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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

  • #27,701
  • Apr 22, 2009 1:38am Apr 22, 2009 1:38am
Quoting adam777
Hi Jon

Yes I was wondering about that rising trend line after the 4h pin formed on the USDCAD.
Playing the break would be the preferred option. Not one I'd trade aggressively. An order below 1.2300 would be even wiser.
Bundy's status today: "Waiting..."
  • #27,702
  • Apr 22, 2009 1:49am Apr 22, 2009 1:49am
Quoting bundyraider
Playing the break would be the preferred option. Not one I'd trade aggressively. An order below 1.2300 would be even wiser.
i agree, i have my order just below 1.2300,
price is looking pretty bulish right now though ??we will see
PATIENCE... DISCIPLINE
  • #27,703
  • Apr 22, 2009 2:12am Apr 22, 2009 2:12am
Quoting simoncs
did you get in at that level?
I was until Oanda widened their spread overnight and took me out by 1 pip after i had moved to BE, which then meant i missed my 120pip target

as Oanda robbed me of my pips i was looking for another entry short as fundamentally that's where i believe gbp is going. Is this revenge trading - yes, but in a good way

took the 1hr pin at retrace to 61fib. I wouldn't normally consider this as it is by no means A+ more like a C- -but i wanted to be short. Again right before major news(the budget), it is risky taking out new positions in GBP so my stop is already at BE.
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  • #27,704
  • Apr 22, 2009 2:17am Apr 22, 2009 2:17am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting jpa0827
MPP,

I'm looking at this trade but it looks to me like there is a lot of support in the way on the daily. What do you think?
Sorry for the long delay, just catching up now, I'm watching this, as yet the IB has been followed by another IB, which has only been broken by 8pips

There is a mass or support at 1.5050 and this is the area to watch for the break, also the weekly is forming a flag/triangle pattern made up with a Doji, and a series of Hanging men, all of which say to me the market is looking to push this through the barrier. just my view

not been at this PA stuff to long, so lets hope someone else make a comment. would nice to se a PB on the 4h around the 50% fib of the daily IB.

so for now - i just watch and wait

MPP
  • #27,705
  • Apr 22, 2009 2:19am Apr 22, 2009 2:19am
Quoting simoncs
as Oanda robbed me of my pips i was looking for another entry short as fundamentally that's where i believe gbp is going. Is this revenge trading - yes, but in a good way

took the 1hr pin at retrace to 61fib. I wouldn't normally consider this as it is by no means A+ more like a C- -but i wanted to be short. Again right before major news(the budget), it is risky taking out new positions in GBP so my stop is already at BE.
i made almost the same trade,lol, that 3rd bar after your pin,spiked my be order!!Grrr hehe .i had also moved my stop quikly
EDIT: should explain that on oanda,my account broker the spike is as high as the previous bar.
Attached Image (click to enlarge)
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PATIENCE... DISCIPLINE
  • #27,706
  • Apr 22, 2009 2:25am Apr 22, 2009 2:25am
Quoting simoncs
as Oanda robbed me of my pips i was looking for another entry short as fundamentally that's where i believe gbp is going. Is this revenge trading - yes, but in a good way

took the 1hr pin at retrace to 61fib. I wouldn't normally consider this as it is by no means A+ more like a C- -but i wanted to be short. Again right before major news(the budget), it is risky taking out new positions in GBP so my stop is already at BE.
I very nearly took the same pin Simon but discretion got the better of me.
I'm still short from Monday albeit with a quarter of my original position and as I never seem to have much luck adding to a trade I bottled out.
Didn't want to risk my hard-earned pips on anything less than an A+.

Steve.
"The more I practice, the luckier I get." (Gary Player)
  • #27,707
  • Apr 22, 2009 2:40am Apr 22, 2009 2:40am
Quoting g_j_hook@yah
i made almost the same trade,lol, that 3rd bar after your pin,spiked my be order!!Grrr hehe .i had also moved my stop quikly

i was about to - a phone call distracted me
  • #27,708
  • Apr 22, 2009 2:52am Apr 22, 2009 2:52am
Quoting mrsingha
I very nearly took the same pin Simon but discretion got the better of me.
I'm still short from Monday albeit with a quarter of my original position and as I never seem to have much luck adding to a trade I bottled out.
Didn't want to risk my hard-earned pips on anything less than an A+.

Steve.
Yet another with a winning attitude
I believe . . .
  • #27,709
  • Apr 22, 2009 2:59am Apr 22, 2009 2:59am
- Pin bar on Eur usd on the 4h TF
- BEOB on Usdchf on the 4h TF

What do you think? I personally like the BEOB..
  • #27,710
  • Apr 22, 2009 3:04am Apr 22, 2009 3:04am
Hourly pin on EUR/CAD ...maybe good entry to get in short on 50% retrace of Daily pinbar
  • #27,711
  • Apr 22, 2009 3:07am Apr 22, 2009 3:07am
Quoting bakko85
- Pin bar on Eur usd on the 4h TF
- BEOB on Usdchf on the 4h TF

What do you think? I personally like the BEOB..
on 4H tf...
I dont see BEOB of USD/CHF from my chart (fxpro)
and the E/U has got PB in traffic

just my opinion. ALM
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #27,712
  • Apr 22, 2009 3:08am Apr 22, 2009 3:08am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting bakko85
- Pin bar on Eur usd on the 4h TF
- BEOB on Usdchf on the 4h TF

What do you think? I personally like the BEOB..
EU seems to be in a range to me.

Uchf seems better as the BEOB followed a hanging man, but not sure if the HM is still valid as the OB swamps it.
  • #27,713
  • Apr 22, 2009 3:57am Apr 22, 2009 3:57am
Guys

Saw U/C and Eur|CAd pins last night but did not take them as I believe that they were not A+ setups:

UC

1 Lot of upward momentum on previous bar
2 Close of Pin above RNppz at 1.23 - would have pref close below
3 Not much room to manouvre as previous bar highs a bit close

EurCad:

1 Lot of upward momentum in previous BuB
2 In traffic
3 Not a lot of space

These are my reasons for NOT taking these trades. Is this a fair critique or have I missed something? Neither pin has triggered yet on my feed.

Thanks,

berti
PA is where its at!!
  • #27,714
  • Apr 22, 2009 4:22am Apr 22, 2009 4:22am
.
  • #27,715
  • Apr 22, 2009 4:48am Apr 22, 2009 4:48am
i have read many posts recently about currency pair corrolations, this is also something i am interested in understanding better and i find this site very usefull. almost any chart you choose to use will overlay different currencies on the same chart. this way you can see instantly any corrolations..i have been meaning to post this for some time now..
http://www.freeforexcharts.com/
hope it helps
jon
EDIT: chart eg.
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PATIENCE... DISCIPLINE
  • #27,716
  • Apr 22, 2009 5:13am Apr 22, 2009 5:13am
After many months of demo being successful i took this 2 trade live off the daily close USD/CAD & EUR/CAD . N e one watching this...what are your thoughts with the PA right now..
  • #27,717
  • Apr 22, 2009 5:27am Apr 22, 2009 5:27am
Quoting mseaz9
After many months of demo being successful i took this 2 trade live off the daily close USD/CAD & EUR/CAD . N e one watching this...what are your thoughts with the PA right now..
Start here. Most of the posts since then have been dedicated to these two.

http://www.forexfactory.com/showthre...2331&page=1841
WARNING: Don't follow me as I'm just learning
  • #27,718
  • Apr 22, 2009 5:28am Apr 22, 2009 5:28am
EUR/CAD is moving up pretty strong. Any thoughts on this? Do you think it will stop below the high of our pin bar. I'm looking to place my sell order in between 1.6100 and 1.6145. I noticed on the the 1hr chart we have the 365 ema moving in our range so hopefully that will be an added resistance. Still watching PA to see where this thing is going to stop.
"Luck favors the prepared mind"
  • #27,719
  • Apr 22, 2009 5:30am Apr 22, 2009 5:30am
Will someone please send the men in white coats to the houses of parliament - the chancellor is clearly clinically insane

2009 - 3.5% negative growth
2010 - 1.25% positive growth
2011 - 3.5% positive growth

that doesn't even make sense - how do you go from -3.5% to +3.5% in a recession in the space of 2 years - it' just not feasible.

Sensible money would be selling GBP surely?
  • #27,720
  • Apr 22, 2009 5:35am Apr 22, 2009 5:35am
Quoting mseaz9
After many months of demo being successful i took this 2 trade live off the daily close USD/CAD & EUR/CAD . N e one watching this...what are your thoughts with the PA right now..
The safest way to trade a pin is on the break of the low ( for bearish pin). So some of us are waiting for that.
Bundy's status today: "Waiting..."
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