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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

  • #4,181
  • Jun 27, 2007 12:52pm Jun 27, 2007 12:52pm
Quoting mbqb11
not sure the best way, since you are using a different charting program. In MT4 it is very easy cause you simply right click the pair, and when you save the picture you selct 600 x 600(max size allowed on FF). If you aren't married to those charts, give MT4 a shot.

Best,
Mike
Hi Mike, unfortunately I am " married " to FXtrek and that what you see is simply a snap shot of the screen. I will go back and take a look to see if I can enlarge the photo before moving it to my desktop. FXtrek also doesn't have the ability to provide for free drawing nor do they give me any way to circle or point an arrow in the chart, but they have a good set up otherwise.
  • #4,182
  • Jun 27, 2007 2:27pm Jun 27, 2007 2:27pm
Quoting SeekingLight
Been short since 0.8472 (2x4h PB which turned into a big daily BEOB).
GREAT WORK!

USDJPY fell 180+ pips off its high, AUDJPY (PB) fell over 300 pips, GJ (4h BEOB off the very high) 375+, EJ (big 1h BEOBs twice) 260+... (not saying I am in all of these, mind)

Things are getting slippery. Pretty extended levels here.

Hope you folks can see how powerful nice pin bars off extreme highs can be - IF you hold on to them.
Yep, next time I have to leave my stop at breakevn ...good job...
Never say never.
  • #4,183
  • Jun 27, 2007 2:38pm Jun 27, 2007 2:38pm
Quoting mbqb11
this one finally took a breather also
with ema 200 ??
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  • #4,184
  • Jun 27, 2007 3:44pm Jun 27, 2007 3:44pm
I know already what is a pin bar, I have one on the picture if i'm right.

Can anyone explain me how to understand a pin bar on the 4 options.

Regards
David
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  • #4,185
  • Jun 27, 2007 3:46pm Jun 27, 2007 3:46pm
Here you have the four possible pin bars.
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  • #4,186
  • Jun 27, 2007 3:48pm Jun 27, 2007 3:48pm
Quoting drtduarte
I know already what is a pin bar, I have one on the picture if i'm right.

Can anyone explain me how to understand a pin bar on the 4 options.

Regards
David
Hey David,

Basically1, and 3 are the same ----and 2, and 4 are the same thing. In the picture it just has to do with where the open and close are for those candles. But since they are so close to each other and at the very end, those would both be pinbars and just think of 1 and 3 as one type,and 2 and 4 as another. What you want to look for is the open and close to be within the previous bar(towards the top if it is a 1, 3) and (towards the bottom if it is a 2 and 4). Bars 1 and 3 you are looking to short, and bars 2 and 4 you are looking to long.

It is more important where these bars are located. As you go through this thread more you will see we look for them at swing highs and swing lows. So we look for a bar 1 at a swing high and a bar 2 at swing low.

Best
Mike
  • #4,187
  • Jun 27, 2007 4:02pm Jun 27, 2007 4:02pm
Great help Mike.

I'll look to other examples on the forum to understand that better.

A huge thank you.
David
  • #4,188
  • Jun 27, 2007 5:35pm Jun 27, 2007 5:35pm
Unfortunately my data feed (alpari uk) doesn't show them as 'true' pinbars on the 4hr (that would up MT4's usefulness 100% imo, if we could set when bars start and end, but that's another topic), but my data shows several pinbars by proxy at least on NZDJPY, AUDJPY, NZDUSD, and AUDUSD. Didn't take any, but they're there.
  • #4,189
  • Jun 27, 2007 6:15pm Jun 27, 2007 6:15pm
Quoting JoshDance
Unfortunately my data feed (alpari uk) doesn't show them as 'true' pinbars on the 4hr (that would up MT4's usefulness 100% imo, if we could set when bars start and end, but that's another topic), but my data shows several pinbars by proxy at least on NZDJPY, AUDJPY, NZDUSD, and AUDUSD. Didn't take any, but they're there.
Yeah it's very common to get different Price Patterns across different platforms and feeds. The rule of thumb is play them as you see them.

The chart is just a way to view price and what it's doing.
  • #4,190
  • Jun 27, 2007 6:31pm Jun 27, 2007 6:31pm
Quoting moneybags
Yeah it's very common to get different Price Patterns across different platforms and feeds. The rule of thumb is play them as you see them.

The chart is just a way to view price and what it's doing.

if you want, you can use different MT4 to see them, IBFX:GMT, ATC FX:GMT+1, NEXTT:GMT+2 & FXDD:GMT+3, once I got broker with GMT-5, but I forget, someone else please.

You can see how they show different charts in H4 and daily, and one more thing, IBFX and ATC FX show sunday bars.
  • #4,191
  • Jun 27, 2007 6:51pm Jun 27, 2007 6:51pm
Quoting mason
if you want, you can use different MT4 to see them, IBFX:GMT, ATC FX:GMT+1, NEXTT:GMT+2 & FXDD:GMT+3, once I got broker with GMT-5, but I forget, someone else please.

You can see how they show different charts in H4 and daily, and one more thing, IBFX and ATC FX show sunday bars.
That's an option too. Some people look at multiple feeds to get different views. I'll peak at a different feed once and a while too.

And you can't forget those tricky Sunday bars.
  • #4,192
  • Jun 27, 2007 7:25pm Jun 27, 2007 7:25pm
Quoting shamstec
that's a small one
good luck
The 4hr pin didn't quite survive, but the trade's looking good. Got a Daily pin and my target is in sight.
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Keeping it Simple
  • #4,193
  • Jun 27, 2007 7:37pm Jun 27, 2007 7:37pm
I've read that some of you use IBFX (Mike, etc). There is a FREE 30-DAY DEMO. What is the fee after that?
Thnx, Sid
  • #4,194
  • Jun 27, 2007 7:39pm Jun 27, 2007 7:39pm
Quoting yendis70
I've read that some of you use IBFX (Mike, etc). There is a FREE 30-DAY DEMO. What is the fee after that?
Thnx, Sid

no fee Sid, just open a new demo account. Go to file open an account and your back in business.

Best,
Mike
  • #4,195
  • Jun 27, 2007 8:09pm Jun 27, 2007 8:09pm
Thnx for your quick response, Mike.
  • #4,196
  • Jun 27, 2007 8:29pm Jun 27, 2007 8:29pm
Quoting razldazl
Well, I got that one really wrong! I hope somebody made money on that aussie drop anyway My 40 pip trails took me out of jappy and euraud way too early, nevermind, live and learn, thats what demoing is for isnt it? Some really great calls these days hats off to all of you, take care, Raz

I did make a few pips off of this so I'm excited. Still learning the mental part of trading though...this week has been good/bad at the same time. While I am positive for the week, I have closed my trades for small gains instead of trusting them and "letting them run." Trust and Patience...it will come. Happy trading!
  • #4,197
  • Jun 27, 2007 8:37pm Jun 27, 2007 8:37pm
anybody see the pinbar forming on the 4hr chart for the usd/jpy? Any thouhgts of going short?
  • #4,198
  • Jun 27, 2007 8:46pm Jun 27, 2007 8:46pm
Quoting "Q"
anybody see the pinbar forming on the 4hr chart for the usd/jpy? Any thouhgts of going short?
no pinbar forming on mine, different broker timezone I am sure... but if we check the daily out we had a pin, that retraced and looked what is holding that right now... of course it hasn't broke the top of the pin yet, but just thought I would throw this up for you
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  • #4,199
  • Jun 27, 2007 8:47pm Jun 27, 2007 8:47pm
You're correct, I got PBs in 4 JPY pairs.
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  • #4,200
  • Jun 27, 2007 8:52pm Jun 27, 2007 8:52pm
Quoting mason
if you want, you can use different MT4 to see them, IBFX:GMT, ATC FX:GMT+1, NEXTT:GMT+2 & FXDD:GMT+3, once I got broker with GMT-5, but I forget, someone else please.

You can see how they show different charts in H4 and daily, and one more thing, IBFX and ATC FX show sunday bars.
mason, thank you VERY much for this list. I have been wanting to set up 4 accounts so I can get 4-hrs easily from every possible angle without having to mentally do it by switching to 1-hr charts! If I get GMT, +1, +2, and +3, then all possible 4-hr view are covered--thanks!
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