james16 Chart Thread
- #114,586
- Jul 24, 2012 9:54pm Jul 24, 2012 9:54pm
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
meine augen sind die sterne
- #114,588
- Jul 24, 2012 11:09pm Jul 24, 2012 11:09pm
couple of examples, limiting the talk on additional information even though that's KEY
Those that leave this thread tend to look at ONLY the bar. While this can work if you are VERY picky with your bars, this is only a fraction of the puzzle or story.
Hope this additional info helps
Mike
I think I got it. That means the previous bar high (or proxy) might act as support/resistance.
If the body is below previous bar high (or proxy), chances are a bit higher if the next bar will go down and respect the pinbar's previous bar high which could be act as resistance.
If the body is above previous bar high (or proxy), chances are a bit higher if the next bar won't go down and respect the pinbar's previous bar high which could be act as support.
Of course, there is no guarantee it will work exactly like we explain as this is just another small piece of the puzzle.
Those that leave this thread tend to look at ONLY the bar. While this can work if you are VERY picky with your bars, this is only a fraction of the puzzle or story.
I intended to do the same. Below are my criteria for "perfect" pinbar. By definition of "perfect", I don't mean it will work 100% of the time but just most of the time. I hope you can give some comment if I set my criteria wrongly:-
A. The shape of the pinbar itself. The body should be nearer to one side so that the nose is long enough.
B. The size of the pinbar should be roughly in average size based of some previous bars. Not too small. By the way, is there any bad for pinbar size that is "too big"?
C. There must be enough space at the left side of the pinbar to indicate that it is not in sideway/ranging market.
Taking example of the chart that you posted below.
For no 1, (A) not technically a pin as the body not within previous bar. (B) For me, the bar size is ok. (C) Great space. (Conclusion) If I only trade based on being picky of only the pinbar, I should take this bar if the body is within the previous bar, correct?
For no 2, (A) not technically a pin as the body not within previous bar. (B) For me, the bar size is too small. (C) Great space. (Conclusion) If I only trade based on being picky of only the pinbar, I should only take this bar if the body is within the previous bar and the bar size is big enough, correct?
For no 3, (A) for me, the nose is not protruding enough compare to previous bar. (B) For me, the bar size is ok. (C) In traffic. (Conclusion) If I only trade based on being picky of only the pinbar, I shouldn't take this bar, correct?
For no 4, (A) not technically a pin as the body not within previous bar unless using proxy theory. (B) For me, the bar size is ok. (C) The space is acceptable. (Conclusion) If I only trade based on being picky of only the pinbar, I should only take this bar if the body is within the previous bar unless I use proxy theory, correct?
Is my understanding of the pinbar correct?
Again, thanks for you time to read and reply my post.
- #114,590
- Jul 25, 2012 2:49am Jul 25, 2012 2:49am
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
- #114,591
- Jul 25, 2012 2:53am Jul 25, 2012 2:53am
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
AUD/NZD
beautiful breakout, i will add another position on retest of the old resistance/new support
beautiful breakout, i will add another position on retest of the old resistance/new support
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- #114,593
- Jul 25, 2012 3:09am Jul 25, 2012 3:09am
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
aproaching very slow my target zone
, will looking for longs in this area
