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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

  • #22,901
  • Mar 3, 2009 12:46pm Mar 3, 2009 12:46pm
Anyone, took this? Not the best pinbars, but very tantalizing...
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #22,902
  • Mar 3, 2009 1:06pm Mar 3, 2009 1:06pm
I too thought it was pronounced like goose.
  • #22,903
  • Mar 3, 2009 1:30pm Mar 3, 2009 1:30pm
Eur/Jpy...
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I believe . . .
  • #22,904
  • Mar 3, 2009 1:56pm Mar 3, 2009 1:56pm
Anyone else in this trade?
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"Whether you think you can or can't, you're right." Henry Ford
  • #22,905
  • Mar 3, 2009 2:23pm Mar 3, 2009 2:23pm
Quoting Scot Pippin'
Anyone else in this trade?
My order triggered by about 1 or 2 pips and has been offside since , however 8300 seems to be providing resistance. I'm looking to take half off at 8200. Stop is above the pin.
  • #22,906
  • Mar 3, 2009 2:47pm Mar 3, 2009 2:47pm
My order never triggered on the next bar, so I canceled it. It may work out in the long run but I didn't like having any momentum on my side. There will be more trades to come. Working on a little more patience this month.


Quoting Scot Pippin'
Anyone else in this trade?
  • #22,907
  • Edited 3:18pm Mar 3, 2009 3:03pm | Edited 3:18pm
Quoting ghous
That's right buddy, the Trade never triggered though and the Pin bar has failed. Yet another occasion where waiting for the break saved some money .
Thatīs right. However, depending on your broker feed (slightly different closing times for the daily bar), you can have these trades easily go for 20-30 pips, trigger your order and then reverse.

Quoting ghous
Are you looking at any daily charts RM?
Currently Iīm trading daily/weekly charts exclusively (due to my job). GJ and GC are at interesting locations now IMO.

RM
  • #22,908
  • Mar 3, 2009 3:10pm Mar 3, 2009 3:10pm
Quoting ghous
Eur/Jpy...
Will you take this trade if it'll close as a BUOB? And how? Wait for a retrace or the break of the bar?
  • #22,909
  • Mar 3, 2009 3:11pm Mar 3, 2009 3:11pm
Quoting ghous
Eur/Jpy...
Hey Ghous....

New to this thread, joined James16 back in January, love learing new things.

Got a question on this post with the BUOB......

Upon the close of the candle, are you looking for a pullback to 122 before going long? Or would you go long upon the opening of the next candle looking for a target of 126? Considering this candle still qualifies for a BUOB at the end of the day?

Thanks in advance....

HOLLA
  • #22,910
  • Mar 3, 2009 3:12pm Mar 3, 2009 3:12pm
Quoting DaBuschi
I actually think the location of that bar wasnīt too bad. The price pierced through resistance @ 1.2800 and was rejected. So could have been forming a double top with the high from end of january.
I agree that the overall location was in fact a good one, especially if you have a close look on weekly charts: double high with divergence building up. However, location IMO is not only where the bar forms, but also what it is facing because it tells me if the trade is manageable (for me and my style of trading at least). The bunch of bar highs to the left would give me a headache trading into, and even the next minor pivot still makes no sense to me representing a distance of 50 pips - in a pair with 20 pip spread overnight. For me, itīs less and less about potential (the area had/still has a LOT of potential), but more and more about risk (too high for me in that case). Just my personal views, of course.

Take care
RM
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  • #22,911
  • Mar 3, 2009 3:17pm Mar 3, 2009 3:17pm
Quoting ghous
I don't think RM was trying to pointing out at a weak Aud/Nzd location. At a swing high, with a double top with divergence very few would want to disregard the setup
Hits the nail on the head, ghous!

RM
  • #22,912
  • Mar 3, 2009 3:36pm Mar 3, 2009 3:36pm
The PB failed because of the AUD rate hike, a rate cut was priced in the market.... and you know, sometimes Technical Analysis Must not be divorced from fundamentals......

Just my two cents.

Quoting Rainmaker
Hits the nail on the head, ghous!

RM
  • #22,913
  • Mar 3, 2009 3:38pm Mar 3, 2009 3:38pm
I didn't measure it.....but it didn't break short did it? If not, this wasn't a trade anyways.
  • #22,914
  • Mar 3, 2009 4:15pm Mar 3, 2009 4:15pm
Here's one I found.
Inside bar on the daily.

Pros
-Off of the PPZ on the lower side, so I would only play it long.
-It broke out of that PPZ and then retraced to it, along with the rising TL.
- 50 EMA was held last 2 days.

Cons
- It's an IB versus a stronger PA signal...
- Not much of a swing low
- could face problems at 140.

I will be trading it (long only) with stop at 135.40, watching 140 and 142 closely.

Josh
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  • #22,915
  • Mar 3, 2009 4:16pm Mar 3, 2009 4:16pm
So I just noticed for the first time on my MT4 FXDD feed that the silver and gold charts don't end their day at 5:00 eastern time like the fx pairs.

I'm hoping they close at 6:00. Got a nice looking PB on silver as it is...
PipMasterFlex
  • #22,916
  • Mar 3, 2009 4:22pm Mar 3, 2009 4:22pm
Jduester,
regarding the GBP/JPY I agree with you. The only way to play this IB is long; it's not the best setup due to the cons you've already mentioned.

Talking about another pair, what do you think about the 4th assault of USD/CAD to the 1.30 area?
Tomorrow I'd like to see a perfect pin bar on daily chart to go short
Below the chart.
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  • #22,917
  • Mar 3, 2009 4:23pm Mar 3, 2009 4:23pm
This one was talked about earlier today, before the bar closed. It officially is a BUOB, but it isn't jumping out at me because the close is so far from the top... it looks more like a neutral bar to me. Would have been more convincing if it would have closed above yesterday's high.

Similar to all the XXX/JPY pairs, this one came back to recent PPZ and will now either break through lower or bounce off the PPZ after confirming it as support... But which will it be...My guess is away from the congestion.

Josh
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  • #22,918
  • Mar 3, 2009 4:25pm Mar 3, 2009 4:25pm
Quoting Rainmaker
However, location IMO is not only where the bar forms, but also what it is facing because it tells me if the trade is manageable (for me and my style of trading at least). The bunch of bar highs to the left would give me a headache trading into, and even the next minor pivot still makes no sense to me representing a distance of 50 pips - in a pair with 20 pip spread overnight. For me, itīs less and less about potential (the area had/still has a LOT of potential), but more and more about risk (too high for me in that case)
Thanks for your explanation, mate. Always good to see, how others look at the same chart
  • #22,919
  • Mar 3, 2009 4:26pm Mar 3, 2009 4:26pm
Quoting bakko85
Jduester,
regarding the GBP/JPY I agree with you. The only way to play this IB is long; it's not the best setup due to the cons you've already mentioned.

Talking about another pair, what do you think about the 4th assault of USD/CAD to the 1.30 area?
Tomorrow I'd like to see a perfect pin bar on daily chart to go short
Below the chart.
That would be great Bakko. Was an interesting bar today. I will look to go short off a good PA setup off 130... Would like to see it get closer to 130 first, then fail to hold it.
  • #22,920
  • Mar 3, 2009 4:27pm Mar 3, 2009 4:27pm
Quoting Jduester
It officially is a BUOB, but it isn't jumping out at me because the close is so far from the top.
Josh
I thought an 'official' BUOB has a close higher than the previous day's high.
PipMasterFlex
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