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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

  • #127,741
  • Sep 11, 2013 9:33am Sep 11, 2013 9:33am
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  • #127,742
  • Sep 11, 2013 11:10am Sep 11, 2013 11:10am
it seems my GBPCHF will be ready for shortplay tonight
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all is eternal - this is good news for people who loves bad news
  • #127,743
  • Sep 11, 2013 11:36am Sep 11, 2013 11:36am
Quoting meshka
it seems my GBPCHF will be ready for shortplay tonight {image}
Yes a short off the retrace of the pin bar to the previous close high (as a proxy eye) could give a tight entry.
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  • #127,744
  • Sep 12, 2013 3:47am Sep 12, 2013 3:47am
Nice daily pin bar on GBPCHF. In a bit of traffic but near key resistance 1.4750-1.4800, two Fibo levels, 50% and 76.4%. I have sell stop order at 1.4689, SL above pin bar at 1.4786. TP is at 1.4632 for now. I will carefully watch 1.4666-61 and 1.4647 and take some profit there and move SL.
This is on demo. If someone has any comments I'd appreciate your opinion.
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  • #127,745
  • Edited 4:26am Sep 12, 2013 4:16am | Edited 4:26am
Quoting michal7
Nice daily pin bar on GBPCHF. In a bit of traffic but near key resistance 1.4750-1.4800, two Fibo levels, 50% and 76.4%. I have sell stop order at 1.4689, SL above pin bar at 1.4786. TP is at 1.4632 for now. I will carefully watch 1.4666-61 and 1.4647 and take some profit there and move SL. This is on demo. If someone has any comments I'd appreciate your opinion. {image} {image} {image}
Good charts, I like the fib confluence, but for me the most important thing is the level it is coming off, the pin was caused by good employment figs yesterday for UK, but the fact it closed below the level and still bouncing off it is a good sign.

I'm in this one, took a retrace entry off 1.4722 its been struggling to break 1.4700 RN if it can I think it's headed for 1.4650. My stop is a bit closer, glad Mark Carney has finished speaking and it didn't do any crazy move.
  • #127,746
  • Sep 12, 2013 4:36am Sep 12, 2013 4:36am
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  • #127,747
  • Sep 12, 2013 5:05am Sep 12, 2013 5:05am
Quoting makwana
{image}
I used just above that based on the weekly last swing high 12th May close which was near there.

Looks like its broke 1.4700 my target is 1.4651.
  • #127,748
  • Sep 12, 2013 5:23am Sep 12, 2013 5:23am
Quoting makwana
{image}
Hi,

Personally, I place my stop at the bar end, and reduce my risk rapidly by moving it to the high/low of the bar that broke the pb. I always like it when it matches with the left eye

Take care
Slow & steady
  • #127,749
  • Sep 12, 2013 5:44am Sep 12, 2013 5:44am
Quoting Bullet
{quote} I used just above that based on the weekly last swing high 12th May close which was near there. Looks like its broke 1.4700 my target is 1.4651.

Got stopped out at 3 pip loss on GBPCHF, had moved my stop down when price broke 1.4700 but it spiked up while I was out for a run. Oh well it was stalling a lot so on to the next one. My AUDUSD is still in play but its in draw down after news overnight. Will see how it goes as trend is up, if it closes below 0.9295 I will close it out for loss (unless it hits my stop first!).
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  • #127,750
  • Sep 12, 2013 5:50am Sep 12, 2013 5:50am
Quoting makwana
{image}
Hi,
in my opinion it depends on given situation, in most cases (like 95% or so) I place my SL the same way as patapouer, so at the bar end and then I look for a way to reduce my risk in a logical way. Last time I had SL above left eye was that big pinbar on USDTRY (links below), that was just hanging there in space. Just my 2 cents though, still beginner.

Mav

http://www.forexfactory.com/showthre...89#post6926289
  • #127,751
  • Sep 12, 2013 5:55am Sep 12, 2013 5:55am
Thanks everyone for the last reply. Mike i appreciate your reply also. Here is a 4H GBPAUD chart i attached below. i just want you to have a look and tell me what i am doing wrong or what ever i might av omitted.
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Still trying to get to meet myself...
  • #127,752
  • Sep 12, 2013 6:51am Sep 12, 2013 6:51am
gold weekly pin bar trade (my previous chart)
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  • #127,753
  • Sep 12, 2013 6:56am Sep 12, 2013 6:56am
Now, current gold chart

Hello friends, the position that I took in gold is on profit. According to the technical analysis, I took it after weekly chart pin bar break and now my trade is in good position. And I have locked profit at 1354.00 which was at 1433.5(modified) before.But I have opened target profit still because market is in down trend. But if there is any weakness in this trade then please suggest me. I hope to get full support and advice. Thank you.

Thapri.
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  • #127,754
  • Sep 12, 2013 4:02pm Sep 12, 2013 4:02pm
EUR/CAD Daily

I am being patient and waiting to see if a nice strong BUOB forms in the next few days.

Confluence = BRN @ 1.3700 + 61.8 Fib Retracement + Clear PPZ

Whichever way it breaks it's going to break hard as price seems to be winding up tight.
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  • #127,755
  • Sep 12, 2013 5:34pm Sep 12, 2013 5:34pm
Quoting makwana
{image}

The left is eye is the bar high prior to the PB.
The eye you marked would be a proxy eye, had the PB not closed inside the previous bar high.
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  • #127,756
  • Sep 12, 2013 8:41pm Sep 12, 2013 8:41pm
Quoting gianmarco
{quote} Thank you for the answer, in the end as you may have seen, the price kept going down so no losses at least. I need to ask something about pinbars.. I am now looking at AUDCAD daily TF The 95.50 level flipped from support to resistance and now seems to be back as support. That level happens to be the 23.6 retracement of the downtrend established in april this year. Last day formed an almost pinbar: i say almost because the nose is not very long and the close price is just a little above the 50% of the bar (53% to be precise). I know that...
Hey G

Sorry for the delay been so busy with the group and what not have to catch up here

Firstly about your chart itself that bar is not a pin or really almost a pin since it has no nose. It's really just a "bar". So for me this is super easy to pass on.

Now every bar I take isnt' the end all be all best pinbar/outside bar/pattern/etc ever. But I try not to stray to far from the bars I take.

Because at the end of the day I see things like this

A great location is most crucial. So you can take an ok bar at a great location. But why not take an AWESOME bar at an AWESOME location. I believe what separates most of the struggling traders from those profiting is the ability to really wait for the best trades. Now again this will mean different strokes for different folks but when you are first trying to grasp things and build your repertoire I can't stress enough how important it is to take the trades that jump out at you. Building that foundation will serve you far greater than you can really understand till you get there

Hope that helps
Mike
  • #127,757
  • Sep 12, 2013 8:45pm Sep 12, 2013 8:45pm
Quoting TheresaH
Hello, I've been reading this thread for some time and have recently joined the site to try and get some education. Based on all the posts I've read and videos I've watched, I believe that a short on the USD/CHF is a possibility. It is at an area of resistance with a reversal bar, with a following bar that pushed lower. I am placing a sell limit at the 38.2 Fib lvl. Is this indeed a valid setup? Thanks in advance, I'd love to learn. {image}
Hey Theresa


Welcome to the thread!

If you are looking to trade the beob you should be looking to trade the bar itself. Price already broke that bar so selling now is really late to the game from the way to start learning. So for example your sell should be below the beob itself or at the close of the beob, or retrace of the beob itself

THis bar worked but the usd/chf market is very choppy so one should be very nimble with stops and take profits.



Let me know if this makes sense to you and again welcome

Mike
  • #127,758
  • Sep 12, 2013 8:47pm Sep 12, 2013 8:47pm
Quoting mwbua1
Hi All, I have a question on the formation of Fake Pinbar vs BEOB on the attached chart. On the chart, i have placed a yellow arrow. Would that be categorised a BEOB (which means price will drop more) or a fake pin bar (meaning that price will go up)? or could it be both. Appreciate any feedback. {image}
Hey MW

Johnny answered you but I thought I would just reiterate that a bar like that is really just a neutral bar. A beob should close near the bottom 1/4 of the bar and a pinbar needs to have the open and close within the prior bar as well as the high. This represents more indecision than anything

Best
Mike
  • #127,759
  • Sep 12, 2013 8:52pm Sep 12, 2013 8:52pm
Quoting makwana
{image}
I pass on bars like this to Mak

Generally it's more just about knowing the market environment. In this case a sideways boxing market with little space to run. When that space runs out price is likely to bounce and the more consolidated the market he more choppy. Some love these markets though because you just get stops to b/e or take profit quick and it's pretty sure shot but small area to work in

Best
mike
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  • #127,760
  • Sep 12, 2013 8:56pm Sep 12, 2013 8:56pm
Quoting LamerTrader
Hi Mike! After DS washed my brain i would have a question. Do you ever pay (even a little bit) attention to news? Today I had a EG long trade of that fakeout / pinbar. Yesterday I saw some lack of momentum at the closing, so I locked some profit. However today we had this fantastic news from the Queen's country and EG fall like a stone... My question is if you manage your position accordingly to the news times? Or this is the situation where we simply say "well I should have taken the other pound pair, which would fly now like a bird " Cheers...
Hey LT

Nope I ignore news, just focus on my chart and knowledge of the market dynamics via price. Keeps it nice and simple for me

Best
Mike
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