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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

  • #11,221
  • Jun 12, 2008 3:25pm Jun 12, 2008 3:25pm
what do you think ? right at EMA150, R becoming S

should we give it a try?

i say, why not.

mind your stops and position size.

http://i27.tinypic.com/wtukoi.gif
  • #11,222
  • Jun 12, 2008 3:43pm Jun 12, 2008 3:43pm
I haven't been here for sometime, but I'm starting to realise the value of this material again! Hope someone can answer a question on the daily $cad pin.

Would the (sort of) bearish pin going the other way (circled in my chart) spell trouble for a possible short trade? Its not at a swing low, but I wondered if it would stop anyone from going short.
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If it's too good to be true, it probably is.
  • #11,223
  • Edited 4:49pm Jun 12, 2008 4:38pm | Edited 4:49pm
I haven't posted for a while but have been keeping an eye on these pin bar trades. There seems to be one on the 4 hr swissy at a descending trendline, but having trouble posting a chart right now. Can't find me snagit program and never tried it with paint before.

edit: just trying to add a chart now...
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  • #11,224
  • Jun 12, 2008 5:08pm Jun 12, 2008 5:08pm
Quoting knossos
I haven't posted for a while but have been keeping an eye on these pin bar trades. There seems to be one on the 4 hr swissy at a descending trendline, but having trouble posting a chart right now. Can't find me snagit program and never tried it with paint before.
Interesting how your chart shows the recent upper channel touches to the pip. I can't replicate that in either of my two charting programs. I'm showing the movement today temporarily breaking higher from that channel, as it also did on 6/5. In any event, it would have been a difficult short entry with the heightened volatility in USD/CHF at the NY open (110 pips roundturn in 20 minutes).
  • #11,225
  • Jun 12, 2008 6:12pm Jun 12, 2008 6:12pm
I think there is some punch left in this USD-CAD Pin bar. It may drop down to 1.0100 area if not 1.0000. We will see!!!
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Find an Edge. Only way to succeed in this business.
  • #11,226
  • Jun 12, 2008 7:43pm Jun 12, 2008 7:43pm
Hey jattputt where did you get that snazzy Stat Monitor across the bottom of your chart, care to post it??
would be nice
to use...
  • #11,227
  • Jun 12, 2008 8:33pm Jun 12, 2008 8:33pm
I agree with Jatt.

Todays bar looks like another negative bar, though we're lacking any oomph I think the direction is still down.

The pullback today gave us a nice triangle target on the 4hr as well. The first target overlaps a monthly fib, and will be the target for the majority of my lots. The bottom target at 1.0107 is the target for the remainder.

I had closed all of my lots on this when it broke 1.0195 again. However have reentered today.
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The basis of a democratic state is liberty. ~ Aristotle
  • #11,228
  • Jun 12, 2008 8:34pm Jun 12, 2008 8:34pm
Wow, my jpegs look aweful. Gonna have to change that one next time.
The basis of a democratic state is liberty. ~ Aristotle
  • #11,229
  • Jun 13, 2008 1:30am Jun 13, 2008 1:30am
Pinbar and triple top on 4hr eurjpy. Against the daily trend, so be careful.
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If it's too good to be true, it probably is.
  • #11,230
  • Jun 13, 2008 1:36am Jun 13, 2008 1:36am
Quoting SimonK
Pinbar and triple top on 4hr eurjpy. Against the daily trend, so be careful.
Hey Simon,

That third bar is a neutral bar, the open and close are located in the middle of the bar indicating indecision.(first bar is neutral, second is pretty neutral also)

Take care


-Mike
  • #11,231
  • Jun 13, 2008 1:43am Jun 13, 2008 1:43am
Yes, I agree with you, thanks for pointing that out Mike. I'm still learning at the moment!
If it's too good to be true, it probably is.
  • #11,232
  • Edited 5:32am Jun 13, 2008 4:27am | Edited 5:32am
  •  2mas
  • | Joined Apr 2007 | Status: Thanks to James 16 family | 89 Posts
Hi guys, I know that nothing works 100% of the time in the market.
So just to learn more for the future, I thought of throwing those charts to learn from the seniors....
I went Long on last friday based on the daily PB, then kept it open as it turned to a weekly PB of PPZ, which was triggered on Monday and change the SL accordingly.
hmmmmmm... got burned yesterday!!!??
May be the weekly PB was a bit in traffic??
Thanks a lot
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  • #11,233
  • Jun 13, 2008 6:20am Jun 13, 2008 6:20am
Oh, God, please,help me...not to "rise" again...I gonna take it no morehttp://www.forexfactory.com/images/icons/icon10.gifhttp://www.forexfactory.com/images/icons/icon10.gifhttp://www.forexfactory.com/images/icons/icon10.gif
  • #11,234
  • Edited 6:47am Jun 13, 2008 6:22am | Edited 6:47am
On weekly looks like overbar - could be breakout and should fall down...
  • #11,235
  • Jun 13, 2008 6:50am Jun 13, 2008 6:50am
Quoting initex
Oh, God, please,help me...not to "rise" again...I gonna take it no morehttp://www.forexfactory.com/images/icons/icon10.gifhttp://www.forexfactory.com/images/icons/icon10.gifhttp://www.forexfactory.com/images/icons/icon10.gif

how's it doing? I've got no access to charts at work!
  • #11,236
  • Jun 13, 2008 7:16am Jun 13, 2008 7:16am
Currently at 1.0271 and rising(((
  • #11,237
  • Jun 13, 2008 7:25am Jun 13, 2008 7:25am
If your worried about the trade, you shouldn't be in it. Stoploss or Limit, it is what it is. If it hurts to bad, scale back your lots.
The basis of a democratic state is liberty. ~ Aristotle
  • #11,238
  • Jun 13, 2008 7:32am Jun 13, 2008 7:32am
Quoting 2mas
Hi guys, I know that nothing works 100% of the time in the market.
So just to learn more for the future, I thought of throwing those charts to learn from the seniors....
I went Long on last friday based on the daily PB, then kept it open as it turned to a weekly PB of PPZ, which was triggered on Monday and change the SL accordingly.
hmmmmmm... got burned yesterday!!!??
May be the weekly PB was a bit in traffic??
Thanks a lot
If you got in off the daily Pinbar, it looks like the entry would have been around 9600? The price went to 9800. If you were up 200+ pips, this shouldn't have turned into a loser. The change of SL should have been to lock in profit. The market gave you a nice support to move your stop under while you were in profit at the 9670 area. I'm sorry you lost, but this is a money management issue not the trade itself. Good luck man.


Edit: BTW, I'm not a senior Pinbar trader. However, like I said. From my point of view this was a trade management issue, not a pinbar issue. Which I do feel qualified to comment on.
The basis of a democratic state is liberty. ~ Aristotle
  • #11,239
  • Jun 13, 2008 7:48am Jun 13, 2008 7:48am
Quoting Vensik
If your worried about the trade, you shouldn't be in it. Stoploss or Limit, it is what it is. If it hurts to bad, scale back your lots.

becoming emotionless about your trades is one of the hardest things to learn! I've not been in this game very long, but hopefully with time I can become more detached.
  • #11,240
  • Jun 13, 2008 8:00am Jun 13, 2008 8:00am
Atleast you understand where you are.

Pinbars are easy to come to terms with. You know the stop and entry before getting in. Trade a lot size based on that max loss. Mentally prepare yourself for that loss.
The basis of a democratic state is liberty. ~ Aristotle
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