DislikedIs it ill advised to place a trade right before the close on Friday?Ignored
Best
Mike
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedIs it ill advised to place a trade right before the close on Friday?Ignored
DislikedWhat would be your reason to get in prior to fridays close would be my question. Since soon spreads will widen and markets basically shut down. There is not a huge benefit as I see it
Best
MikeIgnored
DislikedI've seen some decent (so I thought) set ups in the past off Fridays close. Come Sunday the PA had already been broken due to the gap. I've never traded this way. I was just wondering if others did.Ignored
DislikedI was marking some PPZs on this weekly chart and felt compelled to ask this question. Is it best to mark the PPZs at the high/low or the close/open?Ignored
Dislikedhey Spookie
Many times these will overlap. It's not just highs or not just lows. Sometimes it is too, of course. It's more about finding where that "zone" is as a whole
Some zones will be more exact, others not. There is a wide range of all things when we are talking about a concept
Best
MikeIgnored
DislikedMakes it difficult when both the opens/closes and high/lows both line up.Ignored
DislikedI look at both . .more so with the Close (the Open is just the previous bar's Close).
As Mike said, these are Zones of Price flips and the more exacting there are to one another I have found them to be stronger levels. This occurence is usually at BRNs or RNs . .no surprise there . .right Mike? . .
Chart: Green area are the Closes and the Blue area is the Highs and Lows at the 1.0700 RN.Ignored
DislikedLets see....
1. Strong Support ....Check!
2. VBRN ....Check!
3. FIB 50% ....Check!
4. Trendline confluence ....Check!Ignored
DislikedI like your trade idea. The only thing I would be carefull of is buying after a breakout of those lows could be some momentum down.
cheers
fxpIgnored
DislikedYes, pretty much agree. Attempting to use Jarroo's refinement of identifying PPZ's the 1.3570 is interesting on the EurUSd (look at 4h as well). Maybe I was lucky, but after it broke through around the European open, I sold on a retrace. So maybe there will be more selling opportunities before it gets to the 1.3400BRN as it has now closed below 1.3570 on the daily.
Edit: since I took the screenshot below, I got out and it has retraced back and respected the 1.3570 again.Ignored
DislikedHi Zachariah, and welcome
You certainly did find the best place to learn.
I'm not sure about what each of your arrows signifies, but your chart is one I'm looking at at the moment.Ignored
DislikedLooking good, Jarroo will be proud. Way to go.
I don't like this area on the weekly though.Ignored
Disliked..did you wait for a bar close on the 4 Hour to take the retrace at the 1.3570?
The 1.3570 is clearly Resistance now but the 1.3500 BRN (1.3400 is just a RN) may have a say on that.Ignored
DislikedSorry, got my BRN and RNs mucked up. I waited for a 1h close followed by entry on a retrace. I was playing around with smaller stops as the 1.3540ish and 1.3500 were worries, price had already used up approx 50 of its ADR, and (to use Mike's words) wanted a quick hitter without being a hero. I must admit, I'm still nervous about identifying these areas especially when they don't seem to be a RN. I suppose I just need to keep in mind that they are likely to cover any area up to a nearby RN.
Cheers,
JohnIgnored
DislikedI agree with SC that you're over analyzing your charts Steve,
Try keeping it simple down to the very core basics.
refer to the video.
http://www.youtube.com/watch?v=L2Cfwxq7jUg
g.Ignored
DislikedGreat video g. . .
wait is ghous = James16?
I see James16 not changing a thing on what ghous was pointing out. . .simply great.
JimIgnored
DislikedGreat video g. . .
wait is ghous = James16?
I see James16 not changing a thing on what ghous was pointing out. . .simply great.
JimIgnored
DislikedYou're saying it the other way around. Its Ghous who is not changing a thing that James16 has pointed out.
lolIgnored
DislikedShort video on GU while trying to keep it simple.
Maybe Ghous, Jarroo or SC can see more easily, where I am going wrong with this.
http://www.youtube.com/watch?v=AxglSaKHqw0Ignored