DislikedI like the most recent swing Highs/Lows for the Fibs. 10300 looks pretty strong.Ignored
So, you think that PA should occur in 10300 area?
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedI like the most recent swing Highs/Lows for the Fibs. 10300 looks pretty strong.Ignored
Disliked" No, . . its not at a swing High" stop right there. Then its not setup we would take . . remember back to basics.
Also, get rid of the Fibs . . its not the 38.2 that holding it up its the 1.4600 PPZ level. The 38.2 fib level is a retracement level to go long (in this case) once Price passed this level is no longer a valid Ret. level. Also its a confluencing tool meaning it has to line up with a PPZ level.Ignored
DislikedYes, possibly keep an eye on it.
Thanks Jarroo
EDIT:
Jarroo
Looking at the 365, 150 & 50 EMAs in such a downturn, I imagine we may possibly see some Bearish PA?
I am not sure about the role of the EMAs, I know we use them as S & R and as confluence but in such a downturn of the EMA as we see on Major TF M1, W1 does this make us be more inclined to have a bearish bias in PA or is this pure counter trend setups we are looking for?Ignored
DislikedHey Jarroo,
To add to this, would we put less importance on the fact that there is a BEOB because of its location? Meaning there is a small up trend and BEOBs signify a continuation pattern, downward move.Ignored
DislikedHey Pb.
Remember the Weekly PB on the Nzd/Usd? Well, the PB never broke the Low, so its still valid by definition.
What was your entry on that PB, I forgot 1.6912? or something.Ignored
DislikedHey Pb.
Remember the Weekly PB on the Nzd/Usd? Well, the PB never broke the Low, so its still valid by definition.
What was your entry on that PB, I forgot 1.6912? or something.Ignored
DislikedRac-man meanig raczekfx? He would go for a touch trade wouldn't he? Touch trades are a no-go zone for me, at least for now. I still have to develop that specific feeling for price, call it intuition or whatever. Raczek amazed me with his trades to the point of disbelief.
Of course the 1.2150 level stays valid throughout the whole potential move, giving hints, on where the bulls would want go.
Pls point out any flaws of my reasoning, or hints what to add to the analysis.Ignored
DislikedIts a classic Rac (Raczek) setup. . . Support turning into Resistance (or a PPZ level), 61.8 fib, trendline confluence . . this is the KABoom setup. Your other areas you have noted are ok but for now this is the setup.
The fact that it didn't go Kaboom could be telling, meaning that there might be something else going on. . . .time and patience will tell for sure but i like its odds for going down.Ignored
DislikedHey proletary.
This is what I meant about "something else going on". Price broke through to the upside, pretty strong too.
That's the beauty of PPZ levels, they are "flip zones" meaning there's usually a reaction sharply in one direction or the other. So when a strong level, like the 1.2150 doesn't react as strong as we would like to see based on the strong confluence of the level. Support turning into Resistance. The down trend may be stalling out or Price is just hanged around his level, knocking on the door to knock it down.
Don't get...Ignored
DislikedNice 1 hr BUOB on USDCAD at a confluenced area. I have entered aggresively on a retrace to the previous bar highs at around the 50 retrace of the bar.Ignored
DislikedNice 1 hr BUOB on USDCAD at a confluenced area. I have entered aggresively on a retrace to the previous bar highs at around the 50 retrace of the bar.Ignored