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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

  • #5,681
  • Aug 29, 2007 10:48am Aug 29, 2007 10:48am
-106 pips for my latest move...

ouchie! Would anyone shed light on WHY GBP\CHF was in fact a bad move? I thought it MORE risky due to the fact the DHLC on the 8 hour wasn't perfect and the pin bar was maybe 2 days old?

When does a pin bar become outdated?
"Please sir, may I have some more pips?"
  • #5,682
  • Aug 29, 2007 11:01am Aug 29, 2007 11:01am
Quoting J2FcM
-106 pips for my latest move...
ouchie! Would anyone shed light on WHY GBP\CHF was in fact a bad move? I thought it MORE risky due to the fact the DHLC on the 8 hour wasn't perfect and the pin bar was maybe 2 days old?
When does a pin bar become outdated?
Hey J2,

I'm not sure which Pin bar you're reffering to for this pair because on my charts I don't see one. Possibly a 4H one?

And I'm sure there are different opinions on when a Pin bar becomes outdated or no longer valid. I think what you're asking is when do we stop putting any weight on a pin bar that has already triggered. That's a tough question but IMO, after a pin has triggered and moved a little (or a lot) I'm done with that pin. I now look for new price action and don't really pay attention to an old pin bar.

In this case, price moved down about 150 pips from the pin I think you're referring to and you used that DBHLC as a trend continuation signal, right?
The trade just didn't work out. One thing I did notice when zoomed out, is that the .4000-.4050 area is support.

I dunno if this helps at all.

Tom
  • #5,683
  • Aug 29, 2007 11:06am Aug 29, 2007 11:06am
Thanks for the reply!

Yes that is what I did, but the pin bar was I believe 2 days old, the 2nd eye was 1 day old. And it was off a daily, on FXCM charts. It was off of the 26th too, so even more useless, eh?

Then on an 8 hour I saw the DHLC, BUT, foolishly followed it ---> I think there was a 4-5 pip difference in the highs...

C trade at best. D- more like it. I basically went off an old Sunday pin, and a imperfect DHLC. perspective~


Also, what method did you use to create your support. Being quite new I left that step out, focusing more on the fib retraces. I see on the weekly a steady up trend, but I hate drawing trend lines because of the constant adjustment... I prefer dynamic areas of support. I wonder if that would have warded me off.... it will in the future.
"Please sir, may I have some more pips?"
  • #5,684
  • Aug 29, 2007 11:17am Aug 29, 2007 11:17am
Quoting J2FcM
Yes that is what I did, but the pin bar was I believe 2 days old, the 2nd eye was 1 day old. And it was off a daily, on FXCM charts. It was off of the 26th too, so even more useless, eh?
Heya J2!

Hm Sunday bar? Well I ignore those. Since there are no charts I don't know what stuff you meant, else I'd take a look and try and give you my thoughts on it..

I think GBPCHF has been a bit tricky on daily, IB that broke up first, then down, then another move up..I am seeing a DBLHC coming today and if that goes and takes off I'd recommend holding on to that trade.
For, uh.

A long time. If possible. ;p

Coz if I'm right, it could go from the DBLHC to oh, say, 2.5. One could use it as a pretend weekly trade and enter off daily e.g.

Gonna have to think about taking this myself really...will try and get a small timeframe setup long tomorrow if there's a retrace. Once we close above 2.43 for good again I'd get pretty optimistic. Well, this is all fantasy until it actually happens. Maybe it'll all blow up instead, eh? Never know =)

Oops. Wrote a novel.

My bad

Take care,

SeekingLight
Trust price. Know yourself.
  • #5,685
  • Aug 29, 2007 11:22am Aug 29, 2007 11:22am
Don't worry about it. At least it was demo.
This is how we learn, right?

Ok, so it was a daily pin you were looking at.
I dont know exactly what it looked like on your charts, but on my charts I think I can figure out where the Pin that you're talking about was.
The main issue I would have with that spot is that it's in traffic. Price is going sideways and the nose is not really sticking out. So the pin itself wasnt great and it was a few days old also.

I use no special method to locate support or resistance. I just zoomed out real quick and noticed the 2.4000 area being significant the last little while.
Have a look at the pic.

Take care,
Tom

EDIT: And if it was only a Sunday bar, then like Seeking said just ignore them.
Attached Image
  • #5,686
  • Aug 29, 2007 12:30pm Aug 29, 2007 12:30pm
Thanks for helpin me out on that. I guess after I ripped off my rearview mirror on a pole, I figured even a bad trade would make me lucky last night! Well - I thought it was an OK trade.

I find FXCM formations often times don't match other platforms.
I have MT4 but only a demo account so I don't have access to many currencies (there a way around this?).

Why do you say price is going sideways? Is this in general, or in reference to JUST the daily.
What I mean is... if you look at the weekly, or the daily, and asked me (not saying I am right) I would say "It looks like a possible bearish trend move" Is it because the daily has about 3/4 of the time heading up strongly and a 1/4 of the time going down strongly?
And if I went to a smaller time frame I could even debate a different trend. Sorry, kind of a vague question. Basically, what specific factor makes you say "traffic" vs "change in trend"
"Please sir, may I have some more pips?"
  • #5,687
  • Aug 29, 2007 12:50pm Aug 29, 2007 12:50pm
Well, this is personal opinion because every persons definition of traffic may be different. The reason I said it was going sideways in this particular case, is because from about a couple of weeks ago price was in this sideways range. Overall the trend might look like its going down, but recently there hasnt been much action other than a week ago when price dipped down for a few days. But then it jumped back up in the range.

Aside from the sideways action, the pin was in traffic because the bars leading up to it didnt have a direction. Price was moving horizontally and the pin bar didnt stick out at all. It was on the same level.
I look for the Pins to be clearly sticking out above price to its left.

As far as MT4 goes: Open the Market Watch window (the button has a green up arrow and a red down one). Then right click inside and select Show All. You should then have access to all currency pairs.

Hope that all helps
Tom
  • #5,688
  • Aug 29, 2007 1:35pm Aug 29, 2007 1:35pm
I will check all this out once I get home for MT4. I Wish I could trade valubale information back to you, but I'm sure besides trading currencies all other interests do not coincide. I feel sad for that! but I see where your opinion comes from and I believe it contains many valuable points which may supplement my own weak methods of market reading.

At his point, I haven't been using anything except retraces and price formations... in an effort to eliminate all indicators, but a better system for defining support, resistance, and some use of MA's seems to be something that would help me grow further into the James16pip-o-matic system.


Thank you for the in depth responses. I will continue the cycle and spread knowledge the best I can...
"Please sir, may I have some more pips?"
  • #5,689
  • Aug 29, 2007 1:50pm Aug 29, 2007 1:50pm
No problem J2fcm.
I'm glad to throw in my thoughts anytime.
That's what this forum is all about. Helping each other out.

All the best,
Tom
  • #5,690
  • Aug 29, 2007 4:00pm Aug 29, 2007 4:00pm
If Sundays are often disregarded.. are Fridays as well? Are Friday daily bars obsolete as soon as they are over?

Also, What if Sunday is an eye, Monday is a pin bar, Tues is an eye? Disregard?

Does this mean, ignore monday pin bars too? Only pay attention to "eyes" that show up on Monday, and pin bars that occur on Tues - Fri?

:surprised
"Please sir, may I have some more pips?"
  • #5,691
  • Aug 29, 2007 4:04pm Aug 29, 2007 4:04pm
Quoting J2FcM
If Sundays are often disregarded.. are Fridays as well? Are Friday daily bars obsolete as soon as they are over?
Also, What if Sunday is an eye, Monday is a pin bar, Tues is an eye? Disregard?

Does this mean, ignore monday pin bars too? Only pay attention to "eyes" that show up on Monday, and pin bars that occur on Tues - Fri?
:surprised
haha. No, not exactly.
The reason why we said to ignore Sunday bars, is because for some brokers the Sunday "Daily" bar is actually only a few hours worth of price data.
For example, IBFX opens on Sunday at 6pm EST (10pm GMT). But their candles close at 8pm EST (12:00am GMT) which creates a Daily bar of only 2 hours. So what we recommend is to combine that bar with Monday's bar or ignore it.

Hopefully that makes sense.
Tom
  • #5,692
  • Aug 29, 2007 4:07pm Aug 29, 2007 4:07pm
Quoting J2FcM
If Sundays are often disregarded.. are Fridays as well? Are Friday daily bars obsolete as soon as they are over?

Also, What if Sunday is an eye, Monday is a pin bar, Tues is an eye? Disregard?

Does this mean, ignore monday pin bars too? Only pay attention to "eyes" that show up on Monday, and pin bars that occur on Tues - Fri?

:surprised
If you have a broker who uses Sunday bars and you're not trading live with that broker or don't plan to, just get a different broker who does not have Sunday bars. It's a lot less confusing that way. Plus, if you have any indicators (I use GMMAs) then they will be quite heavily skewed on these charts.
  • #5,693
  • Aug 29, 2007 4:08pm Aug 29, 2007 4:08pm
Quoting J2FcM
If Sundays are often disregarded.. are Fridays as well? Are Friday daily bars obsolete as soon as they are over?

Also, What if Sunday is an eye, Monday is a pin bar, Tues is an eye? Disregard?

Does this mean, ignore monday pin bars too? Only pay attention to "eyes" that show up on Monday, and pin bars that occur on Tues - Fri?

:surprised
for those of us that ignore the sunday bar we simply just think of it as it didn't even exist. Basically just put an X through it. Others of course combine sunday with monday or friday. It is up to you. I learned from James to ignore it so it is just habit
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  • #5,694
  • Aug 29, 2007 4:13pm Aug 29, 2007 4:13pm
So, if there is literally a nice eye on Friday, and a BEAUTIFUL PIN BAR on Monday, and another nice eye on Tues... Its "ALLLLLL GOOD"?

Because if its that simple, I'll do it! And that's not a threat, its a promise.

What about a Wed., Thurs, Fri, complete pinnochio... Assumeing its off like 2 retraces, with the trend, on a swing... trade it Sunday during open also in the "ALLLL GOOD" category? Or does something I dont know about negate the plump hypothetical offering.
"Please sir, may I have some more pips?"
  • #5,695
  • Edited Aug 30, 2007 2:39am Aug 29, 2007 4:21pm | Edited Aug 30, 2007 2:39am
Although the daily is not finished yet has anyone noticed the DBLHC on most the JPY pairs, CHF, USD, EUR,GBP, when all these lined up last time on pins bars last time I remember thinking I wish I had taken this lot........!!!
Anyway be interesting to look at if they turn out to be DBLHC tomorrow.
Also keeping an eye on going long on the DBLHC on GBP/CHF if it hits the 24138 level, as just above 38 fib and 150MA.....let wait and see......!!!
Stay Lucky
  • #5,696
  • Aug 29, 2007 4:28pm Aug 29, 2007 4:28pm
Quoting mimas
Although the daily is not finished yet has anyone noticed the DBLHC on most the JPY pairs, CHF, USD, EUR,GBP, when all these lined up last time on pins bars last time I remember thinking I wish I had take this lot........!!!
Anyway be interesting to look at if they turn out to be DBLHC tomorrow.
Also keeping an eye on going long on the DBLHC on GBP/CHF if it hits the 24138 level, as just above 38 fib and 150MA.....let wait and see......!!!
Stay Lucky
NF bars closed(i watch that also)

Theya re all showing BUOB and really nice ones at that.

All pretty much look like this
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  • #5,697
  • Aug 29, 2007 4:40pm Aug 29, 2007 4:40pm
Quoting mimas
Although the daily is not finished yet has anyone noticed the DBLHC on most the JPY pairs, CHF, USD, EUR,GBP, when all these lined up last time on pins bars last time I remember thinking I wish I had take this lot........!!!
Anyway be interesting to look at if they turn out to be DBLHC tomorrow.
Also keeping an eye on going long on the DBLHC on GBP/CHF if it hits the 24138 level, as just above 38 fib and 150MA.....let wait and see......!!!
Stay Lucky


I see the low on the 27th is a full 11 pips higher than the low on the 28th. Is FXCM THAT UN-RELIABLE?

Also,
NF bars closed(i watch that also) what is NF?

And

BUOB =? I can't remember, but it is when the 1st bar is completely engulfed by the second bar, and has a closing that is above the high of the 1st bar. Signaling a bullish movement right?
"Please sir, may I have some more pips?"
  • #5,698
  • Aug 29, 2007 4:47pm Aug 29, 2007 4:47pm
I'm scared the Pin Bar thread will be ignored;

EUR\AUD, on the 28th a meak pin bar. Pierces 38% fib retrace off the latest high swing...

Weekly data looks choppy as all hell.

8 hour has a double low.

Any suggestions on MA's to use for these times frames? They are all above the dynamic MA's I use of 30, 50, 100, which would say that if I took this bearish signal, I would be against the trend.
"Please sir, may I have some more pips?"
  • #5,699
  • Aug 29, 2007 4:49pm Aug 29, 2007 4:49pm
Quoting J2FcM
I see the low on the 27th is a full 11 pips higher than the low on the 28th. Is FXCM THAT UN-RELIABLE?

Also,
NF bars closed(i watch that also) what is NF?

And

BUOB =? I can't remember, but it is when the 1st bar is completely engulfed by the second bar, and has a closing that is above the high of the 1st bar. Signaling a bullish movement right?
yeah a buob(bullish outside bar) is when the bar has a low lower then the previous bar, and it closes in the top portion of the bar. I personally like to see them close higher then the previous bars high, that is a strong one to me.


Mike
  • #5,700
  • Aug 29, 2007 4:51pm Aug 29, 2007 4:51pm
also in this one there is a BUOB and i find it in a better position than the jpy's, it is also - when breaks, at a resistance area, and it has much more space to run, PLUS there is a 4h CUP & HANDLE at that very same resistance level - check this out:


http://i10.tinypic.com/6g0so0k.gif




BTW - J2, yes you are right about the engulfing part, NF - stands for North Finance, its day closes at GMT+2 (if i am right..)

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