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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

  • #4,341
  • Jul 4, 2007 8:27am Jul 4, 2007 8:27am
Heres one to watch, 14B forming on daily in a triangle which looks ready to pop in one direction or another. ..if you look we have pins on daily weekly and monthly although none have been triggered...Im not keen to trade against the trend so we'll see which way it breaks,
take care all, Raz
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Never say never.
  • #4,342
  • Jul 4, 2007 9:37am Jul 4, 2007 9:37am
Quoting mimas
Have not perfected the method to have started trading the 4 hour as yet but there is a DBLHC on the 4 hour EUR_CHF for a long......started bouncing off the 150 MA and then has bounced straight of the 50 fib...... one to watch I guess !!!
Hi Mimas,
have a look at daily you might feel better, as Mr. Demark pointed out a page or so ago there is a 2day pin with entry from right around here also, might make you feel brave enough to take it...
take care, Raz
Never say never.
  • #4,343
  • Jul 4, 2007 3:06pm Jul 4, 2007 3:06pm
Hi Raz,
Having a bit of a problem with my Interbank MT4 feed at the moment as soon as I have sorted it will check it out.
Stay Lucky
Cheers Mimas.
  • #4,344
  • Edited 8:40pm Jul 4, 2007 4:18pm | Edited 8:40pm
Quoting mimas
Hi Raz,
Having a bit of a problem with my Interbank MT4 feed at the moment as soon as I have sorted it will check it out.
Stay Lucky
Cheers Mimas.
Hey Mimas,

FYI - Interbank FX is closed today due to the 4th of July holiday.
Unless you're having a different problem.

Tom

EDIT - It's now back up.
  • #4,345
  • Jul 4, 2007 8:24pm Jul 4, 2007 8:24pm
Slightly OT here... (sorry)

I've tried different color schemes to find which is the best for my trading and my eye... it seems that James' (and mbq and others) green bars on a black BG seem to do very well with my eyes. In fact, I tested and put black bars on a WhiteSmoke background (mt4) and for whatever reason, I seemed to find it easier to quickly identify key pivot zones on the black BG and lime green bars.

Has anyone else had an experience like this?
  • #4,346
  • Jul 5, 2007 12:43am Jul 5, 2007 12:43am
hey Josh

i tried it all - pink and yello, and grey, even magenta (kidding..), but you are right - the black BG along with the lime bars and red ones for me are the best..it simply pops out.

but hey thats me..


have a great day
  • #4,347
  • Jul 5, 2007 12:52am Jul 5, 2007 12:52am
Quoting mamutot
hey Josh

i tried it all - pink and yello, and grey, even magenta (kidding..), but you are right - the black BG along with the lime bars and red ones for me are the best..it simply pops out.

but hey thats me..


have a great day
yeah it is where I settled on(I tried evvvverything). I even got rid of the red. Staring at 4 monitors for so many hours, was really putting a strain on my eyes. The lime green is very soft, and I rarely ever feel that strain. I also make it a point if my eyes ever get to that point to look off in the distance. My eyes definitely feel worse since spending all this screen time the last year(got an eye checkup in a week, so that will be the real test ) Will always just be a personal preference.

Mike
  • #4,348
  • Jul 5, 2007 5:14am Jul 5, 2007 5:14am
Hi Tom,
Many thanks for that explains a lot.......although I knew it was a holiday,being in the UK it did not register...!!!
Stay Lucky Mimas.
  • #4,349
  • Jul 5, 2007 10:45am Jul 5, 2007 10:45am
Hi Guys,
As most new comers to this forum I am doing a lot of observing while trying to learn the inns and outs of this system. Today I have entered the Usd/Chf on the buy side ( see chart ) my stopped got triggered by this present forming bar. My question is, in your opinion, is the previous bar ( 11:00am)
is what you would call a "legitimate" PB ? I guess my doubts are around the fact that the open and close are not contained in the previous bar.
Your comments please. Thanks. Dan
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  • #4,350
  • Jul 5, 2007 11:31am Jul 5, 2007 11:31am
Quoting dltvn
Hi Guys,
As most new comers to this forum I am doing a lot of observing while trying to learn the inns and outs of this system. Today I have entered the Usd/Chf on the buy side ( see chart ) my stopped got triggered by this present forming bar. My question is, in your opinion, is the previous bar ( 11:00am)
is what you would call a "legitimate" PB ? I guess my doubts are around the fact that the open and close are not contained in the previous bar.
Your comments please. Thanks. Dan
Dan, I don't think any single bar was a PIN (for the reason you stated), but there were some PINs formed by merging 2 bars (see below). Great trade anyway based on 2 hour PINS!
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  • #4,351
  • Jul 5, 2007 11:44am Jul 5, 2007 11:44am
Quoting charlies
Dan, I don't think any single bar was a PIN (for the reason you stated), but there were some PINs formed by merging 2 bars (see below). Great trade anyway based on 2 hour PINS!
Hi Charlies, thanks for the remarks. I guess I am not aware of the practice to combine two bars in order to see them as a single PB. Is that something that I missed in this James 16 system? Dan
  • #4,352
  • Jul 5, 2007 12:24pm Jul 5, 2007 12:24pm
Quoting dltvn
Hi Charlies, thanks for the remarks. I guess I am not aware of the practice to combine two bars in order to see them as a single PB. Is that something that I missed in this James 16 system? Dan
Pinbars "work" based on a realization that longer TF bars (say, 4H) are simply combinations of shorter TF bars (say, 1H). So find a 4HR pinbar, and switch to 1HR and notice how those four 1-hr bars compose together to make the 4hr bar. The open of the leftmost bar will be the open of the 4-hr bar, the close of the rightmost (4th) bar will be the close of the 4-hr bar, the lowest of the 4 will be the low of the 4-hr bar, and the highest of the 4 will be the high of the 4-hr. So, combine two (or three, or four, or...) 4-hr bars and notice how they can form a "pinbar" in the same fasion. Note of course that a daily pinbar is simply six 4-hr bars forming one daily pinbar, a weekly pinbar is simply five daily bars, etc. James calls these pinbars "by proxy" but it's a basic concept of how multiple TFs work for charts. Also note that a DBLHC or DBHLC where the open and close are near, with two fairly equally sized bars, is simply just a pinbar as well. Compose these two and see what you get.

At the simpliest level, understand that a pinbar is nothing more than a representation that prices were pushed up by buyers, and then pushed right back down by sellers indicating a strong resistance (or, that prices were pushed down by sellers and then back up by buyers, indicating strong buying support). It's nothing more than market psychology, which is why charts are so useful in the first place.

Remember that the strongest pinbars will be those located a key levels of support and resistance, and fib levels, if enough people are using fibs at that time. In the case of an "upper nosed" pinbar, imagine that the market is already at or approaching a key upper resistance level. The buyers try to push the price higher, and it breaks resistance slightly, but then the sellers push price back down, and your pinbar is formed. Think of the pinbar as a confirmation that the resistance has held! (at least, for now)
  • #4,353
  • Jul 5, 2007 12:30pm Jul 5, 2007 12:30pm
Quoting dltvn
Hi Charlies, thanks for the remarks. I guess I am not aware of the practice to combine two bars in order to see them as a single PB. Is that something that I missed in this James 16 system? Dan
It's been mentioned in here before, Dan, but only briefly.

There are a lot of ways to "see" pins. You can combine two or more bars to make a pin or you can make a pin "by proxy" which is where the open/close is not within the previous bar but another bar within a range.

These are more advanced techniques and you should ignore them for the time being.

Concentrate on taking normal pins with other confluence and as Mike (Mbq11) has said before, add to your trading arsenal as you become more experienced.

Two things strike me about your chart.

1) It looks like you took a late entry. The bar you point to is significantly above the high of the "pin".

2) You are exiting too early. I agree there is a resistance level there but the market has breached it and although it is showing signs of running into difficulty it is not convincingly back through it. I would have the stop around 1.2150 according to your chart.

I don't know what the market has done since but even if it has fallen, this is how I would have played it.
  • #4,354
  • Jul 5, 2007 12:42pm Jul 5, 2007 12:42pm
Charlies, JoshDance and Wizard, your help is greatly appreciated!
Thank you so much, Dan
  • #4,355
  • Jul 5, 2007 12:50pm Jul 5, 2007 12:50pm
Two things strike me about your chart.

1) It looks like you took a late entry. The bar you point to is significantly above the high of the "pin".

2) You are exiting too early. I agree there is a resistance level there but the market has breached it and although it is showing signs of running into difficulty it is not convincingly back through it. I would have the stop around 1.2150 according to your chart.

I don't know what the market has done since but even if it has fallen, this is how I would have played it.[/quote]

It is true that my entry was not the best, but I wanted to be sure and on the safe side. The reason for my exit, I have noticed that the HB was loosing momentum and wanted to secure as much profit as possible if it continued on its way down and in the same time to give it a chance to turn back up and chose a stop that was at the bottom of the HB. The stop was triggered.
Could you elaborate a little more on why you chose 1.2150 as you stop location. Thanks, Dan
  • #4,356
  • Edited 2:45pm Jul 5, 2007 1:42pm | Edited 2:45pm
Dan,

On the hourly bars, price has been in a recent range. (see chart)

There were several different ways to exit here and none are necessarily any better than others.

You could have taken the break of the two bar pin and then had a target at the resistance (previous support) just overhead which would have made you around 10 pips after spread from the looks of things.

Infact you can see price did hit that level and then pull away from it briefly which confirms it as a viable target.

Now once it broke through support it went straight up through the channel, came out the other side and another strategy would then have been to trail your stop just beneath the old resistance (hoping it now became support) and the two equal lows on the hourly. This is where I think you exited.

However, in this particular case the bottom channel line is, if you move out to the daily time frame, a very strong pivot point (s/r) even as far back as 2004. In that time price has, of course, see-sawed right through this line but it has also directly bounced off it and then soared upwards. With that in mind, I would put my stop just underneath it which is actually around 1.2140. The earlier figure I gave of 1.2150 was due to my poor eyesight!

In this last scenario you would have some profit locked in and the chance that this small pullback now is just consolidation heading into the close of the European session.
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  • #4,357
  • Edited 2:46pm Jul 5, 2007 1:53pm | Edited 2:46pm
And this chart below is why I am back with you all again after my ridiculously brief hiatus.

This is how you make up two years of losses in around 4 hours.

Top chart is Oanda. Bottom chart is my SB broker. Both are 5 minute chart and lined up against one another so you can see the discrepancies between them.

I hope you guys see this and instantly realise how you can get rich if you pick the right broker...
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  • #4,358
  • Edited 2:51pm Jul 5, 2007 1:56pm | Edited 2:51pm
On to some normal trading.

Great looking pin bar right at the top of this trend.

Having said that, I've been burnt a lot shorting these carry trades before...
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  • #4,359
  • Jul 5, 2007 1:57pm Jul 5, 2007 1:57pm
Quoting the_wizard
Dan,

On the hourly bars, price has been in a recent range. (see chart)

There were several different ways to exit here and none are necessarily any better than others.

You could have taken the break of the two bar pin and then had a target at the resistance (previous support) just overhead which would have made you around 10 pips after spread from the looks of things.

Infact you can see price did hit that level and then pull away from it briefly which confirms it as a viable target.

Now once it broke through support it went straight up through the channel, came out the other side and another strategy would then have been to trail your stop just beneath the old resistance and the two equal lows on the hourly. This is where I think you exited.

However, in this particular case the bottom channel line is, if you move out to the daily time frame, a very strong pivot point (s/r) even as far back as 2004. In that time price has, of course, see-sawed right through this line but it has also directly bounced off it and then soared upwards. With that in mind, I would put my stop just underneath it which is actually around 1.2140. The earlier figure I gave of 1.2150 was due to my poor eyesight!

In this last scenario you would have some profit locked in and the chance that this small pullback now is just consolidation heading into the close of the European session.
Thanks Wizard, great explanation. I must admit that I have not look so far back as you have done. I can see the logic in all of this. Thanks a lot. Dan
  • #4,360
  • Edited 2:47pm Jul 5, 2007 1:58pm | Edited 2:47pm
How about this?

Pin bar at the 50 fib and meeting resistance at pivotal s/r and the 150 AND the 365 ema.

Shorting this looks like a done deal to me.

Anyone else have an opinion on this?
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