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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

  • #51,301
  • Jan 12, 2010 5:37am Jan 12, 2010 5:37am
Hey folks,
It's not forex but a stock chart of Procter Gamble. A real nice pin! At a PPZ and 60.00 round number.

Cheers
Boca
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  • #51,302
  • Jan 12, 2010 5:42am Jan 12, 2010 5:42am
thnx Ghous by the way how i can contact u ? actually today i was in karachi for interview In Mobilink in shara-e-faisal ...so if u dont mind think about it and give some of your contact i will contact and learn from u ,,,,

Muhammd


Quoting ghous
W/salaam bro,

It's good to have more pakis share the gold with us here.

Hope to see you around

g.
FxHome
  • #51,303
  • Jan 12, 2010 6:02am Jan 12, 2010 6:02am
Quoting Muhammad989
thnx Ghous by the way how i can contact u ? actually today i was in karachi for interview In Mobilink in shara-e-faisal ...so if u dont mind think about it and give some of your contact i will contact and learn from u ,,,,

Muhammd
It's all lying out here BRO just start reading from Page 1, Trade the Daily/Weekly on Demo and ask questions here or PM us, whenever and about whatever you need to.



We are here to help.
  • #51,304
  • Jan 12, 2010 6:04am Jan 12, 2010 6:04am
Quoting Ezzy
Hi all

New to this thread. Trying to absorb as much info as possible from many good traders here.

I entered into this trade on demo, hoping that it would meet the J16 trading, feed back is welcome and appreciated.

Cheers
Hi Ezzy,

Welcome to the group.

During your first few months you have to focus on taking only the A+ price action bars on higher time frames and trade them on the break, you did neither in that trade of yours which is fine given that you're new.

Just go through the first 100 pages or so of the thread at least to get a good idea of what we do here.

cheers,

g.
I believe . . .
  • #51,305
  • Jan 12, 2010 6:06am Jan 12, 2010 6:06am
Quoting Muhammad989
thnx Ghous by the way how i can contact u ? actually today i was in karachi for interview In Mobilink in shara-e-faisal ...so if u dont mind think about it and give some of your contact i will contact and learn from u ,,,,

Muhammd
Most of the information like Nasir mentioned is right here, but I am always open to personal contact, you can talk to me personally via e-mail or private messages whenever you like.

cheers.

g.
I believe . . .
  • #51,306
  • Jan 12, 2010 6:11am Jan 12, 2010 6:11am
Quoting didymario
euraud is way oversold, watching the 30mins for a possible counter trend breakout play. Any comments?

Hunri

Dis 1 didnt look back after breaking out. wuz hoping 2 see a retracement back to the blue breakout line.

Hunri
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  • #51,307
  • Jan 12, 2010 6:29am Jan 12, 2010 6:29am
If it closes like this, it is definitely what I look for in terms of confluence:

1) 2 day pin (assuming it closes as such)
2) Hits pivot area and rejects (though within zone)
3) Hits downward sloping trendline
4) Rejects 61.8 fib as well as 50 fib and .9600 round number

Nathan
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  • #51,308
  • Jan 12, 2010 6:30am Jan 12, 2010 6:30am
Quoting relict07
So far so good. The CHFJPY Chart looks like its going to go down to at least teh 90s zone.

Attachment

Anybody taken this trade?
I wanted to stop back by after my comments on your trade and congratulate you on taking one that was profitable. Best of luck to you relict07!

K.I.S.S.
  • #51,309
  • Jan 12, 2010 6:34am Jan 12, 2010 6:34am
Quoting raczekfx
or ... one 2600 pips @ $100/pip trade?
You are very good, Raczek.
One Chart is Worth Ten Thousand Words.
  • #51,310
  • Jan 12, 2010 6:35am Jan 12, 2010 6:35am
Quoting dobe_r_man
If it closes like this, it is definitely what I look for in terms of confluence:

1) 2 day pin (assuming it closes as such)
2) Hits pivot area and rejects (though within zone)
3) Hits downward sloping trendline
4) Rejects 61.8 fib as well as 50 fib

Nathan
Nice find Nathan,

Close will be key.

g
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I believe . . .
  • #51,311
  • Jan 12, 2010 6:41am Jan 12, 2010 6:41am
Quoting dobe_r_man
If it closes like this, it is definitely what I look for in terms of confluence:

1) 2 day pin (assuming it closes as such)
2) Hits pivot area and rejects (though within zone)
3) Hits downward sloping trendline
4) Rejects 61.8 fib as well as 50 fib and .9600 round number

Nathan
I have concerns about the size of the bars... there are some big moves around lately, and so I'd probably want either a convincing close below .9500 (below the cluster of bar highs and the big number), or have the lower timeframes paint a strong picture, but otherwise it is a very tidy looking trade... nice pickup!

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When you have to shoot, shoot. Dont talk.
  • #51,312
  • Jan 12, 2010 6:45am Jan 12, 2010 6:45am
Quoting ghous
Nice find Nathan,

Close will be key.

g
Very True......I believe it will be a pin by proxy (October 8th), but it is very early in the day. This is actually a retracement entry, as it is the first test of the area after the break of the upward sloping trendline. These have been consistent winners for me over time - the first retest and rejection of an area.

I will check it again near the close of the day.

Nathan
  • #51,313
  • Edited 7:03am Jan 12, 2010 6:49am | Edited 7:03am
Quoting ghous
Nice find Nathan,

Close will be key.

g
I don't trade this pair but It's strongly Correlated with GOLD right?
  • #51,314
  • Jan 12, 2010 6:52am Jan 12, 2010 6:52am
Quoting nasir.khan
I don't trade this pair but It's strongly Correlated with GOLD right?
AUD likes gold...

But I don't work with co relations anymore so it hardly matters...
I believe . . .
  • #51,315
  • Jan 12, 2010 6:53am Jan 12, 2010 6:53am
Quoting joelcf
I have concerns about the size of the bars... there are some big moves around lately, and so I'd probably want either a convincing close below .9500 (below the cluster of bar highs and the big number), or have the lower timeframes paint a strong picture, but otherwise it is a very tidy looking trade... nice pickup!

Attachment
That is a very good observation Joel! Not recommending it for anyone, but I think everyone (myself included) could benefit from looking for many things lining up vs. just "I SEE A PINBAR" and force other factors that are not there. The only good thing is in some cases when you have that cluster of bars like this if the area goes it gets demolished. BUT, a more conservative way would be a break below .9500!

Nathan
  • #51,316
  • Jan 12, 2010 6:53am Jan 12, 2010 6:53am
Quoting nasir.khan
I don't trade this pair but It's strongly Correlated with GOLD right?
Not really, because both Australia and Canadia are significant gold producers.

u/c and a/u are more closely correlated to gold.
When you have to shoot, shoot. Dont talk.
  • #51,317
  • Jan 12, 2010 7:03am Jan 12, 2010 7:03am
Quoting dobe_r_man
If it closes like this, it is definitely what I look for in terms of confluence:

1) 2 day pin (assuming it closes as such)
2) Hits pivot area and rejects (though within zone)
3) Hits downward sloping trendline
4) Rejects 61.8 fib as well as 50 fib and .9600 round number

Nathan
Hi Nathan,

Just a question re the open and possibly the close not being within the range of the previous bar. It looks like it gapped up a little at the open of this week. Is that not a key consideration when looking at the pin bar set-ups? As relatively new to this I'm doing things by the book.

Cheer in advance.

Glen

Glen
  • #51,318
  • Jan 12, 2010 7:06am Jan 12, 2010 7:06am
Quoting dobe_r_man
The only good thing is in some cases when you have that cluster of bars like this if the area goes it gets demolished.
Absolutely - just looking at the way price has reacted, you have to assume there are going to be a ton of stops right below that area, and if they get hit... well, off to the races

Quoting dobe_r_man
BUT, a more conservative way would be a break below .9500!
lol, i think I have just turned into a big, risk averse girl in my old age
When you have to shoot, shoot. Dont talk.
  • #51,319
  • Jan 12, 2010 7:13am Jan 12, 2010 7:13am
Quoting joelcf
Not really, because both Australia and Canadia are significant gold producers.

u/c and a/u are more closely correlated to gold.
Thanks Joe.

Thats what i am seeing.
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  • #51,320
  • Jan 12, 2010 7:20am Jan 12, 2010 7:20am
Hi guys,
Thanks for your earlier answers to a question I posted. I took a trade short on UJ I posted in post quoted below [picture attached is here:
http://cdn.forexfactory.com/attachme...0&d=1263171240

I placed order short @92.17 Then when price moved in my favor I closed half at +12, reentered around 92.15 and moved SL to 92.33.

additional trade I closed automaticaly with +5 profit [I didn't like PA on Japanese session, and today I found out I was stopped @92.33, but hten price returned in my favour.

Please comment was there something I did wrong? Or it's just not perfect scenario, and everything's fine with me?
I see two places where I went wrong:
1. Maybe i should close all where I didnt like PA
2. Maybe I should keep SL equal to las top before my trigger was hit. [@92.66]

I attach image with 30M PA, so you see what I mean



Quoting Krysztau
I've got a question:
Daily UJ in my opinion shows nice setup short [I don't know those names, but on Friday UJ first broken Thursday high, but then finished day as a bear candle].
Additionally UJ currently jumps around 50% fib [high apr-09 low nov-09]

Is that enough for good setup short?
I have demo-short order @ 92.17 With nice expectation for profit at 91.30 [nice confluence of 61% and recent lows]

Could you please comment on this idea?
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