james16 Chart Thread
Hi everyone!
Would like to know what is your opinion on this setup.
http://i1245.photobucket.com/albums/...012/AUDCHF.jpg
Thanks!
Kenny
Hey Kenny
That is actually a neutral bar. Open and close are near the middle of the bar and we have equal tails sticking out of both sides. This shows indecision in the market. For it to be a pinbar we want a tail sticking out of just one side with the open and close within the prior bar(and no low lower then the previous bar).
Also if this was a pinbar you would have been selling AFTER the move happened. We want to sell these bars prior to, or on a break of the bars so we can catch that move to the trouble areas.
Let me know if...
Hi Mike.
Thank you for your input.
Assuming this is a pin bar, we should sell on the large bearish bar. Is that what you mean?
Do you consider an indecision bar followed by a bearish bar a sell signal?
Kenny
Thanks MrShort.
Its a good question . .Price still reacts to Highs and Lows . . and Buyers and Sellers are definitely looking at these levels for opportunities, S/L placements etc.
Waiting for a nice Daily to Close above the 1623. looks alot better because we would be trading into Space.
I'm not saying that price will not fall downward . . .if it does fall south, it has a lot of traffic to deal with.
But you did present a nice story to go short, HC ..
It helps alot . .Thanks HC .. .
I like this stuff, and it's looks simply, but i have a lot of question.
One of them it's what about spred??
if you have a HCR on a 1.0000 level and we have PBT&CA, and a spred is a 5 pips, so You but buy limit on 1,0005 level??
One more question: If we've got for example hcr/lcs level 1,2250 and a price is lower (there was a PBT&CB a couple days ago) and we want to enter at that level (sell limit order) , do you always place an exact level of 1,2250 (to the pip) in your sell limit order or it maybe something around 1,2250, for example 1,2247...
Looking good 0421, on the EurNzd.. .
Don't worry about the spread on you entry . .you can also use a "buffer" on your entry of 5 to 10 pips to get in earlier.
If the setup is very strong and into some nice Open Space, you can also enter on the "Close" of the PBT&CA bar.
