there is no set definition or value for 'big' & 'small'.
view the candle in the context of surrounding bars, situation (trending or ranging) &/or location.
that is a M15 chart. check out the higher timeframes. what do u see?
at this moment, imho, odds are higher u will get stopped out if u short that.
if u are seriously learning this material, kindly stay with Daily & up charts.
james16 Chart Thread
- #69,444
- Jul 22, 2010 7:29am Jul 22, 2010 7:29am
- | Joined Jul 2010 | Status: MAKE IT HAPPEN | 2,220 Posts
- #69,445
- Jul 22, 2010 7:30am Jul 22, 2010 7:30am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
Which broker is the best to use for charting...
there is no single best broker.
several here use brokers that close 5pm NY Time like FXPro.
- #69,446
- Jul 22, 2010 7:33am Jul 22, 2010 7:33am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
I just read something that blew my mind!
Is Pin bar really short for "Pinocchio bar"!? I always thought it was because it looks like a pin
as in
(price going one way but ending up the other)What do you guys think?
size-wise, it's pretty small.
it's a daily bar, so it has probably not ended yet.
- #69,448
- Jul 22, 2010 8:16am Jul 22, 2010 8:16am
I see, Thanks!
Perhaps it's not important, but it's a slow day
PIN = Price Is Not-likely.....to go that way any more...if its at a good location
In retrospect we learn.
In perspective we earn.
- #69,450
- Jul 22, 2010 8:28am Jul 22, 2010 8:28am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
hi all here my first post in this thread i m learning it for near 6 months and now i m feeling to trade on demo till good at it ...hope u pro will help me .thnx
Muhammad
And a nice trade for sure.
g.
I believe . . .
Here is another (I made up)
PIN = Price Is Not-likely.....to go that way any more...if its at a good location
But I can't believe I am the only person here that thought it was called a pinbar because it looks like an actual pin
just to share with newer traders...
one of my early mistakes was expect big moves from small bars like this. (kind of like expecting/wanting to pay $1000 for a Ferrari)
of course big moves can start from small bars,
but more often than not..
small bars = small move
big bars = big move/momentum
for those starting out, it's much easier on the pocket & safer to avoid small bars.
think of chocolate or any of your favorite foods...
small chocolate
= (i want some more), (no more), (i want More!!!)
big...
Hope you dont mind if i add something. I recently came across to wizard's post where he explains about exits (the post can be found on the first page of this thread, here is the link to that post link)what i wanted to say is that he explained very well imho about small bars, qoute:
''In my opinion, a 20 tick pullback in a 100 tick move up is not a sign that the move is reversing. It is natural and it is inevitable. Consider the other market participants. In the short term they may want to scalp a small move or they may be hedging and therefore taking a position for another reason UNRELATED to profiting. These buyers and sellers will cause temporary fluctuations in price but actually exiting a good trade should be done when YOUR reason for entering is WRONG not just because it is suffering a temporary setback.''
Think about whats behind that small bars, and whats behind big bars. The small bar simply mean that there is a group of people who is selling/buying against a larger group of people. And when we see big bars, this means that there are much more people who want the price to go to the specific direction. And thats why the seniors here are telling to the new members that the bigger the bar is, the bigger is the possibilty for the price to go in that direction.
Hope i explained it well, if not feel free to correct me.
- #69,455
- Jul 22, 2010 8:50am Jul 22, 2010 8:50am
well said SC
what i wanted to say is that he explained very well imho about small bars, qoute:
''[color=#222222][font=Trebuchet MS][font=Courier New][color=#222222][font=Verdana][color=#222222][font=Verdana][color=#222222][font=Verdana][color=#222222][font=Verdana][FONT=Trebuchet...
Esssential stuff if you want to get beyond level 0 thinking.
When you have to shoot, shoot. Dont talk.
People would do very well to read every post they can get their hands on from the_wizard, darkstar and merlin. You'll learn more in a couple of hours about how an auction market works than most people learn, uhm, ever.
Esssential stuff if you want to get beyond level 0 thinking.
unfortunately i didnt have time to read all his posts, yet... but i have planned to read all his posts and of the other seniors too, including yours - #69,459
- Jul 22, 2010 9:13am Jul 22, 2010 9:13am
Catchy
But I can't believe I am the only person here that thought it was called a pinbar because it looks like an actual pin
I have seen the enemy, and it is me.
- #69,460
- Jul 22, 2010 9:15am Jul 22, 2010 9:15am
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
meine augen sind die sterne