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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

  • #19,461
  • Jan 23, 2009 7:40am Jan 23, 2009 7:40am
Quoting Interceptor
Thanks for that. I'm currently hoping that it develops into a Pin.
I am long at the moment from the IB on the Daily TF. It has not got to my first TP but it looks like a Pin could be forming on the 4H (Close at 16h00 GMT). If it closes as a Pin I am going to move stop to BE but I am not going to short yet even if it closes as a Pin as I don't see much else to support the Pin at this level. The Daily chart is still looking Bullish to me.

Will definately be looking for PA a bit higher up if it gets there and will post my next move.
  • #19,462
  • Jan 23, 2009 7:42am Jan 23, 2009 7:42am
Quoting RedCabbage
ProRealTime. I use GMT on my charts so US 4hr won't match up.

I tend to stick to 1h charts then I know all buyers and sellers can see what I can see.

EDITED TO ADD CHART.
Obviously this worked out despite not being in an ideal place.

Quick strawpoll - do most fx traders use their own timezone or GMT or EST?
  • #19,463
  • Jan 23, 2009 7:44am Jan 23, 2009 7:44am
Quoting malvarezdel
Today, my sell order on EUR/CHF PB was triggered around 4:00 am, I have my stop loss a few pips above the PBīs nose. Since that, "a shower" of good news came for EUR and the trade came against me. I am these kind of people who thinks that lossers MUST be cutted ASAP, and Price Action MUST rock from the beggining of the trade. So I want to ask a couple of things to the experienced members of this GREAT thread:

1.- What do you think about PB formation, congestion, S/R Area?
2.- How would you mannage this trade?

Thanks in advance for your support....
Hey Mal

Be careful here. See how the open and close are in the middle of the bar. And the length of the nose, and the length of the bottom of the pin are about equal. This is a neutral bar. This shows indecision in the markets. Make sure the pins you take have a nice long nose.

Have a great weekend
Mike
  • #19,464
  • Jan 23, 2009 8:19am Jan 23, 2009 8:19am
Quoting ljr
I am long at the moment from the IB on the Daily TF. It has not got to my first TP but it looks like a Pin could be forming on the 4H (Close at 16h00 GMT). If it closes as a Pin I am going to move stop to BE but I am not going to short yet even if it closes as a Pin as I don't see much else to support the Pin at this level. The Daily chart is still looking Bullish to me.

Will definately be looking for PA a bit higher up if it gets there and will post my next move.
Do you think there may be a bit of historic congestion around this area?
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  • #19,465
  • Jan 23, 2009 8:27am Jan 23, 2009 8:27am
Quoting Interceptor
Do you think there may be a bit of historic congestion around this area?
Yes there certainly is which is probably why the price is stalling at the moment. I thought it may have got a little higher which is why I have my first TP at 11750 but this may have been too optimistic.

Will have to see how the Daily closes. I entered on the Daily so am trying my best to manage this on the Daily.
  • #19,466
  • Jan 23, 2009 9:14am Jan 23, 2009 9:14am
4hr, sl dropped and may hold through weekend.
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  • #19,467
  • Jan 23, 2009 9:25am Jan 23, 2009 9:25am
Quoting HipsterPipster
4hr, sl dropped and may hold through weekend.
Nice HP,

I was watching that too but previous highs on the weekly kept me out...
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I believe . . .
  • #19,468
  • Jan 23, 2009 9:28am Jan 23, 2009 9:28am
Quoting ghous
Nice HP,

I was watching that too but previous highs on the weekly kept me out...
I am looking for resistance there now, sl dropped.
  • #19,469
  • Jan 23, 2009 9:29am Jan 23, 2009 9:29am
Gold just hit $900.
  • #19,470
  • Jan 23, 2009 9:30am Jan 23, 2009 9:30am
Quoting ljr
Yes there certainly is which is probably why the price is stalling at the moment. I thought it may have got a little higher which is why I have my first TP at 11750 but this may have been too optimistic.

Will have to see how the Daily closes. I entered on the Daily so am trying my best to manage this on the Daily.
There certainly were quite a few barriers for price going north,

I names a few in a chart i posted some pages back,

I am personally biased on the short side here, and the only way i was going to play that daily IB was a break of the low which did'nt happen, and due to the reasons i mentioned in that post of mine long was out of the question for me

Regards,
Ghous.
I believe . . .
  • #19,471
  • Jan 23, 2009 10:01am Jan 23, 2009 10:01am
Was just scanning through my charts for the week and came across this great situation.

Why i feel it needs to be shared is that many ppl new to the thread here need to understand why looking at the bar shape although very important is'nt the factor that should dominate a trading descision,

Here is why LOCATION IS FAR FAR FAR MORE IMPORTANT,

Regards,
Ghous.
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I believe . . .
  • #19,472
  • Jan 23, 2009 10:04am Jan 23, 2009 10:04am
Quoting ghous
Was just scanning through my charts for the week and came across this great situation.

Why i feel it needs to be shared is that many ppl new to the thread here need to understand why looking at the bar shape although very important is'nt the factor that should dominate a trading descision,

Here is why LOCATION IS FAR FAR FAR MORE IMPORTANT,

Regards,
Ghous.
Well said Ghous, I always hated building a nice home on the corner of a busy city street. Something just isn't right with that.
  • #19,473
  • Jan 23, 2009 10:20am Jan 23, 2009 10:20am
Down baby down!
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I believe . . .
  • #19,474
  • Jan 23, 2009 10:37am Jan 23, 2009 10:37am
Quoting ghous
There certainly were quite a few barriers for price going north,

I names a few in a chart i posted some pages back,

I am personally biased on the short side here, and the only way i was going to play that daily IB was a break of the low which did'nt happen, and due to the reasons i mentioned in that post of mine long was out of the question for me

Regards,
Ghous.
Hi Ghous.

I was stopped out at BE. Looks like a Pin forming on the Daily so with you on the short side now.
  • #19,475
  • Jan 23, 2009 10:40am Jan 23, 2009 10:40am
Quoting ghous
Was just scanning through my charts for the week and came across this great situation.

Why i feel it needs to be shared is that many ppl new to the thread here need to understand why looking at the bar shape although very important is'nt the factor that should dominate a trading descision,

Here is why LOCATION IS FAR FAR FAR MORE IMPORTANT,

Regards,
Ghous.
On the contrary here is what I consider A+

Regards,
Ghous.
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I believe . . .
  • #19,476
  • Jan 23, 2009 10:41am Jan 23, 2009 10:41am
Quoting HipsterPipster
Gold just hit $900.
Pin on the hourly now. Confluence with Fib and nice round number.

Will rather wait for PA on higher TF but one to watch.
  • #19,477
  • Jan 23, 2009 10:44am Jan 23, 2009 10:44am
Quoting ljr
Hi Ghous.

I was stopped out at BE. Looks like a Pin forming on the Daily so with you on the short side now.
.
I believe . . .
  • #19,478
  • Jan 23, 2009 10:45am Jan 23, 2009 10:45am
Quoting Interceptor
Thanks for that. I'm currently hoping that it develops into a Pin.
Looks like your wish may come true there on the Daily. Really thought it would have gone a bit higher but the charts say what they say so my bias has changed to short now.
  • #19,479
  • Jan 23, 2009 11:27am Jan 23, 2009 11:27am
Quoting ljr
Pin on the hourly now. Confluence with Fib and nice round number.

Will rather wait for PA on higher TF but one to watch.
Yes, I would not take a trade this late in the week.
  • #19,480
  • Jan 23, 2009 12:28pm Jan 23, 2009 12:28pm
Quoting ghous
Down baby down!
This worries me slightly.

http://img.skitch.com/20090123-qqrg6...n7yg69mw3e.jpg
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