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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

  • #47,501
  • Nov 4, 2009 3:22am Nov 4, 2009 3:22am
Did not personally take this, but this sure damn fell on it's knees.
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I believe . . .
  • #47,502
  • Nov 4, 2009 3:32am Nov 4, 2009 3:32am
Quoting glyder
Dear All,
Pinbar on daily USDNOK, I cannot find any confluence, but a trade at the break of the pinbar would be away from the 5.7000 big round number just above.

All the best...
Agreed.

except that it's with the trend nothing goes with it,

It's not a great looking bar nor does it come with any confluence package, importantly it's not at a true swing high and even more importantly it's heading straight into the 5.7 round number, and given that these are rarely ever 'zones to the pip' it really isn't worth the risk.

g.
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I believe . . .
  • #47,503
  • Nov 4, 2009 3:40am Nov 4, 2009 3:40am
hi everyone, just wondering/hoping some of you caught these?? dale maybe??
i missed them both with work!! as ill miss todays trading
happy hunting
jon
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PATIENCE... DISCIPLINE
  • #47,504
  • Nov 4, 2009 3:44am Nov 4, 2009 3:44am
Quoting ghous
Did not personally take this, but this sure damn fell on it's knees.
hee nice ghous

I'm in this one from mondey and I'll revers my position on 50 or 61.8 retracement, waiting to see how she react at those level.

On my yen crosess from mondey I'm on the positive side and I'm looking to close them all,because the recovering in eqities market from yesterday are about to losing from their momentum.

and on my e/u and u/c i'm on the negative side but it's only a retrece,I'm not scary at all.

and my gbp/chf I have close all my 3 long position altough I was aiming for a MUCH more higher price, but I'll renter. on the 15tf we have a nice wedge pattern (i don't know how they call it). I don't know why I have ever exit this one

as i am writing it's seems that she breaks upside

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  • #47,505
  • Nov 4, 2009 3:45am Nov 4, 2009 3:45am
Ghous,

Many thanks for your feedback on the USDNOK,
as you suggest I left it as too risky...especially into the big round number

Another trade I am looking at is the 2 day pinbar on AUDNZD.
This looks like its at a more effective swing high to me.

ALthough it may be too late as the 2 day pin has now been breached and retraced...?
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If you can wait and not be tired by waiting...
  • #47,506
  • Nov 4, 2009 4:31am Nov 4, 2009 4:31am
Quoting triger88990
hee nice ghous

I'm in this one from mondey and I'll revers my position on 50 or 61.8 retracement, waiting to see how she react at those level.

On my yen crosess from mondey I'm on the positive side and I'm looking to close them all,because the recovering in eqities market from yesterday are about to losing from their momentum.

and on my e/u and u/c i'm on the negative side but it's only a retrece,I'm not scary at all.

and my gbp/chf I have close all my 3 long position altough I was aiming for a MUCH more higher price, but I'll...
Woohoo!!!
I believe . . .
  • #47,507
  • Nov 4, 2009 4:37am Nov 4, 2009 4:37am
Quoting glyder
Ghous,

Many thanks for your feedback on the USDNOK,
as you suggest I left it as too risky...especially into the big round number

Another trade I am looking at is the 2 day pinbar on AUDNZD.
This looks like its at a more effective swing high to me.

ALthough it may be too late as the 2 day pin has now been breached and retraced...?
hey glyder let me to give it a try

actually I don't trade this paire ofthen.and I don't paly combine's bar as well.

location looks good at swing high,with good conflence

but if you would look at a/u and gold you should have a bias for it but this are pure speculative thinks. I think that the price will be renge for a while,but that's another speculative.

when you are not sure about a think you should be stay away from market

hope that helps

wish you the best!
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  • #47,508
  • Nov 4, 2009 4:43am Nov 4, 2009 4:43am
Quoting glyder
Ghous,

Many thanks for your feedback on the USDNOK,
as you suggest I left it as too risky...especially into the big round number

Another trade I am looking at is the 2 day pinbar on AUDNZD.
This looks like its at a more effective swing high to me.

ALthough it may be too late as the 2 day pin has now been breached and retraced...?
The first thing that comes to my mind when I hear or see the word Aud/Nzd is the choppiness this pair displays...I can bet it's probably the most choppy pair out there.

In the light of the above paragraph this again is far from being an A+ trade. Notice how it's running right into an established ppz and what it has so far done. Price has touched this zone and bounced off with vigor as is often true in a tight ranging market.

Looking beyond it's location the shape is also terrible (open and close are kind of in between the bar and the bar leaves a wick at each side - not a good pin bar definition), after some time you can get really good at combining bars with your naked eye but for your first few months you're advised to use the period converter posted by Jarroo, the 2 day chart which you see attached below clearly shows why this isn't a pin that should "jump" out at you.

Don't force your trades, sit back relaxed in an ambush position ready to snipe your trades...rifling them will take you nowhere...

cheers,

g.
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I believe . . .
  • #47,509
  • Nov 4, 2009 4:48am Nov 4, 2009 4:48am
Ghous,

Thank you once again for the good advice.

You're right I need to sit back more and be less keen to trade.
Sometimes I have that attitude but other times I lose it again for periods.

I'll also look up the period converter.
If you can wait and not be tired by waiting...
  • #47,510
  • Nov 4, 2009 5:25am Nov 4, 2009 5:25am
Quoting triger88990
and my gbp/chf I have close all my 3 long position altough I was aiming for a MUCH more higher price, but I'll renter. on the 15tf we have a nice wedge pattern (i don't know how they call it). I don't know why I have ever exit this one

as i am writing it's seems that she breaks upside
heee seems that somebody have been paying attention

where are you benji this is your speciality

a touch of round number 1.69. KABOOOOOOM

nice to see that when you do your homework,everything it's much more easily.

wish you the best!!
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  • #47,511
  • Nov 4, 2009 5:39am Nov 4, 2009 5:39am
Quoting triger88990
heee seems that somebody have been paying attention

where are you benji this is your speciality

a touch of round number 1.69. KABOOOOOOM

nice to see that when you do your homework,everything it's much more easily.

wish you the best!!
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But if you had done your homework you would see 1.69xx rejected twice recently. Hope it works out...
Gone to a better place
  • #47,512
  • Nov 4, 2009 5:49am Nov 4, 2009 5:49am
Quoting triger88990
heee seems that somebody have been paying attention

where are you benji this is your speciality

a touch of round number 1.69. KABOOOOOOM

nice to see that when you do your homework,everything it's much more easily.

wish you the best!!
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it was almost taking my out on this but I knew if it will come back it will do this,I was tightening this one and moving my stop just below the bar that triggered my entry

I was aware about the triple top on the 4h chart + the div but fundamentally speaking this should be break,it seems that there were enough sellers there

at least I know why she does this
  • #47,513
  • Nov 4, 2009 5:50am Nov 4, 2009 5:50am
Quoting smikester
But if you had done your homework you would see 1.69xx rejected twice recently. Hope it works out...
see my above post
  • #47,514
  • Nov 4, 2009 6:15am Nov 4, 2009 6:15am
Quoting triger88990
it was almost taking my out on this but I knew if it will come back it will do this,I was tightening this one and moving my stop just below the bar that triggered my entry

I was aware about the triple top on the 4h chart + the div but fundamentally speaking this should be break,it seems that there were enough sellers there

at least I know why she does this
she finally decided to do his job and teaking my out,

taken a loss of 0.5%,

next one please!
  • #47,515
  • Nov 4, 2009 6:41am Nov 4, 2009 6:41am
Quoting supremeChaos
if u havent yet, check this out.
That's perfect, Chaos, thanks!
  • #47,516
  • Nov 4, 2009 6:42am Nov 4, 2009 6:42am
Quoting ghous
Did not personally take this, but this sure damn fell on it's knees.
Hi,

I would like to know what ur thought process was just looking at the trade. Could u pls explain?

Thanks

Hunri
  • #47,517
  • Nov 4, 2009 7:03am Nov 4, 2009 7:03am
Quoting didymario
Hi,
I would like to know what ur thought process was just looking at the trade. Could u pls explain?
Hello Hunri,
since ghous is most likely offline, i'll try to explain, if i may.
looking at his chart, u can see a 'confluence trade':
TL (trendline) + 1.5900 round number + 61.8 fib retracement + RSI divergence + trade based on break of IB (inside bar; red line)
ideally, we take setups with several/many confluences stacking the odds in our favor.
blue horizontal line is his expected initial problem/traffic area.

simple, isn't it?
  • #47,518
  • Nov 4, 2009 8:12am Nov 4, 2009 8:12am
Still watching this one, it is heading towards an interesting level (.7300). This nice round number also coincides with the 38% fib retracement of the last move down on the daily chart (also a pivot zone).

If this gives me good price action I am all over shorting this one. Still want below .7100 and .7000 to really be convinced we are going to trend down long-term but .7300 area has a ton of confluence for me.

You have to be VERY careful with too much in the way of predictions but I could easily see it go down after testing .7300 to the .7100 area, then if it breaks below you essentially have a break of a daily head and shoulders pattern (and not shockingly the break of the monthly pin). It all kind of ties in together if it works out that way.

Regardless, I have my scope on at this point and am very interested in seeing what happens with this pair over the next few days and weeks. With every trade I really try and make sure I am putting my capital to work in the best trades and not just throwing it out there to see what happens to it.



Nathan
  • #47,519
  • Nov 4, 2009 8:29am Nov 4, 2009 8:29am
Still sitting on my hands with this one.........no retracement back to .8990 area and no break below .8900 (as you recall I stated I would not play a break of the BEOB due to it running into .89 - I have a pending order just below).

Doesn't seem to know where it wants to go at this point, so I am fine just sitting on the sidelines for now with my orders in place.

Nathan
  • #47,520
  • Nov 4, 2009 8:30am Nov 4, 2009 8:30am
If I read it correctly, stop loss should be placed just below H/L of pin bar and buy/sell after the break of the pin. Looking on the EU/USD and USD/CHF currently where pin PA may be forming on the daily (I think), the number of pips between SL and potential buy order would be over 150 - is that correct? Just seems a lot

Thanks

js
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