This one did make me pause for a while as I do trade iffy PA setups -- hey, it is all about location isn't it? I will not be trading this one though. It is at a triple high and a PPZ but that is not quite good enough for me. I would like to see at ...

james16 Chart Thread

The location is only so-so in my opinion. Look to trade PA setups at areas of strong confluence only. If the pinbar occurred at 84.00, I would be all over it. See the attached chart for reference. Scott PS. Zoom out to see the bigger picture. Your ...

james16 Chart Thread

The close of a bearish pinbar does not need to be lower than the open and vise versa. Many add that requirement but that is going beyond a James16 pinbar. Scott

james16 Chart Thread

Incorrect. The technical definition of a pinbar is any bar extends away from price, has a small body, and has a long nose. A James16 pinbar uses that definition but also requires that both the open and close lie within the range of the previous bar. ...

james16 Chart Thread

I would not trade it. Other than being at the previous low, it has nothing else going for it. Also, the first resistance was at 84.00. In other words, the pinbar already reached its goal. Scott

james16 Chart Thread

The bar is at HEAVY resistance. I see a PPZ, a couple fibs, 150 EMA at the 1.43 area. I am dismissing this one because the pinbar is situated too low. It even almost ended up as a BEOB. If you do place a trade, where do you think it would reach it's ...

james16 Chart Thread

Not quite good enough for me, however, I would enter at a break of the 1.4850 support rather than the break of the bar itself. 1.4850 should provide a decent retracement of the BEOB if anything else. Scott

james16 Chart Thread

I would pass on it myself. It's not at a terrible location but not enough confluence for me. Your FTA is dead on. Scott

james16 Chart Thread

My last reply on this... I have not tested this on timeframes under Daily. Does not hurt to demo it though. I trade Daily charts only. Edit: Saw your chart. You have the right idea. Scott

james16 Chart Thread

As you dig in deeper and have questions, PM me as I do not want to clutter the thread. This goes for everybody else that demos this as well. Scott

james16 Chart Thread

1. Yes, I have been using my SL method for about three years now. 2. Since 2004. Started following this thread in 2005 -- around the same time as Mike I believe. He chose to be much more active is all. I arrived at my method from hints given by ...

james16 Chart Thread

I NEVER EVER place my SL above or below a PA setup. The placement is calculated (hint: use s/r on a micro level such as single bar highs and lows). This method requires two things. 1. A great entry 2. Get SL to BE at FTA My intent of this post is to ...

james16 Chart Thread

I passed on it as well. 1. I have 0.9800 as the PPZ. Just looked better when looking at the bigger picture -- zoomed out. 2. The high of the IB fell slightly short of 0.9750. I like my IBs tight up against round numbers. For example, if the high was ...

james16 Chart Thread

I would not trade this one. However, if I did, 1.3450 would be the first support area -- all the bar highs. I have 1.4 noted on my chart. See all the confluence at 1.4? Those are the areas to watch for PA setups. If you take more than a few weekly ...

james16 Chart Thread

Indeed. I will not be trading it but have it on the watch list. My gut says we'll see 1.4 before any sizable downward move occurs but my gut is not always right. Scott

james16 Chart Thread

Good reply. This one I would never trade but that is based on my criteria and experience. I see the first resistance being at 2.0150 instead of 2.0300 -- wanted to point that out. Scott

james16 Chart Thread

Yes. In fact, the FTA is 1.3300. Scott

james16 Chart Thread

Based on current price action, the purple line is the first area price could reverse and re-test the top of the range. See the price flip at 1.3250? I cannot show you what Mike is referring to in his second paragraph visually, so I will let him ...

james16 Chart Thread

I agree with Mike. I do not see a solid PPZ on GBP/CAD weekly at 1.55. I have one marked at 1.5850. I am sure 1.55 is a strong PPZ on lower timeframes but not the weekly. Neither one has anything strong in their favor S/R wise. Scott

james16 Chart Thread

It is the nature of price. Price makes a move, consolidates and then makes another move. More times than not, price moves in the same direction it was moving prior to consolidation. See how price moved down with ease and is now consolidating? ...

james16 Chart Thread