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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

  • #7,881
  • Nov 28, 2007 2:12pm Nov 28, 2007 2:12pm
Interesting looking 4H sell pin on the EURCHF.
Could be price taking a breather after this big bullish day. Or it's getting ready to reverse.
I'm already long from the Daily pin so I think I'll weigh my options later.
I see a Price Pivot zone around 1.6530ish so we'll see what happens.
  • #7,882
  • Nov 28, 2007 2:30pm Nov 28, 2007 2:30pm
Quoting moneybags
Interesting looking 4H sell pin on the EURCHF.
Could be price taking a breather after this big bullish day. Or it's getting ready to reverse.
I'm already long from the Daily pin so I think I'll weigh my options later.
I see a Price Pivot zone around 1.6530ish so we'll see what happens.
We've got SOME daily bar today...
Price will most likely continue in the same direction till 1.6560/1.66 before we see a pullback imo..

p.s. we are not far from weekly resistance though...
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  • #7,883
  • Nov 28, 2007 3:42pm Nov 28, 2007 3:42pm
Hi all

Have finally made it through this thread (and quite a few others in the process), I think I have read more in these last few months than I have in the last 10 years!
A big thank you to all those that have contributed so much.

Steve
  • #7,884
  • Nov 28, 2007 4:30pm Nov 28, 2007 4:30pm
Hi guys,
So can I please please pretty please call this one an mbq special (Mike?) Doesnt it look like the perfect pullback pin, to get back onto Trend Road...what do you think, has eur got enough steam left to take us up and away, take care all, Raz
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Never say never.
  • #7,885
  • Nov 28, 2007 4:34pm Nov 28, 2007 4:34pm
Quoting creeper
Lol I posted all these nice charts of the EURUSD, USDCHF, EURCHF and I seem to be the only one who did not trade them. My roommate turned off the router and I had no internet connection and Metatrader is blocked by my work. X(

Chris
You need a new roommate!
Never say never.
  • #7,886
  • Nov 28, 2007 4:47pm Nov 28, 2007 4:47pm
Quoting razldazl
Hi guys,
So can I please please pretty please call this one an mbq special (Mike?) Doesnt it look like the perfect pullback pin, to get back onto Trend Road...what do you think, has eur got enough steam left to take us up and away, take care all, Raz
Hey Raz

My favorite like you said is if we pulled back a lot more and got that pinbar

Euro is in such a strong uptrend though. This is like when the Cad just kept dropping. Any slight pullback turned out to be a great spot to get back in! lol


Take care
Mike
  • #7,887
  • Nov 28, 2007 4:56pm Nov 28, 2007 4:56pm
4 Hour Pb on GBP/JPY off the 150 ema... ( though a little one ) maybe this is as high as it gets... now we can get back to business down to 217...??
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  • #7,888
  • Nov 28, 2007 5:33pm Nov 28, 2007 5:33pm
Looks nice Tiki.

Fibs/ppz/ema/with trend....

I'm in.

Steve
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  • #7,889
  • Nov 29, 2007 2:12am Nov 29, 2007 2:12am
Quoting razldazl
Hi guys,
So can I please please pretty please call this one an mbq special (Mike?) Doesnt it look like the perfect pullback pin, to get back onto Trend Road...what do you think, has eur got enough steam left to take us up and away, take care all, Raz
Hi Raz,
Its is not exactly hanging fruit, but it looks good enough to me for another push towards 1.5 by 11th December (anticipated US interest rate reduction).

Fingers crosse, because it is quite a long SL.

Ian
  • #7,890
  • Nov 29, 2007 2:25am Nov 29, 2007 2:25am
Hi,
Any thoughts on this one. Looks worth a shot for either direction to me.

Ian
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  • #7,891
  • Nov 29, 2007 3:36am Nov 29, 2007 3:36am
GOOD MORNING!

ANYONE NOTICED THE PB ON DAILY GOLD? IT LOOKS GOOD TO ME. IT GOES WITH THE TREND; HAS A NISCE SHAPE; ALTHOUGH THE CONFLUENCE IS NOT VERY CONVINCENT:

THANKS!

P.S: SORRY ABOUT THE CAPITAL LETTERS BUT I JUST CAN?T TAKE OFF THOSE DAMNED FILTER KEYS...

P:S: THIS F*"NG KEYPAD DOESN?T WORK EITHER::: I CAN?T POST A CHART:: IF ANYONJE COULD HELP ME:::

FABIAN
  • #7,892
  • Nov 29, 2007 3:58am Nov 29, 2007 3:58am
Quoting Melinni
GOOD MORNING!

ANYONE NOTICED THE PB ON DAILY GOLD? IT LOOKS GOOD TO ME. IT GOES WITH THE TREND; HAS A NISCE SHAPE; ALTHOUGH THE CONFLUENCE IS NOT VERY CONVINCENT:

THANKS!

P.S: SORRY ABOUT THE CAPITAL LETTERS BUT I JUST CAN?T TAKE OFF THOSE DAMNED FILTER KEYS...

P:S: THIS F*"NG KEYPAD DOESN?T WORK EITHER::: I CAN?T POST A CHART:: IF ANYONJE COULD HELP ME:::

FABIAN
Hi Fabian,
when you reply go to manage attachments, if you are using mt4 you can just save your chart as a jpg and upload it on the manage attachments tab..and thats it,
btw, I think your keyboard and creepers roommate need to find a new home hehe, take care, Raz
Never say never.
  • #7,893
  • Nov 29, 2007 5:13am Nov 29, 2007 5:13am
Quoting ianf0ster
Hi Raz,
Its is not exactly hanging fruit, but it looks good enough to me for another push towards 1.5 by 11th December (anticipated US interest rate reduction).

Fingers crosse, because it is quite a long SL.

Ian
...It hasnt triggered eh??? Raz
Never say never.
  • #7,894
  • Nov 29, 2007 5:33am Nov 29, 2007 5:33am
possibly double pin bar forming on gbpjpy daily
  • #7,895
  • Nov 29, 2007 6:57am Nov 29, 2007 6:57am
Perhaps wrong about the daily PB... I always get leery when there are daily PB going in different directions very close together...

Perhaps eur really was in process of comming down and something stopped it... like big gains on dow yesterday... or well, what the heck do I know... !!!

I would really like to see a BUY opportunity more along the trend line...

And for once... tiki didin't jump the gun... !!!!! Still got my money !!
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  • #7,896
  • Nov 29, 2007 8:31am Nov 29, 2007 8:31am
Last week 23 Nov '07 there is Pin Bar in USD/JPY and
monday 26 nov it broke below Pin Bar so I take short around 107.40
But 27 & 28 Nov market is going upward and touch my stop loss 109.30.

My questions is :
1. Do we trade Pin Bar below support?
2. Do we only trade Pin Bar that break up rather than break down
(see picture)
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  • #7,897
  • Nov 29, 2007 8:49am Nov 29, 2007 8:49am
Quoting jatis
Last week 23 Nov '07 there is Pin Bar in USD/JPY and
monday 26 nov it broke below Pin Bar so I take short around 107.40
But 27 & 28 Nov market is going upward and touch my stop loss 109.30.

My questions is :
1. Do we trade Pin Bar below support?
2. Do we only trade Pin Bar that break up rather than break down
(see picture)
I believe the safest way to play those bars until you are experienced is to play them AWAY from the nose. So in this case you would have been looking to go long.

Apparently you can play pins bars if they break in the opposite direction to the one that is anticipated. In my opinion though I would never have played that short. Its a reversal bar at a swing low. Why would you want to go short there?

P.S. Take a look at the Usd/Jpy one hour...will we see some price action?
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  • #7,898
  • Nov 29, 2007 9:35am Nov 29, 2007 9:35am
Quoting the_wizard
I believe the safest way to play those bars until you are experienced is to play them AWAY from the nose. So in this case you would have been looking to go long.

Apparently you can play pins bars if they break in the opposite direction to the one that is anticipated. In my opinion though I would never have played that short. Its a reversal bar at a swing low. Why would you want to go short there?

P.S. Take a look at the Usd/Jpy one hour...will we see some price action?
I go to short because :
1. USD/JPY has break major support in weekly chart
so they supposed to free fall after that
2. there is PIN BAR and market also broke below that PIN BAR

That is my analysis to make that decision.


BTW if market already broke below PIN BAR and after that broke upper PIN BAR is it wise to long ? just like what happened in USD/JPY.
  • #7,899
  • Nov 29, 2007 9:43am Nov 29, 2007 9:43am
Quoting jatis
I go to short because :
1. USD/JPY has break major support in weekly chart
so they supposed to free fall after that
2. there is PIN BAR and market also broke below that PIN BAR

That is my analysis to make that decision.

BTW if market already broke below PIN BAR and after that broke upper PIN BAR is it wise to long ? just like what happened in USD/JPY.
I have never played a Pin when it breaks on the opposite side of where it's pointing. That's just me though.

To answer your question, most people would consider a pin bar invalid after price broke the opposite side (nose). Personally, I agree with this thinking. Once price has gone in the opposite direction, it tells us that the pin bar wasnt a good one for whatever reason. Entering the break of it after prices comes back wouldnt be a good entry for me.

Hope that helps a little,
Tom
  • #7,900
  • Nov 29, 2007 10:17am Nov 29, 2007 10:17am
Jatis and the Wizard, very nice discussion and I would like to tap-in please.

I'v been working with PB's and OB's as my primary trading method on my real account for 10 months now with great results. Only double tops and bottoms compliment my trading. during this period I have noticed and, as a result, developed my criteria for trading them. In other words I filter the signal. One important note that I found is that PB's are more prone to failuir than OB's. here are the criteria that I use to trade PB's:

PB's:
1) I use only daily, weekly and monthly TF's.
2) Must be at swing high or low. It must be at the end of a leg.
3) The open and close must be within 25% of the range from the top (or low in the case of a down trend).
4) Open and close must be within the preceeding bar.
5) The tail must be relatevely long and most of it extends outside the preceeding bar.


back to your USDJPY PB. I saw that bar but did not trade it because it simply violates rules number 2 and 5.

I have a lost to say about the bars but damn the time.
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