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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

  • #124,861
  • Apr 22, 2013 11:46am Apr 22, 2013 11:46am
Quoting Martin600
Mike what about these patterns? Are you watching it too? {image} {image}
both look good martin

CCK is a tough pair there to trade very choppy so be cautious but pattern is good

Gbp/usd daily is too small for me so I think it is better viewed on the 4hr which is how I would view it for now

Best
Mike
  • #124,862
  • Apr 22, 2013 12:09pm Apr 22, 2013 12:09pm
What does anyone think about this 4H pinbar on USD CAD.

I can see a wedge formation on the chart as shown (could prob of draw it a bit better), which suggests buy postion but pinbar makes me think of a short.

Best Wishes,
Chris,
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  • #124,863
  • Apr 22, 2013 12:54pm Apr 22, 2013 12:54pm
Quoting Fx-chriz
What does anyone think about this 4H pinbar on USD CAD. I can see a wedge formation on the chart as shown (could prob of draw it a bit better), which suggests buy postion but pinbar makes me think of a short. Best Wishes, Chris, {image}
never buy high ... anyway for me its forming to break the top, the 'pinbar' engulfed the previous high , 'trades say price is too low.'

for me no trade here.

best,
Jonas
Hero calls followed by margin calls...
  • #124,864
  • Apr 22, 2013 1:01pm Apr 22, 2013 1:01pm
Quoting Fx-chriz
What does anyone think about this 4H pinbar on USD CAD. I can see a wedge formation on the chart as shown (could prob of draw it a bit better), which suggests buy postion but pinbar makes me think of a short. Best Wishes, Chris, {image}
The pin bar is nice, but IMO fighting against this triangle is too risky. I did not even think about it for a moment.
Further rising of the price is more probable, and it can be a possibility to bet for breaking out from the triangle, but I am not experienced enough in trading triangles, so I skipped this chart.
  • #124,865
  • Apr 22, 2013 1:44pm Apr 22, 2013 1:44pm
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I am not an expert but i might think of buying if it PBT&CA the HCR & LCS Daily levels (see circles).

On the other hand as per 4H charts it looks like the level holds, so at the moment it is neither buy or sell for me.
With the rising TL i would not even try to scalp short - it is just too thigh. Just my two cents.
  • #124,866
  • Apr 22, 2013 1:50pm Apr 22, 2013 1:50pm
or sell if TL cleared with nice bearish PA ....

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  • #124,867
  • Apr 22, 2013 2:00pm Apr 22, 2013 2:00pm
I'm long in GBP/JPY Bullish pin bar.
It confluences also with a nice trend line.
I think this is a very nice setup.
The last weekly candle also shows a nice bullish pin bar
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  • #124,868
  • Apr 22, 2013 2:12pm Apr 22, 2013 2:12pm
Quoting nc_trader
I'm long in GBP/JPY Bullish pin bar. It confluences also with a nice trend line. I think this is a very nice setup. The last weekly candle also shows a nice bullish pin bar {image}
again this pinbar didnt even close bullish. Also we are pretty high facing a lot of supply above.

Stop looks reasonable. Where is your target ? How much do you risk on this trade ?
Hero calls followed by margin calls...
  • #124,869
  • Apr 22, 2013 2:28pm Apr 22, 2013 2:28pm
Quoting nc_trader
I'm long in GBP/JPY Bullish pin bar. It confluences also with a nice trend line. I think this is a very nice setup. The last weekly candle also shows a nice bullish pin bar {image}
For me the space was too little in for a trade, I was not sure and I skipped.

Anyway guys this is an other one:

USDHUF D1:

Pin bar
230 BRN
FIB 50 (very spectacular)
A lot of space for the trade

The candle will close in 1,5 hours' time in my chart, and without any serious changing this trade should be very good IMO.

Guys comment this if you misunderstand, but I really hope you will also see this pin to be indisputable.
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  • #124,870
  • Apr 22, 2013 2:30pm Apr 22, 2013 2:30pm
Quoting Microtrader_
{quote} For me the space was too little in for a trade, and I skipped. Anyway guys this is an other one: USDHUF: Pin bar 230 BRN FIB 50 (very spectacular) A lot of space for the trade The candle will close in 1,5 hours' time in my chart, and without any serious changing this trade should be very good IMO. Guys comment this if you misunderstand, but I really hope you will also see this pin to be indisputable. {image}
Hey M

Just be careful here. There isn't much confluence and it's at a very minor swing point creating little space to the FTA(purple) which can bounce the move lower.

If it closes as is that can be a pretty weak sign with the previous few large bullish type bars that it would be trading back into

best
Mike
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  • #124,871
  • Apr 22, 2013 2:45pm Apr 22, 2013 2:45pm
Mike, question for ya. Some people say that it's better to draw support/resistance levels on line charts and then switch back to bars/candlesticks. Would you agree with this or do you just draw them using candlesticks?
  • #124,872
  • Apr 22, 2013 2:46pm Apr 22, 2013 2:46pm
Quoting mbqb11
{quote} Hey M Just be careful here. There isn't much confluence and it's at a very minor swing point creating little space to the FTA(purple) which can bounce the move lower. If it closes as is that can be a pretty weak sign with the previous few large bullish type bars that it would be trading back into best Mike {image}
Yes the FTA is close but I planned to trade with an aggressive entry which makes about 0,7 RR until FTA (SL above the pin). What do you think?

Of course there is not too much confluence, so do you think generally a pin bar with fibo retracement like this is not enough?

You don't open a trade without EMA-ppz confluence at all?
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  • #124,873
  • Apr 22, 2013 3:19pm Apr 22, 2013 3:19pm
hey guys,
I`m looking at this one.
AUDNZD H4
Good luck and good trading!

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  • #124,874
  • Apr 22, 2013 4:11pm Apr 22, 2013 4:11pm
Quoting Hiten123
Mike, question for ya. Some people say that it's better to draw support/resistance levels on line charts and then switch back to bars/candlesticks. Would you agree with this or do you just draw them using candlesticks?
Hey Hiten

I think if that helps it's ok. I always find it much easier to just leave my charts as is. I like to see all the OHLC information of price myself

Best
Mike
  • #124,875
  • Apr 22, 2013 4:13pm Apr 22, 2013 4:13pm
Edit: Thanks Mike.

Okay, going to post a few charts here for the EUR/USD. Any experienced traders, please tell me if my interpretation of this is correct or not. Thinking of a short entry on this pair and here is why.


Possible head and shoulders on weekly?


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2 day pin on daily

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Head and shoulders on H4

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  • #124,876
  • Apr 22, 2013 4:13pm Apr 22, 2013 4:13pm
Quoting Microtrader_
{quote} Yes the FTA is close but I planned to trade with an aggressive entry which makes about 0,7 RR until FTA (SL above the pin). What do you think? Of course there is not too much confluence, so do you think generally a pin bar with fibo retracement like this is not enough? You don't open a trade without EMA-ppz confluence at all? {image}
Hey Micro

I think that in this case entering on the close if anything makes sense since either that area should hold(the left eye), or likely price may just run back through. I still think over all this is a tricky one for me personally without more information. We can find fibs all over the place on a chart so having more confluence and story to understand the PA that occurs is more helpful. For example if you think about it the fib already did it's job. The 50% retrace of price can be strong. But now we have to ask ourselves if this area is strong enough to continue to push price, or if this PA is strong enough. Again different ways to attack this and as long as you are demoing that is the best thing. I'd just like more information in a case like this

Best
Mike
  • #124,877
  • Apr 22, 2013 5:06pm Apr 22, 2013 5:06pm
Quoting PhAnTi'
{quote} again this pinbar didnt even close bullish. Also we are pretty high facing a lot of supply above. Stop looks reasonable. Where is your target ? How much do you risk on this trade ?
I'm long because this pin Bar is on a weekly suport and i think there is a strong bullish up trend on weekly anda daily tf.
My target is a 1:2 Risk/reward.
I only risk 3% on this trade.
Thank's for your opinion.
  • #124,878
  • Apr 23, 2013 3:13am Apr 23, 2013 3:13am
Quoting mbqb11
{quote} Hey Micro I think that in this case entering on the close if anything makes sense since either that area should hold(the left eye), or likely price may just run back through. I still think over all this is a tricky one for me personally without more information. We can find fibs all over the place on a chart so having more confluence and story to understand the PA that occurs is more helpful. For example if you think about it the fib already did it's job. The 50% retrace of price can be strong. But now we have to ask ourselves if this...
Thank you Mike I understand your thinking, and accepted your advise I skipped the trade.

However, 3 hours ago there was an other pin on H4, and I did not skip it luckily.

GBPAUD classical MACD divergence with pin bar. It has just made 1 RR profit.
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  • #124,879
  • Apr 23, 2013 3:40am Apr 23, 2013 3:40am
Huge BEOB
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  • #124,880
  • Apr 23, 2013 3:56am Apr 23, 2013 3:56am
Quoting Hiten123
Edit: Thanks Mike. Okay, going to post a few charts here for the EUR/USD. Any experienced traders, please tell me if my interpretation of this is correct or not. Thinking of a short entry on this pair and here is why. Possible head and shoulders on weekly? {image} 2 day pin on daily {image} Head and shoulders on H4 {image}
On H4 head and shoulders is one point but a huge engulfing has appeared with strong confluence (EMA 50, 150, 365, 1,3 BRN and a ppz to protect the SL for a selling trade....very tempting)
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