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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

  • #130,481
  • Apr 8, 2014 8:21am Apr 8, 2014 8:21am
Quoting farshidtt
{quote} thanks Mike and others for comments USD/CHF went south because of the daily pin bar {image}
dont get greedy, lock as much as possible.

Well done.
Hero calls followed by margin calls...
  • #130,482
  • Apr 8, 2014 8:41am Apr 8, 2014 8:41am
I've been watching the support line (green) since a few days ago. When the rejection pin hit, I'm rather confuse to entry long or stay put since the pin is not A+ Pin. Decided to stay put and wait for another signal then the market took off.

Been wondering if I make a wrong decision. What do you guys think? is this pin is tradeable?
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  • #130,483
  • Apr 8, 2014 9:00am Apr 8, 2014 9:00am
Quoting gajebo
I've been watching the support line (green) since a few days ago. When the rejection pin hit, I'm rather confuse to entry long or stay put since the pin is not A+ Pin. Decided to stay put and wait for another signal then the market took off. Been wondering if I make a wrong decision. What do you guys think? is this pin is tradeable? {image}
For me as a mostly PA trader, MORE times than not their is no PA. Yep, I mark great areas, know very highly what price is likely to do but if I don't get the PA I am looking for I pass on the trade. That's a hard pill to swallow for many because a lot of people love being in the markets. I say this because it's just part of the business if you don't find your exact edge you should not enter.

Now with that said a few notes on your chart. This is a very tight area so I would really expand it to the 4hr. Since we are in a "box", If you get solid PA on the 4hr you'll have more space to work with where the daily might not give you that. There was no PA on the 4hr either though but just something you might want to watch.

A more advanced way is to "touch" trade your areas. This would be to look for no PA but rather use limit buy/sell orders. Some will look for price to test their area and if it doesn't close below their area use that as a trigger. New traders struggle with this simply because of the need to trade and we can find a lot of support and resistance areas. So they end up over trading, but it is something to research if you are interested in as well

Hope this helps!
Mike
  • #130,484
  • Apr 8, 2014 9:02am Apr 8, 2014 9:02am
Quoting gajebo
I've been watching the support line (green) since a few days ago. When the rejection pin hit, I'm rather confuse to entry long or stay put since the pin is not A+ Pin. Decided to stay put and wait for another signal then the market took off. Been wondering if I make a wrong decision. What do you guys think? is this pin is tradeable? {image}
Well you could have played it as 2day PB
  • #130,485
  • Apr 8, 2014 9:23am Apr 8, 2014 9:23am
Quoting mbqb11
{quote} For me as a mostly P.....................eir area and if it doesn't close below their area use that as a trigger. New traders struggle with this simply because of the need to trade and we can find a lot of support and resistance areas. So they end up over trading, but it is something to research if you are interested in as well Hope this helps! Mike
Mike, looking at your previous trade you posted here your Kellogs trade that is, I wanted to know why you chose your TP at the swing high and not the first TL touch trendline. What made you confident that it will get that far. I've recently been trying to improve my TP setting.

Al
  • #130,486
  • Apr 8, 2014 9:25am Apr 8, 2014 9:25am
Quoting mbqb11
{quote} A more advanced way is to "touch" trade your areas. This would be to look for no PA but rather use limit buy/sell orders. Some will look for price to test their area and if it doesn't close below their area use that as a trigger. New traders struggle with this simply because of the need to trade and we can find a lot of support and resistance areas. So they end up over trading, but it is something to research if you are interested in as well Hope this helps! Mike
Thanks so much for you explanation.
Touch trade is indeed a tricky technique. I just don't know where should I put my stop if I put a limit order without pinbar. Most of my touch trade is always failed, that's why I stay away from it.
Quoting albus999
{quote} Well you could have played it as 2day PB
Could you please elaborate what do you mean by 2day pinbar?
  • #130,487
  • Apr 8, 2014 9:50am Apr 8, 2014 9:50am
Quoting albus999
{quote} Mike, looking at your previous trade you posted here your Kellogs trade that is, I wanted to know why you chose your TP at the swing high and not the first TL touch trendline. What made you confident that it will get that far. I've recently been trying to improve my TP setting. Al
Hey Albus

Mainly it was due to how much I believed this pin was one of those pins that pulls us back into the trend and is the Major turning point. It occurred at a massively major S/R area and looked like a pullback. Plus just a beauty of a pin.

With that said that didn't mean that TL is not worth noting. I was very aware of it and this is about where I at least got to b/e to protect myself.

Here was my chart from the PF with what I wrote when we got there

Quote
continuing to chug along for me. But this is a MAJOR trouble area with the descending TL. I am not going to close though as I still feel this is a gamechanger pinbar that could take us even higher.

Let's see what happens
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  • #130,488
  • Apr 8, 2014 10:43am Apr 8, 2014 10:43am
It's been said before here, but here's my take on U/J:

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Waiting for a breakout, but given the recent bearish momentum, we might see one soon.

W
It's a sport, an artform and a science.
  • #130,489
  • Apr 8, 2014 11:03am Apr 8, 2014 11:03am
This setup too, I think mike once mentioned the boxing.
A BUOB (daily or weekly) would be most welcome here.

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W
It's a sport, an artform and a science.
  • #130,490
  • Apr 8, 2014 11:15am Apr 8, 2014 11:15am
Quoting patapouer
{quote} Ah, ok thanks. Bad news for who / what??... not for my CADJPY trade anyway - no bragging, more surprised than anything to see how price reacted: printed a bearish PB a few days ago, entered on the break (managed tightly as in traffic), then price stalled a bit for 24-36h, then booom through the floor EDIT: added pic - sorry, poor webchart as not at home... {image}
In this one with you, but my trade idea was based on the Weekly and Daily Fakeouts and I plan to hold the position
http://www.forexfactory.com/showthre...12#post7391312
  • #130,491
  • Apr 9, 2014 12:03am Apr 9, 2014 12:03am
Quoting lenrod
{quote} In this one with you, but my trade idea was based on the Weekly and Daily Fakeouts and I plan to hold the position http://www.forexfactory.com/showthre...12#post7391312
Sounds good to me buddy - even though I can't understand anything about fakeouts, don't know why, I guess its the way my brain is wired
i got the same levels too. 91 (if price reaches it) will make a triple bottom so some support ahead. Then, either it doesn't break and that will make a nice profit, or it does, and it dives in the deep space
Anyway, half off the table for 0.5-0.7R or something, risk reduced to a minimum so "its all good"

Easy and gratifying when you got such trades after a few little losses / be trades, isn't it?
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Slow & steady
  • #130,492
  • Apr 9, 2014 5:38am Apr 9, 2014 5:38am
Quoting mbqb11
{quote} Hey Albus Mainly it was due to how much I believed this pin was one of those pins that pulls us back into the trend and is the Major turning point. It occurred at a massively major S/R area and looked like a pullback. Plus just a beauty of a pin. With that said that didn't mean that TL is not worth noting. I was very aware of it and this is about where I at least got to b/e to protect myself. Here was my chart from the PF with what I wrote when we got there {quote} {image}
thanks Mike I also noticed the rounding effect on the minor swing lows thus it indicating a divergence or loss of momentum to the downside therefore giving assurance that should it break because of the confluences (major S&R, divergence, and trendline break) should see it going to the next major PPZ. Hope I got you right with what you said. thanks.

Quoting gajebo
{quote} Thanks so much for you explanation. Touch trade is indeed a tricky technique. I just don't know where should I put my stop if I put a limit order without pinbar. Most of my touch trade is always failed, that's why I stay away from it. {quote} Could you please elaborate what do you mean by 2day pinbar?
Gajebo, A two day pinbar is a bar that occurs when after you combine two bars the resulting bar looks like a pinbar. Normally I would combine them in my head however please be careful with so you just don't go combining bars everywhere. With these bars all traditional rules go apply to it as well such as SPACE and TRAFFIC and LOCATION all embedded in the STORY. Well this is an example:

Al
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  • #130,493
  • Apr 9, 2014 9:15am Apr 9, 2014 9:15am
Quoting albus999
{quote} thanks Mike I also noticed the rounding effect on the minor swing lows thus it indicating a divergence or loss of momentum to the downside therefore giving assurance that should it break because of the confluences (major S&R, divergence, and trendline break) should see it going to the next major PPZ. Hope I got you right with what you said. thanks. {quote} Gajebo, A two day pinbar is a bar that occurs when after you combine two bars the resulting bar looks like a pinbar. Normally I would combine them in my head however please be careful...
Yes exactly Albus

Then when price closed above the TL although not the most important TL it became a good line in the sand for me. Then that midpoint TL just above around $62 becomes a great area to watch. It was all done after that we broke through I locked in some profit and of course we had that massive day

Best
Mike
  • #130,494
  • Apr 9, 2014 1:09pm Apr 9, 2014 1:09pm
Quoting mbqb11
{quote} Yes exactly Albus Then when price closed above the TL although not the most important TL it became a good line in the sand for me. Then that midpoint TL just above around $62 becomes a great area to watch. It was all done after that we broke through I locked in some profit and of course we had that massive day Best Mike
Thanks Mike
  • #130,495
  • Apr 9, 2014 4:13pm Apr 9, 2014 4:13pm
Quoting patapouer
{quote} Sounds good to me buddy - even though I can't understand anything about fakeouts, don't know why, I guess its the way my brain is wired i got the same levels too. 91 (if price reaches it) will make a triple bottom so some support ahead. Then, either it doesn't break and that will make a nice profit, or it does, and it dives in the deep space Anyway, half off the table for 0.5-0.7R or something, risk reduced to a minimum so "its all good" Easy and gratifying when you got such trades after a few little losses / be...
I wanted all or nothing and got stopped out at BE...
  • #130,496
  • Apr 9, 2014 6:03pm Apr 9, 2014 6:03pm
Quoting lenrod
{quote} I wanted all or nothing and got stopped out at BE...
Same here: 2nd half stopped at BE (price moved 3 pips above SL...)
Anyway, price reacted as expected, and I won't blame myself for protecting my back ..

take care
Slow & steady
  • #130,497
  • Apr 9, 2014 7:27pm Apr 9, 2014 7:27pm
1.6800
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  • #130,498
  • Apr 9, 2014 10:40pm Apr 9, 2014 10:40pm
To many inside bars to ignore, expecting a squeeze soon

EURCAD

http://screencast.com/t/isd8NiK1g
  • #130,499
  • Apr 9, 2014 10:41pm Apr 9, 2014 10:41pm
Quoting Winston Reed
1.6800 {image}
Salivating over this... Been a GBP bull for a bit. Waiting for that glorious pop
  • #130,500
  • Edited 8:49am Apr 10, 2014 8:46am | Edited 8:49am
Here's AUD/NZD again.

I'm really hoping that 'Resistance?' is not going to hold and subsequently close as a daily BUOB, with a strong close.

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Trade safe!
W
It's a sport, an artform and a science.
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