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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

  • #62,481
  • Apr 30, 2010 6:44pm Apr 30, 2010 6:44pm
Quoting mbqb11
Hey D


That setup was strong enough for some pips, and When I saw it I knew where it was going, but that still won't let me break one of my golden rules which is trading into LARGE ppzs(I only trade away from them). The large PPZ I am speaking off is 1.65. But certainly a real nice one coming on a friday.

Nicely done sir!
Mike
Yep, friday was the main factor I took this trade before break and into 1.65 without hesitation.

Thanks Mike
  • #62,482
  • Apr 30, 2010 9:12pm Apr 30, 2010 9:12pm
Quoting g_j_hook@yah
yeah agreed,the .86 would have been nice but if you look at the line chart price closed sround the .8650 mark more often than at the the RN, and in fact i have the whole area as a PPZ on my chart. i also liked the fact that it was almost the exact lows of wednesday....somebody thought it a good price
Another day I probably would have taken it maybe.

I was looking at one feed just now trying to figure out why I was convinced to stay away! ....then I looked at the FXPro feed.
It was definitely the trend line. I remember looking at it and going "...damn... should I play a break with a good buffer?"

In the end it's one of those discretion decisions that saves me stress more than anything. I've mentioned here before that I'm wary of uneven bottoms like this for this very reason.

Seen too many of those Strong bars as pullbacks that reverse immediately without breaking.

Missed a lot of moves yesterday using this rule. Some really good ones (and some because of confidence). But for the same reason I got in good on the spx500 short playing a pin in reverse. If it looks right and nothing is against it, I take it.

So it all works out in the end.
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Bundy's status today: "Waiting..."
  • #62,483
  • Apr 30, 2010 9:49pm Apr 30, 2010 9:49pm
Planetary Cycles Trading (EUR/USD)

...Interesting thread.

What's even more interesting is that it's hit 96 pages. LOL
Bundy's status today: "Waiting..."
  • #62,484
  • Apr 30, 2010 10:03pm Apr 30, 2010 10:03pm
GOOD NEWS for those who click on 'Attachments' (aka 'paperclip')
Read here...
Try it out
  • #62,485
  • Apr 30, 2010 10:12pm Apr 30, 2010 10:12pm
Quoting bundyraider
Planetary Cycles Trading (EUR/USD)
...Interesting thread....
have seen it earlier this year.
for now, it's way above my head.
but i plan to read up on it & see what it's about in the future.
Planets & Heavenly bodies have an effect on Earth (& human beings), so there must be something to it
for now PASR leads the way.
  • #62,486
  • May 1, 2010 2:03am May 1, 2010 2:03am
Hi Guys,

Anyone looking at the GBP/JPY possible PB if it holds?
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"Fail to prepare, prepare to fail."
  • #62,487
  • May 1, 2010 4:06am May 1, 2010 4:06am
Quoting supremeChaos
have seen it earlier this year.
for now, it's way above my head.
but i plan to read up on it & see what it's about in the future.
Planets & Heavenly bodies have an effect on Earth (& human beings), so there must be something to it
for now PASR leads the way.
PASR is ALL you need.

Planetary cycles. ---> ...LOL
Bundy's status today: "Waiting..."
  • #62,488
  • Edited 8:06am May 1, 2010 6:24am | Edited 8:06am
Quoting jarroo
When I said, "I not saying this is a bad thing." I was referring this to the IPB.

As a BEOB, it is a bad thing because we want our BEOB with the Close lower then the previous bar. Like this one in green.
i see, thanks for the clarification i didnt know exactly what you meant with your first post, but now it do.

i was thinking we could see it going down to at least 124.50 or 124.00 where i would have moved my stops to BE and closed a part of the position and then let go the rest to go down to 123.00 or even to 122.00(which is the end of the IPBs nose) if im lucky

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this is my plan, will see what happens... and thanks for commenting, i appreciate it very much if a senior like you comment on my post and give me some advice

ppfx
  • #62,489
  • Edited 7:38am May 1, 2010 6:30am | Edited 7:38am
Quoting jarroo
The usd/jpy may not have a long nose, but it is up against the highs. Liked to have seen this at the 95.00.
yeah me too especially since i still have a small part of this position open and the TP is at 94.90

maybe i will still took it on my demo with a very small risk...

just remembered that Dan was also waiting the price to go up to 95.00 so he could short it

edit: and hancock its observing it too, but he's a little hesitant just look at his face
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  • #62,490
  • May 1, 2010 6:35am May 1, 2010 6:35am
Quoting supremeChaos
have seen it earlier this year.
for now, it's way above my head.
but i plan to read up on it & see what it's about in the future.
Planets & Heavenly bodies have an effect on Earth (& human beings), so there must be something to it
for now PASR leads the way.
this is so funny, i didnt know people can trade with this too
  • #62,491
  • May 1, 2010 10:12am May 1, 2010 10:12am
Hi folks

I spotted a potential monthly PB and have attached the chart

Would appreciate your thoughts as I 'm a beginner

Thanks

Anthony
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  • #62,492
  • May 1, 2010 10:36am May 1, 2010 10:36am
Quoting antgal23
Hi folks

I spotted a potential monthly PB and have attached the chart

Would appreciate your thoughts as I 'm a beginner

Thanks

Anthony
hi antony

imo the PB is not big enough, you could play it with a tight mm but imo this PB is definitely not gonna change the trend. the location is very good its right off a VBRN, but it would be better if it had a longer nose. the nose should be like the one that i have drawn... if it would be like that i would take it without hesitating

like i said if you take it you should move the stops very quicky, cause we are in the downtrend

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hope this helps
ppfx
  • #62,493
  • May 1, 2010 11:11am May 1, 2010 11:11am
Any views on shorting the NZD/JPY daily. Nice pin bar, rejected from the 68.50 resistance line. If it retraces i may short at 68.45.
Any views much appreciated.

Pipage

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  • #62,494
  • May 1, 2010 11:21am May 1, 2010 11:21am
any thoughts on the USDCHF Weekly Pin bar to get into the downward trend? Low of week below BRN 1.7000, although PB did not close below. Trendline tested last 2 weeks.

Wednesday's Pinbar on daily chart seems to have started a nice move down.

Enter short below around 1.6800 to make sure BRN is pushed through?
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  • #62,495
  • May 1, 2010 11:30am May 1, 2010 11:30am
good point, ok so the qn i need to ask myself after I ve checked the criteria is will this pb reverse the current trend?

and a good indicator of this is the length of the pb's nose

a long nose would be a better sign of a strong reversal

cheers PPFX
  • #62,496
  • May 1, 2010 11:54am May 1, 2010 11:54am
Quoting Pipage
Any views on shorting the NZD/JPY daily. Nice pin bar, rejected from the 68.50 resistance line. If it retraces i may short at 68.45.
Any views much appreciated.

Pipage

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Hey Pipage

It didn't close within the prior bar on mine by 1 pip. So not technically a pin, I am sure some feeds will show or it is a proxy pin(see bar with an arrow). I know that sounds nit picky but the reason that matters to me is based off it being firday and maybe it just being some profit taking. If it breaks hard we could see into 67.50 though(blue box).

Have a great weekend
Mike
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  • #62,497
  • Edited 12:08pm May 1, 2010 11:55am | Edited 12:08pm
I am a newbie in all this but I have spent a long time looking at these pins.

On my chart the body of the last candle did close below the high of the previous by 1 pip.

The pb I assume is the pin bar from Friday 30th April 2010.
On the daily chart this looks like a very nice setup.

1 Long nose? - high 68.99 - close 68.17 = 82 pips. Body = 16 pips.
Nose 5.1 x body.

2 Is body at one end of the candle - Yes +++

3 Does the nose point in the direction of the preceding trend - Yes

4 Does the nose project well clear of the left eye - Yes

5 Is the body of the pin within the extend of the left eye candle - just, the high of the left eye is 68.18.

6 Other factors - The nose pierces the S+R level created by the most recent significant high of around 8th January 2010.
The nose was created by price rejecting the 69.00 line.

There will be other factors but as it is that looks to make it a good pb.

The point made about this being a Friday candle is very interesting. Quite likely somewhere in the 4167 pages of the thread this is covered but is there objective evidence that Friday pins are less reliable.
Price smacked straight into 69.00 and came off mainly on the 17.00 candle on the 1H chart. Could be London session profit taking.
  • #62,498
  • May 1, 2010 12:52pm May 1, 2010 12:52pm
Cheers Mike.
  • #62,499
  • May 1, 2010 1:48pm May 1, 2010 1:48pm
lots of charts posted lets try to go throe them one by one.

worst setup of the week - usd/cad monthly pin

- trading a tiny pin into a massive down move
- massive resistancee overhead.
- if you are using indicators - no divergence / not of any bolinger band or keltner
- one major positive thoe is that it closed above the 1.0 level
- in all likelyhood this will not triger a huge reversal. after so many down months i would be surprised if the area around the 2007 lows would not be tested again......

verdict: PASS

slightly better: Gbp/ jpy daily pin

- trading in a 140-145 box - ranging market.
- bar itself looks meh
- of the 145 round number and the 365 ma -which is a good area
- i really hate that the nose didnt poke out higher and test the highs of a few days ago
- could easily see 142 on a break.
- could be a trade for more expreianced people - but then again if you are experienced you probably touch traded short at 145

verdictASS

silver medal. nzdd jpy

- counter trend!!! goin up since march 4
- good example of pin with trend off nice area- april 4th. cha ching
- nice long nose
- not really of any important area - kind of in space.
- divergence does exist
- i can see how some people think this could be a plus plus. but its really not. if it was off the 70 level. then i would consider it but as it stands its a pass for me.

verdict: pass

gold medal: usd chf weekly

- with trend.
- off fib retracement
- nice looking bar - nose went above the previous high
- 0650 is a daily ppz. if you go short best be at limited risk then. gives round 50 points of the break. and if that doesnt hold down to .05 we go
- the only negative for me is that its not off the1.1 level
-the low is under the .07 level wich is good.

verdict:i would trade this bar
  • #62,500
  • May 1, 2010 4:27pm May 1, 2010 4:27pm
Quoting antgal23
good point, ok so the qn i need to ask myself after I ve checked the criteria is will this pb reverse the current trend?

and a good indicator of this is the length of the pb's nose

a long nose would be a better sign of a strong reversal

cheers PPFX
in this case yes, cause youre trading against a strong downtrend. here you have a nice post about CT that benji wrote recently link

and yes the longer nose is a better sing for a strong reversal

cheers,
ppfx
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