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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

  • #31,941
  • Jun 2, 2009 5:06pm Jun 2, 2009 5:06pm
Quoting markmm
Hi Josh,

I think the daily candle is a dragon fly doji which is bearish at swing high, and its hitting a weekly resitance area, are you long or short, or straddle?
i agree, i expect some retrace but im bullish over all??
jon
PATIENCE... DISCIPLINE
  • #31,942
  • Jun 2, 2009 5:09pm Jun 2, 2009 5:09pm
I took the U/C trade..placed pending order when I found the setup and went to work..May not have taken it if i'd read the points discussed here...it tripped my entry by 3 pips(!) and has come within 12 pips of my stop..but still lives!

Any way regardless its very good learning for me as a beginner trader and 1% isnt the end of the world...trade isnt invalidated until the bottom of the pin breaks...but not expecting the trade to be open when I get home this afternoon.

great analysis by the senoir members here on this one.
All that matters is winning the week
  • #31,943
  • Jun 2, 2009 5:10pm Jun 2, 2009 5:10pm
Be careful. Could be a double top. Look for charts patterns.
http://thepatternsite.com/eedt.html



Quoting Jduester
The trade would be a continuation inside bar/breakout above 1.75. So long.
I thought for it to be a dragon fly doji it would have to trade higher than the previous bar?
Thanks for your help,

Josh
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #31,944
  • Jun 2, 2009 5:13pm Jun 2, 2009 5:13pm
Quoting onmyself
I placed an buy stop order at 1.0954 ,10 pips higher than yesterday's high , price didn't go north farther.Rather unfortunately,I was stop out ! Every novices should keep in mind that not every pinbar is a reversal signal . We must consider the strong trend first...

Thanks TiaForex's comment,very helpful .
the trend is your friend..(until it bends) this worked for the turtles in the late 80s and still works today 20 years later..
however i too forgot this and got burned on this trade.
  • #31,945
  • Jun 2, 2009 5:20pm Jun 2, 2009 5:20pm
Quoting Jduester
The trade would be a continuation inside bar/breakout above 1.75. So long.
I thought for it to be a dragon fly doji it would have to trade higher than the previous bar?
Thanks for your help,

Josh
I think with forex though the open is always at the close of the previous day and it being a doji the close will be at or near open, maybe if it gapped up, I think you might be right, maybe this candle doesn't apply in forex. However the strong weekly PPZ might cause some resistance.
Economists have forecast 9 out of the last 5 recessions
  • #31,946
  • Edited 5:35pm Jun 2, 2009 5:33pm | Edited 5:35pm
Audnzd 2 days: PB, with the trend, wick touched FIB 61 and retraced behind FIB 50.
Any opinions?
Thanks!
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Trading: the skill of avoiding trades
  • #31,947
  • Jun 2, 2009 5:33pm Jun 2, 2009 5:33pm
Nice inverted pin bar aka ghous bar on the E/J Daily at a double bar high with bearish divergence and off 365 EMA. (365 EMA is on the FXpro feed and not FXDD)
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  • #31,948
  • Jun 2, 2009 6:02pm Jun 2, 2009 6:02pm
Quoting eswap0
Audnzd 2 days: PB, with the trend, wick touched FIB 61 and retraced behind FIB 50.
Any opinions?
Thanks!
I like the S/R-PPZ, blue boxes around ~1.2400, but I do not like the green box that price would run into. You have it marked with your gray box. The question is, would you trade into it? Personally, price is kind of in no-man's land.
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  • #31,949
  • Jun 2, 2009 6:15pm Jun 2, 2009 6:15pm
Quoting HipsterPipster
I like the S/R-PPZ, blue boxes around ~1.2400, but I do not like the green box that price would run into. You have it marked with your gray box. The question is, would you trade into it? Personally, price is kind of in no-man's land.
Thanks!
I agree.
Large spread also discouraged me.
But a look at monthly is also interesting: a pity this zone has been crossed so many times...
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Trading: the skill of avoiding trades
  • #31,950
  • Jun 2, 2009 6:56pm Jun 2, 2009 6:56pm
I analyzed the GBPCHF, and I agree with Josh's analysis. It appears like an inside bar against a strong S/R line, and I am taking on the probability that with this second touch (no MACD divergence) and read on Clockwork's thread the Swiss Bank has been trying to make the Swiss Franc weaker, that it will break long.

If not, then I am wrong, and I accept my loss on the trade. I have placed my order at 1.7625 (a break from the current highs).
  • #31,951
  • Jun 2, 2009 6:58pm Jun 2, 2009 6:58pm
As i understand here, Bullish divergence on EG with IB.

It is a candidate of long on break of 0.8671 with first target of 0.8728

Any comments?
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  • #31,952
  • Jun 2, 2009 7:01pm Jun 2, 2009 7:01pm
Quoting unlv_tj
I analyzed the GBPCHF, and I agree with Josh's analysis. It appears like an inside bar against a strong S/R line, and I am taking on the probability that with this second touch (no MACD divergence) and read on Clockwork's thread the Swiss Bank has been trying to make the Swiss Franc weaker, that it will break long.

If not, then I am wrong, and I accept my loss on the trade. I have placed my order at 1.7625 (a break from the current highs).

That's not unreasonable actually, although one has to be nimble and non-greedy. Coincidentally, I have taken some off the table today. Not compelled to enter counter trend, but at some point, obviously, there will be a profitable counter-trend hits for some. I am content to wait for re-entry at this point.
  • #31,953
  • Jun 2, 2009 7:56pm Jun 2, 2009 7:56pm
Hey guys, long time reader and first time poster. I'm a 21 year old accounting/finance student from Brisbane Australia.

I was wondering if I could get some thoughts on the DBLHC on the daily EURUSD chart attached. I noticed the pin bar form and I decided not to take it due to it being counter trend and not having a large nose. I thought the bar was acutally in quite a good position in terms of being near a 365 sma and being close to the trend line. Would anyone else have taken this pin if it was 1.5x as long?

A dblhc has formed now and hints at a trend continuation. I havn't seen this bar posted on this thread yet so I'm wondering if anyone else has seen it and is planning on trading it. I think my main hestitation in placing an order (I'm still on demo) is that, because of the previous pin bar, I still have the feeling it will reverse. I know that's some very incorrect thinking to have and I guess I just have to ignore it and focus on what the PA is telling me?

Lastly do my trend lines/channels look correct to you guys? With each new high you get on the chart do you update your trend line or do you leave it as the previous high and say that it's broken through?

Thanks guys,
Alex
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  • #31,954
  • Jun 2, 2009 8:28pm Jun 2, 2009 8:28pm
Regarding the GBPCHF setups today.

This is something I've been stalking for a while. The 1.75 level is a great level and if you zoom out you can see clearly how it was respected in the past. And this pair has been winding up nicely for some time now. I've been waiting for PA, perhaps after a breakout of the 1.75 level and then a retest before it heads on.

I'm demoing the 4H so I took the pinbar retest of 1.75 there. Normally I wouldn't take a 4H and a daily trade together but one is demo and one is live so they are serving different purposes now. So I took the daily inside bar. I play inside bars very rarely but this one had a nice look and was at such a key level.

The more I do this the more it seems to be all about the location. Price action is the trigger but the location is the key.
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  • #31,955
  • Jun 2, 2009 8:43pm Jun 2, 2009 8:43pm
Quoting Tipers
Hey guys, long time reader and first time poster. I'm a 21 year old accounting/finance student from Brisbane Australia.

I was wondering if I could get some thoughts on the DBLHC on the daily EURUSD chart attached.

A dblhc has formed now and hints at a trend continuation.
Alex
Welcome to the thread Alex.

From my experience dblhc have better probability if they're taken at swing low, same as buov bars. Taking this bar right now is becoming too risky imo. Trend is strong, but it ran for four days without any good retrace. I think one is due and it might take fiber back to around 3940/4000. This is area where I would be looking to get back in long. I had short, counter trend orders around 4350 earlier today but it never triggered. Price might still continue upward movement from here, but I would not leave my screens untill my stop is at be if I were to trade long hand.
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  • #31,956
  • Jun 2, 2009 8:53pm Jun 2, 2009 8:53pm
Quoting raczekfx
Welcome to the thread Alex.

From my experience dblhc have better probability if they're taken at swing low, same as buov bars. Taking this bar right now is becoming too risky imo. Trend is strong, but it ran for four days without any good retrace. I think one is due and it might take fiber back to around 3940/4000. This is area where I would be looking to get back in long. I had short, counter trend orders around 4350 earlier today but it never triggered. Price might still continue upward movement from here, but I would not leave my screens untill...
Rac!!!

Long time Bro,
I believe . . .
  • #31,957
  • Jun 2, 2009 8:57pm Jun 2, 2009 8:57pm
Quoting ghous
Rac!!!

Long time Bro,
I know.. busy flying planes now....
Very addictive hobby.

We're getting close to summer and I will be winding down trading a bit.
Taking only the best setups over the next 2-3 months, since I've learned the hard way over the years to be ultra picky in July-August.
Hope your exams are going well. Masters next?
  • #31,958
  • Jun 2, 2009 9:04pm Jun 2, 2009 9:04pm
Quoting raczekfx
I know.. busy flying planes now....
Very addictive hobby.

We're getting close to summer and I will be winding down trading a bit.
Taking only the best setups over the next 2-3 months, since I've learned the hard way over the years to be ultra picky in July-August.
Hope your exams are going well. Masters next?
Isn't a Piper Cub some form of young trader?
  • #31,959
  • Jun 2, 2009 9:10pm Jun 2, 2009 9:10pm
Quoting raczekfx
I know.. busy flying planes now....
Very addictive hobby.

We're getting close to summer and I will be winding down trading a bit.
Taking only the best setups over the next 2-3 months, since I've learned the hard way over the years to be ultra picky in July-August.
Hope your exams are going well. Masters next?
Exams are going Ok. This is still high school mate. bachelors next.

(Jeez, I am 19 )
I believe . . .
  • #31,960
  • Jun 2, 2009 9:17pm Jun 2, 2009 9:17pm
Quoting ghous

(Jeez, I am 19 )
G.. It seems, I've known you for 40years...

Quoting HipsterPipster
Isn't a Piper Cub some form of young trader?
He, he... it is.
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