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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

  • #25,941
  • Apr 2, 2009 6:26pm Apr 2, 2009 6:26pm
Quoting bundyraider
Definitely only on a break high. I'd keep an eye on 0.9215 area for trouble. So manage your trade wisely.

Personally I see a head & shoulder pattern that's just broke downwards though.
hi

,ive heard with a head and shoulders pattern ,if right shoulder breaks the left shoulder it takes out all the stops ,which mean people think to go short now,and the money makers push it up

justed watched a video on it a while ago ,i think thats what it mean,t , might be wrong

thanks john
  • #25,942
  • Apr 2, 2009 6:27pm Apr 2, 2009 6:27pm
If you go down on eurgbp 4h chart you will see another intersting setup ! I think!
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  • #25,943
  • Apr 2, 2009 6:32pm Apr 2, 2009 6:32pm
Quoting uksnowman
Hi. Looks good, I've been waiting for this to close for a few hours too. Just wondering though if you will still take this given that the close of the pin is lower than the open (shouldn't it be the case for a bullish pin bar)? Does the head of the pin also need to be inside the body of the previous candle to make it a 'grade A' setup?

Could you tell me where you plan to enter, sl and target?

Sorry for the basic questions! I especially have difficulty right now understanding how I I should work out my targets to exit...
hi im like u still learning,but the body of the pb just has to be inside the candle next to it,doesnt matter bullish or bearish,enter ten pips above the high of pinbar

thanks john
  • #25,944
  • Apr 2, 2009 6:32pm Apr 2, 2009 6:32pm
Quoting desperate
hi

,ive heard with a head and shoulders pattern ,if right shoulder breaks the left shoulder it takes out all the stops ,which mean people think to go short now,and the money makers push it up

justed watched a video on it a while ago ,i think thats what it mean,t , might be wrong

thanks john
That can happen, yes.

It's one of those set ups where, personally, I like to wait for the pull back and then wait for confirming PA to form for that very reason. It (stop hunts) can happen with many many chart patterns. Lots of victims (lol) are in on the well known pattern.
Bundy's status today: "Waiting..."
  • #25,945
  • Apr 2, 2009 6:38pm Apr 2, 2009 6:38pm
Quoting desperate
hi im like u still learning,but the body of the pb just has to be inside the candle next to it,doesnt matter bullish or bearish,enter ten pips above the high of pinbar

thanks john
It can be better to see a favourable close in relation to the open IMO. Goes for all bars. (I'm even happier when a close beats the previous bar's close.) Not a hard and fast rule, but I tend to hesitate more when it's not favourable.
Bundy's status today: "Waiting..."
  • #25,946
  • Apr 2, 2009 6:41pm Apr 2, 2009 6:41pm
Quoting bundyraider
It can be better to see a favourable close in relation to the open IMO. Goes for all bars. (I'm even happier when a close beats the previous bar's close.) Not a hard and fast rule, but I tend to hesitate more when it's not favourable.
thank u bundy for your comments ,ill take them on board

thanks john
  • #25,947
  • Apr 2, 2009 6:55pm Apr 2, 2009 6:55pm
Quoting oltciter
If you go down on eurgbp 4h chart you will see another intersting setup ! I think!
Good chart oltciter.

You should probably place your buy stops clear of an area such as the one I've marked out on this copy of your chart.

Also note the horizontal line I drew further up. Shows another possible stumbling block. When you reach this little price flip point you may want to manage your trade. Your boxed zone could probably have been a little larger to cover it.
.
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Bundy's status today: "Waiting..."
  • #25,948
  • Apr 2, 2009 7:01pm Apr 2, 2009 7:01pm
Quoting desperate
thank u bundy for your comments ,ill take them on board

thanks john
No worries John. Anything to mess with your head. ..lol
Bundy's status today: "Waiting..."
  • #25,949
  • Apr 2, 2009 7:05pm Apr 2, 2009 7:05pm
Thank you bundyraider! You are right! I will change the buy stop, and put a little bit upper!
  • #25,950
  • Apr 2, 2009 7:22pm Apr 2, 2009 7:22pm
G'day folks,
Long time lurker here. Been readin from post #1. Now up to post 7000 and a lot more pages to go.
Here is something that I traded this week. I've been watching this pair for a while, the interest rate differential interests me.
Saw the rejection of the previous consolidation range and sold at point A. My thoughts at the time being that I could hold this one for a while, collect some swap and see where it goes.
It moved faster than I expected and after sitting on it for a day decided to put a TP in at 1.6 (B). I figured that it was a price pivot area and was expected some kind of 'bounce' from here. Was a little reticent to even have a TP, but my other-half wanted me to just pull the position and take what I had, I wanted to just let it run. So the compromise was a TP.
Woke up this morning to see another leg down. Was happy - it it my target, and sad - no more pips from this trade.
So now I sit here with no position and wonder where things will head from here. It could be the start of a long downward move (Looks like a head a shoulders pattern). Or it could be a turn and reverse point. Only time will tell.
What I do know is that it's a whole new ball-game for me to trade on the daily charts. Although I don't 'need' to be watching every tick, like I was doing on the 5min and 15min charts, it does mean that most of the big moves in a day happen when I am asleep. I am struggling to control my enthusiasm. Intellecually I understand that waiting for the right PA, time and placement will lead to better returns on risk. But my 5min chart mind (emotional/novice) wants to be in a trade, regretting all those 10 and 20 pip moves I might have taken.
As a final thought, I would like to thank all the people posting in this forum, it is great to see the sharing of ideas, trades (good and bad) and the overall positive attitude that you appear to have for both trading and each other.

p.s. I also have an example of a trade that didn't work. I can post that if anyone wants to see.
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  • #25,951
  • Apr 2, 2009 7:32pm Apr 2, 2009 7:32pm
Quoting TheRas
G'day folks,...
The spread on this pair is about 100 pips with my broker. I hope you wasn't playing the 5 min chart with this gorilla too often.
  • #25,952
  • Apr 2, 2009 7:45pm Apr 2, 2009 7:45pm
Hey everyone, looking for some advice. If the EUR/JPY gets a bearish pinbar on the 1 hr or 4hr chart do you think it would be a good sell. I see it broke through some resistance, but I'm waiting for it to break the 135 level and right now I'm not sure if it will. All comments welcomed.
"Luck favors the prepared mind"
  • #25,953
  • Apr 2, 2009 7:46pm Apr 2, 2009 7:46pm
Quoting Siam
The spread on this pair is about 100 pips with my broker. I hope you wasn't playing the 5 min chart with this gorilla too often.
Yeah the spread is a killer. Been trying to move away from intraday trades. I was looking at this pair for a longer-term trade. Two days is long term for me at the moment.
  • #25,954
  • Apr 2, 2009 8:06pm Apr 2, 2009 8:06pm
The EUR/GBP has broken the low of the 1st eye on the daily pinbar setup. Does this make it invalid should it turn up and break the high of the pinbar?
Just focus on the pips. The rest is insignificant.
  • #25,955
  • Apr 2, 2009 8:12pm Apr 2, 2009 8:12pm
hi all

i have given the eur/gbp setup the flick,not a A+ setup
  • #25,956
  • Apr 2, 2009 8:13pm Apr 2, 2009 8:13pm
Quoting jpa0827
Hey everyone, looking for some advice. If the EUR/JPY gets a bearish pinbar on the 1 hr or 4hr chart do you think it would be a good sell. I see it broke through some resistance, but I'm waiting for it to break the 135 level and right now I'm not sure if it will. All comments welcomed.
I like it: I see an H4 double top with bearish divergence off the 135.00 level and 38 fib level.
Just focus on the pips. The rest is insignificant.
  • #25,957
  • Apr 2, 2009 9:09pm Apr 2, 2009 9:09pm
never thought of it like that. lol

Quoting albchr
49? That's still pretty young Jim but if you don't think so just remember, Once you're over the hill...you pick up speed!!
  • #25,958
  • Apr 2, 2009 9:21pm Apr 2, 2009 9:21pm
Quoting james16
never thought of it like that. lol
LOL...my dad told me that.

I was 24, he was 62. He was on first and I was third baseman. Batter chipped a shot at me that I had to come just a little forward for and I spun to throw him out at second. HE BEAT MY THROW!! LOL

I yelled over, "HEY, OLD MAN, how the hell did you get there so fast"? He yelled back, I may be over the hill son but now I'm picking up speed....LOL

I never forgot that and try to live each day that way.
Ghost Rider - WWTBMD?
  • #25,959
  • Apr 2, 2009 9:35pm Apr 2, 2009 9:35pm
thats a great story man.

jim

Quoting albchr
LOL...my dad told me that.

I was 24, he was 62. He was on first and I was third baseman. Batter chipped a shot at me that I had to come just a little forward for and I spun to throw him out at second. HE BEAT MY THROW!! LOL

I yelled over, "HEY, OLD MAN, how the hell did you get there so fast"? He yelled back, I may be over the hill son but now I'm picking up speed....LOL

I never forgot that and try to live each day that way.
  • #25,960
  • Apr 2, 2009 10:45pm Apr 2, 2009 10:45pm
What do you guys think of this outside bar on the 4 hour? Swing low, off of support, room to run up. Would like to see some more room but certainly enough to move stops to BE.

Thoughts?
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