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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

  • #2,141
  • Jan 15, 2007 3:59am Jan 15, 2007 3:59am
Pin Bar on Daily UsdJpy. Entered short at 120.54. Target = weekly pivot. Hope this week is going to start better than last week.
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  • #2,142
  • Jan 15, 2007 4:31am Jan 15, 2007 4:31am
Habeeb,
Hope your 120.54 short entry works out. You seem to favour retrace entries on the pins like this. I'm curious what was your entry criteria. Was it the 78% retrace (120.55) of the daily pin? I was considering the break of the 1h pin (low of 120.41) in the direction of the daily pin (1h is not a true pin, but within 1 pip of a true pin). But I'm gun shy as still learning pa and not confident of market moves with US holiday and JPY interest rate decision looming.
Cheers
  • #2,143
  • Jan 15, 2007 5:06am Jan 15, 2007 5:06am
1hr Pin on cable. Short, targetting 1.9580 first, then the weekly pivot.
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  • #2,144
  • Jan 15, 2007 5:09am Jan 15, 2007 5:09am
Quoting johoma
Habeeb,
Hope your 120.54 short entry works out. You seem to favour retrace entries on the pins like this. I'm curious what was your entry criteria. Was it the 78% retrace (120.55) of the daily pin? I was considering the break of the 1h pin (low of 120.41) in the direction of the daily pin (1h is not a true pin, but within 1 pip of a true pin). But I'm gun shy as still learning pa and not confident of market moves with US holiday and JPY interest rate decision looming.
Cheers
Hi Johoma,
it was the 120.60 resistance point. Waited for a retrace to this area.
Keeping it Simple
  • #2,145
  • Jan 15, 2007 5:16am Jan 15, 2007 5:16am
Quoting mbqb11
hey seeking,

since it's sunday/monday i waited for 4hour break and will hold it as long as things look good. We shall see. I tend to stay on the 4hr dailys at the start of a week. Then as things get going move to the lower time frames. Just something I do LOL.

Mike
Ah okay. I got in at the break of the 1H BUOB and got 236.11 price after spread. Moved stop to +9 and am waiting to see if Habeeb is right and cable comes crashing down or not....Both his trades combined make him artificially short GBPJPY, not nice Habeeb!
Half the James'ers long GJ, half short, what will become of us!
We need to reunite the ranks!

On another note, USDJPY might be dangerous to short looking at weekly, cable I'm amazed it even got this far. But I'm not complaining, I've now locked +160 in on that long and am waiting to see if we touch 1.9700 and beyond...the pretty insane drop on EURGBP that got us up here pretty much annihilated any other trading opportunities.

What one surprise hike can do!
Trust price. Know yourself.
  • #2,146
  • Jan 15, 2007 4:05pm Jan 15, 2007 4:05pm
I think GBPUSD still have a potential to go long. It retested s/r line on 4H chart (unfortunately can’t upload image). Have buy stop at 1.9668, targeting 1.9700 – resistance line plus psychological level.
  • #2,147
  • Jan 15, 2007 8:31pm Jan 15, 2007 8:31pm
Quoting vasyuta
I think GBPUSD still have a potential to go long. It retested s/r line on 4H chart (unfortunately can’t upload image). Have buy stop at 1.9668, targeting 1.9700 – resistance line plus psychological level.
I also have my Buy Stop set their but aiming for 1.9755 level for TP. But I have no idea what I'm doing.

Maybe the pros can help out here. Mike, Habeeb?
  • #2,148
  • Jan 15, 2007 8:53pm Jan 15, 2007 8:53pm
Quoting Squash
I also have my Buy Stop set their but aiming for 1.9755 level for TP. But I have no idea what I'm doing.

Maybe the pros can help out here. Mike, Habeeb?
I agree with your bullish view on the pound, although I don't have a position in it. We broke the monthly pivot in the slow euro session and now its tested it a few times so thats a good sign. If we can break 9750, i think that will set the stage for the next big move. I am gonna wait for some more PA before taking any positions. With the US market closed today we didn't get any continued momentum from the euro session. Sidelines till some more clear signs for me. I would be looking to buy at a dip though.

Best of luck,
mike
  • #2,149
  • Jan 16, 2007 1:20am Jan 16, 2007 1:20am
Thanks as always Mike, your views always point out something I missed or overlooked. I'm now long from 1.9668 going for 1.9700 for TP1 and will let it ride from there.
  • #2,150
  • Jan 16, 2007 4:38am Jan 16, 2007 4:38am
Hi Guys,

I have been reading through this thread for the past week and it has been absolutely fantastic - I have only been trading for a few months but this stuff has totally opened my eyes!! Have made 4 trades of the 4hour charts and 3 of them won while 1 lost which was my fault, currently short on cable.... did any of you guys trade the pin on the 4hr chart??

Mike
  • #2,151
  • Jan 16, 2007 5:11am Jan 16, 2007 5:11am
Quoting habeeb
Pin Bar on Daily UsdJpy. Entered short at 120.54. Target = weekly pivot. Hope this week is going to start better than last week.
Personally entered at the round number 120.50 targetting 119.20 as 1st port of call. A break of 120 should accelerate this.
  • #2,152
  • Jan 16, 2007 5:34am Jan 16, 2007 5:34am
Quoting vlazaf
Personally entered at the round number 120.50 targetting 119.20 as 1st port of call. A break of 120 should accelerate this.
I still think the "big" direction is long unless we lose the s/r zones we made on the way up. Look for signs of recurring strength near these to get back long or if you're short from above hold on tight and see if the s/r zone goes.
Not a trading recommendation for anyone, just what I'm currently thinking to myself.
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Trust price. Know yourself.
  • #2,153
  • Jan 16, 2007 5:36am Jan 16, 2007 5:36am
Here you can see why I get those oddball ideas like trading the wrong side of pins, too, sometimes. As you can see on monthly the BUOB retrace went exactly to a former failed PB high then took off.

In this case the "wrong side" of the pin bar also was an inside bar break if you so wish. Went for a bit but also had a gigantic drawdown. Not something I think I'm suited to trade, this timeframe. But it's great for a general idea of direction and "where are we???".
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Trust price. Know yourself.
  • #2,154
  • Jan 16, 2007 10:08am Jan 16, 2007 10:08am
Did anyone trade the 4hr pin on cable then?? I got in on the 61.8 retrace and rode it all the way down got a bit twitchy and closed it for +80 pips!! I love this!!
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  • #2,155
  • Jan 16, 2007 10:17am Jan 16, 2007 10:17am
Quoting MIG
Did anyone trade the 4hr pin on cable then?? I got in on the 61.8 retrace and rode it all the way down got a bit twitchy and closed it for +80 pips!! I love this!!
Hey Mig,
very nice entry and trade. I was still in my long and got flushed out(for +190, so not too sad that I missed this trade as I can't hedge on this broker and wanted to see that 1.9620 support killed before I really believed the rise was over), so I will be looking to position myself after tonights close. Oil dropped lower already, Gold is wobbling and EURUSD and USDCHF seem to be pinning on daily.
If this all occurs I will buy dollars tomorrow for sure.

Btw, in the honor of Raczekfx I am attaching a trendline that if you connect the two highest highs on cable you will see where todays high was intercepted by +-5 pips roughly.
Pro inflation data and bad news for the dollar and the dollar rallies. Anyone see why I prefer TA over FA?
*shakes head*

Congratulations and my regards,

SeekingLight
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  • #2,156
  • Jan 16, 2007 12:34pm Jan 16, 2007 12:34pm
cheers mate, is the 61.8 retrace the best place to get in or should i have looked to take the trade sooner at the 50?? Just having a look through the charts just now and have noticed a double high with lower close on the 4hr auzzie chart - i have set my sell stop at the 50 retrace at 0.7835 - which is also the 100ema, whats the opinion on this one?
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  • #2,157
  • Jan 16, 2007 1:27pm Jan 16, 2007 1:27pm
Quoting MIG
cheers mate, is the 61.8 retrace the best place to get in or should i have looked to take the trade sooner at the 50??
I have been wondering the same thing myself. I would guess that most ppl enter on a 50% retrace but views from the major players on this thread would be much appreciated.
  • #2,158
  • Jan 16, 2007 1:51pm Jan 16, 2007 1:51pm
is it possible to use Candlesticks instead of bar chart? Bar takes a longer time to read
  • #2,159
  • Jan 16, 2007 1:55pm Jan 16, 2007 1:55pm
Quoting H103EFA
I have been wondering the same thing myself. I would guess that most ppl enter on a 50% retrace but views from the major players on this thread would be much appreciated.
OK. Not a major player, but I'll enter wherever there's a good sign of a reversal. If, when zooming down on the timeframes I get, for example, a really good pin off of of the 38.2% (Or 50 or whatever) on the 1 hour chart I'll get in straight away. On the 4 huor chart is even stronger and I'll be even more confident. Especially if that pin is broken in the right direction as well. Much better again.

My favourite entry is at the higher fibs though (61.8, 76.4 area) I'll quite often get in on the any good sign that things aren't going any further. You get a tight stop anyway. Your often risking such a small amount of pips for a very much larger possible gain. SeekingLight likes this area too.

Entry for me can also depend on what the chart looks like when zoomed out.
If the daily pin came along in , say, a funny spot on the long term chart, I am a lot more cautious and will even wait for a further BUB or BEB to confirm the retracement is over.

But that's just me.

Cheers
,Bundy
Bundy's status today: "Waiting..."
  • #2,160
  • Jan 16, 2007 1:57pm Jan 16, 2007 1:57pm
Quoting don perry
is it possible to use Candlesticks instead of bar chart? Bar takes a longer time to read
Definetly. I even switch between the two all the time. Bars are cleaner on the chart for me, but I'll switch to the candles to get a different picture I may be missing.

A pin is just a hammer. etc...
Bundy's status today: "Waiting..."
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