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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

  • #14,561
  • Oct 20, 2008 10:56am Oct 20, 2008 10:56am
Here is what could make Ej in a nice trade situation;


@ Mike: you watching this??

wondering if he is back from the trip yet...
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I believe . . .
  • #14,562
  • Oct 20, 2008 11:04am Oct 20, 2008 11:04am
Quoting ghous
i see a few problems with the Gu setup as well, again there is nothing wrong with the pin bar itself and looks in perfect shape, but if you look to trade this you're going countertrend, noweven if you want to believe that Pin bars do work as reversal signals which ofcaorse is true and that Gu maybe reversing (the divergence is agreeing too) which may also be true, trading this particular pin bar is not what i am looking to do.

the major reason being the hurdles that price will come across in quick successions if it wants to reverse.


1) the 1.72 ppz,

........


2) the long term support trendline

.........


also take note of these 2 hurdles that the price will need to jump over and the short distance in which they occur...

........


and finally condier the possibility of any or both of these hurdles proving too strong to be broken, what do we then get?? a great breakout-pullback trade, which i'll be anxiously looking for...

http://i81.photobucket.com/albums/j2.../gubosetup.gif

insipte of all this the pin bar may ofcaorse work out and best of luck to those who trade it, but aas far as i am concerned this is not the kind of trade i will look to go for given that it will have the added disadvantage of going against the trend.

Regards,
Ghous.
Gu setting up nicely as per my anticipation;
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I believe . . .
  • #14,563
  • Oct 20, 2008 11:05am Oct 20, 2008 11:05am
Quoting ghous
Here is what could make Ej in a nice trade situation;


@ Mike: you watching this??

wondering if he is back from the trip yet...
Hey Ghous,

I am not overly convinced with any of the patterns yet on the 4hr. I will prob end up seeing how the week plays out and then see what patterns emerge. Most of the patterns just have a slight choppy look for me, and I found myself fitting things and not being overly excited, so when I get like that I know it's time to hang back.

I would like to see the eur/chf wind up some more and then I would be watching it.

Hope you all had a good weekend

Mike
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  • #14,564
  • Oct 20, 2008 11:09am Oct 20, 2008 11:09am
Quoting mbqb11
Hey Ghous,

I am not overly convinced with any of the patterns yet on the 4hr. I will prob end up seeing how the week plays out and then see what patterns emerge. Most of the patterns just have a slight choppy look for me, and I found myself fitting things and not being overly excited, so when I get like that I know it's time to hang back.

I would like to see the eur/chf wind up some more and then I would be watching it.

Hope you all had a good weekend

Mike
Spot on...!!

Can't speak for the rest of us but i had a pretty ok weekend, how did your trip go??
I believe . . .
  • #14,565
  • Oct 20, 2008 4:14pm Oct 20, 2008 4:14pm
an it be said that we have a pin bar on he daily TF? If yes, How tradable is this one
  • #14,566
  • Oct 20, 2008 4:27pm Oct 20, 2008 4:27pm
Quoting Safive
an it be said that we have a pin bar on he daily TF? If yes, How tradable is this one
I would call this a traffic pinbar for several reasons. Firstly if we look to the left of price we can see this pinbar is located in a sideways market(ie not a great swing low). Instead we hit a former bottom swing area, and bounced. Which by itself could be a sign of a temporary bounce but the problem is how to manage such a traffic bar. If one is to play a bar like this you have to be aware of all the resistance coming up above it. I marked in blue the problem areas, and we can see there are a lot of them. Basically how I look at pins are, traffic pins = need to manage trade with more finese, vs non traffic pins which tend to flow smoother and have more room to run.

Eur/gbp is overall a small daily range choppy pair which usually means the areas of resistance will give some bounce.

For me I would stand aside and get my money in better, but for those that play it you better watch this trade. I consider these the trouble trades especially for new traders. They get antsy when they can't find trades and find a pair that is showing a price bar(like a pin), but they find it hard to pass and instead end up misplaying the exit on the bar.

As always just my views from a conservative trader

Mike
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  • #14,567
  • Oct 20, 2008 5:36pm Oct 20, 2008 5:36pm
Quoting mbqb11
Hey Ghous,

I am not overly convinced with any of the patterns yet on the 4hr. I will prob end up seeing how the week plays out and then see what patterns emerge. Most of the patterns just have a slight choppy look for me, and I found myself fitting things and not being overly excited, so when I get like that I know it's time to hang back.

I would like to see the eur/chf wind up some more and then I would be watching it.

Hope you all had a good weekend

Mike
Wise words Mike, welcome back! I haven't seen much either and was hoping it wasn't just me. Just a few small intra day positions but nothing really on the daily/weekly.

Best Wishes,
Jason
May the fish in your stream of life always bite.
  • #14,568
  • Oct 20, 2008 6:08pm Oct 20, 2008 6:08pm
Quoting aSandman
Wise words Mike, welcome back! I haven't seen much either and was hoping it wasn't just me. Just a few small intra day positions but nothing really on the daily/weekly.

Best Wishes,
Jason
I'm in the same boat as you blokes. I did have a trade on the EURAUD gap yesterday which worked out ok for +111 pips but I'm sitting out at the moment on the daily and weekly chats....everything is very choppy.
  • #14,569
  • Oct 20, 2008 6:40pm Oct 20, 2008 6:40pm
Quoting mbqb11
smoother and have more room to run.

Eur/gbp is overall a small daily range choppy pair which usually means the areas of resistance will give some bounce....
.
.
...As always just my views from a conservative trader

Mike
I tend to be a little less conservative and even I can't stand to look at the E/G chart at the moment. lol

Totally agree, at the moment it's looking like a week to sit out.
.
Bundy's status today: "Waiting..."
  • #14,570
  • Oct 20, 2008 6:46pm Oct 20, 2008 6:46pm
Like you guys have been saying, there hasn't been much in the way of PA this week. One trade I just got in though was break of weekly "Two matching Highs" on USD/CHF. Looking at target of 118.
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  • #14,571
  • Oct 20, 2008 8:04pm Oct 20, 2008 8:04pm
A pin bar on H4 TF for AUDNZD. Though in a consolidation zone and a support zone down the way. How tradable could this one be.
  • #14,572
  • Oct 20, 2008 8:40pm Oct 20, 2008 8:40pm
Quoting Safive
A pin bar on H4 TF for AUDNZD. Though in a consolidation zone and a support zone down the way. How tradable could this one be.
I could draw this a few different ways, but I can't see any trade prospects at this time Safive. If you are willing to wait, a better one will come along somewhere.
Attached Image
Bundy's status today: "Waiting..."
  • #14,573
  • Oct 20, 2008 8:41pm Oct 20, 2008 8:41pm
Quoting Betard
Like you guys have been saying, there hasn't been much in the way of PA this week. One trade I just got in though was break of weekly \"Two matching Highs\" on USD/CHF. Looking at target of 118.
Hi Betard.

Just want to share with you that you might want to tighten up the S/L on this one. It could go high, however, the MACD on the daily is not following. With Libor rate dropping, USD is going to get weaker for a little while. I won't be surprised to see some pull back when price touched weekly EMA(150) around 1.1600.

Mike and others have been talking about "spaces" for the price to run. At this moment, 1.1600 will be a tough one to clear. I think it will go back to test 1.09 area before another run, if there is one.

I am thankful that James has taugh us when not to trade. If we can learn that well, we will be able to make consistent money.

Cheers,

Ken
  • #14,574
  • Oct 20, 2008 8:54pm Oct 20, 2008 8:54pm
Quoting Betard
Like you guys have been saying, there hasn't been much in the way of PA this week. One trade I just got in though was break of weekly \"Two matching Highs\" on USD/CHF. Looking at target of 118.
hiya Betard,
Please be careful of the S/R at the 1.6000 area. That's a strong area IMHO and high odds for a bounce. Lines u with 618 from previous daily range. If your trade clears that like a knife threw hot butter....then you be laughing all the way to the bank

Best Wishes,
Jason
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May the fish in your stream of life always bite.
  • #14,575
  • Oct 20, 2008 8:57pm Oct 20, 2008 8:57pm
Quoting aSandman
hiya Betard,
Please be careful of the S/R at the 1.6000 area. That's a strong area IMHO and high odds for a bounce. Lines u with 618 from previous daily range. If your trade clears that like a knife threw hot butter....then you be laughing all the way to the bank

Best Wishes,
Jason
The market IS slow when we are ALL on to it. lol
Was going to point out the weekly trendline too.
Bundy's status today: "Waiting..."
  • #14,576
  • Oct 20, 2008 9:09pm Oct 20, 2008 9:09pm
Am I seeing the H1 Bullish PB in EUR/JPY??

Sonic
  • #14,577
  • Oct 20, 2008 9:20pm Oct 20, 2008 9:20pm
Quoting bundyraider
The market IS slow when we are ALL on to it. lol
Was going to point out the weekly trendline too.
lol yeah it is man. The action was so fast and furious for a while it was hard to sleep. You know since that is three of us so far watching that area .....and I know of another big group watching it as well.... makes you want to fade it dosn't it? If it so obvious were all looking to short there. I kinda think Ryan is right, that wanting to fade is hardwired into us. I will admite it, I get 1000 times more satisfaction emotionly from fading a move. But were here for $$$ and not emotional satisfaction. Time for a movie

Best Wishes,
Jason
May the fish in your stream of life always bite.
  • #14,578
  • Oct 21, 2008 1:58am Oct 21, 2008 1:58am
BEOB on the Daily Gbp/Usd is about to break. (Sunday candle ignored)
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #14,579
  • Oct 21, 2008 3:11am Oct 21, 2008 3:11am
Quoting jarroo
BEOB on the Daily Gbp/Usd is about to break. (Sunday candle ignored)
A couple of targets.
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Indicators show the past. Price Action "Indicates" the future.
  • #14,580
  • Oct 21, 2008 3:33am Oct 21, 2008 3:33am
Quoting jarroo
A couple of targets.
1st target hit. Taking some off the table.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
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