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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

  • #10,881
  • May 20, 2008 8:56am May 20, 2008 8:56am
chart
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  • #10,882
  • May 20, 2008 2:07pm May 20, 2008 2:07pm
Quoting SeekingLight
This was my trade progression:

Initial PB long, add on third 4h TL touch(not drawn in as this one is already a bit cluttered - but I'm sure you'll be able to find it: just connect the first two lows), then took it up to 1.96.
Around that bit I wanted to watch for PA and react accordingly, and around that time I suffered 2-3 hours of power outage. When it was back on, I saw a triggered 4h PB and a lot of red...oh well, still got a bit.

It looked like a 5 wave set(strange EW nrs on chart, just something I try myself at parallel) and with a retrace right to .618 and a weekly stubby PB, waited for 1h stalling and something else to tell me this wasn't going to just rush-and-crush on. When I got that, got back in(based on the weekly setup -> retrace entry) and put stops below 1.9390 initially(second lowest low, invalidation point for me), then moved them in as we moved to 1.96.

And here I am waiting to see whether 1.9666 goes and 1.97 is hit...

Also took a bit off above 1.96 as there's 1-2 other reasons why price may or not give back a little.

Had it not been for the power loss, it would have been one great trade progression, and I would have possibly even taken a small short on the 4h down to either 1.95 s/r or the TL(i.e. very small / short term due to the s/r and weekly PB).

This thread is invaluable. Thanks to everyone. I played this trade almost identically. Entered on the break of the pin. Took half off around 1.96. Added to my position on the same retrace. Ultimate EW target was 1.9770 area. I put a stop in at 1.9720 thinking maybe we would get there today, then pull back.


I have been trading this market with real money for 4 months. This one trade just made up one quarters worth of 'learning expenses'. All thanks to you fine people, I am confident I can achieve my goals. SeekingLight, I have been stalking you at FF for while (your perspective seems to match mine) and you led me to this thread.
  • #10,883
  • May 20, 2008 4:06pm May 20, 2008 4:06pm
Another pin bar today with confluence off the 50-fib along with being at a minor PPZ. This one is with the longer trend too. I wish more of the pin was outside the left eye though.
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  • #10,884
  • May 20, 2008 5:11pm May 20, 2008 5:11pm
Quoting libertao
Another pin bar today with confluence off the 50-fib along with being at a minor PPZ. This one is with the longer trend too. I wish more of the pin was outside the left eye though.

This bar has just closed, does it look better? or do you think it would be better with a longer nose?
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  • #10,885
  • May 20, 2008 7:01pm May 20, 2008 7:01pm
Hi Daymo,

Longer nose for sure, but the biggest problem is the close. It's below the low of the previous bar. Not good. It should close within the previous bars range.
Bundy's status today: "Waiting..."
  • #10,886
  • May 20, 2008 9:14pm May 20, 2008 9:14pm
Quoting Daymo
This bar has just closed, does it look better? or do you think it would be better with a longer nose?
The feed I was using (North Finance) had already closed when i posted the pic (you can see the next bar already starting to form). But the next bar never broke the high of the pin anyway (assuming you wait for the break to enter).
  • #10,887
  • May 21, 2008 2:50am May 21, 2008 2:50am
Quoting bundyraider
Hi Daymo,

Longer nose for sure, but the biggest problem is the close. It's below the low of the previous bar. Not good. It should close within the previous bars range.
Hi bundyraider, the close was 1 pip above the close of the previous bar. is a pin bar better the higher up/lower down the previous bars low/high it closes (along with it's placement, nose length etc.)

What I meanis - is it something else to consider?
  • #10,888
  • Edited 5:27am May 21, 2008 2:58am | Edited 5:27am
Quoting libertao
The feed I was using (North Finance) had already closed when i posted the pic (you can see the next bar already starting to form). But the next bar never broke the high of the pin anyway (assuming you wait for the break to enter).
No, but on my chart (alpari) it has created another pinbar, do the 2 together add more weight or not? and (just exploring ideas) if the the next one is classed a pinbar but the other way up, does that make any difference too?

Thanks guys for your help btw.
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  • #10,889
  • May 21, 2008 6:58am May 21, 2008 6:58am
Quoting Daymo
Hi bundyraider, the close was 1 pip above the close of the previous bar. is a pin bar better the higher up/lower down the previous bars low/high it closes (along with it's placement, nose length etc.)

What I meanis - is it something else to consider?
It's a lot more about the market having a noticeable change in sentiment.

For example, if you get one real long bearish bar closing way low. ...Longer than the average bar range on the chart. ...Now imagine the next bar totally undone that whole bars good work and closed right next to the previous bars open.

...That's pretty powerful information sitting in front of you isn't it?

Look at a pin bar the same way. The best pin bars will open and close at very close price points after first extending strongly in the prevailing trends direction, and then reversing convincingly. If that bar closes within the previous bars range (the left eye so to speak) it shows that the trends strength has gotten very weak, not even able to improve on the previous periods gains and even losing some of them. You could imagine that the further it erodes the "left eye"s territory before closing, the better.

Hope I've explained it clearly. ...Maybe not. LOL
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Bundy's status today: "Waiting..."
  • #10,890
  • May 21, 2008 7:10am May 21, 2008 7:10am
Quoting bundyraider
If that bar closes within the previous bars range (the left eye so to speak) it shows that the trends strength has gotten very weak, not even able to improve on the previous periods gains and even losing some of them. You could imagine that the further it erodes the "left eye"s territory before closing, the better.

Hope I've explained it clearly. ...Maybe not. LOL
All of that makes more sense now, especially after the final lines (above)

Thank you.
  • #10,891
  • May 21, 2008 7:17am May 21, 2008 7:17am
The bar you are talking about in the second chart you posted later, (and the same bar I extended) , is closer to a pin. Not a strong pin at all, but closer.

It doesn't matter if we find out later that that bar signalled a reversal. Over many many trades those low grade pins have a lower chance of giving you profit than the really great pins. ... the ones that are worth waiting for and come along often enough anyway.
Bundy's status today: "Waiting..."
  • #10,892
  • May 21, 2008 8:19am May 21, 2008 8:19am
I am a little confused with Pivot Zone in GBP-JPY.

I always assume Pivot Zone with the latest S/R that price respect.
Usually price respect recent high or low not Recent open or close.

Pivot Zone I:
PZ in recent lowest low 203.37

Pivot Zone II :
PZ in recent close/open 204.46.

So the question is which one is the correct one?
If the answer is PZ I then Price already broke PZ and that PZ become Support. Recommendation Long

If the answer is PZ II then Price haven't broke PZ and that PZ become resistance. Recommendation Short.
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  • #10,893
  • Edited 9:08am May 21, 2008 8:37am | Edited 9:08am
Before I go to bed I'm going to chuck this chart up.

I've been waiting for a break of the range as mentioned in this post.

Right now I'm waiting for another entry.

Because I've been watching and planning I noticed the IB at the trend line (actually drawn a few minutes after the first post)
I entered a buy-stop for the inside bar pointed to in the chart. Couldn't help myself.

....I'm out now. About 2 hours ago. Mainly because I'm stubbornly expecting a pull-back. Don't know , might be because I've done a lot today and need sleep.

Anyway, I'm going to post an another update if a good setup happens. All examples are good!


edit: Proving how tired I am, forgot chart!

.
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Bundy's status today: "Waiting..."
  • #10,894
  • May 21, 2008 10:54am May 21, 2008 10:54am
trade off v.good support..
.
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  • #10,895
  • Edited 11:20am May 21, 2008 11:02am | Edited 11:20am
What about this one..
Nice Pin @ Support .. @ GPB/CHF 4H Chart

I will long @ the break!
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  • #10,896
  • May 21, 2008 11:50am May 21, 2008 11:50am
Hey guys,

wanted to share this one with you. I don't trade indices and futures but definitely will be looking into doing so in the future.
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  • #10,897
  • May 21, 2008 2:19pm May 21, 2008 2:19pm
http://i29.tinypic.com/34hw2gl.png
USD/JPY H4
I got bit by this one today.
could someone tell me if i made the right choice to go long @ the hammer?
100% of traders are losers. Just that some win more than they lose!
  • #10,898
  • May 21, 2008 2:54pm May 21, 2008 2:54pm
Quoting bundyraider
It's a lot more about the market having a noticeable change in sentiment.

For example, if you get one real long bearish bar closing way low. ...Longer than the average bar range on the chart. ...Now imagine the next bar totally undone that whole bars good work and closed right next to the previous bars open.

...That's pretty powerful information sitting in front of you isn't it?

Look at a pin bar the same way. The best pin bars will open and close at very close price points after first extending strongly in the prevailing trends direction, and then reversing convincingly. If that bar closes within the previous bars range (the left eye so to speak) it shows that the trends strength has gotten very weak, not even able to improve on the previous periods gains and even losing some of them. You could imagine that the further it erodes the "left eye"s territory before closing, the better.

Hope I've explained it clearly. ...Maybe not. LOL
Great post bundy.

One never stops learning on this thread.
Indicators show the past. Price Action "Indicates" the future.
  • #10,899
  • May 21, 2008 3:16pm May 21, 2008 3:16pm
Quoting Mr demark
USD/JPY H4
I got bit by this one today.
could someone tell me if i made the right choice to go long @ the hammer?

Which bar? I don't see any pinbars on there


Mike
  • #10,900
  • May 21, 2008 3:49pm May 21, 2008 3:49pm
Quoting mbqb11
Which bar? I don't see any pinbars on there


Mike
If you have other chart time (depending on your broker) then your 4H will look differently.
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