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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

  • #3,901
  • Jun 6, 2007 7:08am Jun 6, 2007 7:08am
I missed the entry on that daily pin this morning but we have an opposing pin on the 240 at a great location. Daily pins do take precedence over 4 hour pins, but i will short this if it breaks.
This is a nice confluence area with a price pivot zone, round number 1200 and weekly pivot and also a 50% fib.

Sorry, the image is too small, will enlarge future ones.

http://www.forexfactory.com/attachme...1&d=1181131631
Attached Image (click to enlarge)
Click to Enlarge Name: 06062007_chart1.jpg Size: 64 KB
  • #3,902
  • Jun 6, 2007 8:03am Jun 6, 2007 8:03am
Mimas,

Like steveshutts said, higher timeframes take precedence over lower ones. So, if you have a daily pin that broke up a little bit, but the 4H shows a pin in the opposite direction, it would be wiser to use the PA on the higher timeframe. Besides, the 4H pin that you posted was a break up from an IB as well.

Steveshutts, since I'm already long, I'll hold my position. If you zoom out on the daily completely, you'll see a major PPZ that the pin is bouncing off of. There is also some MACD divergence. One hour pin hit the 365ma and broke down, but is now heading back up. And, there is no 4H pin on my North Finance charts. However, your pin does have some good confluence, so it may break down for some pips (and who knows, maybe even keep going. Wouldn't surprise me )

-Paul

P.S. - There is also a 4H pin on AUD/USD about to break up.
  • #3,903
  • Jun 6, 2007 8:53am Jun 6, 2007 8:53am
steveshutts,
Your a brave man, I not sure I would oppose the longer term charts in favour of the 4hour pin.......hope it works out for you..

Missed the Pin on EURJPY, also the TBL on EURGBP........
Attached Image (click to enlarge)
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  • #3,904
  • Jun 6, 2007 8:56am Jun 6, 2007 8:56am
Isitrue,
Just seen your post thanks for the confirmation.
Stay Lucky Mimas.
  • #3,905
  • Jun 6, 2007 9:23am Jun 6, 2007 9:23am
Well, that pin is now invalid anyway, and the long goes on. Good luck to all those aboard, its looking good!
A couple of other trades i am in:

USD/DKK: Break of 4 hour pin, although this was not broken on the next bar, price did fail to break much lower, and then formed another smaller pin. This is as the 78% fib marker and the 5000 area. There was also a huge price gap, which has now been filled so i am expecting price to go back up, we will see!


USD/JPY: Braved it and took a long off the hourly pin. Price pierced through 120.90 and collected stops there and there was quite a lot of demand there, seen by the thrust up and i am hoping we will see further buying at this level. It is a good confluence zone from the daily support, round number, monthly pivot.

http://www.forexfactory.com/attachme...1&d=1181139515

http://www.forexfactory.com/attachme...1&d=1181139515
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 06062007_chart2.jpg Size: 56 KB
Click to Enlarge Name: 06062007_chart3.jpg Size: 55 KB
  • #3,906
  • Jun 6, 2007 7:36pm Jun 6, 2007 7:36pm
Watch this pair:

http://i43.photobucket.com/albums/e3...F06072007a.gif
  • #3,907
  • Jun 7, 2007 1:04am Jun 7, 2007 1:04am
Well, my first post on the excellent James16 chart thread and at the risk of looking foolish I'm going to post a predictive chart (aren't all of them anyways?) Looking long on gold IMO. Comments welcome.

http://i100.photobucket.com/albums/m...Trades/XAU.jpg
  • #3,908
  • Jun 7, 2007 2:13am Jun 7, 2007 2:13am
Quoting HowManyPips
Well, my first post on the excellent James16 chart thread
IMO...that's a very good call.

Welcome aboard!
  • #3,909
  • Jun 7, 2007 2:55am Jun 7, 2007 2:55am
Quoting charlies
EURAUD powers on (now over 400pips ), trailing stop at daily highs

EURUSD long, SL just survived so far, but at trendline resistance

EURCHF monthly short - not triggered yet (weekly now cancelled)

EURCAD opposing 2 day PIN (in direction of trend), reverse position if triggered

CADJPY, stopped at break even on remainder

AUDNZD met first target & then tested lows overnight. Rules unclear in this case, could exit close to break even this morning. However, price found strong support at lows, so will hold position for the moment
7/7 Daily PIN on USDCHF at 50% retrace /previous support, now triggered long

I spent a bit of time analysing the first 10 daily PIN trades
- All trades hit the first target, but most reversed there, so I am going to start taking 2/3 off at the initial target, can add back in if first S/R is broken. I may make an exception where the PIN signals trend continuation.
- None of the trades threatened the 50% fib (AUDNZD is now an exception to that) so I am now going to set my initial stop loss just beyond the 50% fib or left eye (rather than extreme of PIN). This will improve the risk/reward.
  • #3,910
  • Jun 7, 2007 12:55pm Jun 7, 2007 12:55pm
Does anyone have supporting reasons why to take this countertrend daily pin in the making?

Similarly EUR/AUD showing an 8 hour pin very close to being completed. Seems like AUD might have lost its upward momentum for the time being.

Thanks for any comments
  • #3,911
  • Jun 7, 2007 1:27pm Jun 7, 2007 1:27pm
Hi folks,

First off I would like to thank all who have contributed to this thread to make it as informative as it is.

I am now a new member of the James16 PF and I have to say to anyone who is sitting on the fence about joining "Get off the fence and get in the game!!!"

There is so much information contained and presented in such a straight forward manner even my wife can follow along with zero trading experience. The topics that are covered he in the chart thread (confluence and pin bars) are excellent and you can surely put them to great use. But believe me if you find that this information here is powerful then when you combine it with the the information contained in the PF you will have a trading arsenal that has the ability to put your trading in the Black rather than the Red.

James together with the folks he has carefully selected teach you how to fish for Marlin not Small Mouth Bass.

It is a real education for every type of trader.

Now I got to get back to studying the info so come on in and join me.

Hope to see you there.

Steve
Nothing is impossible, with a willing mind!
  • #3,912
  • Jun 7, 2007 1:31pm Jun 7, 2007 1:31pm
Quoting lstd
Does anyone have supporting reasons why to take this countertrend daily pin in the making?

Similarly EUR/AUD showing an 8 hour pin very close to being completed. Seems like AUD might have lost its upward momentum for the time being.

Thanks for any comments
Hey lstd,

Quite often some of the best pins come off Countertrend trades, because a pinbar is a reversal bar. Of course they can come up as retracements to the trend etc. I like pinbars when they are at really nice swing highs/lows, with big noses, counter/ or with trend(more on a retracement). If the day ended right now as IS(still 330 mins left), I would definitley play this aud/usd daily pin.

We shall wait and see

Best,
Mike
  • #3,913
  • Jun 7, 2007 1:39pm Jun 7, 2007 1:39pm
Just as an added note, for something I observe personally. There are 3 major types of pins IMO.

You have:

1. Pins that are countertrend, after large moves up or down, where one feels liek they are going against the longer term trend- such as the aud/usd (if it closes today as is)

see pic 1

2. Then you have those pins that go with the trend(short or longer term) In this case a short term down trend, but that doesn't occur on a retrace, kinda just sticks out there(looks sideways). These pins I never play anymore(not that you can't).

see pic 2

3. Then you have my personal fav, when you get a nice retrace on the current/or longer term trend and a pin forms where it creates space away from the previous trend. Meaning it retraced, but not with a sharp move.

see pic 3, eur chf


Just some observations

Mike
Attached Images
  • #3,914
  • Jun 7, 2007 3:24pm Jun 7, 2007 3:24pm
Just as an added note, for something I observe personally. There are 3 major types of pins IMO.

Mike

Man , that is great basic info. I have been with the group for a while and never seen put so clear. Thank you Mike.
Would you have taken the pin bar on the E/U chart 3 days after the one you highlighted. Thanks again

elijah
  • #3,915
  • Jun 7, 2007 3:41pm Jun 7, 2007 3:41pm
Quoting rlelijah
Just as an added note, for something I observe personally. There are 3 major types of pins IMO.

Mike

Man , that is great basic info. I have been with the group for a while and never seen put so clear. Thank you Mike.
Would you have taken the pin bar on the E/U chart 3 days after the one you highlighted. Thanks again

elijah
Hey Elijah,

No I wouldn't have. One of the criteria I have for my pinbars is for them not to be in any sideways market. If I am visually looking at a chart and the bars to the left are sideways, I pass on the trade. Instead I observe a possible breakout play instead.

Hope that helps,
Mike
  • #3,916
  • Jun 7, 2007 3:46pm Jun 7, 2007 3:46pm
Mike, you're posting extremely valuable stuff as always

Everyone, read his posts, it's indispensable stuff, really!

I just wanted to post something else. Not really PA related, just a bit of basic "things I've noticed".

Basically just a potential "wedge" topside, just that I couldn't find much to connect the lows with in this rise

But whenever things get "capped" like this, to me it's a sign someone is establishing shorts systematically and things are prone to give in at some point. We've had a similiar thing on EURUSD, but without the MACD divergence. At least EURUSD had dojis and PBs, this Kiwi didn't really do anything proper besides spike around
Nevertheless, it was the reason I got out of my Kiwi long.
Attached Image
Trust price. Know yourself.
  • #3,917
  • Edited 7:05pm Jun 7, 2007 4:12pm | Edited 7:05pm
Hey Guys/Gals, I just started reading about Pinbars and how to trade them. I've got a long way to go, but I was noticing the Aud/Usd pair today on the daily chart. If price happens to close near it's current price without going above 8425ish, would this be a good PinBar to go short on? Assuming price goes 10pips below the close of the current bar. It seems like it has the making of a nice Pinbar, but I also wasn't sure how good it would be to short this pair because of the nice uptrend it's been in?

Here are my reasons for it being a good pin bar:
1) Open/Close are within the previous eye.
2) Open/close price are close to each other
3) Price "stuck out" above previous eye.
4) Possible swing high?

Reasons it may not be a good pin bar:
1) We're in a strong uptrend(if that matters)
2) Open/close not quite near bottom of pin bar
3) I'm a newbie and not very confident yet on spotting pin bars

Attached below is my chart...disregard the MA lines for now, not sure if I want to use these or change the settings. Thanks.
Attached Image
  • #3,918
  • Edited 7:24pm Jun 7, 2007 7:14pm | Edited 7:24pm
Quoting Tw0eleven
Hey Guys/Gals, I just started reading about Pinbars and how to trade them. I've got a long way to go, but I was noticing the Aud/Usd pair today on the daily chart. If price happens to close near it's current price without going above 8425ish, would this be a good PinBar to go short on? Assuming price goes 10pips below the close of the current bar. It seems like it has the making of a nice Pinbar, but I also wasn't sure how good it would be to short this pair because of the nice uptrend it's been in?

Here are my reasons for it being a good pin bar:
1) Open/Close are within the previous eye.
2) Open/close price are close to each other
3) Price "stuck out" above previous eye.
4) Possible swing high?

Reasons it may not be a good pin bar:
1) We're in a strong uptrend(if that matters)
2) Open/close not quite near bottom of pin bar
3) I'm a newbie and not very confident yet on spotting pin bars

Attached below is my chart...disregard the MA lines for now, not sure if I want to use these or change the settings. Thanks.

Hi there TwoEleven,

I am also still learning PA and it's nuances so bear with me.

Ok here is my take on the Aussie. I won't rehash what you have already gone over here. But I do agree that if it closes round about where it is now it would be a valid pin bar.

That being said it has also been stated that some of the best PB formations occur at swing high and swing lows.

Now in situations like this where I do not see any real confluence I would be leary of taking this trade. When this happens I like to zoom in and out to see what other time frames are telling me. As I zoom in to the 4H chart I see that prices have made a retracement back near the 38.2 mark. I also see that a pin or BuB may be forming there as well indicating the end of this pull back and a continuation of the existing up trend.

Now if I zoom out to the Weekly chart I see that the prices are moving away from a recent bounce off of the 38.2 retracement as well.

So in this situation I would probably pass on this trade to se what tomorrow brings.

Now please bear in mind this is my observation as a new trader as well so take everything I have typed here with a grain of salt. But either way I hope that it helps show how I look at trades.

Steve
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: weekly aussie.jpg Size: 76 KB
Nothing is impossible, with a willing mind!
  • #3,919
  • Jun 7, 2007 7:34pm Jun 7, 2007 7:34pm
Thanks for the reply and posting your 4hr and weekly charts. Gave me a different perspective on things. I might just skip this trade as well. Mind me asking you what "confluence of events" you like to see? Are those bollingerbands on your chart as well? I'm not sure what moving averages or other indicators to put on my chart yet for a confluence of events...trying to figure that out. So any input/advice would be appreciated.

Cheers!
  • #3,920
  • Jun 7, 2007 7:48pm Jun 7, 2007 7:48pm
Quoting Tw0eleven
Thanks for the reply and posting your 4hr and weekly charts. Gave me a different perspective on things. I might just skip this trade as well. Mind me asking you what "confluence of events" you like to see? Are those bollingerbands on your chart as well? I'm not sure what moving averages or other indicators to put on my chart yet for a confluence of events...trying to figure that out. So any input/advice would be appreciated.

Cheers!

Why yes they are BB's on my chart thanks for noticing I like using BB's to show me areas where prices may make a turn as well as volatility. If you take a look at BB on a daily of the Aussie they are widening indicating prices will continue in their current direction. As for areas of confluence I like to use MA's FIB's and CCI. Now don't let this CCI thing throw you off I like to use it for seeing divergence and oversold/overbought conditions.

I am still feeling my way through this stuff as well and if we all work together we can all become better traders.

Oh and the MA's I currently have are 55, 365 EMA of close. As I complete more information in the PF I am sure I will be changing a few things until I find what works best for me.

Keep postin them charts that what keeps this thread going and it gives a great visual to explanations.

Ciao,

Steve
Nothing is impossible, with a willing mind!
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