There's some bigass momentum behind it atm.
*edit* wow, those PPZs are alot more pink than they look on my notebook >:/
When you have to shoot, shoot. Dont talk.
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedThe question is... now that it has hit my first 'where is price going', do I take some profits, or give it enough space for a shot at dropping through the floor?
There's some bigass momentum behind it atm.
*edit* wow, those PPZs are alot more pink than they look on my notebook >:/Ignored
DislikedYou know that there's going to be some movement around the 90.00. If there isn't . . . look out below. A continuation of breaking previous day Lows (green line) and it could smash through the 90.00.Ignored
DislikedMy thoughts exactly.
I like having jaroo confluence
*edit*
bigass 2 day pinbar on EURCAD, sitting on a big ppz, up and back through whatever those EMAs are on my chart (I dont even know where they came from, lol) and heading into more trouble than Kanye at an awards show.
Hard break of the PPZ should give up a hundred pips or so, but definitely too much traffic for me. Fail.
AttachmentIgnored
DislikedMy thoughts exactly.
I like having jaroo confluence
*edit*
bigass 2 day pinbar on EURCAD, sitting on a big ppz, up and back through whatever those EMAs are on my chart (I dont even know where they came from, lol) and heading into more trouble than Kanye at an awards show.
Hard break of the PPZ should give up a hundred pips or so, but definitely too much traffic for me. Fail.
Ignored
DislikedNow this 2 day PB presents the same situation. If a hard break occurs, great, it makes sense. If it doesn't, we may be heading the other way. I have found that when a good setup has a weak break, where Price is heading is the other way.Ignored
DislikedVery nice Flem.
Mike's comments on this setup mentioned eariler were well founded and should be take very seriously.
With that said, it's a nice bearish PB off a retest of a strong Weekly PPZ, 91.75 toward a strong bold round number, 90.00. This would be enough to get my attention, but the hard break was the clincher. Meaning a trigger a few pips below the break of that PB (blue) would have to break hard as it did. If it staggered or showed any heisation, a quit and small loss would be my only option.
You gotta love it when they break...Ignored
DislikedHI Jaroo,
Got something to ask you about.
I was thinking about your hardbreak and how you want the break to be fast and strong upon trigger.
I was thinking, if I trade on the H4 time frame and take a trigger there, would it be a good strategy if upon trigger:
1) I go down to the M15 timeframe
2) Wait for 3 bars to form on the M15
3) Use Mikes 2 Bar Trailing Stop to trail my stop once the 3rd bar close so that if there is any indecision, we can cut our losses small.
Am I pressing it too tight or what do you think?Ignored
DislikedDefinitely on the same page here, although my reasoning is slightly different.
I figure there is some momentum to it (judging by the size of the move), but just dont know how much or how far it can go...and there is a ton of roadblocks below. A nice hard break lets me get into it with a b/e stop and freeroll it.. after that, it can do whatever it likes.
Most of the time, you get stopped out, but once in a while...
I'm all about the freetrade.Ignored
DislikedAgreed Mike's comments were spot on as always...what I liked about this was the fakey setup on the 4hr giving it pretty good odds of it being a momentum sell off....= one lot closed at my first TP at 90.193 and the second lot running with the stops at break even.Ignored
DislikedI would stick to managing your trade (2 Bar trailing stop) on the same time frame the setup was given, i.e. the 4 hour. A setup off the 4 hour and managing on the 15min is too tight.Ignored
DislikedThank you for your advice.
Was thinking about your hard break. At which point do you actually say that hey the break is not "hard" and it is time to cut out of my position?Ignored
DislikedGood question. A nice continuous run without looking back, Ok that's an obvious one. A good 20-30 pips and if it starts to retrace to the break (not the trigger) and retests it. If it hangs around for awhileI may stay with it. But I want it to retest then fall quickly again. Once it starts going beyond the retest . . . dump that b**ch. lolIgnored
DislikedDefinitely on the same page here, although my reasoning is slightly different.
I figure there is some momentum to it (judging by the size of the move), but just dont know how much or how far it can go...and there is a ton of roadblocks below. A nice hard break lets me get into it with a b/e stop and freeroll it.. after that, it can do whatever it likes.
Most of the time, you get stopped out, but once in a while...
I'm all about the freetrade.Ignored