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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

  • #5,781
  • Sep 2, 2007 5:16pm Sep 2, 2007 5:16pm
I think Im just going to print up that post and hang it off my nose....
Never say never.
  • #5,782
  • Sep 2, 2007 6:17pm Sep 2, 2007 6:17pm
Quoting razldazl
I think Im just going to print up that post and hang it off my nose....
Raz is up late tonight !! makes it about 1:15 AM her time... You are up past my bed time !! But SL's answer is about perfect !! Everyone should hang that one off their nose.
  • #5,783
  • Sep 2, 2007 6:29pm Sep 2, 2007 6:29pm
Quoting mbqb11
Hey TS

The main part to focus on is the left eye. I circled it in the picture. You want the open and close of the pinbar to be contained within the previous bar(usually around the left eye) and you want them to be towards the top of the bar in this case(towards the bottom when looking for a short). You preferably want the close to be higher then the open. In this case of our pinbar it is the same. That is ok also. The main thing is you can see that the left eye is near the bottom of the bar, and the pin bar has a long nose sticking out and the open/close are within the previous bar, and also near the bottom of the previous bar(what allows it to stick out). After that it is all trade managment, but it is identifying the good pins from the bad pins(location location location)

Hope this helps,
Mike
Thanks a lot Mike.

So left eye is essentially the price where the previous bar closed (Is this understanding right?)
and the pin bar's open and close should be contained within the body of the previous bar (meaning between open and close of the previous bar) right?

So right eye would be the close of the right side bar?


Thanks a lot for taking time to explain.

TS
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #5,784
  • Sep 2, 2007 7:52pm Sep 2, 2007 7:52pm
Is anyone calling a pin on the USD/CHF monthly? TIA!

edit: also the monthly Eur/CHF and GBP/CHF
  • #5,785
  • Sep 2, 2007 7:54pm Sep 2, 2007 7:54pm
Quoting TradeStar
Thanks a lot Mike.

So left eye is essentially the price where the previous bar closed (Is this understanding right?)
and the pin bar's open and close should be contained within the body of the previous bar (meaning between open and close of the previous bar) right?

So right eye would be the close of the right side bar?


Thanks a lot for taking time to explain.

TS
yep the right eye is the open though on the right side bar. But most people are using that bar to enter(trigger bar) so the right eye doesn't mean much. So if the right bar breaks the pinbar you enter etc

M
  • #5,786
  • Sep 3, 2007 11:53am Sep 3, 2007 11:53am
just thought that no one thanked Jim publicly for a long time, so i decided to make up for it. thank you Jim!
finishing my first month of demo trading all I've learned here and on PF with +20%. taking only daily trades, so looking at my charts once a day. will demo for 2 more months.
  • #5,787
  • Sep 3, 2007 1:04pm Sep 3, 2007 1:04pm
Quoting zzz
just thought that no one thanked Jim publicly for a long time, so i decided to make up for it. thank you Jim!
finishing my first month of demo trading all I've learned here and on PF with +20%. taking only daily trades, so looking at my charts once a day. will demo for 2 more months.
Congratulations on your first month zzz you are doing great and good luck for the rest of your demo period.
  • #5,788
  • Sep 3, 2007 1:15pm Sep 3, 2007 1:15pm
Quoting james16
new chart
Hello James16,
I am enjoying your thread and it has become a Trading Bible for me. I have learnt to pay attention to each individual bar and try to decipher it. Earlier, I use to rely mainly on Indicators, but you have shown me a path of understanding the 'Real Price Action through Swings along with Fib. Ret'. I donot have proper words to express my sincere thanks. Further, coming to the above said 'chart', my view is that had the 'closing of next bar been higher than the Pin/Nose bar's closing', I would go 'Long', otherwise as the chart shows, it is obvious that the chances of price going down is 'higher', keeping in mind the 'Tendency of Price Fluctuating from Upper Channel to Lower Channel and vice versa'. Well, Sir, these are my views and I am 'No Judge'. I have just put these lines to confirm from you that am I right in understanding the given situation? Please let me know.

Omsai
Peace. May God be with you.
  • #5,789
  • Sep 3, 2007 1:22pm Sep 3, 2007 1:22pm
Quoting omsai
Hello James16,
I am enjoying your thread and it has become a Trading Bible for me. I have learnt to pay attention to each individual bar and try to decipher it. Earlier, I use to rely mainly on Indicators, but you have shown me a path of understanding the 'Real Price Action through Swings along with Fib. Ret'. I donot have proper words to express my sincere thanks. Further, coming to the above said 'chart', my view is that had the 'closing of next bar been higher than the Pin/Nose bar's closing', I would go 'Long', otherwise as the chart shows, it is obvious that the chances of price going down is 'higher', keeping in mind the 'Tendency of Price Fluctuating from Upper Channel to Lower Channel and vice versa'. Well, Sir, these are my views and I am 'No Judge'. I have just put these lines to confirm from you that am I right in understanding the given situation? Please let me know.

Omsai
Peace. May God be with you.
Yep James is the best

yes you are correct. Playing a break of a failed pinbar in this case long can often be great setups. I have to warn you though that it is a more difficult play to make when starting out. So in the beginning I would suggest sticking to playing the pinbars in the direction they indicate. If they fail, I would simply stay aside and wait for your next signal. But it isn't wrong to play failed pinbars, just occurs much more often and can be more tricky when first starting out.

Take care
  • #5,790
  • Sep 3, 2007 1:45pm Sep 3, 2007 1:45pm
Zoom zoom zoom, a new roadmap pointing up! Watch how swissy tells us where its going using PA on a daily chart...if it goes up from here, it couldnt be much clearer could it? Take care, Raz
Attached Image
Never say never.
  • #5,791
  • Sep 3, 2007 2:08pm Sep 3, 2007 2:08pm
Yeah raz im with ya on that one, im long from about 1.2020. I took it shortly after that PB. I was going to exit early but there is just too much confluence to do so. As your chart clearly shows we have the PB followed by the DBLHC, not to mention the 50 fib right around the 150ema and the 61 fib smack in the middle of the 150 and 365. Im hoping to see it hit the 2200 level.
  • #5,792
  • Sep 3, 2007 2:27pm Sep 3, 2007 2:27pm
Head and Shoulders on the USDCAD, anyone else thinking of taking this trade?

edit: how do I post images as a thumbnail?
http://i224.photobucket.com/albums/d...1/usdcadhs.jpg
  • #5,793
  • Sep 3, 2007 2:42pm Sep 3, 2007 2:42pm
Quoting razldazl
Zoom zoom zoom, a new roadmap pointing up! Watch how swissy tells us where its going using PA on a daily chart...if it goes up from here, it couldnt be much clearer could it? Take care, Raz
A two bar high probably loses much of its integrity when the US is closed as today because of the natural level of low volume.

It may go higher but personally I won't be trading this because of the chop.

Good luck though!
  • #5,794
  • Sep 3, 2007 3:14pm Sep 3, 2007 3:14pm
What is chop?
  • #5,795
  • Sep 3, 2007 3:15pm Sep 3, 2007 3:15pm
Quoting Four Kids
What is chop?
he is just referring to the choppiness of the market, caused by lack of activity and such because of the holiday. When the market can't make up its mind, so we just bounce around in choppy ranges

Mike
  • #5,796
  • Sep 3, 2007 3:31pm Sep 3, 2007 3:31pm
Quoting mbqb11
he is just referring to the choppiness of the market, caused by lack of activity and such because of the holiday. When the market can't make up its mind, so we just bounce around in choppy ranges

Mike
Thanks Mike.

Dollar/swiss has been like this for a while now, imo, not just today...
  • #5,797
  • Sep 3, 2007 3:34pm Sep 3, 2007 3:34pm
Quoting the_wizard
Thanks Mike.

Dollar/swiss has been like this for a while now, imo, not just today...

couldn't agree more, can't remember the last trade I took on it because of this. Too tough to trade for me

Take care
Mike
  • #5,798
  • Sep 3, 2007 6:05pm Sep 3, 2007 6:05pm
Quoting mbqb11
couldn't agree more, can't remember the last trade I took on it because of this. Too tough to trade for me

Take care
Mike

Can you tell me what you mean by this ??? Are you saying that PA works better in trending situations rather than choppy times ???
  • #5,799
  • Sep 3, 2007 6:08pm Sep 3, 2007 6:08pm
Quoting Tiki Trader
Can you tell me what you mean by this ??? Are you saying that PA works better in trending situations rather than choppy times ???
I know you werent asking me, but throughout my trading, Price action has worked in all situations. Ranging makrets may negate a signal that was just made more often, but it still works.
I dream, therefore I become.
  • #5,800
  • Sep 3, 2007 6:19pm Sep 3, 2007 6:19pm
Quoting Tiki Trader
Can you tell me what you mean by this ??? Are you saying that PA works better in trending situations rather than choppy times ???
PA is PA, but if I am entering a trade, I like to have the most room for that trade to go, so i can make the most money. If I look at a chart that is choppy, I know my system has a greater chance of stopping me out along the way(The nature of choppy markets). This makes the risk involved not worth it for me. It is kind of like fighting a strong trend. Sure the PA could be there to go against a strong trend, but is it worth getting your money in there, or a better spot.

Of course this is all according to my trading plan. Everyone is different.

Mike
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