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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

  • #6,661
  • Sep 30, 2007 9:00pm Sep 30, 2007 9:00pm
Quoting saskgui
Hey guys. I have been sifting through systems and i am back to basing my trades on pa. Mark Douglas mentioned being in the flow is kinda like swimming in a school of fish, when they move they move in unison. To me pa is the best way to join and be one with the collective consciousness cult of forex.

Anyway this is my first chart that i am posting. I entered based on:

1) pin bar
2) dbhlc
3) break of trend line (td tl)
4) fozzy indicator encouraging me

Entry is .6975. My stop loss is .7027 (top of pinbar) and my tp is .6900 (even number and above 50 fib). Guess i will see what happens. Hope the chart attaches.
I'd like to see this pair below .6950 before I consider a short trade because that is just below the low of the weekly PB. I'm inclined to trade this pair on the weekly as if that was the Daily............
  • #6,662
  • Oct 1, 2007 2:42am Oct 1, 2007 2:42am
Quoting saskgui
Hey guys. I have been sifting through systems and i am back to basing my trades on pa. Mark Douglas mentioned being in the flow is kinda like swimming in a school of fish, when they move they move in unison. To me pa is the best way to join and be one with the collective consciousness cult of forex.

Anyway this is my first chart that i am posting. I entered based on:

1) pin bar
2) dbhlc
3) break of trend line (td tl)
4) fozzy indicator encouraging me

Entry is .6975. My stop loss is .7027 (top of pinbar) and my tp is .6900 (even number and above 50 fib). Guess i will see what happens. Hope the chart attaches.
Hi Saskgui,
It looks like your trade is working out OK so far. I don't want to criticize, but since your post is in the James16 chart thread, then I assume you consider the trade to be a James16 PA type trade.

However yours is not a high probability trade and certainly not one that most people around here would take. Even if it was in a better position , where you have taken it is not the safest place - as taught by James16, because you took it before it broke the low of the Pin Bar (or the DHLC). You see it is not just the PA bar formations that matter, it is where they form in relation to other recent price.

Neither the PinBar nor the DHLC are actually at the swing high. The PB nose does not protrude beyond the left eye and its open and close are not that close together.

If you want to identify high probability James16 PA trades and especially Pin Bars, then I suggest you pay attention to the posts in this thread by James16 and MBQB11 in order to see what they see.

If I have offended you, I appologise, I am only trying to help.
Good luck with the trade,
Ian
  • #6,663
  • Oct 1, 2007 3:54am Oct 1, 2007 3:54am
Quoting ianf0ster
However yours is not a high probability trade and certainly not one that most people around here would take.
Been in it since last week.
Quote
Even if it was in a better position , where you have taken it is not the safest place - as taught by James16, because you took it before it broke the low of the Pin Bar (or the DHLC).

I'll throw up a chart or two...saw the same DBHLC formation after the doji, but one must keep in mind this is after a strong upwards move, so chances of this doing much might be slim...

Quote
You see it is not just the PA bar formations that matter, it is where they form in relation to other recent price.
This is true.

Quote
Neither the PinBar nor the DHLC are actually at the swing high.
We were at the high of the last 15+ months for EURGBP which is a rather ranging / oscillating pair for the most part so for me it was at least worth a small risk shot at that 4h ret PB in the 4h chart.
Attached Image
Trust price. Know yourself.
  • #6,664
  • Oct 1, 2007 3:55am Oct 1, 2007 3:55am
Seems multi-image posting is broken so it will be 3 posts
Attached Image
Trust price. Know yourself.
  • #6,665
  • Oct 1, 2007 3:56am Oct 1, 2007 3:56am
And the 4h.

This one is very reluctant to drop so far...
Attached Image
Trust price. Know yourself.
  • #6,666
  • Oct 1, 2007 4:09am Oct 1, 2007 4:09am
...and goes along with your gbpusd long, take care, Raz
Never say never.
  • #6,667
  • Oct 1, 2007 4:41am Oct 1, 2007 4:41am
Quoting SeekingLight
Heya Mimas.
If you decide to keep a longer term(more than 12 hours hehehe ) trade then know why and where you expect things to go / what areas are decisive "to watch out for" spots. Then you have a plan of action and a way of dealing with things should they materialize.

I've not yet had any paranoia about this whole "the world could end on weekends" thing any more than it happening any other two days in the year.

It helps of course not to have your whole life and fortune resting on the open trades - which is how it sometimes seems to me it must be for some people when these FUD things are proposed.

If things gap - FX gaps are usually closed. So I don't really see the big scare either way.


Just my 2 cents.

Take care and good luck in the coming week.

SeekingLight
Hey Seeking,
Thanks very much for your reply, it helps put thing's into perspective reading what you guys have to say....it is appreciated.
This is a long term trade been off the pin bar since last Wednesday, I held it over the weekend alright and it did gap (in my favour) only around 28 pips which was well within my SL anyway even if it was against me.

Can I ask Seeking you say " If things gap - FX gaps are usually closed. So I don't really see the big scare either way."

I'm guessing you mean the price usally retraces back over the gap once the market opens.... is that how you see it....???

Had a plan in place at the entry with a first point being 7551 (previous to last months low strong Support line there). Next is at 7770 where there is also a strong resistance line, it's heading towards that with only 50 pips to go if it breaks I will follow it up some more.....

Stay Lucky Mimas.....
  • #6,668
  • Oct 1, 2007 5:07am Oct 1, 2007 5:07am
Quoting mimas
Hey Seeking,
Thanks very much for your reply, it helps put thing's into perspective reading what you guys have to say....it is appreciated.
You're welcome Mimas

Quote
Can I ask Seeking you say " If things gap - FX gaps are usually closed. So I don't really see the big scare either way."

I'm guessing you mean the price usally retraces back over the gap once the market opens.... is that how you see it....???

Yes.

Quote
Had a plan in place at the entry with a first point being 7551 (previous to last months low strong Support line there).
Had the same s/r.

Quote
Next is at 7770 where there is also a strong resistance line

0.7700 and any round number is something I watch for as well, but I want/expect this one to go to a new high eventually. 0.77-0.783 wouldn't be a bad start.

Quote
Stay Lucky Mimas.....

You, too.
Trust price. Know yourself.
  • #6,669
  • Oct 1, 2007 6:55am Oct 1, 2007 6:55am
Hi Seeking,
I think we have a misunderstanding here. The chart that Saskgui posted was a Daily EG chart showing a PB in light traffic, which according to the buy line he took before it broke.

Quoting SeekingLight
Been in it since last week.
That would be difficult since we are talking about a DAILY PB which only formed on Friday and did not break until today.
I think you mean that you were short on EG which is not quite the same as taking a distinctly non A trade Pin bar.


Quoting SeekingLight
I'll throw up a chart or two...saw the same DBHLC formation after the doji, but one must keep in mind this is after a strong upwards move, so chances of this doing much might be slim...
My point exactly.

Quoting SeekingLight
We were at the high of the last 15+ months for EURGBP which is a rather ranging / oscillating pair for the most part so for me it was at least worth a small risk shot at that 4h ret PB in the 4h chart.
i.e. not the Daily PB

Get some pips for me,
Ian
  • #6,670
  • Oct 1, 2007 9:45am Oct 1, 2007 9:45am
g/j battle ground on small TF..
.
Attached Image
  • #6,671
  • Oct 1, 2007 9:51am Oct 1, 2007 9:51am
micro view!
Let see if this will pull cable along...
Attached Image
  • #6,672
  • Oct 1, 2007 10:02am Oct 1, 2007 10:02am
Quoting raczekfx
micro view!
Let see if this will pull cable along...

Naw I don't mind yew sellins them USDCHF, but I'd preference if y'ad not taken to sellin' them sterlin's, pardner

BTW - DJI 15 pips away from an all time record high

The crisis that never was! Or: The Three Wall Street Monkeys?
Trust price. Know yourself.
  • #6,673
  • Oct 1, 2007 10:35am Oct 1, 2007 10:35am
Quoting ianf0ster
Hi Saskgui,
It looks like your trade is working out OK so far. I don't want to criticize, but since your post is in the James16 chart thread, then I assume you consider the trade to be a James16 PA type trade.

However yours is not a high probability trade and certainly not one that most people around here would take. Even if it was in a better position , where you have taken it is not the safest place - as taught by James16, because you took it before it broke the low of the Pin Bar (or the DHLC). You see it is not just the PA bar formations that matter, it is where they form in relation to other recent price.

Neither the PinBar nor the DHLC are actually at the swing high. The PB nose does not protrude beyond the left eye and its open and close are not that close together.

If you want to identify high probability James16 PA trades and especially Pin Bars, then I suggest you pay attention to the posts in this thread by James16 and MBQB11 in order to see what they see.

If I have offended you, I appologise, I am only trying to help.
Good luck with the trade,
Ian
Thx for the reply Ian. Could you please clarify some of you points?

I understand that you need to look for pa in the correct setting before you take a trade. However you say the pinbar was not at the swing high (.07027), i thought it was. What is the swing high if not the pinbar?

My entry of .6975 was well below the pin bar but not below the dbhlc.I have read the first 50 pages of the thread and analyzed some charts but not enough it appears, next time i will entry below the dbhlc thx.

I am still confused by the statement "the pb does not protrude beyond the left eye and the open and close are not together". The open and close were identical and the nose was 13 pips than the previous candle. Not a very powerfull pinbar (almost a spinning top actually) due to the short nose but i thought by definition it was a pin bar.

Thx for reading and please help me understand what you are saying.
  • #6,674
  • Oct 1, 2007 3:21pm Oct 1, 2007 3:21pm
Quoting saskgui
Thx for the reply Ian. Could you please clarify some of you points?

I understand that you need to look for pa in the correct setting before you take a trade. However you say the pinbar was not at the swing high (.07027), i thought it was. What is the swing high if not the pinbar?
....
I am still confused by the statement "the pb does not protrude beyond the left eye and the open and close are not together". The open and close were identical and the nose was 13 pips than the previous candle. Not a very powerfull pinbar (almost a spinning top actually) due to the short nose but i thought by definition it was a pin bar.

Thx for reading and please help me understand what you are saying.
Hi Saskgui,
On my chart (from IBFX) the swing high bar has open and close the same with the high 18 pips up from open and the low 16 pips down from open. These values are too close to make it a Pin Bar. For a Pin Bar you need the open and close to be in the lower(/higher) 33% to 40% of the bar - really within the 33% or less (some people even reduce that to 25%) for a good Pin Bar. Another criteria is that the size of the Pin Bar should be about as big (preferrably bigger) than the previous bars - in the case of the swing high bar it is only 2/3rds as big as the previous bar. The bar 2 to the right of the swing high was a Pin Bar as well as forming the second part of the DHLC (but it was not a good PB) and it was to this one that i thought you were referring.
When thinking of taking a Pin Bar counter trend at the extreme high or low of the trend it is advisable to only take the very best of Pin Bars. Or to do what Seeking Light did which was wait for a Doji on the daily signifying hesitation, move down to the lower timeframe and trade the Price Action on the smaller timeframe - even then he said it 'might not go very far' ..

I hope that this helps.

Please do not be afraid to post charts of set-ups that you see. That is how we all learn to recognise the good ones from the not so good.
  • #6,675
  • Oct 1, 2007 3:38pm Oct 1, 2007 3:38pm
Im confused too. The pinbar on my eurgbp chart is on Wednesday not Thursday. The bottom of it was about .6992. It was "broken" on Thursday Morning about 1am central time. While making the first of the two Four Hour Double HIgh Lower Close Bars......Either that or i cant count bars........which is entirely possible.........
  • #6,676
  • Oct 1, 2007 3:46pm Oct 1, 2007 3:46pm
Attached Image (click to enlarge)
Click to Enlarge Name: drawn correctly!.gif Size: 22 KB
  • #6,677
  • Oct 1, 2007 4:03pm Oct 1, 2007 4:03pm
Quoting HipsterPipster
I just took profit and am positioning myself for a short. I don't have much confidence that price will continue to climb without a small drop.
Well, this was clearly the wrong move.
  • #6,678
  • Oct 1, 2007 4:56pm Oct 1, 2007 4:56pm
Quoting HipsterPipster
Well, this was clearly the wrong move.


I'll try and turn this the new motto: "cable haters get the alligators!" ;d
Trust price. Know yourself.
  • #6,679
  • Oct 1, 2007 11:27pm Oct 1, 2007 11:27pm
Quoting SeekingLight
I'll try and turn this the new motto: "cable haters get the alligators!" ;d
I know I am an animal.... so I am visiting the alligators for awhile.
  • #6,680
  • Oct 2, 2007 2:02am Oct 2, 2007 2:02am
Quoting JimDandy
Attachment
The pin is in serious traffic, with its high not even really testing resistance, and you're selling into a major uptrend. So, not even a consideration, in the remotest sense, IMO. However, retraces occur and maybe you may win on this one.
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