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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

  • #1,901
  • Jan 5, 2007 2:52pm Jan 5, 2007 2:52pm
Quoting sergen
Thanks... where should i enter short?

1. is it when new bar open and wait for retrace a litttle bit?

2. Open when new bar pass below IB?

Thanks again
Place sell order few pips below IB.
Keeping it Simple
  • #1,902
  • Jan 5, 2007 2:58pm Jan 5, 2007 2:58pm
Quoting SeekingLight
Yea, it's a shame, here I was thinking it'd make a good re-entry into what might become a weekly BEOB and now it's a daily bullish pin bar almost. What's up with this market :/

Shame, I really don't love getting stopped / having to close for some reason :S
ya, i just closed that trade for b/e and now its time to go drink some beers and enjoy the weekend.
  • #1,903
  • Jan 5, 2007 3:58pm Jan 5, 2007 3:58pm
Quoting mbqb11
ya, i just closed that trade for b/e and now its time to go drink some beers and enjoy the weekend.
I comin' with.

Nahhh, breakfast time for me. ...Though the way the weather's been here this summer 'Beer O'Clock' can be pretty early. Especially on the weekend. :
Bundy's status today: "Waiting..."
  • #1,904
  • Jan 5, 2007 4:13pm Jan 5, 2007 4:13pm
Sergen, on your chart you have the pivot/S/M lines, how did you get them to show up on the chart?


Quoting sergen
http://silatpusakagayong.com/iba.gifHello guys...pls help me.. i'm learning about IB now. is that valid IB on my picture?
  • #1,905
  • Jan 5, 2007 4:16pm Jan 5, 2007 4:16pm
I'm afraid I don't drink, so I'll have to go to the milk bar instead

Just wanted to point out how a retrace entry could have saved pips and maybe even made some already, even without much pin action...
Still curious since we had a second pseudo-pin into .786 and a FE projection would hint at 118.30s which is a price pivot...but it's totally mixed signals, the big bullish bar from the 118.00 and the 118.55 s/r doesn't seem to like bears at the moment

Almost all pin bars I've seen lately at least touched the .618 retracement, so there's really no reason why one would use the pin break instead, as a 61.8% smaller stop also means the same pip count is already profit the second you get back to the nose.....you save AND you win pips, what's not to love?
Makes up for pins that fail on average quite easily I would say and if you don't get filled then all you lose is an opportunity, not money...

(can anyone tell I am mostly saying this to myself so that I listen to myself better in the future?)

Have a great weekend everyone!
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Trust price. Know yourself.
  • #1,906
  • Jan 6, 2007 8:21am Jan 6, 2007 8:21am
Short taken off the pb 61.8 retrace.
Entry is not a problem, maximising profits is.
T1 is 1st scale out.
Anyone advise where the next level should be please?
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  • #1,907
  • Jan 6, 2007 1:09pm Jan 6, 2007 1:09pm
Quoting vlazaf
Short taken off the pb 61.8 retrace.
Entry is not a problem, maximising profits is.
T1 is 1st scale out.
Anyone advise where the next level should be please?
Hey great entry. TP is one of those things you have to decide on what works for you best. Some like to TP all at once, others at different levels. On your chart I may have made T1 where price is sitting now, you can tell we have support there. T2 could be where your T1 is. Again, determing TP is a personal thing, and is the hardest part of forex imo.

I know this wasn't the best answer, but I don't think there is a concrete one.

Michael

edit* here is what i mean. You can see I have awesome MSpaint skills! This is just based on this chart you posted. Seeing the bigger picture may change things.
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  • #1,908
  • Jan 6, 2007 3:48pm Jan 6, 2007 3:48pm
Eur/CHF weekly anyone? see next chart for pin bar
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  • #1,909
  • Jan 6, 2007 3:53pm Jan 6, 2007 3:53pm
Pin off confluence and resistance
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  • #1,910
  • Jan 6, 2007 4:16pm Jan 6, 2007 4:16pm
Good Eye Mike
  • #1,911
  • Jan 6, 2007 4:33pm Jan 6, 2007 4:33pm
just to revist pipbirds question about combining bars

Here is an example on the USD/CAD
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  • #1,912
  • Jan 7, 2007 3:15am Jan 7, 2007 3:15am
Quoting rhasson
Sergen, on your chart you have the pivot/S/M lines, how did you get them to show up on the chart?
i use this script download here

Download
  • #1,913
  • Jan 7, 2007 8:14am Jan 7, 2007 8:14am
Just a quick silly question
Would anyone trade the pinbar on the daily USDJPY chart.
The nose doesnt seem to be boucing of any relevant fibs or S/R apart from the pyschological 118.00
If you were to trade, would the safest be to go long above the PB high (about 119.05)?

Any comments much appreciated

H
  • #1,914
  • Jan 7, 2007 8:26am Jan 7, 2007 8:26am
Quoting mbqb11
Hey great entry. TP is one of those things you have to decide on what works for you best. Some like to TP all at once, others at different levels. On your chart I may have made T1 where price is sitting now, you can tell we have support there. T2 could be where your T1 is. Again, determing TP is a personal thing, and is the hardest part of forex imo.

I know this wasn't the best answer, but I don't think there is a concrete one.

Michael

edit* here is what i mean. You can see I have awesome MSpaint skills! This is just based on this chart you posted. Seeing the bigger picture may change things.
Thanks for taking the time to reply, I will comment when I get a sec.
  • #1,915
  • Jan 7, 2007 9:14am Jan 7, 2007 9:14am
Quoting H103EFA
Just a quick silly question
Would anyone trade the pinbar on the daily USDJPY chart.
The nose doesnt seem to be boucing of any relevant fibs or S/R apart from the pyschological 118.00
If you were to trade, would the safest be to go long above the PB high (about 119.05)?

Any comments much appreciated

H
Not sure what others will think here, but when I looked at the lower time frames it looked like the pin may possibly be just part of a retracement before continuing down. With that in mind, I'd definitely chose the breaking method. Waiting for it to break the high of the pin.

This pair has me frozen...
The Yen corrected last week, but on other pairs the USD gave us bullish action. I'm just waiting to see if this one goes sideways to make up for the opposing actions.
Bundy's status today: "Waiting..."
  • #1,916
  • Jan 7, 2007 9:31am Jan 7, 2007 9:31am
mbqb11 or anyone else

Just studying the "2 day pin" attached recently on USDCAD.
How would you trade this pin if you are going to. Wait for the right eye to form or be confident to go short when the market opens especially as nose bouncing near a major resistance line for yr 2006?

Thanks for help
p.s thanks for comments bundyraider - i guess you enjoyed the Ashes!
  • #1,917
  • Jan 7, 2007 12:15pm Jan 7, 2007 12:15pm
Quoting bundyraider
Not sure what others will think here, but when I looked at the lower time frames it looked like the pin may possibly be just part of a retracement before continuing down. With that in mind, I'd definitely chose the breaking method. Waiting for it to break the high of the pin.

This pair has me frozen...
The Yen corrected last week, but on other pairs the USD gave us bullish action. I'm just waiting to see if this one goes sideways to make up for the opposing actions.
I agree. I would definitley wait for a break here if you decide to play this one. You can see though this pin did bounce of resistance. This one I will not play, because I see much better opportunities elsewhere. I may use this to give me direction on the lower time frames.

Mike
  • #1,918
  • Jan 7, 2007 12:22pm Jan 7, 2007 12:22pm
Quoting H103EFA
mbqb11 or anyone else

Just studying the "2 day pin" attached recently on USDCAD.
How would you trade this pin if you are going to. Wait for the right eye to form or be confident to go short when the market opens especially as nose bouncing near a major resistance line for yr 2006?

Thanks for help
p.s thanks for comments bundyraider - i guess you enjoyed the Ashes!
You can play this as you would play any other pin bar. You can play a retracement and give yourself a smaller stop. This is the more aggressive way to play these bars. Or you can play a break like you would a normal pin bar,. It really is up to you and how you want to play it. The safe way is to wait for the break though.

Just a note about these "double bars". I don't want people getting confused so please don't play these until you have played just the single bars and you are confident in those.

Hope this helps,
Mike
  • #1,919
  • Jan 7, 2007 2:34pm Jan 7, 2007 2:34pm
Mike or anyone else,

Looks like a nice pin bar to me. Strong confluence and resistance. Long nose and nice shape.
Where are you planning to enter? Expect for a retracement or beyond the low of the pin?
Thanks!
  • #1,920
  • Jan 7, 2007 2:39pm Jan 7, 2007 2:39pm
Quoting Melinni
Mike or anyone else,

Looks like a nice pin bar to me. Strong confluence and resistance. Long nose and nice shape.
Where are you planning to enter? Expect for a retracement or beyond the low of the pin?
Thanks!
Hey Melinni,

It really is up to you, since the close is so low to the break of the pin, one migh assume it will break it early then probably retrace up again. I will probably watch the 1 hour or 4 hour for an entry but if I am away from my computer I will put a sell stop in for a break.

Take care,
Mike
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