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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

  • #49,681
  • Edited 12:36am Dec 14, 2009 12:16am | Edited 12:36am
Quoting scott087
I was considering this setup, but there are a few bar lows and a ppz right above around the 1.73 area....
i dont trade this pair, but here's my view (looking exclusively at your chart & Dan's)

since i share the same view as above, i think price needs to push through 1.73 with a lot of momentum if it really wants to go up.
upside traffic seem to be the small rectangle on your chart, then around 1.7650 - 1.7750/1.7800 (bar lows/highs right around the blue MA).

the scenarios i see here:
- if 1.7300 holds, we range below it or go down further
OR
- price push past 1.73, price ranges within 1.7300 - 1.7550 zone or the wider 1.7300 - 1.7700/1.7900 zone before deciding to go up past 1.79 or down past 1.73. but looks like a +/-1.7000 more than a +/-1.8000 in the future.
just my view. let's see.. go gbpcad!
  • #49,682
  • Dec 14, 2009 12:26am Dec 14, 2009 12:26am
Quoting wh1zz0
Hope you guys see this??
Hidden bullish divergence on GU H4 plus BUOB. Then we have a nice trend line on the daily. ...
the hidden bull. div. might be too far to be considered now.
on the other hand, there seems to be a bullish divergence on your first chart (found at the extreme right of the chart, 'double bottom' around 1.6200).
just pointing it out.

Cheers
  • #49,683
  • Dec 14, 2009 1:09am Dec 14, 2009 1:09am
Quoting supremeChaos
the hidden bull. div. might be too far to be considered now.
on the other hand, there seems to be a bullish divergence on your first chart (found at the extreme right of the chart, 'double bottom' around 1.6200).
just pointing it out.

Cheers

Nice find too.
  • #49,684
  • Dec 14, 2009 1:28am Dec 14, 2009 1:28am
Quoting Dan Gilbert
My only setup anticipating sunday open.
half profit close @ 1.6700, S/L moved to B/E. Final target: 1.6634.
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Many choose unhappiness over uncertainty.
  • #49,685
  • Dec 14, 2009 5:29am Dec 14, 2009 5:29am
half profit closed at 5592 stop moved to BE
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  • #49,686
  • Dec 14, 2009 5:55am Dec 14, 2009 5:55am
I actually took a small position on the eurcad pin for a quick 30pips. Price ran straight into those bar lows, just as I has expected. Tthe chart is pretty choppy, as Mike pointed out, and this low is a deeper retrace from the preceeding low/high swing than I like to see (past 61.8 fib), so I expected this breakout to be pretty weak.

Tyler

Quoting PippingMama
Hi guys,

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

PippingM
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skype: ststroud. let's talk trading.
  • #49,687
  • Dec 14, 2009 7:37am Dec 14, 2009 7:37am
Quoting tyler812
I actually took a small position on the eurcad pin for a quick 30pips. Price ran straight into those bar lows, just as I has expected. Tthe chart is pretty choppy, as Mike pointed out, and this low is a deeper retrace from the preceeding low/high swing than I like to see (past 61.8 fib), so I expected this breakout to be pretty weak.

Tyler
My stop is at B/E on this one. Looks like that will be about it for this trade .
Many choose unhappiness over uncertainty.
  • #49,688
  • Dec 14, 2009 8:42am Dec 14, 2009 8:42am
Quoting Dan Gilbert
half profit close @ 1.6700, S/L moved to B/E. Final target: 1.6634.
Good trade, Dan. I had the same one, but moved my stop to half-way down the pinbar once we had 20 pips of profit, and wound up getting stopped out on that hard reversal. I need to learn not to fool with positions so much.
  • #49,689
  • Dec 14, 2009 8:46am Dec 14, 2009 8:46am
Quoting Dan Gilbert
My stop is at B/E on this one. Looks like that will be about it for this trade .
I'm in the same boat. So far, the resistance around 1.56 is holding this one down.
  • #49,690
  • Dec 14, 2009 8:53am Dec 14, 2009 8:53am
10 mins left till the close of the bar....lets see if we can get some PA here
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  • #49,691
  • Dec 14, 2009 8:56am Dec 14, 2009 8:56am
Quoting Wamo
Good trade, Dan. I had the same one, but moved my stop to half-way down the pinbar once we had 20 pips of profit, and wound up getting stopped out on that hard reversal. I need to learn not to fool with positions so much.
I was kind of frustrated when I came so close to getting stopped out at a loss. That would have been my first losing trade using price action in a LONG time (especially considering all the confluence with that pin). Luckily it looked like it formed a minor double-top and made it to my first target. the other half of the trade was closed at at break even. Still nice to add 0.75% to the demo account regardless of what happened to the other half of the position.
Many choose unhappiness over uncertainty.
  • #49,692
  • Dec 14, 2009 9:00am Dec 14, 2009 9:00am
Quoting bluetrader
In long from yesterday (yellow arrow) on the 4 hour pin...
Update: Out with a small profit (cyan arrow). I hid the stop right below support, but taken out by 5 pips on this. In retrospect, my stop was too tight. In retrospect, I actually wouldn't take this trade again.

Quoting bluetrader
Took the AUD/CAD H4 Long here @.9658 on the BUOB...
I'm at b/e in AUD/CAD, but I don't like the pin currently forming against me. I'll keep an eye on this. Overall, I like the room above this trade so will let it breath a little. Anyone else in this?
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  • #49,693
  • Dec 14, 2009 9:01am Dec 14, 2009 9:01am
hello cant keep this one for myself... The s/r level is very good imho, shape also... Hope you like it too
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  • #49,694
  • Dec 14, 2009 9:56am Dec 14, 2009 9:56am
draw me a big ass 4hr pinbar/BEOB please
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Many choose unhappiness over uncertainty.
  • #49,695
  • Dec 14, 2009 9:57am Dec 14, 2009 9:57am
Out at breakeven. The first resistance around 1.56 proved too much.

Quoting Wamo
Hello folks,

I am trying to get better at planning my trades and here is what I am looking at for the EURCAD. Please point out any problems you see that I might have missed. Thanks!

----

As I was reviewing my charts today I took a look at the EURCAD Daily. This one jumps off the chart at me.

Friday we had formed what is currently a decent looking swing low around the 1.54 round number which has served as S/R in the past. We have plenty of "space" out to the left of this latest bar/range - no close traffic to contend with. Friday formed...
  • #49,696
  • Dec 14, 2009 10:08am Dec 14, 2009 10:08am
Quoting Wamo
Out at breakeven. The first resistance around 1.56 proved too much.
I'm out at break even as well. Let me just say it was nice to wake up this morning to one trade closed at profit, and two open trades both in profit. This is gonna be a good week
Many choose unhappiness over uncertainty.
  • #49,697
  • Dec 14, 2009 10:13am Dec 14, 2009 10:13am
I want to short this Pin. We have a trend trade with divergence and up against a PPZ and major Fib level. I just can't do it. Last night I banked some really nice $$$ on lower TF's and I just don't feel like losing it. I'll watch it play out short most likely but that freakin nose just bothers me to the point where I will pass. I have three different feeds and none of them scream at me to short here. Best of luck to all that short here. If I had to trade this I'd be short but I'll wait for the next opportunity.

K.I.S.S.
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  • #49,698
  • Dec 14, 2009 10:17am Dec 14, 2009 10:17am
Quoting Schneeule
hello cant keep this one for myself... The s/r level is very good imho, shape also... Hope you like it too
isn't it a bit chopy down there? what would be your target on such a trade?

I would think already issues around 1.7230 (eyeballing from your chart). But for sure the bar looks nicely placed.
  • #49,699
  • Dec 14, 2009 10:18am Dec 14, 2009 10:18am
Quoting Dan Gilbert
I'm out at break even as well. Let me just say it was nice to wake up this morning to one trade closed at profit, and two open trades both in profit. This is gonna be a good week
For the month of December I am trying to not take partial profits. I want to see how that affects my profitability. I wound up taking a total loss of 47 pips on that GBPCHF trade because it never made it to the point where my stop was going to be moved to B/E (at +30p), so I manually moved it to just above the 1.68 round number (1.6819). The stop was hit by that hard reversal in evening last night (Eastern Time) for a full loss of 47p.

If I were taking partial profits, I think I would have been more content to leave my stop above the signal bar, and thus would have survived to eventually take some money off the table in the 1.67 area (confluence with bottom trendline). Oh well, I stuck by my plan, and that is a definite positive for me.
  • #49,700
  • Dec 14, 2009 11:45am Dec 14, 2009 11:45am
Hello.
Could someone kindly advise if my understanding of placing a trade with a Double Low price action as per attached is correct ?

EURJPY 1HR chart, major trend is a downtrend.
Double Low/High as a sign of continuation of the current trend.
So, place a short order about 10 pips below the low (129.77 - 0.10 = 129.67) with a traget as approx. 10 pips less the previous swing low.

1 bar before these Double Low was an inside bar after the huge spike up.
If I were able to caught that then, I should have placed a short order below the inside bar as a breakout of that inside bar, correct ?

I appreciate any comment on this in advance.
Thank you.
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