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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

  • #15,321
  • Nov 14, 2008 3:43am Nov 14, 2008 3:43am
Quoting bundyraider
I like that one.
Thanks bundy. I thought you'd might like that one.
Indicators show the past. Price Action "Indicates" the future.
  • #15,322
  • Nov 14, 2008 4:15am Nov 14, 2008 4:15am
Quoting jarroo
Maybe one reason, area in green (1.1800 area) may (or will) cause some problems. If the Pin breaks.

It's a great find Jarroo!!! the location is perfect plus there is a quite a bit of divergence within that rising wedge, definitely an A+ trade....but look at the trend...
I believe . . .
  • #15,323
  • Nov 14, 2008 4:20am Nov 14, 2008 4:20am
Quoting ghous
It's a great find Jarroo!!! the location is perfect plus there is a quite a bit of divergence within that rising wedge, definitely an A+ trade....but look at the trend...
Position yourself wisely my friend. lol. The Pin may never break.
Indicators show the past. Price Action "Indicates" the future.
  • #15,324
  • Nov 14, 2008 4:32am Nov 14, 2008 4:32am
Quoting jarroo
Position yourself wisely my friend. lol. The Pin may never break.
I am trying to experiment other ways of entering into a pin bar trade, ofcaorse amongst the differnet methods Jim uses.

Only yesterday i was watching a Eur/chf pin bar with ppz confluence, I saw retracment inside the pin bar (61.8 fib ret at just abt 1.45) and concluded that the area of 1.45 (the short magenta line segment on the chart) should be a key area to look for a trade fine tuned through a lower tf based PA. another reason i gave was that the left eye of the pin had a high at almost 1.45. I was watching it all the time and the setup failed, the bar next to the pin bar retraced more than 200% into the pin bar (lol!). Ofacorse there was nothing so special abt the setup failing but i just want to know was I on the right lines?? Meaning that when i was anticipating that the price should hold around 1.45 due to all the reasons mentiond above was i wrong?

here is the chart:
Attached Image (click to enlarge)
Click to Enlarge Name: eurchf.gif Size: 12 KB
I believe . . .
  • #15,325
  • Nov 14, 2008 4:37am Nov 14, 2008 4:37am
Quoting ghous
I am trying to experiment other ways of entering into a pin bar trade, ofcaorse amongst the differnet methods Jim uses.

Only yesterday i was watching a Eur/chf pin bar with ppz confluence, I saw retracment inside the pin bar (61.8 fib ret at just abt 1.45) and concluded that the area of 1.45 (the short magenta line segment on the chart) should be a key area to look for a trade fine tuned through a lower tf based PA. another reason i gave was that the left eye of the pin had a high at almost 1.45. I was watching it all the time and the setup failed,...

Now the Usd/chf looks to be in a similiar state. The price has retraced as much as 50% into the Pin bar is almost touching the price level that serves as the high of the left eye and plus it's an important ppz too i.e at 1.19. Can i consider this good enough given the divergence and the rising wedge pattern formation?

earlier i have always waited for the break of the pin but i would really like to master the skill of using these advanced entry techniques from my trading tool box. One thing i know off is that takinf trades of retrcaments are obviosuly much more aggressive and risky and perhaps the eur/chf pin bar i discussed in the qouted post was a weaker one as compared to this Usd/chf daily pin bar. The question then is can i consider an early entry given the setup is so solid??

Regards,
Ghous.
I believe . . .
  • #15,326
  • Edited 5:08am Nov 14, 2008 4:49am | Edited 5:08am
Quoting ghous
Now the Usd/chf looks to be in a similiar state. The price has retraced as much as 50% into the Pin bar is almost touching the price level that serves as the high of the left eye and plus it's an important ppz too i.e at 1.19. Can i consider this good enough given the divergence and the rising wedge pattern formation?

earlier i have always waited for the break of the pin but i would really like to master the skill of using these advanced entry techniques from my trading tool box. One thing i know off is that takinf trades of retrcaments are obviosuly...
ghous, I like your analysis of looking for confluences to line up to give you a strong entry. It's very good. But as you said, it is an agressive and risky approach to entering a PA set-up before the break.

The key is the break of any given Price Action set-up.

As your Eur/Chf chart shows, it saved you a loss waiting for the break that never happened.
Indicators show the past. Price Action "Indicates" the future.
  • #15,327
  • Nov 14, 2008 4:54am Nov 14, 2008 4:54am
Quoting jarroo
ghous, I like your analysis of looking for confluences to line up to give you a strong entry. It's very good. But as you said, it is an agressive and risky approach to entering a PA set-up before the break.

The key is the break of any given Price Action set-up.

As your Eur/Chf chart shows, it save you a loss waiting for the break that never happened.
Ok i get the point, thankyou

Regards,
Ghous.
I believe . . .
  • #15,328
  • Nov 14, 2008 5:02am Nov 14, 2008 5:02am
Quoting ghous
I am trying to experiment other ways of entering into a pin bar trade, ofcaorse amongst the differnet methods Jim uses.

Only yesterday i was watching a Eur/chf pin bar with ppz confluence, I saw retracment inside the pin bar (61.8 fib ret at just abt 1.45) and concluded that the area of 1.45 (the short magenta line segment on the chart) should be a key area to look for a trade fine tuned through a lower tf based PA. another reason i gave was that the left eye of the pin had a high at almost 1.45. I was watching it all the time and the setup failed,...
Ghous mate, your focusing way too tight. Zoom out!
That pin is a bad choice.

My first guess is your trying to tighten up your entries to compensate for your account size. ...Makes it very hard to make correct judgements. Been there, done that!

And playing Pin bar retraces. It's got to be an awesome set up first. They are rare!
Bundy's status today: "Waiting..."
  • #15,329
  • Nov 14, 2008 5:05am Nov 14, 2008 5:05am
Quoting ghous
Ok i get the point, thankyou

Regards,
Ghous.
Being aggressive does pay off at times.

But I like what bundy just posted better.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #15,330
  • Nov 14, 2008 5:06am Nov 14, 2008 5:06am
Quoting ghous
I am trying to experiment other ways of entering into a pin bar trade, ofcaorse amongst the differnet methods Jim uses.

Only yesterday i was watching a Eur/chf pin bar with ppz confluence, I saw retracment inside the pin bar (61.8 fib ret at just abt 1.45) and concluded that the area of 1.45 (the short magenta line segment on the chart) should be a key area to look for a trade fine tuned through a lower tf based PA. another reason i gave was that the left eye of the pin had a high at almost 1.45. I was watching it all the time and the setup failed,...
Hey Ghous,
I think, 61,8 is to much for a PB. For me, your eurchf example was not a PB, it was more a neutral bar. As for a PB you want to see the open and close in about the 1/3 of the bar what would mean the retracement in about 38.2-50.0, not 61.8.
Some time ago I was trying to look for retracements, too. I gave up and let a PB be a PB and trade the break of it. In my opinion, the more reliable setup for the retracement is the outside bar.
Keep your thoughts coming, Ghous. Have a nice one.
kpt
  • #15,331
  • Nov 14, 2008 5:21am Nov 14, 2008 5:21am
Please I need help. I am a newbie in forex of about three months old. I need some expert mentoring and advice from you. Please help me. I know all the terminolgies but I am not good when it comes to practical trading, so please I want you to carry me along. My name is Emmanuel Umoren. my email ID is [email protected], and my yahoo messenger ID is spinto2vip4. Thanks a lot.
  • #15,332
  • Nov 14, 2008 5:27am Nov 14, 2008 5:27am
Quoting Emmanuel1330
Please I need help. I am a newbie in forex of about three months old. I need some expert mentoring and advice from you. Please help me. I know all the terminolgies but I am not good when it comes to practical trading, so please I want you to carry me along. My name is Emmanuel Umoren. my email ID is [email protected], and my yahoo messenger ID is spinto2vip4. Thanks a lot.
I would explore Rookie Discussion Thread here:
http://www.forexfactory.com/forumdisplay.php?f=56

I check it out all the time. It's where I found this thread:
http://www.forexfactory.com/showthread.php?t=56907
Indicators show the past. Price Action "Indicates" the future.
  • #15,333
  • Nov 14, 2008 5:36am Nov 14, 2008 5:36am
Quoting kptMisiu
Hey Ghous,
I think, 61,8 is to much for a PB. For me, your eurchf example was not a PB, it was more a neutral bar. As for a PB you want to see the open and close in about the 1/3 of the bar what would mean the retracement in about 38.2-50.0, not 61.8.
Some time ago I was trying to look for retracements, too. I gave up and let a PB be a PB and trade the break of it. In my opinion, the more reliable setup for the retracement is the outside bar.
Keep your thoughts coming, Ghous. Have a nice one.
kpt
I agree. And DBLHC & DBHLC bars.

Pin bars can be played at a retrace. Usually to the eye level. You certainly need to have a good feel for which ones though. And if you can't be profitable trading the break then there's no point moving on to retraces at all.
Bundy's status today: "Waiting..."
  • #15,334
  • Nov 14, 2008 5:37am Nov 14, 2008 5:37am
Quoting bundyraider
Ghous mate, your focusing way too tight. Zoom out!
That pin is a bad choice.

My first guess is your trying to tighten up your entries to compensate for your account size. ...Makes it very hard to make correct judgements. Been there, done that!

And playing Pin bar retraces. It's got to be an awesome set up first. They are rare!

HAHA rightly said bundy, maybe i am just making it too much technical and compliacted, for now i'll just stick to the break of the PA setup strategy. Thankyou Jarroo, kpt and Bundy!

Regards,
Ghous.
I believe . . .
  • #15,335
  • Nov 14, 2008 5:43am Nov 14, 2008 5:43am
Quoting Emmanuel1330
Please I need help. I am a newbie in forex of about three months old. I need some expert mentoring and advice from you. Please help me. I know all the terminolgies but I am not good when it comes to practical trading, so please I want you to carry me along. My name is Emmanuel Umoren. my email ID is [email protected], and my yahoo messenger ID is spinto2vip4. Thanks a lot.

Sure Emmanual! feel yourself at home

Go ahead with any and every of your questions. we are all here for you!

Regards,
Ghous.
I believe . . .
  • #15,336
  • Nov 14, 2008 5:46am Nov 14, 2008 5:46am
Quoting bundyraider
I agree. And DBLHC & DBHLC bars.

Pin bars can be played at a retrace. Usually to the eye level. You certainly need to have a good feel for which ones though. And if you can't be profitable trading the break then there's no point moving on to retraces at all.
What i plan to do is to just think i am taking the trades i feel do qualify for the pin bar retrace trades, and over time i think i will have sorted the kind of setups that will work most of the times, in the meantime playing only break of pa setup trades is what i need to do and i am being good at it, it's just that inner feeling of trying out new things that wants me to experiment these different entry ideas

Regards,
Ghous.
I believe . . .
  • #15,337
  • Nov 14, 2008 5:48am Nov 14, 2008 5:48am
Ghous,

Some of your analysis is spot-on, so try and keep it that way without making things over-complicated. I have certainly learned a lot from your posts, some things I did not spot myself. We all want optimum entries but a great saying I saw from a wealthy trader was 'the meat in the middle made me rich' - can't remember the name but the guy had made it big time with this philosophy. Just something to maybe bear in mind,

best wishes,

berti
PA is where its at!!
  • #15,338
  • Nov 14, 2008 8:26am Nov 14, 2008 8:26am
Quoting jarroo
Wow raczek, your on a roll. Nice charts.

BEOB on the 8 hour Usd/Chf.

Jim
Thanks Jim.

I was 'pushed' out of my FT career due to 'restructuring' (friends hiring friends), so I will need to pay my bills from trading for a while...

R.
  • #15,339
  • Nov 14, 2008 8:40am Nov 14, 2008 8:40am
Quoting bertie123
Ghous,

Some of your analysis is spot-on, so try and keep it that way without making things over-complicated. I have certainly learned a lot from your posts, some things I did not spot myself. We all want optimum entries but a great saying I saw from a wealthy trader was 'the meat in the middle made me rich' - can't remember the name but the guy had made it big time with this philosophy. Just something to maybe bear in mind,

best wishes,

berti
thanks for the heads up Bertie.

Regards,
Ghous.
I believe . . .
  • #15,340
  • Nov 14, 2008 8:51am Nov 14, 2008 8:51am
Here is a 1H setup I'm eyeballing currently:

Attached Image


What i see here is a pin bar that bounced off of the 50% ret from the previous swing it closed above the daily pivot and 38% ret and the price has found support from this are many times before(not shown on chart)

BTW yesterday formed a BUOB in the daily chart, wich gives more confidence on this one.

Only thing that conserns me is that the pin itself is not the best looking.

If the high of the pin is broken I might consider an entry but only after a ret back to around the 50% of the pin. But it is close to weekend and still some news coming out today so maybe it is not that good idea.

Whats the take on this one from the more experienced folk?
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