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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

  • #18,101
  • Jan 8, 2009 9:05am Jan 8, 2009 9:05am
Quoting raczekfx
It might be just me, but judging from previous 'observations', I don't think it's going to happen (at least not today).

I hope not...lol. I'm 'fair' size u/j long since 90.94
We will see, I watched that too, but did not pull it. Many pips to you if it runs.
  • #18,102
  • Jan 8, 2009 9:12am Jan 8, 2009 9:12am
Quoting HipsterPipster
We will see, I watched that too, but did not pull it. Many pips to you if it runs.
Same to you D... I 'almost' bought cable 1.5045, right after the rate annc....
This is what happens when you make vids, answer emails and trade at the same time. I lost focus...., BUT there will be plenty of more...
  • #18,103
  • Jan 8, 2009 9:20am Jan 8, 2009 9:20am
hey rac

looks like a chance to add to your short on the eurcad ????

BEOB off daily PPZ and 38 fib

or are you expecting it to go higher yet?
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  • #18,104
  • Jan 8, 2009 9:20am Jan 8, 2009 9:20am
Quoting raczekfx
Same to you D... I 'almost' bought cable 1.5045, right after the rate annc....
This is what happens when you make vids, answer emails and trade at the same time. I lost focus...., BUT there will be plenty of more...
You slacker you..
  • #18,105
  • Jan 8, 2009 9:45am Jan 8, 2009 9:45am
Quoting simoncs
hey rac

looks like a chance to add to your short on the eurcad ????

BEOB off daily PPZ and 38 fib

or are you expecting it to go higher yet?
don't really know. I trade $cad crosses in conjunction with oil and the latter is not showing any strength yet..... If price doesn't gets any higher and we'll get daily pb on eucad, I'll draft an action plan.
  • #18,106
  • Jan 8, 2009 9:45am Jan 8, 2009 9:45am
Fib confluence 38 and 50%. Too messy to post chart with fibs. Takes away the beauty of the setup. Also possible daily pinbar.

T
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  • #18,107
  • Jan 8, 2009 10:25am Jan 8, 2009 10:25am
Quote
Fib confluence 38 and 50%. Too messy to post chart with fibs. Takes away the beauty of the setup. Also possible daily pinbar.

have u considered the traffic around the Pin? that made the trade void for me.....
  • #18,108
  • Jan 8, 2009 10:56am Jan 8, 2009 10:56am
Quoting Naijafx
have u considered the traffic around the Pin? that made the trade void for me.....
Yes i did. To me that is not a lot of traffic. I see some consolidation and a false break down. And when i look at the daily i see some good space for this one to move up. My first target is 0.93.

Good luck with your trading!
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  • #18,109
  • Jan 8, 2009 11:24am Jan 8, 2009 11:24am
raczek posted this uj earlier and i added this fib to it. it looks like this pin on the h4 is poking through the 50% fib and has nice support confluence.


im thinking of playing this pin as it closes in about 30 mins. any advice how to play would be great. im new to this thread so any opinions are extremely helpful.

thanks!
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  • #18,110
  • Jan 8, 2009 11:29am Jan 8, 2009 11:29am
Quoting scott087
raczek posted this uj earlier and i added this fib to it. it looks like this pin on the h4 is poking through the 50% fib and has nice support confluence.


im thinking of playing this pin as it closes in about 30 mins. any advice how to play would be great. im new to this thread so any opinions are extremely helpful.

thanks!
Hey Scott,

I do like the area of confluence you have marked on your chart, but that bar would not be a pin. You need to have a much longer nose(the bottom part sticking down). This bar if closed as is would be more a neutral, "pause" bar. Not enough to execute a trade. Would be nice to wait and see if you can get some better looking PA. Then the most conventional way most of us enter these bars, is waiting for a break of the high, and placing your stop under the low.

Hope that helps

Mike
  • #18,111
  • Jan 8, 2009 11:40am Jan 8, 2009 11:40am
Quoting scott087
raczek posted this uj earlier and i added this fib to it. it looks like this pin on the h4 is poking through the 50% fib and has nice support confluence.


im thinking of playing this pin as it closes in about 30 mins. any advice how to play would be great. im new to this thread so any opinions are extremely helpful.

thanks!
Listen to what mike says buddy he is known for saving a lot of ppl from heart attacks

Regards,
Ghous.
I believe . . .
  • #18,112
  • Edited 12:25pm Jan 8, 2009 11:47am | Edited 12:25pm
Quoting ghous
Listen to what mike says buddy he is known for saving a lot of ppl from heart attacks

Regards,
Ghous.
Hi Ghous or Mike,
take a look at the chart below (where i marked with an arrow down) and tell me if this pass for a pin bar although lately we have seen them work out?But give ur comment
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  • #18,113
  • Jan 8, 2009 11:50am Jan 8, 2009 11:50am
Quoting mbqb11
Hey Scott,

I do like the area of confluence you have marked on your chart, but that bar would not be a pin. You need to have a much longer nose(the bottom part sticking down). This bar if closed as is would be more a neutral, "pause" bar. Not enough to execute a trade. Would be nice to wait and see if you can get some better looking PA. Then the most conventional way most of us enter these bars, is waiting for a break of the high, and placing your stop under the low.

Hope that helps

Mike
Mike,

Thanks for the help..it was funny i was thinking that the nose wasn't that long either. Is there any general method you use to determine how long the nose should be?

Also, if this was a valid pin, I'd wait for the high of the pin (white line @ 91.34) to be broken to enter, and set my stop a few pips under the low of the pin (red line @ 90.70). Should I wait for a close of the next bar above the high of the pin or can I enter as soon as the high is broken? Any tips on taking profts?

Thanks again for the help, and I'm working my way through and reading the whole thread!
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  • #18,114
  • Jan 8, 2009 11:50am Jan 8, 2009 11:50am
Quoting scott087
raczek posted this uj earlier and i added this fib to it. it looks like this pin on the h4 is poking through the 50% fib and has nice support confluence.


im thinking of playing this pin as it closes in about 30 mins. any advice how to play would be great. im new to this thread so any opinions are extremely helpful.

thanks!
Listen to what mike says buddy he is known for saving a lot of ppl from heart attacks

Regards,
Ghous.
I believe . . .
  • #18,115
  • Jan 8, 2009 11:52am Jan 8, 2009 11:52am
Hello All, Just looking for some feedback on these 2 trades I took this morning on EURUSD 4h. I'm a long time follower of the thread and finally decided to shift my focus more from indicator coding to strictly price action. I've always put heavy emphasis on PA, just not on this scale.

1st Trade Risk/Reward = 3/5
Reason Taken: Break of High on Bearish Engulfing Outside Bar
Stop Loss: 30 pips at the high of the IB before the BeOVB
Take Profit: 55pip at resistance level and recent high
Results: Win

2nd Trade R/R = 1/2
Reason Taken: Double Bar Low within 2pips, higher close so I entered at open of next candle
Stop Loss: 50pip High of BeOVB as if price broke this price would likely not return.
Take profit: Just below the confluence of 50 and 38.2 fibs
Results: Did not reach TP but I moved stop to +20 when I saw it reversing then trailed it up as it was slowly losing steam. Ended up with 40pips

My own critique:
Not sure if I played the BeOVB correctly as it was a sign of a bearish continuation but with the double bottom formed and a bounce off the daily pivot i had confidence it would return to test the monthly pivot

As for the DBLHC trade I was a little concerned at first with price sitting on the monthly pivot but the last candle had pretty good strength behind it to make me think that price would atleast attempt the 38.2/50 fib confluence level around 1.3842 again.

Currently I am looking to sell at the same confluence level. Any criticisms or advice are greatly appreciated, thanks!
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  • #18,116
  • Jan 8, 2009 11:55am Jan 8, 2009 11:55am
Quoting scott087
Mike,

Thanks for the help..it was funny i was thinking that the nose wasn't that long either. Is there any general method you use to determine how long the nose should be?

Also, if this was a valid pin, I'd wait for the high of the pin (white line @ 91.31) to be broken to enter, and set my stop a few pips under the low of the pin (red line @ 90.70). Should I wait for a close of the next bar above the high of the pin or can I enter as soon as the high is broken? Any tips on taking profts?

Thanks again for the help, and I'm working my way through...
Hey Scott,

I don't have an actual rule for how long it should be. After awhile you know the ones that look good and those that don't. The best piece of advice I can give in the beginning is wait for the bars that literally jump out at you. As you get more experience you will know where you can be a bit more aggressive(based on location), vs where you need to stand aside. Even a really good looking pinbar needs to be skipped sometimes based on a variety of factors. So for now stick to the pinbars that have huge noses and just stick out there saying trade me.

Yes for entry, you can enter as soon as it breaks, you don't have to wait for a close above. Usually I use a buffer. So on the 4hr I am placing a buy 7-15 pips above the high depending on the pair. This buffer increases as the timeframe increases, and decreasing as my timeframe decreases.

Enjoy the thread it is one great read filled with great people

Mike
  • #18,117
  • Jan 8, 2009 11:57am Jan 8, 2009 11:57am
Quoting scott087
Mike,

Thanks for the help..it was funny i was thinking that the nose wasn't that long either. Is there any general method you use to determine how long the nose should be?

Also, if this was a valid pin, I'd wait for the high of the pin (white line @ 91.34) to be broken to enter, and set my stop a few pips under the low of the pin (red line @ 90.70). Should I wait for a close of the next bar above the high of the pin or can I enter as soon as the high is broken? Any tips on taking profts?

Thanks again for the help, and I'm working my way through...
Well from what I learned and listened so far...the length of the nose has to carry some "weight" as you could see at the previous bars...it made some impulsive down move(big size bars)...and this bar doesn't have that "oomph" to reverse it..

CMIIW I'm still learning around here as well
  • #18,118
  • Jan 8, 2009 12:01pm Jan 8, 2009 12:01pm
Quoting xcov
Well from what I learned and listened so far...the length of the nose has to carry some "weight" as you could see at the previous bars...it made some impulsive down move(big size bars)...and this bar doesn't have that "oomph" to reverse it..

CMIIW I'm still learning around here as well
Yeah and that's basically what we call a pin in traffic. The best way to look for pins not in traffic is to look for ones who have their noses well away from the vicinity of the few bars immediately before it this is a good criteria that helps me find and verify the location of pin bars

Regards,
Ghous.
I believe . . .
  • #18,119
  • Jan 8, 2009 12:06pm Jan 8, 2009 12:06pm
Quoting ghous
Yeah and that's basically what we call a pin in traffic. The best way to look for pins not in traffic is to look for ones who have their noses well away from the vicinity of the few bars immediately before it this is a good criteria that helps me find and verify the location of pin bars

Regards,
Ghous.
Thanks for explaining it and clarifying the terminology. The terms have been a little confusing for me but I'm getting them.

On a side note.. can someone point me to a good pivot indicator for mt4?
  • #18,120
  • Jan 8, 2009 12:07pm Jan 8, 2009 12:07pm
Quoting ghous
Yeah and that's basically what we call a pin in traffic. The best way to look for pins not in traffic is to look for ones who have their noses well away from the vicinity of the few bars immediately before it this is a good criteria that helps me find and verify the location of pin bars

Regards,
Ghous.
Thanks Ghous
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