Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedLook what happened as we would look to expect
Bottom box tested. Now it's a matter if that box will hold or not. Simple side to side support/resistance . I'll lock in profit above that high once this bar closes
Best
MikeIgnored
DislikedI know it's not always a given but note how price has completely bounced off the 365 EMA daily on this pair.
regards,
DaveIgnored
DislikedHasn't quite reached the 365, that's a bit lower at 1.00
I don't use MAs myself but they can be good added confluence. 1.0 being parity will naturally be a strong area to watch.
This setup I was trailing out all the way through. It's a case where it's worth the potential to give back profit. You can't have the best of all worlds so there is always a give and take.
Best
MikeIgnored
DislikedThat's a weird one, on my chart it's touched right through. You must have your's set for the low of the bar (I set mine for teh close of the bar)
regards,
DaveIgnored
DislikedHey Dave
Nope mine is on the close, see you have those little few hour sunday bars on your chart. Those small tiny bars. That will skew things because it counts that as a full day towards the calculation. The idea behind the MA is still the same though. We use them to get an idea of how the previous X period has acted, nothing more or less. It's just taking price and showing it visually in a different way. Either way though it would not have played a role for me for this trade as I was aiming for a larger move that's why I was willing to...Ignored
DislikedI see yes, hmmm got to find a way to remove the sunday bars...
I understand your strategy Mike, and if it had pushed lower you'd be smiling. I don't use the EMA's as a trade but keep them around as there are some traders (computers??) that use them and it can cause some interference to the good old PA.
enjoy your weekend!
DaveIgnored
Dislikedhere's the video since I posted it all out on here anyway and haven't updated my guest side in awhile. I still think were headed lower but it's about timing as well.
http://www.megaupload.com/?d=ZYF1C8EK
Have a great weekend all!
MikeIgnored
Dislikedhere's the video since I posted it all out on here anyway and haven't updated my guest side in awhile. I still think were headed lower but it's about timing as well.
http://www.megaupload.com/?d=ZYF1C8EK
Have a great weekend all!
MikeIgnored
DislikedHey Mike ,
what's your opinion on trading setups , against the gaps ?
Here is an example of what I mean ... hmm .
To this point I was biased bullish , because of the gaps . But this scene is kinda confusing ....Ignored
DislikedThanks for the video Mike. It really does help us guys who aren't subscribed to the PF. Learning on the this thread is one thing but watching it on video really brings it to life.
Have a good weekendIgnored
DislikedHey Rust
Don't let a gap fully take away from just using the chart. If you look at my aud/usd short, i still played the chart. I may have tried to "extend" the trade and trail it out, but I still protect myself and trade the chart. Just cause a "gap" exists(remember a gap is not a real gap price still moves in this area), doesn't mean price can't move any way it wants. The eur/aud bar went right to the FTA before reversing make the trade still very viable. From a daily perspective we had a BUOB at a BRN in a ranging market(mine is a box...Ignored
DislikedYeah , I was monitoring closely your aud/usd trade . But that one was towards the gap , which is always good in my opinion .
So, if we assume today's eur/aud bar close as it is on the chart above (pinbar) , do you consider this a good setup for a short ? A breakout and pullback of the triangle ?
I should play it if there was no gap , but now i'm struggling to decide ...Ignored
DislikedThanks Mike
By the way , just watched the video . Great as always
You talk a lot faster than beforeIgnored