It would be so great if someone could give me the link of a great guide about price action Thans in advance
you will find there anything you need, just need digging a little...
JacekPreserve Precious Capital
- #20,341
- Jun 7, 2013 3:51pm Jun 7, 2013 3:51pm
- | Joined Jul 2012 | Status: consciuos incompetence level | 2,064 Posts
you will find there anything you need, just need digging a little...
- #20,342
- Edited 4:38pm Jun 7, 2013 4:04pm | Edited 4:38pm
- Joined Nov 2008 | Status: Trader | 50,214 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #20,343
- Edited 4:53pm Jun 7, 2013 4:18pm | Edited 4:53pm
- Joined Nov 2008 | Status: Trader | 50,214 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
1st of all, thank you for the 3 people that decided to answer my question. they say hindsight is always 20/20 eh. Its been said that on 1h chart, PA is king. Below are 2 perfect example so my question was, if anyone will go long on that setup. All of you in one way or another said no. and please there is no right answer or wrong answer here. True that counter trend is usually not a friend and from yesterday the bias is down. However, what im trying to do here is to show that sometimes counter trend is worth it, especially when it has minimal risk....
If you recall, Big E stated that he expected every change of direction (confirmed by TDI) to move 3 to 8 candles before reversing again. Once one of these reversals takes place, you can expect 3 to 8 candles in that direction…..sometimes more (see the second circle on the chart).
“Pullback candle reversal pattern”, is a name that I coined during hours of backtesting and studying charts. Some call the pullback candle a pinbar or hammer or other things. Four of them are marked on the chart with white circles. A pullback candle pattern consists of 3 or 4 candles that meet certain criteria. The pattern consists of the pullback candle, the candle previous to the pullback candle and the candle or two following the pullback candle. Using the examples in the chart, the low of the third candle (the candle following the pullback candle) should create a HL compared to the pullback candle and a HH compared to the pullback candle on that or the following candle, showing that a reversal is occurring (reversing short to long trend). The candle following the pullback candle, or the next candle should change colors to complete the pattern. An aggressive entry may be made once the following candle clears the pullback candle. A conservative entry would be on the open of the second candle following a change in candle color. On the LO reversal, price made a LH on the Frankfurt session candle, then a HH and a pullback on the pullback candle, then the next candle made a LH and changed color. Aggressive entry would have been right after the candle turned red…..conservative entry would be the open of the 2nd red candle.
The wick on a pullback candle must be at least ½ of the total size of that candle and only have a wick on one end. An even longer wick is preferred.
In each of these cases, before taking the trade it is important to look left to see what support or resistance may affect your trade. Big E taught that, as well. It does not mean that you have to exit the trade because you get a change in candle color but you need to be aware of S/R areas (example….dotted gray line at 127.80) that affected the LO trade.
- #20,346
- Jun 7, 2013 10:16pm Jun 7, 2013 10:16pm
- Joined Nov 2012 | Status: Trader | 2,339 Posts
I Have Learned to Take Some Losses to Make Profits
Hi:
G.G ,Pipsmurfer,TKS.
gbpusd:
I entered in the 2013.6.7 15:10 of my time ,in a new candle.sl 30,tp 50.I see the green is the 5 angle.see the first picture.
One hours later , 16:01 , a new candle came, I see the angle is 4 ,and the bar far away from 5 sma.so I keep it. 40 minutes later.in 16:40 ,I want go bed ,I check up the 4hours tp is OK,so I put my sl 80,tp 120, see the first picture
This morning,I open the MT4,I see the picture
SO WHY WHAT IS THE GEERN TDI WILL change,I sign it in the green circle.Everybody answer is welcome.thanks.
G.G ,Pipsmurfer,TKS.
gbpusd:
I entered in the 2013.6.7 15:10 of my time ,in a new candle.sl 30,tp 50.I see the green is the 5 angle.see the first picture.
One hours later , 16:01 , a new candle came, I see the angle is 4 ,and the bar far away from 5 sma.so I keep it. 40 minutes later.in 16:40 ,I want go bed ,I check up the 4hours tp is OK,so I put my sl 80,tp 120, see the first picture
This morning,I open the MT4,I see the picture
SO WHY WHAT IS THE GEERN TDI WILL change,I sign it in the green circle.Everybody answer is welcome.thanks.
HI:
G.Grillz,pipsmurfer,thanks. gbpusd:
I entered in the 2013.6.7 15:10 of my time ,in a new candle.sl 30,tp 50.I see the green is the 5 angle.see the first picture 1.
One hours later , 16:01 , a new candle came, I see the angle is 4 ,and the bar far away from 5 sma.so I keep it. 40 minutes later.in 16:40 ,I want go bed ,I check up the 4hours tp is OK,so I put my sl 80,tp 120, see the first picture 2.
This morning,I open the MT4,I see the picture 3.
SO I found that the green TDI had changed which I signed in the green circle.It is different from the picture which before I went to the bed.It is confused me..Everybody answer is welcome.thanks.
G.Grillz,pipsmurfer,thanks. gbpusd:
I entered in the 2013.6.7 15:10 of my time ,in a new candle.sl 30,tp 50.I see the green is the 5 angle.see the first picture 1.
One hours later , 16:01 , a new candle came, I see the angle is 4 ,and the bar far away from 5 sma.so I keep it. 40 minutes later.in 16:40 ,I want go bed ,I check up the 4hours tp is OK,so I put my sl 80,tp 120, see the first picture 2.
This morning,I open the MT4,I see the picture 3.
SO I found that the green TDI had changed which I signed in the green circle.It is different from the picture which before I went to the bed.It is confused me..Everybody answer is welcome.thanks.
{quote} As I stated above: "The wick on a pullback candle must be at least ½ of the total size of that candle and only have a wick on one end. An even longer wick is preferred." Candles that have wicks at both ends indicate that the bulls and the bears are still battling and a trend or price move is not yet determined.....will price reverse or will it continue the original direction? Until the battle ends, there is no way of knowing. Candles with wicks at both ends are really just long consolidation candles.
Phx62, i have to say it, you are also one of the greatest teacher here on FF, thanks for your hard work.
There are a couple more things I need to add concerning Pullback Candle Reversal Patterns.....
1. A VALID PCRP MUST BE ACCOMPANIED BY A CROSS OF THE TDI.
2. THESE PATTERNS CAN OCCUR ON ANY TIME FRAME AND WHEN THEY OCCUR ON H1 OR H4, THEY USUALLY CREATE LONG MOVES.
3. THE BEST PCRP'S ARE THE ONES MOVING OUT OF OVERBOUGHT OR OVERSOLD AREAS OF THE TDI.
1. A VALID PCRP MUST BE ACCOMPANIED BY A CROSS OF THE TDI.
2. THESE PATTERNS CAN OCCUR ON ANY TIME FRAME AND WHEN THEY OCCUR ON H1 OR H4, THEY USUALLY CREATE LONG MOVES.
3. THE BEST PCRP'S ARE THE ONES MOVING OUT OF OVERBOUGHT OR OVERSOLD AREAS OF THE TDI.
{quote} Phx62, i have to say it, you are also one of the greatest teacher here on FF, thanks for your hard work.