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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

  • #50,441
  • Dec 29, 2009 10:18am Dec 29, 2009 10:18am
Anyone catch this pin on the M15? In and out for 45 fairly quick pips. Factors influencing my short: Substantial pin with trend off the 50 fib, closed below 1.6. All is merry and bright!

K.I.S.S.
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  • #50,442
  • Dec 29, 2009 10:56am Dec 29, 2009 10:56am
Quoting bluetrader
Hi Hova... this pin bar hasn't failed in my opinion. I'm currently long as well and if it fails... on to the next trade.

Also long NZD/USD on the 2 day pin bar... with added confidence from weekly pin bar. I'll be moving to BE and target set at just below .7300

I'm on demo.
yeah, on to the next one

I got that 2day pinbar too, im out on .7200 for 120 pips
BE was set at ~.7100

one of my first demo trades, was a nice one

im also long on NZD/CHF, nice Christmas pinbar and i catched it.
Look at the nice bar today, seeing this is almost as good as sex
Never whishing, always trading.
  • #50,443
  • Dec 29, 2009 10:56am Dec 29, 2009 10:56am
Quoting KissFan
Anyone catch this pin on the M15? In and out for 45 fairly quick pips. Factors influencing my short: Substantial pin with trend off the 50 fib, closed below 1.6. All is merry and bright!

K.I.S.S.
nice catch , i caught the beob 9 bars later for 40 pips . nice pin developing on EU 15 min chart , your thoughts Roger , cheers Gary
  • #50,444
  • Dec 29, 2009 10:58am Dec 29, 2009 10:58am
Quoting gjworley1952
nice catch , i caught the beob 9 bars later for 40 pips . nice pin developing on EU 15 min chart , your thoughts Roger , cheers Gary
pin on EU 30 min !
  • #50,445
  • Dec 29, 2009 11:01am Dec 29, 2009 11:01am
Quoting Hova
looking at the attached chart, what would you say to this one ?

Its the EUR/CAD daily chart.
The last candle is today, so oyu could review it on your chart.
The PinBar is on a SwingLow.

Of course im long 10 pips above the PB (demo) SL is almost touched, what to do next ?
Close order and go short ?
*confused*

Do i miss anything ?
Hey Hova

In my opinion the problem was with going long on that pinbar. Notice that large run down on this pair, and then you get a very small pinbar. This is like trying to catch a falling knife with such a small bar. When price is really moving we need to especially look for large bars to reverse. Often what happens is you get some profit taking, or some small buying which gives a very small poor pin like this. The high breaks and it turns right around. I avoid these at all costs. As for the BEOB, also remember we want those at swing highs, so we wouldn't want to be trading that on its own either.

Take care
Mike
  • #50,446
  • Dec 29, 2009 11:09am Dec 29, 2009 11:09am
Quoting mbqb11
Hey Hova

In my opinion the problem was with going long on that pinbar....
Thanks 4 your thoughts, i will kepp that in my mind.

My question was, if that was a pinbar you would take and 2 days later you see that BEOB, would you close or partclose ?

best thread on FF btw.

rgds
Never whishing, always trading.
  • #50,447
  • Dec 29, 2009 11:33am Dec 29, 2009 11:33am
Quoting Hova
Thanks 4 your thoughts, i will kepp that in my mind.

My question was, if that was a pinbar you would take and 2 days later you see that BEOB, would you close or partclose ?

best thread on FF btw.

rgds
Hey Hova,

That is a super tough question to outright answer. It is entirely situational on what else is going on. If I enter a perfect A+ pinbar, it doesn't reach a trouble area, and forms a huge BEOB taht is nearly hitting my stop, I am just going to keep my stop where it is and let the trade play out as closing for nearly a full loss, or getting hit for a full loss isn't really going to matter to me if I can potentially gain some back.

Really tough to answer as a theoretical question though as each situation I could end up with a different answer

Glad you are enjoying the thread

Mike
  • #50,448
  • Dec 29, 2009 12:11pm Dec 29, 2009 12:11pm
Hi there,

I would like to know your opinion regarding today's cable 4h chart.
From my point of view, it's forming a PB when tried to break a TL coming from October and a bullish regular divergence also from October....
What do you guys think?
I, in advance appreciate your responses...

Thank you and God Bless You ALL...!
Attached Image (click to enlarge)
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That which does not kill me, makes me stronger.
  • #50,449
  • Dec 29, 2009 12:38pm Dec 29, 2009 12:38pm
Hova, if you look at Bluetrader's charts on the above pair, the SMALL PB appears after a long term down trend, i personally would NOT trade that SMALL PB because it is too small to change the trend and i do not like where it appears. Mike talked about these kind of PBs in the J16 Forum.......the free stuff....

Quoting Hova
looking at the attached chart, what would you say to this one ?

Its the EUR/CAD daily chart.
The last candle is today, so oyu could review it on your chart.
The PinBar is on a SwingLow.

Of course im long 10 pips above the PB (demo) SL is almost touched, what to do next ?
Close order and go short ?
*confused*

Do i miss anything ?
  • #50,450
  • Dec 29, 2009 12:44pm Dec 29, 2009 12:44pm
check out this website.....http://www.100forexbrokers.com/

Has all or most of the MT4 Brokers.

Quoting Jams
Isn´t it important when the open and close of a candle happens? I think that most of all for the daily timeframe it is very important because if you have different opens and closes you get other signals...

I actually have the same problem. My demo account goes with an european broker where I get different setupts than other ones in this forum.

Is is possibile to setup the open and close in MT4?
  • #50,451
  • Dec 29, 2009 12:57pm Dec 29, 2009 12:57pm
Quoting Danku
check out this website.....http://www.100forexbrokers.com/

Has all or most of the MT4 Brokers.
Thank you and everyone else on this great thread for your help! I am at the very beginning but I know that I can be a successfull forex trader, with your help!

Thanks again
  • #50,452
  • Dec 29, 2009 2:06pm Dec 29, 2009 2:06pm
Quoting Investor7
Hi there,

I would like to know your opinion regarding today's cable 4h chart.
From my point of view, it's forming a PB when tried to break a TL coming from October and a bullish regular divergence also from October....
What do you guys think?
I, in advance appreciate your responses...

Thank you and God Bless You ALL...!
Thank you guys, but Never mind. Didn't form the PB but the TL break and Divergence I thnks it still in place... I'm long since the 1.58900 since the brutal fall it took...
You know, "boiling the frog"....
Will see how it goes....
Regards...!
That which does not kill me, makes me stronger.
  • #50,453
  • Dec 29, 2009 2:45pm Dec 29, 2009 2:45pm
Quoting Dan Gilbert
I dunno man... that yellow trendline is incredibly valid in my opinion....
well, here is that yellow trendline in action, and today if anybody traded this "incredibly valid" trendline as a touch trade, you wold have a little over 40 pips thus far.

I, unfortunately, had to work .
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Many choose unhappiness over uncertainty.
  • #50,454
  • Dec 29, 2009 2:47pm Dec 29, 2009 2:47pm
Quoting gjworley1952
nice catch , i caught the beob 9 bars later for 40 pips . nice pin developing on EU 15 min chart , your thoughts Roger , cheers Gary
Sorry I'm getting back to you late Gary. I have been out and about since my trade closed on GU. I will not be trading that pin on EU and wouldnt if I had seen it back when it formed. I just dont like that agressive run down in price before the pin formed. What would temp me to trade is if I see the price come back up to the 150 ema and give me a short PA signal that is substantial. I have a line alerter set on 1.4388 now and that might give me a heads up to short. I am only trading with bar confirmation right now. No touch trades at all and lower risk than normal. For me, this is now more about getting some additional chart time before the new year starts. I respect our senior members contention that this is not a good time to be in the market trading. This is also a good opportunity to watch some videos or review the thread if we just have to be in front of the screen.

K.I.S.S.
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  • #50,455
  • Dec 29, 2009 2:51pm Dec 29, 2009 2:51pm
Quoting Dan Gilbert
well, here is that yellow trendline in action, and today if anybody traded this "incredibly valid" trendline as a touch trade, you wold have a little over 40 pips thus far.

I, unfortunately, had to work .
Yes, that trendline did work nicely. As it coincided with the downtrendline and showing a turn between my two small PPZs I, not going to work today, traded it. +30 right now.
  • #50,456
  • Dec 29, 2009 2:56pm Dec 29, 2009 2:56pm
Quoting Dan Gilbert
well, here is that yellow trendline in action, and today if anybody traded this "incredibly valid" trendline as a touch trade, you wold have a little over 40 pips thus far.

I, unfortunately, had to work .
I did see this happen but the PA just wasnt there for me. The area is choice though in my opinion. No touches for me right now, not that I'm much of a touch trade guy anyway. There is a Bemac on my right shoulder and a Fudd on my left pulling the old every time I look at my charts. Coffee fellas?

K.I.S.S.
  • #50,457
  • Dec 29, 2009 2:56pm Dec 29, 2009 2:56pm
Here is PA trade I placed before leaving my house today. Used j16 manager EA to move my stop to B/E.
Attached Image
Many choose unhappiness over uncertainty.
  • #50,458
  • Dec 29, 2009 3:25pm Dec 29, 2009 3:25pm
Quoting KissFan
Sorry I'm getting back to you late Gary. I have been out and about since my trade closed on GU. I will not be trading that pin on EU and wouldnt if I had seen it back when it formed. I just dont like that agressive run down in price before the pin formed. What would temp me to trade is if I see the price come back up to the 150 ema and give me a short PA signal that is substantial. I have a line alerter set on 1.4388 now and that might give me a heads up to short. I am only trading with bar confirmation right now. No touch trades at all and lower...
Hey Roger thanks for the responce. I m on vacation this week an doing alot of lower time frame demo . I really enjoy F X an cant wait til im good at it , lol
  • #50,459
  • Dec 29, 2009 3:28pm Dec 29, 2009 3:28pm
Quoting KissFan
No touches for me right now, not that I'm much of a touch trade guy anyway.

Not even for a 0.25% risk??
Many choose unhappiness over uncertainty.
  • #50,460
  • Dec 29, 2009 4:52pm Dec 29, 2009 4:52pm
We have a pin bouncing off the .382 and previous res. It reached up to 1.0385-ish which is going into the bars from the 17th, 18th and 21st so it has a lot of work to do. May not be A+ due to it's location but worth a watch.

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