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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

  • #9,081
  • Feb 12, 2008 2:19pm Feb 12, 2008 2:19pm
Quoting traderjon
Thank you for your input...

maybe im just freakin out and not totally understanding the whole concept. what do you mean "within 33% of one end of the bar"? the open and close of the 2 circle bar is within the range of the previous eye and the what i thought was a nose stuck out alot relative to whats around it? and i thought it was going to keep reversing too because it did go down since the bar i thought was a pin came upon.

Please help. Any input on the entry?
Hey Jon

That bar is actually a neutral bar(which indicates indecision). The reason being the open and close are near the middle of the bar. For that to be a pinbar, picture everything below the close as not there. So basically we want the open and close to be within the previous bar(with not much under it in this case), and then a very long nose(high).

Here is an example of a chart with a pinbar, and a neutral bar.

Hope this helps
Mike
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  • #9,082
  • Feb 12, 2008 2:32pm Feb 12, 2008 2:32pm
Quoting mbqb11
Hey Jon

That bar is actually a neutral bar(which indicates indecision). The reason being the open and close are near the middle of the bar. For that to be a pinbar, picture everything below the close as not there. So basically we want the open and close to be within the previous bar(with not much under it in this case), and then a very long nose(high).

Here is an example of a chart with a pinbar, and a neutral bar.

Hope this helps
Mike
Well put as usual mike.
Jon, there is a wealth of information in every bar. I started in stocks where bars were nice and "slow moving" , and learnt the wisdom contained in the bars there, but it is the same in forex.

If it helps, try and visualise the bull/bear struggle occurring in every bar. The pin bars, show you bulls tried to make a last "desperate" push to gain ground, but then got severely slapped back down to earth. Hence the long nose and close back near the bottom of the bar.

Hope that's not made it worse:, sorry. But visualising the buyer/seller struggle going on helped me to understand the bars better.
Carpe Divitiae
  • #9,083
  • Feb 12, 2008 2:34pm Feb 12, 2008 2:34pm
Thanks Mike. I think I understand why the bar is not a pin now. because the bottom of the bar extend beyond the range of the eye. =)

Phew... I guess I'm just lucky I didnt get stopped out. ;-)

Thanks for all your help. =)
  • #9,084
  • Feb 12, 2008 2:44pm Feb 12, 2008 2:44pm
Quoting fsiltd
Well put as usual mike.
Jon, there is a wealth of information in every bar. I started in stocks where bars were nice and "slow moving" , and learnt the wisdom contained in the bars there, but it is the same in forex.

If it helps, try and visualise the bull/bear struggle occurring in every bar. The pin bars, show you bulls tried to make a last "desperate" push to gain ground, but then got severely slapped back down to earth. Hence the long nose and close back near the bottom of the bar.

Hope that's not made it worse:, sorry. But visualising the buyer/seller struggle going on helped me to understand the bars better.
I love this thread

Any new trader that ever asks me where to start I send them here and tell them to read, read again and then apply. Always golden nuggets being shared and I use them even in my crazy methods lol.

Great way to describe the bull/bear fight on the pin bars here - obviously the
higher the time frame the more likely they are to play out. The other thing I'm looking for is that they're not in traffic so to speak.

Kind Regards
Steve
  • #9,085
  • Feb 12, 2008 4:29pm Feb 12, 2008 4:29pm
Speaking of pins, we have a daily pin on Aus/Usd. I know it's been almost all good news lately for the Aussie, but it has failed again to break .9100 again. I wonder how far will it fall before trying again? Sorry I can't post the chart my feed is messed up now, I'm having to use charts off a web site.
  • #9,086
  • Feb 12, 2008 4:43pm Feb 12, 2008 4:43pm
Quoting Betard
Speaking of pins, we have a daily pin on Aus/Usd. I know it's been almost all good news lately for the Aussie, but it has failed again to break .9100 again. I wonder how far will it fall before trying again? Sorry I can't post the chart my feed is messed up now, I'm having to use charts off a web site.
I just took a look at the audusd daily chart. Personally I find that "nose" too short and probably wouldn't trade it. However... if you look back on your daily chart, there's a very good example of a pinbar on 2007.08.17.


Adrian
  • #9,087
  • Feb 12, 2008 7:31pm Feb 12, 2008 7:31pm
Hi Jim...I am soooo happy this thread is here. I believe this price action is what I have been missing as far as my trading goes....I have now changed all charting to bars rather than the "pretty" candles!
Thanks!
  • #9,088
  • Feb 13, 2008 12:55am Feb 13, 2008 12:55am
Quoting KrazyD
Hi Jim...I am soooo happy this thread is here. I believe this price action is what I have been missing as far as my trading goes....I have now changed all charting to bars rather than the "pretty" candles!
Thanks!
Just make sure you put the time in to study it over and over again. You'll never look at a chart the same way again.
Indicators show the past. Price Action "Indicates" the future.
  • #9,089
  • Feb 13, 2008 4:01am Feb 13, 2008 4:01am
Hi again Jim...already it's a world of difference. I had 2 good gy trades. One pinoccio setup for a great short..on the 15 min chart earlier this evening and now I got a great long, 15 min. I was going to get in on the 50% retracement of yesterdays bar (see I learned this already) but chickened out and there was a triple bar pattern @ 209.57 to 210.20....This I learned from these great charts you have posted. I can actually tell where I am going! Thanks!
  • #9,090
  • Feb 13, 2008 5:51am Feb 13, 2008 5:51am
Quoting KrazyD
Hi again Jim...already it's a world of difference. I had 2 good gy trades. One pinoccio setup for a great short..on the 15 min chart earlier this evening and now I got a great long, 15 min. I was going to get in on the 50% retracement of yesterdays bar (see I learned this already) but chickened out and there was a triple bar pattern @ 209.57 to 210.20....This I learned from these great charts you have posted. I can actually tell where I am going! Thanks!
Just remember Price Action on small time frames can be unreliable, especially the 15 min chart. I don't go lower than the hourly and even that can cause many false moves. Small time frame are good for practise on seeing the formations, but the higher the better. Meaning the higher the time frame the more weight and/or strength Price Action has.

There are a lot of good people on this thread, very talented, study their charts and ask them questions. Keep reading and studying James16's charts and you'll be there before you know it.

Perseverance is a must in this business. Never give up on learning to improve and besides it's alot of fun.

Good Job.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #9,091
  • Feb 13, 2008 7:13am Feb 13, 2008 7:13am
Jim makes a very important point.
Trading on smaller timeframes like the 15M, can kill your account. They're not as reliable and it's mostly noise.
For beginners, even the 4H timeframe can be very tricky.
The recommendation is to start off with Weekly and Daily to really improve and gain experience.

All the best,
Tom
  • #9,092
  • Edited 10:51am Feb 13, 2008 10:02am | Edited 10:51am
daily PB good for 250ps...
do we get a breakout this time around..?
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  • #9,093
  • Feb 13, 2008 11:03am Feb 13, 2008 11:03am
it'll be interesting to see if dow can break that confluence.. or will fall right down..
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  • #9,094
  • Feb 13, 2008 11:14am Feb 13, 2008 11:14am
Yesterday's Aussie pin off to a good start. The .8873 level might be tough to break, but if that goes we might have a big drop as that would be a 1-2-3 top reversal on the daily chart.
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  • #9,095
  • Feb 13, 2008 11:34am Feb 13, 2008 11:34am
What do you guys think of this pin? looks decent to me..could be a little longer but its of a piv point and might be a false break out of the range
  • #9,096
  • Feb 13, 2008 11:48am Feb 13, 2008 11:48am
Quoting Piphunter71
What do you guys think of this pin? looks decent to me..could be a little longer but its of a piv point and might be a false break out of the range
Do you have a chart Piphunter? I don't see any pins on my 4 hour both on alpari and ibfx feeds.
  • #9,097
  • Feb 13, 2008 12:06pm Feb 13, 2008 12:06pm
Here's what my U/J chart looks like. Maybe it will retest 107.89 where the top of the consolidation was, then go up again? I don't think you can be too bearish short-term after seeing that huge bullish bar before the pin.
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  • #9,098
  • Feb 13, 2008 12:23pm Feb 13, 2008 12:23pm
You are probably right. If it goes down I will take profit at 107.89. But Look what happened the last time there was a huge bearish bar though.
  • #9,099
  • Feb 13, 2008 12:44pm Feb 13, 2008 12:44pm
This is what I see but using the daily chart. It may be heading up to the 50.0% fib retracement or maybe even the trendline. Maybe it will reach 110.00 then drop? Best position might be to sit tight and wait :
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  • #9,100
  • Feb 13, 2008 12:58pm Feb 13, 2008 12:58pm
Quoting zoopy
This is what I see but using the daily chart. It may be heading up to the 50.0% fib retracement or maybe even the trendline. Maybe it will reach 110.00 then drop? Best position might be to sit tight and wait :

yep waiting is better then trading most times. I agree, and will wait for signs to get back in short on the longer term.
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