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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

  • #22,361
  • Feb 24, 2009 7:28am Feb 24, 2009 7:28am
NJ is the only yen cross that's been lagging. When it gets going though should be a party.
Patience + Humility + Study = Success
  • #22,362
  • Feb 24, 2009 7:30am Feb 24, 2009 7:30am
Which feeds/platforms/brokers do you find is the best for playing pin bars?

The reason I ask is I see that most of you post screen shots of Metatrader. I am currently on GFT Dealbook 360 and most of the recent pins posted didnt show up as pins on my platform.

Any suggestions, senior members?

Thanks
  • #22,363
  • Feb 24, 2009 7:35am Feb 24, 2009 7:35am
Quoting Greenhaze
Anybody into this pinbar? I was quietly expecting good pa there and there it is...those buys are from fading into weekly pin.
Yes. I was in . Now out . Trendline break then pullback to your set-up.
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Bundy's status today: "Waiting..."
  • #22,364
  • Feb 24, 2009 7:48am Feb 24, 2009 7:48am
looks very nice to me if it closes as pin bar
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  • #22,365
  • Feb 24, 2009 7:54am Feb 24, 2009 7:54am
Quoting BWise
Which feeds/platforms/brokers do you find is the best for playing pin bars?

The reason I ask is I see that most of you post screen shots of Metatrader. I am currently on GFT Dealbook 360 and most of the recent pins posted didnt show up as pins on my platform.

Any suggestions, senior members?

Thanks
MT4 is just a fantastic fast to use great featured charting program. And is free.

A lot of us trade on other platforms and use MT4 for the charts. You just have to be mindful of slight spread/quote differences etc.
Bundy's status today: "Waiting..."
  • #22,366
  • Feb 24, 2009 8:05am Feb 24, 2009 8:05am
Rac,

I passed on the same EURUSD trade you took on the 4H chart due to the time of day. It was during the Asian session, and I decided to pass (which looks to have cost me a good trade).

Do you normally look to trade the 4H chart during the Asian session if the right set-up occurs, or was this a mix of the a good trade and riding the Weekly Pin bar retrace?

Thank you for your help!
  • #22,367
  • Feb 24, 2009 8:11am Feb 24, 2009 8:11am
Quoting raczekfx
no, not in this market..
you don't short yen crosses when dow is at 11year low..lol... Unless you're thinking shorting yen itself? If so, then, that's ok.

I wanted to add e/j and buy g/j as well as eu, nu and au.
Yen crosses worked very well but the rest lagging behind. Anyhow stops are at be with some profit already booked...
.
Hey Rac,

For the E/U trade, the current bar from your chart has already turned into PB. From what I see, the PB is off PPZ. How do you manage this trade? I mean when you are targeting for higher PPZ the price will reach, and you got contradicting PA to go short. I usually changed my SL to the bottom of the new PB but I found by doing this way, I usually got stopped out and price continues north. So, how do you handle this sort of situation? Thanks rac.
  • #22,368
  • Feb 24, 2009 8:19am Feb 24, 2009 8:19am
It seems like the bulls cleared easily that weekly PPZ, too much upside momentum, next station 98.00



Quoting cvcamper
I am thinking of Shorting USD/JPY here.... looks to have made a double top... any thoughts from the vets?
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  • #22,369
  • Feb 24, 2009 8:22am Feb 24, 2009 8:22am
Quoting unlv_tj
Rac,

I passed on the same EURUSD trade you took on the 4H chart due to the time of day. It was during the Asian session, and I decided to pass (which looks to have cost me a good trade).

Do you normally look to trade the 4H chart during the Asian session if the right set-up occurs, or was this a mix of the a good trade and riding the Weekly Pin bar retrace?

Thank you for your help!
I know many traders stay away from asia sessions but for me time doesn't matter. I trade whenever I see an opportunity or expect some action and to be honest late asia was very generous for me for the last few years, especially yen crosses.
  • #22,370
  • Feb 24, 2009 8:25am Feb 24, 2009 8:25am
Quoting advfntrader
yes I have been using Sbet account at 50p per point (ODL). However, I have found position sizing difficult so I am now looking at Mini FX account but I think even 0.1 lots works out more than 50p per point ?
yup - exactly why i moved to oanda - so that i could manage my position size better. it just gives you so many more options to manage a trade too, and has therefore made a big difference to my P/L
charting is crap though which is why i use mt4
  • #22,371
  • Feb 24, 2009 8:27am Feb 24, 2009 8:27am
Quoting arcus
Hey Rac,

For the E/U trade, the current bar from your chart has already turned into PB. From what I see, the PB is off PPZ. How do you manage this trade? I mean when you are targeting for higher PPZ the price will reach, and you got contradicting PA to go short. I usually changed my SL to the bottom of the new PB but I found by doing this way, I usually got stopped out and price continues north. So, how do you handle this sort of situation? Thanks rac.
by using targets and moving stops to Be+some on the remainder.
in this case my TP was 2790, the rest is at be, and I'll check every 4hr to see if I can move it higher. I wouldn't mind if it hit 2950...we'll see.
  • #22,372
  • Feb 24, 2009 8:41am Feb 24, 2009 8:41am
This blue zone have been a gold mine for me lately, note how price retract everytime it touch it, at least 100 pips on each touch......., now waiting for some PA.
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  • #22,373
  • Feb 24, 2009 8:52am Feb 24, 2009 8:52am
Quoting simoncs
usdchf - scaled into this last night when price retested the TL and added to it this morning when it broke the iffy looking pin.
gbpchf - beob on 1hr was the entry but it was the break of rectangle that cuaght my interest
eurusd - 4hr I4B - already out at daily pivot as was never sure which direction this pair is really going in.
usdjpy - break of rectangle on 4hr - used IB on 1hr as entry after retest
great trades. may i please inquire about the "rectangle" method & where i can get more info about it? i have heard of gann, but did not look into it, is it related to that? or is it more similar to combining bars? like when we combine two daily bars to see if it forms a 2 day pin or something. or is it just identifying an area of price consolidation & waiting for a breakout from that area? thanku.
  • #22,374
  • Feb 24, 2009 9:11am Feb 24, 2009 9:11am
Quoting dkmb92
great trades. may i please inquire about the "rectangle" method & where i can get more info about it? i have heard of gann, but did not look into it, is it related to that? or is it more similar to combining bars? like when we combine two daily bars to see if it forms a 2 day pin or something. or is it just identifying an area of price consolidation & waiting for a breakout from that area? thanku.
you got it - just consolidation breakouts
  • #22,375
  • Edited 9:30am Feb 24, 2009 9:14am | Edited 9:30am
Hi all, first post here!

I noticed a BEOB on the 4h time frame on the cable, what do you think about this???

I'd play it after a retracement to 38.2/50.0 Fib ret, but what TP? An intelligent SL seems to be 1,45, on the daily i can see this level as a nice PPZ.

Opinion please I'm in the learning and demoing stage
Attached Image
  • #22,376
  • Feb 24, 2009 9:20am Feb 24, 2009 9:20am
Quoting malvarezdel
It seems like the bulls cleared easily that weekly PPZ, too much upside momentum, next station 98.00
You are not kidding, damn did it blow through..... Why 98, I have 50% Fib at around 99?
Dr. C
  • #22,377
  • Feb 24, 2009 9:26am Feb 24, 2009 9:26am
Banked 1/2 at +50 (to the pip) , let the other half run....., life is so easy when you do your homework, things come to you.



Quoting malvarezdel
This blue zone have been a gold mine for me lately, note how price retract everytime it touch it, at least 100 pips on each touch......., now waiting for some PA.
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  • #22,378
  • Feb 24, 2009 9:30am Feb 24, 2009 9:30am
You´re right cvcamper, 50% Fib @ 99 but I see some traffic and minor PPZs around 98.

Quoting cvcamper
You are not kidding, damn did it blow through..... Why 98, I have 50% Fib at around 99?
  • #22,379
  • Feb 24, 2009 11:15am Feb 24, 2009 11:15am
Quoting bakko85
Hi all, first post here!

I noticed a BEOB on the 4h time frame on the cable, what do you think about this???

I'd play it after a retracement to 38.2/50.0 Fib ret, but what TP? An intelligent SL seems to be 1,45, on the daily i can see this level as a nice PPZ.

Opinion please I'm in the learning and demoing stage
Hi and welcome aboard!!

Great Trade you got there Bakku!

I missed this myself but if I were you my trade plan would be the one illustrated in my chart.

Since an SL at 1.45 would be very close to the high of the BEOB (on my feed that is) I would go with one above the high of the BEOB i.e the conventional way. (around 1.458) However I would have moved my stop to BE by now the thing moved a good 80 pips. With that sort of a move in your favor you can't let the market Obliterate your trade

Your take profits are discretionary but as a rule the first one has to be at the first ppz level, this is the 1.43 level on my chart. you can either exit with your entire position here, or take a partial profit or do something completely new

Let us know if we can ever serve you again

Regards,
Ghous.
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I believe . . .
  • #22,380
  • Feb 24, 2009 12:32pm Feb 24, 2009 12:32pm
I've been watching these yen crosses for over a week waiting for this break north and haven't managed to get on board any

=(
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