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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

  • #100,361
  • Edited 8:46am Aug 13, 2011 6:56am | Edited 8:46am
  •  Atom
  • | Joined Jul 2010 | Status: An atom..no more..probably less! | 44 Posts
Quoting biDc
Anyone looking at cable? TRHLC ... with last week being an IPB and this week BEOB. Price managed to close below 1.63, 150EMA, and PPZ at a swing top.
If I may, I would say that price is moving in a choppy area (almost no space), and I do not like the shape of last week's candle off a PPZ 1.6130. I think it would have been a better setup if the candle closed below 1.6100....IMO
  • #100,362
  • Aug 13, 2011 9:12am Aug 13, 2011 9:12am
Quoting aserbfx
put a buy stop of 1/3 of your original positions at the break of the weekly pinbar. put two buy limits with each 1/3 of the position at the 38% and 62% fib of the weekly bar.
Hey Aser, thanks for the advice. Never thought about the stops this way

kpt
  • #100,363
  • Aug 13, 2011 10:25am Aug 13, 2011 10:25am
Quoting 5.25
Ditto Mike. Seems that price can't break and close above and below 1.945 & 1.9889 (roughly speaking). How would you interpret the current PB on the daily. Does it add anything to your story or is it just a candle like any other?

There was a nice 4h PB that sent price against the BEOB, all be it relatively small.

Not an easy ride

Tomek
Hey T

That is technically just an inside bar. Remember for a pinbar we need the nose to protrude away from the previous bars high. IN this case it doesn't really change much for me. Hopefully now we get another break down and that is what I am most interested in.

Best
Mike
  • #100,364
  • Aug 13, 2011 10:26am Aug 13, 2011 10:26am
Looks like you get future`s charts on your MT4 interface, which broker is it?

Thanks!!

Quoting fascist
hey guys, i think this would be a legit pin set up too..

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  • #100,365
  • Aug 13, 2011 12:25pm Aug 13, 2011 12:25pm
Quoting bali2002
Looks like you get future`s charts on your MT4 interface, which broker is it?
his chart says FXPrimus
u can try Broco MT4 too, among others.
  • #100,366
  • Aug 13, 2011 12:30pm Aug 13, 2011 12:30pm
Quoting supremeChaos
his chart says FXPrimus
u can try Broco MT4 too, among others.
or gci. from my experience the broker with the most instruments.
meine augen sind die sterne
  • #100,367
  • Aug 13, 2011 12:54pm Aug 13, 2011 12:54pm
Quoting geniusztc
hello jarroo, on my chart ,the 1.1150 is the resistance for up trend . and ,the pin bar on weekly chart is too LONG ,i do not know where to set up the SL position .
For AUD CHF - How about SL below daily & weekly pivot of 77? I think it is better than a thousand pips stop.
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  • #100,368
  • Aug 13, 2011 1:24pm Aug 13, 2011 1:24pm
Guy's what is your opinion in the this USDCHF daily TF inside bar swing low (yellow arrow) with no confluence just seating on 72 level. Would you enter a long position if the inside bar close above 73 level? or consider it just pause before continuing the down move again?
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  • #100,369
  • Aug 13, 2011 4:20pm Aug 13, 2011 4:20pm
Quoting mbqb11
so many beauties.. The thing is it is the same situiaton for me as the previous one(which I am still in the gbp/nzd).

I like a few of these like Jarroo said. Usd/chf, no brainer for me. Let's see who is going to hold this one for 2.5 years

just some thoughts....I'm looking for a pullback before entering long
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  • #100,370
  • Aug 13, 2011 11:20pm Aug 13, 2011 11:20pm
weekly chart of oats future showing a triangle. next touch would be at the upper side. wait for a break in either direction.
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meine augen sind die sterne
  • #100,371
  • Aug 13, 2011 11:36pm Aug 13, 2011 11:36pm
Quoting AvanishDemo
AudChf,NzdChf looks promising..

i will like a retrace entry @ 0.64 on NzdChf..1 trade at a time

others i will watch..EurChf(Parity level),GbpChf..the co-relation shall work..

Thanks for ur posts.its refreshing u dropping by.i mean it.
Hey AD . .good to see you too . .

I like the 64.00 retrace of the Weekly PB on the Nzd/Chf . .looking at the Daily, there is a LCS level there also . .Since PBT&CA this level it could easily return back to this previous Support level. . . .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #100,372
  • Aug 13, 2011 11:49pm Aug 13, 2011 11:49pm
Quoting Atom
Jarroo, where will be your entry and SL?
Thank you
Hey Atom,

Much like the Nzd/Chf Weekly PB, the Usd/Chf Weekly PB I would view on the Daily. On the Daily, we have this bit of a build of Consolidation and its LCS level that Price has now Broken Through and Closed Above. This level could be returning to its previous Support level status.

I would be looking for a possible Touch Trade there or bullish PA on the 4 Hour or even the Hourly and place my S/L accordingly to that TF PA. . .that's if Price starts to retract.

I will also take a nice break of the High of the Weekly PB with a keen eye on the 1st target . .(Weekly previous bar Low) . .
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Indicators show the past. Price Action "Indicates" the future.
  • #100,373
  • Edited Aug 14, 2011 12:14am Aug 13, 2011 11:53pm | Edited Aug 14, 2011 12:14am
Quoting mbqb11
I like the 1.1 as a target
1.1 on the Usd/Chf . . .Wow . . . .I would have thought parity would be fine but if you say so Mike . . .
Indicators show the past. Price Action "Indicates" the future.
  • #100,374
  • Aug 14, 2011 12:08am Aug 14, 2011 12:08am
Quoting geniusztc
hello jarroo, on my chart ,the 1.1150 is the resistance for up trend . and ,the pin bar on weekly chart is too LONG ,i do not know where to set up the SL position .
Hey geniusztc . .much like the Usd/Chf and Nzd/Chf, the Eur/Chf and Gbp/Chf as seen on the Daily have these previous Support levels where Price has now Broken Through and Closed Above. They could be reverting back to their previous Support level status.

These levels would be great to place your S/L below when (or if ) Price breaks the High of the PBs. . .or an entry level on a retrace.

The Eur/Chf on the Daily has basically two levels of Swing Low points and their LCS.

Where as the Gbp/Chf on the Daily has a strong consolidation area and its LCS.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #100,375
  • Aug 14, 2011 3:47am Aug 14, 2011 3:47am
Erm...pardon my ignorance, but what is LCS?
  • #100,376
  • Aug 14, 2011 3:59am Aug 14, 2011 3:59am
Quoting fascist
Erm...pardon my ignorance, but what is LCS?
lowest close of support

http://www.forexfactory.com/showthre...40#post4538540
Hero calls followed by margin calls...
  • #100,377
  • Aug 14, 2011 7:35am Aug 14, 2011 7:35am
I noticed someone sent a reply suggesting that you use a stop loss of 1000 pips based on the pivots. I'm going to go ahead and disagree with that. Even if you can absorb that kind of stop loss, why would you want to? I'm only commenting because I'm planning on trading that pair based on the weekly pin as well. What I'm going to do is trade off of the 4hr chart, maybe even the daily chart. Lets stick with the 4hr chart for now. The weekly pin is kinda telling you that there is a strong chance that there will be a bullish bias this week, so I'm going to wait for bullish price action signals to form on the 4hr chart and trade off of those. You won't be risking anything close to a 1000 pip loss. One other thing I would suggest is to draw a horizontal line on the close of that big weekly pin and then switch to a 4hr chart. Use that horizontal line as a trend indicator. Trade long if there are bullish signals above that horizontal line.
Quoting geniusztc
hello jarroo, on my chart ,the 1.1150 is the resistance for up trend . and ,the pin bar on weekly chart is too LONG ,i do not know where to set up the SL position .
  • #100,378
  • Aug 14, 2011 7:57am Aug 14, 2011 7:57am
Quoting sniper012
I noticed someone sent a reply suggesting that you use a stop loss of 1000 pips based on the pivots. I'm going to go ahead and disagree with that. Even if you can absorb that kind of stop loss, why would you want to? I'm only commenting because I'm planning on trading that pair based on the weekly pin as well. What I'm going to do is trade off of the 4hr chart, maybe even the daily chart. Lets stick with the 4hr chart for now. The weekly pin is kinda telling you that there is a strong chance that there will be a bullish bias this week, so I'm going...
I think it depends on one's confidence and risk appetite.. i've been noticing pin bars for quite some time now and trade live exclusively on it and i notice in most times when there are PB setups, prices would retraces to at least 23.6 or 38.2 fib level before proceeding in the direction it most likely is to go.

For PB with long noses (or wicks) it rarely fails or go past 38.2 fib ret level before going back up or down. That's my observation at least.

For more aggressive traders they can go for such tactics..but for more conservative traders i think they can adopt sniper012's tactic but at the expense of some pip loss for more certainty.
  • #100,379
  • Aug 14, 2011 9:20am Aug 14, 2011 9:20am
Look at the large pin bar on crude oil on weekly, i expect stocks to rally next week which would push oil prices back up as they are highly positively correlated.

Anybody watching it as well?

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  • #100,380
  • Aug 14, 2011 11:09am Aug 14, 2011 11:09am
Sorry for the nnob questions... I'm gonna to trade only daily pinbars, so I'm looking for a broker what have a lot of currencies available and also metals...
Any help?
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