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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

  • #12,981
  • Aug 22, 2008 6:40am Aug 22, 2008 6:40am
Quoting SeekingLight
You draw the fib from the bottom of the bar to the top of the bar in question(regardless of BUOB or PB).
Thanks a lot for the explanation, SL (hm, that could be a nice name for FF )!

P.S. That EJ PB seems to be moving well so far...
One Chart is Worth Ten Thousand Words.
  • #12,982
  • Aug 22, 2008 6:43am Aug 22, 2008 6:43am
Quoting Forex007
P.S. That EJ PB seems to be moving well so far...
Indicators show the past. Price Action "Indicates" the future.
  • #12,983
  • Aug 22, 2008 8:51am Aug 22, 2008 8:51am
Damn, I got faked out, after being burned by the last two pins on the EURJPY and didn't get in on the Pin that finally worked. That is an emotional mistake.

For those who did take the trade, and took the trade on the break, where did you get in...

1 Pip above the Daily Pin bar.

10 Pips above the Daily Pin bar.

A certain % of pips compared to the size of the Pin bar above the pin bar.

Thank you!
  • #12,984
  • Aug 22, 2008 9:04am Aug 22, 2008 9:04am
Quoting Forex007
P.S. That EJ PB seems to be moving well so far...
Close enough for the 1st target for me. (She owes me money. lol)
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #12,985
  • Aug 22, 2008 9:07am Aug 22, 2008 9:07am
Quoting unlv_tj
Damn, I got faked out, after being burned by the last two pins on the EURJPY and didn't get in on the Pin that finally worked. That is an emotional mistake.

For those who did take the trade, and took the trade on the break, where did you get in...

1 Pip above the Daily Pin bar.

10 Pips above the Daily Pin bar.

A certain % of pips compared to the size of the Pin bar above the pin bar.

Thank you!
Price was moving pretty strong when it broke the top PB. I got in right at 162.18.
Indicators show the past. Price Action "Indicates" the future.
  • #12,986
  • Aug 22, 2008 9:14am Aug 22, 2008 9:14am
Quoting jarroo
Price was moving pretty strong when it broke the top PB. I got in right at 162.18.
She did pay you the money now ;]

I've had the buy limit order at 161.40.It was missed by 3 pips and it is to late to enter now.
  • #12,987
  • Aug 22, 2008 9:14am Aug 22, 2008 9:14am
Weekly candle on E/J very good looking PB at the moment, might hold this for a week or two...
Money & Pain Respect the market, protect your capital, be patient
  • #12,988
  • Aug 22, 2008 9:19am Aug 22, 2008 9:19am
Quoting jarroo
Close enough for the 1st target for me. (She owes me money. lol)
I took 1/3 off at the same (1st) level as indicated on your chart, Jaroo. 2nd level is similar too (mine is a bit higher). But I think this is could be a "keeper" for a few days at least, if not weeks...
One Chart is Worth Ten Thousand Words.
  • #12,989
  • Aug 22, 2008 9:24am Aug 22, 2008 9:24am
Quoting Forex007
I took 1/3 off at the same (1st) level as indicated on your chart, Jaroo. 2nd level is similar too (mine is a bit higher). But I think this is could be a "keeper" for a few days at least, if not weeks...
Nice job 007.

I took 1/2 off and move to b/e. Absolutely, could be a keeper. Weekly PB will be fun to watch next week.
Indicators show the past. Price Action "Indicates" the future.
  • #12,990
  • Aug 22, 2008 9:24am Aug 22, 2008 9:24am
back to h0me
  • #12,991
  • Aug 22, 2008 11:24am Aug 22, 2008 11:24am
Quoting unlv_tj
For those who did take the trade, and took the trade on the break, where did you get in...

1 Pip above the Daily Pin bar.

10 Pips above the Daily Pin bar.

A certain % of pips compared to the size of the Pin bar above the pin bar.

Thank you!
i started off by using just a pip or 2, then switched to 10 pips break above pin bar and now im using % of pips compared to the size of the pin and i think im going to stick to using % of pips. this has helped me a lot in terms of staying out of potential fake outs.

demo trading is great for this ...
"Believe nothing you hear and half of what you see." Proverb
  • #12,992
  • Aug 22, 2008 11:47am Aug 22, 2008 11:47am
Quoting fxgrinder
i started off by using just a pip or 2, then switched to 10 pips break above pin bar and now im using % of pips compared to the size of the pin and i think im going to stick to using % of pips. this has helped me a lot in terms of staying out of potential fake outs.

demo trading is great for this ...
Hm, once someone said it, it becomes so obvious. If PBs differ in length, why would indeed a entry point "buffer" be fixed at 10 pips. Linking to the % of PB length makes much more sense. I should backtest it to see how well it works.

On a unrelated note, just came across a good phrase on the subject of letting your winning trades run. Michael Marcus: "If you don't stay with your winners, you will not be able to pay fo the losers". Interesting perspective (James16 mentioned that too): winners are kept not purely as a money-making exercise, but as an "insurance" to cover future losses. Fear your losses, hope your winners will be big, as someone else said.

Have a nice weekend, everybody.
One Chart is Worth Ten Thousand Words.
  • #12,993
  • Aug 22, 2008 11:51am Aug 22, 2008 11:51am
Cut your losses, let your profits run. Easily said, difficult to execute, starting out in this game you're likely to do the OPPOSITE more than once.

Long NZD/USD and E/J into next week and perhaps beyond...bon weekend pin bar hunters, notting hill carnival gonna rock ya!
Money & Pain Respect the market, protect your capital, be patient
  • #12,994
  • Aug 22, 2008 12:08pm Aug 22, 2008 12:08pm
Quoting fxgrinder
i started off by using just a pip or 2, then switched to 10 pips break above pin bar and now im using % of pips compared to the size of the pin and i think im going to stick to using % of pips. this has helped me a lot in terms of staying out of potential fake outs.

demo trading is great for this ...
This is what I had in mind as well, though I had not back tested it.

What % are you using? Off the top of my head I was thinking 15 to 20% past the pin.

The EURJPY did break fast. I woke up in the middle of the night, saw the 4H bar close (on my broker) as indecisive, and I thought "ha, once again the EURJPY gave a Pin that will not work". Boy was I wrong.
  • #12,995
  • Aug 22, 2008 12:11pm Aug 22, 2008 12:11pm
The E/J pin is money, no pun intended. Does anyone here add to their positions on retraces of pins?
Patience + Humility + Study = Success
  • #12,996
  • Aug 22, 2008 12:36pm Aug 22, 2008 12:36pm
Quoting DutchTrader
The E/J pin is money, no pun intended. Does anyone here add to their positions on retraces of pins?
I added to the NZD/USD long on the daily retrace, coz weekly supports it.
Same with E/J actually, only thing with E/J is monthly and history of failed PBs on higher TFs...easy does it
Money & Pain Respect the market, protect your capital, be patient
  • #12,997
  • Aug 22, 2008 2:23pm Aug 22, 2008 2:23pm
Quoting unlv_tj
This is what I had in mind as well, though I had not back tested it.

What % are you using? Off the top of my head I was thinking 15 to 20% past the pin.

The EURJPY did break fast. I woke up in the middle of the night, saw the 4H bar close (on my broker) as indecisive, and I thought "ha, once again the EURJPY gave a Pin that will not work". Boy was I wrong.
do you mind if i PM you?
"Believe nothing you hear and half of what you see." Proverb
  • #12,998
  • Aug 22, 2008 3:02pm Aug 22, 2008 3:02pm
Quoting fxgrinder
do you mind if i PM you?
Please feel free to PM me, and thank you for your time.
  • #12,999
  • Aug 22, 2008 4:35pm Aug 22, 2008 4:35pm
Quoting unlv_tj
Please feel free to PM me, and thank you for your time.
here's the chart example i couldn't figure out how to put in the PM. :nerd:
Attached Image
"Believe nothing you hear and half of what you see." Proverb
  • #13,000
  • Aug 22, 2008 5:00pm Aug 22, 2008 5:00pm
Hey man,
look at Oanda or interbank, you will be surprised about "pinbars"

Quoting fxgrinder
here's the chart example i couldn't figure out how to put in the PM. :nerd:
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