james16 Chart Thread
After the Friday close, it became a price action wasteland! Unless you trade equities like aserbfx, I suppose. . {image}
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So what do we think of cable - Is this 7-day bull run over and we can now look for a retest on the weekly S/R level of 1.66? Should I go short if this pin bar holds today, or play it safe and wait for price to get back down before looking for price action around the S/R level? I missed it on the way up, as i took the very first pinbar, but this was negated by the second bar that touched below the nose of the one i took. Doh! {image}
So what do we think of cable - Is this 7-day bull run over and we can now look for a retest on the weekly S/R level of 1.66? Should I go short if this pin bar holds today, or play it safe and wait for price to get back down before looking for price action around the S/R level? I missed it on the way up, as i took the very first pinbar, but this was negated by the second bar that touched below the nose of the one i took. Doh! {image}
Mike When you say scan, do u go through every chart manually as thats a lot of charts to get through and are your levels already marked out. Thanks MM
Thanks.
{quote} Mike: I was thinking the same thing, so I did a search of your prior posts under the search term "Russell." I found your reply to someone who spent six hours searching through the weekly charts on the Russell 3000. You mentioned a faster way to scan the charts, but did not disclose it. Can you provide a hint?
{quote} Hey B, My first reaction to seeing this as is, is its simply too small compared to the move that its headed back into. Such a smooth move up can and does on many occasions provide the the luxury of "space" but it also makes these setups tricky because you need to carefully evaluate if the bar is big and bold enough to allow for a conservative entry back into all that major buying. In this case the pin bar is just too small IMO. Now let's step a little back and see what the bigger picture is saying about all that sudden buying that came into...
It hasn't become a pinbar, but thanks for your observations - much appreciated. {quote} If you look closely, you will see that today's bar will never become a PB. No matter where price closes, the open will always be above the eye of the previous bar. So, no need to worry about it. But I am glad that you posted, because I learned a great deal from the observations of gous.
