DislikedI am not patient with this one. It should have moved already. Closed at BE+1. Apparently it is finding support from 50 EMA in the daily time frame.Ignored
Much clearer on the daily, that is why J16 recommends the weekly and daily tf.
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedI am not patient with this one. It should have moved already. Closed at BE+1. Apparently it is finding support from 50 EMA in the daily time frame.Ignored
DislikedGlad I am not the only old chap on here. LOL
It broke, come on baby.
Next I would like to see the 1.5900 get violated, badly & a close below the 365 would be nice.
This guy wants it all. LOLIgnored
DislikedPretty aggresive looking H1 Would Be PB.
Still, it is a win, win situation, when we think about the experience we have gained from this, even if our SL gets hit.Ignored
DislikedHi everyone. I've been here reading and demo trading for about 2 weeks, learning as fast as I can.
I attached a AudUsd Daily chart. Last night the price broke the S/R line and the trend line. I couldn't see a good price action reason to buy, so I didn't. It's now up about 100 points.
Can someone let me know why this would have been a good buy, with no pin bar or engulfing patterns?
Thanks,
MTCIgnored
DislikedSpeaking of trend lines Mike, this one just grabbed my attention a bit on $CAD off the daily chart.
Price right on that rising trend line. At a 50% fibo. Touched my 365ema and also at the BRN of parity and a daily PPZ (again if I've marked that one up properly)
AttachmentIgnored
Dislikedvery good Picon
Posted the exact chart last week in the PF, it's a great area
Best
MikeIgnored
DislikedBeen looking at the 8H and 4H to see what's happening. The 4H not giving me too much at the moment. The 8H is forming a little spinning top/doji type bar right on the trend line.Ignored
DislikedHere we could also consider entering when price closes outside the TL, or consider buying on a touch back to the TL after price closes outside it. Another thing I do with breakouts is drop down a timeframe to search for PA as well.
So if my Breakout is on the daily I will watch both the daily/4hr. If my pattern/breakout is on the 4hr, I will watch both the 4hr and 1hr etc.
Again welcome
MikeIgnored
Dislikedbe patient for the good ones to pop up. Many will probably touch trade this area(the BRN area).
Don't want to spend all that time waiting for the good areas to pull the trigger on a lack luster bar(been there done that, still do it from time to time )
MikeIgnored
DislikedIt's that word again...patience. Damn it's a hard line to walk sometimes when that little voice starts yammering in your head.
Glad I'm on the right tracks with what I'm looking at though so farIgnored
Dislikedsure is P, and the truth is that it never goes away, it just gets easier cause you face it head on and you also know the consequences(both good and bad)
Keep at it my friend
MikeIgnored
DislikedHey PB,
I cut loose that short for BE and went long on the 1h PB. Seemed like a stronger setup. Profit banked, 10% left. Never underestimate those BRN's eh?
Let's see what the 1.60 retest brings.
TIgnored
Dislikedbe patient for the good ones to pop up. Many will probably touch trade this area(the BRN area).
Don't want to spend all that time waiting for the good areas to pull the trigger on a lack luster bar(been there done that, still do it from time to time )
MikeIgnored
DislikedHi
let me answer this for you and see if my understanding is correct.
In terms of killing off the trade or cutting off your losses in other words - it will depend on the reason why you took the trade. if your thought process was that the price will reverce from xx and go up/down - as a general guideline as soon as you have a close above (if you thought the price is going down) or below(if you thought the price was going up) xx , you should kill the trade - rather than waiting for it to hit your s/l.
What we are doing here is killing the hope...Ignored
DislikedHey FX
It varies depending on each situation and my approach to that particular way. Here is a very basic general guide to some different approaches I take. It's just impossible to give a defintive answer, each situation is it's own for me. Aud/jpy is the one I took off the same day and cut out after it pulled back so I was able to save around .65% on this trade(based on a 2% risk)
Here is that post on some basic things
http://www.forexfactory.com/showthre...an#post2853922
Best
MikeIgnored
DislikedIt is a trade taken when price touches an area of former strong support or resistance, hence the phrase "Touch Trade". They are usually also centered around Big Round Numbers, where a lot of interest exists.
You may be able to see a touch trade live on USD/CAD very soon.
This is not a trade recommendation.Ignored