james16 Chart Thread | Page 538 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

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

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #10,741
  • May 13, 2008 7:36pm May 13, 2008 7:36pm
Hi,

Spotted this on the daily looking for a bit more of a break, and keeping a tight stop on this one.
Attached Image (click to enlarge)
Click to Enlarge Name: j2.gif Size: 39 KB
  • #10,742
  • May 13, 2008 7:51pm May 13, 2008 7:51pm
Quoting Siam
Hi,

Spotted this on the daily looking for a bit more of a break, and keeping a tight stop on this one.
Not sure what your looking at. Care to share more info?
Indicators show the past. Price Action "Indicates" the future.
  • #10,743
  • May 13, 2008 8:01pm May 13, 2008 8:01pm
Hi,
Ok here goes. The trend line broke a couple of days ago yesterdays bar retraced but the bulls pushed it back up and it's currently pushed past a tripple bottom from the the previous swing low.

Working out PA is pretty new to me so forgive me if it sounds like jibberish.

Thanks
  • #10,744
  • Edited 9:19pm May 13, 2008 8:30pm | Edited 9:19pm
Quoting Siam
Hi,
Ok here goes. The trend line broke a couple of days ago yesterdays bar retraced but the bulls pushed it back up and it's currently pushed past a tripple bottom from the the previous swing low.

Working out PA is pretty new to me so forgive me if it sounds like jibberish.

Thanks
Those are all good secondary reasons to support a good Price Action trade. The only thing that is missing, is the Price Action formation itself.

Now there is a Pin Bar that formed yesterday but its in a bad location. If it was at the lowest point of a few days ago, then we're talking about a potiential Price Action set up. Along with confluences you mentioned i.e., Trendline break, support of the 365ema (magenta), breaking the S/R level, etc.

Now don't get me wrong, Price Action is a powerful thing, especially on higher time frames. And that PB may prove successful. But the set up is not perfect enough to risk an entry in my book.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,745
  • Edited 9:24pm May 13, 2008 9:06pm | Edited 9:24pm
Quoting tyler812
Nice short setup on EUR/USD. It would be better if today closed lower than yesterday, but it still looks like a potential setup, imo, and right at the ppz. Price is stuck at some support ont the H4, but if it makes it through, could be a pretty good trade. Any thoughts?

Tyler

EUR/USD Daily
I do agree with bundy that there isn't anything that stands out, Price Action wise, that would initiate a entry.

But we as students of Price Action need to study and practise as much as possible. It doesn't mean we have to make a trade. Because we want the best Price Action in the right location with a good about of confluences to make a high probablility trade.

What I see is Inside Bar (candle) on the Eur/Usd Daily.

Let's break down the current Eur/Usd. We have IB at a S/R level (PPZ) and we are in a down trend.

Anything else?

High probability trades with IBs are to take a break at the bottom of IB in down trend or take the break of the top IB in a uptrend. So taking a break at this bottom IB could be a possible trade. Is it the best trade? Probably not. That's up to the trader to decide.

Its always good to analyze Price Action in different ways, this is how you get better at it over time. IMO.

Jim
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,746
  • May 13, 2008 10:05pm May 13, 2008 10:05pm
We may have a possible setup here on EC.

Weekly PPZ is at 1.5500. It's the first time coming to this area. A daily PIN has been broken to the upside.

We have more upside potential here.
Attached Image
  • #10,747
  • May 13, 2008 10:42pm May 13, 2008 10:42pm
Quoting goodtiding5
We may have a possible setup here on EC.

Weekly PPZ is at 1.5500. It's the first time coming to this area. A daily PIN has been broken to the upside.

We have more upside potential here.


The daily pin may continue to work. There are some other things you may want to consider.
Today showed outside bars on most cad pairs & oil. ie oil to cont. up & cad to strengthen.
So another way to look at this one may be that ec bounces off ppz & 50 fib @ 1.5450 to 1.56ish as a retrace of the daily beob. then continue lower as a break of the daily beob. to 1.52 - 1.5260.

Hope this helps in some way & not hinders
Jeff
Attached Images
  • #10,748
  • May 14, 2008 2:20am May 14, 2008 2:20am
Any thoughts on why this pin bar set up didn't work?
Attached Image (click to enlarge)
Click to Enlarge Name: usd-chf.gif Size: 20 KB
  • #10,749
  • May 14, 2008 2:25am May 14, 2008 2:25am
Quoting pbb2577
Any thoughts on why this pin bar set up didn't work?
It's location was not good. It wasn't at a new High or Low for the week or Month let alone the Year. Pin Bars are mainly reversal Price Action formations. We want see them at swing highs and lows.
Indicators show the past. Price Action "Indicates" the future.
  • #10,750
  • May 14, 2008 3:02am May 14, 2008 3:02am
Quoting pbb2577
Any thoughts on why this pin bar set up didn't work?
One could argue that it wasn't triggered - and if it isn't triggered it isn't a pin..

I think we had a definition flying around where it isn't a pin until it trigs(which is why the retrace entry stuff is always a tradeoff between higher leverage and more risk due to an unconfirmed setup).
Trust price. Know yourself.
  • #10,751
  • May 14, 2008 3:06am May 14, 2008 3:06am
Quoting SeekingLight
One could argue that it wasn't triggered - and if it isn't triggered it isn't a pin..

I think we had a definition flying around where it isn't a pin until it trigs(which is why the retrace entry stuff is always a tradeoff between higher leverage and more risk due to an unconfirmed setup).
Well put Seeking.

(I'm going to steal that definition for sure.)
Indicators show the past. Price Action "Indicates" the future.
  • #10,752
  • May 14, 2008 3:20am May 14, 2008 3:20am
Quoting jarroo
Excellent point Aidan.

But if you ignore the Sunday candle (yellow) which we do when looking for Price Action. And combine the 5/09/08 and 5/12/08 Bars (candles) we would get a two day Pin Bar. Something to look act.
Interesting.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,753
  • May 14, 2008 3:55am May 14, 2008 3:55am
Quoting jarroo
I do agree with bundy that there isn't anything that stands out, Price Action wise, that would initiate a entry.

But we as students of Price Action need to study and practise as much as possible. It doesn't mean we have to make a trade. Because we want the best Price Action in the right location with a good about of confluences to make a high probablility trade.

What I see is Inside Bar (candle) on the Eur/Usd Daily.

Let's break down the current Eur/Usd. We have IB at a S/R level (PPZ) and we are in a down trend.

Anything else?

High probability trades with IBs are to take a break at the bottom of IB in down trend or take the break of the top IB in a uptrend. So taking a break at this bottom IB could be a possible trade. Is it the best trade? Probably not. That's up to the trader to decide.

Its always good to analyze Price Action in different ways, this is how you get better at it over time. IMO.

Jim
Although this Price Action set up was not defined as the perfect trade.
If you were to take this trade ( or any trade for that matter ) wouldn't you want it based on some assemblage of Price Action?

Price Action RULES!

Jim
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #10,754
  • May 14, 2008 5:37am May 14, 2008 5:37am
Thanks for the constructive feedback Jaroo and Seeking....it's great getting to see the set up from other people's view point.

Pbb
  • #10,755
  • May 14, 2008 7:11am May 14, 2008 7:11am
Quoting pbb2577
Any thoughts on why this pin bar set up didn't work?
Seeking explained the confirmation element perfectly. IMHO one other thing you might want to do is do your fib retracements from swing high lows and not single bars.

Higher time frame like monthly, weekly and daily may give more success on single bar retracements though.
  • #10,756
  • May 14, 2008 8:18am May 14, 2008 8:18am
playing these bars before they actually qualify by a break is ok a lot of times but certainly more risky. a pin bar is not confirmed until it breaks and i rarely play them until they do. the only time i will take an unconfirmed entry is if i see it in a prime location that i feel warrants an early entry.
so to recap. a "pin bar" that never broke did not fail because it was never a "pin bar" in the first place. the lower the time frame the more this happens but once again if you only play breaks you will at the least know its a confirmed bar.

jim

Quoting pbb2577
Any thoughts on why this pin bar set up didn't work?
  • #10,757
  • May 14, 2008 11:46am May 14, 2008 11:46am
I've been lurking around here for some time and now plucked up the courage to post. Would like to thank james and others here for the help and knowledge they have provided throughout this excellent thread.

Check out the potential pin bar on cable, its on a strong ppz. Hope it stays like this.
Attached Image (click to enlarge)
Click to Enlarge Name: cable pin.gif Size: 19 KB
  • #10,758
  • May 14, 2008 12:08pm May 14, 2008 12:08pm
Quoting james16
playing these bars before they actually qualify by a break is ok a lot of times but certainly more risky. a pin bar is not confirmed until it breaks and i rarely play them until they do. the only time i will take an unconfirmed entry is if i see it in a prime location that i feel warrants an early entry.
so to recap. a "pin bar" that never broke did not fail because it was never a "pin bar" in the first place. the lower the time frame the more this happens but once again if you only play breaks you will at the least know its a confirmed bar.

jim
Hey Jim,

Do you consider a "break" an eye for the third bar and you play everything thereafter? Unless its at what you consider a swing high/low with confluence.....

R
  • #10,759
  • May 14, 2008 12:13pm May 14, 2008 12:13pm
Quoting renegade7
Hey Jim,

Do you consider a "break" an eye for the third bar and you play everything thereafter? Unless its at what you consider a swing high/low with confluence.....

R
a break is simply when the high or the low of the actual pin bar itself breaks
Attached Image (click to enlarge)
Click to Enlarge Name: a.gif Size: 12 KB
  • #10,760
  • May 14, 2008 12:15pm May 14, 2008 12:15pm
Quoting redbullfx
I've been lurking around here for some time and now plucked up the courage to post. Would like to thank james and others here for the help and knowledge they have provided throughout this excellent thread.

Check out the potential pin bar on cable, its on a strong ppz. Hope it stays like this.
Good eye redbull.

That is definitely on the watch list.

At a strong PPZ, off of new Lows, on the Daily and the nose nice and long.

I 'm sure mike would say its got some good "space" as well.


Nice.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
33 traders viewing now