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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

  • #114,241
  • Edited 9:29pm Jul 12, 2012 8:09pm | Edited 9:29pm
shorted the gbpchf after price broke 10 pips below low of pinbar. see attached. looks like a good trade for me (even though im on a drawdown now).

what do you guys think? looking to get some input from more knowledgeable people here.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf_daily.JPG Size: 90 KB
  • #114,242
  • Jul 12, 2012 8:57pm Jul 12, 2012 8:57pm
Hello Everyone ,

I noticed this Pin Bar on GBPNZD Rejected from PZ and 61.8% plus EMA

I know there is Support Near this entry 1.9270 but it would be 2.5: 1 R/R

What do you think
Attached Image (click to enlarge)
Click to Enlarge Name: 7-13-2012 3-50-06 AM.png Size: 41 KB
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  • #114,243
  • Jul 12, 2012 9:02pm Jul 12, 2012 9:02pm
Quoting Rona
Hello Everyone ,

I noticed this Pin Bar on GBPNZD Rejected from PZ and 61.8% plus EMA

I know there is Support Near this entry 1.9270 but it would be 2.5: 1 R/R

What do you think
Hey Rona

This is actually not a pinbar cause it has a lower low then the previous bar. Notice also how it has a close up higher than the open which hints not much at bearish strength. Remember we want pinbars at nice swing highs as well

Let me know if this makes sense

Mike
  • #114,244
  • Jul 12, 2012 9:13pm Jul 12, 2012 9:13pm
Quoting mbqb11
Hey Rona

This is actually not a pinbar cause it has a lower low then the previous bar. Notice also how it has a close up higher than the open which hints not much at bearish strength. Remember we want pinbars at nice swing highs as well

Let me know if this makes sense

Mike
Hello Mike ,

i was hoping u would notice my Post and comment ,

Thank you for useful Notes, of course it make sense , actually I was wondering about the lower low if we can accept it or not and now i know we can't Thanks to you ,

Thanks again for ur support and Great Help Mike
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  • #114,245
  • Jul 12, 2012 9:16pm Jul 12, 2012 9:16pm
Quoting Rona
Hello Mike ,

i was hoping u would notice my Post and comment ,

Thank you for useful Notes, of course it make sense , actually I was wondering about the lower low if we can accept it or not and now i know we can't Thanks to you ,

Thanks again for ur support and Great Help Mike
no problem Rona

Do you know what I mean by looking for them at swing highs?

Mike
  • #114,246
  • Jul 12, 2012 9:43pm Jul 12, 2012 9:43pm
Quoting mbqb11
no problem Rona

Do you know what I mean by looking for them at swing highs?

Mike
Of course I do and most of the time I trade Pins from swing Highs/Lows , and sometimes i Trade Pins at the middle of the trend when it retrace and retest previous Pivot Area ,
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  • #114,247
  • Jul 12, 2012 9:52pm Jul 12, 2012 9:52pm
Hi guys, just posted this as something I wish the gurus here can comment on. Is my analysis correct. I think this is a good short trade for the AUDNZD if ever the price goes 10 pips below the last BEOB. Please see attached image.

is it good to short this pair?
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd_daily.JPG Size: 118 KB
  • #114,248
  • Jul 12, 2012 9:58pm Jul 12, 2012 9:58pm
Quoting jerbersoftfx
Hi guys, just posted this as something I wish the gurus here can comment on. Is my analysis correct. I think this is a good short trade for the AUDNZD if ever the price goes 10 pips below the last BEOB. Please see attached image.

is it good to short this pair?
Hey J

I like the size of this bar but this is a very consolidated and choppy market. Besides the bar I don't see a lot of confluence. When that happens I am always thinking well why should I take this bar. In this case I see the rising TL and price not closing below it. In my view if we trade a break and that rising TL doesn't hold(as resistance) then we would need to ditch out. Not much in the way of space either. Makes a trade like this tricky. But hey price could break hard and then you are good. But if it doesn't I wouldn't be one to hang around myself

Best
Mike
Attached Image (click to enlarge)
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  • #114,249
  • Jul 12, 2012 10:06pm Jul 12, 2012 10:06pm
Quoting mbqb11
Hey J

I like the size of this bar but this is a very consolidated and choppy market. Besides the bar I don't see a lot of confluence. When that happens I am always thinking well why should I take this bar. In this case I see the rising TL and price not closing below it. In my view if we trade a break and that rising TL doesn't hold(as resistance) then we would need to ditch out. Not much in the way of space either. Makes a trade like this tricky. But hey price could break hard and then you are good. But if it doesn't I wouldn't be one to...
Hi Mike,

thanks for pointing that rising TL out. didnt see that. and looking more to the previous bars to the left looks like you are right on the consolidating-thingy. and i have no idea what 1.2800 is in relation to the current price. i was occupied looking at the fibs and EMA. hahaha. well, im gonna monitor this pair.

now on to the next pairs.

thanks mike!

regards,
herbert
  • #114,250
  • Jul 12, 2012 10:09pm Jul 12, 2012 10:09pm
Quoting jerbersoftfx
Hi Mike,

thanks for pointing that rising TL out. didnt see that. and looking more to the previous bars to the left looks like you are right on the consolidating-thingy. and i have no idea what 1.2800 is in relation to the current price. i was occupied looking at the fibs and EMA. hahaha. well, im gonna monitor this pair.

now on to the next pairs.

thanks mike!

regards,
herbert
Hey Herbert

The interesting part(although still not enough for me personally). Is that we know that rising TL is playing a role. We have a nice size bar. So if we sell this bar we can sell a break of both the bar and TL and then look to use that TL to manage the trade. Then it really comes down to the trader deciding if that is worth their $$. That's the ultimate question

Glad it helped
Mike
  • #114,251
  • Jul 12, 2012 10:21pm Jul 12, 2012 10:21pm
Quoting mbqb11
Hey Herbert

The interesting part(although still not enough for me personally). Is that we know that rising TL is playing a role. We have a nice size bar. So if we sell this bar we can sell a break of both the bar and TL and then look to use that TL to manage the trade. Then it really comes down to the trader deciding if that is worth their $$. That's the ultimate question

Glad it helped
Mike
hi Mike,

i agree on what you said there. if im gonna trade this maybe a smaller position would be good. just to lessen the risk there since this is clearly not an A trade.

regards,
herbert
  • #114,252
  • Jul 12, 2012 11:01pm Jul 12, 2012 11:01pm
Attached Image (click to enlarge)
Click to Enlarge Name: audchf.gif Size: 17 KB


Any one comment on the 2 day pin which close below big round number 1.0?
  • #114,253
  • Jul 13, 2012 1:29am Jul 13, 2012 1:29am
Quoting hehesam
Attachment

Any one comment on the 2 day pin which close below big round number 1.0?
Interesting scenario, but I would not go for it.
Uptrend is very strong and untill I see a clear trendchenge indication I would not short.
A good one would be a break of the TL, from which we are still far away (if you draw one up).
Besides, I belive, Euro will reach down to 1.20 and CHF being highly correlated, will continue its way up for a while.
Thoughts are things
  • #114,254
  • Jul 13, 2012 1:30am Jul 13, 2012 1:30am
Quoting mbqb11
Hey Ken

You should still hop back onto demo. There is no reason to risk real money until you can prove it on demo. That's step one in treating this as a business like James stresses

As for your bars. Eur/aud is a DBHLC but at a swing low. Remember we want to locate these bars up at swing high points.

Same goes for usd/jpy this we want at a swing low where your BUOB is in a very sideways market. Not at a swing point.

When starting out remember to look for nice big bars at nice clean swing points. This is a good stepping stone. If you are...
Thanks Mike. It makes a lot of sense.

Ken
  • #114,255
  • Jul 13, 2012 2:02am Jul 13, 2012 2:02am
Does anyone know of a good price alarm besides BK's in mt4. Bk's alarm has no pop-ups and needs to be reset everytime you switch a profile or exit the platform. Any idea's?

thanks
  • #114,256
  • Jul 13, 2012 2:15am Jul 13, 2012 2:15am
Quoting hehesam
Attachment

Any one comment on the 2 day pin which close below big round number 1.0?
I also wouldn't be so exited, as we trade right in to the previous res zone that could become support. If we had big DBHLC that close below upper border ot the box, that could be worth trading. Just my view
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If not up, then down, otherwise sideways :-)
  • #114,257
  • Jul 13, 2012 2:27am Jul 13, 2012 2:27am
Quoting jerbersoftfx
shorted the gbpchf after price broke 10 pips below low of pinbar. see attached. looks like a good trade for me (even though im on a drawdown now).

what do you guys think? looking to get some input from more knowledgeable people here.
I'd take full profits at 1.51. The £ has made a huge weekly breakout and this just looks like a quick retest rather than full trend reversal.

No need for BE stop.
  • #114,258
  • Jul 13, 2012 2:42am Jul 13, 2012 2:42am
Quoting equivestor12
Does anyone know of a good price alarm besides BK's in mt4. Bk's alarm has no pop-ups and needs to be reset everytime you switch a profile or exit the platform. Any idea's?

thanks
here you go
Attached File(s)
File Type: ex4 Alerter4U.ex4   8 KB | 385 downloads
Thoughts are things
  • #114,259
  • Jul 13, 2012 3:14am Jul 13, 2012 3:14am
Quoting jarroo
I don't think I could have said it any better G. . .Thanks brother . .

Thanks both of u...that stuff helped a lot to go ahead
  • #114,260
  • Jul 13, 2012 3:16am Jul 13, 2012 3:16am
Quoting C-12
I'd take full profits at 1.51. The £ has made a huge weekly breakout and this just looks like a quick retest rather than full trend reversal.

No need for BE stop.
thanks c-12. it never came to my mind that there are things to be considered like knowing if it is just a retest or a full reversal. thumbs up there!

cheers,
herbert
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