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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

  • #13,141
  • Aug 26, 2008 2:33pm Aug 26, 2008 2:33pm
Gbp/chf
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  • #13,142
  • Aug 26, 2008 3:10pm Aug 26, 2008 3:10pm
thoughts on playing this pin bar as a continuation of the short trend ... is traffic an issue here?
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"Believe nothing you hear and half of what you see." Proverb
  • #13,143
  • Aug 26, 2008 3:27pm Aug 26, 2008 3:27pm
These good looking Pins just nose dived on EJ. Are Pins working as before? Have the Brokers cracked the Pin code and go on stop hunting as they know everyone is thinking and doing the same thing!!!
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Find an Edge. Only way to succeed in this business.
  • #13,144
  • Aug 26, 2008 3:39pm Aug 26, 2008 3:39pm
Quoting jattputt
These good looking Pins just nose dived on EJ. Are Pins working as before? Have the Brokers cracked the Pin code and go on stop hunting as they know everyone is thinking and doing the same thing!!!

lol no. But that did get a smile from me

Pin one on your chart never broke the high, a pin is not valid till the high breaks. Great long nose, my order never triggered, if you played it on the retrace then you took a loss

Pin two was in traffic with a small nose = no trade

Pin 3 in even more traffic, and again not a long nose protruding away from price = no trade
  • #13,145
  • Aug 26, 2008 3:50pm Aug 26, 2008 3:50pm
Hi Mike

What about this one?

No traffic and nice nose.

cheers


Quoting mbqb11
lol no. But that did get a smile from me

Pin one on your chart never broke the high, a pin is not valid till the high breaks. Great long nose, my order never triggered, if you played it on the retrace then you took a loss

Pin two was in traffic with a small nose = no trade

Pin 3 in even more traffic, and again not a long nose protruding away from price = no trade
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  • #13,146
  • Aug 26, 2008 3:53pm Aug 26, 2008 3:53pm
I'm still holding, look at my weekly that I've posted a few days ago

http://img110.imageshack.us/img110/8619/audnzdpafc4.gif

Quoting fxgrinder
thoughts on playing this pin bar as a continuation of the short trend ... is traffic an issue here?
  • #13,147
  • Aug 26, 2008 4:03pm Aug 26, 2008 4:03pm
Hi Mike, first of all I want to thank you for all your efforts to help us and I really like your comments and looking to learn something from you whenever you post something. However, about the E/J pin bars i have question. I agree with you regarding the first one not being broken, maybe the second one has small nose, but as I see the third one has very nice long nose, it was in location, swing low and after very big drop and has all the space. Why the hell then is it failed? Just simple answer, because it does not have work everytime. By the way I took the pin into my live account, because i thought it was worth the risk. Can you please show a few example where there is no traffic? I ask this question because as I said, I know you are great trader and can learn something from you. By the way I have already watched your video about pin bars three times. Thats why this traffic issue has confussed me, because all I can see was it was after big drop, no sideways markets and created well space. Thanks....

Cheers,
Nuriksari
  • #13,148
  • Aug 26, 2008 4:03pm Aug 26, 2008 4:03pm
Quoting mbqb11
if you played it on the retrace then you took a loss
Thank You sir for your Expert insight into my query. Mostly I was taking PPZ & 365 into consideration and was expecting the pins to respect it.
Find an Edge. Only way to succeed in this business.
  • #13,149
  • Aug 26, 2008 4:04pm Aug 26, 2008 4:04pm
Quoting mbqb11
lol no. But that did get a smile from me

Pin one on your chart never broke the high, a pin is not valid till the high breaks. Great long nose, my order never triggered, if you played it on the retrace then you took a loss

Pin two was in traffic with a small nose = no trade

Pin 3 in even more traffic, and again not a long nose protruding away from price = no trade
Is it possible to update the word or pdf document whith these rules? I never listened about "traffic". I know that James has a pay-site and I understand well why document attached here are so quite poor.
well in Italy we say "to try doesn't hurt"
  • #13,150
  • Aug 26, 2008 4:05pm Aug 26, 2008 4:05pm
Great trade, I'm playing this pb on a break. That ppz at 1.2100 has been either s/r for a long time now. Should be a fun one either way.
Patience + Humility + Study = Success
  • #13,151
  • Aug 26, 2008 4:11pm Aug 26, 2008 4:11pm
Quoting nuriksari
Hi Mike, first of all I want to thank you for all your efforts to help us and I really like your comments and looking to learn something from you whenever you post something. However, about the E/J pin bars i have question. I agree with you regarding the first one not being broken, maybe the second one has small nose, but as I see the third one has very nice long nose, it was in location, swing low and after very big drop and has all the space. Why the hell then is it failed? Just simple answer, because it does not have work everytime. By the way I took the pin into my live account, because i thought it was worth the risk. Can you please show a few example where there is no traffic? I ask this question because as I said, I know you are great trader and can learn something from you. By the way I have already watched your video about pin bars three times. Thats why this traffic issue has confussed me, because all I can see was it was after big drop, no sideways markets and created well space. Thanks....

Cheers,
Nuriksari
Third one didn't fail. I caught some pips at the 163.00ish level.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #13,152
  • Aug 26, 2008 4:20pm Aug 26, 2008 4:20pm
Okay, here is my recent daily chart of USD/CHF. I have still around 3 hours to close the candle, however it looks very nice, long nose, at extreme high pin bar. I am not gonna take it, because it is in TRAFFIC. When you look the bars at the left of the pin, it is sideways movement clearly for a while an price is in the range between 1.1019 and 1.0850. If anybody will play it just play the break first target being around 1.0850. Anyway, all I wanna say is this pin is in traffic, however I still can not see the same thing for EURO/JPY posted earlier. CAN anybody especially MIKE enlighten me please? (this is my first trying to attach a chart, hopefully it appears on the screen)

THANKs ALL of you guys

Nuriksari
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  • #13,153
  • Aug 26, 2008 4:26pm Aug 26, 2008 4:26pm
Jaroo

You obviously have a great talent capturing moves like that.

I only post my examples because I do not think this is as dirt simple as Jim says...other Jim :-)

The only problem for average Joe in taking profits so early is that one full stop out will hit them hard. In this example approx 3 wins would be needed to pay for one stop out if taking profits so early.




Quoting jarroo
Third one didn't fail. I caught some pips at the 163.00ish level.
  • #13,154
  • Aug 26, 2008 4:52pm Aug 26, 2008 4:52pm
Quoting fxprocessor
Jaroo

You obviously have a great talent capturing moves like that.

I only post my examples because I do not think this is as dirt simple as Jim says...other Jim :-)

The only problem for average Joe in taking profits so early is that one full stop out will hit them hard. In this example approx 3 wins would be needed to pay for one stop out if taking profits so early.

You may look into taking profits are support / resistance area's. If you look to get in on S/R why not take some profits at that level too.
Keep taking CT trades, I need more money
  • #13,155
  • Aug 26, 2008 4:54pm Aug 26, 2008 4:54pm
Quoting fxprocessor
Hi Mike

What about this one?

No traffic and nice nose.

cheers

This one did fail but I think a lot of people ignore the trend on PB's. From the past you get lots of PB's that work when the move is sideways, when it's in a trend like this try to find a way to get into the trade WITH the trend on a pullback or a retrace. If you throw up BB set to 18/2 it will help show you the trend.
Keep taking CT trades, I need more money
  • #13,156
  • Aug 26, 2008 5:05pm Aug 26, 2008 5:05pm
Quoting mbqb11
Pin one on your chart never broke the high, a pin is not valid till the high breaks. Great long nose, my order never triggered, if you played it on the retrace then you took a loss

Pin two was in traffic with a small nose = no trade

Pin 3 in even more traffic, and again not a long nose protruding away from price = no trade
i am going to bookmark this post!! very key information here.
"Believe nothing you hear and half of what you see." Proverb
  • #13,157
  • Aug 26, 2008 5:05pm Aug 26, 2008 5:05pm
Quoting fxprocessor
Jaroo

You obviously have a great talent capturing moves like that.

I only post my examples because I do not think this is as dirt simple as Jim says...other Jim :-)

The only problem for average Joe in taking profits so early is that one full stop out will hit them hard. In this example approx 3 wins would be needed to pay for one stop out if taking profits so early.
It is easy to say that driving is simple to someone who dont have driving license when you drive 20 years. Experience could be everything if you do not switch systems every week , so yes .... lets assume that analysing pa setups over & over will bring something good to us someday. As for Nuriksari (i know i'm not mike ;]) , i think that this pb (daily usd/chf) could be sold @ 1.1030 if it get there and secured @ 1.1000 area.
  • #13,158
  • Aug 26, 2008 5:06pm Aug 26, 2008 5:06pm
Quoting nuriksari
Okay, here is my recent daily chart of USD/CHF. I have still around 3 hours to close the candle, however it looks very nice, long nose, at extreme high pin bar. I am not gonna take it, because it is in TRAFFIC. When you look the bars at the left of the pin, it is sideways movement clearly for a while an price is in the range between 1.1019 and 1.0850. If anybody will play it just play the break first target being around 1.0850.
Nuriksari
There is some traffic for sure, but there is a nice 23 fib, PPZ and 365 EMA confluence to make it look a bit more attractive. The R:R on this trade looks good to me- especially if we could get back down to PPZ at 102.50 level and maybe even beyond. That said, I will play a smaller position than usual with the traffic and recent erratic behavior of the dollar.
Kiss'n all the way to the top!
  • #13,159
  • Aug 26, 2008 6:04pm Aug 26, 2008 6:04pm
Guys, what do you think of USD-CHF. Looks like it's gonna (at least) move back into the range (1.0800 - 1.1000).

There is bearish divergence on D1 and H4; there a PN in formation on D1; price bounced off MA365...

It could even (eventually) drop to 1.0560...

Any thoughts?
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One Chart is Worth Ten Thousand Words.
  • #13,160
  • Aug 26, 2008 6:12pm Aug 26, 2008 6:12pm
better to cut your winner short or break even then take a loss. there are lots of trades that break right from the start and do a good move.


Quoting fxprocessor
If you put your stop at break even, on daily charts, every time it moves 70 pips in your favor on a pair like EURJPY (average daily range in excess of 150 pips) you will cut most of your winners dead.

Backtest it as I have to see for yourself.

cheers

FXP
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