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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

  • #2,681
  • Feb 16, 2007 5:22pm Feb 16, 2007 5:22pm
Quoting mbqb11
edit* I would not trade this pin(if it forms one) personally. We do have support, but the pin is in "traffic". I look for the ones at better swings.
hey mike , i have a quick question for ya. What exactly do you mean by traffic? Is it jsut because its coming off of news? or because there is only one short bar before it? Thanx.
I dream, therefore I become.
  • #2,682
  • Feb 16, 2007 5:36pm Feb 16, 2007 5:36pm
Quoting mike w
hey mike , i have a quick question for ya. What exactly do you mean by traffic? Is it jsut because its coming off of news? or because there is only one short bar before it? Thanx.
Hey mike,

When I say traffic I am reffering to the bars location. Pin bars are best at swing high and lows. If you look at the pinbar that formed it isnt at a swing low. Right next to it we have a bunch of bars(visually looks jumbled(traffic)). Although this pin may work just fine, I would rather wait for a stronger one. Take for instance, The pin on the daily of the euro from today. IT was at a swing high(not to mention other confluence). But if you just visually look at the two, they are very different. Like you said these bars do fail, and they have a higher success rate at certain places(being swing high and lows with areas of confluence).

Hope thats clear if not lemme know i can throw a chart or two up.

Enjoy your weekend all,
Mike
  • #2,683
  • Feb 16, 2007 5:50pm Feb 16, 2007 5:50pm
Wow mike, you seriously just cleared up my entire trading life with that post man. I always take those kinds of trades and they lose a good bit of the time. Thanks a lot man and it was crystal clear.
I dream, therefore I become.
  • #2,684
  • Feb 17, 2007 8:27am Feb 17, 2007 8:27am
Quoting mbqb11
Hope thats clear if not lemme know i can throw a chart or two up.

Enjoy your weekend all,
Mike

A chart or 2 will definitely help please.
  • #2,685
  • Feb 17, 2007 10:40am Feb 17, 2007 10:40am
he means that, on the chart, there is a lot of action right beside the pin bar. Look at the pin bar for the euro on the dailies yesterday. Other than the bar right beside it, there are none farther to the left of it for awhile. Whereas as the pin for the pound, there are a lot of bars to the side of it. There are at least 4 to the left of it, which is creating "traffic". Hope that helped.
I dream, therefore I become.
  • #2,686
  • Feb 17, 2007 10:58am Feb 17, 2007 10:58am
Quoting mike w
he means that, on the chart, there is a lot of action right beside the pin bar. Look at the pin bar for the euro on the dailies yesterday. Other than the bar right beside it, there are none farther to the left of it for awhile. Whereas as the pin for the pound, there are a lot of bars to the side of it. There are at least 4 to the left of it, which is creating "traffic". Hope that helped.
Hai Mike,
I rarely post here, I'm more on daily reader with a lot more to learn. But I have a question though...

For example, the euro that you're talking about, if this monday, the price go beyond the PB which is 1.3172, will that PB still valid or not?

Thanks,

Happy Pipping
Shah For every action there is an equal and opposite reaction.....
  • #2,687
  • Feb 17, 2007 11:07am Feb 17, 2007 11:07am
The thing your missing is that there is another pin bar forming/formed right after the one that is suggesting that there is a down move. This shows that the bears lost steam after a while of trying to push it down and the bulls are coming back into control. With that, it would seem that there is now going to be a move upwards. And for your original question, I normally put a stoploss around 20 pips above or below a pin bar that im trading when its on the daily charts. In this case however, i would cancel the short order and make a buy order, but thats just me and i have been wrong before A LOT. Go by what you feel is right through your analysis of the market, and you are bound to make some cash. Good luck.
I dream, therefore I become.
  • #2,688
  • Feb 17, 2007 11:36am Feb 17, 2007 11:36am
Quoting mike w
The thing your missing is that there is another pin bar forming/formed right after the one that is suggesting that there is a down move. This shows that the bears lost steam after a while of trying to push it down and the bulls are coming back into control. With that, it would seem that there is now going to be a move upwards. And for your original question, I normally put a stoploss around 20 pips above or below a pin bar that im trading when its on the daily charts. In this case however, i would cancel the short order and make a buy order, but thats just me and i have been wrong before A LOT. Go by what you feel is right through your analysis of the market, and you are bound to make some cash. Good luck.
Thanks for the quick response. It's gonna be interesting to observe this monday. At least I know where to start, thanks again.

Happy Piping
Shah For every action there is an equal and opposite reaction.....
  • #2,689
  • Feb 17, 2007 11:50am Feb 17, 2007 11:50am
Quoting mike w
true, and thats a good thought. There is a reason to trade however, the pin bar will be coming up on top of a fairly large support at 9450. There is also a short term support at 9505. I plan on placing my stop right below the longer term support line. Please mention it if i am wrong. Thanks.
1.9450 is a minor support level,not a fairly large support level as suggested, also it has been breached (1.9399) we are making lower lows and lower highs. indictcating a downward trend. right now the market is indesisive. one could place a highly leverage trade in either direction and would stand a reasonable chance of making a nice profit if managed properly
  • #2,690
  • Feb 17, 2007 12:15pm Feb 17, 2007 12:15pm
Thanks for the post 59Fender. Looking at the weekly charts also, it says that its pretty much out of steam. I had noticed that the support at 9450 was breeched but only was accounted as the tail of a pin bar. With that, wouldnt that mean that 9450 is still a fairly good support to go by? What do you think? Thanks.
I dream, therefore I become.
  • #2,691
  • Feb 17, 2007 12:40pm Feb 17, 2007 12:40pm
the support level is 1.9500 if we stay above this level most likely we will test near term resititance @ 1.9550 if that holds there is a good chance to see 1.9600. if we stay below 1.9500 I would then expect a test of 1.9400 I would also expect this level to give way to make a lower low based on the fact that we failed to make a higher high, higher than the previous high @ 1.9733
  • #2,692
  • Feb 17, 2007 1:25pm Feb 17, 2007 1:25pm
Quoting 59fender
the support level is 1.9500 if we stay above this level most likely we will test near term resititance @ 1.9550 if that holds there is a good chance to see 1.9600. if we stay below 1.9500 I would then expect a test of 1.9400 I would also expect this level to give way to make a lower low based on the fact that we failed to make a higher high, higher than the previous high @ 1.9733
this is actually what I thought was going to happen except on a shorter term. In the next few days, monday and tuesday, i think we will see 9600 or higher. Then a bounce after resistance there on probably tuesday. Then we may come back down after that bounce. Nice analysis by the way.
I dream, therefore I become.
  • #2,693
  • Feb 18, 2007 12:29am Feb 18, 2007 12:29am
Quoting vlazaf
A chart or 2 will definitely help please.
Hope this helps, I had a few beers so forgive the pretty colors
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  • #2,694
  • Feb 18, 2007 3:06am Feb 18, 2007 3:06am
nothing like a couple of Michelobs on a monday night around 11pm before a good trade. hehe.

nice chart by the way
  • #2,695
  • Feb 18, 2007 3:22am Feb 18, 2007 3:22am
is this a setup for a short soon?
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  • #2,696
  • Feb 18, 2007 6:47pm Feb 18, 2007 6:47pm
Hi mike,
Just have a question regarding our big aud/cad montly pinbar trade, i think some others got in to, my question is, when you take a monthly trade like this, do you ever consider taking a hedging trade, on a shorter tiimeframe, like if we get a daily setup to long, do you take some long trades in this situation, or you just hold and wait for the monthly to unfold.

westie
  • #2,697
  • Feb 18, 2007 7:08pm Feb 18, 2007 7:08pm
Quoting Westie
Hi mike,
Just have a question regarding our big aud/cad montly pinbar trade, i think some others got in to, my question is, when you take a monthly trade like this, do you ever consider taking a hedging trade, on a shorter tiimeframe, like if we get a daily setup to long, do you take some long trades in this situation, or you just hold and wait for the monthly to unfold.

westie
Hey westie hope u had a good weekend,

yep if i see a good setup daily 4hr etc, i will i consider my monthly a whole seperate thing

best,
Mike
  • #2,698
  • Feb 19, 2007 9:07am Feb 19, 2007 9:07am
Quoting mbqb11
Hope this helps, I had a few beers so forgive the pretty colors
Thanks Mbqb, very helpful.
  • #2,699
  • Feb 19, 2007 9:57am Feb 19, 2007 9:57am
is this a set up on AUD/CAD Pinbarforming?
it is also at 55 MA
  • #2,700
  • Feb 19, 2007 3:05pm Feb 19, 2007 3:05pm
is this a pin on aud/cad four hour mike? I bought a few minis at the red line and will move stop to free trade.'

crazy spread on CMS VT trader is 10 pips. DRAT!
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