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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

  • #3,041
  • Mar 23, 2007 12:10pm Mar 23, 2007 12:10pm
We now have a daily pin bar on GBPUSD at previous resistance. The "nose" is short but the "eyes" are very close.
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  • #3,042
  • Mar 23, 2007 12:43pm Mar 23, 2007 12:43pm
Quoting dingo432
This looks to be just a standard outside bar to me. Nothing special. Would not be playing this one. Are you seeing something???

Cheers

Dingo
I thought it was a bullish outside bar, in looking at it closer, it did not close higher than the previous bar and now I am seeing that bearish outside bar on the weekly... thanks!
  • #3,043
  • Mar 23, 2007 12:45pm Mar 23, 2007 12:45pm
on my feed the nzd setup was one pip off from qualifying as a pin. it did have a good eye by proxy ( pf material) so i took it on the close instead of the conservative way of waiting for a break. it looked to good to pass up. long nose, at resistance among other things. well i got burned and it should say a few things to you new folks to this thread.

i may be experienced but i still do bone headed things. i know the safe way to play these is wait for a break. why? because the bar is not even a confirmed pin until it does. i know soime of you play retracement entries and that is a viable approach, it reduces stop sizes but its not a confirmed pin until it breaks. if you enter before it breaks and it never does its a freakin blown pin.

if i sound irritated i am. i hate losing because i am sooo picky about my entries. i wasnt this time and i choked when i saw it. i tossed around in bed for an hour last night thinking i should not have taken it. i only had 1% at risk but it wasnt exactly 50 bucks. food for thought.

jim



Quoting ademac
Would i be right in saying the there is a quality PIN on the NZD/USD. As it is at a swing high, its open and close are withing a 10 pips and the nose is a good 50 pips long.

There is an IB on the EUR/USD on the upside of the IB i can only really see physiological resistance and a swing high. to the down side i see it in a pivot zone for the first 30 pips and a 61.8 ret.

There is also a IB on the CAD/USD on the upside of the IB the doesn't seem to be much in the way of any areas of confulence. To the down side i have the 365EMA. Also it is smack bang in the the middle of a pivot zone.

Enjoy
Ademac
  • #3,044
  • Mar 23, 2007 1:08pm Mar 23, 2007 1:08pm
geez dingo thanks, you made my day. the best thing for new people is to spend a month or two in this thread and at forex factory in general first before considering joining. a lot of people dont but i think it helps. as dingo says it can be a shock at first.


Quoting dingo432
Can i just interrupt with a quick ramble for you all here on the public side?

I know some of you are already in the PF, thats great, you know where im coming from....for those of you that aren't I pose this to you: You are obviously in this business (and it is a business) so that you can have the lifestyle that you want for you and your family. The PF gives you ALL the information you need to trade like a professional, all you need to do is be willing to sit down and spend the hours reading and learning. THE PF TAKES AWAY THE GUESSWORK OF WILL THIS WORK THIS TIME/AM I GOING DOWN ANOTHER DEAD END WASTING MY TIME, it is so obvious that the stuff WORKS and all the components of a trader are covered....I know James doesn't like to hype his material, and I think this is a good thing as this ensures he gets ppl inside that are seriously commited to learning. THIS ISNT MEANT TO HYPE JAMES STUFF EVERYONE SHOULD BE ABLE TO MAKE AN EDUCATED DECISION WHETHER THEY WANT TO JOIN BUT I THINK THE LEAST US PF MEMBERS CAN DO IS TO GET BEHIND WHAT JIM IS DOING IF WE LIKE IT. AND I DO, 100%. YOU DONT COME ACROSS THIS KIND OF COMMUNITY IN LIFE, IT WAS A SHOCK TO BE HONEST. If I wasnt 100% happy i wouldnt waste my time with this post i would have just paid for a month and left...instead ill be there for my 12months-life... If you are not committed to learning and putting in the effort then the stuff wont work for you, nothing will in fact, period. But all im saying here is that if you want to take all the guesswork out of learning to trade and just get down to business learning something that has been proven by many many traders then GET ON THE TRAIN!!!

Im sorry if this was at all out of place, its just i have had an amazing week this week, where i have been overwhelmed with the support shown and how much i have learnt, everything is just clicking, the big guns are there for me 1 on 1, and its just so exciting hearing about Jims big plans for the forum....

Ive only been a PF member for 1 month but i have been reading 5+ hours a day and I can honestly say it has changed my life, just knowing the direction to take to success is the biggest thing....

ANYWAY CHEERS JAMES AND EVERYONE IN PF

EVERYONE ELSE: COME JOIN THE PARTY

Steve

p.s. James if you feel this is too over the top then ill remove it pronto
  • #3,045
  • Mar 23, 2007 1:08pm Mar 23, 2007 1:08pm
I'm taking this trade. I know my profit target isn't that much but I'll take it anyways. How might a more seasoned trader look at this trade?
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  • #3,046
  • Mar 23, 2007 1:17pm Mar 23, 2007 1:17pm
The most annoying part about the NZDUSD "setup" is that Gold actually did what NZDUSD hinted at - reverse.
Also? As soon as NZDUSD moved 7 pips above the prior high, it just flat out dropped back down to the same level as the prior day's close.
I REALLY am starting to think someone is manipulating this market

Anyway, I haven't posted anything to this thread in ages, mostly because 99% of the last few weeks for me have been terrible, for other reasons than trading as well as looking at the charts. Chop, chop, chop. No real clarity, lots of "out of the blue" moves and fakeouts.

Not nice, but that's the nature of the beast.

Here are some things that went on in Gold, I hope they're recognizable, I have a tendency to clutter my charts a bit(but for a reason usually)
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Trust price. Know yourself.
  • #3,047
  • Mar 23, 2007 1:18pm Mar 23, 2007 1:18pm
if it gets there watch 118.25/35 for resistance. thats when i would get my stop to BE.
Quoting dbeach777
I'm taking this trade. I know my profit target isn't that much but I'll take it anyways. How might a more seasoned trader look at this trade?
  • #3,048
  • Mar 23, 2007 1:48pm Mar 23, 2007 1:48pm
hello everyone,
can someone help me here - i'm going frickin crazy with fib on different platforms...here is a chart from onanda - eur/jpy. DBHLC (so far) - highs are 2 pip difference which i remember still qualifies as a signal on a daily. these highs went just through what i imagine is the 61 fib level. infact the last three sessions have stalled there. looks like a good setup right? check my next post...
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  • #3,049
  • Mar 23, 2007 1:51pm Mar 23, 2007 1:51pm
right,, same chart.
fibbed in the same way....but it looks totally different?
the DBH doesn't look as close here but IG are telling me it's only 3 ticks difference.
since these useless packages don't write on the fib levels i presume that maybe they are different...can anyone shed any light on this?
this could be my first demo trade...i get excited
tom
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  • #3,050
  • Mar 23, 2007 2:02pm Mar 23, 2007 2:02pm
I've got two charts open. ( SBFX and NorthFinance) Both of the fibs look like 78.6%.

quote=the_wizard;252699]right,, same chart.
fibbed in the same way....but it looks totally different?
the DBH doesn't look as close here but IG are telling me it's only 3 ticks difference.
since these useless packages don't write on the fib levels i presume that maybe they are different...can anyone shed any light on this?
this could be my first demo trade...i get excited
tom[/quote]
  • #3,051
  • Mar 23, 2007 2:20pm Mar 23, 2007 2:20pm
Quoting james16
if i sound irritated i am. i hate losing because i am sooo picky about my entries. i wasnt this time and i choked when i saw it. i tossed around in bed for an hour last night thinking i should not have taken it. i only had 1% at risk but it wasnt exactly 50 bucks. food for thought.

jim
Hi James!

Can you please tell us, after all that night thinking, why you shouldn't have taken it. Is it because you should have waited for a break? or is it something else?

I ask you because, it looked like a very nice pin to me. However I didn't take it because the uptrend was so clear I was scared to short it. I know I shouldn't be scared but the las weeks playing PB have not been very nice to me.

Anyway, thanks in advance Big Master!

Todays bar is also looking like a PB, however not a long nose. But it could be a good sign to have two potential PB in a row...
  • #3,052
  • Mar 23, 2007 2:26pm Mar 23, 2007 2:26pm
Quoting Melinni
Hi James!

Can you please tell us, after all that night thinking, why you shouldn't have taken it. Is it because you should have waited for a break? or is it something else?

I ask you because, it looked like a very nice pin to me. However I didn't take it because the uptrend was so clear I was scared to short it. I know I shouldn't be scared but the las weeks playing PB have not been very nice to me.

Anyway, thanks in advance Big Master!
It wasn't quite a pin as James said it was off by a pip. It did have a proxy eye, so it was ok enough to trade. The part that made James lose sleep was not waiting for a break(as he said he usually does).

A pinbar, is not a VALID pinbar until the low is broken.

Enjoy the weekend all,
Mike
  • #3,053
  • Mar 23, 2007 2:51pm Mar 23, 2007 2:51pm
Just a little observation about NZD/USD, it looks like today's bar is going to close out at as a pin bar as well. Ive noticed whenver you get back to back pin bars going the same direction it is usually a very very strong signal. It might be worth shorting a break down of both pins on monday.....
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  • #3,054
  • Mar 23, 2007 3:29pm Mar 23, 2007 3:29pm
I use IG, the fibs you have here are 23.6, 38.2, 50 & 61.8 and if you edit it and change the 23.6 to 78.6 it will nearly match your oanda chart

Hope this helps

HoZe

Quoting the_wizard
right,, same chart.
fibbed in the same way....but it looks totally different?
the DBH doesn't look as close here but IG are telling me it's only 3 ticks difference.
since these useless packages don't write on the fib levels i presume that maybe they are different...can anyone shed any light on this?
this could be my first demo trade...i get excited
tom
  • #3,055
  • Mar 24, 2007 7:31pm Mar 24, 2007 7:31pm
I don't think I've seen a definition of a Pin bar. I've seen parts of the complete definition, but I never have seen all of it.
Can anyone direct me to where I can find it?

Thanks
  • #3,056
  • Mar 24, 2007 8:02pm Mar 24, 2007 8:02pm
Quoting billbss
I don't think I've seen a definition of a Pin bar. I've seen parts of the complete definition, but I never have seen all of it.
Can anyone direct me to where I can find it?

Thanks
Hi Billbss,

Take a look here for where james explains the pin (pinocchio) bar:

http://www.forexfactory.com/showpost...8&postcount=34

Also here are a couple of links to pdf's going into some details of how to play the pin. These are not mine.

http://forexfactory.com/showpost.php...postcount=2783
http://forexfactory.com/showpost.php...postcount=2788

I'd recommend starting from the beginning of the thread and going through as many posts as you can, this is the only way to really be confident with this stuff.

Have fun

Dingo
  • #3,057
  • Mar 25, 2007 11:30am Mar 25, 2007 11:30am
Hey i made it through the entire thread
Now to go back and do it again, Thanks to Jim and Mike for pointing me here.
then who knows you might even see me in the PF

Rick
  • #3,058
  • Mar 25, 2007 11:47am Mar 25, 2007 11:47am
Any takers for this Weekly EUR/USD pin?
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  • #3,059
  • Mar 25, 2007 11:53am Mar 25, 2007 11:53am
Quoting lartrade0623
Just a little observation about NZD/USD, it looks like today's bar is going to close out at as a pin bar as well. Ive noticed whenver you get back to back pin bars going the same direction it is usually a very very strong signal. It might be worth shorting a break down of both pins on monday.....
What about this setup?
I know some people got burned on the initial Pin bar, but now there are 2 in a row. Anyone playing this? And if you were to play this on the break, would you wait until the break of the 2nd pin, or be more conservative and wait for the break of the 1st pin?

http://www.forexfactory.com/attachme...1&d=1174679468
  • #3,060
  • Mar 25, 2007 12:04pm Mar 25, 2007 12:04pm
Quoting moneybags
What about this setup?
I know some people got burned on the initial Pin bar, but now there are 2 in a row. Anyone playing this? And if you were to play this on the break, would you wait until the break of the 2nd pin, or be more conservative and wait for the break of the 1st pin?

http://www.forexfactory.com/attachme...1&d=1174679468
i'm tempted to short this pair based on the bar configuration and because its at resistance, but just a heads up that the NZD trade balance is coming out today so event risk is kind of high
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