james16 Chart Thread
Hi 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,
MTC
Speaking 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)
Attachment
very good Picon
Posted the exact chart last week in the PF, it's a great area
Best
Mike
Been 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.
)Here 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
Mike
be 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
Mike
It'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 far
sure 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
Mike
be 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
Mike
Hi
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...
