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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

  • #48,241
  • Nov 17, 2009 2:35pm Nov 17, 2009 2:35pm
Quoting dobe_r_man
I hope you are right........this is the only trade I am in right now! I have been watching this one for weeks and took a very small profit last week on a trade but have been waiting for a break below .8900 (which finally happened).

Nathan
IMO we're right on a potential turning point for EURGBP

- S/R (goes back further than marked)
- Fib
- Recent divergence

So could be worth watching PA here. Been dead for the past few hours since hitting this level
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  • #48,242
  • Nov 17, 2009 2:37pm Nov 17, 2009 2:37pm
one i am watching
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  • #48,243
  • Nov 17, 2009 2:58pm Nov 17, 2009 2:58pm
Quoting TrendsFriend
IMO we're right on a potential turning point for EURGBP

- S/R (goes back further than marked)
- Fib
- Recent divergence

So could be worth watching PA here. Been dead for the past few hours since hitting this level
It could definitely turn, but my stoploss is at break-even regardless. If this goes through the 61 fib watch out, it could drop hard below .8800 right on down to the .87 level.
  • #48,244
  • Nov 17, 2009 3:48pm Nov 17, 2009 3:48pm
Quoting Scot Pippin'
I got this off the IB. Took off some and hoping this one can avoid getting stopped out, they do that sometimes right? lol
Stopped out by less than a pip, awesome. Seems the market is trying to tilt me. I'll getcha back tomorrow.
"Whether you think you can or can't, you're right." Henry Ford
  • #48,245
  • Nov 17, 2009 3:59pm Nov 17, 2009 3:59pm
Looking to take this daily Pin long.

Pros: Trendline bounce, 50% Fib bounce (not shown), protrudes nicely
Cons: PPZ 100 pips away, not much space

Waiting for: Break of pin, then move to BE once it gets to that first area of resistance.

Anyone like to comment on my logic?

Thanks guys...
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  • #48,246
  • Nov 17, 2009 3:59pm Nov 17, 2009 3:59pm
Quoting mbqb11
My hands are getting numb from sitting on them. Not many trades for my methods recently

I am watching this like a hawk. When this thing breaks it may not look back. This is a situation where I might not even look for a pullback. Bias is down based on the action around the other pairs

Mike
Incidentally also a double inside bar on the daily. Don't see that on this pair too often. Unusually high tick volume to bar range ratio as well.

EDIT:GBPJPY
May all your fits be loose.
  • #48,247
  • Nov 17, 2009 4:01pm Nov 17, 2009 4:01pm
short 1.0162

anyone in this ??
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  • #48,248
  • Nov 17, 2009 4:53pm Nov 17, 2009 4:53pm
I am trying to upload a chart, but the upload thingy says its is exceeded by 128k, I tried a smaller file and poked around to see if I could delete anything in the manage attach thingy to free up space, any advice on what needs to be done so i can post a chart or two?

Thanks
Beach
  • #48,249
  • Edited 5:48pm Nov 17, 2009 5:24pm | Edited 5:48pm
I've taken this pin on the NZD/USD H4 Pinbar shown.

1. It's with the bullish trend which is stong on higher timeframes.
2. PB at swing low
3. PB off PPZ at .7440, (Solid red line).
4. Nice looking pin.

Will keep an eye on it, to make sure it does not stall and reverse at this PPZ.



Edit: Price stalled at .7460 area so closed the trade for 4 pip loss. A strongish bearish pin had also formed on the M5. (I should examine and mark trouble areas more carefully in future.)

...
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  • #48,250
  • Edited 10:51pm Nov 17, 2009 5:29pm | Edited 10:51pm
U Cad Pin

Pin. Both open and close in range of prev bar.
Nice nose.
Longer than previous bars
Sticks out halfway over prev bar
Thru round numbers of 1.05 and 1.06
Recent PPZ at 1.06 that was respected in the past as well.
Set up my EA to take half profit and move stop to breakeven before it hits the first trouble point of 1.0426. (20 pips)
Because of the traffic nearby, I have set my EA to manage it tightly.
Target then 1.0371, but will trail stop manually.
Will enter at 10 pips of break.
Stop 10 pips about other end.

Have I got this right?

Thanks
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  • #48,251
  • Nov 17, 2009 5:36pm Nov 17, 2009 5:36pm
Quoting atclarkson
U Cad Pin

Pin. Both open and close in range of prev bar.
Nice nose.
Longer than previous bars
Sticks out halfway over prev bar
Thru round numbers of 1.05 and 1.06
Recent PPZ at 1.06 that was respected in the past as well.
Set up my EA to take half profit and move stop to breakeven before it hits the first trouble point of 1.0426. (20 pips)
Because of the traffic nearby, I have set my EA to manage it tightly.
Target then 1.0371, but will trail stop manually.
Will enter at 10 pips of break.
Stop 10 pips about other end.

Have I got this right?

Thanks...
I saw that one two but I have a few concerns.

- First trouble area around 1.0400
- Not a clear swing high
- Monthly bullish pin (not triggered yet)

Just my 2 cents.
  • #48,252
  • Nov 17, 2009 5:46pm Nov 17, 2009 5:46pm
I jumped in on USD/CAD 4hr

BEOB at 1.06 daily S/R level
In direction of daily and weekly tend
Upper BB level

Targets to look at is 1.05, 1.0435 then 1.03 level
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  • #48,253
  • Nov 17, 2009 5:53pm Nov 17, 2009 5:53pm
USD/CHF is another trade I have an order placed on break of pin

Pin at weekly S/R @ 1.02
Direction of daily and weekly trend
Top of BB channel
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  • #48,254
  • Nov 17, 2009 8:06pm Nov 17, 2009 8:06pm
Quoting TiaForex
Me too Mike, me too.

I've been killing the time by playing with other methods on demo which is fun.

I am still holding a 4H NJ pinbar from days and days ago based on the big round and gap close. My plan was a simple set and forget TP/SL. And it's ranged and ranged and ranged for a week.

The yens have lead weights tied to their ankles and they are aching to "sleep with the fishes".
Could this be the start of something positive? Not to the letter, but an FXVison sort of entry.

K.I.S.S.
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  • #48,255
  • Nov 17, 2009 9:28pm Nov 17, 2009 9:28pm
Quoting bundyraider
Euro H/S Breakout Pullback - Step 6

[size=3]What you should see is that the eventual stop placement was not as close as I know a lot of newcomers would use.

There is a second confirmation here too when the eventual inside bar is created (closes) after the touch entry and is then broken to the downside. That could be played as a trade in itself.

Stops were set at break-even somewhere just after that original bearish bar was broken down low. [size=2]This...
Great posts Bundy. A great lesson in fine tuning the PPZ levels on different time frames.

I am looking more at the Close(s) of Price (line charts at the Close), thanks to you. It makes sense, we offen hear from James16, Mike and yourself (of course), " I would like to see Price Close above/below this PPZ level." Or " I'll move my stop if Price closes above/below at that round number .", and so on. Where Price closes plays an important role in how we trade.

Question? I see the value of PPZ levels at the Close of Price, do you also look at fib levels or more importantly at the 50% retracement level by using the Closes instead of the High and Lows?

(you may have answered this in your posts . . .I'm still studying them. )

Thanks again,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #48,256
  • Nov 17, 2009 9:53pm Nov 17, 2009 9:53pm
Quoting KissFan
Nice "hard break". To borrow a term from Jarroo.

K.I.S.S.
Nice one Roger.

There is nothing like a PA hard break. Its a confirming action that tells me that the setup is correct. The next step (for me) is that Price re-tests or retraces to the entry or break of the PA setup. Price will re-test the setup just to make sure (a tease, if you will) to prove that the setup is correct.

Best case scenario is that it doesn't retest and goes to the moon. . . . . WooYoo. lol


Check the re-test of "A" compared to the not so great re-test of the "B" setup. Strange that "B" worked out the way it did. Looks to me like a better supportive trade. Oh well, that's why we protect ourselves.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #48,257
  • Nov 17, 2009 10:13pm Nov 17, 2009 10:13pm
Quoting mbqb11
My hands are getting numb from sitting on them. Not many trades for my methods recently

I am watching this like a hawk. When this thing breaks it may not look back. This is a situation where I might not even look for a pullback. Bias is down based on the action around the other pairs

Mike

There you go Mike. BEOB right at the tip of the tooth paste tube. lol.
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Indicators show the past. Price Action "Indicates" the future.
  • #48,258
  • Nov 17, 2009 10:40pm Nov 17, 2009 10:40pm
Quoting fxlan
What do you guys think?
That's about the gist of it fx.

Pin Bar at a nice confluenced level: Daily PPZ level, 50% retracement level and a nice bold round number. With a nice hard break to boot.
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Indicators show the past. Price Action "Indicates" the future.
  • #48,259
  • Edited 10:57pm Nov 17, 2009 10:43pm | Edited 10:57pm
Quoting NosferatuMan
I saw that one two but I have a few concerns.

- First trouble area around 1.0400
- Not a clear swing high
- Monthly bullish pin (not triggered yet)

Just my 2 cents.

First trouble area being close is taken care of by my EA, I will have gone to BE long before it hits there. (probably while I am sleeping)

Def a minor swing high... this the only thing that really bugs me about the trade, not a pile of space.

I wonder if the monthly bullish pin has retraced too far to work? we're only halfway thru the month, so who knows.

(Woudl have loved to be in the H4 pin.... so pretty.

Thanks for your input, it is most appreciated!


edit.... took the trade off. Not enough space and what you said, not at swing high. Not A+ and not to my rules. Thanks again!
  • #48,260
  • Nov 17, 2009 10:51pm Nov 17, 2009 10:51pm
as far as GBPJPY, the monthly pivot line below current PA doesn't influence any "long bias" ??? Also, there has been a LOT of BEOB/BUOB in this area we are currently in, sooooooo...... I mean this is tough lol. I understand some are expecting a break out so strong there will be no retest of the flag lines we have drawn.... This is really tough.
Many choose unhappiness over uncertainty.
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