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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

  • #125,541
  • May 20, 2013 11:36pm May 20, 2013 11:36pm
hi guys,


any advice on the following charts....i am new so just practising.
Aud/Cad buy after the pin bar as its rejected the support or ppv at swing low. profit at the yellow horizontal line.

Any suggestions please

Regards
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  • #125,542
  • May 20, 2013 11:39pm May 20, 2013 11:39pm
Buying nzd/usd at 0.81746 which looks like a pin bar at the support or ppv...tp around 0.82840...any suggestions please


Den
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  • #125,543
  • May 20, 2013 11:43pm May 20, 2013 11:43pm
hi all,

i just wanted to know if it is ok to take a trade just off the ppv zones or we need the bar confirmation like, BEOB, BUOB, pin bar before we take the trade, i do at times look for confluence like, trend, moving average, fibs, etc. its quite hard to find all these confluence together.

Suggestions please

Den
  • #125,544
  • Edited May 21, 2013 12:03am May 20, 2013 11:45pm | Edited May 21, 2013 12:03am
Quoting dennis4u15
Buying nzd/usd at 0.81746 which looks like a pin bar at the support or ppv...tp around 0.82840...any suggestions please Den {image}

Yeah, forget it, it is not a PB.

First learn what the PA looks like, then learn where to and, where not to look for them.
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  • #125,545
  • May 21, 2013 12:07am May 21, 2013 12:07am
Quoting dennis4u15
hi all, i just wanted to know if it is ok to take a trade just off the ppv zones or we need the bar confirmation like, BEOB, BUOB, pin bar before we take the trade, i do at times look for confluence like, trend, moving average, fibs, etc. its quite hard to find all these confluence together. Suggestions please Den

Looks like it is going directly into a PPZ, does it not?
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  • #125,546
  • May 21, 2013 12:10am May 21, 2013 12:10am
Quoting mbqb11
{quote} Hey T A tricky one though be careful for the BRN/BOX/Tl just above here. I hope we move into that TL and BRN and get some PA a bit later Best Mike {image}
I actually took that trade. I saw the BRN above, but I was looking at the weekly PPZ just below also. Weekly is attached. Well I'm sitting on that trade but already have the trade planned out.
Attached Image
  • #125,547
  • May 21, 2013 12:22am May 21, 2013 12:22am
Hy Mike, can I ask how do you prepare your plans of trading? uses a sheet exel? write on paper or using notes on the chart?
  • #125,548
  • May 21, 2013 3:51am May 21, 2013 3:51am
Quoting Moly_Cam5
{quote} whats your view for gold now ? im shorting on it
1400 definitely is a nice resistance level to watch ... me personally, i wouldn't just short the level ... you can look out for some PA signals to form around that level to potentially get you short for a quick move
  • #125,549
  • May 21, 2013 4:05am May 21, 2013 4:05am
Quoting Pinbar
{quote} Yeah, forget it, it is not a PB. First learn what the PA looks like, then learn where to and, where not to look for them. {image}
nice summary of all PA signals Pinbar
  • #125,550
  • May 21, 2013 6:06am May 21, 2013 6:06am
USDCAD game me another place to put my SL behind, absolutely perfect!

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Rolo
The Eyes Believe What They See And The Ears Believe What Others Say.
  • #125,551
  • May 21, 2013 6:19am May 21, 2013 6:19am
Quoting mbqb11
{quote} Hey Mave That's a tough continuation bar to trade in my book. Unless that thing breaks hard and just keeps going it sort of leaves you open for a lot of trouble on the management side. Gold looks much better nice size buob. I like silver myself though nice bigger BUOB at a more substantial level(see my previous chart above0 Best Mike {image}
Hi Mike,
thanks a lot for your response. What do you think about trendlines I put on my EURCCK chart, are they ok, would it be well defined pattern in your opinion? (I´ve got still problems with spotting good wedges, triangles,...)
You´re right, silver has much better buob, but I would be afraid of midpoint of the box, it looks like really solid resistance.

Mav
  • #125,552
  • May 21, 2013 6:22am May 21, 2013 6:22am
Quoting timo4sho
{quote} nice summary of all PA signals Pinbar
It's tough, I know.
First we can not find PA which is the safe stage, then we find it, the dangerous part because, we see it all over the place but, not where it needs to be.

Everyone goes through this, don't get discouraged.

The important thing is to stay safe and demo, get it out of your system and never give up.

Some people will tell you that, you can't learn this business by demo.
It is true and not true but, you can learn to trade PA and find S&R.
The true bit is the emotional attachment to a trade, that is why we all need to demo and stay safe while we learn.
Read post 1 and stick to the Weekly & Daily Time Frames.

Wishing you a quick and painless journey.
  • #125,553
  • May 21, 2013 6:37am May 21, 2013 6:37am
Quoting timo4sho
here are my current open positions following the jarroo method: short cable at 1,5228 (LCS from last swing low/consolidation area from mid april)
Well, if u still in you are in profit now, BUT that level has been violated. Pay attention on that, it might lose sagnificant. Level is valid till its respected. Just my thoughts tho
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  • #125,554
  • May 21, 2013 6:49am May 21, 2013 6:49am
Is it OK to trade friday daily bars? Or the daily friday bars should be avoided because friday many traders take profit?
  • #125,555
  • May 21, 2013 7:14am May 21, 2013 7:14am
Quoting Pinbar
{quote} It's tough, I know. First we can not find PA which is the safe stage, then we find it, the dangerous part because, we see it all over the place but, not where it needs to be. Everyone goes through this, don't get discouraged. The important thing is to stay safe and demo, get it out of your system and never give up. Some people will tell you that, you can't learn this business by demo. It is true and not true but, you can learn to trade PA and find S&R. The true bit is the emotional attachment to a trade, that is why we all need to demo and...

Hi Pinbar,

I'm sorry I don't quite understand what you are trying to tell me. I believe your comment is directed at someone else

But as a seasoned trader that trades professionally I can only stress your message. Been there done that ... it helps!
  • #125,556
  • May 21, 2013 7:17am May 21, 2013 7:17am
Quoting gasgas
{quote} Well, if u still in you are in profit now, BUT that level has been violated. Pay attention on that, it might lose sagnificant. Level is valid till its respected. Just my thoughts tho {image}
Fully agree ... it all depends on your own style and trade management.

Fact is: The original stop above the high of the candle that PBT&CB never got triggered.
  • #125,557
  • May 21, 2013 8:32am May 21, 2013 8:32am
Quoting timo4sho
{quote} Fully agree ... it all depends on your own style and trade management. Fact is: The original stop above the high of the candle that PBT&CB never got triggered.
If u put it there then your fine and in green awesome
  • #125,558
  • May 21, 2013 9:02am May 21, 2013 9:02am
Quoting gasgas
{quote} If u put it there then your fine and in green awesome

Indeed ;-)

As a matter of fact, I just took partial profit at 1.5160 and moved stop to B/E on Cable --> rest continues to run nicely so far ... initial target for rest is 1.5100. I believe it could drop even more, but I'm just following my trading plan and if it hits my main profit target I am out

Other than that ... all mentioned positions are still open and sitting in profit (only on USD/MXN long did I take my first partial and moved stop to B/E ... this was at 12.340).
  • #125,559
  • May 21, 2013 9:24am May 21, 2013 9:24am
Quoting Nake
hi Mike, this is nice size buob ? {image} {quote}
Hey Nake

I think it is a decent size buob but I think the BUOB on silver is much better. Silver has better trade management areas and since the two will most likely run very similar it makes it easier to play the BUOB on silver. Both have not triggered yet. I see you put your buy it looks like literally a pip above the high. Try to give your buy orders a bit of a "buffer" as we call it. You don't want to get just spiked in.

I have left my pending silver order in place but it may not catch. This is a crucial area on silver right now(bottom of box)

Best
Mike
  • #125,560
  • May 21, 2013 9:27am May 21, 2013 9:27am
Quoting dennis4u15
hi guys, any advice on the following charts....i am new so just practising. Aud/Cad buy after the pin bar as its rejected the support or ppv at swing low. profit at the yellow horizontal line. Any suggestions please Regards {image}
Hey Dennis

Be careful that bar is more a neutral bar. Which has the open and close near the middle of the bar with equal "noses/tails" sticking out of both ends. This shows indecision in the market place.

Best
Mike
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