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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

  • #66,301
  • Jun 14, 2010 4:12pm Jun 14, 2010 4:12pm
I am looking at the following trade plan. So far in my learning curve I have traded the pinbars at the breakout 10 pips below, however, on this occassion I am looking to trade the retracement? Is this a valid setup? Basically, I'm trying to minimise my SL.

I still have trouble picking good TP1 and TP2 and would appreciate some comments.

In the current plan if I hit TP1 then I am effectively at break even with Trade 2.

Many thanks.

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  • #66,302
  • Jun 14, 2010 4:15pm Jun 14, 2010 4:15pm
Quoting fxdrive
I am looking at the following trade plan. So far in my learning curve I have traded the pinbars at the breakout 10 pips below, however, on this occassion I am looking to trade the retracement? Is this a valid setup? Basically, I'm trying to minimise my SL.

I still have trouble picking good TP1 and TP2 and would appreciate some comments.

In the current plan if I hit TP1 then I am effectively at break even with Trade 2.

Many thanks.

Attachment
Hey fx

Careful here as this is not technically a pin as the close was not within the prior bar. Not to say that your plan doesn't make sense, it does. If that 79 area can't hold then most likely this bar will break up to the upside.

Best
Mike
  • #66,303
  • Edited 6:39pm Jun 14, 2010 4:20pm | Edited 6:39pm
Quoting spyder
Hi all

Watching to see if this bar closes above the 1.03 for a potential long towards the 1.04. Price seems to be struggling a little at the 1.03 so I'm wondering if anybody has any comments on the setup in terms of bar size, location etc.

Thanks


Cad Daily PB.

Not much space so its not the ideal. Tight management required or a pass. Should be fun to watch.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,304
  • Jun 14, 2010 4:26pm Jun 14, 2010 4:26pm
hey people

here i think is going to form nice PB in good location, i would say it is with trend. Anybody see any negative signs? It's only 1-2 hours when it will be finally formed, so it shouldn't change too much.
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I can only regret i was out when this H1 PB formed, i would take take it with my eyes closed. It has great R:R potential.

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regards
oromek
  • #66,305
  • Jun 14, 2010 4:27pm Jun 14, 2010 4:27pm
Quoting nasir.khan
You won't let go that 10,300 Jarroo. (Maybe you know something about it that i don't)

I think 10,300 will trigger a retrace back to 10,180 and then price will go straight to 10,500.

I also read somewhere that when 38 is breached chances are that 50 will be tested.

This will also develop some Divg on RSI(6) also.

Damn i am trying to post this for some 10 mins now,...this internet connection is crap. (MT4 is running though)
.



Looks like we're both right nasir. . . . well at least so far we are.

Nice work brother.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,306
  • Jun 14, 2010 4:54pm Jun 14, 2010 4:54pm
Quoting oromek
hey people

here i think is going to form nice PB in good location, i would say it is with trend. Anybody see any negative signs? It's only 1-2 hours when it will be finally formed, so it shouldn't change too much.
Attachment

regards
oromek
There are a couple more hours for a GMT close. Price will need to retreat another 40+ pips in order to make the daily candle a true pin bar.
It would be behind the 0.6900 at that stage.
There bar highs at 0.6850 which would be its first hurdle.
  • #66,307
  • Jun 14, 2010 5:08pm Jun 14, 2010 5:08pm
Quoting mbqb11
Hey fx

Careful here as this is not technically a pin as the close was not within the prior bar. Not to say that your plan doesn't make sense, it does. If that 79 area can't hold then most likely this bar will break up to the upside.

Best
Mike
Ahh, yes not at pin Still learning.

Out of curiosity, would you consider, take note and possibly trade any bar which has an exceptionally long wick that does not fit the usual profile of a pin? For example, if the wick was much longer and had blasted way through the 61.8 would this then be an acceptable trade although it does not fit the true profile of a pin? For example ...

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  • #66,308
  • Edited Jun 15, 2010 12:06am Jun 14, 2010 6:08pm | Edited Jun 15, 2010 12:06am
Quoting proletary
Yes I believe that PPZ are one of the strongest tools in our arsenal. It's a book you can read. I have it in my hands but I'm still illiterate. You just added to my ability to read the book. Thank you.

Back to the current situation. I don't trade any time frame other than 4H and 1D (if i did I'd be in the EURUSD since 1h ago, because of the massive BUOB). Attached you see my 4H chart. The PA shows a very strong bounce from our PPZ right after retesting it, creating an IB.

I am considering two levels to enter at a retrace:

1.2205 - price stooped...
Since there was no clear PA at this level, the 1.2150, this would be a Resistance turning back into Support type setup. A setup at these levels I would like to see a BUOB breaking through and either enter at the break of the BUOB or enter at the retest of the level, 1.2150, after the BUOB formed.

Or what could still happen . . . is the breakout / pullback with PA setup. A Mike (mbqb11) classic. Price breaks out and retraces forming some nice Bullish PA at the 1.2150 for a more supportive entry.

IBs at PPZ levels at swing a High or Low are a not a bad setup. A better IB setup is an I4+B at a BRN. Many traders have been using this IB quaifier with good results. Do a quick "Search this Thread" on I4Bs you'll find more info on them. Also check out all of Mike's posts too.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,309
  • Jun 14, 2010 6:16pm Jun 14, 2010 6:16pm
Quoting ddinnov
Just catching up with the thread after the weekend now.

I must aplogise for my rather silly GBP/USD joke which was referring to the world cup match between England and the USA. It turned out not to be that funny anyway!

On a serious note I've taken USD/CAD short, AUD/USD long, NZD/USD long all on demo.

I'm wondering if that's too much correlation a it would just take 1 wave of hysterical panic to wipe out all 3 trades...

lol . . you were talking about the World Cup not the pair. I fell for that one.

I never was much of a soccer fan. (jk . .lol)
Indicators show the past. Price Action "Indicates" the future.
  • #66,310
  • Jun 14, 2010 6:20pm Jun 14, 2010 6:20pm
Quoting fxdrive
Ahh, yes not at pin Still learning.

Out of curiosity, would you consider, take note and possibly trade any bar which has an exceptionally long wick that does not fit the usual profile of a pin? For example, if the wick was much longer and had blasted way through the 61.8 would this then be an acceptable trade although it does not fit the true profile of a pin? For example ...

Attachment
Hey Drive

For me no. Some people will play a proxy pin. SO see that bar to the left where you have the first yellow mark. Some will use that as the "left eye" and that would be called a proxy pin. Meaning it is contained within that. I am pretty pick with things like bar size/closes etc. So for me personally it is a deal breaker when I see something like that. Usually if I like an area a lot I just start scoping out other feeds just to get some more confidence in a bar/situation.

Hope that helps
Mike
  • #66,311
  • Jun 14, 2010 7:15pm Jun 14, 2010 7:15pm
Looks like a lot of pairs are retracing atm, but these 3 caught my eye. Confluences are TL, EMA, PPZ, RN. All looking for supports that were previously strong resistances. May PA guide the way...

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  • #66,312
  • Edited 8:22pm Jun 14, 2010 7:22pm | Edited 8:22pm
Quoting novice198
Hi Six gun,
This is what I am seeing on the GJ pair. I am not very confident of this one.

Comments from all welcome.

Cheers
Novice198

Nov,

Did you take that trade or are you just waiting for the retest?
I ask this as when you posted that chart I could not see any retest, just a single candle after the mini breakout.


I am looking at the breakout method and notice that the retest is happening right now.

Perhaps, we would like to see something like the lower chart candle formation for the breakout.
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  • #66,313
  • Jun 14, 2010 7:44pm Jun 14, 2010 7:44pm
NZD/USD is looking interesting.

Yesterday's Daily PB type bar stopped right at the 61.8 of the massive monthly Bearish bar. It is also a PPZ and just above the 0.7000 BRN with fibo confluence and the 150 EMA lining itself up.
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  • #66,314
  • Jun 14, 2010 8:30pm Jun 14, 2010 8:30pm
nice long pinbar at great location, overall trend is up. bounce off PPZ and no traffic nearby. T1, T2, SL are marked in the chart.
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  • #66,315
  • Jun 14, 2010 9:15pm Jun 14, 2010 9:15pm
Everyone has recently been posting examples of either the USDCAD, AUDUSD, or NZDUSD. Correct me if I am wrong, but aren't all three of these pairs commodity pairs, and thus acting in a similar manner because they are all pushed by similar forces.

Let's assume these were better looking trades, less congestions, does the relationship of these pairs to one another change how you all approach the trades?

Thanks,
John
To see what is in front of one's nose needs a constant struggle.
  • #66,316
  • Jun 14, 2010 9:18pm Jun 14, 2010 9:18pm
Quoting roundrock
nice long pinbar at great location, overall trend is up. bounce off PPZ and no traffic nearby. T1, T2, SL are marked in the chart.
Hey Round

Just curious as to why you placed your stop so far below the pin?

Mike
  • #66,317
  • Jun 14, 2010 9:28pm Jun 14, 2010 9:28pm
Quoting mbqb11
Hey Drive

For me no. Some people will play a proxy pin. SO see that bar to the left where you have the first yellow mark. Some will use that as the "left eye" and that would be called a proxy pin. Meaning it is contained within that. I am pretty pick with things like bar size/closes etc. So for me personally it is a deal breaker when I see something like that. Usually if I like an area a lot I just start scoping out other feeds just to get some more confidence in a bar/situation.

Hope that helps
Mike
Mike,

Following are my observations on this pair. Would you please share your views on this one ?

CONS:
1)As you stated, it is not a pin bar technically.
2)I also think, the pin is not a result of any confluence (No Fibo or traffice or MA)
3) Not rejected by any PPZ
4) Also running into a PPZ (daily) green line shaded in blue.

Pros:
It is with the trend.

Would have been good. If it emerged from MA's conflunce + 50 or 61.8% fibo and closed underneath the PPZ.
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  • #66,318
  • Jun 14, 2010 9:37pm Jun 14, 2010 9:37pm
Quoting cprao
Mike,

Following are my observations on this pair. Would you please share your views on this one ?

CONS:
1)As you stated, it is not a pin bar technically.
2)I also think, the pin is not a result of any confluence (No Fibo or traffice or MA)
3) Not rejected by any PPZ
4) Also running into a PPZ (daily) green line shaded in blue.

Pros:
It is with the trend.

Would have been good. If it emerged from MA's conflunce + 50 or 61.8% fibo and closed underneath the PPZ.
solid analysis to me C. Much like aud/usd and nzd etc there is a block of consolidation that would just have me nervous. Clearly on my feed there is no pin and overall pretty small bar not to get to thrilled over on my end. Maybe if it gets some legs we see a move a bit lower and into those other 3 previous lows where we found demand.
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  • #66,319
  • Jun 14, 2010 10:20pm Jun 14, 2010 10:20pm
I saw Roundrocks chart on U/Cad. Here's my take on it.
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  • #66,320
  • Jun 14, 2010 10:25pm Jun 14, 2010 10:25pm
Quoting spookie94
I saw Roundrocks chart on U/Cad. Here's my take on it.
Attachment
XPS file? Didn't think anyone used them. lol
Bundy's status today: "Waiting..."
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