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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

  • #26,701
  • Apr 9, 2009 9:39am Apr 9, 2009 9:39am
Quoting benem
I am in this trade....but i was wonderind how would you classify this daily Pin Bar we got today on Nzd/usd ?
Hey Benem

A pin like that isn't really at a true swing low point. It is more of a small retrace pin that forms. Doesn't mean they aren't playable, but the situation due to its lack of space means there is going to be some form of resistance rather close. All this means if you choose to play it is that you should get your stops to b/e or some off the table IMO. Can't let these turn into losers or they will hold your account back.

So where we are at now could stall this out

Mike
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  • #26,702
  • Apr 9, 2009 9:39am Apr 9, 2009 9:39am
Quoting benem
I am in this trade....but i was wonderind how would you classify this daily Pin Bar we got today on Nzd/usd ?
I know it's only demo, but I believe you just posted your account number in the top left corner of picture you uploaded
WARNING: Don't follow me as I'm just learning
  • #26,703
  • Apr 9, 2009 9:40am Apr 9, 2009 9:40am
Quoting Marco
Hmm yes Mike that's probably what looked "wrong" to me and why I ended up not trading it. Especially the last downbar was HUGE compared to the pin...

Thanks,

Marco
That "look" that you couldn't quite place your finger on right away, will go a long way for you

Mike
  • #26,704
  • Apr 9, 2009 9:47am Apr 9, 2009 9:47am
Quoting Marco
I almost took that trade this morning, and I'm happy now I did not...but wouldn't have expected it to fail that hard...I thought 1.65 might be a trouble area, but it really just moved a few pips. Anyone got some good reasons that make this one a "bad trade"? Also anyone here who would have been fast enought to goto breakeven?

Thanks,

Marco
For me it's not just the small size but also that it closed below it's open and outside the body of the previous bar.

Just my take.
Ghost Rider - WWTBMD?
  • #26,705
  • Apr 9, 2009 9:50am Apr 9, 2009 9:50am
Quoting mbqb11
Hey Benem

A pin like that isn't really at a true swing low point. It is more of a small retrace pin that forms. Doesn't mean they aren't playable, but the situation due to its lack of space means there is going to be some form of resistance rather close. All this means if you choose to play it is that you should get your stops to b/e or some off the table IMO. Can't let these turn into losers or they will hold your account back.

So where we are at now could stall this out

Mike
thanks Mike...it's a pleasure to listen your advice.
bye
Patience is essential
  • #26,706
  • Apr 9, 2009 9:53am Apr 9, 2009 9:53am
Quoting adam777
I know it's only demo, but I believe you just posted your account number in the top left corner of picture you uploaded
Thanks mate....i didn't realize that.good to know if i will nerver be able to trade in real.

bye.
Patience is essential
  • #26,707
  • Apr 9, 2009 9:54am Apr 9, 2009 9:54am
Quoting ghous
There you go!

The women took price all the way to the bed......poor Jon kept knocking on the door...
gotta get some new lines man
PATIENCE... DISCIPLINE
  • #26,708
  • Apr 9, 2009 9:58am Apr 9, 2009 9:58am
Quoting albchr
For me it's not just the small size but also that it closed below it's open and outside the body of the previous bar.

Just my take.
Not on my feed, see the chart I posted.
  • #26,709
  • Apr 9, 2009 10:03am Apr 9, 2009 10:03am
Quoting Marco
Not on my feed, see the chart I posted.
Umm???...I was looking at the chart you posted. Seems clear to me?
Ghost Rider - WWTBMD?
  • #26,710
  • Apr 9, 2009 10:40am Apr 9, 2009 10:40am
Quoting albchr
Umm???...I was looking at the chart you posted. Seems clear to me?
Hmm okay then maybe I'm not sure what you mean with "body" of a bar, maybe you mean range between open and close? If so yes you're right! ;-)

Marco
  • #26,711
  • Apr 9, 2009 11:03am Apr 9, 2009 11:03am
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  • #26,712
  • Apr 9, 2009 11:03am Apr 9, 2009 11:03am
First, thank you for this excellent thread !!

Second, what about that ? It seems 2,04 is a very solid support. Let's see what PA will tell us...
And AUD/USD, AUD/JPY, AUD/NZD are finding a good resistance.
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  • #26,713
  • Apr 9, 2009 11:14am Apr 9, 2009 11:14am
Quoting Marco
Hmm okay then maybe I'm not sure what you mean with "body" of a bar, maybe you mean range between open and close? If so yes you're right! ;-)

Marco
Yes, the "body" is between the open and close. The extensions above and below the body are usually referred to as shadows or wicks and show the high and low of the session....
Ghost Rider - WWTBMD?
  • #26,714
  • Edited 11:39am Apr 9, 2009 11:24am | Edited 11:39am
This is too funny... I set up my buy limit, stop loss at the nose, and take profit at the first R level. Headed to the gym... and... I MISSED IT BY A PIP OR TWO! I'm happy my analysis was correct though, although a trailing stop would have been better as it didn't reach my take profit area closely enough
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  • #26,715
  • Apr 9, 2009 11:34am Apr 9, 2009 11:34am
Quoting frankm7
OMG!! This is incredible... I set up my buy limit, stop loss at the nose, and take profit at the first R level. Headed to the gym... and... I MISSED IT BY A PIP OR TWO! hahaha

Mate that was a doji and indecesion candle to the sell off we had in the market but not a reversal candle...meaning it was not a high probabily and you want to get used to only the once that are high probabilty.
  • #26,716
  • Apr 9, 2009 11:46am Apr 9, 2009 11:46am
Quoting Shermenator
Mate that was a doji and indecesion candle to the sell off we had in the market but not a reversal candle...meaning it was not a high probabily and you want to get used to only the once that are high probabilty.
Thanks for that Shermenator! You are right, would have been luck then... not good
  • #26,717
  • Apr 9, 2009 11:51am Apr 9, 2009 11:51am
Quoting frankm7
Thanks for that Shermenator! You are right, would have been luck then... not good

Yep when ever you see one of this crappy formations work you simply have to remember to yourself that this is probably one of the 3 out of 10 that would work if you always traded that type of candle meaning that in the long term you would go broke.
  • #26,718
  • Apr 9, 2009 12:16pm Apr 9, 2009 12:16pm
Quoting Shermenator
Mate that was a doji and indecesion candle to the sell off we had in the market but not a reversal candle...meaning it was not a high probabily and you want to get used to only the once that are high probabilty.
Not a doji. It's an engulfing candle. The close is too high up for it to be an indecision bar. Not the worst setup imo; confluence daily ppz and trendline.
  • #26,719
  • Apr 9, 2009 12:20pm Apr 9, 2009 12:20pm
Quoting enculée
Not a doji. It's an engulfing candle. The close is too high up for it to be an indecision bar.

A doji is preety much anything that has long wicks on both sides and showing equal pressure from buyers and sellers ...its just shows that indecesion except that in this case its more of a bullish indecesion since the close was bullish. If the size of the body of the indecesion candle was larger then I would of considered it a powerful candle
  • #26,720
  • Apr 9, 2009 12:25pm Apr 9, 2009 12:25pm
A doji is a candle where the open=close. Has nothing to do with wick length. Even if it were a doji, dojis are not a low probability candlestick given confluence.

My point is, his trade was perfectly valid. You have make this method your own, and don't necessarily have to impose slightly arbitrary conditions on candle shape. The important thing is that there is a daily ppz, and a candle that is telling you that the buyers are in town.

Whether you would take it or not doesn't necessarily make the trade invalid for someone else.

I'm only saying this because I don't want him/her to think they did anything wrong; the reasons for taking the trade were perfectly valid.
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