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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

  • #5,221
  • Aug 6, 2007 1:48pm Aug 6, 2007 1:48pm
A two day pinbar forming on Daily (includes last night's climb)??? A possible short tomorrow?
PT lower TL around 1.3685.......? Or should the Sunday mini bar be discounted?
  • #5,222
  • Aug 6, 2007 1:49pm Aug 6, 2007 1:49pm
Quoting attictrader
A two day pinbar forming on Daily (includes last night's climb)??? A possible short tomorrow?
PT lower TL around 1.3685.......? Or should the Sunday mini bar be discounted?
most of us just ignore the Sunday bar, like it never existed. Others don't, but James ignores them, so then I do too
  • #5,223
  • Aug 6, 2007 1:55pm Aug 6, 2007 1:55pm
Quoting james16
one of these days i have got to go thru this thread top to bottom. LOL.

JIM
You may need more than one .
If there's anything you don't understand, just ask Mike
  • #5,224
  • Aug 6, 2007 1:57pm Aug 6, 2007 1:57pm
Quoting mbqb11
most of us just ignore the Sunday bar, like it never existed. Others don't, but James ignores them, so then I do too


hi mb

ignoring them is quite easy to do but it creates sometimes a gap that i personally dont know how to deal with - if there is a pin bar - should i look for a close under fridays high??

if you could show an example that would be great


thanks
  • #5,225
  • Aug 6, 2007 1:57pm Aug 6, 2007 1:57pm
Quoting PeterFM
You may need more than one .
If there's anything you don't understand, just ask Mike

lol peter
  • #5,226
  • Edited 2:13pm Aug 6, 2007 2:00pm | Edited 2:13pm
Quoting mamutot
hi mb

ignoring them is quite easy to do but it creates sometimes a gap that i personally dont know how to deal with - if there is a pin bar - should i look for a close under fridays high??

if you could show an example that would be great


thanks
Basically if price gaps under a potential pin bar, I would simply wait for the gap to close(which they usually do), then either enter when the gap closes, or after the gap closes wait for a re-break of the pinbar.

I will try to find an example

Mike

edit* it was really hard to find any examples of a good pinbar that gapped away. But yesterday there were gaps so I am just using this GBP/JPY inside bar as an example. If you were straddling this bar, Instead of going short on the open of the gap. I would wait for the gap to fill as it just did, then wait for a break back down or up. Lemme know if that clears it up
Attached Image
  • #5,227
  • Aug 6, 2007 2:23pm Aug 6, 2007 2:23pm
It is a very good exercise... I recommend it only to people in very good shape.

Btw, Your opinions/comments about this indicator are very welcome.

rgrds

vmaranhao

Quoting james16
one of these days i have got to go thru this thread top to bottom. LOL.

JIM
  • #5,228
  • Aug 6, 2007 2:29pm Aug 6, 2007 2:29pm
Quoting vmaranhao
Hi

This indicator shows price actions patterns, at least the ones I've plotted after go through hundreds of pages in this much more than excellent thread.

Just put the indicator in a chart and the stars will appear.

How to trade with the stars? That's a question to our guru...

rgrds

vmaranhao
Nice work on the indicator--it looks great. Also, your code is VERY clean. I appreciate that, having to look at code myself!

One question--what is MSL/MSH?
  • #5,229
  • Aug 6, 2007 3:03pm Aug 6, 2007 3:03pm
Thank you, for me a clean a concise code is a form of art... I hate when I find a spaghetti code .

Market Structure High and Low

Look here: http://www.enthios.com/Primer_buildingblocks.htm


Quoting JoshDance
Nice work on the indicator--it looks great. Also, your code is VERY clean. I appreciate that, having to look at code myself!

One question--what is MSL/MSH?
  • #5,230
  • Aug 6, 2007 3:43pm Aug 6, 2007 3:43pm
Quoting vmaranhao
Thank you, for me a clean a concise code is a form of art... I hate when I find a spaghetti code .

Market Structure High and Low

Look here: http://www.enthios.com/Primer_buildingblocks.htm
Ahh I see, okay, basically a trend reversal pattern. Didn't remember seeing it on this forum, now I remember where I read it. Thanks!
  • #5,231
  • Aug 6, 2007 6:30pm Aug 6, 2007 6:30pm
I have been using the star indicator for a while... it is OK, but not perfect... and as far as the market structure MSL, MSH... it only alerts AFTER the candle has finished, and often times price is already reversing by then... so i don't se much use for that part of the indicator....

Overall though it does help to point out price action patters intead of having to search for them so much...
  • #5,232
  • Aug 6, 2007 6:44pm Aug 6, 2007 6:44pm
Quoting mbqb11
Basically if price gaps under a potential pin bar, I would simply wait for the gap to close(which they usually do), then either enter when the gap closes, or after the gap closes wait for a re-break of the pinbar.

I will try to find an example

Mike
lets have a look on the GBPCHF - interbank chart, daily.

it would have been a nice PB - but is it?? i mean the gap somehow take all of the essence out of it - or it doesnt? as long as the eye is closed above friday's low?

thanks again
  • #5,233
  • Aug 6, 2007 7:10pm Aug 6, 2007 7:10pm
Coupla things I'm looking at here. Not sure if they've already been mentioned.

Biweekly pin on the Eur/USD in favor of a TC up.

Fri/Sun/Mon pin on the USD/JPY at a swing low.
  • #5,234
  • Aug 6, 2007 7:20pm Aug 6, 2007 7:20pm
Mebe I'm hallucinating! You guys (and ladies!) tell me if I'm seeing things.

Eur/USD daily. I use the IBFX feed, but the last 12 days or so have created a pin also. Is this valid?
  • #5,235
  • Aug 6, 2007 7:24pm Aug 6, 2007 7:24pm
Quoting mamutot
lets have a look on the GBPCHF - interbank chart, daily.

it would have been a nice PB - but is it?? i mean the gap somehow take all of the essence out of it - or it doesnt? as long as the eye is closed above friday's low?

thanks again

In this case, I would completely ignore the gap portion. Just stick to playing the pin how you normally would

mike
  • #5,236
  • Aug 6, 2007 7:25pm Aug 6, 2007 7:25pm
Quoting fuzzle
Mebe I'm hallucinating! You guys (and ladies!) tell me if I'm seeing things.

Eur/USD daily. I use the IBFX feed, but the last 12 days or so have created a pin also. Is this valid?
playing multiple day pinbars, especially 12 day pin bars are a bit tricky. I am not sure if you are new to the PA but if so, look for the single bar PA bars. It is much easier IMO

Take care
Mike
  • #5,237
  • Aug 6, 2007 7:34pm Aug 6, 2007 7:34pm
Quoting mbqb11
playing multiple day pinbars, especially 12 day pin bars are a bit tricky. I am not sure if you are new to the PA but if so, look for the single bar PA bars. It is much easier IMO

Take care
Mike
Ok, thanks. Point taken. What I am thinking now is that a pin bar is nothing more than a correction to a trend on whatever time frame I'm looking at. This makes it easier for me to understand.
  • #5,238
  • Aug 6, 2007 7:37pm Aug 6, 2007 7:37pm
Quoting fuzzle
Ok, thanks. Point taken. What I am thinking now is that a pin bar is nothing more than a correction to a trend on whatever time frame I'm looking at. This makes it easier for me to understand.
yeah it is often easier for people to view multiple bars as a pinbar in order to grasp what price is doing. In the most basic sense the a pin bar is a reversal bar(s). Depending on where it is located it may be a reversal bar back into the larger trend, a top or a bottom of the larger trend etc.

Best,
Mike
  • #5,239
  • Aug 6, 2007 7:43pm Aug 6, 2007 7:43pm
Quoting mbqb11
yeah it is often easier for people to view multiple bars as a pinbar in order to grasp what price is doing. In the most basic sense the a pin bar is a reversal bar(s). Depending on where it is located it may be a reversal bar back into the larger trend, a top or a bottom of the larger trend etc.

Best,
Mike
Aye, I have a better grasp of pin bars now.
  • #5,240
  • Aug 6, 2007 10:42pm Aug 6, 2007 10:42pm
Thnx for the indicator. It sure helps w/ the learning process for newbies, like me.

How would I remove any of the price patterns that I don't want to appear on the charts?

Thnx, Sid
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