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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

  • #30,601
  • May 20, 2009 3:17pm May 20, 2009 3:17pm
Quoting g5ricky
there is a pinbar on the 4 hour for EU anyone going to trade that?
The real question is, are you going to trade it?

On my feed the pin bar didn't close within the body of the previous bar. We broke the 1.37 level and I'm going to wait and see if 1.37 starts to act as support from prior Resistance and then look for PA for Long Bias, since I'm thinking the trend is starting look a little stronger to the upside. I'm probably wrong, but that is how I see it.

The short answer: No.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #30,602
  • May 20, 2009 3:21pm May 20, 2009 3:21pm
Quoting LasVahGoose
The real question is, are you going to trade it?

On my feed the pin bar didn't close within the body of the previous bar. We broke the 1.37 level and I'm going to wait and see if 1.37 starts to act as support from prior Resistance and then look for PA for Long Bias, since I'm thinking the trend is starting look a little stronger to the upside. I'm probably wrong, but that is how I see it.

The short answer: No.

Interesting.
Thanks.
  • #30,603
  • May 20, 2009 3:21pm May 20, 2009 3:21pm
Starting my daily review 2 hours before my feed closes.
AUDCHF is sitting onto a weekly PPZ, also FIB 50.
2days bar is drawing a nice PB, although against the trend.
1day bar shows MACD divergence.
Just considering going short @8490.
Concerned about 8450, perhaps the point to move to BE.
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Trading: the skill of avoiding trades
  • #30,604
  • May 20, 2009 3:27pm May 20, 2009 3:27pm
with regards to EU, the nose isn't long enough for me and in a strong up trend. FYI i took a small speculative trade (0.01) on something very similar last night on GU and i was stopped out. leave it.....live to fight another day.
  • #30,605
  • May 20, 2009 3:28pm May 20, 2009 3:28pm
Quoting g5ricky
why not?
Sorry I edited my post with some reasons.

Rather than just spotting a Pin bar and asking if others are going to trade give some insight into your own analysis. This will help you a huge amount when others can then give some constructive criticism.
  • #30,606
  • May 20, 2009 3:46pm May 20, 2009 3:46pm
Looking at audjpy.
After a clear weekly BEOB, PA retraced to FIB 50 of bar.
Checking the 2 days bar, I found an interesting PB, just above 7443 PPZ.
A pitty agains the trend.
Perhaps a down race till 7195?
Thanks for your opinions!
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Trading: the skill of avoiding trades
  • #30,607
  • May 20, 2009 3:46pm May 20, 2009 3:46pm
my insight has lost me 4 grand so far lol....I am trying to see why others would or would not trade it since for me it looks like something I would trade. I am trying to sit on the sidelines and see what happens although if some excellent opportunity presents itself I will take it. here is what my feed looks like.... appreciate the help!
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  • #30,608
  • May 20, 2009 3:48pm May 20, 2009 3:48pm
Quoting g5ricky
my insight has lost me 4 grand so far lol....I am trying to see why others would or would not trade it since for me it looks like something I would trade. I am trying to sit on the sidelines and see what happens although if some excellent opportunity presents itself I will take it. here is what my feed looks like....
If you did take it short, where would expect price to stop? When would you move to breakeven?
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #30,609
  • May 20, 2009 3:55pm May 20, 2009 3:55pm
Quoting LasVahGoose
If you did take it short, where would expect price to stop? When would you move to breakeven?
when it got to 1.3725 I would set it to break even. I would take profit around 1.3580ish.
  • #30,610
  • May 20, 2009 4:08pm May 20, 2009 4:08pm
Nothing for me tonight on Daily, backtesting time!
Economists have forecast 9 out of the last 5 recessions
  • #30,611
  • May 20, 2009 4:09pm May 20, 2009 4:09pm
Don't you think it is already time for eurnzd to leave the 2472 PPZ, break the TL and go up? Two consecutive PB pointing upwards and nice MACD divergence.
A pitty a couple of EMA's are waiting on the road.
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Trading: the skill of avoiding trades
  • #30,612
  • May 20, 2009 4:28pm May 20, 2009 4:28pm
AUDCHF 2 Day Pin, location is darn good, very clear weekly PPZ at 8650, pity the pin didn't close below 8500, which is a minor PPZ too, also this is the second test of the 8650 area.

AUDJPY 2 Day Pin, 73.00 is the number we should look at.
AUDCAD 2 Day Pin, is at an extreme high, fairly large but below is directly the 8800 clearly defined daily PPZ, bar highs starting at 8780+, question is, would you take the risk for a 20 pip break under the 2 day pin? well if the probability is high enough, why not?

EURAUD 2 day pin, might be the best there is in terms of space, I'd maybe pick this one but also considering the fact that this is the second test of the PPZ at 1.7500, I really didn't know what to do about it



Which is all 2 day pins and I'm very tired due to a problem here at home, but from the short analysis, I have found the better of the four with EURAUD, which gives more space, space is the third criteria for a trade to take IMO, next to PA shape and Location scoring highest.
  • #30,613
  • May 20, 2009 4:31pm May 20, 2009 4:31pm
EURAUD 2D couldn't go through EMA 365. The way up is open.
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Trading: the skill of avoiding trades
  • #30,614
  • May 20, 2009 4:34pm May 20, 2009 4:34pm
Quoting eswap0
EURAUD 2D couldn't go through EMA 365. The way up is open.
My 365 is much further up, is yours based on close?
Economists have forecast 9 out of the last 5 recessions
  • #30,615
  • May 20, 2009 4:42pm May 20, 2009 4:42pm
Quoting markmm
My 365 is much further up, is yours based on close?
Yes.
Strange..
Remember it is a 2 days chart.
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Trading: the skill of avoiding trades
  • #30,616
  • May 20, 2009 4:48pm May 20, 2009 4:48pm
Ah yeah, sorry I forgot!
Economists have forecast 9 out of the last 5 recessions
  • #30,617
  • May 20, 2009 5:01pm May 20, 2009 5:01pm
Quoting Nanook438
Mike-mbqb
Looks like a nice pinbar on EU. Been waiting patiently as a PA newbie for a setup to come long.
Can you rate it?
Thanks in Advance
Hey Nook

On my chart it close very poorly. While the open and close are still within the prior bar, when the close is that much higher and not within the body, I don't give much wait to the bar. Especially on the size of it. I don't see any significant reason for a reversal here, and there area many bar highs below in this uptrend. If you zoom your chart out a bit, you can see the weight and importance of the bar looks a lot less appealing. I would rate it on the mbqb11 scale of death a D The only real thing it has going for it is the divergence, which with a pin that ugly isn't a good enough trade for me on the H4

Hope this helps
Here is the chart

Mike
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  • #30,618
  • May 20, 2009 5:07pm May 20, 2009 5:07pm
Hi,
taking this, becouse of nice price level. 1.1475 for B/E.
Btw, I was shorting EU from 1.38, but on my datafeed there is no such hammer. Would hold it longer, It is very strong level in my opinion.

Have a nice day
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  • #30,619
  • May 20, 2009 5:11pm May 20, 2009 5:11pm
What price level?

THere is no PPZ there, my friend.
  • #30,620
  • May 20, 2009 5:16pm May 20, 2009 5:16pm
I agree with this analysis. I did have an order in on IBFX for a little as I thought it over but cancelled. The bar on IBFX had a better close and was appealing beacuase of the 1.38 round number that has been S/R in the past. I had TP1 at those bar highs and would move stops to BE on the rest right there. Canclled thoough.

I have only been trading live for 3.5 months and I am a dead BreakEven Trader. I definitely think I understand the material more and more each day but I think it is trades like these that I need to stay out of to make it to the next level.

When the trend is looking upward and there are bar highs so close to your entry is it really worth the 20 pips? That is a personal decision and I think I am starting to beleive it is not because if it misses my TP and BE level by 2 pips I am screwed out of my 1% of risk. (This has happened)

There is definitely nothing wrong with getting your stop to BE quickly after takign 20 pips from a trade and I do it alot especially with 4hr trades but this doesnt seem liek the trade to do it with.

I cant wait to get to the next level. but for now I am breaking even. at least :-)


Dave


Quoting mbqb11
Hey Nook

On my chart it close very poorly. While the open and close are still within the prior bar, when the close is that much higher and not within the body, I don't give much wait to the bar. Especially on the size of it. I don't see any significant reason for a reversal here, and there area many bar highs below in this uptrend. If you zoom your chart out a bit, you can see the weight and importance of the bar looks a lot less appealing. I would rate it on the mbqb11 scale of death a D The only real thing it has going for it is the divergence,...
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