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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

  • #126,401
  • Jun 24, 2013 8:51am Jun 24, 2013 8:51am
Quoting dennis4u15
hi pinbar, jaroo, mbqb11, whats your take on GBP/AUD....i went short but got out with a 20 pips loss..this pair is quite volatile.. it formed a bearish bar at swing high near a good resistance and BRN. the trend was up though...any advice will be much appreciated. regards dennis {image}
Hey Dennis

Not a whole lot here this pair is trending very strong so that inside bar is not enough information for me one way or the other.

I like more major areas when I trade so that first rising TL that you have marked is one I would watch myself, or for some major reversal bar to occur

Best
Mike
  • #126,402
  • Jun 24, 2013 9:09am Jun 24, 2013 9:09am
Quoting str8
{quote} Thanks for the answer Mike. Do you ever watch smaller time frames to find good areas to exit? For instance if you trade daily charts do you ever watch 4hr or 1hr charts to find good areas to exit? What do you think of putting the initial stop loss for a pin bar above/below the high/low of the left eye? Or maybe putting the initial stop loss for a pin bar at the high/low of the pin bar but in case price closes above/below the left eye to close the trade? I've read about this stop placement in the PDF Pin bars-advanced. {image}
Hey Str8

Just a side not that pdf was made by a member of FF on this thread, so it's not official or anything just to clarify.

I tend to enter and exit on the same timeframe I enter. Just like James it keeps things simple and most times(98%) of the time all the info is contained that is needed to make the proper decision in my view.

You can put your initial stop in many places. Each has advantages and disadvantages. For example if you review my last post to you about sticking my stop above the bar high this allows me to reduce my risk on a trade. Where as if I started with a stop at the left eye one would get a bigger position size but a decreases in flexibility to reduce that risk. That tradeoff is not better or worse, it depends on how it is used and the ultimate method of the individual.

Best
Mike
  • #126,403
  • Jun 24, 2013 9:32am Jun 24, 2013 9:32am
Quoting jarroo
{quote} What the heck is a Czech Koruna? . .lol . .
lol, currency of my country
  • #126,404
  • Jun 24, 2013 9:47am Jun 24, 2013 9:47am
Quoting Mav13
{quote} lol, currency of my country
Yes, I know Mav . . I meant no disrespect . . it just that the UsdCzk is not a pair that's frequently discussed. . .it may be the first time its charts have been posted . .

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #126,405
  • Jun 24, 2013 9:59am Jun 24, 2013 9:59am
Quoting jarroo
{quote} I meant no disrespect
Hi jarroo, yeah I know that you meant it in good way.

Mav
  • #126,406
  • Jun 24, 2013 1:35pm Jun 24, 2013 1:35pm
What does anyone think about this pin bar (hasn't closed yet) on USD CAD, in a long position from the monthly BEOB.

But looking to cut my position and head south, for the reversal.

Chris,
Attached Image (click to enlarge)
Click to Enlarge Name: USD CAD pinbar daily (2).PNG Size: 28 KB
  • #126,407
  • Jun 24, 2013 2:07pm Jun 24, 2013 2:07pm
Quoting Fx-chriz
What does anyone think about this pin bar (hasn't closed yet) on USD CAD, in a long position from the monthly BEOB. But looking to cut my position and head south, for the reversal. Chris, {image}

If the shape of the pinbar is OK when the bar will close I will trade it.

Clear Divergence, pin bar, round number and this is even an SFP compared to swing high of 2011.11.24. IMO this is clear fromation.
Attached Image (click to enlarge)
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  • #126,408
  • Jun 24, 2013 3:04pm Jun 24, 2013 3:04pm
Watching the USDCAD also, like the long nose.
  • #126,409
  • Jun 24, 2013 3:24pm Jun 24, 2013 3:24pm
Just me humble view but, Looking at the weekly on UC, I'd be careful about that daily even if it produces a red pin. Location is at support for me.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcadweekly.png Size: 48 KB
Ghost Rider - WWTBMD?
  • #126,410
  • Jun 24, 2013 3:24pm Jun 24, 2013 3:24pm
Quoting ghous
Let's see if we can decode why this didn't drop like a stone. What do we have: 1) A pin bar as good as it gets 2) 150 EMA First time back (i.e a BASE setup) 3) 19.5 RN (and the pin bar closed under it) 4) Some space. 5) Fake out of the former swing high on the 4H Some will argue that it barely broke, but we are not criticizing any trades here, we merely want to see if price action, the way we follow it here on the thread can provide an answer for why this pin bar actually didn't work to start off with. Or was this just a genuine loss? What do you...
Hi Ghous

I was watching this aswell but it was NO NO for me becouse of strong bullish reaction to possible QE TAPER after Bernanke on wednesday. There was a lot of bullish signals on many USD pairs day before on D1 TF.

It wasn't such a bad setup afterall but funnymentals kept me aside on this one


--------------


I like the way how USDZAR (didn't) react to the massive USD buying across the market. Now it looks like we might get good short opportunity.

https://www.tradingview.com/x/MRnOXell/
  • #126,411
  • Jun 24, 2013 3:25pm Jun 24, 2013 3:25pm
Quoting Microtrader_
{quote} If the shape of the pinbar is OK when the bar will close I will trade it. Clear Divergence, pin bar, round number and this is even an SFP compared to swing high of 2011.11.24. IMO this is clear fromation. {image}
Maybe its just me but I don't quite see this lining up with the bigger story.

I see tonnes of possible sources of support for this pin bar. We have a major PPZ (blue rectangle) + the broken long term trend line from the wedge formation + neckline of a rough inverted H&S.

I think this is just killing the pin bar for space.

Just my thoughts.

g.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.png Size: 41 KB
I believe . . .
  • #126,412
  • Jun 24, 2013 3:27pm Jun 24, 2013 3:27pm
Quoting albchr
Just me humble view but, Looking at the weekly on UC, I'd be careful about that daily even if it produces a red pin. Location is at support for me. {image}



g.
I believe . . .
  • #126,413
  • Jun 24, 2013 3:30pm Jun 24, 2013 3:30pm
Quoting ghous
{quote} Maybe its just me but I don't quite see this lining up with the bigger story. I see tonnes of possible sources of support for this pin bar. We have a major PPZ (blue rectangle) + the broken long term trend line from the wedge formation + neckline of a rough inverted H&S. I think this is just killing the pin bar for space. Just my thoughts. g. {image}
Yes, not something I'd be looking to short. Maybe a nice pullback for a long reload though. Should it reach the 1.0435ish area.
Ghost Rider - WWTBMD?
  • #126,414
  • Jun 24, 2013 3:41pm Jun 24, 2013 3:41pm
AU is one I'm watching.
Attached Image(s) (click to enlarge)
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Ghost Rider - WWTBMD?
  • #126,415
  • Jun 24, 2013 4:33pm Jun 24, 2013 4:33pm
Quoting ghous
{quote} Maybe its just me but I don't quite see this lining up with the bigger story. I see tonnes of possible sources of support for this pin bar. We have a major PPZ (blue rectangle) + the broken long term trend line from the wedge formation + neckline of a rough inverted H&S. I think this is just killing the pin bar for space. Just my thoughts. g. {image}
Yep I had a feeling we wouldn't as well G. This is looking like a wick play in my book. That almost pinbar formed by weak sellers. Tend to fill that wick before reversing. That gap might draw more sellers though

Mike
  • #126,416
  • Jun 24, 2013 8:43pm Jun 24, 2013 8:43pm
Quoting ghous
{quote} Impressive Steve! Although I was looking at the more tighter consolidation box more evident on the daily. But yes, the fact that we broke north out of a consolidation box was another aspect I was looking at to explain this failure. g.

I hear you Ghous.

FXPRO does not seem to have this pair, I had to look at USD/CCK which looks similar and indeed the Daily boxes stuck me.
Attached Image (click to enlarge)
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  • #126,417
  • Jun 24, 2013 9:58pm Jun 24, 2013 9:58pm
Quoting mbqb11
{quote} Yep I had a feeling we wouldn't as well G. This is looking like a wick play in my book. That almost pinbar formed by weak sellers. Tend to fill that wick before reversing. That gap might draw more sellers though Mike

Hey Mike and Ghous,

Thank you for your comments, I have just read them.

However I skipped that pin bar also. This was still a bullish candle and hardly closed under 1,05, not a nice PB.

I agree with the concept of Ghous about the PPZ. My plan was to wait with a sell limit at 1.4990 in the case of a nice PB to have more space for the trade. This didn't happen
  • #126,418
  • Jun 24, 2013 10:13pm Jun 24, 2013 10:13pm
EU does not have me convinced of it being ready to make a bearish move.
Attached Image(s) (click to enlarge)
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  • #126,419
  • Jun 25, 2013 12:56am Jun 25, 2013 12:56am
Hi. What about GBP/NZD?

http://storage2.static.itmages.ru/i/...535c1ab162.png
  • #126,420
  • Jun 25, 2013 2:40am Jun 25, 2013 2:40am
Quoting Pinbar
EU does not have me convinced of it being ready to make a bearish move. {image} {image} {image}
yeah... i would like to see deeper pullback to 1.32 area. I have some limit sell orders waiting there. 1.3 looks like a fair price for the target and i hope i'll get better entry

https://www.tradingview.com/x/pm6Ua8xq/

https://www.tradingview.com/x/PYmhv0T0/



Quoting Greenhaze
I like the way how USDZAR (didn't) react to the massive USD buying across the market. Now it looks like we might get good short opportunity. https://www.tradingview.com/x/MRnOXell/
Now.. if it could stay under 10.00

https://www.tradingview.com/x/a2HeQiux/
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