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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

  • #29,401
  • May 7, 2009 3:29pm May 7, 2009 3:29pm
eurcad
I know week is not closed yet, but daily BUOB is online with weekly PB, near FIB 50 fitting up TL.
Any opinions?
Thanks!
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Trading: the skill of avoiding trades
  • #29,402
  • May 7, 2009 3:45pm May 7, 2009 3:45pm
A lot to chew over tonight. 15 minutes to NY close and the "stress test" results.

Does anyone else get that feeling when they've passed and passed and passed for days that they are almost scared to take a bar? I get it after a loser too.

Ah psych. The cornerstone of trading.
  • #29,403
  • May 7, 2009 3:47pm May 7, 2009 3:47pm
we have a pinbar on the major 1.5000 ppz at H4. it is with the short term uptrend and it has recently bounced back twice from 1.5000 area. i think it might be a good price to put SL under. the pinbar is also apparent in 3 different brokers/time zones. what do you guys think?
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  • #29,404
  • May 7, 2009 3:51pm May 7, 2009 3:51pm
Quoting TiaForex
Does anyone else get that feeling when they've passed and passed and passed for days that they are almost scared to take a bar? I get it after a loser too.

Ah psych. The cornerstone of trading.
Even more so when there are several different set-ups to choose from
  • #29,405
  • May 7, 2009 3:54pm May 7, 2009 3:54pm
Quoting DanyalDenyo
we have a pinbar on the major 1.5000 ppz at H4. it is with the short term uptrend and it has recently bounced back twice from 1.5000 area. i think it might be a good price to put SL under. the pinbar is also apparent in 3 different brokers/time zones. what do you guys think?
Personally would not touch this. Straight into resistance, a double top has just been triggered - this often resutls in a pin, these are also, imo, the pins most likely to fail.

my 2 centimes
  • #29,406
  • May 7, 2009 4:06pm May 7, 2009 4:06pm
Well ive went long on the EURAUD, will to move to breakeven once it hits the 1.8000, then see where it goes!
Economists have forecast 9 out of the last 5 recessions
  • #29,407
  • May 7, 2009 4:12pm May 7, 2009 4:12pm
Quoting DanyalDenyo
we have a pinbar on the major 1.5000 ppz at H4. it is with the short term uptrend and it has recently bounced back twice from 1.5000 area. i think it might be a good price to put SL under. the pinbar is also apparent in 3 different brokers/time zones. what do you guys think?
I liked the set up, there is still some ppz in there though. I wouldn't be willing to take a loss on this one, but B/E would be fine I think
  • #29,408
  • May 7, 2009 4:13pm May 7, 2009 4:13pm
Quoting enculée
Personally would not touch this. Straight into resistance, a double top has just been triggered - this often resutls in a pin, these are also, imo, the pins most likely to fail.

my 2 centimes

thanks for the comment. i guess i don't see what i don't want to
my order has been triggered and its 15 pips green. i will definitely watch the price action when it gets to the double top price zone.
  • #29,409
  • May 7, 2009 4:22pm May 7, 2009 4:22pm
Quoting DanyalDenyo
we have a pinbar on the major 1.5000 ppz at H4. it is with the short term uptrend and it has recently bounced back twice from 1.5000 area. i think it might be a good price to put SL under. the pinbar is also apparent in 3 different brokers/time zones. what do you guys think?
Very nice Dan. Nice hard break, with the trend , good advice from Jlr.
Indicators show the past. Price Action "Indicates" the future.
  • #29,410
  • May 7, 2009 4:30pm May 7, 2009 4:30pm
Quoting TiaForex
A lot to chew over tonight. 15 minutes to NY close and the "stress test" results.

Does anyone else get that feeling when they've passed and passed and passed for days that they are almost scared to take a bar? I get it after a loser too.

Ah psych. The cornerstone of trading.

You continue to read my mind TF. So what should we do? Shut that little voice down and do our best to look at these charts objectively. I've found 9 pairs that have decent PA today. Now I'm going back through and eliminating them or picking them... one by one. so far have nixed the Eur/Cad...
  • #29,411
  • May 7, 2009 4:31pm May 7, 2009 4:31pm
Quoting mbqb11
These are the days we have to be patient for.

Big pin
Big Round number
Clear divergence

Nice chart you got there Mike.
Indicators show the past. Price Action "Indicates" the future.
  • #29,412
  • May 7, 2009 4:31pm May 7, 2009 4:31pm
Quoting jarroo
Very nice Dan. Nice hard break, with the trend , good advice from Jlr.
Learn from the best
  • #29,413
  • May 7, 2009 4:32pm May 7, 2009 4:32pm
Quoting Jduester
You continue to read my mind TF. So what should we do? Shut that little voice down and do our best to look at these charts objectively. I've found 9 pairs that have decent PA today. Now I'm going back through and eliminating them or picking them... one by one. so far have nixed the Eur/Cad...

The good news is that by waiting for the break, I bet a few of these will never trigger...making the ultimate decision easier too.

Josh
  • #29,414
  • May 7, 2009 4:37pm May 7, 2009 4:37pm
Quoting MinceMeat
Looks like there have been some decent 4 hour pin bar setups on AUDCHF and CADCHF.
Very pretty MM. Man . . I love when they break hard and fast, right where their suppose to. How easy was that trade MM? Let me guess.
Indicators show the past. Price Action "Indicates" the future.
  • #29,415
  • May 7, 2009 4:37pm May 7, 2009 4:37pm
Quoting Jlr
Learn from the best

Always learning and improving.
Indicators show the past. Price Action "Indicates" the future.
  • #29,416
  • May 7, 2009 4:39pm May 7, 2009 4:39pm
Quoting eswap0
Hi!

This one (cadjpy daily) is against the main trend, but has space and land to run down to 8290. How do you see it?
A little bit upset about previous bar showing buying power...
Thanks!
I do not see a buying power i see an indecision candle!?
think about!
  • #29,417
  • May 7, 2009 4:43pm May 7, 2009 4:43pm
The EUR/AUD daily PB is also is off a major PPZ look at those highs back in 04!
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Click to Enlarge Name: euraudpb2070509.gif Size: 23 KB
Economists have forecast 9 out of the last 5 recessions
  • #29,418
  • May 7, 2009 4:44pm May 7, 2009 4:44pm
Quoting Jduester
You continue to read my mind TF. So what should we do? Shut that little voice down and do our best to look at these charts objectively. I've found 9 pairs that have decent PA today. Now I'm going back through and eliminating them or picking them... one by one. so far have nixed the Eur/Cad...
Glad to know I'm not the only one that suffers from 'trader paralysis' from time to time. I have less of a problem passing on trades, but when i get into that habit, I then end up passing on the A+ ones that come along. Nothing gets to me more than passing on a trade and then seeing a Jim chart or Mike comment the next day showing what a slam dunk it was. It all seems clear in retrospect. That's why i think there's no substitute for just demoing the dailies night after night after night for a few months.

As for playing the breach, personally I wouldn't do it any other way. If I wanted to be aggressive I'd just play a tighter stop Jarroo-style. I've just started a 3 month forward test period of that after backtesting it considerably on daily and weekly TFs. I can't see any reason to get in before the bar becomes a pin myself but I know highly skilled traders like rac make a fortune from it. (I want his crystal ball) Meanwhile I'll stick to the old fashioned conservative approach.

My charts close in 20 minutes. I did a quick scan at NY close and found around 9 pairs to look at too. Trying not to be influenced by "forum confluence".... Also a reminder to myself that 10 of us could take the same probability setup and we could have drastically different results. Break evens, losses, small winners, big winners. Management is key.

Good luck everyone.
  • #29,419
  • May 7, 2009 4:45pm May 7, 2009 4:45pm
Quoting jarroo
Very pretty MM. Man . . I love when they break hard and fast, right where their suppose to. How easy was that trade MM? Let me guess.
Yep, a real beauty!

Crazy how I haven't really seen any really decent trades (by my newly improved standards anyway) for well over a week and then a boat load come along in one day!
I'm trying to decide between the BUOBs/BEOBs on EURGBP, GBPUSD and GBPCHF at the mo ..... must say I'm leaning towards the EURGBP setup out of these at the mo.

EURAUD Pin Bar is also on the list of possibilities!
  • #29,420
  • May 7, 2009 4:48pm May 7, 2009 4:48pm
Quoting TiaForex
Glad to know I'm not the only one that suffers from 'trader paralysis' from time to time. I have less of a problem passing on trades, but when i get into that habit, I then end up passing on the A+ ones that come along.
Lol, you are most definitely not alone, I feel like I have gone from one extreme to the other.

At least my new extreme has been keeping me out some bad trades too
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