attaching a file about it..hope it helps
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Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedTime to share my Analysis on this pair (for what its worth). Not sure if this has been brought up previously. But since its an old trend it might have been ages ago. Please rip it apart with as much criticism as possible.
-HIgnored
DislikedThe setup itself isn't that bad . .PB is structurally valid due to the proxy of Support of the previous bars. At a Swing Low . .Size could be bigger (an easy "pass" for Mike due to its small size).
But as a strong Support level . .with a Daily bar (the PB) breaking through Support and then closing above the Support gave confirmation that this is a strong Support level. I posted the 87.80 entry, but the break of the PB was also valid.
Stop loss would be below the Low of the PB . . there are other S/L indications that can be used but I won't...Ignored
DislikedKeep it gado ..you just have to see it happen more and more. The confidence will come over time.
Did you see these setups that were also on the EurAud . .Ignored
DislikedUpdate AUDCHF: It started doing sth!!! And we have a down move - exactly like i wanted...Now pullback and some pa....Ignored
DislikedIgnored
DislikedI'm sure your daughter tests your patience every day, pata . .
Just to continue . .You were asking about the Price movement of the EurJpy at the 106.00 RN.
The movement of Price tends to center around the common market dynamic of Support and Resistance levels . As you study this thread, James16 talks about the PPZ level (Price Pivot Zone) it is an area of the market where Support and Restance areas meet ..together. PPZ levels are great areas to look for in the market. Along with just Support levels and Resistance levels on their own....Ignored
DislikedIgnored
Dislikedb) how you trail your stop when your trade go in your favor? (hard answer to explain i know) Not hard at all to explain. .I move my stop loss under the targets as Price breaks through them and closes above them.Ignored
Dislikedc) more important, if you usually take out all the profits at the next PPZ or SR you know price is likely to bounce or stall OR sometimes you take partial profit at first PPZ and then you hold the trade hoping for bigger profits and so when you act like this.
This is a great question I will usually take full profit at these strong levels . .why? Because another setup my develop there. ..which may be a bullish or bearish setup.
On the ChfJpy . .full pofit would be taken at the Highest Close of Resistance......Ignored
Dislikeda) how you move your stop to breakeven? again, do you move it after a fixed amount of pips (maybe a small amount, to be sure to avoid virtually any losses) or do you think moving it after 0.5 SL in profit would be a good compromise?
Once Price hits my 1st target, an action on my part has to take place. I absolutely reduce my risk, first and foremost. I may go right to break even or at least under the Support level that started the trade.
The same with a PB break entry . .stop loss moved from under the PB......Ignored
DislikedKeep it gado ..you just have to see it happen more and more. The confidence will come over time.
Did you see these setups that were also on the EurAud . .Ignored
DislikedCable in a good position. Watching for PA for bounce back to 1.600Ignored