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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

  • #28,241
  • Apr 27, 2009 12:27pm Apr 27, 2009 12:27pm
http://www.dailyfx.com/export/sites/...ohn_Rivera.gif


Just fell about laughing when I saw this. Reminds me of the best definition I heard on fundamental analysis.

''the ability to explain price action after the event''



Currency Analyst

John
Rivera

Dollar, Yen Find Support On 'Swine Flu' Pandemic Fears, Adding To Concerns Over Bank Stress Tests

The Yen has been the main story overnight as the currency has re-established its safe-haven status with the potential “swine flu” pandemic sending cautious investors to the sidelines. The fact that the health concerns are based in the Western hemisphere has heightened concerns as it could negatively impact the U.S. economy where the most stimulus has been enacted and is the expected source of growth to help stem the current global downturn.


LOL
  • #28,242
  • Apr 27, 2009 1:03pm Apr 27, 2009 1:03pm
Quoting raczekfx
We're almost there...
We are there...!

ppz & 50 confl. perhaps it's time to lock in some gains...
If I'm right in my thinking what will happen to fiber overnight, that confl. will be history.
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  • #28,243
  • Apr 27, 2009 1:11pm Apr 27, 2009 1:11pm
Quoting daveadamsbds
gododdin- just viewed you post and would just advise you that your fib analysis is not valid. The fib you have drawn has already pierced the 61.8 and this invalidates the other fib levels below. You are also using this level in the opposite direction from which it extends and you cannot do that either.
On the other hand if you draw a fib from the previous low to the recent high you can see price has retraced almost to the 50% fib. so you would maybe...
Thanks for that Dave - I didn't know that once a level had been pierced it invalidated the other fib levels below - so you can't use it 'twice' as it were? I obviously need to do more work on Fibs - I only just started adding them to charts but I had an idea that my knowledge was kinda shaky . That 50% retracement was pure fluke... I will do a web search and some further homework.
When in doubt, sit on your hands...
  • #28,244
  • Apr 27, 2009 1:31pm Apr 27, 2009 1:31pm
Quoting raczekfx
We are there...!

ppz & 50 confl. perhaps it's time to lock in some gains...
If I'm right in my thinking what will happen to fiber overnight, that confl. will be history.
Patience + Humility + Study = Success
  • #28,245
  • Apr 27, 2009 1:51pm Apr 27, 2009 1:51pm
Watching....
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  • #28,246
  • Apr 27, 2009 2:38pm Apr 27, 2009 2:38pm
Quoting fxprocessor
Watching....
nice looking pin fxpro (long nose,hopefully it closes inside the previous bar)
we have swing high, nice space(no traffic),ema confluence(blue ema on ur chart),
just be careful wit the location though, might have some trouble wit 12.70 / 12.80 area, lets see how this one plays out
probably a quick move to be wld be advisable
sorry dnt have silver on any of my platforms & dnt kno how to manipulate ur chart yet....will hav to learn hw to do dat
wld hav shown u the ppz at the 12.70 area ...imo
lets see wat others have to say about ur potential trade
happy trading
cheers
Simplicity is the key to success
  • #28,247
  • Apr 27, 2009 2:40pm Apr 27, 2009 2:40pm
And zoomed out a bit.

Looks interesting.

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  • #28,248
  • Apr 27, 2009 2:43pm Apr 27, 2009 2:43pm
we have got an inside pin
we will see if it goes as we expect it
I mean up of course,
Peter
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Jesus Christ is my only Lord !
  • #28,249
  • Apr 27, 2009 3:30pm Apr 27, 2009 3:30pm
GBP/JPY Pin bar on the daily and on the 1h chart there is a nice ppz at 142.02. Two good reasons to go long if it breaks.

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  • #28,250
  • Apr 27, 2009 3:47pm Apr 27, 2009 3:47pm
Quoting Goozman
GBP/JPY Pin bar on the daily and on the 1h chart there is a nice ppz at 142.02. Two good reasons to go long if it breaks.

I like the look of this. I may place an order at around 14220 (assuming the PB closes out OK) but I'm wondering where to put the initial stop. The low of the pin is a long way down but the low of the previous bar doesn't allow much room to breathe. Any ideas from the big hitters here?
  • #28,251
  • Apr 27, 2009 3:52pm Apr 27, 2009 3:52pm
Goozman,
Greetings!

looking at your charts, my initial thoughts:
--H1 PB is too small to rely on. we try to look for PB's with long, protruding nose for higher-probability trades.
--looking at your daily chart, gbpjpy currently seem to be in a 141-145 range. this could be too much traffic. if ever u are gonna trade this long, u might need to put stops quickly at BE or higher.
--do take into consideration your risk profile. gbpjpy is too volatile a pair, so if wide stops concern u, u might consider not taking this trade.

Good luck!
  • #28,252
  • Apr 27, 2009 3:53pm Apr 27, 2009 3:53pm
Quoting TotalNewbie
I'm wondering where to put the initial stop.

General recommendation is to place above/below pinbar.
  • #28,253
  • Apr 27, 2009 4:01pm Apr 27, 2009 4:01pm
It seems I forgot to add the rest of the post before clicking Submit. Oh well.

This is a very small Pin bar, but coupled with the ppz (and if it breaks) it could prove to be a good entry for either a quick scalp, which in this case would be 75-100 pips, or a quick entry and modify the SL to breakeven after 40-50 pips and see if it goes anywhere.

There are high chances that it will return down even if it breaks because we are still in a clear downtrend: lower highs and lower lows, and we still haven't seen a signal that it is changing (a higher high or higher low). But then again, the Pin bars are the first signals, so it's worth a short for the aggressive traders.
  • #28,254
  • Apr 27, 2009 4:02pm Apr 27, 2009 4:02pm
What you guys think of this weekly PIN????
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  • #28,255
  • Apr 27, 2009 4:03pm Apr 27, 2009 4:03pm
Quoting mseaz9
What you guys think of this weekly PIN????
It's more of a BUB than a pin.
  • #28,256
  • Apr 27, 2009 4:06pm Apr 27, 2009 4:06pm
Quoting fxprocessor
It's more of a BUB than a pin.

the last candle hasnt close yet...and it has yet to break today it juz retraced down....
  • #28,257
  • Apr 27, 2009 4:13pm Apr 27, 2009 4:13pm
Quoting TotalNewbie
I like the look of this. I may place an order at around 14220 (assuming the PB closes out OK) but I'm wondering where to put the initial stop. The low of the pin is a long way down but the low of the previous bar doesn't allow much room to breathe. Any ideas from the big hitters here?
Greetings TotalNewbie!
I'm no big hitter but i can share some thoughts.

U can refer to my response to Goozman. aside from those, it's recommended that u put the stop below the PB (in case u will take the trade), but if it's "a long way down" for u, then simply don't take it. in terms of good money management practices, the trades u take should be WITHIN your risk profile, that is, if u can only afford &/or have a plan of only risking 30-50pips per trade, stick to it; avoid trades that entail 80-150pips.

Also, i hope your 1st sentence "I like the look of this" does have an air of OBJECTIVITY (impartial view of things) rather than SUBJECTIVITY (biased views/views based on personal preference) into it. If it does, good for you. If it does not, i'd remind u of the parameters set/used in this thread. re-read the thread, re-read PDFs like the Price action setups & PDF summary made some of our generous members here. Also, look at post #1 by Sir Jim.

btw, another Sir Jim, jarroo, seem to be online. if he has some free time, he probably can give alot better comments than i have on gj, & possibly eurcad &silver too. He is 1 of the big hitters here, so let us be all ears & eyes

EDIT: oooops... jarroo seem to have logged out already.
  • #28,258
  • Apr 27, 2009 4:18pm Apr 27, 2009 4:18pm
Excellent advice and I agree fully. But... I dont think i saw him say anything about an H1 pinbar. Or am i missing something?




Quoting supremeChaos
Goozman,
Greetings!

looking at your charts, my initial thoughts:
--H1 PB is too small to rely on. we try to look for PB's with long, protruding nose for higher-probability trades.
--looking at your daily chart, gbpjpy currently seem to be in a 141-145 range (see March24, April21 area). this could be too much traffic for your taste. possible immediate resistance 142, 142.50-143. if ever u are gonna trade this long, u might need to put stops quickly at BE or higher.
--do take into consideration your risk profile....
Just focus on the pips. The rest is insignificant.
  • #28,259
  • Apr 27, 2009 4:19pm Apr 27, 2009 4:19pm
mseaz9,
are u referring to the April19/20 bar? fxprocessor is correct, it's not a PB. previous PB on your chart was March1, although it's a fairly small PB (& yet it made good pips).
  • #28,260
  • Apr 27, 2009 4:29pm Apr 27, 2009 4:29pm
Quoting supremeChaos
mseaz9,
are u referring to the April19/20 bar? fxprocessor is correct, it's not a PB. previous PB on your chart was March1, although it's a fairly small PB (& yet it made good pips).

yes ...i am talkin about this one..thanx in advance...
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