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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

  • #12,101
  • Jul 30, 2008 1:20pm Jul 30, 2008 1:20pm
Here is a recent example.

Example 1 we have a large nose pinbar. I look at it as a bigger reaction. Price made a heavy move away from the previous bars high, and was rejected downawards. This large nose IMO signifies a better pinbar in terms of a potential move.

Where as example 2 is STILL a pinbar, but the nose is a lot smaller. Less of a reaction means we have to take more notice that their might be likewise less of a move the other way. Is this always the case? Absolutly not, but from my experience this often happens. In this case this pinbar went where it was supposed to still(red x). But in the case of pinbar 1 since it was a larger more reactive pinbar I would be more likely to let it ride past the first areas of S/R where as the small nose one should not(IMO).

Again this is just my interpretations, but maybe it will help someone

Mike
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  • #12,102
  • Jul 30, 2008 3:56pm Jul 30, 2008 3:56pm
Quoting jarroo
BEOB (or DBHLC) through a Trendline and PPZ. Break of this formation could prove more down side movement. A retrace also looks possible before and/or after the break.
it's retraced a bit now, but it seemed to me like a good shorting opportunity having in mind last week's bar was an IB and we had just broken to the downside
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  • #12,103
  • Jul 30, 2008 4:10pm Jul 30, 2008 4:10pm
daily and 4 hour gold:
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  • #12,104
  • Jul 30, 2008 5:08pm Jul 30, 2008 5:08pm
Will this PB work this time? Time will tell... Oil turned around today causing the USDX to go south a tad bit. Will we see a nice correction now with the EURUSD? We just came down over 500 pips... we soon shall see...
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  • #12,105
  • Jul 30, 2008 6:54pm Jul 30, 2008 6:54pm
I saw this PB as well, but I am going to skip this one as I do not see solid support there (no confluence). If we can get a setup around 1.5350, that would be ideal.

Scott

Quoting soeasy69
Will this PB work this time? Time will tell... Oil turned around today causing the USDX to go south a tad bit. Will we see a nice correction now with the EURUSD? We just came down over 500 pips... we soon shall see...
  • #12,106
  • Jul 30, 2008 9:20pm Jul 30, 2008 9:20pm
Quoting jarroo
Your a bit off on Double Bar High Lower Close there ghous. The Lower Close has to be below the entire previous bar. (See green box)
Son of a gun! Thanks for this one Jaroo. I did not know this either. I just thought the bar had to close lower.
  • #12,107
  • Jul 30, 2008 10:57pm Jul 30, 2008 10:57pm
Hi, all,

Is that possible for those who read through this thread or follow it closely to summarize the basic rule related to price action? This thread is too long to read. I can't help falling sleep after 40 pages. For most of other threads in the forum I only need to read the first couple of pages or even the first post to grasp the concept.

The priceactionsetup.pdf is very helpful. I suddenly knew what you guys are talking about. That is the kind of summary I am dreaming about. A couple of sentences regarding how price usually reacts at confluence level or ppz and how we should enter/exit the trade. That is more than enough for me to get start.

Thanks!!
  • #12,108
  • Jul 30, 2008 11:44pm Jul 30, 2008 11:44pm
CHART
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  • #12,109
  • Jul 30, 2008 11:59pm Jul 30, 2008 11:59pm
CHART
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  • #12,110
  • Jul 31, 2008 12:17am Jul 31, 2008 12:17am
Hi lose,

there are 2 pdf-files attached to this thread. Please go to the paperclip in the upper right corner of the thread. Around Juli 2007 there where this files.
Have a look at the guest material, too, especialy Mbqb11 pinbar video at james16website in the guest section:
http://www.james16group.us/Guests/guestmaterial.html

Nice trading






Quoting lose_again
Hi, all,

Is that possible for those who read through this thread or follow it closely to summarize the basic rule related to price action? This thread is too long to read. I can't help falling sleep after 40 pages. For most of other threads in the forum I only need to read the first couple of pages or even the first post to grasp the concept.

The priceactionsetup.pdf is very helpful. I suddenly knew what you guys are talking about. That is the kind of summary I am dreaming about. A couple of sentences regarding how price usually reacts at confluence level or ppz and how we should enter/exit the trade. That is more than enough for me to get start.

Thanks!!
  • #12,111
  • Jul 31, 2008 1:36am Jul 31, 2008 1:36am
Quoting james16
CHART
Great charts Jim!! lovin' em
I believe . . .
  • #12,112
  • Jul 31, 2008 1:51am Jul 31, 2008 1:51am
here is an Eu trade i managed after enduring some losses on the Aud/Jpy long that did'nt work out and Jim commented on it as a bad trade as i did not wait for enough confirmation of a breakout off the pin bar...
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I believe . . .
  • #12,113
  • Jul 31, 2008 3:14am Jul 31, 2008 3:14am
Quoting peaches
Hi lose,

there are 2 pdf-files attached to this thread. Please go to the paperclip in the upper right corner of the thread. Around Juli 2007 there where this files.
Have a look at the guest material, too, especialy Mbqb11 pinbar video at james16website in the guest section:
http://www.james16group.us/Guests/guestmaterial.html

Nice trading
....the pdf's were posted 21. August 2007
Regards, Michael
  • #12,114
  • Jul 31, 2008 4:19am Jul 31, 2008 4:19am
Quoting manto
....the pdf's were posted 21. August 2007
Regards, Michael
Attached again.
Attached File(s)
File Type: pdf James16 up to 2 May 2008.pdf   44 KB | 4,127 downloads
File Type: pdf Price Action Setups.pdf   45 KB | 2,070 downloads
One Chart is Worth Ten Thousand Words.
  • #12,115
  • Edited 5:26am Jul 31, 2008 4:25am | Edited 5:26am
Quoting james16
CHART
What is the best entry point when trading Daily charts? E.g. when you see an Outside Bar on a daily chart (after it closed), do you then zoom into smaller TF to seek a retracement?

Sometimes, the bar after an OB could have a wide range (e.g. on a Daily chart - 120-200 pips), so opening at the bottom of that bar and then seeing the price move against you by 100+ pips could be "a bit" unnerving... But if you wait for a certain retracement (in relation to the OB), it could never happen and you could miss a good move...

THANK YOU!
One Chart is Worth Ten Thousand Words.
  • #12,116
  • Jul 31, 2008 4:39am Jul 31, 2008 4:39am
That's what I meant by my question (see the above post). After the 2nd PB on this chart (provided by James 16), the price did retrace a lot during the following four days.

So, if someone opened a position at the bar after that PB, say around 1.0185, you'd be watching a 100-pip "negative balance" for 3-4 days without any clue whether that was a failed PB, or whether one should simply bite the bullet, sit tight and wait for the expected move (which did happen, and which did give 100+ profit).

But a risk/reward of 1:1, when we are talking about 100 pips, is difficult to stomach.

The question is - what does one do in cases like that:

(a) place a 120pips SL and sit tight biting nails,
(b) place a 50 pips SL and take that loss (biting nails later when the price moved in the right direction),
(c) check other "indicators" (e.g. Fibos) to see what that retracement was about, or
(d) wait for an IB that followed that 2nd PB and open a position with a MUCH smaller SL (30-40 pips) - but that wouldn't be Pin Bar trading as we "skipped" it

or do smth else?

Many thanks!
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One Chart is Worth Ten Thousand Words.
  • #12,117
  • Jul 31, 2008 5:56am Jul 31, 2008 5:56am
Quoting Forex007
That's what I meant by my question (see the above post). After the 2nd PB on this chart (provided by James 16), the price did retrace a lot during the following four days.

So, if someone opened a position at the bar after that PB, say around 1.0185, you'd be watching a 100-pip "negative balance" for 3-4 days without any clue whether that was a failed PB, or whether one should simply bite the bullet, sit tight and wait for the expected move (which did happen, and which did give 100+ profit).

But a risk/reward of 1:1, when we are talking about 100 pips, is difficult to stomach.

The question is - what does one do in cases like that:

(a) place a 120pips SL and sit tight biting nails,
(b) place a 50 pips SL and take that loss (biting nails later when the price moved in the right direction),
(c) check other "indicators" (e.g. Fibos) to see what that retracement was about, or
(d) wait for an IB that followed that 2nd PB and open a position with a MUCH smaller SL (30-40 pips) - but that wouldn't be Pin Bar trading as we "skipped" it

or do smth else?

Many thanks!
Im doing up a spreadsheet of every Daily PB and Outside bar on a few different currencies, to see how each reacts. Should give a decent answer...

Jacko recommends a 50 pip SL on EU. Maybe that'll work. Some people have done experiments on Jackos method on other pairs audusd for sure. Maybe they have an idea...
  • #12,118
  • Jul 31, 2008 7:54am Jul 31, 2008 7:54am
took the Eur/USD long at 20:00 EST closed when I got up at 7 am +31 (missed the big move at 0200 could have been at least +60)
  • #12,119
  • Jul 31, 2008 8:02am Jul 31, 2008 8:02am
Quoting Jimbop
took the Eur/USD long at 20:00 EST closed when I got up at 7 am +31 (missed the big move at 0200 could have been at least +60)
Everybody, a round of applause to Jimbop!

On a serious note, Jimbop - if you don't enclose a chart and a "lesson", just another trade you took (or missed) is of little interest to most people. Sorry for being so blunt.
One Chart is Worth Ten Thousand Words.
  • #12,120
  • Jul 31, 2008 9:49am Jul 31, 2008 9:49am
I do realize that this means nothing to you without the chart ....I just played the PB for the long last night I unfortunately am at work and do not have access to my platform.

I only posted it as the trade was mentioned earlier in the thread...someone had taken the trade too late and caught it 3 pips from the high.

Thanks for all the shared knowledge on the thread, You too Forex 007 there are'nt enough snide sarcastic people in the world LOL
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