{quote} So far enough to have a shot at it and get a few pips out of it. As for price action as a concept: I struggle with that I must admit, mainly because it states something about the past. I'm staring at 3 books here from Al Brooks about "price action", been working my way through them a few years ago. I still get nightmares from them lol. I used footprints on futures for a while, looking at bid/ask patterns etc. etc. and all it does is this imo: it sounds interesting. Ultimately, there is still a buy/sell/do nothing decision to be made and...
In this instance all I see is a tale of price movement. It opened at a level, it moved up a bit - failed to progress, dropped a bit to gather its breath - tried again, failed again. It bangs its head for a while before, guess what, it ends up back where it started. If it can't go up, it's either going to stay where it is, or go back down to safer ground. We all know that price abhors a horizontal line, so down it goes. Now, it may only go a short distance - before gathering another head of steam to attempt an upward move - but in that short distance lie our pips. That move is all I looked at. It's the same as any kind of pin-bar (and for those who are interested, there are plenty of ways to trade pins). In reality it didn't alter my personal decision to either enter the trade or not, I will still follow the rules as set out, it is simply an observation for me now. It's all good.
) and would prefer the M15 or M30 candle opens.
