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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

  • #23,421
  • Mar 10, 2009 3:17pm Mar 10, 2009 3:17pm
Does this patter of double highs and higher close have any significance?

Seb
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  • #23,422
  • Mar 10, 2009 3:17pm Mar 10, 2009 3:17pm
nice 2day pin forming on the EURCAD. Off a monthly PPZ and 38.2 Fib.



Also a 2 day pin on the AUDUSD off a weekly PPZ but lots of traffic to get through.
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  • #23,423
  • Mar 10, 2009 3:18pm Mar 10, 2009 3:18pm
Hi guys,
just saw this daily pin bar on chfjpy.
pro:
1. it's at swing high
2. nose stick out of ppz of 85.
3. off 150 DMA

con:
1. pin bar not as large as other bars in chart
2. may not close below 85 (i use fxdd)

what do you think? good to go?
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  • #23,424
  • Mar 10, 2009 3:20pm Mar 10, 2009 3:20pm
Quoting artov
It came exactly to 50% of my original TP. I like to take quick profits.

Also another thing is, don't let a winner turn into a loser. James16 mantra.
In that case I would have set the Stoploss to break even.
If you keep going for only 30 Pips but Risk 100 this will not work out
in the long run.
  • #23,425
  • Mar 10, 2009 3:56pm Mar 10, 2009 3:56pm
Quoting Tjpld
In that case I would have set the Stoploss to break even.
If you keep going for only 30 Pips but Risk 100 this will not work out
in the long run.
Just curious, what are you doing with that AUD/NZD? I see your log, very nice, wondering what you are up to? Ty
  • #23,426
  • Mar 10, 2009 4:19pm Mar 10, 2009 4:19pm
Quoting seboileroom
Does this patter of double highs and higher close have any significance?

Seb
Hey Seb,

That would be what we call a TBH(two bar high). This shows a stall in the move, or when the TBH is broken can be a sign of a continuation with the move

Mike
  • #23,427
  • Mar 10, 2009 4:21pm Mar 10, 2009 4:21pm
Quoting seboileroom
Does this patter of double highs and higher close have any significance?

Seb
Seb,
I know this is after the fact, but zoom out a bit and look at where this action is found. I personally would classify this as an inside bar located in no-man's land. We also are looking for a double high or low, but with price of the second bar engulfing the prior bar's price range. Double high lower close or double low higher close.
This AUD/CHF is not quite a double low, but close. Some would call it good enough.
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  • #23,428
  • Mar 10, 2009 4:21pm Mar 10, 2009 4:21pm
Quoting fxsheep

what do you think? good to go?
Hey Sheep

I think bars like that are better off left alone. I know my rep is the ultra conservative trader but being the pinbar is so small, it is hard for me to believe that it is going to carry much weight. Could stall out on the prior bars low if it does move lower still about 40 mins till my bar closes though

take care
Mike
  • #23,429
  • Mar 10, 2009 4:32pm Mar 10, 2009 4:32pm
Quoting mbqb11
Hey Seb,

That would be what we call a TBH(two bar high). This shows a stall in the move, or when the TBH is broken can be a sign of a continuation with the move

Mike
Thanks Mike and Hipster;

Seb
  • #23,430
  • Mar 10, 2009 5:30pm Mar 10, 2009 5:30pm
Quoting Icehocey77
nice 2day pin forming on the EURCAD. Off a monthly PPZ and 38.2 Fib.
I noticed it too and i like it.
PROS:
- at a swing high
- 38,2 FIB
- close to PPZ at 1,63
- the other recently pins worked quite well

CONS:
- against the long term trend
- enough space to move?
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  • #23,431
  • Mar 10, 2009 5:34pm Mar 10, 2009 5:34pm
Quoting mbqb11
Hey Sheep

I think bars like that are better off left alone. I know my rep is the ultra conservative trader but being the pinbar is so small, it is hard for me to believe that it is going to carry much weight. Could stall out on the prior bars low if it does move lower still about 40 mins till my bar closes though

take care
Mike
Thanks Mike! yes, the pinbar is kinda small and the price closed above the ppz. I'll wait for better chances.

thanks again.
fxsheep
  • #23,432
  • Mar 10, 2009 5:50pm Mar 10, 2009 5:50pm
Double top formation at 2607 and 2605 with a possible PB forming on the daily, waiting to see the daily close with conservative entry below.....alternative could be a buy above the 2600 area if the tops dont hold ?
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  • #23,433
  • Mar 10, 2009 6:07pm Mar 10, 2009 6:07pm
What will happen?
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  • #23,434
  • Mar 10, 2009 6:16pm Mar 10, 2009 6:16pm
PIN on USDCHF daily chart. It's off 1.15 PPZ.

I am still working on my target estimate but 1.1825 area seems the good.

Ken
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  • #23,435
  • Mar 10, 2009 6:18pm Mar 10, 2009 6:18pm
Quoting joebryce
What will happen?
Joe,

That's an IB got broken to the downside. That PIN is very misleading.

Why I favor the IB setup instead of the PIN here? IB is on the PPZ and PIN is not :-)

Ken
  • #23,436
  • Mar 10, 2009 6:34pm Mar 10, 2009 6:34pm
Quoting goodtiding5
Joe,

That's an IB got broken to the downside. That PIN is very misleading.

Why I favor the IB setup instead of the PIN here? IB is on the PPZ and PIN is not :-)

Ken
We'll see what happens. I see that IB as sitting on top of the ppz. It broke short and ran straight smack into the ppz, forming a pin giving at least another attempt at the resistance above.

The only thing i don't really like here is the time of day.
  • #23,437
  • Mar 10, 2009 6:41pm Mar 10, 2009 6:41pm
Quoting goodtiding5
PIN on USDCHF daily chart. It's off 1.15 PPZ.

I am still working on my target estimate but 1.1825 area seems the good.

Ken
I see a lots of problems at 1.17. I am still holding a short from the 1.18 area. Hoping to see price get below that ppz at 1.15. Hopefully today's daily pin never even breaks.
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  • #23,438
  • Mar 10, 2009 6:54pm Mar 10, 2009 6:54pm
Quoting fxsheep
Hi guys,
just saw this daily pin bar on chfjpy.
pro:
1. it's at swing high
2. nose stick out of ppz of 85.
3. off 150 DMA

con:
1. pin bar not as large as other bars in chart
2. may not close below 85 (i use fxdd)

what do you think? good to go?
I don't like that bar at all to be truthful. It does not qualify as a PB as far as I am concerned. I have read several times that a PB should "jump out at you" and be "obvious." This bar does not and is not imho. Which of course means it will fall for a thousand pips now.
  • #23,439
  • Mar 10, 2009 8:16pm Mar 10, 2009 8:16pm
Quoting goodtiding5
PIN on USDCHF daily chart. It's off 1.15 PPZ.

I am still working on my target estimate but 1.1825 area seems the good.

Ken
I like that it closed above 1.16, but where is it going to run to?? Too much traffic for my taste.
  • #23,440
  • Mar 10, 2009 8:22pm Mar 10, 2009 8:22pm
Quoting bakko85
I noticed it too and i like it.
PROS:
- at a swing high
- 38,2 FIB
- close to PPZ at 1,63
- the other recently pins worked quite well

CONS:
- against the long term trend
- enough space to move?
I agree with you, I'm going to pass on it. Not enough upside IMO. 60 EMA at 1.6109 and a fib right below...would have to wait for the pin to break 1.62 then only looking at less than 100 pips.
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