AUD CHF down trend is going to be really technical ( Which is a polite word for difficult ) one to play ... lots of untested levels in between ...
Black - Daily
Red - Weekly
Blue - Monthly
Black - Daily
Red - Weekly
Blue - Monthly
Human
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedDAY 1
Now we'll go through it bar by bar. As this is a daily chart I'll also provide you with the 8h for those who want to fine tune there stops accordingly (sorry, the 4h feed does not reach back far enough). You tell us where you would put your stop loss. As many beginner's struggle with their trailing strategy I suggest that instead of playing it safe (very tight SL, taking profit prematurely) you try to ride this thing down as far as you can, just for practice purposes. The cowboy who stays in the saddle the longest gets...Ignored
DislikedHi HanSolo,
If I can jump in as well. New(ish) here, so please pardon any stupid comments.Ignored
DislikedDAY 1
Now we'll go through it bar by bar. As this is a daily chart I'll also provide you with the 8h for those who want to fine tune there stops accordingly (sorry, the 4h feed does not reach back far enough). You tell us where you would put your stop loss. As many beginner's struggle with their trailing strategy I suggest that instead of playing it safe (very tight SL, taking profit prematurely) you try to ride this thing down as far as you can, just for practice purposes. The cowboy who stays in the saddle the longest...Ignored
DislikedSo here is what I see with this Pinbar on GBP-SGD.
A.) Confluence when it bounced off previous trendline and 150 EMA
B.) Priced closed towards bottom of Pinbar
C.) With Daily Downtrend
D.) Decent Sized Pinbar relative to other PA Candlesticks, but not great.
The FTA would be 1.97.
Does this qualify as an A+ trade? If not what am I missing?
AttachmentIgnored
DislikedHey Ganesh, great you join us. And don't worry, there's nothing stupid about being new to this stuff. In fact, it's very intelligent to join this thread.
I will have an eye on AUDUSD and trade it Jarroo style if it happens to come back to the orange line on the daily. Or would this be against the rules as it already retraced on the 4h chart? Anyway, if it does not retrace I will take it as a 2-day-BEOB.
I don't really like the 4h area to the left (blue) as price traded just into it and went up again. Little areas like these can be real...Ignored
DislikedI'm little worried about this trendline...
If price coud break it, and then retreace to lcs/hcr it would be nice...Ignored
DislikedThis is what I hate about trendlines and so never use them ... One cannot be sure about which one is valid ... If I would have drawn it , I would have drawn it like this ... So , according to me , its already broken ...Ignored
DislikedI'm little worried about this trendline...
If price coud break it, and then retreace to lcs/hcr it would be nice...Ignored
DislikedThis is what I hate about trendlines and so never use them ... One cannot be sure about which one is valid ... If I would have drawn it , I would have drawn it like this ... So , according to me , its already broken ...Ignored
DislikedHey Ganesh, great you join us. And don't worry, there's nothing stupid about being new to this stuff. In fact, it's very intelligent to join this thread.
I will have an eye on AUDUSD and trade it Jarroo style if it happens to come back to the orange line on the daily. Or would this be against the rules as it already retraced on the 4h chart? Anyway, if it does not retrace I will take it as a 2-day-BEOB.
I don't really like the 4h area to the left (blue) as price traded just into it and went up again. Little areas like these can be real...Ignored
DislikedSo if you trade it on the basis of the 2 day BEOB, would you wait for confirmation (i.e. break to the downside)?Ignored
DislikedHey Rosco, fist of all it is not a pinbar. Technically it's a BEOB as it encompasses the previous bar.
I don't like the fact that it recently broke above those highs and the BEOB could not close back below them. Furthermore the weekly level it just came up from looks pretty solid to me. For me this is not an A+ maybe a short term B trade that I would handle with great care. If you trade it make sure you protect your wins and take no full bar loss.
But let's see what the more advanced traders like Mike think about this.Ignored