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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

  • #1,081
  • Oct 2, 2006 6:32am Oct 2, 2006 6:32am
Quoting TheRumpledOne
I don't want to derail this thread talking about backtesting.. let's drop it.
TheRumpledOne,

Welcome to FF. I have seen a lot of your work on TradeStation and know you to be a brilliant programmer. There aren't many TS users here so I'm glad to see you participating.

I don't know what a pin bar is and I don't care, but your offer to program and test is quite generous and I hope it is recognized as just that. We live in the computer age afterall. If a computer can watch the market and alert you to a potential trading opportunity then traders should take advantage of that. Staring at a chart all day does not mean that you deserve to make more money than those of us who goof off and get an occasional text message sent to our cell phone.

Phil
  • #1,082
  • Oct 2, 2006 7:56am Oct 2, 2006 7:56am
Quote
Meaning it looks to be in the middle of the price action instead of a high or intermediate high.

Aahh Thanks ae. That's right on track.
  • #1,083
  • Oct 4, 2006 8:37am Oct 4, 2006 8:37am
Does anyone here use the Donchian Channels indicator to draw support and resistance lines? It was one of the first indicators I was introduced to when discovering forex and am still using it. I'm just curious to know if any other "price action" traders use it and what their thoughts are on the subject..

Jason
  • #1,084
  • Oct 4, 2006 11:35am Oct 4, 2006 11:35am
thats the great thing about understanding price action. when a trader has mastered basic price action analysis then it can be applied to any and all personal indicators/systems etc..
Quoting jlowder
Does anyone here use the Donchian Channels indicator to draw support and resistance lines? It was one of the first indicators I was introduced to when discovering forex and am still using it. I'm just curious to know if any other "price action" traders use it and what their thoughts are on the subject..

Jason
  • #1,085
  • Oct 4, 2006 12:28pm Oct 4, 2006 12:28pm
Hi, Just wanted to post this small pinbar I found. The checkmark is the actual pin, that particular pin closed within the range of the previous bar. I took the trade on the break of the pin(brown line) and set my stop above the pin(red line).

I plotted 2 fibs on my charts and it looks that the pin hit the 61.8 and the 23.6 and started to retrace. (i got really excited!!) I set my TP at the 38.2(purple fib line) and it hit it!!

The only thing is that i wish the pin would have been longer, but because it didnt break the fibs i still played it(demo)

Comments? James did i make u smile?!

http://picnac.com/images/7719pinbar.gif
  • #1,086
  • Oct 4, 2006 12:46pm Oct 4, 2006 12:46pm
Quoting Liquid11
Hi, Just wanted to post this small pinbar I found. The checkmark is the actual pin, that particular pin closed within the range of the previous bar. I took the trade on the break of the pin(brown line) and set my stop above the pin(red line).

I plotted 2 fibs on my charts and it looks that the pin hit the 61.8 and the 23.6 and started to retrace. (i got really excited!!) I set my TP at the 38.2(purple fib line) and it hit it!!

The only thing is that i wish the pin would have been longer, but because it didnt break the fibs i still played it(demo)

Comments? James did i make u smile?!

http://picnac.com/images/7719pinbar.gif
I played that trade and then 10 minutes after entering my demo account went invalid. lol I hate it when that happens.

Jason
  • #1,087
  • Oct 4, 2006 1:16pm Oct 4, 2006 1:16pm
Last night I went to the campus library and had the aid print out every single one of james' charts from this thread in full color (which are saved on a flash drive). Then today I bought a horizontal binder, and insert all the charts. Very cool. I recommend doing this because looking at the charts just once or twice doesn't give you a chance to really internalize, or atleast get really used to all the variables that are involved when using the patterns. For example, a few days ago I placed a trade based off a dbhlc that was in the middle of a trend - which is incorrect. Today, before reviewing my new binder, I tried to play a trend continuation breakout that didnt even have matching lows. Slowly I am learning not to make these seemingly obvious errors.

I love to break out this binder in class when things are getting boring.
  • #1,088
  • Oct 5, 2006 5:17am Oct 5, 2006 5:17am
Quoting james16
my heart skipped a beat when i first saw this post, thats why i wonder if i am cut out for giving trading advice. my first thought was oh God someone has lost money on what i have said. everyone needs to pay close attention to what i am about to say. THIS DOES WORK,BUTTTT,its all about timing, timing comes from experience. anpar, whether he realises it or not took this trade at the perfect time, right on a 50 ret. THIS IS HOW YOU DO IT. the next thing is this, my chart did not show a pin bar, we all know data is slightly different between charting software. in the long run i dont think it maskes a huge difference but i cant be sure of that. i have traded these on several charting programs and my results have pretty much been consistent. here is the most important thing. i have given you some things to start with but i havnt given you all of it. to do that on this forum would be suicide to my business and my own trading time. please everyone take these setups at oppurtune times such as swing highs and lows. AND PLEASE USE FIB RET FOR CONFIRMATION. i dont mean to sound worried but the fact is that i am. anpar, you made my day. jim
What is a "50 Ret" please?
every Saint has a past. Every Sinner has a Future
  • #1,089
  • Oct 5, 2006 5:27am Oct 5, 2006 5:27am
50% fibonacci retracement.

You draw Fibs from the bottom/top to the top/bottom of the current swing high/low. I recommend reading some forex basics and checking out some training videos on it, they should be found everywhere on the web

Good luck!
Trust price. Know yourself.
  • #1,090
  • Oct 5, 2006 5:52am Oct 5, 2006 5:52am
Quoting SeekingLight
50% fibonacci retracement.

You draw Fibs from the bottom/top to the top/bottom of the current swing high/low. I recommend reading some forex basics and checking out some training videos on it, they should be found everywhere on the web

Good luck!
Many thanks - will have a look
every Saint has a past. Every Sinner has a Future
  • #1,091
  • Oct 5, 2006 10:46am Oct 5, 2006 10:46am
Quoting james16
thats the great thing about understanding price action. when a trader has mastered basic price action analysis then it can be applied to any and all personal indicators/systems etc..
Jim,

Do you ever trade bounces off of support/resistance lines if you don't see specific price action setups? In other words, is moving off of these lines sufficient action in and of themselves?

Thanks,

Jason
  • #1,092
  • Oct 5, 2006 11:25am Oct 5, 2006 11:25am
Hello Jim,
I just joined and hope you can explain what "Play the RET" (text on the chart) means.

Excellent teaching materials.

bagyryzi
  • #1,093
  • Oct 5, 2006 12:05pm Oct 5, 2006 12:05pm
I have read every post in this 74 page thread. I know people have given their praise countless times, but after coming this far and reading all this and seeing just how much effort and dedication all the people on the team have put into saving the youngones like myself is astounding and rare character trait in this day and age. I will be joining the PF when my condition over here in Japan shapes up.

God bless,

Sean.
  • #1,094
  • Oct 5, 2006 12:18pm Oct 5, 2006 12:18pm
Quoting bagyryzi
Hello Jim,
I just joined and hope you can explain what "Play the RET" (text on the chart) means.

Excellent teaching materials.

bagyryzi
"retracement" ???
  • #1,095
  • Oct 5, 2006 12:59pm Oct 5, 2006 12:59pm
Quoting jlowder
Jim,

Do you ever trade bounces off of support/resistance lines if you don't see specific price action setups? In other words, is moving off of these lines sufficient action in and of themselves?

Thanks,

Jason
I hope you don't mind me repying to this. Somewhere in this thread is a chart that illustrates that [james] does take trades considering only support/resistence w/o any specific price action, but what [james] would likely say is that having price action confirmation is always best.

In my opinion, after [you] have been trading price action for a significant amount of time, successfully, perhaps then taking trades without price action indication would be something to consider. Before that point however, I think, and this applies to everyone, that without price action, and without years of experience, taking these trades would not be a great idea.
  • #1,096
  • Oct 5, 2006 1:11pm Oct 5, 2006 1:11pm
Hi all,

just wanna say BIG THANKS to James for this valuable thread!

luckily i'm start my fx lesson past 9 month ago with this forum and start to read this price action technique.

i'm just looking for pinbar setup, DBHLC & DBLHC from daily,H4 chart for trend reversal & M5, M15 & M30 for entry. So far it does not dissapointed me if i can grab for the perfect setup.

untill now still using this tech combining with other indicator.

thanks again & long life for james & other contrributers!

candlepower
  • #1,097
  • Oct 5, 2006 4:25pm Oct 5, 2006 4:25pm
Hey guys check out the set up on usd/jpy daily chart set up we got our nice pin set up for sell sell sell.
MIR
  • #1,098
  • Oct 5, 2006 4:46pm Oct 5, 2006 4:46pm
watch it bounce of sma21. hopefully not though. for your sake.
  • #1,099
  • Oct 5, 2006 4:50pm Oct 5, 2006 4:50pm
Hi,

Please explain, or post a pic. I have a pinbar, but it is 'facing' the wrong way.

regards
Quoting mniemiec
Hey guys check out the set up on usd/jpy daily chart set up we got our nice pin set up for sell sell sell.
  • #1,100
  • Oct 5, 2006 5:08pm Oct 5, 2006 5:08pm
I think he is referring to yesterdays pin bar. However, it's not placed at an extreme high since monday's bar had a higher high, so it wasn't really a great pin. There was a nice 4 hour pin bar however with entry around 118. But we have a nice trendline now to watch for tomorrow.
Always wait for the opportune moment… just be careful not to miss it.
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