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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

  • #50,801
  • Jan 5, 2010 1:20pm Jan 5, 2010 1:20pm
Thanks for the assistance guys. I've gone short at 88.20. Hope it doesnt bite me in the ass.
  • #50,802
  • Jan 5, 2010 1:25pm Jan 5, 2010 1:25pm
Gbp/Chf - This is the only trade I am looking at for tomorrow. So far I have a winning and losing trade in the new year..........bah humbug. I would hate for my monthly streak to end and I think this will get me back in the positive for this month.

Sorry no chart......at work so I will post a chart later tonight. I will be going long this pair, but I will warn you that this is 90% the level and 10% the price action for this trade. For extra credit I invite you to guess my entry, stop and TP orders........ha ha. I don't recommend anyone take this trade.

Why I am taking this trade:

1) Potential Pin bar (not over yet, and not the best - see above)
2) Pivot area of 1.6480 - 1.6520
3) Nice round number of 1.650000
4) Ascending Trendline (third touch) from Oct. 13, Dec. 30 and 1/5 low

Negatives:

1) Going into a beob
2) Not best pin
3) lower high before the move down

The way I look at confluence is similar to defending a base. There are potential buyers or protection from three sources on this trade. There will be buyers that see the pivot, buyers that see the 1.65000 round number and buyers that see the ascending trendline. No question it can break down through and the sellers can win the battle, but to me I have confluence heavily on my side.

Nathan
  • #50,803
  • Jan 5, 2010 1:28pm Jan 5, 2010 1:28pm
I failed to mention the fib retracement of 61.8% as well. Not that it ensures a profitable trade, but I like there to be many factors that line up.

Dobe
  • #50,804
  • Jan 5, 2010 1:37pm Jan 5, 2010 1:37pm
Quoting ninreznor
Thanks for the assistance guys. I've gone short at 88.20. Hope it doesnt bite me in the ass.
ninreznor

Keep an eye on the 88 level. Those prior 4 bars at 88 in the image below scare me a little.
Attached Image (click to enlarge)
Click to Enlarge Name: cad-jpy-daily.png Size: 37 KB
  • #50,805
  • Jan 5, 2010 1:48pm Jan 5, 2010 1:48pm
gasgas - -thanks for posting your chart - I was home at lunch and saw this wondering if it could become a tradeable situation also -
I was hoping I'd get home tonight and see that the DoubleHigh - actually turned into a pin

so here was the question I wanted to post - but ran out of time.
-- - - but since it's a double high - is this a PA setup if it breaks low?
  • #50,806
  • Jan 5, 2010 2:10pm Jan 5, 2010 2:10pm
I know this is going to be a stupid question XD.

Is a round number considered price of every 1000th pip? or 100 pips?

Also this is the EURGBP Daily, and I was wondering if this would be considered a good place to look for a pinbar setup.

Attached Image


It has the .9 round number range and the MA89 might act as a resistance if price pushes down.

Sorry for the terrible img. Never did this before, but thank you all in advance for the help.
Going to go Hunt for some large pips
  • #50,807
  • Jan 5, 2010 2:26pm Jan 5, 2010 2:26pm
Quoting perch
gasgas - -thanks for posting your chart - I was home at lunch and saw this wondering if it could become a tradeable situation also -
I was hoping I'd get home tonight and see that the DoubleHigh - actually turned into a pin

so here was the question I wanted to post - but ran out of time.
-- - - but since it's a double high - is this a PA setup if it breaks low?
Hey perch

Well I'm looking at it as BEIB with good location, we have: round nmb., fib.61 nice retrace, strong resistance pivot,divergence. Im thinking short at break low. The thing is, there is news coming up in 2 hours, I might wait till then and see what to do.
  • #50,808
  • Jan 5, 2010 2:32pm Jan 5, 2010 2:32pm
gasgas the situation you described is similar to the one on AUDCHF which is approaching to its all time top. But the coming news are telling a whole different story. Im especially worried about the one tomorrow (retail sales and trade balance) which point as if the AUDCHF would go long
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCHF 5_1_10.png Size: 58 KB
  • #50,809
  • Jan 5, 2010 2:45pm Jan 5, 2010 2:45pm
Hi guys

I have a possible daily pinbar forming on Aus/Usd (1hr 20 mins to go). Not sure how strong the line is but the yellow horizontal line appeared to act as support in March 2008 and in Oct 2007.

Any comments, thoughts?
Attached Image (click to enlarge)
Click to Enlarge Name: audusd daily 05-01-09.gif Size: 16 KB
  • #50,810
  • Jan 5, 2010 2:47pm Jan 5, 2010 2:47pm
What do you guys make of the AUD/USD, nice pin forming on the daily through the 61 fib, another pin on the 4h & an almost pin on the 2h?
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 4h.gif Size: 10 KB
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Learning to be rigid in my rules & flexible in my expectations
  • #50,811
  • Jan 5, 2010 2:48pm Jan 5, 2010 2:48pm
Hey ppfx

I like Aud/Cad a bit more couse it has more clear dirrection. A/Chf is more choppy if you look at weekly chart on both. Yes, the other thing is how the news will come out, so we have to be carful to not get burned
  • #50,812
  • Jan 5, 2010 2:55pm Jan 5, 2010 2:55pm
Quoting Scot Pippin'
I can already tell that mistakes become glaring with good journaling.
I completely agree with you. I record details about each trade and also detail the reason for the trade at the time and then review the trade after 2-3 weeks after it has closed. You can then take an impartial view about it.

There have been cases where i've looked at the chart and cannot for the life of me see any valid reason why i would have entered a trade when i did.

I have also been adding to a little document little things that i must remember to do or not to do and read this regularly so it keeps me focused.
  • #50,813
  • Jan 5, 2010 3:00pm Jan 5, 2010 3:00pm
Quoting ghous
Ej 4H IPB

Swing high

Divergence

(not at all happy abt missing this one)
ghous, IPB? What does this mean? Inside pin bar? Sorry if this has been covered but i've not come across this before.

Thanks,

Glen
  • #50,814
  • Jan 5, 2010 3:19pm Jan 5, 2010 3:19pm
Quoting Treefingers
What do you guys make of the AUD/USD, nice pin forming on the daily .....
I am also thinking about this one. First support about 0.9058 ?
  • #50,815
  • Jan 5, 2010 3:42pm Jan 5, 2010 3:42pm
Quoting Treefingers
What do you guys make of the AUD/USD, nice pin forming on the daily through the 61 fib, another pin on the 4h & an almost pin on the 2h?
Had to laugh when I saw this come up exactly the same time as my post almost. (though I prefer your chart - I should have seen the fib and TL). I have put a sell stop 10p below the pin bar.
  • #50,816
  • Jan 5, 2010 3:59pm Jan 5, 2010 3:59pm
Quoting Pip Pride
Had to laugh when I saw this come up exactly the same time as my post almost. (though I prefer your chart - I should have seen the fib and TL). I have put a sell stop 10p below the pin bar.
The NZD/USD is also setting up for a daily pin, yet to take any trade yet, although tempted with the Aussie due to the 4h pin.
Learning to be rigid in my rules & flexible in my expectations
  • #50,817
  • Jan 5, 2010 4:45pm Jan 5, 2010 4:45pm
Im not really seeing a decent PB on the A/U daily. Is it because my MT4 is on a GMT -5 setting and this would influence the candle.

http://i49.tinypic.com/2md3vhy.gif
  • #50,818
  • Jan 5, 2010 4:54pm Jan 5, 2010 4:54pm
Quoting Treefingers
The NZD/USD is also setting up for a daily pin, yet to take any trade yet, although tempted with the Aussie due to the 4h pin.
There seems to be some real S&R on 9300 line just under the Nzd/Usd pin, which complicates it a little, I think I'll stay out of it (sayin that it seems to be dropping now). With the Aussie, we're looking at a short, but got to consider its trended up strongly recently. Still, I prefer Aussie if it breaks below pin bar.


- Ninreznor, I think you're probably right in your assessment on candle formations and the MT4 time setting, this is set by the broker so you have to DownL MT4 from another broker if you want to change.
  • #50,819
  • Jan 5, 2010 5:17pm Jan 5, 2010 5:17pm
Quoting ninreznor
Im not really seeing a decent PB on the A/U daily. Is it because my MT4 is on a GMT -5 setting and this would influence the candle.

http://i49.tinypic.com/2md3vhy.gif
I have a feed from FXPro,Oanda and IBFX that I look at. No matter how you slice it, the range of todays bar is 85 ish pips and yesterdays is 200ish. That location is pertty good with it being the top of a channel and also at resistance. This will not be my trade tonight though as that bar is just too puny.

My opinion for what it's worth. Hope this gets you thinking.

K.I.S.S.
  • #50,820
  • Jan 5, 2010 5:24pm Jan 5, 2010 5:24pm
At what point would a trend become a reverisle of major trend. e.g the aud/usd has been in bear trend from Mid Nov after a long uptrend?

Hope that makes sense
Learning to be rigid in my rules & flexible in my expectations
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