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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

  • #125,201
  • May 6, 2013 3:12am May 6, 2013 3:12am
Hi guys, what about this one for EU in weekly, good setup for PinBar and fibo bounce ?
thanks
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  • #125,202
  • May 6, 2013 7:14am May 6, 2013 7:14am
Nice engulfing as trend continuation at 50$ BRN
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  • #125,203
  • May 6, 2013 9:15am May 6, 2013 9:15am
Quoting gregart
Hi guys, what about this one for EU in weekly, good setup for PinBar and fibo bounce ? thanks {image}
Hey Greg

Careful this isn't technically a pinbar since price didn't close within the previous bar. Also you really want to look for them at better swing points when starting out. Let me know if this makes sense

Best
Mike
  • #125,204
  • May 6, 2013 9:30am May 6, 2013 9:30am
Quoting 4xjoema
{quote} Thanks Mike, hope your feeling better, know your pain pink eye seems to be claiming both kids and me sucks! I guess maybe I just feel more comfortable with futures as I have a little more time following the charts than forex or equities. also a silly question I'm sure, but I don't have much time in with equities at all and read that shorting isn't quite as easy as with forex or futures, is there any differences?
Hope the kids and you are feeling better too!

Not really in any liquid Equity. If the equity pays out a dividend you'll owe it much like negative swap in FX. But in general from a weekly standpoint things aren't that different. FX is of course a more liquid and easier market to participate in. I don't trade many futures myself only once in awhile have I.

Best
Mike
  • #125,205
  • May 6, 2013 9:45am May 6, 2013 9:45am
Hey Mike, I understand, still have some work for correct identification of the pinbars
Thanks for your help
Greg
Quoting mbqb11
{quote} Hey Greg Careful this isn't technically a pinbar since price didn't close within the previous bar. Also you really want to look for them at better swing points when starting out. Let me know if this makes sense Best Mike
  • #125,206
  • May 6, 2013 9:46am May 6, 2013 9:46am
Quoting meshka
well other are valid and looks the same. AGNC is only one that looks different at finviz.com... strange thing.
ATHN triggered for me Meshka


Mike
  • #125,207
  • May 6, 2013 11:28am May 6, 2013 11:28am
Quoting mbqb11
{quote} ATHN triggered for me Meshka Mike
what price did You get? I am trading stock options so my entries are little differnet...
all is eternal - this is good news for people who loves bad news
  • #125,208
  • May 6, 2013 2:13pm May 6, 2013 2:13pm
Quoting mbqb11
{quote} Hope the kids and you are feeling better too! Not really in any liquid Equity. If the equity pays out a dividend you'll owe it much like negative swap in FX. But in general from a weekly standpoint things aren't that different. FX is of course a more liquid and easier market to participate in. I don't trade many futures myself only once in awhile have I. Best Mike
Thanks mike!

Oh ok. Makes sense. Thank you sir .
  • #125,209
  • May 6, 2013 2:38pm May 6, 2013 2:38pm
Quoting meshka
{quote} what price did You get? I am trading stock options so my entries are little differnet...
84.65 here slightly worse then i wanted but not much. Hopefully it falls hard this week don't want to see too much retracing here

Mike
  • #125,210
  • Edited 5:34pm May 6, 2013 5:07pm | Edited 5:34pm
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Any thoughts on this trade setup for the daily chart? PBT-CA but by only 1 1/2 pips. Would rather see a longer bullish candlestick. Also for the weekly chart how would you guys play a Bullish Engulfing Outside (BUEOB)Bar that closes across a HCR zone. Are we better off waiting until price touches the retest zone or should we enter after the close of the (BUEOB) candlestick?
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“Every single day, ordinary people do extraordinary things"
  • #125,211
  • May 6, 2013 5:25pm May 6, 2013 5:25pm
Anybody waiting for the retest on the GBP/JPY? There seems to be alot of room from the next HCR on the weekly chart.
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“Every single day, ordinary people do extraordinary things"
  • #125,212
  • May 7, 2013 4:39am May 7, 2013 4:39am
Hi Everyone,

I'm new to this forum but have been trading for about 2 years with not too much success. I haven't been doing too badly but then not too well either. I been loving reading all the info from this site and the contributors so thanks to you all. I've taken a step back from trading live and now use a demo account while I get the hang of price action trading. I failed pretty badly at a trade on a pin bar on the EUR/CHF this morning from incorrect S/R line drawing but I am monitoring the GBPCHF pair waiting for a PBT-CA to form, does this potential trade look valid? I guess it could also form a pin bar too. Reason I think this is looking like a good setup is the confluence of the BRN and the 61.8 fib level. Lastly the PBT-CA would also be following the trend too.

Any pointers would be greatly appreciated!

Thanks,

Si
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  • #125,213
  • May 7, 2013 4:45am May 7, 2013 4:45am
Quoting jclude25
Anybody waiting for the retest on the GBP/JPY? There seems to be alot of room from the next HCR on the weekly chart.{image}{image}
Hi jclude25,

I spotted this and was wondering the same, hoping someone with some experience can confirm the setup. It's pulled back quite a bit today but not to the support line yet, wondering if anyone's just jumped in.
  • #125,214
  • May 7, 2013 6:23am May 7, 2013 6:23am
Quoting gregart
Hi guys, what about this one for EU in weekly, good setup for PinBar and fibo bounce ? thanks {image}
Hi gregart!

I’m a newb just like you, however I tend to have a new idea about pinbars: Even B, C pinbars can be traded, but here you have to be aware of the FTAs, and (!) be nimble – you have to either Take your Profit or Break Even as soon as these Minor FTAs are reached.

Just as Mike said this Pinbar is not valid. But (!) the pin from 2 weeks ago was. (It’s wick wasn't huge I know – but at least this one closed in the range of the former bar – also notice that it’s body is much more in the middle as at the bottom…)

When I’m thinking about trading such B, or C pinbars I WANT to see a clear FTA – in this case I just can’t or I’m not so sure. If you look left you see that 3 bars couldn’t close under a certain area – that would be my minor FTA (purple), however I also like to see that the wicks of the bars line up – which in this case doesn’t. – (I tend to think that at a break these “wick-end” represent the “last resistance” price has to break. In this case I just can’t determine a correct level.

Let’s assume we entered this pinbar. As soon as Price reaches the purple FTA I would definitely Break Even (B/E) or take Full profit. What you do is up to you.

Next day we get this red pinbar. (I know, its small, weak - kind of meaningless etc.) Anyway we are out (either due to TP or to BE). Next day you get this bar. Do we want to trade it? I wouldn’t. Not valid pin, price just tried to pull of the same stunt 2 days ago – but it failed. You can find much better B, C pins I’m sure

Pro-Traders! If I said something stupid or you disagree at some points please correct me! Thank you.

I Hope this helps,

Stephen
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It's all psychology...
  • #125,215
  • May 7, 2013 8:21am May 7, 2013 8:21am
If it closes like this is it a good pin bar to trade? It's rejecting BRN 1.2000 and it's very big but it's trading into traffic and it's counter trend.

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  • #125,216
  • May 7, 2013 8:53am May 7, 2013 8:53am
Quoting str8
If it closes like this is it a good pin bar to trade? It's rejecting BRN 1.2000 and it's very big but it's trading into traffic and it's counter trend. {image}
Hey Str8

I am watching this close! I sent out an email to the group this week about the descending TL to watch for a break and some good PA around here. Will watch how the day closes

Here is the TL. A BUOB above this area would be even stronger for me

Best
Mike
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  • #125,217
  • May 7, 2013 9:25am May 7, 2013 9:25am
Quoting LamerTrader
{quote} Hi gregart! I’m a newb just like you, however I tend to have a new idea about pinbars: Even B, C pinbars can be traded, but here you have to be aware of the FTAs, and (!) be nimble – you have to either Take your Profit or Break Even as soon as these Minor FTAs are reached. Just as Mike said this Pinbar is not valid. But (!) the pin from 2 weeks ago was. (It’s wick wasn't huge I know – but at least this one closed in the range of the former bar – also notice that it’s body is much more in the middle as at the...
Hey Stephen

Your thoughts are correct here. All 3 of those bars are going to be very tough to trade due to the extreme traffic and FTA being so close(without a larger story to support holding). This makes them very tricky especially for new traders

Best
Mike
  • #125,218
  • May 7, 2013 9:46am May 7, 2013 9:46am
Quoting mbqb11
{quote} Hey Stephen Your thoughts are correct here. All 3 of those bars are going to be very tough to trade due to the extreme traffic and FTA being so close(without a larger story to support holding). This makes them very tricky especially for new traders Best Mike
Thanks Mike!

You just cant imagine how much better I got since I joined the PF. I got a journal back from February and March, and I'm just looking at these dummy trades I made. I curious how much better I'll get in the next months

Cheers,
Stephen
It's all psychology...
  • #125,219
  • May 7, 2013 1:34pm May 7, 2013 1:34pm
Hi everyone,

Has anyone got any thoughts on the GBPCHF at the moment? Pin bar forming with 61 fib and BRN above, has already tried to break the BRN but with no success. Thinking it is heading lower towards the last swing low?
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  • #125,220
  • May 7, 2013 1:37pm May 7, 2013 1:37pm
Quoting jclude25
Anybody waiting for the retest on the GBP/JPY? There seems to be alot of room from the next HCR on the weekly chart.{image}{image}
Did you enter on the retest? I've gone long and currently up by a few pips. I'm on a demo account at the moment so want to get lots of experience handling trades of these types.
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