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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

  • #96,061
  • Jun 5, 2011 11:22pm Jun 5, 2011 11:22pm
Just curious if anybody was keeping an eye on USD/CAD. Not sure if I drew the fibs and s/r where it's supposed to be and I'm not sure the pin bar as an A+ pin..I suspect not but then, what do I know

-Shaun
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  • #96,062
  • Jun 6, 2011 2:06am Jun 6, 2011 2:06am
Quoting shaun365
Just curious if anybody was keeping an eye on USD/CAD. Not sure if I drew the fibs and s/r where it's supposed to be and I'm not sure the pin bar as an A+ pin..I suspect not but then, what do I know

-Shaun
Yeah you drew your fibs correctly. As for the pinbar, definitely is not an A+ pinbar in my opinion. We discuss this setup earlier you can check it out at page 6404.
  • #96,063
  • Jun 6, 2011 5:44am Jun 6, 2011 5:44am
Hey Shaun

Agree with Trans here - this is not an A+ setup as it is in a congested area where there could be consolidation. However as always that does not mean that the trade will not work out! Such are the vagaries of trading that sometimes good setups fail and poor setups work but in the long run we want to take mostly A+ setups. Have done my scanning (4h and above) and do not see any A+ setups just now.

Kal
  • #96,064
  • Jun 6, 2011 8:04am Jun 6, 2011 8:04am
Ahh gotcha. I made the same oversight with the pin bar open/close. Whoops...


Quoting TransPorter
Yeah you drew your fibs correctly. As for the pinbar, definitely is not an A+ pinbar in my opinion. We discuss this setup earlier you can check it out at page 6404.
  • #96,065
  • Jun 6, 2011 10:27am Jun 6, 2011 10:27am
For some reason I really like this Gold breakout.
But at this stage of my experience I stay away from those anyway...
Let's see...
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  • #96,066
  • Jun 6, 2011 11:01am Jun 6, 2011 11:01am
Hi, I'm sure this one was mentioned recently. This looks good due to the break above recent highs. How would you play it if at all? wait for a strong close above? FTA 89.80 and 90, could it get there?

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Free speech is an oxymoron
  • #96,067
  • Jun 6, 2011 11:09am Jun 6, 2011 11:09am
Quoting Adilius07
For some reason I really like this Gold breakout.
But at this stage of my experience I stay away from those anyway...
Let's see...
Hey ad

Congrats on your job man. Remember to pass all the trade secrets on when you get them down!
  • #96,068
  • Jun 6, 2011 11:55am Jun 6, 2011 11:55am
Quoting Banzaisky
Hi, I'm sure this one was mentioned recently. This looks good due to the break above recent highs. How would you play it if at all? wait for a strong close above? FTA 89.80 and 90, could it get there?

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hi B, this is my take on it. that PPZ extends a bit higher for me and so if price does rise above it i would want to be trading some kind of retrace back off that level. My own personal view is id rather see some bearish PA righ now and trade a short down to the 8850 level....?


jon
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PATIENCE... DISCIPLINE
  • #96,069
  • Jun 6, 2011 12:08pm Jun 6, 2011 12:08pm
Quoting Kalbar
Hey ad

Congrats on your job man. Remember to pass all the trade secrets on when you get them down!
Hi Kal, thanks, but I meant I'm not ready to take that kind of trades (breakouts) as they are much more tricky and for traders with more experience than I have.

I will share everything I know, I already do (but no one cares as I'm not making money yet, lol, someday I will MAKE IT HAPPEN though
  • #96,070
  • Jun 6, 2011 1:10pm Jun 6, 2011 1:10pm
Thanks gj hook, much appreciated, charts and comment, looks like we're heading down now. Lets watch for a retrace. Think your right though. Matt
Free speech is an oxymoron
  • #96,071
  • Jun 6, 2011 1:14pm Jun 6, 2011 1:14pm
hi guys!

this pb could be the pullback i was waiting for..what do you think?
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  • #96,072
  • Jun 6, 2011 1:48pm Jun 6, 2011 1:48pm
Not the best Pin but the location rocks...
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Anything can happen.
  • #96,073
  • Jun 6, 2011 1:52pm Jun 6, 2011 1:52pm
IB forming at very nice level, stuck between 38.2% and 0.9000...
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Anything can happen.
  • #96,074
  • Jun 6, 2011 2:00pm Jun 6, 2011 2:00pm
Quoting ddinnov
Not the best Pin but the location rocks...
Spot on. Not the best Pb but the fakeout through the 1.4330 makes it somehow interesting. EurGbp is at its weekly resistance aswell so it might add additional strenght to this setup. I am short already with SL at close to be so lets see how it will play out. Still 4h to close on my platform.
  • #96,075
  • Jun 6, 2011 2:20pm Jun 6, 2011 2:20pm
Quoting jc.
hi guys!

this pb could be the pullback i was waiting for..what do you think?
Hi jc, we have to be carefull with trend lines they can often give us a false impression.
this may well be a break out but i personally would like a much cleaner pattern, and a clearer, stronger reaction...im sure there will be better jus around the corner.
my personal thoughts are on the charts...


hope this helps

jon
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PATIENCE... DISCIPLINE
  • #96,076
  • Jun 6, 2011 2:45pm Jun 6, 2011 2:45pm
Quoting ddinnov
Not the best Pin but the location rocks...
Hey ddinnov, great location but a weak bar for that strong move up. its been a little slow today eh!!? its a shame we didnt get something much stronger. It could just be signaling some retrace from that swing up..?? i would have liked to have seen some strong PA here but its a pass for me. Maybe a break and retest would give us something better..??

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IB forming at very nice level, stuck between 38.2% and 0.9000...

Again great location but a weak setup imho. a little indecisive for me. my personall thoughts are on the chart

just my view buddy

jon
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PATIENCE... DISCIPLINE
  • #96,077
  • Edited 4:10pm Jun 6, 2011 3:55pm | Edited 4:10pm
Quote
Not the best Pin but the location rocks...
1... 2... 3... breakout? Previous test wasn't that long ago. That's how I see it.

anyway, missed the moved even if I'd like it...


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does this pair depend on EURUSD and USDJPY?
not really; eur/jpy is pretty standalone.

http://www.mataf.net/en/tools/01-01-correlation.

It's good enough; or at least I use it all the time.

I'd get aud/cad after I see tonight what's rba's plan(would be distasteful to get stopped while I sleep because they hiked... and they seem unsane enough to do it)
  • #96,078
  • Jun 6, 2011 4:20pm Jun 6, 2011 4:20pm
Quoting g_j_hook@yah
Hi jc, we have to be carefull with trend lines they can often give us a false impression.
this may well be a break out but i personally would like a much cleaner pattern, and a clearer, stronger reaction...im sure there will be better jus around the corner.
my personal thoughts are on the charts...


hope this helps

jon
thank you for the answer! i'm going to skip this trade.. i shoul print your firm "PATIENCE... DISCIPLINE" and always repeat it to myself before taking a trade!
  • #96,079
  • Jun 6, 2011 9:33pm Jun 6, 2011 9:33pm
This one did make me pause for a while as I do trade iffy PA setups -- hey, it is all about location isn't it?

I will not be trading this one though. It is at a triple high and a PPZ but that is not quite good enough for me. I would like to see at least one more reason to place a trade. I really wanted to see divergence.

Yes, one must be THAT picky. Wait until the odds are so stacked in your favor that you KNOW that the chances of the market moving your way is near 100%.



Scott

Quoting ddinnov
Not the best Pin but the location rocks...
  • #96,080
  • Jun 6, 2011 10:58pm Jun 6, 2011 10:58pm
Quoting jc.
hi guys!

this pb could be the pullback i was waiting for..what do you think?
And base on your chart the opening price of the pinbar is not within the previous bar range IMO.
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