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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

  • #64,761
  • May 25, 2010 12:06pm May 25, 2010 12:06pm
Quoting extraneo
I found this PB on GBPUSD 8H tf
Hey extraneo, my feed doesn't show an H8 Pin on G/U. I do like this one on EUR/GBP on the same timeframe. Nice long nose off a ppz.

Hope she breaks...

-- Danny
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  • #64,762
  • May 25, 2010 12:23pm May 25, 2010 12:23pm
Quoting bluetrader
Hey extraneo, my feed doesn't show an H8 Pin on G/U. I do like this one on EUR/GBP on the same timeframe. Nice long nose off a ppz.

Hope she breaks...

-- Danny
Platform is
metatrader 5 demo, downloaded from MetaQuotes
  • #64,763
  • May 25, 2010 12:37pm May 25, 2010 12:37pm
Quoting Dan Gilbert
anyone else see this one?

(still demoing futures , haven't had a losing week on them yet in May.)

(edit, the profit has been taken at 67.40, the picture was saved before price made my target)
the entry criteria is rejection of BRN ? and continuation of downtrend ?
  • #64,764
  • May 25, 2010 12:59pm May 25, 2010 12:59pm
Quoting extraneo
Platform is
metatrader 5 demo, downloaded from MetaQuotes
Just downloaded mt5, looks sweet. MT4's period converter is too cumbersome.

Thanks.

-- Danny
  • #64,765
  • May 25, 2010 1:27pm May 25, 2010 1:27pm
Have we got a PB setting up on USD/CHF Daily?

Not sure about the role of the 365 & 150 EMA when price gets so far away from them. I mean there is a definite reoccurring sock like look to them, when they start to get close together and often, I notice a large reversal.
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  • #64,766
  • May 25, 2010 1:43pm May 25, 2010 1:43pm
It is interesting you mention the USD/CHF pair.
Last night in Mike's webinar he mentioned that a lot of pairs were over extended and were due for retracement at some point.

Dollar Chief was one that came up but that there was nothing to indicate a short.
Mike said he would never just short it, that would be suicide - BUT if a nice pin bar were to form then that would be something different.

Do we have something different?

1.1700 is a nice roundish number, there are acres and acres of space, I am feeling agrophobic - price was last here a year ago and took a long ride down.

If the pin breaks down what are the cons?
  • #64,767
  • May 25, 2010 2:26pm May 25, 2010 2:26pm
Hi guys!!

What do you think of this I4B with a pinbar shape on a BRN on EURAUD?
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Market is like a puzzle, YOU have to fit the pieces!!
  • #64,768
  • May 25, 2010 2:43pm May 25, 2010 2:43pm
Quoting Chris_B
Hi guys!!

What do you think of this I4B with a pinbar shape on a BRN on EURAUD?
AUD and NZD got thrashed last week.
I would have thought some further retracement was on the cards.
So this would be an inverted pin bar and a continuation of the bearish retracement.
  • #64,769
  • May 25, 2010 2:55pm May 25, 2010 2:55pm
Looking around there are quite a few pin bars on offer.

This is one from the UK stock market, the FTSE 100.

Bullish pin bar at the end of bearish trend from around 5800.
The wick is long at 100 points.
Body bang on 5000 and the tip of the wick against 4900.
There is activity to this bar's left but with big gaps.

First resistance would be 5100.

Promising.
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  • #64,770
  • May 25, 2010 2:57pm May 25, 2010 2:57pm
Quoting six gun

If the pin breaks down what are the cons?
cons would be a small bar vs a very strong trending market, and trading into 1.1500. Doesn't mean it isn't playable with a tight mgmt strategy though

Best
Mike
  • #64,771
  • May 25, 2010 3:15pm May 25, 2010 3:15pm
I thought there were some good 4 hr setups during the NY session today...unfortunately busy day at work today...no time to post....I'm seeing quite a few PBs today for dailies 4 ET don't have the time to follow....or post charts...wish I had the time to focus on their location and confluences....good trading to all!
  • #64,772
  • May 25, 2010 3:22pm May 25, 2010 3:22pm
Quoting six gun
Looking around there are quite a few pin bars on offer.

same goes for ym.
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meine augen sind die sterne
  • #64,773
  • May 25, 2010 3:22pm May 25, 2010 3:22pm
Yes this pin bar is trading into 1.15.

Running some fibs off previous swings.
The previous swing high retrace to the 50% pretty exactly.

Plotting a fib off this swing low show price stuttered at the 100% retracement and faltered again at 161%

This pin pushed through the 261.8% fib where price was rejected.

If previous form is followed price will at least stall again.
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  • #64,774
  • May 25, 2010 3:33pm May 25, 2010 3:33pm
Quoting aserbfx

same goes for ym.
Be careful if considering taking this...FTA is very close, I would only have taken this if it closed above the daily PPZ.
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  • #64,775
  • May 25, 2010 3:40pm May 25, 2010 3:40pm
all these pins seem fake to me.... none are really placed anywhere good... I'm passing on all of them.
Many choose unhappiness over uncertainty.
  • #64,776
  • May 25, 2010 4:01pm May 25, 2010 4:01pm
I like the N/U Daily Pin Bar the most of all the ones closing (so far) today.

+ Off a PPZ
+ Big Bar
+ Long Nose
+ Swing Low
+ Space

5 mile view and 5 foot view below...

-- Danny
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  • #64,777
  • May 25, 2010 4:17pm May 25, 2010 4:17pm
Quoting bluetrader
I like the N/U Daily Pin Bar the most of all the ones closing (so far) today.

+ Off a PPZ
+ Big Bar
+ Long Nose
+ Swing Low
+ Space

5 mile view and 5 foot view below...

-- Danny

i also will trade this 0ne if it breaks the TL and then retraces back to it
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  • #64,778
  • May 25, 2010 4:28pm May 25, 2010 4:28pm
Quoting ezz
i also will trade this 0ne if it breaks the TL and then retraces back to it
Bearing in mind that AUD and NZD are Oceanic twins and tend to run together, the shape of the charts are very similar. It is easy enough to confuse the two.

This is the weekly on AUD/USD.
Notice the trend line where price bounces off - notice how price has probed the line but price has been rejected.
I use this chart as the trend line is neater but it is very similar with the kiwi.

A few days ago the option was for price to continue its precipitous fall or bounce off the supporting trend line.
It appears to have chosen to bounce rather than break.
What the AUD does, its little cousin copies.
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  • #64,779
  • May 25, 2010 4:32pm May 25, 2010 4:32pm
Quoting bluetrader
I like the N/U Daily Pin Bar the most of all the ones closing (so far) today.

+ Off a PPZ
+ Big Bar
+ Long Nose
+ Swing Low
+ Space

5 mile view and 5 foot view below...

-- Danny
NZDUSD is the best pin of the bunch in my opinion.... FTA for me would be .6800

(although I'm not going to )
Many choose unhappiness over uncertainty.
  • #64,780
  • May 25, 2010 5:25pm May 25, 2010 5:25pm
I am surprised you haven't mentioned the CL PB ...looks like it's got it goin' on....sorry no time to post a chart
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