Trade I took sunday night. Super basic stuff. Just wait for these...
Where can I learn more about Price Action like those in James16 charts? 9 replies
Disliked{quote} None of those closed NY like I Would have liked, but I did find one trade that might have potential a $GBPUSD pending short. Liked how we have a two day inside formation and it stayed below resistance. http://screencast.com/t/RqdYgNn7Ignored
Disliked{quote} Hey D Yes continuation bars have a lot more to look out for in my view. I always recommend to learn them after the traditional swings as I said. I think it's easier to learn that way personally. But yes their is a lot of stuff to look out for but just make sure to keep it simple and look for those strong setups. They will JUMP out at you when they come up Here are more traditional setups. Kelloggs I am still holding PRO is another I am still short off. Both are traditional pinbar swing low and huge BEOB swing high Best Mike {image} {image}...Ignored
DislikedTrade I took sunday night. Super basic stuff. Just wait for these... {image} {image} {image}Ignored
Disliked{quote} PRO I closed last week when the gap filled at the first white box K is the only trade I still have running across the board. We just bursted through the middle PPZ so i have locked in profit just under this area in case we retest again. {image}Ignored
DislikedI have almost never traded breakout setups. I realized that price was consolidating and then today I saw a solid breakout of consolidation. It crossed brn 82. I did not wait for it to close above brn 82 (lest that happens too far away) and place a mkt order. Neytiri {image}Ignored
Disliked{quote} Hey Neytiri You are far off from the breakout area for me. Meaning price has already broken out and near completed the pattern itself so you are late to the game for how I would approach it Based on the size I would view this one on the hourly chart. You want to look towards the breakout pattern for PA(if you want to replicate how I appach them). So where the green circle is I would look for good PA on the houlry/30min even 15min for an hourly pattern. So in this case for me there was no PA and price just broke out fast so i'd pass on this...Ignored
Disliked{quote} PRO I closed last week when the gap filled at the first white box K is the only trade I still have running across the board. We just bursted through the middle PPZ so i have locked in profit just under this area in case we retest again. {image}Ignored
Having that said I placed a limit order next to the "left eye". (The high of the bar left to the pinbar) 8 times out of 10 price reaches this "left eye" at pinbar setups and reverses from here.
I was hesitating a bit about the trade knowing that the major 0.93 level is just above my head, and it haven't been touched jet. Some of you might be familiar with professional option trading - over such round numbers there are numerous stop-loss orders placed, which provides liquidity for the big guys. The point being: If we are close to big round numbers (BRNs) that haven't been touched more than 2-3 weeks, we can suppose that there is great liquidity behind it and professionals might want to push price up just to take it out. So i placed my SL 10 pips above the BRN cause i didnt want to get caught in their "stop-hunting"
And that's what exactly happened. Professional traders took out the Round number, and they shorted. All this resulted in a pinbar. (1th April)
Price then started trickling down reaching my 1 Risk ratio area, where i closed 50%. Rest @ BE.
DislikedHi! More screens and discussions, please! I want to learn to trade)Ignored
DislikedHi! More screens and discussions, please! I want to learn to trade)Ignored