DislikedHave been away from this thread for awhile. Can't find original reference to "FTA". What does it stand for? Thanks.Ignored
FTA = First trouble area
Mike
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedHave been away from this thread for awhile. Can't find original reference to "FTA". What does it stand for? Thanks.Ignored
DislikedYes well it depends on how you are comfortable entering. I never do retrace entries, I am conservative, like to see price confirm the bar. Some people put an order on the break and one on the retrace and pull the other one when one gets hit. Really just comes back to the trader. They all have advantages/disadvantages. It all has to fit in line with your beliefs/personality etc.
Best
MikeIgnored
DislikedHi Mike,
Same here,I am quite conservative as well and prefer break of the pin bar.
In this particular case,it broke the pin bar and came back down. SL is still the lower end of the pin bar so has not taken stops out. But since it failed to breakout after break of the pin bar ( in fact retraced back quickly), from your experience,do you think it is a failed pinbar on weekly?
cheersIgnored
DislikedHey Imp
Technically speaking it isn't over till the low of the pin gets taken out, but I don't have very high hopes considering the small size and strength on the jpy this past day. It is sort of in make or break territory now around the 61.8 here, but we'll have to wait and see
MikeIgnored
Dislikedyep I am thinking the same.
Out of curiosity, was that really a pin as per definition in the book :-). Looks like it did not close in the body of previous weekly candle ( I understand it will not always be well defined PB - key is market sentiment, rejection of the price), but just to make sure I understand it correctly.
cheersIgnored
DislikedHey Imp
As long as price closes within the previous bar(anywhere) then technically it is a pin. If this say had a higher close then the open, i think it would have greatly changed the look of things though
Best
MikeIgnored
Dislikedgot it, cheers Mike!!, thanks for your quick reply.
so I understand green PB ( higher close) would have made it bit stronger/bullish pin and a better set up. It is so close to monthly support, feel like it might turnaround for a long term trade :-) waiting for strong PA ,of course.Ignored
DislikedThanks a million for your kind words and the vouch! Glad you find my analysis useful. Means a lot coming from a senior J16 member.
Yeah, its fantastic how all these things line up when it comes to an important point of reversal.
Its even better, when we take full advantage of it.Ignored
DislikedI have been thinking about how complex my charts are looking and I came up with this simple 3 line system to work out the FTA and possible areas of moving our SL. I actually think this is a good idea for me to work on.
Hope it helps any new people to the thread grasp the importance of the FTA and simplify identifying it.Ignored
DislikedThe chart(s) we did in May was an exercise in plotting PPZ levels. Now here in Aug. we see that the PPZ levels we plotted on the Weekly Usd/Mxn are still acting like they always do. . . .as PPZ levels.
The Weekly BUOB off the PPZ level (12.45ish) worked out nicely, Yes?. The current PB is a bit small but let's see how she works out.
.Ignored
DislikedHey Imp
As long as price closes within the previous bar(anywhere) then technically it is a pin. If this say had a higher close then the open, i think it would have greatly changed the look of things though
Best
MikeIgnored
DislikedI got a word doc with YOUR name on it, lol, keeps getting bigger and bigger. Thanks for sharing your wisdom sir!
How do you stay up at night?
fxtsun
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"And, in the end, the love you take is equal to the love you make." The BeatlesIgnored
DislikedI know this post may come off as somewhat rude, but I assure you that I'm not trying to be. I'm just sharing my insight.Ignored
DislikedI figured out how Mike is able to respond to post so quickly (on two forums, mind you) . . he uses more than two fingers when he types . .just a guess . . lolIgnored
DislikedHi Melvin,
there is an excellent video by Mike posted some 500 pages ago that explains 'space': http://drop.io/cfnoat3
Oh, and here's a link to the guest area videos if you haven't discovered them yet: http://james16group.us/Guests/guestmaterial.htmlIgnored