james16 Chart Thread | Page 560 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #11,181
  • Jun 10, 2008 2:16pm Jun 10, 2008 2:16pm
For a more advanced entry, I might scale a few lots in around 1.0242 and reenter on the pinbar entry.
The basis of a democratic state is liberty. ~ Aristotle
  • #11,182
  • Jun 10, 2008 2:28pm Jun 10, 2008 2:28pm
There was a pin on the 4hr this morning. Bank of Canada suprisingly (too some) did not cut rates. This caused the pin to break violently. I entered on the pull back to 1.0240 which looks like it will be nice support for watching that daily pin break.
  • #11,183
  • Jun 10, 2008 3:25pm Jun 10, 2008 3:25pm
Hey, i was looking at that magnificent pin bar and looked at the 4 hr. The proper way to play it would be to wait until the break of the pin? which also would be a break of this trend line? after 00:00 right?

Also, where would the stop go. Tip of the nose?


Ive been trying to master trading just pins, on a demo, and wanted to see what other people think

Thanks for replying!

http://img148.imageshack.us/img148/1186/crazypindp1.jpg
  • #11,184
  • Jun 10, 2008 3:33pm Jun 10, 2008 3:33pm
Quoting Liquid11
Hey, i was looking at that magnificent pin bar and looked at the 4 hr. The proper way to play it would be to wait until the break of the pin? which also would be a break of this trend line? after 00:00 right?

Also, where would the stop go. Tip of the nose?


Ive been trying to master trading just pins, on a demo, and wanted to see what other people think

Thanks for replying!

http://img148.imageshack.us/img148/1186/crazypindp1.jpg
Yes, above the nose would be the true stop for this. Which also happens to be a previously strong resistance, so it is a good stop area. There are other options here, but that is the true stop.
The basis of a democratic state is liberty. ~ Aristotle
  • #11,185
  • Jun 10, 2008 4:26pm Jun 10, 2008 4:26pm
Perhaps this will be one of those Pin Bars that will have us laughing all the way to the bank !!! ( As Raczek said !!! ) Or was it James16...??
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 11 KB
  • #11,186
  • Jun 10, 2008 4:28pm Jun 10, 2008 4:28pm
Quoting Tiki Trader
Perhaps this will be one of those Pin Bars that will have us laughing all the way to the bank !!! ( As Raczek said !!! ) Or was it James16...??
That's the one I've been waiting for, too bad I jumped in on the not so great one of 3 days ago before this..oh well lol Definitely plan on trading this one.
I dream, therefore I become.
  • #11,187
  • Jun 10, 2008 5:19pm Jun 10, 2008 5:19pm
Quoting Tiki Trader
Perhaps this will be one of those Pin Bars that will have us laughing all the way to the bank !!! ( As Raczek said !!! ) Or was it James16...??
...
and some traders from PF are short right from 1.0315 ... using more 'advanced' technique.... (R-1d).. with 30pips stop...
.
Attached Image (click to enlarge)
Click to Enlarge Name: uc.gif Size: 16 KB
  • #11,188
  • Jun 10, 2008 5:31pm Jun 10, 2008 5:31pm
Hi all, I have been lurking around for a while and wanna thank to james16, raczefx, diallist, mike, and others for their generousity and sharing their knowledge. I just wanted to say happy pipping to all of us. By the way, himmm this USD/CAD pin bar seems very delicious, however i want to say it is just a set-up, we should not get emotional and play this set-up as usual and the pips will be with us at the end of the day. It is just a probability game and this is our EDGE...

Nuriksari
  • #11,189
  • Jun 10, 2008 6:33pm Jun 10, 2008 6:33pm
Quoting Liquid11
Hey, i was looking at that magnificent pin bar and looked at the 4 hr. The proper way to play it would be to wait until the break of the pin? which also would be a break of this trend line? after 00:00 right?

Also, where would the stop go. Tip of the nose?


Ive been trying to master trading just pins, on a demo, and wanted to see what other people think

Thanks for replying!
That is not a playable Pin Bar. It is in traffic of other bars and is not at a swing high or low. Check the daily time frame Usd/Cad 6/09/08 for a better looking Pin Bar.

You want to wait for the break of the PB and the stop loss would go on the top of the PB or the opposite side of your Price Action entry.

Not sure what "after 00:00" means.
Indicators show the past. Price Action "Indicates" the future.
  • #11,190
  • Jun 10, 2008 6:37pm Jun 10, 2008 6:37pm
i just meant after the start of the new day. usually starts at 00:00 on my mt4.
  • #11,191
  • Jun 10, 2008 6:37pm Jun 10, 2008 6:37pm
I haven't read all the way through this thread, but the first few pages got me thinking about some pattern analysis tests I ran a while back. Looking back there were a number of patterns my Genetic program Identified similar to what is identified in the begining.

I just assumed that two lows being equal didn't make sense as a predictor of price movement, so I put these results away until now.

Thanks for reopening this course of investigation for me.

Dan
.
  • #11,192
  • Jun 10, 2008 6:48pm Jun 10, 2008 6:48pm
Quoting Liquid11
i just meant after the start of the new day. usually starts at 00:00 on my mt4.
Yes, the start of the new day would mean that the Daily 06/09/08 PB would be confirmed by its close. But what does that have to do with the PB you indicated on the 4 hour chart?
Indicators show the past. Price Action "Indicates" the future.
  • #11,193
  • Jun 10, 2008 6:55pm Jun 10, 2008 6:55pm
Quoting jarroo
Yes, the start of the new day would mean that the Daily 06/09/08 PB would be confirmed by its close. But what does that have to do with the PB you indicated on the 4 hour chart?
I just re-read what you wrote Liquid. I thought you were talking about the PB on the 4 hour chart. My bad.
Indicators show the past. Price Action "Indicates" the future.
  • #11,194
  • Jun 10, 2008 7:02pm Jun 10, 2008 7:02pm
Quoting jarroo
I just re-read what you wrote Liquid. I thought you were talking about the PB on the 4 hour chart. My bad.
sorry, I tend to confuse people a lot. I was referring to the trend line that i drew. Thats why I supplied that pic.
  • #11,195
  • Jun 10, 2008 7:12pm Jun 10, 2008 7:12pm
Quoting Liquid11
sorry, I tend to confuse people a lot. I was referring to the trend line that i drew. Thats why I supplied that pic.
No, it was me. I tend to read too fast sometimes.

It's a good approach to look at lower time frames once higher time frame Price Action has been confirmed. Once Price breaks the Daily Pin Bar (Usd/Cad) is my trigger to decide on an entry, be it on the break or retrace.
Indicators show the past. Price Action "Indicates" the future.
  • #11,196
  • Jun 10, 2008 9:51pm Jun 10, 2008 9:51pm
Hi everyone,

I just read the first 150 pages of the thread and still trying to finish reading all the pages here While doing so, I came accross a pinbar in usd/cad daily.
What's the best way of playing this?
a) set a sell stop 10 pips from the bottom of PB and s/l at the top of pb?
b) wait for a 38 retracement with a stop loss above the 61.8 retracement?

My question is, if I were to go with the "b" option, do i need to wait for a certain PA at the retracement or just place a market order at that retracement blindly?

Please let me know what you guys think. Thanks.

Regards,

y.caesar
Attached Image (click to enlarge)
Click to Enlarge Name: UC.jpg Size: 318 KB
  • #11,197
  • Jun 10, 2008 11:17pm Jun 10, 2008 11:17pm
Quoting y.caesar
What's the best way of playing this?
a) set a sell stop 10 pips from the bottom of PB and s/l at the top of pb?
b) wait for a 38 retracement with a stop loss above the 61.8 retracement?

My question is, if I were to go with the "b" option, do i need to wait for a certain PA at the retracement or just place a market order at that retracement blindly?

Please let me know what you guys think. Thanks.

Regards,

y.caesar
Hey caesar

If you choose to play a retracement you can put a blind sell order at any level you are comfortable with. That is all up to you. Some put the sell at the left eye, other at a fib level. Some will look for PA at the fib levels. There is no right answer. These are different variations, and depending on the traders style and how aggressive they want to be. Their are benefits and drawbacks to each and every type of entry play.

Wish there was more of a definitive answer, but just demo trade the different methods and find your comfort level.

Take care,
Mike
  • #11,198
  • Jun 11, 2008 4:33am Jun 11, 2008 4:33am
Hey Mike....thanks for your input.

Actually I took a short trade based on 5min. PA as you can see on the chart. It's exactly at daily pivot and 38.2% retracement of the previous daily pinbar. I don't like to enter blindly just at the retracement, thankfully I found a reason to enter the trade based on the 5min PA.

I exited the trade just below the previous day pinbar for a profit of around 40pips. I know, I know...I jumped the gun too early...I think there's still some move to the downside. I'm just still getting used to the idea of trading based on the daily signal. But hey...on the bright side, I learned my lesson plus got away with a profit too

Cheers,
Attached Image (click to enlarge)
Click to Enlarge Name: uc.jpg Size: 255 KB
  • #11,199
  • Jun 11, 2008 6:12am Jun 11, 2008 6:12am
Quoting Vensik
For a more advanced entry, I might scale a few lots in around 1.0242 and reenter on the pinbar entry.

Congrats Caesar, Looks like you found my reasoning for the above post. I'm still in and locked in before the actual pinbar entry. I placed about 2/3 of the trade in around the 40 area, and it looks like the entry order for the actual PB entry took me in while sleeping. Thats one advantage of that day chart I've noticed over the last few years, I slept all night and entry orders took me in to the second position.
The basis of a democratic state is liberty. ~ Aristotle
  • #11,200
  • Jun 11, 2008 7:17am Jun 11, 2008 7:17am
Quoting Vensik
Congrats Caesar, Looks like you found my reasoning for the above post. I'm still in and locked in before the actual pinbar entry. I placed about 2/3 of the trade in around the 40 area, and it looks like the entry order for the actual PB entry took me in while sleeping. Thats one advantage of that day chart I've noticed over the last few years, I slept all night and entry orders took me in to the second position.

HHMmm...looks like there were already some people who mentioned about the usd/cad pinbar earlier. My bad...sorry guys for not reading the last few pages of the thread before I posted my chart. I was reading the first 150 pages of this thread when I noticed the set up and got overly excited. I don't mean to clutter this thread.

Mike and Vensik...I have a question for you two though(or anyone who might feel to know the answer )

As you can see from my second chart, I entered based on the 5min PA. Is that correct? I feel like I should've entered based on at least 1hr, or 4hr PA to front run a daily pinbar set up. My reasoning is that the longer the TF, the more valid the signals are. Maybe I'm just lucky this time that usd/cad just went straight down after that 5min PA signal. Other time, it might just go up some more and form a "more" valid signal based on a higher TF. Should I, next time, wait for a higher time frame signals for a safer entry? or just any TF is fine as long as it forms near confluence?

I hope you guys understand what I mean.
58 traders viewing now