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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

  • #28,861
  • Apr 30, 2009 12:09pm Apr 30, 2009 12:09pm
the charts you asked for....bit messy, apologys
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  • #28,862
  • Apr 30, 2009 12:18pm Apr 30, 2009 12:18pm
Quoting zimdonks
the charts you asked for....bit messy, apologys
my quick break down of your trades as I am about to run out

aud/jpy 4hr pin - Not all that convincing. Close is not that impressive and the high of the nose isn't really proturding away from the prior highs all that much. Looks as more of a stall then a convincing reason to short a 4hr

Aud/usd pin - When the close is higher then the open and not within the previous bars body. That is always a red flag for me. This doesn't really show me a reversal so much as a possible temporary pause. Nothing all that striking to short here also. Heavy support under at .7000 area. Overall just too much traffic with a poor close.

eur/aud 4hr buob - best of all your charts. LARGE bar, would have liked close a bove previous bar high (a personal cavaet ) . Heavy resistance lows close above.

eur/cad h4 pin - nothing all that special for me. I don't like when pins sit high up in the previous bar creating a smaller protrusion from previous bar low.

usd/chf daily pin - again it is technically a pin, but the nose of the bar is very small and hardly protrudes from prior bar low. This creates traffic as well as it doesn't really show me a test much lower then we were. I see price simply stalling and consolidating.

Again these were just quick analysis and probably upset you that none were good enough for me. Hopefully you realize this is just my take on the situation and that I would rather wait for the more obvious signs as we got a few days ago. Doesn't mean they aren't going to give some pips. Also this is based on the charts you posted as is.

Take care
Mike
  • #28,863
  • Apr 30, 2009 12:25pm Apr 30, 2009 12:25pm
Quoting mbqb11
my quick break down of your trades as I am about to run out

aud/jpy 4hr pin - Not all that convincing. Close is not that impressive and the high of the nose isn't really proturding away from the prior highs all that much. Looks as more of a stall then a convincing reason to short a 4hr

Aud/usd pin - When the close is higher then the open and not within the previous bars body. That is always a red flag for me. This doesn't really show me a reversal so much as a possible temporary pause. Nothing all that striking to short here also. Heavy support...

thanks mike, thats exactly what i was after!!!! a word from the pro's never goes un-noticed. i appreciate it
  • #28,864
  • Apr 30, 2009 12:30pm Apr 30, 2009 12:30pm
Quoting zimdonks
the charts you asked for....bit messy, apologys

Hi Zimdonks


Not crazy about any of them to be honest mate.

With bars like these if I traded them all the time I do not believe it would work out profitable in the long run and thats what I focus on.

The AUD/USD chart is at a good location. if you zoom out its a weekly PPZ but there has been too much recent consolidation (traffic) in this area for me to take it (if indeed it closed as a pin). It is also too small compared to the previous bullish bar.

The other 4 hour charts are not on a timeframe i will trade. If I did they would have to be better setups to be honest and screaming at me to trade them.

Only my 2c and they could turn out to be nice trades for you if you did go for them. I have been burned in the past by 4 hour bars late in the day like this so that has shaped my view on the markets.

Hope this helps...

cheers

FXP

Edit:

Just seen Mike beat me to it with his Iphone but will leave my response anyway :-)
  • #28,865
  • Apr 30, 2009 12:33pm Apr 30, 2009 12:33pm
DutchTrader,

Your right about my long bias. I'm still holding out hope for a recovery of this pair back to the 1.91 area. But if a short signal shows itself I will have no problems shorting this pair.

Quoting DutchTrader
You'd probably hate that trade if you took it as a long, why not wait for either a break above the blue zone if you're looking long? or a strong rejection at the blue zone for a short? Just my .02
  • #28,866
  • Apr 30, 2009 1:38pm Apr 30, 2009 1:38pm
Quoting fxprocessor
Hi Zimdonks


Not crazy about any of them to be honest mate.

With bars like these if I traded them all the time I do not believe it would work out profitable in the long run...
Yeah I agree. I'm starting to get sick of this price action. Will we ever see a A+++ setup in the world of forex again?
"Don't trade to trade . . . trade to win." - James16
  • #28,867
  • Apr 30, 2009 1:41pm Apr 30, 2009 1:41pm
Quoting Flem26
Yeah I agree. I'm starting to get sick of this price action. Will we ever see a A+++ setup in the world of forex again?
Yes mate I'm sure we will
  • #28,868
  • Apr 30, 2009 1:45pm Apr 30, 2009 1:45pm
Quoting Flem26
Yeah I agree. I'm starting to get sick of this price action. Will we ever see a A+++ setup in the world of forex again?

Lol it seems to me it is more of a waiting game than a trading game. At least for those who are successful.
"Luck favors the prepared mind"
  • #28,869
  • Apr 30, 2009 2:03pm Apr 30, 2009 2:03pm
Quoting jpa0827
Lol it seems to me it is more of a waiting game than a trading game. At least for those who are successful.

Click! You got it!! Perhaps that is in fact the much sought after holy grail... patience!!
  • #28,870
  • Apr 30, 2009 2:06pm Apr 30, 2009 2:06pm
Quoting jpa0827
Lol it seems to me it is more of a waiting game than a trading game. At least for those who are successful.
I hear ya. The markets have not been the same since the global poop hit the fan. It seemed like there was a time when you got at least one A++ setup a week. I'm really concerned about all this government intervention globally. I mean, they have always been there to some degree or another, but this kind of meddling is getting ridiculous (the US Fed's direct purchasing of everything under the sun).

I don't mean to sound like a whiner, but dag gummit . . . the charts are crap. Look at all this sideways garbage. You see a pinbar and there's a load of trash you have to try to trade through!

Alright, I'm done whining. Ghous, take care friend.
"Don't trade to trade . . . trade to win." - James16
  • #28,871
  • Apr 30, 2009 2:09pm Apr 30, 2009 2:09pm
Quoting jpa0827
Lol it seems to me it is more of a waiting game than a trading game. At least for those who are successful.
I used to find the great setups were guaranteed to come after I had got bored and taken a few substandard trades.

I would look at them with my depleted account and ask myself why did you not wait......?

Don't care if I miss a good runner nowadays only that I dont take anything but quality, obvious opportunities.
  • #28,872
  • Apr 30, 2009 2:28pm Apr 30, 2009 2:28pm
Quoting fxprocessor
I used to find the great setups were guaranteed to come after I had got bored and taken a few substandard trades.

I would look at them with my depleted account and ask myself why did you not wait......?

Don't care if I miss a good runner nowadays only that I dont take anything but quality, obvious opportunities.
Ya i think i am growing out of that stage. I have become much more Patient over the past year or so. Great setups seem to make up for all the downtime waiting from what I have seen. Its like a hand in Poker, when you have crappy cards fold or bet very little. When you have a great hand bet the house (not literally of course). At least thats how I like to do it.
"Luck favors the prepared mind"
  • #28,873
  • Apr 30, 2009 2:30pm Apr 30, 2009 2:30pm
The sweetest setups on the daily were back in December. Pins on the Euro, USD/CAD, and Swissie. I passed because of all the sub-standard crap I took and got burned on. Those were good trades that I passed on and I haven't seen anything like those since on the daily anyway. Some decent stuff on the weekly and 4 hour, but I have missed quite a few good ones on 4 hour because of that wretched thing called sleep.
"Don't trade to trade . . . trade to win." - James16
  • #28,874
  • Apr 30, 2009 2:33pm Apr 30, 2009 2:33pm
Quoting jpa0827
Ya i think i am growing out of that stage. I have become much more Patient over the past year or so. Great setups seem to make up for all the downtime waiting from what I have seen. Its like a hand in Poker, when you have crappy cards fold or bet very little. When you have a great hand bet the house (not literally of course). At least thats how I like to do it.
Oh ya I might add, I have only been in forex now for about a month, so that comment has been more with my experience in the stock market. I learned a lot of hard lessons this year, but I'm young and ready to keep learning more in order to succeed in this business.
"Luck favors the prepared mind"
  • #28,875
  • Apr 30, 2009 3:01pm Apr 30, 2009 3:01pm
This AUDUSD Setup closes quite well, anyone thinking of taking it? I might, but that 7200 bar highs are a pain to watch at even right now, monthly PPZ might beat them though.

Thanks before.

Marcel
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  • #28,876
  • Apr 30, 2009 3:12pm Apr 30, 2009 3:12pm
Quoting marcelnyo
This AUDUSD Setup closes quite well, anyone thinking of taking it? I might, but that 7200 bar highs are a pain to watch at even right now, monthly PPZ might beat them though.

Thanks before.

Marcel
Hi Marcel
I'm only a beginner but I'm slowly accepting that once I say 'but' as you did above, it's best to give it a miss and wait for the next opportunity. Even if it gets below the 7200 you're still trading into a lot of traffic... Not to mention against that trend line...
Cheers, G
When in doubt, sit on your hands...
  • #28,877
  • Apr 30, 2009 3:27pm Apr 30, 2009 3:27pm
Hi Guys, I've been following the thread for a while and practicing the pin-bar setups on demo. I've got a question (see attachment).

FR
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"The trend is your friend, until the end."
  • #28,878
  • Apr 30, 2009 3:28pm Apr 30, 2009 3:28pm
Quoting gododdin
Hi Marcel
I'm only a beginner but I'm slowly accepting that once I say 'but' as you did above, it's best to give it a miss and wait for the next opportunity. Even if it gets below the 7200 you're still trading into a lot of traffic... Not to mention against that trend line...
Cheers, G
Yes right now I think I'm only waiting for someone to put on a good enough reason for me not to trade this setup.

Watching the price moving in a box for these few months, made me think that the monthly ppz has enough power to drive price further down, I'm kinda day trading with daily charts, I have to watch my trade all the time, the plan was when I reached 7200 (+20 profit) I'll take half profit and the move the stop to -20, so when I'm stopped out I'll end up BE after all.

My last GJ trade ends up at BE so maybe my psych is playing with my mind to push me into another trade because of the profit potential I lost, I'm aware of that and (telling myself) that I'm patient enough to wait... but yet... I'm still here posting...
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  • #28,879
  • Apr 30, 2009 3:30pm Apr 30, 2009 3:30pm
Quoting ForexRookie
Hi Guys, I've been following the thread for a while and practicing the pin-bar setups on demo. I've got a question (see attachment).

FR
Yes technically it is a pinbar, I was watching that one too but didn't like the close that is higher than the open, and not to mention the massive bar highs it will encounter when and if it breaks and starts a move down, nice location IMO, hanging below weekly PPZ.
  • #28,880
  • Apr 30, 2009 3:39pm Apr 30, 2009 3:39pm
Quoting marcelnyo
My last GJ trade ends up at BE so maybe my psych is playing with my mind to push me into another trade because of the profit potential I lost, I'm aware of that and (telling myself) that I'm patient enough to wait... but yet... I'm still here posting...
That sounds so familiar that it made me ! I know exactly what you mean, but on the other hand, if you're uncertain, why would you take the trade when you and I just know that there will be better trades if we can just wait long enough. Why are you in a rush?

I think your own doubts are a good enough reason not to take the trade.

From a 'fellow sufferer'...
When in doubt, sit on your hands...
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