james16 Chart Thread
jaroo, or any senior members I am new to this style of trading, would greatly appriciate some constructive critisim on my chart and if this would be a good setup in a proper area, how do you determine which lcs to place your entry? would you wait for signatures to determine which level ? Thank you in advance! joe {image}
{quote} Your chart looks good, joe . . here's mine. . . Price has Closed below some LCS levels and we would look to these levels now as Resistance. Would have like to see a stronger close below that trend line to give a more bearish bias . . 96.31 ..Past HCR . . looks to be acting as Resistance right now . .. .let's see if it holds has Resistance, meaning will a Hourly Close above the 96.31? or a 4 Hour close above? .If it does not hold as Resistance . . let's look at the 96.73 and 96.95 to hold as Resistance. Jim {image}
... and I am crushed out of trade with only 5 pips profit. damn
{quote} {quote} Hey Joe . .looks like we picked the High of the Day on the UsdJpy.. . ..96.95.
{quote} Hi Dennis, James16's most important concept is how price reacts at pivot zones, and how these PPZ flip from support to resistance. He, and other seasoned traders following this advice, would recommend to wait for a price action setup to show us the way price is likely to follow. Meaning: you have your PPZ, round numbers, % retracements, EMA, etc on you chart, you wait for price to reach a confluenced area, then print a PA setup, and then you enter your trade. This is the way senior traders would advice somebody new to this material to start...
{quote} Thanks! I was questioning that weak close below the tl but the 4h signature would of helped me with my confidence had I caught in time. Question for you , on the gbp/chf Libra has posted I am also watching and the 2 long wicks rejecting the Whcr and Dlcs on daily tf , when I go h tf I see it has closed below both levels would this help us to form a bearish bias ?
I just checked the 5min . .there too. {quote} Well I missed this one. Nervous to place an entry without being able look for the signatures. Busy at work by the time I checked it already took off
. .seeing the setup unfold and work out is part of learning this stuff . . {quote} Yes Jim. I am slowly realizing how, your methodology is built around these different TF signatures, including targets and SL areas. We are still in the same ball park, I may be outside in the car park but, I think we are at the same stadium.
.Resistance turning into Support . . to call it anything else would make in complicated . .
{quote} Yes the 4 Hour bearish Signature att the 96.95 and then produce a 4 Hour Signature at the 95.73 . .. nice . .
{quote} Targets, my friend . .take them . . .
{quote} Thanks! I was questioning that week close below the tl but the 4h signature would of helped me with my confidence had I caught in time. Question for you , on the gbp/chf Libra has posted I am also watching and the 2 long wicks rejecting the Whcr and Dlcs on daily tf , when I go h tf I see it has closed below both levels would this help us to form a bearish bias ?
{quote} Sorry on my phone I was reffering to the gbp/chf chart that Libra posted a little bit ago
Possible setup to watch. {image}
. .
{quote} yep this is price for my greediness ... my take profit order was 5 pips lower of today candle low...
{quote} {quote} {quote} Oh, sorry about that Libria
Thanks, Stephen
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