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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

  • #105,781
  • Jan 11, 2012 7:32am Jan 11, 2012 7:32am
Quoting Pinbar
Yeah, PW it will be a good place to watch how price reacts to it.
Massive move down.
Hello PinBar

Really appreciate your feedback. I like the confluence you pointed out, the second weekly LCS you pointed out (from may 2010) is pretty close of the open from sep 2011.

Definitively a good turn around point, with a GOOD pa confirmation.

Best wishes

Hector

BTW: cable is showing pretty good pa to break the h&s support area
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  • #105,782
  • Jan 11, 2012 7:43am Jan 11, 2012 7:43am
Btw Mike

I wanted to ask you, possibly a dumb question, but anyway, here it goes, lol.

When you take a trade based on a 4Hr Chart other than NY close,, you manage that trade based on this chart only (for example NY close +1Hr), right?

Just want to make sure

Best wishes

Hector
  • #105,783
  • Jan 11, 2012 8:21am Jan 11, 2012 8:21am
Quoting PinWing
Hello PinBar

Really appreciate your feedback. I like the confluence you pointed out, the second weekly LCS you pointed out (from may 2010) is pretty close of the open from sep 2011.

Definitively a good turn around point, with a GOOD pa confirmation.

Best wishes

Hector

BTW: cable is showing pretty good pa to break the h&s support area

H4 MACD DIV building up as we get closer to the potential support area.
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  • #105,784
  • Jan 11, 2012 8:22am Jan 11, 2012 8:22am
Quoting PinWing
Btw Mike

I wanted to ask you, possibly a dumb question, but anyway, here it goes, lol.

When you take a trade based on a 4Hr Chart other than NY close,, you manage that trade based on this chart only (for example NY close +1Hr), right?

Just want to make sure

Best wishes

Hector
Hey Hector

Yep you got it brotha

Best
Mike
  • #105,785
  • Jan 11, 2012 8:24am Jan 11, 2012 8:24am
Quoting Pinbar
H4 MACD DIV building up as we get closer to the potential support area.
i expect a decent bounce in eu pairs further days,

lets c

Regards,
Jonas
Hero calls followed by margin calls...
  • #105,786
  • Jan 11, 2012 8:32am Jan 11, 2012 8:32am
Cable and GBP/Jpy is ready to explode... watching closely 1.5350 level on GBPUSD
all is eternal - this is good news for people who loves bad news
  • #105,787
  • Jan 11, 2012 8:45am Jan 11, 2012 8:45am
Quoting PinWing
Hello PinBar

BTW: cable is showing pretty good pa to break the h&s support area
Finally the beob broke down

Best wishes

Hector
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  • #105,788
  • Jan 11, 2012 8:46am Jan 11, 2012 8:46am
landscape of cableland
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all is eternal - this is good news for people who loves bad news
  • #105,789
  • Jan 11, 2012 8:51am Jan 11, 2012 8:51am
Quoting PinWing
Finally the beob broke down

Best wishes

Hector
Do not rush PinWing... Dont scare it and watch daily

It could transform into evil pin ... there is time for it until the moon will rise tonight
all is eternal - this is good news for people who loves bad news
  • #105,790
  • Jan 11, 2012 8:51am Jan 11, 2012 8:51am
Gold is behaving interestingly at this weekly LCS.
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  • #105,791
  • Jan 11, 2012 9:00am Jan 11, 2012 9:00am
Quoting meshka
Do not rush PinWing... Dont scare it and watch daily

It could transform into evil pin ... there is time for it until the moon will rise tonight
Hello Meshka

Thank you for your advise, i will be trailing stop on previous 4Hr bar high, so moving to b.e. in 1Hr. I couldnt stop the temptation to enter on brn 1.54.

Thank you again

Hector

Edit: Sorry, already rushed then, but everything looked sooo good to me
  • #105,792
  • Jan 11, 2012 9:06am Jan 11, 2012 9:06am
nice clean chart a lot of us are watching.

Clear consolidation in a down trend. TLs are very exact, BRN running through the mid point of consolidation also acting as a PPZ(as midpoints of consolidation almost always will)

Best
Mike
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  • #105,793
  • Jan 11, 2012 9:23am Jan 11, 2012 9:23am
Quoting mbqb11
nice clean chart a lot of us are watching.

Clear consolidation in a down trend. TLs are very exact, BRN running through the mid point of consolidation also acting as a PPZ(as midpoints of consolidation almost always will)

Best
Mike

Great chart Mike

You think a pullback to around the 75.22 area may break us out to the topside?
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  • #105,794
  • Jan 11, 2012 9:25am Jan 11, 2012 9:25am
Quoting Pinbar
Great chart Mike

You think a pullback to around the 75.22 area may break us out to the topside?
I'm open to both ways, but prefer down with the trend, they tend to sustain better. I'm looking more for a pre-emptive bar as I call it instead of a pullback. Something running through the BRN of course

Best
Mike
  • #105,795
  • Jan 11, 2012 10:12am Jan 11, 2012 10:12am
Quoting PinWing
Hello Meshka

Thank you for your advise...
Already on be+1.

4 Hr bar couldnt close below 1,5350, so maybe this is going to be a short ride with a micro profit, but i am protected from a daily pinbar against me ;-).

Lets see what happens.

Best wishes

Hector
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  • #105,796
  • Jan 11, 2012 11:29am Jan 11, 2012 11:29am
Quoting mbqb11
nice clean chart a lot of us are watching.

Clear consolidation in a down trend. TLs are very exact, BRN running through the mid point of consolidation also acting as a PPZ(as midpoints of consolidation almost always will)

Best
Mike

Thanks Mike

What price go to Long and at what cost short

Sorry for my poor English _
  • #105,797
  • Jan 11, 2012 11:37am Jan 11, 2012 11:37am
Quoting Yehuda Sh
Thanks Mike

What price go to Long and at what cost short

Sorry for my poor English _
Hey Yehuda

I will look for price confirmation, like a BEOB or a BUOB running through this area. Gotta wait and see how it plays out. I will also watch it on the 4hr as well. Patience is key and if nothing pops up I wait for the next area to watch

Best
Mike
  • #105,798
  • Jan 11, 2012 11:54am Jan 11, 2012 11:54am
Quoting PinWing
Hello Beebolbod

Just my 0,02 contribution, like Ryan wrote a few posts back.

My comments are on the chart, but you can take it with a grain of salt like Donkey wrote too a few posts back, because i am kind of new too.

For me, results could have been better with a stronger close of the dbhlc, but with the weak close, price is still behaving kind of good.

Best wishes

Hector
Purely from a PA perspective i'd almost agree but i have to disagree with your comments about the DBHLC closing below the VBRN taking price that low. A downgrade from Fitch may do that, but little else in this setup i believe, just because it's too quick a move.... this has been panning out for over 2 months now.
Let me explain why i thought this a good trade to take - and it has been so far. I'd love to know from Mike perhaps if this way of thinking is dangerous particularly as it's been partially successful so far (which can reinforce bad habits).

I spotted the overall downtrend with the retracement which has formed a H&S pattern with a VBRN and 50% fib level making the neckline. The 61.8 is also making something of a scarf/necktie here so i'm not considering it complete just yet although it does (to my eye) look good so far.

The DBHLC x2 on the way down (one of those very very bearish) , plus the TL sloping towards the VBRN told me this was gravitating to the VBRN quite strongly and here i watched for bullish PA. No strong bullish PA appeared so i watched for the pattern completion.

So once i saw the VBRN beached and daily close below i was looking for a setup, which i took on a 4H pin at top of slope towards BRN. I know this is bad as i was trading towards BRN but as i'd seen it been broken i was looking at this retesting with view to testing the 50 fib this time. It did. My setup had a tight stop and i was obviously looking to get to BE v quickly.

Now the 50 fib has been breached and closed below, we are at the 61.8 fib and it's here i watch with interest to see if it pans out as i was thinking it might.

My original chart also showed the points of a harmonic trade which seem to show great confluence with how this is working out. Depending on the PA at the 78.6 and 88.6 it could trigger a bullish move too.

So..... was i/am i being silly???
  • #105,799
  • Jan 11, 2012 12:24pm Jan 11, 2012 12:24pm
Just found a PB on the 1H which would have given me a much better entry. Lesson learned there.
  • #105,800
  • Jan 11, 2012 1:10pm Jan 11, 2012 1:10pm
Anyone like this? I'm short this pair for a while now but i like this for quick 80 pips or so, maybe more.
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