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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

  • #20,281
  • Feb 3, 2009 6:57am Feb 3, 2009 6:57am
Quoting ady27
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...
Hi everybody,

I've been down and out recently with some pretty bad flu and as Mike once said, "It really has bit me in the ass"

Anyways Ady, I am actually glad you came up with the 2 setups, because they do tend to jump out at you specially if you've been recetnly looking for Pin bars.

I have absolutely no dought that both come nicely at a good location in terms of a bounce at a region we should have expected to possibly hold.

The first 2 charts show why these Pbs may so easily have appealed to anyone...

The next 2 show why the Pin bars were not located ideally, meaning that although the Pin bars were located where they should have been they did'nt have the space that we so eagerly look for when spotting A+ setups.

Note how each of the 2 pin bars had some immidiate lows to the left to tackle with and then soon after quite a few more barriers i.e the 1.28 round number on the Eu and the lows and highs of previous consolidation on the Ej.

Besdies A good trained eye should also have noticed that the Nose does'nt protrude away from the bars to it's left, i.e giving the impression of an ongoing consolidation.

Regards,
Ghous.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ej 4h.gif Size: 14 KB
Click to Enlarge Name: eu 4h.gif Size: 15 KB
Click to Enlarge Name: ej.gif Size: 13 KB
Click to Enlarge Name: eu.gif Size: 12 KB
I believe . . .
  • #20,282
  • Feb 3, 2009 6:58am Feb 3, 2009 6:58am
Quoting Interceptor
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.
I seem to have come across this question a few times in the first few hundred pages of this thread. My understanding (limited so far), is that it does Not matter if the O>C or C>O. What is important are the things I listed a few pages back... I haven't had any replies/discussion on the list I made, which leads me to believe I might be getting the hang of finding a good pinbar!

Josh
  • #20,283
  • Feb 3, 2009 7:02am Feb 3, 2009 7:02am
Quoting Interceptor
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.
Hey Intercerptor,

Well for starters it wouldnt be a bearish Bar if it closed above the open, would it. It's a thread with many people and most of them are begginers that's why you can see a lot of trades that people want to get into, even if they dont correspond to the rules.

Amis
simple....
  • #20,284
  • Feb 3, 2009 7:06am Feb 3, 2009 7:06am
Quoting Airmos
Hey Intercerptor,

Well for starters it wouldnt be a bearish Bar if it closed above the open, would it. It's a thread with many people and most of them are begginers that's why you can see a lot of trades that people want to get into, even if they dont correspond to the rules.

Amis
So is it criteria that we must have O>C for a bearish pinbar and O<C for a bullish pinbar?

I don't mean to mislead anyone, as I am one of the many newbies... but I would like to learn correctly.
  • #20,285
  • Feb 3, 2009 7:09am Feb 3, 2009 7:09am
Hi Guys

Curently rereading Mark Douglas and 'trading in the Zone'(if only!). One point that keeps coming back to me is that 'the market is neutral, it merely provides a flow of information' - this is so true! The market does not make trading decisions, we do as traders. As he goes on to say it's all about being disciplined and taking responsibility. Easier said than done I know but worth the struggle IMHO.
PA is where its at!!
  • #20,286
  • Feb 3, 2009 7:10am Feb 3, 2009 7:10am
Thanks for your help.
I couldn't help noticing though, that in Ghous' charts(above) the term 'PinBar' was applied to bars without the necessary Close position.
Therefore, not strictly PinBars?
Confused!
  • #20,287
  • Feb 3, 2009 7:10am Feb 3, 2009 7:10am
Quoting Interceptor
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.
Hi Interceptor,

For a pin bar to be valid the open and close must be very close to each other i.e the bar should have a very tiny body. although the open and close don't need to be stacked up in the direction where you expect price to break, when they do it just gives more weight to the shape that's all.

The logic is simple.

when everything goes right with a pin bar in terms of location, the nose and the body the actual close of the Pin bar becomes less relevant (as it has to be more a matter of a "few pips here and there" than anything else) thus making the Pb tradable.

Regards,
Ghous.
I believe . . .
  • #20,288
  • Feb 3, 2009 7:11am Feb 3, 2009 7:11am
Quoting ghous
Hi everybody,

I've been down and out recently with some pretty bad flu and as Mike once said, "It really has bit me in the ass"

Anyways Ady, I am actually glad you came up with the 2 setups............

I have absolutely no dought that both come nicely at a good location in terms of a bounce at a region we should have expected to possibly hold.
..........................
thanks for the attention... learned some more
  • #20,289
  • Edited 7:24am Feb 3, 2009 7:14am | Edited 7:24am
Quoting Jduester
So is it criteria that we must have O>C for a bearish pinbar and O<C for a bullish pinbar?
Hello Jduester, no that is not a criterion (although it is a stronger PB). opening and closing should be within previous bar range, the nose should be large enough, i.e stand out, the location should be right, if there is more confluence even better.
  • #20,290
  • Feb 3, 2009 7:14am Feb 3, 2009 7:14am
Quoting Jduester
So is it criteria that we must have O>C for a bearish pinbar and O<C for a bullish pinbar?

I don't mean to mislead anyone, as I am one of the many newbies... but I would like to learn correctly.
Yes Josh,

It's an ideal characterstic of a perfect Pin bar

The point is you often getem' at A+++ Locations and the shape being good (except the open and close stacked up in the correct order) they end up being taken and correctly so, cuz to sum it all up..."LOCATION IS FAR FAR FAR MORE IMPORTANT THAN THE SHAPE OF THE PIN BAR"

Regards,
Ghous.
I believe . . .
  • #20,291
  • Feb 3, 2009 7:20am Feb 3, 2009 7:20am
Quoting ghous
Yes Josh,

It's an ideal characterstic of a perfect Pin bar

The point is you often getem' at A+++ Locations and the shape being good (except the open and close stacked up in the correct order) they end up being taken and correctly so, cuz to sum it all up..."LOCATION IS FAR FAR FAR MORE IMPORTANT THAN THE SHAPE OF THE PIN BAR"

Regards,
Ghous.
Thanks Ghous and Sertio. That clears a lot up.

Did you find anything wrong/missing with my prior post? I'm hoping I can use this post as a basic checklist.

http://www.forexfactory.com/showpost...ostcount=20270

Josh
  • #20,292
  • Feb 3, 2009 7:21am Feb 3, 2009 7:21am
Quoting Jduester
So is it criteria that we must have O>C for a bearish pinbar and O<C for a bullish pinbar?

I don't mean to mislead anyone, as I am one of the many newbies... but I would like to learn correctly.

BULLISH O<C ; BEARISH O>C . Still on reversals you can see a bullish PB at the TOP and a Bearish PB at the BOTTOM or vice versa.

Amis
simple....
  • #20,293
  • Feb 3, 2009 7:26am Feb 3, 2009 7:26am
Quoting Jduester
Thanks Ghous and Sertio. That clears a lot up.

Did you find anything wrong/missing with my prior post? I'm hoping I can use this post as a basic checklist.

http://www.forexfactory.com/showpost...ostcount=20270

Josh
The checklist's well made Josh,

When you're willing tp succeed your efforts display it

Welldone!

Regards,
Ghous.
I believe . . .
  • #20,294
  • Feb 3, 2009 7:28am Feb 3, 2009 7:28am
Quoting ghous
Hi Interceptor,

For a pin bar to be valid the open and close must be very close to each other i.e the bar should have a very tiny body. although the open and close don't need to be stacked up in the direction where you expect price to break, when they do it just gives more weight to the shape that's all.

The logic is simple.

when everything goes right with a pin bar in terms of location, the nose and the body the actual close of the Pin bar becomes less relevant (as it has to be more a matter of a "few pips here and there" than anything...
Excellent. Thanks for that.
  • #20,295
  • Feb 3, 2009 7:32am Feb 3, 2009 7:32am
Thanks! I explained this thread to my wife as a textbook, a 1300 page textbook (well more pages actually). There is so much to learn, but I have already learned so much too...Good stuff.
Glad I finally found this thread. And per James16's continued suggestion, I will only be looking at daily/weekly/monthly charts for a while now, where the PA occur less often, but are more reliable, which is the goal anyway.

Josh
  • #20,296
  • Feb 3, 2009 7:43am Feb 3, 2009 7:43am
HeY Jdster

You are going the right way in looking to the higher TF's man. You WILL spot the good setups after a while, the diificult part is the................waiting. If you have the discipline and patience to wait for the best setups your chance of success will increase dramatically! IMHO patience and discipline are more important than technical analysis. BTW I am still grappling with these two essential skills!

berti
PA is where its at!!
  • #20,297
  • Feb 3, 2009 8:12am Feb 3, 2009 8:12am
So far in the thread, I've encountered 3 types of James16 PA. From what I gather, I get the impression that some types are more risky (lower success rate) than others. This is what I have found (not from experience, but from what the beginning of this thread has suggested).

I am assuming each meets all criteria, both bar(s) and location, so failure of the trade is only because failure happens sometimes.

Least risky - pinbar. Entering on the break.

Second - BUOB/BEOB. Entering on the break.

Risky - Inside bar. Entering on a break (either direction). I have read that you can use prior PA to favor a breakout in one direction and only play the inside bar in that direction.

I'll of course be checking this out for myself, but that is what I have found so far. I've really only been training for the pinbar so far too... but I wonder if when I look at a chart if I should be trying to look for all three at the same time... or if it's easier for a newbie to only look for one at a time.

Maybe it's best to go through each chart once - looking for pinbars. Then go through it again, looking for BUOB/BEOB. Then again for Inside bars...

Will keep thinking on this one.
  • #20,298
  • Feb 3, 2009 8:14am Feb 3, 2009 8:14am
Quoting scarlet
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
No,
I'd most likely pick the two fastest pairs with the larger daily range and the best potential. Risk would be split between the two.

btw.
we just had breakout on fiber 4hr tf. If it works out 1.3030 is my first tp. If it could pull my e/j to 116.70, I'd also be happy
  • #20,299
  • Feb 3, 2009 8:20am Feb 3, 2009 8:20am
Quoting Jduester
So far in the thread, I've encountered 3 types of James16 PA....
From what I gather only the pins are being traded by most in this thread lately. The other ones seem to be used more so as support for the pin trade, and what you can expect to happen. These other ones used in prior readings will give a more telling picture of the pin you are looking to trade. I wish I could answer how exactly, but I don't want to give false information.
  • #20,300
  • Feb 3, 2009 8:55am Feb 3, 2009 8:55am
Quoting Jduester
So far in the thread, I've encountered 3 types of James16 PA....

How could I forget TBL and TBH! Not sure where these fit in the risk factor... I do know that they can also be a DBLHC and DBHLC...

In the near future, I will work to put together parameters for all of the above similar to what I did with the pinbar parameters.
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