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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

  • #22,041
  • Feb 20, 2009 7:04am Feb 20, 2009 7:04am
Quoting Chris P
Broadly speaking, I've noticed this a few times on charts where PB's have formed against a trend. I've not noted them down enough, or tested them to be sure of this, but definitely something that I'm looking into further. If we get a PB against a trend, and that PB breaks in the opposite direction; ie doesn't confirm as a PB but breaks the tail instead; it's a good signal for the continuation of the trend. Can this be played as a reverse PB formation? More testing will tell...

PS. I did have a breakout trade on usdjpy that was taken off a BUOB,...
I've talk breifly about this before as well. I was thinking of starting a Thread in the PF called "When Price Action Fails" Or "When Pin Bars Fail"
An interesting study indeed, Chris.
Indicators show the past. Price Action "Indicates" the future.
  • #22,042
  • Feb 20, 2009 7:05am Feb 20, 2009 7:05am
Quoting Scot Pippin'
So Caution is the word?
Looking nice Scot.
Indicators show the past. Price Action "Indicates" the future.
  • #22,043
  • Feb 20, 2009 7:07am Feb 20, 2009 7:07am
Quoting jarroo
I've talk breifly about this before as well. I was thinking of starting a Thread in the PF called "When Price Action Fails" Or "When Pin Bars Fail"
An interesting study indeed, Chris.
Sounds like an idea. I'd help with contributing to that.
  • #22,044
  • Feb 20, 2009 7:09am Feb 20, 2009 7:09am
Quoting Scot Pippin'
For those that trade the 1 hour charts this is shaping up to be a nice pinbar at a good location.
Nice hard next bar break for 30 pips. I love this stuff.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #22,045
  • Feb 20, 2009 7:18am Feb 20, 2009 7:18am
Hi all,

I just wanted to say a BIG thank you to James16 and everyone who continues to contribute to this thread! This week I finally had my "ah ha" moment when everything has really started to click and I feel that I can now look at a chart and start to identify the areas to look for and the better setups for trading.

So thank you everyone; this thread has been such a great help!

Regards,

Dan
  • #22,046
  • Feb 20, 2009 7:21am Feb 20, 2009 7:21am
Quoting Scot Pippin'
So Caution is the word?
Did you notice that your Pin Bar was on both feeds of IBFX and FxPro. Interesting.
Indicators show the past. Price Action "Indicates" the future.
  • #22,047
  • Feb 20, 2009 7:28am Feb 20, 2009 7:28am
Quoting Chris P
Broadly speaking, I've noticed this a few times on charts where PB's have formed against a trend. I've not noted them down enough, or tested them to be sure of this, but definitely something that I'm looking into further. If we get a PB against a trend, and that PB breaks in the opposite direction; ie doesn't confirm as a PB but breaks the tail instead; it's a good signal for the continuation of the trend. Can this be played as a reverse PB formation? More testing will tell...

PS. I did have a breakout trade on usdjpy that was taken off a BUOB,...
I play pin bars backwards all the time.

It's just like any other set up talked about in here. ....It depends on the placement in the chart against your confluences.

You can bet though, when you get a pin with a really good long "pinochio nose on steroids" at a swing high / low you don't trade against it. ....For all the others , it's open season. (depending on that "chart placement" thingy )
Bundy's status today: "Waiting..."
  • #22,048
  • Feb 20, 2009 7:30am Feb 20, 2009 7:30am
Quoting jarroo
Nice hard next bar break for 30 pips. I love this stuff.
nice thing about this one is the H4 could be setting up for a bigger one !
  • #22,049
  • Feb 20, 2009 7:31am Feb 20, 2009 7:31am
Quoting bundyraider
I play pin bars backwards all the time.

It's just like any other set up talked about in here. ....It depends on the placement in the chart against your confluences.

You can bet though, when you get a pin with a really good long "pinochio nose on steroids" at a swing high / low you don't trade against it. ....For all the others , it's open season. (depending on that "chart placement" thingy)
Solid "A+" Pin Bars don't fail. If they did fail, they wouldn't be A+. lol
Indicators show the past. Price Action "Indicates" the future.
  • #22,050
  • Feb 20, 2009 7:38am Feb 20, 2009 7:38am
Quoting pipmyride
nice thing about this one is the H4 could be setting up for a bigger one !
Good point pmr. Just like this moring hourly PB turned into a 4hour BUOB.
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Indicators show the past. Price Action "Indicates" the future.
  • #22,051
  • Feb 20, 2009 7:40am Feb 20, 2009 7:40am
Quoting bundyraider
I play pin bars backwards all the time.
Good to hear someone's already profiting from this concept. It's always benefitial to know that a concept can work. Now comes the lengthy process of testing and refining...

Thanks Bundy
Chris
  • #22,052
  • Feb 20, 2009 7:58am Feb 20, 2009 7:58am
Quoting james16
chart
James, it appears to me that because this pinbar is immediately below the 3 purple ppz's to the left, meaning that price would have very little room to move upwards if the pinbar is broken.

Or, did you see this as a pinbar that broke down through the ppz and was rejected so that signaled a move upwards.

Will someone please explain the reasoning for this trade in more detail so I can understand?

p.s. This is a great thead, have been following it since last summer and have learned alot!!!
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  • #22,053
  • Feb 20, 2009 7:59am Feb 20, 2009 7:59am
Quoting jarroo
Solid "A+" Pin Bars don't fail. If they did fail, they wouldn't be A+. lol
There has been a lot of discussion about trading failed pinbars in this thread from back in Aug/September too. Also on whether A+ setups fail. It all stemmed from a failed EUR/USD daily pin on August 12, 2008.

Jim16 has a great post that might be worth rereading. Perfect pinbars can and will fail from time to time. The trick is finding the best setups and only playing them. That increases our probability for success. I think that is what you meant anyway Jarroo?

As SL has often said, "I'm writing most of this as a reminder to myself..."

http://www.forexfactory.com/showpost...ostcount=12690

Josh
  • #22,054
  • Feb 20, 2009 8:04am Feb 20, 2009 8:04am
Forgot the rest of the post.

The discussion about the failed 'pins' (some were never triggered) in Aug/Sept 2008 also led to discussion about playing failed pins in opposite direction. Might be worth reading some of that so as to not 'reinvent the wheel'...

Josh
  • #22,055
  • Feb 20, 2009 8:11am Feb 20, 2009 8:11am
Quoting Jduester
There has been a lot of discussion about trading failed pinbars in this thread from back in Aug/September too. Also on whether A+ setups fail. It all stemmed from a failed EUR/USD daily pin on August 12, 2008.

Jim16 has a great post that might be worth rereading. Perfect pinbars can and will fail from time to time. The trick is finding the best setups and only playing them. That increases our probability for success. I think that is what you meant anyway Jarroo?

As SL has often said, "I'm writing most of this as a reminder to myself..."...
Yes Josh it was just a different perspective of looking at PBs as a possible signal or confirmtion of Price continuation.
Indicators show the past. Price Action "Indicates" the future.
  • #22,056
  • Feb 20, 2009 8:15am Feb 20, 2009 8:15am
Quoting Piproo
Good luck to the trades ghous. Btw, I am a bit confused on ur cad/j SL, can u explain a bit more on this please?

thanks
Sorry for the late reply Piproo, I've been struggling with electricity problem

I know what the confusion is about, I didn't place my SL below the low of the Pb is it?

I'll often do that and on most occasions it has worked for me.

I's nothing new just a slightly more aggressive way of managing your trade.

Important thing is you don't merely placethem somewhere between the nose of the Pb,

I have a checklist of a couple of points that must be met for such a stop placement (otherwise it's just below the low/high of the Pin Bar)

1) The right/left eye has to be quite evident and neatlly formed just like in the cad/jpy pin bar. The idea is to place an SL just below it since this eye's high/low is often another important source of support/resistance for price if it threatens your trade hence an SL below it gives you some protection.

2) The eye has to be around a maor ppz or a responsive round number, often this is the easier of the 2 conditions to be met as the pin bar itself is usually formed at some sort of support/resistance, but this is'nt always the case. If a pin bar forms in such a way that the ppz area of which it formed was at the end of it's nose common sense should obviosuly tell you to place the SL below/above this ppz.

If any of the 2 conditions fail to be met properly I go by placing a place below the low or above the high of the nose i.e the conventioanl way of doing it.

Note that in this Cad/Jpy pin bar setup, we had a nice decent eye, plus some lovely support of the 74.5 region.

Regards,
Ghous.
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Click to Enlarge Name: cadjpy zoom.gif Size: 14 KB
I believe . . .
  • #22,057
  • Feb 20, 2009 8:18am Feb 20, 2009 8:18am
Quoting MinceMeat
Hi Ghous,

Thx for all the great posts.

I was thinking the same thing as Swampy above. Just to clarify how I see it. By taking 3 JPY crosses with small lots is it not as risky as taking a large lot on a single JPY currency pair. Do we not expect the 3 pairs to behave more or less similarly. If this is the case, you are now stuck with 3 trades, of which a spread would be paid on each of the 3 trades and you have approximately the same risk as you would (well not exactly) on a single trade.

I'm still learning, so not sure if the above makes...
I never take mutliple trades with based on the idea that I am spreading my risk. I just personally like to trade the good A+ setups. the number does'nt matter much to me, since I can easily mould my volume and risk per trade as per the number of trades I am taking.

Regards,
Ghous.
I believe . . .
  • #22,058
  • Feb 20, 2009 8:21am Feb 20, 2009 8:21am
Quoting trujillo1980
Hope you right, I got daily PB short. When to sleep an never touched my TP1 (46.0).

I hope that resistence can hold it to go south.
So did I but I got stopped out at breakeven as the 4H pin bar nose touched my trade entry level which was obviosuly at the break of the daily bar.

Anyways I am sure you have a good plan of managing it and good to see that you hung on while the 4H pin bar tried to dominate proceedings, best of luck with the trade bro

Regards,
Ghous.
I believe . . .
  • #22,059
  • Feb 20, 2009 8:25am Feb 20, 2009 8:25am
Hi ya Jarroo,

Just wondering earlier in your posts a few days ago you mentioned you watch about 20 different currency pairs....

A couple of questions if you could answer please as I was wondering how you manage and check them all quickly for trades?

1. Have you got them all set up on 1 platform of MT4 with Tabs all showing on the bottom and you flick through different tabs of currencies?
2. Are they all set to 1 day TF and then you click top icons TF tabs only down to 4hr TF's?
3. Does each chart only have a Candle Stick chart set up on them or have you got certain MA's or an RSI added to the Fibs, S/R confluence?

Sorry if these are stupid questions but i just want to go back to basics again and plug up the holes in my leaking bucket of Trading mistakes and try and making my trading a bit smoother and not so rough around the edges ..

Thanks in advance,

Adrian
  • #22,060
  • Feb 20, 2009 8:27am Feb 20, 2009 8:27am
Quoting regsklongshort
James, it appears to me that because this pinbar is immediately below the 3 purple ppz's to the left, meaning that price would have very little room to move upwards if the pinbar is broken.

Or, did you see this as a pinbar that broke down through the ppz and was rejected so that signaled a move upwards.

Will someone please explain the reasoning for this trade in more detail so I can understand?

p.s. This is a great thead, have been following it since last summer and have learned alot!!!
Thoses "purple ppzs to the left" are not 3 different levels of PPZs. Jim is showing that the 130.00 (a nice round number) is a strong single PPZ level.

Why is it a strong PPZ level?

He indicatates why by highlighting (in purple) where Price acted as Support and Resistence at the 130.00 level. An area where Price has flipped many times. So when Price breaks this 130.00 it has a good chance of moving forward as it did in the past. Which it did.
Attached Image (click to enlarge)
Click to Enlarge Name: gj.jpg Size: 74 KB
Indicators show the past. Price Action "Indicates" the future.
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