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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #3,921
  • Jun 8, 2007 3:36am Jun 8, 2007 3:36am
Hi Steve, TwoeEleven,
I too am no expert on PA and like you guys learning all the time, looking back at many other trades you can just trade the pins but as has been said I like to use TL and see a mixture of the TL and the PA.....

Looking at the trade pin on AUD USD on the daily it does seem to have a bounce of the long term TL...!!!!!!!!!!!
Stay Lucky Mimas.
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  • #3,922
  • Jun 8, 2007 3:40am Jun 8, 2007 3:40am
Zoomed in
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  • #3,923
  • Jun 8, 2007 3:50am Jun 8, 2007 3:50am
Quoting charlies

EURAUD (over 400pips ), trailing stop at daily highs

EURUSD long, stopped for a small profit

EURCHF monthly short - not triggered yet

EURCAD opposing 2 day PIN (in direction of trend) triggered, reversed, but poor decision, don't like this!

AUDNZD met first target. Stop at daily low

USDCHF met first target (& broke resistance), will consider adding back in on a retrace
8/7 Daily PINs on AUDUSD & NZDUSD, against strong trend, AUDUSD at previous resistance.

Great post on different types of PIN Mike. I had categorised mine slightly differently, but I think I will borrow your classification - thanks. At the moment, I am taking every PIN till I build up some history, but think your suggestion of passing on PINs in congestion makes a lot of sense. Good luck on the stop hunting
  • #3,924
  • Jun 8, 2007 3:54am Jun 8, 2007 3:54am
[quote=SeekingLight;1461108]I just wanted to post something else. Not really PA related, just a bit of basic "things I've noticed".

Basically just a potential "wedge" topside, just that I couldn't find much to connect the lows with in this rise

But whenever things get "capped" like this, to me it's a sign someone is establishing shorts systematically and things are prone to give in at some point. quote]

I usually trade these as expanding bearish triangles, the lower lows symbolise the intent and the spikes banging against resistance and subsequently faded by closing below previous highs are as close to a 'grail' trade for shorts in my arsenal. Well spotted Mate!
  • #3,925
  • Jun 8, 2007 4:10am Jun 8, 2007 4:10am
I'll be interested whether this really ends up hurt as bad as the wedge suggested 3-400 pips ago
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Trust price. Know yourself.
  • #3,926
  • Jun 8, 2007 4:11am Jun 8, 2007 4:11am
Posted the last one to show it wasn't just hindsight

Update of current situation - guess what started the move!

This is why I love PA, it combines so well with the classic TA stuff =)
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Trust price. Know yourself.
  • #3,927
  • Jun 8, 2007 4:14am Jun 8, 2007 4:14am
Quoting vlazaf
I usually trade these as expanding bearish triangles, the lower lows symbolise the intent and the spikes banging against resistance and subsequently faded by closing below previous highs are as close to a 'grail' trade for shorts in my arsenal. Well spotted Mate!
Thanks a lot =)

Glad to see I'm not alone in my crazy "I think I'm seeing something" world
Trust price. Know yourself.
  • #3,928
  • Jun 8, 2007 4:15am Jun 8, 2007 4:15am
Quoting mbqb11
Just as an added note, for something I observe personally. There are 3 major types of pins IMO.

You have:

1. Pins that are countertrend, after large moves up or down, where one feels liek they are going against the longer term trend- such as the aud/usd (if it closes today as is)

see pic 1

2. Then you have those pins that go with the trend(short or longer term) In this case a short term down trend, but that doesn't occur on a retrace, kinda just sticks out there(looks sideways). These pins I never play anymore(not that you can't).

see pic 2

3. Then you have my personal fav, when you get a nice retrace on the current/or longer term trend and a pin forms where it creates space away from the previous trend. Meaning it retraced, but not with a sharp move.

see pic 3, eur chf


Just some observations

Mike
It's beauty lies in it's simplicity! Wonderful post!
Concentrate on only these 3 pictures with a fair MM system and you are onto a winner.
How many pairs are you concurrently scanning at any one time mbqb11?
  • #3,929
  • Jun 8, 2007 4:35am Jun 8, 2007 4:35am
Quoting vlazaf
It's beauty lies in it's simplicity! Wonderful post!
Concentrate on only these 3 pictures with a fair MM system and you are onto a winner.
How many pairs are you concurrently scanning at any one time mbqb11?
to boil it down even more

"Then you have my personal fav, when you get a nice retrace on the current/or longer term trend and a pin forms where it creates space away from the previous trend. Meaning it retraced, but not with a sharp move."

there you have ONE setup that you can play on various markets and timeframes...this allows for a) high focus and b) best use of margin...which is important for a relative small acc
  • #3,930
  • Jun 8, 2007 5:29am Jun 8, 2007 5:29am
Quoting peter100
to boil it down even more

"Then you have my personal fav, when you get a nice retrace on the current/or longer term trend and a pin forms where it creates space away from the previous trend. Meaning it retraced, but not with a sharp move."

there you have ONE setup that you can play on various markets and timeframes...this allows for a) high focus and b) best use of margin...which is important for a relative small acc
For sure, very succintly extracted Pete!
The high focus entails finding a pair that has been trending, gauging sentiment i.e has this got more fuel and therefore I should be looking to get back in and treat it as a pullback off a fib s/r or are we turning and this is a retrace for further contra action.
This is my 1st level of thought process, the candlesticks i.e pb's etc are implemeted for entry and to assist with MM aspect - second level.
The third level is sitting tight and do bugger all unless ofcourse your stops/targets/limits are hit.
Encapsulating the 3 levels is the psychological/discipline aspect of executing and perfecting the above on every trade.
Will discuss examples later.
All very interesting though.
  • #3,931
  • Jun 8, 2007 9:18am Jun 8, 2007 9:18am
Quoting mbqb11
Just as an added note, for something I observe personally. There are 3 major types of pins IMO.

You have:

1. Pins that are countertrend, after large moves up or down, where one feels liek they are going against the longer term trend- such as the aud/usd (if it closes today as is)

see pic 1

2. Then you have those pins that go with the trend(short or longer term) In this case a short term down trend, but that doesn't occur on a retrace, kinda just sticks out there(looks sideways). These pins I never play anymore(not that you can't).

see pic 2

3. Then you have my personal fav, when you get a nice retrace on the current/or longer term trend and a pin forms where it creates space away from the previous trend. Meaning it retraced, but not with a sharp move.

see pic 3, eur chf


Just some observations

Mike
Mike, I reckon the current 4h pin in USD/CAD would fall nicely into that favourite category of yours. Can you confirm that?

Also thanks for your comments re my question about the recent/current pin setup in AUD/USD. This pin is also coming off the long time upside trend line and the 100% fib expansion of the last major upside move that broke the long term resistance in the 0.7980 region. I am still playing it and accept a larger drawdown on this one.
  • #3,932
  • Jun 8, 2007 9:24am Jun 8, 2007 9:24am
From post #3904 this one just keeps going, bounced of that TL and away it went.............!!!!!!!!!!
This really shows the power of trading off the longer term charts and of PA.
Jim certainly knows his onions.
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  • #3,933
  • Jun 8, 2007 9:46am Jun 8, 2007 9:46am
Quoting SeekingLight
I'll be interested whether this really ends up hurt as bad as the wedge suggested 3-400 pips ago
I rarely go down to 4hr, but GJ offers so many opportunities if you have time to watch it dance. Make few pips and one loss yesterday...
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  • #3,934
  • Jun 8, 2007 9:54am Jun 8, 2007 9:54am
Quoting raczekfx
I rarely go down to 4hr, but GJ offers so many opportunities if you have time to watch it dance. Make few pips and one loss yesterday...
120.88 USDJPY same story but without the loss ;p

But I don't think I'll ever be daring enough to enter on touches.
Trust price. Know yourself.
  • #3,935
  • Jun 8, 2007 9:55am Jun 8, 2007 9:55am
This is one nice BE weekly bar. I wonder if we get a pullback to 240.80-241.40, before we see a replay of February PA..?
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  • #3,936
  • Jun 8, 2007 9:58am Jun 8, 2007 9:58am
Quoting SeekingLight
120.88 USDJPY same story but without the loss ;p

But I don't think I'll ever be daring enough to enter on touches.
.. You will.

I played with micros until I built confidence.
  • #3,937
  • Jun 8, 2007 11:00am Jun 8, 2007 11:00am
I took this pin bar. First trade in weeks. It ended up losing.

If you count four back you will see another pin bar, that triggered and then lost, too.
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  • #3,938
  • Jun 8, 2007 11:53am Jun 8, 2007 11:53am
wizard,

read mbqb11 post about the 3 types of pin bars...countertrend pin bar are dangerous....look at the chart, search for the countertrend pin bars and the retracment pin bar and compare the profit potential of both....btw, there are some sort of 2-day pin bars...
  • #3,939
  • Jun 8, 2007 11:57am Jun 8, 2007 11:57am
Quoting the_wizard
I took this pin bar. First trade in weeks. It ended up losing.

If you count four back you will see another pin bar, that triggered and then lost, too.
Odd. There's no daily PB on my GMT InterbankFX feed here. I guess the timezone bug bit ya there.

There was a Raczekfx "buy on touch" level at 90.68 though (30+spread stops and around 80-120 pips up on each touch)
Trust price. Know yourself.
  • #3,940
  • Jun 8, 2007 1:05pm Jun 8, 2007 1:05pm
Quoting SeekingLight
Odd. There's no daily PB on my GMT InterbankFX feed here. I guess the timezone bug bit ya there.

There was a Raczekfx "buy on touch" level at 90.68 though (30+spread stops and around 80-120 pips up on each touch)
I don't trade this pair, but if I did, I would not take any short trades against last week's BU bar. Preservation of capital is one of the keys....
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