james16 Chart Thread

GbpNzd:
Pin Bar on daily chart could be a possible start to a double bottom formation.

GOLD:
IB formation on weekly trendline.

GbpAud:
Weekly pin bar off resistance.
Waiting for a retrace to the 2.1300 area to short.

GbpAud:
4hr pin. 50% fibo still holding as support.
We might be getting that retrace sooner than expected.

Thanks, Mike.

Hi all,
I have been away for a while. Can you please review my plan for NZDUSD? If the price will close below red PPZ, I will enter breakout on 0.669 and TP1 on the bottom of last swing low.
Thanks

hi habeeb,
can u please explain why r u getting shory on gaud , since it looks like the overaall trend is up ..

thanks a lot

sorry for asking too much, but can u please explain why thats a ib at weekly tl, as i can see that the trend line has been broken..

kind regards
and can anyone please confirm if i have drawn the correct lines on gaud?

https://www.mql5.com/en/charts/41261...ets-ltd?bind=1

Just playing the weekly pin bar. I'm waiting for price to retrace to the area of the first eye, which is also the low of the I4B of last month.
Here's the monthly chart showing fib confluence.

Yes, price is above the trendline. My bias on this IB is long.

thanks a lot, much appreciated!

Audpln daily

USDPLN DAILY, whilst it looks quite a strong move up, I wouldn't feel very confident going long here, would much prefer price to return between the solid lines.

hi alphac,
can u please explain, why u are waiting for price to reach between those 2 lines ? why r u not getting long on the upper retest of that line u drew?

thanks a lot

The previous breaks up out of the solid lines have always been very temporary, false breaks, the weekly chart shows it best. That area above just has uncertainty written all over it, that's not to say you can't trade there, I just wouldn't feel confident going long there, the solid lines have proven over time that they are an area where price reacts. I guess it comes down whatever you feel comfortable with.

A typical and frequent J16 loosing trade.

EUR/JPY 4H outside bar and D1 pinbar fail
at BRN of 133.00

Hey K

I think you are getting to fixated on the bar and not the story. Bars should be the piece of information that supports the story and confluence. We can see a very huge bearish bar closing outside the larger consolidation. That pinbar is SUPER tiny vs that proceeding move and trading back into that previous support. This is going to get you intro trouble.

Just be careful at the locations you are looking for pa bars. PA bars are great but without proper confluence they are just bars. We have to decipher the move that created them and if that move is going to give us a continued move. Just have to pick it apart like a puzzle

Keep at it bud

Mike

Hi,
I will be waiting on PA on retrace to the breakout line.

the biggest mistake I see new PA traders make are inferring too much from just a little bit of information

Some pitfalls to watch out for. Don't just scan your charts for PA. You'll see a pin, outside bar and convince yourself to jump in. Remember that is just a representation of historical orderflow. We must determine if that orderflow is enough to play and HOW to play it. We can't just buy and sell these bars by themselves. That's a coin flip at best. Your edge is going to come from understanding the significance of the bar and confluence area.

Another big pitfall is traders finding a PA bar like a pinbar on the daily timeframe, and jumping down and looking for PA on a lower timeframe that goes with it. It's one of the first things new traders do. They want that tight stop so they look for a pinbar/outside bar on a daily/weekly(no matter the story) and then drop to the 4hr, hourly and find a bar that goes in the same direction. Assume it's an early entry and once again your in coin flip mode

Each bar must be supported by a STRONG story.

Sure losses will STILL happen. Now it comes down to managing your strong trades properly. Then in the long run you'll come out on top. This is my approach

Here is how I start to structure a trade.

SGD/jpy

Daily shows a beautiful pivot zone. We've now begin to get back under this pivot. This is not enough for me because I want to understand this area better.

Dropping to the 4hr we can see price beginning to respect a nice neat TL. I'll look for this area to hold more and then try to find confirming PA around this location. It's all about patience now. Not just jumping on any bar