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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

  • #4,101
  • Edited 9:38pm Jun 20, 2007 6:18pm | Edited 9:38pm
Quoting Matiasfx
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

High Matty,

I don't know why you say you don't like the fact that this is at historical highs. If you look back in time when prices reach extremes they sometimes provide the best trading oportunities.

At any rate here is what I see with my foggy glasses.

I notice the PB forming today. I also notice divergence in price and CCI.

The PB is bouncing off of the previous highs made last week which indicate that this is a good area of resistance. So the probability of a rejection from this point again is good.

I am playing this trade with an entry below the PB and partial profit taking near the first area of support which is the last reference low. Then trail the rest.

Lets see what happens.

Steve

==========UPDATE=========

This bar did not complete as a PB so I am not trading this as previously stated. Hence the imposrtance of waiting for the bar completion
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Nothing is impossible, with a willing mind!
  • #4,102
  • Jun 20, 2007 10:29pm Jun 20, 2007 10:29pm
Quoting Tw0eleven
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!
Well the GBP/JPY trade i was in finally kicked me out yesterday for a gain of 485 pips. Am quite happy with what the market made available to me this time. Am still holding my EUR/USD Daily and Weekly PIN/'s so will see what happens with them.
  • #4,103
  • Jun 20, 2007 11:33pm Jun 20, 2007 11:33pm
Still in the eur/usd as well. Still looking for it to reach for the 1.3480 area or stop me out trying! Nice job on the gbp/jpy trade! a couple trades like that I month and I'd be a happy man!

Quoting ademac
Well the GBP/JPY trade i was in finally kicked me out yesterday for a gain of 485 pips. Am quite happy with what the market made available to me this time. Am still holding my EUR/USD Daily and Weekly PIN/'s so will see what happens with them.
  • #4,104
  • Jun 20, 2007 11:40pm Jun 20, 2007 11:40pm
Just my two cents, like you mentioned, I didn't see a true PB on the daily. Price didn't close inside previous bar. Did you happen to check out the 4hr chart? It does have a nice PB, but not in your direction. Hopefully that won't cause you any problems if you do go short.

Quoting Matiasfx
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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  • #4,105
  • Jun 20, 2007 11:53pm Jun 20, 2007 11:53pm
Quoting Tw0eleven
Still in the eur/usd as well. Still looking for it to reach for the 1.3480 area or stop me out trying! Nice job on the gbp/jpy trade! a couple trades like that I month and I'd be a happy man!
A few more for me like that and i'll be out of the hole i dug myself taking every IB i could find. Just back to getting PIN's working properly first then I will revisit the IB, on demo till i have got better at judging if it is in a good position
As Jim said
Quoting james16
if all you new guys will just do the following for the next 3 to 6 months then i can promise you something. you will be glad you did. forget about all the confusing different indicators, approaches and systems and do something very simple.

For the next several months just demo daily and weekly pin bars. nothing else.
Enjoy
Ademac
  • #4,106
  • Edited 4:56am Jun 21, 2007 4:01am | Edited 4:56am
An update on the results for the first 20 days, monitoring 16 pairs & taking all PINs

19 PINs triggered (18 now closed, assuming worst case on open trade)

First Target
+683 pips (missed a couple early on by not setting take profit order)
average +36 pips per trade

Trailing Stop at the daily high/low
+1032 pips (includes 3 big wins +533 EURAUD, +223 USDCHF, +475 GBPJPY)
average +54 pips per trade

Overall average +45 pips against a stop of 97 pips (but changed strategy for stops part way through)

If fixed risk of 1R per trade, total result +8R

This has exceeded all my expectations, but I'm putting it down to beginners luck. I don't expect that these results will be repeated next month, but time will tell.

I think Jim's recommended approach is working, it has given me the confidence to take trades with bigger stops, and to forget the intraday noise. I'll soon be adding PIN Bar wizard (in training) to my strapline. Theme tune:
Inserted Video


I have started testing my two pronged strategy today -
1. Cherry Pick quality PINs trailing stop at daily high/low,
2. All PINs trade to first target where risk reward is acceptable.

I will update the thread with the results in 1 months time.
  • #4,107
  • Edited 4:42am Jun 21, 2007 4:23am | Edited 4:42am
Quoting mbqb11
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
I understand completely now Mike. Thanks for putting in the time to answer my question. It seems that if you combined the daily bars of EUR/CAD on the 18th and 19th of June, you would get a pretty nice looking pinbar.

Kevin
  • #4,108
  • Jun 21, 2007 9:25am Jun 21, 2007 9:25am
Hi James, great stuff, keep showing your charts and if you can do it with latest will be even better. By latest I mean showing your moves (buy/sell) when or right after you do it that will give us a chance to follow you with a similar action and learn your style a little better. Thanks for all that you're doing. Dan
  • #4,109
  • Jun 21, 2007 9:51am Jun 21, 2007 9:51am
Quoting dltvn
Hi James, great stuff, keep showing your charts and if you can do it with latest will be even better. By latest I mean showing your moves (buy/sell) when or right after you do it that will give us a chance to follow you with a similar action and learn your style a little better. Thanks for all that you're doing. Dan
Hey dlt,
If you read past jims first post you will see that he doesnt give trade calls, he posts examples for us to study and we then do a lot of practicing. Keep reading and good luck with your trading! Raz
Never say never.
  • #4,110
  • Jun 21, 2007 10:19am Jun 21, 2007 10:19am
Quoting razldazl
Hey dlt,
If you read past jims first post you will see that he doesnt give trade calls, he posts examples for us to study and we then do a lot of practicing. Keep reading and good luck with your trading! Raz
Hi Raz,
Thanks for your insight. I am new to this group and don't quite understand all that is being said or what is taking place in this forum. I have seen Jim charts talking about learning the PINS and I am not sure what exactly does he mean by this. Could you shed some light on this. I will greatly appreciate it. Dan
  • #4,111
  • Jun 21, 2007 10:34am Jun 21, 2007 10:34am
Quoting dltvn
Hi Raz,
Thanks for your insight. I am new to this group and don't quite understand all that is being said or what is taking place in this forum. I have seen Jim charts talking about learning the PINS and I am not sure what exactly does he mean by this. Could you shed some light on this. I will greatly appreciate it. Dan
Hi Dan,

Welcome to the greatest thread on forex factory

start here for Pin Bars
http://www.forexfactory.com/showpost...8&postcount=34


But slowly make your way through this WHOLE thread. I know it is long but it is well worth it. You will find so many pinbar examples it will make your head spin.

Best of luck!
Mike
  • #4,112
  • Jun 21, 2007 11:08am Jun 21, 2007 11:08am
Hi Mike,
Thank you so much for your reply. Is this all there is to it as far as PINS are concerned? This is what I know by the name of Alligator's Tail but I did like the added note of " third bar not taking.... " . Is there more to the PINS than that and where can I find it? Thanks for your help. Dan
  • #4,113
  • Jun 21, 2007 11:57am Jun 21, 2007 11:57am
Quoting dltvn
Hi Mike,
Thank you so much for your reply. Is this all there is to it as far as PINS are concerned? This is what I know by the name of Alligator's Tail but I did like the added note of " third bar not taking.... " . Is there more to the PINS than that and where can I find it? Thanks for your help. Dan
dltvn,

There is much more to the pins than that! It is not just the formation but where the pin occurs that is important. Read through this forum, as Mike has suggested. There is a huge amount of information.

Go slowly and demo.

Wiz
  • #4,114
  • Jun 21, 2007 12:13pm Jun 21, 2007 12:13pm
Hi Wiz, being new here I am not sure how to answer so that it posts in the main forum, not quite sure what link to press. So, here it is again ......
Thanks for your advise. Dan
  • #4,115
  • Jun 22, 2007 9:19am Jun 22, 2007 9:19am
Quoting Tw0eleven
Still in the eur/usd as well. Still looking for it to reach for the 1.3480 area or stop me out trying! Nice job on the gbp/jpy trade! a couple trades like that I month and I'd be a happy man!

Well, my target area of 1.3480 wasn't too far off! I have to give lots of credit to James and the others who post on here with great info and chart examples!!! I'm really enjoying this method and it's really testing my patience. I've held this eur/usd long since last Friday....the longest hold of my trading career. I almost bailed a couple times this week when price fell some, but I never really saw anything definite. Also, that weekly PB helped keep me in. I think we'll find out a lot more next week, take a look at how the Monthly chart is shaping up(time will tell)! Thanks again to everyone for opening my eyes. I feel like I'm only my way to something great!
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  • #4,116
  • Jun 22, 2007 10:45am Jun 22, 2007 10:45am
Quoting the_wizard
dltvn,

There is much more to the pins than that! It is not just the formation but where the pin occurs that is important. Read through this forum, as Mike has suggested. There is a huge amount of information.

Go slowly and demo.

Wiz
Hi Wiz,
I am seeing the chart that TwOeleven have posted this morning about the Eu/Us and just wondering if I am reading it all wrong. My daily chart shows a move down that started on 4/30 and a Fib from that point to 6/13 shows that the ret. up was stopped somewhere between the Fib 50% and the weekly pivot of 1.3465. My hourly chart shows three consecut. bars stops and a strong down by the third bar. Isn't this a signal to go short now ? Am I reading it all wrong? I would appreciate your comments or anybody else who might be reading this. Thanks, Dan
  • #4,117
  • Jun 22, 2007 11:00am Jun 22, 2007 11:00am
Hi dltvn, you are right in your analysis but it depends on what timeframe you are looking to trade off.

If you are looking to trade off daily bars (as James suggests) then there is, so far, no PA setup to go short. Price has temporarily rejected the confluence of the 50 fib, pivotal s/r and the descending TL but what you would really want at this point is a pin bar. e.g. a sharp reversal from this area.

If you are looking to trade off the hourly bars, then a short would not be advised. The reason for this is that the pullback is straight into support at around 3420. Let me post a chart.
  • #4,118
  • Jun 22, 2007 11:02am Jun 22, 2007 11:02am
You may be absolutely correct. It just depends on how you read your charts. If you look at the monthly we've been in an uptrend since Oct. 2001 and the weekly has been in an uptrend since Nov. 2005. While the Daily is currently in a downtrend, I'm taking that downtrend as a "Correction or retracement" of the overall uptrend from the weekly&monthly charts. So my bias is long. The eur/usd is near the upper limits of that Daily downtrend, so we may get a good short trade coming which I may/may not take. If it does drop, I will be waiting for the next long signal and standing by for the overall uptrend to continue(if it works out that way). Just my 2 cents and thoughts on the overall picture of things. Cheers!

Quoting dltvn
Hi Wiz,
I am seeing the chart that TwOeleven have posted this morning about the Eu/Us and just wondering if I am reading it all wrong. My daily chart shows a move down that started on 4/30 and a Fib from that point to 6/13 shows that the ret. up was stopped somewhere between the Fib 50% and the weekly pivot of 1.3465. My hourly chart shows three consecut. bars stops and a strong down by the third bar. Isn't this a signal to go short now ? Am I reading it all wrong? I would appreciate your comments or anybody else who might be reading this. Thanks, Dan
  • #4,119
  • Jun 22, 2007 11:14am Jun 22, 2007 11:14am
dltvn, this actually hurts me to write this.

I had a very large position in the Euro. Awful risk management but that's another story.

At point A, I had a huge amount of money sitting on the table - very close to my largest profit in a single trade in seven years in this game.

I took the trade off a daily pin but I was managing it on the hourly.

When price broke through 3400 I moved my stop to point C

Now because of the fact I didn't want to give a large amount of money back I moved my stop higher to point B because of the triple top that had formed and the fact that I thought if the trend was strong, 3400 should hold.

But look at the original stop. It was logical (previous resistance) and it proved to be the exact area that price turned.

So, out I came with a fair deal of profit and up the price went.

I understand that I sound greedy but despite the money I have made I feel the same negativity as if I had just taken a loss. And you know the funny thing? If I had taken a loss, I would have got over it a lot quicker and felt a lot better than I do with this win.

Wiz
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  • #4,120
  • Jun 22, 2007 11:52am Jun 22, 2007 11:52am
hi, would you at this point go long again or do you see it as I do that it is heading south again for a little while longer? As for for not getting it all, I feel the same when it happens to me. My hind sight is always 20/20, the problem I encounter is the fore sight.
Thanks for this chart and your views. Whose chart service are you using, mine is FXtrek pro and I don't get such nice view on the long term and they are not so cheap. Dan
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