james16 Chart Thread

Quoting Martin600

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So what do you think about this one guys? I think that if we will close under BRN 1.0500 it will be A+ setup.

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Quoting Hiten123

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I have a limit order to go short on the GBP/PLN on the break of the pinbar. I've attached a chart to illustrate why. I can see a lot of confluence here.


1. PA (pinbar)
2. Strong horizontal level that was previous support but now acting as resistance
3. 6 ema has crossed over the 150
4. tail of pin is touching both these ema's
5. Tail of pin is rejecting trendline.
5. Attachment

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Quoting mbqb11

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Hey Hiten

THis is technically not a pinbar. Remember we need the open and close to be within the prior bar. Also we want to locate these at swing high points where this one is at a swing low point.

Let me know if that makes sense
Mike

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Quoting Hiten123

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ah yeah I remember someone telling me before that the open and close should be within the prior bar. I need to remember that.

As for your second point, I see the swing low but then there's a bit of a retracement upwards isn't there? That's how I saw it. I know I'm probably looking at it the wrong way, but I don't know why exactly. If that makes sense.

You won't remember me Mike, but when I first joined the forum you gave me heat for being stubborn and not listening to folks when they told me to stick to the daily chart instead of H1. Now you...

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Quoting mbqb11

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Hey Yehuda

I like this one and am going to be playing it myself

I will be playing it as a breakout and pullback to the larger wedge

I like your FTA which is what I am guessing your trouble area is.


Charts

Mike

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Quoting Hiten123

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ah yeah I remember someone telling me before that the open and close should be within the prior bar. I need to remember that.

As for your second point, I see the swing low but then there's a bit of a retracement upwards isn't there? That's how I saw it. I know I'm probably looking at it the wrong way, but I don't know why exactly. If that makes sense.

You won't remember me Mike, but when I first joined the forum you gave me heat for being stubborn and not listening to folks when they told me to stick to the daily chart instead of H1. Now you can...

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Quoting deltaskelta

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I'm not a pro like mike, but looking at your chart I think it is a decent trade, the swing point is pretty subjective IMO, and where the PB is could be considered a minor swing high. That along with everything else you mentioned makes it tradable in my eyes, you just have to be aware of where its going and what is happening and trade defensively.

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Quoting ghous

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So what's ur take then? Its good only to the areas just under the consolidation i.e a full profit at an FTA or something else?



Fair enough.


Ranging markets can be fun Fil, more fun than a trending market. The trick lies in 'adjusting the mindset' for short term moves.



point taken.



Some good points in there Chanya. This drill however, is not aimed at how you would manage a certain trade as such, its more about what you think is the target for a PA setup. The simple question is[u] "what level do you think price should hit considering...

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Quoting ghous

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Ok so here's the answer.

While it eventually "took off" I am with Steve in that there was just too much of a mess above the 6900 region. For me it would have been a full profit to at the FTA of 6900 as often is the case in a sideways market for me.

Notice also the pivotal role of Round numbers.

g.

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Quoting mbqb11

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here is an additional chart a bit more advanced

Best
Mike

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Quoting james16

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EXAMPLE

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Quoting deltaskelta

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Hey everyone, was just flipping through my charts and I saw something on CADJPY that looks like it might be interesting:

1. it is stuck in a sideways trend, with a two bar high pretty much matching the high of the consolidation (my box is drawn a lil sloppy)

2.If the two-bar high breaks I think it may be likely to see it reach the red line which is 40 pips away, enough to take some and get BE.

3. Its got a decent amount of space since it has been in the box for a while

would any of you consider playing this on the break of the two bar high?...

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Quoting BlazG

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Thanks @rafstraszek @mbqb11

I have further questions about PPZs. When you draw your lines on a daily chart do you then switch to a lower TF (4h or 1h) to "fine tune" them?

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Quoting ghous

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Hey Delta,

The best place to look for such bars is at swing lows where they line up with other confluence factors. While you are right in pointing out that we could be hinting on a potential break of the consolidation box notice how the 79.00 BRN + proven PPZ makes up for a very strong and very close FTA. The ideal scenario would be where price breaks through and then pulls back to 79.00 this tremendous present resistance has a high probability of turning into solid support hence a stronger story for a potential trade.

Now while price could do...

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Quoting deltaskelta

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Yes thanks, I got you and it makes sense. I am just anxious to see some of these other bar formations in action, everyone seems to be so focused on PB's that I feel we are all missing out on more possible trades.

Thanks for your reply though, and something just hit me in a way that it never did before, although it seems obvious now that I think about it.

It seems that you would always want to:

1. trade the direction S/R is telling you (down from resistance, up from support)
2. unless you are going for a breakout trade, in which case it usually...

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