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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

  • #22,921
  • Mar 3, 2009 4:30pm Mar 3, 2009 4:30pm
Neutral bar here. Lots of stuff to tempt us newbies today. Lots of questionable setups too... This one is obviously a neutral bar. Would think harder about it if it wasn't also coming off a breakout from 2 days ago...

I suppose there might be some pips available, but none of my pips.

Josh
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  • #22,922
  • Edited 4:40pm Mar 3, 2009 4:38pm | Edited 4:40pm
Quoting isufreak24
I thought an 'official' BUOB has a close higher than the previous day's high.

  1. Great explanation of a Bullish Outside Bar (BUOB). A BUOB tells us that the bears won out shortly, pushing the low below the previous day, but that the bulls pushed strongly forward and beat the high of the day. This is more significant than just a bullish bar, since the low of the previous day was not only tested, but broken, and even then the buyers won out. This is strong confirmation of bullish behavior, at least in the short term.
  2. A stronger signal is provided if the second bar closes above the first bar for a BUOB versus simply trading above the first bar…

Another reason that I won't take it, as noted in my post. Good observation Isu.

Josh

  • #22,923
  • Mar 3, 2009 4:44pm Mar 3, 2009 4:44pm
Thanks for that Josh. Keep up the good work man.

-Blake
PipMasterFlex
  • #22,924
  • Mar 3, 2009 4:53pm Mar 3, 2009 4:53pm
Quoting malvarezdel
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.
There could be more technical failures to come yet, due to even more fundamental reasons that would clog up our reasoning.

Divorcing fundamentals from technical analysis is completely OK in my book. A set up just didn't work. We're trading probabilities, so MOST of them working is all we need. Regardless of their fundamental reason for failing.

(For the record I wouldn't have taken that trade anyway. Not as a pin anyway. ...Compare it with the bullish pin on the 12th of Jan and you'd call yourself crazy for putting it in the same league, ...as a set-up )
Bundy's status today: "Waiting..."
  • #22,925
  • Mar 3, 2009 5:10pm Mar 3, 2009 5:10pm
Quoting bakko85
Jduester,


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.
Bakko,

Good eye... check out the beautiful set up on the weekly. USDCAD has a lot of potential for a strong breakout, if the news permits later on in the week.
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  • #22,926
  • Mar 3, 2009 6:41pm Mar 3, 2009 6:41pm
Quoting ljr
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.
Love it when a trade comes together!
"Whether you think you can or can't, you're right." Henry Ford
  • #22,927
  • Mar 3, 2009 7:10pm Mar 3, 2009 7:10pm
I am so angry I cancelled my order after the next bar didn't trigger it!!!
Great trade for whoever took it


Quoting Scot Pippin'
Love it when a trade comes together!
  • #22,928
  • Mar 3, 2009 7:13pm Mar 3, 2009 7:13pm
Just a quick update, I just got stopped out for the remaining 1/3 of my position on the EUR/USD weekly pin, I don't think I should have taken it but i did manage to pull some profit from it, should have take full profit.Ah well it was a learning experience.
  • #22,929
  • Mar 3, 2009 8:29pm Mar 3, 2009 8:29pm
Yes, I was in this one. I'm new to this method so I'm trading mostly daily timeframes but I could not resist this 4H Pinbar, it just looked perfect to me.

I already got out and locked profit at 0.8164. If all trades were this easy...

Did you aready get out Scot or are you still in this one? I think this one might have more room to go, but I'm very conservative and am taking profits at first resistance...

Quoting Scot Pippin'
Anyone else in this trade?
  • #22,930
  • Mar 3, 2009 8:55pm Mar 3, 2009 8:55pm
Quoting dmc
Just a quick update, I just got stopped out for the remaining 1/3 of my position on the EUR/USD weekly pin, I don't think I should have taken it but i did manage to pull some profit from it, should have take full profit.Ah well it was a learning experience.
I got stopped out completely. All loss.

Most of this is my fault, I should have taken profit before the 1.300 level (stupidly set my 1st TP to 1.350 level).

But also, it looked like a good pin, and it barely broke, then went straight down.
  • #22,931
  • Mar 3, 2009 9:19pm Mar 3, 2009 9:19pm
Quoting unlv_tj
I got stopped out completely. All loss.

Most of this is my fault, I should have taken profit before the 1.300 level (stupidly set my 1st TP to 1.350 level).

But also, it looked like a good pin, and it barely broke, then went straight down.
By the look of it until now, I think it could go lower.
  • #22,932
  • Mar 3, 2009 10:24pm Mar 3, 2009 10:24pm
Do you guys have any problem with FxPro (demo) feed? I had this huge gap. Few hours ago it is ok but now had this non-tradable huge gap LOL It also happened on my Eur/Chf. Had tried re-open the chart and re-open meta4. none workings.

Sorry guys, a little bit off topic. BTW, I had my eyes on U/Cad and E/U daily. Going to see strong resistance and support.
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  • #22,933
  • Mar 3, 2009 10:27pm Mar 3, 2009 10:27pm
Anybody watching this one, it looks nice to me
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  • #22,934
  • Mar 4, 2009 12:15am Mar 4, 2009 12:15am
Quoting datogio
Anybody watching this one, it looks nice to me
Watch out for 0.5000 above your entry. I would be carefull trading into this number.
  • #22,935
  • Edited 12:43am Mar 4, 2009 12:20am | Edited 12:43am
Quoting datogio
Anybody watching this one, it looks nice to me
Hai datogio

I am a newbie. Having reading this thread for a few weeks. I wondered on on your pin bar that you just post here. I haven't had the same bar as yours even though i was looking on the same time frame. I am using fxopen & liteforex as my trading platform. May be you or other people can give some idea what went wrong.

Regards

Nazeri
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  • #22,936
  • Mar 4, 2009 12:40am Mar 4, 2009 12:40am
Quoting nazeri1111
Hai datogio

I am a newbie. Having reading this thread for a few weeks. I wondered on on your pin bar that you just post here. I haven't had the same bar as yours even though i was looking on the same time frame. I am using fxopen & liteforex as my trading platform. May be you or other people can give some idea what when wrong.

Regards

Nazeri
Hey Nazeri,

This is a nature of when your bar closes from your broker. Since forex is not centralized you have different closes of bars based on your brokers timezone. Where as every hourly chart will look the same, antyhing above that is going to have a different look depending on the hour the bars close.

The basic rule we all tend to go by is play it as you see it based on the broker you are most comfortable with. For example I prefer a daily close on a 5pm est bar.

Take care
Mike
  • #22,937
  • Mar 4, 2009 12:53am Mar 4, 2009 12:53am
Quoting mbqb11
Hey Nazeri,

The basic rule we all tend to go by is play it as you see it based on the broker you are most comfortable with. For example I prefer a daily close on a 5pm est bar.

Take care
Mike
Dear Mike

Thanks for the explanation.

Looks like i need to learn a lot of basic thing beside of PA.

Regards

Nazeri
  • #22,938
  • Mar 4, 2009 12:55am Mar 4, 2009 12:55am
Quoting Scot Pippin'
Love it when a trade comes together!
Sure is.

My 2nd TP around 8150 was just missed. Stops now at BE though so lets see if it has another go lower.
  • #22,939
  • Mar 4, 2009 12:57am Mar 4, 2009 12:57am
Quoting arcus
Do you guys have any problem with FxPro (demo) feed? I had this huge gap.
I've got that on AUDCAD daily. FxPro.
  • #22,940
  • Mar 4, 2009 1:02am Mar 4, 2009 1:02am
Quoting dmc
I am so angry I cancelled my order after the next bar didn't trigger it!!!
Great trade for whoever took it
Don't let it get to you. There will be more.

You may have read above that my trade triggered and then price reversed back up. If it didn't trigger I would probably have left the order in, although I also do usually pull the order if not triggered on the next bar. The reason I would have left it is because the right eye and left eye were quite close and this usually throws a bit of weight at the trade from the point of view that the resistance is holding.

Anyhow all in hindsight now but something I look out for.
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