reason why yes going short lol.
I rather not get into it too much...everyone is free to trade as he wish
BenIgnored
DislikedGeez man! ...I don't like screwin' with other peoples comfort zones, mate.
What I seen with UCad was the un-even bottom (per blue arrow "upset" ...Not horizontal to the one before it) . Don't like them myself....Just myself. ...meaning the pin we are talking about is below it ...totally not 'right'. ...K? ....I wouldn't be surprised if Mike had a similar view to this , actually. ....Being a break out man like myself. (thought he don't use the line chart)
I draw off of the line chart. So I got this... (orange...Ignored
DislikedAs far as I know it is based on identifying the 61.8% retracement on a large time frame (like Daily or 4hr) and looking for PA on lower time frames.
I've had really good results with itIgnored
DislikedDid any one here take Gold short on the Daily pin bar on Tuesday 9/8/2009?
I was tempted to short Gold, but didn't want to put down that much real money in Oanda, yet.
If you did take this trade, how did it end for you?
Were you able to get your Stop to BE? Did you take partial profit/loss? Full bar loss?
If I was to take this, I think I would have taken a full bar loss. The set-up looked too good to move stops up (great looking pin bar at a great location), my first TP would have been 970 or so.Ignored
DislikedHey TJ
I took this trade and took full profit at the low of right around the 990 area. There was some pretty strong resistance and lots more underneath that. At worst we had a counter daily pin right off that area, so I would say at the least your stop should have gone around there instead of taking a full bar loss.
Hope that helps
MikeIgnored
DislikedDid any one here take Gold short on the Daily pin bar on Tuesday 9/8/2009?
I was tempted to short Gold, but didn't want to put down that much real money in Oanda, yet.
If you did take this trade, how did it end for you?
Were you able to get your Stop to BE? Did you take partial profit/loss? Full bar loss?
If I was to take this, I think I would have taken a full bar loss. The set-up looked too good to move stops up (great looking pin bar at a great location), my first TP would have been 970 or so.Ignored
DislikedMike, that helps tremendously, thank you!
My step brother is 4 years older than me, so that makes him 22 (LOL, just kidding) that makes him 35....Ignored
DislikedCheck out my post here regarding this setup. It was definitely avoidable to take a full bar loss on this one, and it was BE for me.
ScottIgnored
Dislikedhehe I save that mostly for PF but I will put up more here if it helps
MikeIgnored