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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

  • #111,541
  • May 9, 2012 2:59pm May 9, 2012 2:59pm
Quoting meshka
looks like should be nice trade. target 1.6300. stp loss 1.6040.
Had a long order set 8 pips from the low today

It's a lovely pin btw. I'm just kicking myself about that missed one. All in all i missed quite a few today. By pips. oh well.

EDIT :- hehe, i just remembered i took some on the way down so not so bad. Busy day. Now looking for trouble spots etc. Nice pin but high up.
  • #111,542
  • May 9, 2012 2:59pm May 9, 2012 2:59pm
A pin bar setup to my liking has just formed on a 4 hr chart of GBP USD.

1- Nice protuding nose of the pin.
2- The bounce of a ret level as well as a prior support makes it a confluence.
3- The close of the nose of the pin is higher than the close of the eye.

Looks to me as a great pin bar setup. I have entered long in this pair. I would like your comments on this particular trade and that if anyone else has taken it.

Regards
Nabeel
  • #111,543
  • May 9, 2012 3:07pm May 9, 2012 3:07pm
this is how g/u looks on h4...
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meine augen sind die sterne
  • #111,544
  • May 9, 2012 3:10pm May 9, 2012 3:10pm
sorry I didnt upload the chart. Here it is.
Quoting me_nabeel1
A pin bar setup to my liking has just formed on a 4 hr chart of GBP USD.

1- Nice protuding nose of the pin.
2- The bounce of a ret level as well as a prior support makes it a confluence.
3- The close of the nose of the pin is higher than the close of the eye.

Looks to me as a great pin bar setup. I have entered long in this pair. I would like your comments on this particular trade and that if anyone else has taken it.

Regards
Nabeel
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  • #111,545
  • May 9, 2012 3:36pm May 9, 2012 3:36pm
Quoting me_nabeel1
sorry I didnt upload the chart. Here it is.
Hey ME

I would be careful here, I don't see a ton of confluence. If you look at aserbfx chart above you can see we are squeezed in a tight area(lack of space) so our trouble areas become very important if we choose to play these.

Same would go from the daily perspective it's a pin but at a very very minor swing low causing us to be trading right into traffic, giving us very little room to work with.

I would say be very vigilant with your stops/protecting oneself in a case like this

I prefer watching price around the 1.6 as I posted today, more confluence there(strong story at least)

Best
Mike
  • #111,546
  • May 9, 2012 3:46pm May 9, 2012 3:46pm
Quoting me_nabeel1
sorry I didnt upload the chart. Here it is.
I dont see a pin bar or anything like this on my feed . Here is what my h4 chart looks like !!
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Human
  • #111,547
  • May 9, 2012 3:48pm May 9, 2012 3:48pm
Thanks Mike , but you see that is the beauty of this market. People have different perspectives of the same charts have a look at the daily as well as weekly chart and also the 4 hr chart if you look at the bigger picture. I see this as a bounce of a strong trend line. Any ways thanks for your perspective really appreciate that !
  • #111,548
  • May 9, 2012 3:49pm May 9, 2012 3:49pm
Quoting Chanya
I dont see a pin bar or anything like this on my feed . Here is what my h4 chart looks like !!
May be because of the different time zones. It happens data feeds can vary from brokers to brokers.
  • #111,549
  • May 9, 2012 4:18pm May 9, 2012 4:18pm
Quoting Chanya
I dont see a pin bar or anything like this on my feed . Here is what my h4 chart looks like !!
I have same as you. Your daily will show a pin and those 2 bars make an 8h pinbar. A nice one at that. High up tho.
  • #111,550
  • May 9, 2012 4:27pm May 9, 2012 4:27pm
Quoting me_nabeel1
Thanks Mike , but you see that is the beauty of this market. People have different perspectives of the same charts have a look at the daily as well as weekly chart and also the 4 hr chart if you look at the bigger picture. I see this as a bounce of a strong trend line. Any ways thanks for your perspective really appreciate that !
yep you are correct that is the beauty!
Careful though the trendline I liek but I see it lower did you see this post
http://www.forexfactory.com/showthre...90#post5652190


Best
Mike
  • #111,551
  • May 9, 2012 4:47pm May 9, 2012 4:47pm
How nice did this come crashing down in the last 2 weeks. I guess RBA's decision to cut the cash rate by 50BP did have an affect after all.

I like the look of this. Long term monthly TL (since 2008) almost touched and the shorter term weekly one as well. Plus approaching parity. Where will the wind blow us now??

-H
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  • #111,552
  • May 9, 2012 5:05pm May 9, 2012 5:05pm
Quoting mbqb11
yep you are correct that is the beauty!
Careful though the trendline I liek but I see it lower did you see this post
http://www.forexfactory.com/showthre...90#post5652190


Best
Mike

Got your point mike .

Regards
Nabeel.
  • #111,553
  • May 9, 2012 6:15pm May 9, 2012 6:15pm
Hi everyone, this is my first attempt at attaching a chart to ask if there is a potential setup. What I see is a daily pinbar that might setup as a short opportunity. But I see what appears to be some heavy resistance. Am I correct about this being a short or would the resistance make you stay away?
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  • #111,554
  • May 9, 2012 6:23pm May 9, 2012 6:23pm
Quoting mbarker22
Hi everyone, this is my first attempt at attaching a chart to ask if there is a potential setup. What I see is a daily pinbar that might setup as a short opportunity. But I see what appears to be some heavy resistance. Am I correct about this being a short or would the resistance make you stay away?
close above ma. close above round number and not any its parity, close above pivot

All this would be a big no no for me, it may go down, but not enough confluence to give me confidence in taking the trade.
  • #111,555
  • May 9, 2012 6:30pm May 9, 2012 6:30pm
Quoting deankenny21
close above ma. close above round number and not any its parity, close above pivot

All this would be a big no no for me, it may go down, but not enough confluence to give me confidence in taking the trade.
yes quite the mess underneath I agree with DK be very very careful especially since this is your first trade. We want to be looking for nice clear strong closing bars at clear swing points. This one is in a big box now. I hoping for a breakout above the highs over the coming days.

Mike
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  • #111,556
  • May 9, 2012 6:37pm May 9, 2012 6:37pm
Quoting mbqb11
yes quite the mess underneath I agree with DK be very very careful especially since this is your first trade. We want to be looking for nice clear strong closing bars at clear swing points. This one is in a big box now. I hoping for a breakout above the highs over the coming days.

Mike
Thanks to both of you! I had a feeling this would not be a great setup with all of that resistance, but got excited to spot a pinbar.
  • #111,557
  • May 9, 2012 6:43pm May 9, 2012 6:43pm
Quoting mbqb11
yes quite the mess underneath I agree with DK be very very careful especially since this is your first trade. We want to be looking for nice clear strong closing bars at clear swing points. This one is in a big box now. I hoping for a breakout above the highs over the coming days.

Mike
Yes i been watching for the BO above the highs, and a restest+price action trade for the long, my favourite types
  • #111,558
  • May 9, 2012 8:56pm May 9, 2012 8:56pm
Quoting beebolbod
Not at all. Not sure what you were reading but it wasn't my post surely? Where did i mention hope? I trade PA.

All my pre emptive strikes are based on pure PA setups at lower TF which allow a cushion to play the moves IF they happen, if they dont, i bank what i've made.
EURCAD today - perfect setup for potential break. The AUDCHF stuff i posted - perfect PA setups. EURUSD i posted elsewhere - perfect setup for potential break. Not J16 stuff (as i mentioned) but very profitable trades with minimal risk.

None are based on hope, all are taken on...
My bad. It seemed to me as though you were trading patterns before they break out blindly. PA sure is a nice way to be sure.

I wasn't picking on you Beelbolbod, I probably misconstrued you, happens when you try to read through people's post late at then end of an exhausting eventful day.

Quote
Can you explain why say a 30-50 pip cushion ahead of a potential breakout is a bad thing? Please bear in mind i dont just stick a pin in a chart to pick my levels in these trades.

With PA it could be totally different. But anticipating breakouts without confirmation of PA is suicidal (which I at first thought you were doing).

g.
I believe . . .
  • #111,559
  • May 9, 2012 9:03pm May 9, 2012 9:03pm
Hey Mike..

Wondering if you took this trade and if not could you clarify what is wrong with this trade also would this target area be correct?

Cheers,
Adrian
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  • #111,560
  • May 9, 2012 9:26pm May 9, 2012 9:26pm
Quoting Ramjet
Hey Mike..

Wondering if you took this trade and if not could you clarify what is wrong with this trade also would this target area be correct?

Cheers,
Adrian
Hey Adrian

Funny to see you here

I did not, I was watching the former breakout area(and where price gapped) for a pullback. I am long usd/cad so hopefully they pull each other. This is just like the eur/usd inverted so that was what I discussed in the last webinar if you have enough bandwidth

Mike
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