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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

  • #19,481
  • Jan 23, 2009 3:03pm Jan 23, 2009 3:03pm
Quoting enculée
This worries me slightly.
both fiber and swissy have about 70-80 pips to go before they may encounter some difficulties (imo)
.
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  • #19,482
  • Jan 23, 2009 3:17pm Jan 23, 2009 3:17pm
Quoting enculée
This worries me slightly.

http://img.skitch.com/20090123-qqrg6...n7yg69mw3e.jpg
Nice post there mate. Definitely worth watching this area if going short.
  • #19,483
  • Jan 23, 2009 5:59pm Jan 23, 2009 5:59pm
Trades I am eye balling as we head into the weekend (see how they set-up on Sunday)...

In order of how I like them...

#1) USDCHF - Daily Pin bar, go short. Enter around 1.1475, Potential TP1 might be as low as 1.1300.

#2) GBPUSD - Daily Pin bar, go long. Enter around 1.4075, potential TP1 as high as 1.4380.

#3) GBPJPY - Daily Pin Bar, go long. Enter above previous pin bar at 127.0, first potential TP1 = 129.50.

#4) EURJPY - Daily Pin Bar, go long. Enter above PPZ around 118.10. Potential TP1 = 121.50.

#5) EURUSD - Daily Pin Bar (in traffic), go long. Enter at 1.3110, TP1 of 1.3400.

Any thoughts on these?
  • #19,484
  • Jan 23, 2009 6:14pm Jan 23, 2009 6:14pm
Quoting raczekfx
both fiber and swissy have about 70-80 pips to go before they may encounter some difficulties (imo)
.
ur entry is so precise....

Sonic

http://www.forexfactory.com/attachme...1&d=1232744606
  • #19,485
  • Jan 23, 2009 6:21pm Jan 23, 2009 6:21pm
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.

Sorry for being a newb, but what do you mean by trading location and space. What constitutes a good location for you? Same goes with space.
  • #19,486
  • Jan 23, 2009 10:53pm Jan 23, 2009 10:53pm
Quoting gannina
Sorry for being a newb, but what do you mean by trading location and space. What constitutes a good location for you? Same goes with space.
Here's a fast reply briefly discussing space. When there is a trade setup we like to see enough room from our possible entry point of the trade, to the nearest support or resistance obstacle area that the trade might have an issue trying to break through. If we are taking a trade that will run directly into a major support or resistance area, there is a good chance price will stall or bounce back and cause problems. It's best to see a lot of free room with no bar highs or lows in the way, or at least enough room that a stop can be moved to break even.


http://www.forexfactory.com/showpost...ostcount=19107

A pin bar is highlighted that could be a signal to go long but right above the entry point is a resistance marked by the horizontal line that price would have a possible obstacle with and it could cause a bounce and lost trade. There isn't much space to move freely on a trade.

http://www.forexfactory.com/showpost...postcount=1737

In this case there are two horizontal lines marked, the upper one below some recent bars and the lower line showing the first possible obstacle at a support area. If a short were to be taken with a good price action setup way up there, it has all that free room to fall before bumping into anything significant that could get in the way of a successful trade.


Location is more subjective. Generally a setup to go short should be at a nice high point after a significant trending rise up, a minor pull back up move during a down trend, or forming right at the top of a sideways channel (with space to move downward to the bottom of the channel if a trade is taken). Basically with bars like a pin bar, they are reversal bars so price has to have been doing something to reverse, such as moving up and now forming a pin that says it's time to reverse down. If a bunch of bars are just moving in a jumbled area sideways and then a pin bar happens to show up on the chart, it has nothing to reverse so it's not a good location for trading one.

I could do a much better reply but hopefully that gives some idea about it.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #19,487
  • Jan 24, 2009 12:14am Jan 24, 2009 12:14am
That was a great explanation and makes perfect sense. Thanks for taking the time to write it! I just recently got hooked on pin bars and the study of price movement and longer time frames, so I have been trying to refine my entries, exits, and setup selection.

I am eyeing a pin bar on the daily EUR/USD and GBP/USD, but I will probably wait until late Sunday to get in or not. I am a bit cautious on the EUR/USD, it is a bear hammer (aslo a pin bar), but I think price is still going to drop a bit.

Pretty much the same setup going on with the GBP/USD. I just don't like the hammer candle being bearish, but I'm still learning the ropes.
  • #19,488
  • Edited 1:45am Jan 24, 2009 1:10am | Edited 1:45am
Quoting unlv_tj
Trades I am eye balling as we head into the weekend (see how they set-up on Sunday)...

In order of how I like them...

#1) USDCHF - Daily Pin bar, go short. Enter around 1.1475, Potential TP1 might be as low as 1.1300.

#2) GBPUSD - Daily Pin bar, go long. Enter around 1.4075, potential TP1 as high as 1.4380.

#3) GBPJPY - Daily Pin Bar, go long. Enter above previous pin bar at 127.0, first potential TP1 = 129.50.

#4) EURJPY - Daily Pin Bar, go long. Enter above PPZ around 118.10. Potential TP1 = 121.50.

#5) EURUSD - Daily Pin Bar (in traffic),...
I am intersted in Gu, Gj, Usd/chf myself...

I dought Ej though, If Gj and Gu shoot up along with the US stock indices they'll probably pull along Ej, but looking at the pair independantly of all correlations it's certianly got a lot of hurdles to go through...

EDIT:

Eu has got to be battling with some previous highs and lows too...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ej.gif Size: 12 KB
Click to Enlarge Name: eu daily.gif Size: 11 KB
I believe . . .
  • #19,489
  • Jan 24, 2009 2:48am Jan 24, 2009 2:48am
Quoting ghous
Despite of some nice Pbs on Gu, Eu and Usd/chf here is what the $ index looks like...

Where is Rac...
Hi Ghous

This is the Dollar index from Alpari.

cheers

FXP
Attached Image (click to enlarge)
Click to Enlarge Name: dxy daily.gif Size: 14 KB
  • #19,490
  • Jan 24, 2009 2:53am Jan 24, 2009 2:53am
Quoting ghous
Despite of some nice Pbs on Gu, Eu and Usd/chf here is what the $ index looks like...

Where is Rac...
Hi Ghous

If you are looking for us index you should check the DOW or S&P. If i am not mistaken the DAX is german index. They are correlated anyway and if they go up the apetite for risk will go up. Usd will be sold supporting the present pa on most pairs. :nerd:
  • #19,491
  • Jan 24, 2009 2:58am Jan 24, 2009 2:58am
Quoting Greenhaze
Hi Ghous

If you are looking for us index you should check the DOW or S&P. If i am not mistaken the DAX is german index. They are correlated anyway and if they go up the apetite for risk will go up. Usd will be sold supporting the present pa on most pairs. :nerd:
LOL! I misread the DXY as DAX I was wondering all the way through why the $ index wanted to bottom ...my bad, sorry guys...and thnx for the correction
I believe . . .
  • #19,492
  • Jan 24, 2009 6:28am Jan 24, 2009 6:28am
Nice setups all over the place but this one gonna be my cherry next week
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.GIF Size: 22 KB
  • #19,493
  • Jan 24, 2009 6:42am Jan 24, 2009 6:42am
hello guys, pls need help on how to draw pivot points on 4hr / daily charts.
thanks in advance
Simplicity is the key to success
  • #19,494
  • Jan 24, 2009 6:56am Jan 24, 2009 6:56am
Quoting squeezy
hello guys, pls need help on how to draw pivot points on 4hr / daily charts.
thanks in advance
check this helpfull mbqb11 post and do not hesitate to read the whole thread.
You wont regret it and will find answers to most of your questions.

http://www.forexfactory.com/showthre...16#post2252116
  • #19,495
  • Jan 24, 2009 7:10am Jan 24, 2009 7:10am
Quoting Greenhaze
check this helpfull mbqb11 post and do not hesitate to read the whole thread.
You wont regret it and will find answers to most of your questions.

http://www.forexfactory.com/showthre...16#post2252116
thnx, definately will do dat
cheers
Simplicity is the key to success
  • #19,496
  • Jan 24, 2009 7:24am Jan 24, 2009 7:24am
I love euro PB

confluence of reason

1. Good Pin size
2. Good Location
3. Swing Low
4. TL Bounce
5. Bullish gartley with formation above the TL for possible crown formation


My target is where those horinzontal lines are.

happy pipping
Attached Image (click to enlarge)
Click to Enlarge Name: euro.gif Size: 18 KB
  • #19,497
  • Jan 24, 2009 8:09am Jan 24, 2009 8:09am
Quoting Greenhaze
Nice setups all over the place but this one gonna be my cherry next week
I like Your plan
clear & tidy

Jesus Christ is my only Lord !
  • #19,498
  • Jan 24, 2009 8:26am Jan 24, 2009 8:26am
[quote=Naijafx;2491245]I love euro PB

confluence of reason

1. Good Pin size
2. Good Location
3. Swing Low
4. TL Bounce
5. Bullish gartley with formation above the TL for possible crown formation


My target is where those horinzontal lines are.

happy pipping[/

Not sure if it is just me but maybe the more experienced here can answer.The three prior bars of your pin kinda would have me worried about this trade.Just kinda clustered together there,indecision.
  • #19,499
  • Jan 24, 2009 9:15am Jan 24, 2009 9:15am
hey greenhaze,thnx for sheding light on the ppz....it made sense, drew a couple of ppzs and immediately saw some pinbar formations

pls have another question, for BUOVB/BEOVB... is it compulsory dat the high,low,open & close of the 1st bar be engulfed in the second bar or could we have the open and close of the 1st bar engulfed in the 2nd bar while the high and low of the 1st bar are on the same level or higher wit the high and low of 2nd bar,

hope u understand,lol

thank you
Simplicity is the key to success
  • #19,500
  • Jan 24, 2009 9:26am Jan 24, 2009 9:26am
I don't like EU daily pin.
Reasons:
1. Bearish close.
2. In traffic
3. Daily/weekly close below 1.3
4. Between trendlines

I will wait for a trend continuation or a potential pullback to 1.33/1.35.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 16 KB
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