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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

  • #33,141
  • Jun 11, 2009 4:35am Jun 11, 2009 4:35am
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Anyone know why GBP/USD weekly pinbar reversed ? In huge drawdown on my demo account. I guess there was no confulence or pivot zone....

Quote
It hasn't failed yet. The confluences are there.
If it does fail, it tells me the uptrend is very strong.

advfntrader,
we had a few posts regarding gbp$ a few pages back. the uptrend is indeed pretty strong. that's evident in Sir jarroo's previous 2 charts (eurgbp & gbp$).

the ppz in blue (latest gbp$ jarroo chart) may possibly be the roadblock this uptrend needs & thus range thereon for some bars. & then the downmove might finally resume for that weekly PB.

I'd say the gbp strength has been relentless, to say the least.
  • #33,142
  • Jun 11, 2009 4:39am Jun 11, 2009 4:39am
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I almost forgot about this one Dale. Once I grabbed 53 pips on the 1st half and put the 2nd half to break even and forgot about it.

Thanks jarroo,

I had a problem with superwide spreads from my broker and have switch to Forex.com UK.

I am going to start branching out from the majors, should be fun.



I could not agree more with James16's last rant.

Enjoy the pips jarroo.


Dale
  • #33,143
  • Jun 11, 2009 4:41am Jun 11, 2009 4:41am
In the short term,
GU hourly chart had a DIBS with a break to the upside.
It ran up to the previous hourly trend line (started on June 9th)
  • #33,144
  • Jun 11, 2009 4:47am Jun 11, 2009 4:47am
Quoting advfntrader
Anyone know why GBP/USD weekly pinbar reversed ? In huge drawdown on my demo account. I guess there was no confulence or pivot zone....
The weekly pin bar was resting on a very strong resistance line/ppz. I would personally have liked to see a close below it's low to initiate a trade.

MM
The greatest achievements are those that benefit others....
  • #33,145
  • Jun 11, 2009 4:48am Jun 11, 2009 4:48am
Quoting Dale
Thanks jarroo,

I had a problem with superwide spreads from my broker and have switch to Forex.com UK.

I am going to start branching out from the majors, should be fun.



I could not agree more with James16's last rant.

Enjoy the pips jarroo.


Dale
The formation appears to be very universal. Still leaning how to be very picky with them. They fit in well with my low risk approach to trading.

Thanks Dale.
Indicators show the past. Price Action "Indicates" the future.
  • #33,146
  • Jun 11, 2009 4:52am Jun 11, 2009 4:52am
Quoting Dale
Thanks jarroo,

I am going to start branching out from the majors, should be fun.

Dale
Dale,

Are you branching just because of the spread?

MM
The greatest achievements are those that benefit others....
  • #33,147
  • Jun 11, 2009 4:53am Jun 11, 2009 4:53am
Quote
I am going to start branching out from the majors, should be fun.

Dale,
wow..... to me, the above sounds like "more ice cream/chocolate flavors = more fun"....

& this means more posts from u.
  • #33,148
  • Edited 5:24am Jun 11, 2009 4:55am | Edited 5:24am
Quoting C_g
In the short term,
GU hourly chart had a DIBS with a break to the upside.
It ran up to the previous hourly trend line (started on June 9th)

Nice C_g. Good time to start looking at DIBS trades if the trend continues. Actually, it was probably better a few months ago. lol
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Indicators show the past. Price Action "Indicates" the future.
  • #33,149
  • Jun 11, 2009 5:06am Jun 11, 2009 5:06am
Quote
Are you branching just because of the spread?

With my previous broker anything but the majors offered very volatile spreads.

i will keep a close eye on this with my new broker.


Dale
  • #33,150
  • Jun 11, 2009 5:11am Jun 11, 2009 5:11am
Quote
They fit in well with my low risk approach to trading.


Sounds like your in this business for the long haul then.


Dale
  • #33,151
  • Jun 11, 2009 5:14am Jun 11, 2009 5:14am
Quoting Dale
Sounds like your in this business for the long haul then.


Dale
My account isn't as big as James16's . . .yet.

But I'm acting as though it is, so I might as well get use to it now.
Indicators show the past. Price Action "Indicates" the future.
  • #33,152
  • Jun 11, 2009 5:26am Jun 11, 2009 5:26am
Anyone in on the EURCAD daily pin from a few days ago?

I am and starting to suffer a bit of drawdown...

I'm thinking its against the trend (always a risk I guess!)

Although the pin and previous low hit a similar level so this added weight to a possible retracement.

any thoughts on this one? in particular I'm intrested in reasons people didn't take it as well as reasons folk might have done!!! - I still have a very long way to go... infact I've hardly started! (learning that is!)

Cheers

Fat Tom
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  • #33,153
  • Jun 11, 2009 6:14am Jun 11, 2009 6:14am
How do you guys get 8 hr charts on MT4 ?? thanks
  • #33,154
  • Jun 11, 2009 6:19am Jun 11, 2009 6:19am
advfntrader,
two ways:
imagination (with practice): combine (in your mind) two adjacent bars/candles in whatever timeframe (two H4 candles in response to your question; H4 + H4 = H8 chart) using only the open of the 1st bar/candle & close of the 2nd bar/candle

indicator:
search FF (or within j16 thread) for the periodcon/periodconverter indicator (this will create an H8 chart, or D2 or whatever u want) or
u can also check out hanover's Candle Aggregator indicator

  • #33,155
  • Jun 11, 2009 6:45am Jun 11, 2009 6:45am
Quoting 4fun
Ok 4hr chart with todays fibs, this pair seems to have lots of toro juice, lookin for a dip to go long, would like 160 hehe its worth watching seems more new highs to come if i get a good seat try to hold til 165 see what pa says about all this.
A new high happening atm alls well.Look for yesterdays high to become support then might really have something
  • #33,156
  • Jun 11, 2009 6:51am Jun 11, 2009 6:51am
Been birddoggin this pair and it seems to be its winding up the day bar is shaping up as an inner bar, my personal bias is short lots of resistance overhead seems it might soon play its hand, its like slowly unwrapping a present waiting to see what the hell it is, feel like a kid.
  • #33,157
  • Edited 7:31am Jun 11, 2009 7:28am | Edited 7:31am
Quoting fat_tom
Anyone in on the EURCAD daily pin from a few days ago?

I am and starting to suffer a bit of drawdown...

I'm thinking its against the trend (always a risk I guess!)

Although the pin and previous low hit a similar level so this added weight to a possible retracement.

any thoughts on this one? in particular I'm intrested in reasons people didn't take it as well as reasons folk might have done!!! - I still have a very long way to go... infact I've hardly started! (learning that is!)

Cheers

Fat Tom
Hey Tom

I was just stopped out of this trade as my stop was placed at 1.546. It's been in draw down for about 2 days. There is a fair bit of traffic around this pin now but in my opinion it still is very likely to head back north.

I am tempted to re enter on the 50 fib retrace but I'm not 100% yet. I see 1.55735 as a resistance point now so could make a decent RR by entering at the 50 and taking a partial profit there.

EDIT: Reasons for people not taking this include the traffic/location and the strong support located at 1.56350 making it a less then 1:1 RR trade if it holds.
  • #33,158
  • Jun 11, 2009 7:32am Jun 11, 2009 7:32am
Quoting Tipers
Hey Tom

I was just stopped out of this trade as my stop was placed at 1.546. It's been in draw down for about 2 days. There is a fair bit of traffic around this pin now but in my opinion it still is very likely to head back north.

I am tempted to re enter on the 50 fib retrace but I'm not 100% yet.
Tipers,

Sorry to hear about the stop...

Mine is just below the pin at 1.534 so I'm still in..

lets see...

Fat Tom
  • #33,159
  • Jun 11, 2009 7:37am Jun 11, 2009 7:37am
B-day manana heading out the door to Las Vegas shortly, so much for U/J innerbar,my only trade is G/J and might just pull the plug wont look at a chart for at least a week look for 163-165 reversal many pips to all ciao!
  • #33,160
  • Jun 11, 2009 7:39am Jun 11, 2009 7:39am
Just before I hit the hay I wanted to post my best trade of the day. 4hr chart attached. DBLHC retrace to the 61.8 fib. Caught it on the retrace once it cleared the 50 and now up 50 pips. SL of only ~25 pips so currently at 2:1 RR. Half position taken and stop at BE. Very very very strong support at 1.08315 but if it gets taken out then we will shoot straight up about 50 or so pips.
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