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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

  • #1,141
  • Oct 14, 2006 5:06am Oct 14, 2006 5:06am
First post here on FF

Been trading FX for about year and a half now with some success. I also like to 'cluster' my support/resistance levels and enter off these, as they are more dependable.

I am new to bar formations, price action, would like some feedback on this
pin bar for AUD on the dealer chart.

Pin bar pierced 2 fib levels and previous channel top now turned support.
I think a good target would be the 38 fib above

(thanks again James)

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Attached Image
  • #1,142
  • Oct 14, 2006 3:37pm Oct 14, 2006 3:37pm
Will like comments. Thanks
Attached Image
  • #1,143
  • Oct 14, 2006 3:46pm Oct 14, 2006 3:46pm
Quoting wwwin
Will like comments. Thanks
since the one above when reduced to upload, was missing the ending for the last bar
http://members.aol.com/f8222/gbpusd10-16-entry.gif
It looks to me, but I am new to pin bar method. What do you people think. Thanks
  • #1,144
  • Oct 15, 2006 4:34pm Oct 15, 2006 4:34pm
Hi again,

without wanting to spam across threads I just wanted to mention this thread with a weekly outlook on price action that I occasionally post to. Not sure if I should have posted into the Forex News and Analysis section instead, but as I don't do charts or have a professional background I guess I am caught a bit in between worlds.
It's mostly something I do for myself so that I may better learn it all and get a better handle on things, not something you should put real money on.
Nonetheless, it might prove interesting for some so I thought I'd point it out.
If it's revealing too much info that it shouldn't like PF stuff or similiar then please tell me and I will restrict the posts accordingly and leave that out.
So far I think it's all stuff you could learn from this thread and the "trading naked" webpage and I hope it helps to inspire people to learn more.

Kindest regards,

SeekingLight
Trust price. Know yourself.
  • #1,145
  • Oct 15, 2006 7:23pm Oct 15, 2006 7:23pm
Standing-by

Quoting james16
i do have a method and it is price based. it is described in the pf but i dont mind sharing a bit of it here as well. stay tuned. as far as system discussions i would have to agree. not poo pooing
  • #1,146
  • Oct 16, 2006 3:25am Oct 16, 2006 3:25am
Just going through my charts and came across this little beaut. Missed it but it good top know these elusive little guys are out there.

A
Attached Image
  • #1,147
  • Oct 16, 2006 4:09am Oct 16, 2006 4:09am
Hi,

just wanted to comment on the 4h Pin people pointed out, I didn't take it.
First of all the daily bearish bar and weekly didn't agree, second I see cable wreck pins even on daily at times and that 4h there just didn't seem very convincing.
Using stops just under the pins nose you would most likely have been stopped out just before a 90+ ongoing rise atm.
Cable has proven to be very difficult to trade due to it exaggeration reactions a lot of times (moving 10 past a stop only to then move as it is supposed to. Using huge stops instead to hope for survival doesn't seem a smart MM choice).

See attached chart on my timezone for how it went down....
Attached Image
Trust price. Know yourself.
  • #1,148
  • Oct 16, 2006 4:15am Oct 16, 2006 4:15am
I'd like to learn more about these "stick" people. Is it best to flip thru the FF threads or come to the James16 website. I've been looking at "bars" for many years but never really put a face on them.
Thanks
Trade what you see - Not what you think
  • #1,149
  • Oct 16, 2006 4:25am Oct 16, 2006 4:25am
Hi SeekingLight,

If you combine the 2nd and 3rd bar in your chart together you get a very nice pin bar. In fact in my chart they are a pin due to time difference.

aha


Quoting SeekingLight
Hi,

just wanted to comment on the 4h Pin people pointed out, I didn't take it.
First of all the daily bearish bar and weekly didn't agree, second I see cable wreck pins even on daily at times and that 4h there just didn't seem very convincing.
Using stops just under the pins nose you would most likely have been stopped out just before a 90+ ongoing rise atm.
Cable has proven to be very difficult to trade due to it exaggeration reactions a lot of times (moving 10 past a stop only to then move as it is supposed to. Using huge stops instead to hope for survival doesn't seem a smart MM choice).

See attached chart on my timezone for how it went down....
Target: Trading naked.
  • #1,150
  • Oct 16, 2006 5:25am Oct 16, 2006 5:25am
Quoting summitfx
I'd like to learn more about these "stick" people. Is it best to flip thru the FF threads or come to the James16 website. I've been looking at "bars" for many years but never really put a face on them.
Thanks

Just start reading this thread from page 1
Trust price. Know yourself.
  • #1,151
  • Oct 16, 2006 11:28am Oct 16, 2006 11:28am
Just shorted this cutie at 1.8605
http://members.aol.com/f8222/gbpusd_short.gif
  • #1,152
  • Oct 16, 2006 12:02pm Oct 16, 2006 12:02pm
remember that entering before the pin is broken is the risky way of doing it.
Quoting wwwin
Just shorted this cutie at 1.8605
http://members.aol.com/f8222/gbpusd_short.gif
  • #1,153
  • Oct 16, 2006 12:07pm Oct 16, 2006 12:07pm
Hi Jim,

Would you consider a pin 'broken' once the next candle moves below the pin low, or CLOSES below the pin low?

Thank you,
HK
Quoting james16
remember that entering before the pin is broken is the risky way of doing it.
  • #1,154
  • Oct 16, 2006 12:22pm Oct 16, 2006 12:22pm
Quoting james16
remember that entering before the pin is broken is the risky way of doing it.
But it was broker afterwards at 1.8595
  • #1,155
  • Oct 16, 2006 12:36pm Oct 16, 2006 12:36pm
great question. i would consider it valid when it is broken. there are many ways to do this and waiting until you see a close is certainly another way of doing it.
Quoting Horace Kent
Hi Jim,

Would you consider a pin 'broken' once the next candle moves below the pin low, or CLOSES below the pin low?

Thank you,
HK
  • #1,156
  • Oct 16, 2006 12:38pm Oct 16, 2006 12:38pm
Thank you Jim.
Quoting james16
great question. i would consider it valid when it is broken. there are many ways to do this and waiting until you see a close is certainly another way of doing it.
  • #1,157
  • Oct 16, 2006 12:40pm Oct 16, 2006 12:40pm
Quoting james16
great question. i would consider it valid when it is broken. there are many ways to do this and waiting until you see a close is certainly another way of doing it.
I am short on broken w/o closing. A little profit, but the Feds are speaking now. So all bets may be off, I hope the Feds help me, this could be quite a lovely pin.
  • #1,158
  • Oct 16, 2006 12:59pm Oct 16, 2006 12:59pm
hello e,


yes a nice pin. i didnt look to see what happened and my only suggestion to you or anyone starting out with this stuff is to go daily/ weekly first. most people that do never go back to intraday.
Quoting ezekiel
First post here on FF

Been trading FX for about year and a half now with some success. I also like to 'cluster' my support/resistance levels and enter off these, as they are more dependable.

I am new to bar formations, price action, would like some feedback on this
pin bar for AUD on the dealer chart.

Pin bar pierced 2 fib levels and previous channel top now turned support.
I think a good target would be the 38 fib above

(thanks again James)

<!--[endif]-->
  • #1,159
  • Oct 16, 2006 10:25pm Oct 16, 2006 10:25pm
I have been doing some Pin Bar recognition over a 5 year period (2000-2005) for Eur-Usd, Gbp-Usd and Usd-Chf and for me there are only about 5-10 picture perfect PBs per market (depending on time period and market) per year. In some years, I can only find 2-3 tradeable PBs. Anyone else came out with the same findings? Would like to know how many tradeable PB you guys can find per year on a daily timeframe?

Base on this (my own backtest), I'm not so sure if one can only depend on PB alone to trade especially if you are looking on a daily timeframe or higher to trade.
  • #1,160
  • Oct 16, 2006 11:37pm Oct 16, 2006 11:37pm
hello sit and thanks for your input. i have been trying to get people to trade less from the first day i arrived here so at least from my standpoint your research is well recieved. for over twenty years i have watched the average guy pray for 5 to 8 percent in his 401k on a regular basis. i wonder what yearly return might be attainable just taking these few picture perfect pins per market/pair? some more research for you.

thanks,

jim


Quoting sitoca
I have been doing some Pin Bar recognition over a 5 year period (2000-2005) for Eur-Usd, Gbp-Usd and Usd-Chf and for me there are only about 5-10 picture perfect PBs per market (depending on time period and market) per year. In some years, I can only find 2-3 tradeable PBs. Anyone else came out with the same findings? Would like to know how many tradeable PB you guys can find per year on a daily timeframe?

Base on this (my own backtest), I'm not so sure if one can only depend on PB alone to trade especially if you are looking on a daily timeframe or higher to trade.
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