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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

  • #49,661
  • Dec 13, 2009 1:39pm Dec 13, 2009 1:39pm
Quoting herry_winandi
what about this quadruple high break ? also on my fxpro server the gchf 4hr not showing pinbar..
Hey Henry

This is a GREAT example of a multiple bar high breakout. Very well spotted.

Mike
  • #49,662
  • Dec 13, 2009 1:40pm Dec 13, 2009 1:40pm
Quoting herry_winandi
there's a pin bar, 61% fibo, and also double low.. is that a valid double low ?
I would only call that next bar an inside bar. To be a valid double bar low on the 4hr it would have to be to the pip for me. I also would never use that to trade, I would rather trade it based on the pin(which I would cancel order if next bar doesn't break as that is how I do it). Some might still see if the IB breaks though.

Best
Mike
  • #49,663
  • Dec 13, 2009 3:01pm Dec 13, 2009 3:01pm
I don't think anybody has mentioned the CadChf Daily Pin this weekend. The 9800 level that it has bounced off seems like a well respected level going back quite far.

The pin is also commng off a desceding TL on the Daily and there is fib confluence from a number of levels.

The one issue I see at the moment is that of space. The area below looks a bit choppy with a couple of bar highs to be concerned about.

Anybody else looking at this?

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  • #49,664
  • Dec 13, 2009 3:49pm Dec 13, 2009 3:49pm
Quoting bee24
Hello,

I am now reading Martin Pring's Trading Psychology book. It's really good. Which ones of his are worth reading as well?

Thank you
hi bee

have a look at this https://admin.na5.acrobat.com/_a51591369/p77721057/

its on martin pring

hope it helps

john
  • #49,665
  • Dec 13, 2009 5:16pm Dec 13, 2009 5:16pm
Hello,

I see CADCHF is mentioned above, but I'll add some more screens, and short analysis.

On the screens we can find:
- great daily PB
- MACD goes down
- downtrend
- strong PPZ (round number)

There is a possibility to enter earlier, because of 8hr PB which appeared on 4hr chart.

I'm still on demo, but I entered it short.

SL 10 pips above daily PB.

Any comments appreciated
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  • #49,666
  • Dec 13, 2009 5:43pm Dec 13, 2009 5:43pm
Quoting Publius
Hello,

I see CADCHF is mentioned above, but I'll add some more screens, and short analysis.

On the screens we can find:
- great daily PB
- MACD goes down
- downtrend
- strong PPZ (round number)

There is a possibility to enter earlier, because of 8hr PB which appeared on 4hr chart.

I'm still on demo, but I entered it short.

SL 10 pips above daily PB.

Any comments appreciated
Hi Publius

Looking PA on lower time frames for an early entry is a good way to reduce your stop and increase your position size but from your charts it looks like you have not waited for the break of the PA, in this case your 8H pin bar.

I think many here will tell you that it is the safest to wait for the break of the signal.

I am looking at the daily for this setup so I would have a sell stop below the low of the daily pin bar.

If I have misuderstood your entry then let me know.

Leon
  • #49,667
  • Dec 13, 2009 7:07pm Dec 13, 2009 7:07pm
Quoting herry_winandi
what about this quadruple high break ? also on my fxpro server the gchf 4hr not showing pinbar..
if the body of the 4hr pin was straddling the round number, I would hesitate, if the body was above the round number, i would not trade it. Luckily the body is completely below the round number, just the wick is overtop. I'm in the trade right now btw.
Many choose unhappiness over uncertainty.
  • #49,668
  • Dec 13, 2009 7:24pm Dec 13, 2009 7:24pm
Quoting ljr
Hi Publius

Looking PA on lower time frames for an early entry is a good way to reduce your stop and increase your position size but from your charts it looks like you have not waited for the break of the PA, in this case your 8H pin bar.

I think many here will tell you that it is the safest to wait for the break of the signal.

I am looking at the daily for this setup so I would have a sell stop below the low of the daily pin bar.

If I have misuderstood your entry then let me know.

Leon
You're completely right. I just allowed myself to test the more risky entry here. It's "only" a demo. In real account I would probably wait for the break of the PB. However I still keep in my mind this safer scenario and I will monitor the trade from the all different points of view.
It is easier for me to follow the trade on demo when I'm in. But it's just me
  • #49,669
  • Dec 13, 2009 8:04pm Dec 13, 2009 8:04pm
Pin bar, sitting right on prior support and 0.9000. I personally didn't trade it because it's size, the immidiate resistance area and traffic.
Attached Image (click to enlarge)
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skype: ststroud. let's talk trading.
  • #49,670
  • Dec 13, 2009 8:40pm Dec 13, 2009 8:40pm
Quoting tyler812
Pin bar, sitting right on prior support and 0.9000. I personally didn't trade it because it's size, the immidiate resistance area and traffic.
I was contemplating between the one you have in your pic, and the one I ended up trading on GBPCHF. the bullish EURGBP PA was located in the middle of the wedge, and the bearish GBPCHF PA was located near the top resistance trendline of the wedge. This made my decision easy.
Many choose unhappiness over uncertainty.
  • #49,671
  • Dec 13, 2009 8:56pm Dec 13, 2009 8:56pm
Also curious if anyone has a buy stop order on this bullish outside bar?
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Many choose unhappiness over uncertainty.
  • #49,672
  • Dec 13, 2009 9:17pm Dec 13, 2009 9:17pm
Quoting Dan Gilbert
Also curious if anyone has a buy stop order on this bullish outside bar?
looks like a gd trade
  • #49,673
  • Dec 13, 2009 10:19pm Dec 13, 2009 10:19pm
Quoting Dan Gilbert
Also curious if anyone has a buy stop order on this bullish outside bar?
I was considering this setup, but there are a few bar lows and a ppz right above around the 1.73 area. If this had a little more space above I would probably take it.

I'd like to see what others have to say on this one.

Scott
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  • #49,674
  • Dec 13, 2009 11:13pm Dec 13, 2009 11:13pm
I'm with you....I don't like the resistance stacked on top of this one...

Quoting scott087
I was considering this setup, but there are a few bar lows and a ppz right above around the 1.73 area. If this had a little more space above I would probably take it.

I'd like to see what others have to say on this one.

Scott
skype: ststroud. let's talk trading.
  • #49,675
  • Dec 13, 2009 11:20pm Dec 13, 2009 11:20pm
Hi guys,

Why you guys do not consider the EURCAD pin bar, it has less resistence on top compare to GBPCAD.

PippingM




Quoting tyler812
I'm with you....I don't like the resistance stacked on top of this one...
  • #49,676
  • Dec 13, 2009 11:29pm Dec 13, 2009 11:29pm
Quoting PippingMama
Hi guys,

Why you guys do not consider the EURCAD pin bar, it has less resistence on top compare to GBPCAD.

PippingM
Do you mean the daily pin from thursday?
  • #49,677
  • Dec 13, 2009 11:37pm Dec 13, 2009 11:37pm
Hope you guys see this??

Hidden bullish divergence on GU H4 plus BUOB. Then we have a nice trend line on the daily.

So I'm thinking: Euro down, Gold down, Pound up?? Maybe! Still watching though & still short gold (Reason is here: http://www.forexfactory.com/showpost...postcount=6229)

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  • #49,678
  • Dec 13, 2009 11:39pm Dec 13, 2009 11:39pm
Quoting mbqb11
Do you mean the daily pin from thursday?
Hello Mike,

Yes, I mean the Friday Pin on EURCAD.

It seems has more potential than GBPCAD.


PippingM
  • #49,679
  • Dec 13, 2009 11:41pm Dec 13, 2009 11:41pm
Quoting PippingMama
Hello Mike,

Yes, I mean the Friday Pin on EURCAD.

It seems has more potential than GBPCAD.


PippingM
My response to someone about the eur/cad was that I didn't like this bar for a few reasons. Firstly if you zoom back a bit the market is extremely choppy. What this usually means is price is going to bounce at the very first trouble area(first blue box). Now this doesn't mean it won't continue on but what it does is put one in a bit of an awkward spot. A move to b/e at that point is nearly a guarantee of a stop out at b/e since it is so close. A close out their is barley profit, and holding and taking any kind of loss would hurt. Now a much bigger bar would give more confidence to get to the higher blue box trouble area. Again, these are just my opinions.

Best
Mike
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  • #49,680
  • Dec 14, 2009 12:03am Dec 14, 2009 12:03am
Quoting mbqb11
My response to someone about the eur/cad was that I didn't like this bar for a few reasons....

Hello Mike,

Thank you for the analysis. I took this trade with very tight management and I found the same problem area. The trade was closed for no profit because I close first half for 14 pips and second half I use 14 pips as stoploss but still stop out. No profit was made.

I should avoid taking this kind of choppy pin bar next time. Just feel not really worthy it. GBPCAD BUOB is not worth putting money on either.

Again, I took it because I start lost patient because my trade all get stopout for BE recently and not much profit was made. I started to finding more reason to trade some "questionable" pin bar and try to use tight management to find a some good runner. I start to realize it is very risky to do and why not just wait for the trade.

PippingM
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