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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

  • #8,001
  • Edited 11:27am Dec 4, 2007 11:07am | Edited 11:27am
Quoting SeekingLight
That's what I thought originally, too.
If I had a pip for every neutral bar that's been called a pin bar or every traffic clustered PB .
Seeking Light? Me too Could u enlighten me on the traffic clustered PinBars..Thanx
  • #8,002
  • Dec 4, 2007 11:14am Dec 4, 2007 11:14am
errr. there are quite a few who know who bob seger is.



Quoting razldazl
Thanks Jim
You do realise that you and I (and maybe a few more) are the only ones who wont be googling bob seger to find out who the heck he is...we need to add a ¨the good old days¨thread in the pf and instead of 1kt members we will be the 40+ gang...hey not a bad idea ehh? take care, Raz
  • #8,003
  • Dec 4, 2007 12:17pm Dec 4, 2007 12:17pm
Quoting coolshades
errr. there are quite a few who know who bob seger is.
Yeah,
it was a joke the more the merrier
Never say never.
  • #8,004
  • Dec 4, 2007 12:19pm Dec 4, 2007 12:19pm
Quoting forexnovice
Seeking Light? Me too Could u enlighten me on the traffic clustered PinBars..Thanx
Here is an example of clustered pinbars. These can work too for sure, but the idea is to get in the highest probability trades if we are going to put our money on the line.

Pinbars will often occur when price is moving sideways, or when price doesn't have a chance to move "away" and create "space" from price to the left
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  • #8,005
  • Dec 4, 2007 12:33pm Dec 4, 2007 12:33pm
Quoting mbqb11
Here is an example of clustered pinbars. These can work too for sure, but the idea is to get in the highest probability trades if we are going to put our money on the line.

Pinbars will often occur when price is moving sideways, or when price doesn't have a chance to move "away" and create "space" from price to the left
Thank You mbqb11 for that nugget..and please spare my stops
  • #8,006
  • Dec 4, 2007 12:43pm Dec 4, 2007 12:43pm
Quoting forexnovice
Seeking Light? Me too Could u enlighten me on the traffic clustered PinBars..Thanx
Thanks Mike.
Also the two daily PBs on EURUSD. Price simply thrashed sideways and you got pin, counter pin. Who are you going to believe?

All price did was keep beating both sides to see which gave first...it wasn't very clear behavior imho...very often you will get 5-6 bars next to each other(as in horizontally, same price levels like) and one might end up a PB - that's sideways traffic, and that's a traffic clustered PB.

Some can work, some fail, but what's for sure is that they're not exactly ideal and superbly reliable.

I think it was mentioned before - ideally the PB isn't too much obscured by the prior bar and has a very "high" open/close in the upper third to emphasize the strong rejection of the low.
Trust price. Know yourself.
  • #8,007
  • Dec 4, 2007 1:40pm Dec 4, 2007 1:40pm
Quoting SeekingLight
Thanks Mike.
Also the two daily PBs on EURUSD. Price simply thrashed sideways and you got pin, counter pin. Who are you going to believe?

All price did was keep beating both sides to see which gave first...it wasn't very clear behavior imho...very often you will get 5-6 bars next to each other(as in horizontally, same price levels like) and one might end up a PB - that's sideways traffic, and that's a traffic clustered PB.

Some can work, some fail, but what's for sure is that they're not exactly ideal and superbly reliable.

I think it was mentioned before - ideally the PB isn't too much obscured by the prior bar and has a very "high" open/close in the upper third to emphasize the strong rejection of the low.

I thought that this Pin bar on the 4hr the other day looked quite good. It was at a PPZ, with trend and at Fib retrace level. I also thoughth the actual Pin bar itself looked quite good but the trade didn't pan out? Could Seeking, Mike or anyone comment?

Thanks

Steve
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  • #8,008
  • Dec 4, 2007 1:43pm Dec 4, 2007 1:43pm
Quoting Steve101
I thought that this Pin bar on the 4hr the other day looked quite good. It was at a PPZ, with trend and at Fib retrace level. I also thoughth the actual Pin bar itself looked quite good but the trade didn't pan out? Could Seeking, Mike or anyone comment?

Thanks

Steve
The reason I would have passed is the size of the pinbar. Look how small it is in relation to the range of the other more substantial bars. I would have liked to see a much longer nose at that area


Mike
  • #8,009
  • Dec 4, 2007 2:04pm Dec 4, 2007 2:04pm
Found the one that worked =)
(for now)

Basically it was a 1h PB, turned into a 4h PB and then the daily bar together with the day before formed a 2 day PB. The 4h one looked nicest though - yet I didn't take it due to all the fearmongering inspired by the monthly PB...even though I'd suspected there was a good chance for it to go at least a little bit..too much overthinking = no good.
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Trust price. Know yourself.
  • #8,010
  • Dec 4, 2007 2:08pm Dec 4, 2007 2:08pm
Remember that 4 hr PBs may not work as well as daily... they will fail more often...

Quoting Steve101
I thought that this Pin bar on the 4hr the other day looked quite good. It was at a PPZ, with trend and at Fib retrace level. I also thoughth the actual Pin bar itself looked quite good but the trade didn't pan out? Could Seeking, Mike or anyone comment?

Thanks

Steve
  • #8,011
  • Dec 4, 2007 2:26pm Dec 4, 2007 2:26pm
Quoting Tiki Trader
Remember that 4 hr PBs may not work as well as daily... they will fail more often...
Thanks guys.

Yeah those 4hrly's need a lot more care. I just thought that the position and confluence was promising. Had the nose been longer Mike, would you have taken that one? Seeking, I'm real sorry but didnt fully understand what you meant.

Thanks for your comments.

Steve
  • #8,012
  • Dec 4, 2007 2:28pm Dec 4, 2007 2:28pm
Quoting Steve101
Thanks guys.

Yeah those 4hrly's need a lot more care. I just thought that the position and confluence was promising. Had the nose been longer Mike, would you have taken that one? Seeking, I'm real sorry but didnt fully understand what you meant.

Thanks for your comments.

Steve

yes with a MUCH longer nose. That little bar doesn't give enough info for my liking. Doesn't stick away from price enough.

Mike
  • #8,013
  • Dec 4, 2007 2:29pm Dec 4, 2007 2:29pm
Quoting Steve101
I thought that this Pin bar on the 4hr the other day looked quite good. It was at a PPZ, with trend and at Fib retrace level. I also thoughth the actual Pin bar itself looked quite good but the trade didn't pan out? Could Seeking, Mike or anyone comment?

Thanks

Steve
Not wanting to step on Mike's toes here,
but i believe mike cancels the order if said pin doesnt pan out or start with the next bar.
Jeff
  • #8,014
  • Dec 4, 2007 2:47pm Dec 4, 2007 2:47pm
Quoting rustyjeff
Not wanting to step on Mike's toes here,
but i believe mike cancels the order if said pin doesnt pan out or start with the next bar.
Jeff
wow thanks jeff I totally over looked that. Yeah for sure I would have canceled if it didn't break ont he next bar

Thanks for clarifying Jeff

Mike
  • #8,015
  • Dec 4, 2007 2:51pm Dec 4, 2007 2:51pm
Quoting rustyjeff
Not wanting to step on Mike's toes here,
but i believe mike cancels the order if said pin doesnt pan out or start with the next bar.
Jeff
Thanks rustyjeff, wasn't aware of that.

Steve
  • #8,016
  • Dec 4, 2007 2:53pm Dec 4, 2007 2:53pm
Quoting mbqb11
wow thanks jeff I totally over looked that. Yeah for sure I would have canceled if it didn't break ont he next bar

Thanks for clarifying Jeff

Mike
Thank you Mike
  • #8,017
  • Dec 4, 2007 3:15pm Dec 4, 2007 3:15pm
Quoting ademac
I am doing as J16 has always said. You can be quite profitable just trading daily Pin Bars.

Enjoy
Ademac
Ademac,
I would also like to say well done. You are an inspiration to all of us new to PA. I really like the part about setting your goals and rewarding yourself when you meet them. I also like how you add more money to your account after you continue to be profitable month after month. I do a similar thing myself. Keep up the good work.
  • #8,018
  • Dec 4, 2007 3:40pm Dec 4, 2007 3:40pm
Quoting SeekingLight
Thanks Mike.
Also the two daily PBs on EURUSD. Price simply thrashed sideways and you got pin, counter pin. Who are you going to believe?

All price did was keep beating both sides to see which gave first...it wasn't very clear behavior imho...very often you will get 5-6 bars next to each other(as in horizontally, same price levels like) and one might end up a PB - that's sideways traffic, and that's a traffic clustered PB.

Some can work, some fail, but what's for sure is that they're not exactly ideal and superbly reliable.

I think it was mentioned before - ideally the PB isn't too much obscured by the prior bar and has a very "high" open/close in the upper third to emphasize the strong rejection of the low.
Thanx Man. Btw am looking 2 trade that monthly pin on gold after a bounce frm 50fib @ 809
  • #8,019
  • Dec 4, 2007 3:51pm Dec 4, 2007 3:51pm
Quoting mamutot
YEAH BABY!!!!!

nothing else to say...

and the beat goes on


http://i8.tinypic.com/6yv3tr7.gif

EIT - i hope it is ok posting it here, it is just to show how with looking at a chart for 5 minutes once a week - last week... could make you tons of pips..

i check them once or twice a day- simply because i have no other option..
once it had retraced back, but i held on to it...and here it goes - will it retrace? i sure hope not, but if it does, i am ready for it!

lets go 1000 pips on each!!!

well, the beat goes on still - not a 1000 on each but surely close...

i did close part of it - and thats fine with me!!!

here is the proof that money can be made using the stuff in here - sorry for not posting much lately, i am away from homw for a month now - miss my woman.


btw - i took yesterday's I4B on eurcad - set a TP level, wasnt near the computer all day long just to find out that i added 0.25% to my account, as i expected - it was fun..did it go higher? yes! did it retrace? yes! did i lose money? NO!
i didnt think it would reach my target today but no complaints , just a smile
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  • #8,020
  • Dec 4, 2007 4:11pm Dec 4, 2007 4:11pm
Quoting mamutot
well, the beat goes on still - not a 1000 on each but surely close...

here is the proof that money can be made using the stuff in here - sorry for not posting much lately, i am away from homw for a month now - miss my woman.


Trust price. Know yourself.
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