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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

  • #2,001
  • Jan 9, 2007 10:18am Jan 9, 2007 10:18am
Glad this is the day I passed out catching up on all my sleep. Looks like a lot of work for not much on the charts eh?
  • #2,002
  • Jan 9, 2007 10:48am Jan 9, 2007 10:48am
Quoting habeeb
Yup, it turned out to be one. I'm gonna jump into this one with my stop below yesterday's low and a trailing stop of 15.
thats a bad sign when price moves lower than the last pin for this trade correct?
Ghost Swoopen in for my pips while no one is lookin !!
  • #2,003
  • Jan 9, 2007 10:53am Jan 9, 2007 10:53am
Quoting Ghostpipper
thats a bad sign when price moves lower than the last pin for this trade correct?
IMHO it's a bad sign if it moves much lower than the .618 / .786 fib retracement, too....if it moves past the pins low/high against the other side, it's pretty much failed.
USDCHF already did, now just EURUSD needs to cave in and then the world's building blocks are prolly gonna start tumbling

And to think I was short at 1.3036 earlier today and left that for break even again...
Trust price. Know yourself.
  • #2,004
  • Jan 9, 2007 10:55am Jan 9, 2007 10:55am
Quoting SeekingLight
USDCHF already did, now just EURUSD needs to cave in and then the world's building blocks are prolly gonna start tumbling
.
  • #2,005
  • Jan 9, 2007 11:09am Jan 9, 2007 11:09am
ok according to this chart if euro closes hour above 3002 and doesnt go lower than bar before it at 2986 than that would be a good sign of a reversal is happening?
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Ghost Swoopen in for my pips while no one is lookin !!
  • #2,006
  • Jan 9, 2007 11:19am Jan 9, 2007 11:19am
Quoting Ghostpipper
ok according to this chart if euro closes hour above 3002 and doesnt go lower than bar before it at 2986 than that would be a good sign of a reversal is happening?
I am not quite sure what you are basing that on?

Best,
Mike
  • #2,007
  • Jan 9, 2007 11:20am Jan 9, 2007 11:20am
if anything we have a small 4 hour pin forming off a support line, when broken would be the best idea for a long. I'm not trading that, but just some info
  • #2,008
  • Jan 9, 2007 11:28am Jan 9, 2007 11:28am
ok i lied im making one trade.
since we didnt get the break of the USD/CHF daily never got to short it but now were back to the 61.8 with a pin on the 15min. Low risk high reward potential.

It really is best to wait for these pins to show up on the daily, weekly etc. If you were conservative you would have never entered any trade on the CHF because it never broke down.

Mike
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  • #2,009
  • Jan 9, 2007 11:31am Jan 9, 2007 11:31am
Now here we are zoomed in. This is a great way to trade off a daily mindset. We had a retrace touch the 61.8 exactly, now we try to find confirming price action.
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  • #2,010
  • Jan 9, 2007 11:44am Jan 9, 2007 11:44am
Pin forming, USD/JPY, 4h. What do you think? I am waiting to see if it developes correctly.
  • #2,011
  • Jan 9, 2007 11:59am Jan 9, 2007 11:59am
Quoting Goozman
Pin forming, USD/JPY, 4h. What do you think? I am waiting to see if it developes correctly.

looks like an 8 hour pin forming on mine. Could be a nice one though!

Best,
Mike
  • #2,012
  • Jan 9, 2007 12:32pm Jan 9, 2007 12:32pm
Hi guys, anyone trading this eur/chf weekly pin?

The current 4hr bar on ibfx is forming a small pin,

I'm looking to get in on the weekly pin if the 4 hr pin forms and breaks,

with a stop above the 4hr pin, what do you guys think.
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  • #2,013
  • Jan 9, 2007 12:37pm Jan 9, 2007 12:37pm
4h pin on USD/JPY already formed on my chart. Pin Bottom is around 119.13.

http://www.forexfactory.com/forexfor...id=19027&stc=1
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  • #2,014
  • Jan 9, 2007 12:42pm Jan 9, 2007 12:42pm
Quoting Westie
Hi guys, anyone trading this eur/chf weekly pin?

The current 4hr bar on ibfx is forming a small pin,

I'm looking to get in on the weekly pin if the 4 hr pin forms and breaks,

with a stop above the 4hr pin, what do you guys think.
hey wesite, Could be a good time to get in short under 1.6125 I am gonna wait for a break of the weekly pin if anything. I am always careful with some of these cross pairs, they just do weird things :
  • #2,015
  • Jan 9, 2007 12:43pm Jan 9, 2007 12:43pm
Quoting Goozman
4h pin on USD/JPY already formed on my chart. Pin Bottom is around 119.13.

http://www.forexfactory.com/forexfor...id=19027&stc=1
Looks great, I had taken a small postion on the bounce of 119.50(weekly r1). I may add to it if i get a break of the 8hr pin which is what my data feed shows. We have some pretty heavy resistance going back to september here.

Mike
  • #2,016
  • Jan 9, 2007 2:19pm Jan 9, 2007 2:19pm
Quoting mbqb11
Looks great, I had taken a small postion on the bounce of 119.50(weekly r1). I may add to it if i get a break of the 8hr pin which is what my data feed shows. We have some pretty heavy resistance going back to september here.

Mike

Hey Mike, please keep the monthly BUOB in mind and check out the 1H PB we just had before this move back up for the retrace....be careful here!
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Trust price. Know yourself.
  • #2,017
  • Jan 9, 2007 2:19pm Jan 9, 2007 2:19pm
the PB
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Trust price. Know yourself.
  • #2,018
  • Jan 9, 2007 2:42pm Jan 9, 2007 2:42pm
Since Ghostpipper asked what I meant by the .618 / .786 fib retracement failure meaning the whole Pin usually fails, here's a chart of the 1H on the usdchf that shows where you could see signs of it failing even before the daily high was surpassed.

This is just my view of things, it's not necessarily the most prudent. But if something that should have been resistance (the .618 or the .786 line) is breached and turns into support, that pretty much signals that price is now moving on past it. In this case usually to the 127.2% fib => above the daily high in any way.
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Trust price. Know yourself.
  • #2,019
  • Jan 9, 2007 2:56pm Jan 9, 2007 2:56pm
Quoting SeekingLight
Hey Mike, please keep the monthly BUOB in mind and check out the 1H PB we just had before this move back up for the retrace....be careful here!
thanks seeking it was a very small position that i closed out upon the close of the 4 hour bar. I am not gonna try to get fancy :
  • #2,020
  • Jan 9, 2007 3:10pm Jan 9, 2007 3:10pm
Ok, this should be my last post for that nippy thing

Just wanted to point out that the middle of the two fibs is commonly a good retrace target. Not all the time, sometimes it barely gets to .618, but this is just something I noticed happening occasionally.

Still prone to fail if it goes much higher imho.

Wedged between two rising trendlines on another of my charts, should see a squeeze soon.
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Trust price. Know yourself.
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