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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

  • #4,081
  • Jun 19, 2007 8:17pm Jun 19, 2007 8:17pm
The EUR/USD over the past week has put out some nice PA, all in the same direction. It all started with the Daily PIN, followed by the Weekly PIN and now it spits out a DBLHC quite an interesting week PA wise. Seems that all the PA is in agreement with each other so it would seem that we could be on the beginning of a big move.

I wont be taking the DBLHC as i am only trading PINS but it is good to see as it gives me confidence to keep holding onto this trade as it could be about to resume its long term uptrend.

Enjoy
Ademac
  • #4,082
  • Jun 19, 2007 8:21pm Jun 19, 2007 8:21pm
Thanks for the input mbqb11! I'm still currently long from the daily PB nearly 6days ago. I've taken partial profits along the way, but have one lot left. Now I'm just trying to decide if I'd like to add to this position again. I think if I do enter, it will be very conservative. Your "wait until a retrace" suggestion has given me something to think about as well. Happy Trading!!!

Quoting mbqb11
Just wanted to add a note. Everyday almost you will find PA setups. Some better then others. It is your job as a trader to decipher what fits into your trading plan. What is your trading plan? Ah the big question. Everyone will have different plans. But this is the crucial part to being succesful long term. When one is first learning to recognize chart patters, and PA, I definitley suggest just going through charts and being able to read them back to front. So maybe play this DBLHC, to get a feel for price, but this doesn't mean to trade it on a live account. This is where James suggest demo trading for 3+ months(in the positive), before throwing money at it.

When I look at the euro, my entry was, and still is the Pin bar off the 150. Getting in now, is getting in late IMO, and it is better to wait for a better opportunity. So now for me, I use this DBLHC, as the next set of information into my current trade. Normally I wouldn't move my stops up, but since we had this TBL/DBLHC I will move my stops up to under this point. So although I didn't use this particular bar(not that you couldn't) as your entry, I still use it as information to my exit(extreamly important). And if you wonder those in the PF know I don't like to outright take profit, I am a trailing stop type guy.

Just my 2 cents

Mike
  • #4,083
  • Jun 19, 2007 8:24pm Jun 19, 2007 8:24pm
I'm thinking the same way...we are getting a "confluence" of things telling us uptrend continuation. Time will tell and patiently I wait!

Quoting ademac
The EUR/USD over the past week has put out some nice PA, all in the same direction. It all started with the Daily PIN, followed by the Weekly PIN and now it spits out a DBLHC quite an interesting week PA wise. Seems that all the PA is in agreement with each other so it would seem that we could be on the beginning of a big move.

I wont be taking the DBLHC as i am only trading PINS but it is good to see as it gives me confidence to keep holding onto this trade as it could be about to resume its long term uptrend.

Enjoy
Ademac
  • #4,084
  • Jun 19, 2007 8:26pm Jun 19, 2007 8:26pm
I'm on the same wavelength as Mike.
I entered long on the pin and now have placed my stop under the current 2 Bar Low/DBLHC.

I'm currently not that comfortable in taking DBHLC or DBLHC setups just on their own. Maybe a retrace or something, but entering right now in EURUSD for myself would be risky. (unless a more solid signal comes up)

But since I'm already long for this pair, I see this DBLHC as a possible trend continuation sign. who knows.... (the weekly pin is nice as well)

Tom
  • #4,085
  • Jun 20, 2007 2:48am Jun 20, 2007 2:48am
Quoting Tw0eleven
Thanks Trader V. Just thought I'd put my 2 cents in again. I agree we are in a downtrend at the moment in the eur/usd...I have a similiar trendline like yours on my chart. But we are in an "overall" uptrend according to the weekly and monthly charts. Didn't know if you had looked at those charts yet. Just my thoughts, this daily downtrend is simply a correction of the overall uptrend. I could always be wrong though. Time will tell.
Yes we are in an overall uptrend for the last 400 or so trading days, but as of the last 40 or so days, we are in a downtrend. Trends are all perspective. Personally, if I see a pinbar, based on charts I've studied, the average hold time is 1 to 2 weeks, so if the last 40 days shows a downtrend, then I'm looking short, if it's confirmed by S/R and trendlines. If you look at the attached chart, the thick blue line shows where the up TL was broken, and it looks like we're now retesting that line. Now, if it breaks above that, then I'd consider a long, but right now it doesn't look like a good play IMO. We couldn't break it at the blue dots, and maybe we're approaching the big red dot, which is where some nice action should happen.
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  • #4,086
  • Jun 20, 2007 3:25am Jun 20, 2007 3:25am
Quoting moneybags
I'm on the same wavelength as Mike.
I entered long on the pin and now have placed my stop under the current 2 Bar Low/DBLHC.

I'm currently not that comfortable in taking DBHLC or DBLHC setups just on their own. Maybe a retrace or something, but entering right now in EURUSD for myself would be risky. (unless a more solid signal comes up)

But since I'm already long for this pair, I see this DBLHC as a possible trend continuation sign. who knows.... (the weekly pin is nice as well)

Tom
Hi!

I'd just like to chime in. As usual, Mike's way is pretty much the soundest reasoning. Get in at the start of the move, let the market tell you when to exit. It's good stuff.

As to the DBLHC for entries: that's fine, it's a good setup for that, BUT, and this is what I've tried to explain many times before, it's the WHERE that matters here.
This one is pretty much smack dab in the middle of things and during a rise, i.e. in the same direction. If it had been at the end of a correction and appeared at a bottom as a reversal sign, that would have been a lot nicer.
Remember, entry at the beginning of moves.
As continuation it might or not work out. Personally I believe we've hit a bit of s/r at 1.3435 with EMAs, a trendline and general s/r, so for a real sign of strength we would hav closed above 1.3440, which we did not.
So let's see how we go. Just saying, staying in and trailing would be fine, but adding to or entering with s/r about 5 pips from your forehead is most likely not the best idea

Still am superbly curious to see where that weekly PB gets us.
Trust price. Know yourself.
  • #4,087
  • Jun 20, 2007 7:58am Jun 20, 2007 7:58am
Good post, definitely gives me something to think about and watch for. Cheers!

Quoting SeekingLight
Hi!
As to the DBLHC for entries: that's fine, it's a good setup for that, BUT, and this is what I've tried to explain many times before, it's the WHERE that matters here.
This one is pretty much smack dab in the middle of things and during a rise, i.e. in the same direction. If it had been at the end of a correction and appeared at a bottom as a reversal sign, that would have been a lot nicer.
Remember, entry at the beginning of moves.
As continuation it might or not work out. Personally I believe we've hit a bit of s/r at 1.3435 with EMAs, a trendline and general s/r, so for a real sign of strength we would hav closed above 1.3440, which we did not.
So let's see how we go. Just saying, staying in and trailing would be fine, but adding to or entering with s/r about 5 pips from your forehead is most likely not the best idea
  • #4,088
  • Jun 20, 2007 8:14am Jun 20, 2007 8:14am
Quoting james16
i thought i would start a new thread to post charts. my question is this and i am sure merlin can let me know the answer. i am not sure if i want to do this yet but how many of you would like me to actually post potential trades. the thing to remember is that two people can take an identical entry and one will lose and the other will win. the variables to trading are endless. anyway what does everyone think. jim
I think it I would like to see your trades suggestions. Thanks, Dan
  • #4,089
  • Jun 20, 2007 9:03am Jun 20, 2007 9:03am
Quoting dltvn
I think it I would like to see your trades suggestions. Thanks, Dan
You crack me up...
Never say never.
  • #4,090
  • Jun 20, 2007 10:34am Jun 20, 2007 10:34am
SeekingLight,

Once again you have shown me just how little i actually know. Yes i got in at the Daily Pin, yes i got in a the Weekly PIN, No i didn't get in at the DBLHC but What i learnt from your post was Perspective. I don't know if i fully understand you lesson but i am going to try to better incorporate an understanding of where the PA is relative to the bigger picture.

Cheers
Ademac
  • #4,091
  • Jun 20, 2007 1:17pm Jun 20, 2007 1:17pm
Quoting ademac
SeekingLight,

Once again you have shown me just how little i actually know.

I don't know if i fully understand you lesson but i am going to try to better incorporate an understanding of where the PA is relative to the bigger picture.

Cheers
Ademac
Heya Ademac

Doubt that I know much more than you really
I was just saying how I try to look at things.

As for the "lesson", I just meant...well it's the same with any setup really, what good is a reversal PB if it comes in the middle of a lot of clutter or move?
I'm not the one who invented this stuff, James and others have all pointed this out loooong and many times more before me poor old soul

It never hurts to illustrate how important your "surroundings" are though.

Take care,

SeekingLight
Trust price. Know yourself.
  • #4,092
  • Jun 20, 2007 1:44pm Jun 20, 2007 1:44pm
Maybe it's because I'm new and just learning the system...but this is a great example of letting your trade run(at least some of your position). If you would have entered on the break of the PB, you'd be up 600 pips. If you would have entered on the retrace you'd have 700pips. Did anyone stay in this all the way so far??? I entered around 239.05 and took a whopping 25pips!!! Didn't quite have a trading plan, exit strategy or grasp on this method yet. But I have definitely learned some valuable info by watching this trade! Happy Trading!
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  • #4,093
  • Jun 20, 2007 2:20pm Jun 20, 2007 2:20pm
Quoting Tw0eleven
I entered around 239.05 and took a whopping 25pips!!! Didn't quite have a trading plan, exit strategy or grasp on this method yet. But I have definitely learned some valuable info by watching this trade! Happy Trading!
... i feel it with you ... not that I took 25 pip, I'm still in on the ride, but have done this many times too. Feels like the most expensive 25pips ever. You'll a catch a big one soon.
Keeping it Simple
  • #4,094
  • Jun 20, 2007 2:59pm Jun 20, 2007 2:59pm
Mike,

You once pointed out in this thread that you sometimes combine bars together to see if a pinbar has been formed. Do you consider this method just as successful as one bar being a pinbar? If so, is there a limit on how many bars you combine? Your answer is appreciated.

Stay healthy,

Kevin
  • #4,095
  • Jun 20, 2007 3:06pm Jun 20, 2007 3:06pm
Quoting mason
Last week EURUSD W1 & USDCHF W1 are PBs, eventhough USDCHF is not as good as EURUSD,
Yesterday EURUSD D1 didn't have PB, but USDCHF D1 has conflicting PB, I would go with weekly PB, which is short, because both weekly EURUSD and USDCHF show PBs and they are negative correlated.

And possibly EURCHF D1 will make retracement after stong move, this will make CHF stronger, which supports shorting USDCHF.

Just some thoughts, I'm still learning like you.
We have a working PB in USDCHF in W1 off MA 89-100, it has been +40 pips, will close it at 1.2300 and trail it.
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  • #4,096
  • Jun 20, 2007 3:38pm Jun 20, 2007 3:38pm
Quoting Kaysole
Mike,

You once pointed out in this thread that you sometimes combine bars together to see if a pinbar has been formed. Do you consider this method just as successful as one bar being a pinbar? If so, is there a limit on how many bars you combine? Your answer is appreciated.

Stay healthy,

Kevin
Hey Kevin,

In all honesty you can combine as many bars as you want, as that is just giving a picture(pinbar), of what price is doing. I tend to only do it with 2 bars on the 4hr(sometimes 3, if the look is right)...but on the daily and up it is something I will combine a lot more bars for. I think a few times I have combined 6 or 7 bars(but now my stop was on the highest pt of those bars, so the trade is a longer term trade, which is the same as a combo of a weekly bar and a few days etc). A lot of times if you start combining more then 2 bars, the last bar or one before that will be a signal in and of itself, but visually it is easier for me to look at the pinbar situation(jeez i hope that made sense). It is all a visual thing for me. In the PF I have a thread about my way of trading and some ideas I kick around. One huge thing that always comes back is how I pick out a good pinbar from a bad one, and it really isn't mechanical per say. But in my mind it is, because I have an eye for what I look for.

If you are new to pinbars, and price action(this is in general), stick to single bars(maybe use two brokers on different timezones, to expand your view), and then work up to picking out multiple bar combos. It is very easy to get overwhelmed in trading. Stick till you get something working before thinking about adding other components. That is what helped me at least.

Hope that helps and take care
Mike
  • #4,097
  • Jun 20, 2007 3:58pm Jun 20, 2007 3:58pm
Quoting mason
We have a working PB in USDCHF in W1 off MA 89-100, it has been +40 pips, will close it at 1.2300 and trail it.
Hey Mason,

I'm sorry to say that is not a pin bar, the close was not within the prior bar's range and there is no body. It's more of a bullish bar than anything, but really just crooked.
Definitely not a PB.
Trust price. Know yourself.
  • #4,098
  • Jun 20, 2007 4:58pm Jun 20, 2007 4:58pm
Not perfect but a pin imho at daily NZD/USD at last high resistance... i will wait for a break and see... i dont like that its at historical high or so.. but let see

Matty
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  • #4,099
  • Jun 20, 2007 5:05pm Jun 20, 2007 5:05pm
Quoting mbqb11
A lot of times if you start combining more then 2 bars, the last bar or one before that will be a signal in and of itself, but visually it is easier for me to look at the pinbar situation(jeez i hope that made sense).
Mike,

I didn't quite get that sentence. Could you clarify please? (You probably should've guessed that I would ask this bonehead question)

Good trading,

Kevin
  • #4,100
  • Jun 20, 2007 6:05pm Jun 20, 2007 6:05pm
Quoting Kaysole
Mike,

I didn't quite get that sentence. Could you clarify please? (You probably should've guessed that I would ask this bonehead question)

Good trading,

Kevin
Kevin,

wasn't you at all. What I meant was sometimes when you are combining bars, the last bar may be something like an inside bar, but for me it is easier to look at it as a pinbar(when the bars are combined)

Mike
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