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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

  • #1,921
  • Jan 7, 2007 5:36pm Jan 7, 2007 5:36pm
Hai Guys,

I'm learning this price action and hope someone can help me to confirm
this chart.

Is this the Pin Bar?
If it is, where shall place my order?
Attached Image
Shah For every action there is an equal and opposite reaction.....
  • #1,922
  • Jan 7, 2007 5:39pm Jan 7, 2007 5:39pm
Quoting Panjan
Hai Guys,

I'm learning this price action and hope someone can help me to confirm
this chart.

Is this the Pin Bar?
If it is, where shall place my order?
that would be a neutral bar(shows indecision)

Best,
Mike
  • #1,923
  • Jan 7, 2007 7:00pm Jan 7, 2007 7:00pm
I have read the thread thru once and parts 3 times. But could not figure out why that is different then a pin bar. I appreciate the answere.


thanks
  • #1,924
  • Jan 7, 2007 7:02pm Jan 7, 2007 7:02pm
Quoting Gateway
I have read the thread thru once and parts 3 times. But could not figure out why that is different then a pin bar. I appreciate the answere.


thanks
Hello gateway,

The difference is where the open and close are located. For that example we would want the open towards the top of the bar and the close above the open towards the top of the bar. Instead the open and close are nearly identical and in the middle of the bar. If we think about it in just very basic terms it was a fight of buyers and sellers and neither one so we ended up with a draw in the middle.

Let me know if you need anything else,
Mike
  • #1,925
  • Jan 7, 2007 7:04pm Jan 7, 2007 7:04pm
Quoting mbqb11
that would be a neutral bar(shows indecision)

Best,
Mike
Sorry Mike,

I have to ask further. How can I differentiate between neutral bar and PB. Whats the criteria...thx.

shah
Shah For every action there is an equal and opposite reaction.....
  • #1,926
  • Jan 7, 2007 7:07pm Jan 7, 2007 7:07pm
Quoting mbqb11
Hello gateway,

The difference is where the open and close are located. For that example we would want the open towards the top of the bar and the close above the open towards the top of the bar. Instead the open and close are nearly identical and in the middle of the bar. If we think about it in just very basic terms it was a fight of buyers and sellers and neither one so we ended up with a draw in the middle.

Let me know if you need anything else,
Mike
Wow Mike. Thats fast for an answer.
Thanks once again.
Shah For every action there is an equal and opposite reaction.....
  • #1,927
  • Jan 7, 2007 7:07pm Jan 7, 2007 7:07pm
Quoting Panjan
Sorry Mike,

I have to ask further. How can I differentiate between neutral bar and PB. Whats the criteria...thx.

shah
Hello panjan,

Ok think about a neutral bar simply as the opening and closing both ending up in the middle or near middle of the bar. The most obvious is when the open and close are identical in the middle giving us what looks like a + sign. An ideal pin bar has its open and close within the previous bar and is located at a swing high or low. The close should always be lower then the open(if looking for a short, opposite for a long) and both should be located near the bottom part of the bar. I will post some charts give me a second

Mike
  • #1,928
  • Jan 7, 2007 7:10pm Jan 7, 2007 7:10pm
ok here is the pin bar i pointed out a few pages before this is really good looking one on the weekly chart
Attached Image
  • #1,929
  • Jan 7, 2007 7:17pm Jan 7, 2007 7:17pm
now here are examples of neutral bars and one pin so u can compare. Remember these bars don't have the same look all the time. A neutral bar can look diff ways
Attached Image
  • #1,930
  • Jan 7, 2007 8:16pm Jan 7, 2007 8:16pm
Thanks mike for all the double bar examples and help, hopefully this will increase my number of trades as i only trade off dailys.
  • #1,931
  • Jan 7, 2007 8:23pm Jan 7, 2007 8:23pm
Quoting PipBird
Thanks mike for all the double bar examples and help, hopefully this will increase my number of trades as i only trade off dailys.
well increasing you rnumber of trades doesnt make you more succesful. I try to only take the best trades because i trade to make money not just to trade. I don't know your situation but i just dont want people to assume i find every possiblity to trade.

You know what i mean

best,
Mike
  • #1,932
  • Edited 8:53pm Jan 7, 2007 8:42pm | Edited 8:53pm
Mike,
That's really helps. Thanks a lot.....
I got it now cause when we switch from price bar to canddlestick, this pin bar
actualy turn out to be either hammer or shooting star.

Thanks again, Mike.

shah.
Shah For every action there is an equal and opposite reaction.....
  • #1,933
  • Jan 7, 2007 9:16pm Jan 7, 2007 9:16pm
I got stoped out on GBP/JPY... oh well. next time, I will get out the trade before Friday close.

By the way, I have a couple of questions. Since it is very slow right now on market, if anybody can respond would be very helpfull!

First of all, the circle1 is combined Pin bar, is it correct? this is the daily chart.
So it is 2-day pin. The second bar on this pin bar is closed below the previous bar's open. It should fit the discription of Pin bar right?
Now, if higher the time frame more reliable then, would it over write the circle2 pin bar(even tho it didn't close higher than open,let's say it is pin bar for here)?

Sawa
Attached Image
  • #1,934
  • Jan 7, 2007 9:32pm Jan 7, 2007 9:32pm
Quoting sch305ny
I got stoped out on GBP/JPY... oh well. next time, I will get out the trade before Friday close.

By the way, I have a couple of questions. Since it is very slow right now on market, if anybody can respond would be very helpfull!

First of all, the circle1 is combined Pin bar, is it correct? this is the daily chart.
So it is 2-day pin. The second bar on this pin bar is closed below the previous bar's open. It should fit the discription of Pin bar right?
Now, if higher the time frame more reliable then, would it over write the circle2 pin bar(even tho it didn't close higher than open,let's say it is pin bar for here)?

Sawa
Hey sawa,

On your gbp/jpy trade i am not sure where you got stopped out and I am assuming the chart you posted is a seperate question about the USD/jpy. Yes that was a 2 day pin bar that led to a one day pin bar. At the very least you would get stopped out b/e on this trade. The 2 day pin bar did work out depending on what your TP and goals were. as far as playing this for a long the reverse way you certainly could although i just don't know how well the placement of this one is. As stated in some earlier posts a few pages back it is off a resistance line. Does one pin trump another. I would certainly say so. At least temporarily.

Hope that helps,
Mike

also, i see you are playing a buy on the close of a pin bar. That is not wrong or anything but is very very aggressive and I would probably advise against that until you get a feel for the markets you are trading. I would stick to playing a retrace or a break. Just my 2 cents
  • #1,935
  • Edited 10:05pm Jan 7, 2007 9:58pm | Edited 10:05pm
Thank you for the quick reply Mike! And sorry for the confusion.... Here is the GBP/JPY chart that I got stopped out. I got in the blue line for long and got stopped out at red line. Just looking at the chart now, I found the 2hr pin bar(A) before that!!! I have to be very careful when I see the combine one... If I am trading this for long the next time, I will enter the brake of the 2hr pin. What do you think?

Sawa

ps. the brake of the 2hr pin didn't make any sence to myself... hahaha I must be tired.Sorry........
Attached Image
  • #1,936
  • Jan 7, 2007 10:15pm Jan 7, 2007 10:15pm
well from the quick look, you should have definitly got your stops to at least b/e. Don't forget trading off these lower time frames the bars become less and less reliable. A pin on the day has a much greater meaning then a pin on the hour. That is why james really suggest people master trading them on the daily/weekly/monthly and 4 hour at the lowest first.
  • #1,937
  • Jan 7, 2007 10:19pm Jan 7, 2007 10:19pm
You mentioned that the pin on USD/JPY would not play , but what about day pin on CAD/JPY. Also doesn't USD and Cad most of the time work together. Just learning here.
  • #1,938
  • Jan 7, 2007 10:21pm Jan 7, 2007 10:21pm
Quoting rlelijah
You mentioned that the pin on USD/JPY would not play , but what about day pin on CAD/JPY. Also doesn't USD and Cad most of the time work together. Just learning here.
I dont have that chart on my MT4 if you could post a chart that would be helpful.

Thanks
  • #1,939
  • Jan 7, 2007 10:26pm Jan 7, 2007 10:26pm
THe lesson learned loud and clear. I took most of the lot out of it at +35 but didn't move the stop. I usually do play the 4hr and daily. This one is the experiment 1hr trade. I will defenitely move the stop loss to b/e as soon as possible and be less aggressive the next time! Thank you so much for your advice, Mike!
  • #1,940
  • Jan 7, 2007 10:27pm Jan 7, 2007 10:27pm
Quoting sch305ny
Thank you for the quick reply Mike! And sorry for the confusion.... Here is the GBP/JPY chart that I got stopped out. I got in the blue line for long and got stopped out at red line. Just looking at the chart now, I found the 2hr pin bar(A) before that!!! I have to be very careful when I see the combine one... If I am trading this for long the next time, I will enter the brake of the 2hr pin. What do you think?

Sawa

ps. the brake of the 2hr pin didn't make any sence to myself... hahaha I must be tired.Sorry........
Sawa,
Somewhere in this thread James16 himself says strongly that you 'should never let a winner become a loser'.
That trade got up 50 pips (woohoo!!) before heading down.

Not all pin trades are going to be run away winners.

As soon as the trade is ahead around 30 or 40 pips, protect your capital. ...Move your stop loss to breakeven. AND IF possible, sell half of your posistion too, so that you have a locked in profit as well. If it continues up you still have exposure. If it reverses ,like it did to you above, you'll still have a winning trade behind you. Then wait for the next one.
Bundy's status today: "Waiting..."
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