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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

  • #20,261
  • Edited 8:00pm Feb 2, 2009 7:38pm | Edited 8:00pm
hello josh and welcome to the thread.

be careful with your bar formations. its a common mistake for new folks.

bar 1 is not a pin bar but an outside bar and a strange one at that. to have been a pin bar its high would have needed to be within the prior bar.

bar 2 is simply an inside bar. it has a pin bar look to it but its not even close to being a true pin bar.

your highlighted bar is a pin bar and was a decent one in my opinion simply because oif where it formed. as jarroo said it went exactly where you would have suspected.

you will be much better served to get off of anything shorter than daily while learning.

jim

Quoting Jduester
Yeah, I really liked this trade. I am not following when you say that the Pinbar was too small relative to other Pinbar lows that didn't work. Looking at the 8 hour chart, I only see a few pinbars in the last 5 days or so... Or are you looking further back than that? It looks like it's a swing low, O/C inside previous bar, nose protrudes 0.72 below prior bar low.

Now, if we look at confluence. All I had was that it failed to break through 113.00 after being able to do so two weeks ago. I would think we should need more than that. So if that's...
  • #20,262
  • Feb 2, 2009 7:40pm Feb 2, 2009 7:40pm
Quoting raczekfx




Teach a man to fish, as they say......
got to love how this stuff repeats all the time. just got to be willing to put in the time & work.
  • #20,263
  • Feb 2, 2009 7:52pm Feb 2, 2009 7:52pm
ground control to major tom. over....over...

lol.

you guys are making me do a double take. am i missing something?

jim



Quoting james16
hello josh and welcome to the thread.

be careful with your bar formations. its a common mistake for new folks.

bar 1 is not a pin bar but an outside bar. to have been a pin bar its high would have needed to be within the prior bar.

bar 2 is simply an inside bar. it has a pin bar look to it but its not even close to being a true pin bar.

your highlighted bar is a pin bar and was a decent one in my opinion simply because oif where it formed. as jarroo said it went exactly where you would have suspected.

you will be much better served to...
  • #20,264
  • Feb 2, 2009 8:02pm Feb 2, 2009 8:02pm
Quoting james16
hello josh and welcome to the thread.

be careful with your bar formations. its a common mistake for new folks.

bar 1 is not a pin bar but an outside bar. to have been a pin bar its high would have needed to be within the prior bar.

bar 2 is simply an inside bar. it has a pin bar look to it but its not even close to being a true pin bar.

your highlighted bar is a pin bar and was a decent one in my opinion simply because oif where it formed. as jarroo said it went exactly where you would have suspected.

you will be much better served to...
Josh and I were just talking about the 8 hour Pin bar that I took in real time earlier today.

Yes my mistake. That's an outside bar alright. And that outside bar it surely lying, just like pinocchio. lol
Indicators show the past. Price Action "Indicates" the future.
  • #20,265
  • Feb 2, 2009 8:09pm Feb 2, 2009 8:09pm
thats what i thought. nice trade too, right where you were expecting.

those long nosed looking "pins" get a lot of people if they dont look closely. they have gotten me before. this one almost did until i clicked his chart and looked closely.

its a good habit to get into. just a mental checklist that doesnt take 3 seconds and it can often save your rear end.

jim

Quoting jarroo
Josh and I were just talking about the 8 hour Pin bar that I took in real time earlier today.

Yes my mistake. That's an outside bar alright. And that outside bar it surely lying, just like pinocchio. lol
  • #20,266
  • Feb 2, 2009 8:28pm Feb 2, 2009 8:28pm
Quoting james16
thats what i thought. nice trade too, right where you were expecting.

those long nosed looking "pins" get a lot of people if they dont look closely. they have gotten me before. this one almost did until i clicked his chart and looked closely.

its a good habit to get into. just a mental checklist that doesnt take 3 seconds and it can often save your rear end.

jim
Important point about learning, studying and pracising on the Daily. That's where it came together for me. I firgured the 8 hour time frame had more weight then say the 15min or 30min chart. lol

Thanks Jim
Indicators show the past. Price Action "Indicates" the future.
  • #20,267
  • Feb 2, 2009 8:36pm Feb 2, 2009 8:36pm
Quoting james16
jim
Jim,

Whats your thoughts on the EUR/AUD now? I seem to remember you posting a little while back on it..

It broke that box(if my memory serves me correct) to the upside, and then came back to test the break, actually gave me a 8hr BUOB on one of my feeds(attached).

Inspired by Mikes recent guest video's, it would've been a nice breakout/pullback trade haha, but alas, there's always next time.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud.JPG Size: 46 KB
  • #20,268
  • Feb 2, 2009 9:21pm Feb 2, 2009 9:21pm
Quoting james16
hello josh and welcome to the thread.

be careful with your bar formations. its a common mistake for new folks.

bar 1 is not a pin bar but an outside bar and a strange one at that. to have been a pin bar its high would have needed to be within the prior bar.

bar 2 is simply an inside bar. it has a pin bar look to it but its not even close to being a true pin bar.

your highlighted bar is a pin bar and was a decent one in my opinion simply because oif where it formed. as jarroo said it went exactly where you would have suspected.

you will...

Hi, James,

Quick question, can we use proxy eye in this case? I mean use the 2nd candle left to Bar 1 as the left eye?

Thx
  • #20,269
  • Feb 2, 2009 9:25pm Feb 2, 2009 9:25pm
Thanks Jim and Jarroo for pointing those out. Through what I've read thus far, this is what I have for determining the definition of a pinbar. Any other bar is simply a bar that has it's O/C in the top 1/3 of it's range.

Assume bullish pinbar.
Pinbar Criteria
1. O/C in the top 1/3 of its bar range.
2. The O/C is within the previous bar range.
3. The low of the bar protrudes below the previous bar (the more it protrudes, the better).
4. The bar forms at a swing low, thus after we have had lower highs and lower lows.
5. The high of the bar is within the prior bars range.

Correct me if I'm wrong, but all these conditions must be met to be considered a bullish pinbar. Once we have these conditions met, we need to also confirm location:

Location Criteria
1. Must be at a swing low (reinforcing #4 above). We cannot have congestion above pinbar unless we are expecting to take profit before that point (ie- we must have a decent r:r to do this, assuming the risk is the range of the pinbar, which would assume we use a stop loss below the low of the pinbar and we wait for a breakout for the entry).

2. We must have confluence under the pinbar. This could be represented by FIB lines, S/R (which I've come to understand as PPZ) lines, trendlines, and possibly round numbers.

Once the pinbar criteria are met and the location criteria are met, we can look to enter a trade, using proper account risk, and proper money management.

Please correct me if any of the above is wrong. Using the above criteria, bars 1 and 2 from the chart below would not work, while todays would be a questionable call as far as location with little/no confluence.

Another question I have is how picky are you guys as far as location of O/C within the bar. Would you consider #3 a pinbar? It meets pinbar criteria 2-5, but not #1... just wondering if you guys literally figure out 1/3 or if you just 'eye' it up...

Thanks again guys. It's fun to learn the right way to trade. I've been trading for a few years now, somewhat successfully. I traded forex forwards for a futures fund but didn't have to make any trading decisions. And PA is new to me.

Josh
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY 020209_4.GIF Size: 38 KB
  • #20,270
  • Feb 2, 2009 9:49pm Feb 2, 2009 9:49pm
Josh,
# 3 is indecision candle. Yes thanks Jims for great lession in and out bar.


Quoting Jduester
Thanks Jim and Jarroo for pointing those out....
Attached File(s)
File Type: pdf price action.pdf   45 KB | 1,771 downloads
  • #20,271
  • Feb 2, 2009 11:59pm Feb 2, 2009 11:59pm
Hi Rac,

If you see good set up on 6pairs all look good, will you take them all? how many % account do you allow in one time?

Thanks

Quoting raczekfx
there is a slight problem with this for new guys.

In the past I was involved with a group of new traders and when such setups (A setups) occurred on 6 pairs (it happens quite often), 8 of them lost their small accounts in a day....
Two of the survivor picked the best looking setup and used 5%. The rest felt so confident, they took all setups with about 5% each. Nothing goes straight up, so you can imagine what happened on the first retrace when when initial stops were not moved yet...
I haven't met one new trader yet, who would understand...
  • #20,272
  • Feb 3, 2009 12:54am Feb 3, 2009 12:54am
Hi,

Looking at this thread for some time now, like it a lot.
I trade with s/r mostly and enjoy the focus here on pin bars, price action and inside bars with confluence on s/r.
Learning good things here. The issues I missed in trading.

attached are the new 4H pin bars in e/u and e/j.
If you look, there are more as PA in the last 4H was good but these are looking good.

Tell me if I'm wrong here or totally of beat, but it looks good to short, mainly as it is with the trend and bounce of resistance at round numbers.

appreciate any comment...
Have great pips
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu.gif Size: 25 KB
Click to Enlarge Name: ej.gif Size: 25 KB
  • #20,273
  • Feb 3, 2009 5:12am Feb 3, 2009 5:12am
Quoting ady27
Hi,

...attached are the new 4H pin bars in e/u and e/j.
If you look, there are more as PA in the last 4H was good but these are looking good.

Tell me if I'm wrong here or totally of beat, but it looks good to short, mainly as it is with the trend and bounce of resistance at round numbers.

appreciate any comment...
Have great pips
My take on this pinbar is that it is in a poor location because it isn't after a swing low. It's in a traffic area, with the last 3 bars trading in the 1.2850 range. I do like that it hasn't been able to break through PPZ at 1.29.

I personally am not trading on the 4 hour, but if you look at this 8 hour chart, pin 1 is a better position for a pinbar (swing high), but the pinbar nose doesn't stick out enough. So no trade for me.

Josh
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 020309.GIF Size: 43 KB
  • #20,274
  • Feb 3, 2009 5:20am Feb 3, 2009 5:20am
Quoting AlexWong76
Josh,
# 3 is indecision candle. Yes thanks Jims for great lession in and out bar.
That's what I thought too. No pinbar. Thanks.

Yes, Jim, thanks for this great forum. It truly is a perfect, honest place to learn from great traders who really have the newbie's best interests in mind.

Now, back to page 415!

Josh
  • #20,275
  • Feb 3, 2009 5:28am Feb 3, 2009 5:28am
Hi all,
I saw a PB on the chfjpy pair and I am catching it smoothly.I entered long at 77.11 which was the high of the pin bar.Trading five minilot and am up almost 20 pips.what more do I want than a working trading setup with minimal risk.

I sported bullish divergence as well on my stochastic and some killer confluences like the daily pivot and 50% fib retracement.

Thanks all and to my incredible master am sharing a piece of your cake.
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy.jpg Size: 153 KB
  • #20,276
  • Feb 3, 2009 5:38am Feb 3, 2009 5:38am
Quoting jarroo
Once installed. Add "periodcon" to your chart. Go to "inputs", there go to "Period Multiplier". If your on the 4 hour you would input "2" for the 8 hour chart. or "3" for the 12 hour chart , "4" for the 16 hour chart and so on.

Next:
Go to "File" and click "Open Offline" . Pick your time frame and pair you convertered and Click "Open". Then just add your template. Done.


Jim
Is it possible to watch these 8H charts online on MT4 or you need to open them offline each time

Thanks
Hari
  • #20,277
  • Feb 3, 2009 5:41am Feb 3, 2009 5:41am
Quoting yetibol
Hi all,
I saw a PB on the chfjpy pair and I am catching it smoothly.I entered long at 77.11 which was the high of the pin bar.Trading five minilot and am up almost 20 pips.what more do I want than a working trading setup with minimal risk.

I sported bullish divergence as well on my stochastic and some killer confluences like the daily pivot and 50% fib retracement.

Thanks all and to my incredible master am sharing a piece of your cake.
My personal oppinion is that you're a bit greedy trying to trade on H1, there's too much trafic and not enough space, but it should do for 30 40 Pips maby if the range trading continues.
I'd wait for a breakout of this range. Should be safe and profitable.

Amis
simple....
  • #20,278
  • Feb 3, 2009 6:04am Feb 3, 2009 6:04am
Hi Amis,
Thanks for your comment, may I know what you are looking at for breakout as I have profited on this trade already, so kindly share where you are looking at for the breakout.

Quoting Airmos
My personal oppinion is that you're a bit greedy trying to trade on H1, there's too much trafic and not enough space, but it should do for 30 40 Pips maby if the range trading continues.
I'd wait for a breakout of this range. Should be safe and profitable.

Amis
  • #20,279
  • Feb 3, 2009 6:20am Feb 3, 2009 6:20am
Good afternoon, all.
Could anybody throw a little light upon a question regarding PinBar formation for me?
The question being; is the rule (on the PDF of bar shapes) which states that, on a bearish PinBar the PB close MUST be lower than the PB open, a definitive rule? I'm a little confused, because I've noticed on several occasions folk discussing entering on a PB when this hasn't been the case.
Thanks.
  • #20,280
  • Feb 3, 2009 6:57am Feb 3, 2009 6:57am
Quoting yetibol
Hi Amis,
Thanks for your comment, may I know what you are looking at for breakout as I have profited on this trade already, so kindly share where you are looking at for the breakout.
Hey yetibol,

How many pips did ya take out? ;]
It's ranging and If we're looking for a breakout then we should presume that the range Top and Bottom are the Ranges limits, if one is broken and you get a confirmation on the new move, that would be a valid breakout.

Personally I dont trade that pair, but a breakout is a breakout it works on any pair(well for me it does) so it should work for you too.

Btw Gratz on that trade.

Amis
simple....
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