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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

  • #27,261
  • Apr 16, 2009 9:44pm Apr 16, 2009 9:44pm
Hey everyone,

How do i know if a pin bar is at a swing high or a swing low point? I highlighted in blue what I think the swing high and swing low zones are. For example in the chart there is a pin bar 3 bars from the right. Would that be considered at a swing high. I have read through the most of the thread and looked at james16 guest material, but having trouble knowing if I am doing this right in real time. It is so much easier to ID a pin bar after price confirms it. Any help would be appreciated.

Thanks,

Jm
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"Luck favors the prepared mind"
  • #27,262
  • Apr 16, 2009 10:41pm Apr 16, 2009 10:41pm
Quoting jpa0827
Hey everyone,

How do i know if a pin bar is at a swing high or a swing low point? I highlighted in blue what I think the swing high and swing low zones are. For example in the chart there is a pin bar 3 bars from the right. Would that be considered at a swing high. I have read through the most of the thread and looked at james16 guest material, but having trouble knowing if I am doing this right in real time. It is so much easier to ID a pin bar after price confirms it. Any help would be appreciated.

Thanks,

Jm
Hi JM,

That bar is against a consolidation zone. ...It's part of a pullback. Swing high/low is after at least a short trend.

Posting some examples in a few minutes. Might just take a sec to check it over.

.
Bundy's status today: "Waiting..."
  • #27,263
  • Apr 16, 2009 11:01pm Apr 16, 2009 11:01pm
Quoting bundyraider
Hi JM,

That bar is against a consolidation zone. ...It's part of a pullback. Swing high/low is after at least a short trend.

Posting some examples in a few minutes. Might just take a sec to check it over.

.
Marked bars....

10 - Inside Bar.

11 - Pullback/ continuation pin (not really swing high), bad trade into yellow boxed zone under "10"

12 - Kind of swing high. Has the yellow boxed consolidation below it to with first. Same as 2 (mentioned on chart pic)

3 - Another Pullback / Continuation pin. Nose too short, and worse... it against a "blockage" caused by the 3 preceding bars.

4 - NICE looking bar. Broke low. But in Sideways area. Could make money (if on a daily chart) technically. Very poor trade because of location.

5 - Strong nose pulling back to high that was at same level as number "4". Wouldn't trade it. Too short a distance from trigger above it's high up to the high of the preceding bar about 15 pips on this hour chart. Stop would be over 100 pips away. And then what about spread and slippage?? ...Pretty much in sideways traffic like MANY pin-like bars are.

7 - Pretty pathetic in the nose length department ( doesn't protrude very far below the preceding bars low.) Many other reasons not to take this one. Mostly the ugly PPZ zones around this area in recent day. You should be able to see this for yourself if you look.

8 - Facing the wrong way and also almost an inside bar. These "facing the wrong way" bars are what we are trying to avoid when we say swing high/low. A bullish pin should only be at a swing low. And vice versa. This is a Bearish pin-looking bar (NOT A PIN!!) at a Swing low.

9 - Close.... But NO cigar. ...MUST close within the preceding bars price range. IF it did... It WAS at a swing low BUT would most likley be stopped at the same level that rejected bar "8" (%61.8 line )

Out of AAALLL the bars here that 'look' like pins. Number "6" is the only type you should focus on until you are good at. For now. They are the easiest. I say on the chart that it's not the best location, but location is OK. It's the area below it that means you have to be quick to take some profit and set the rest of your position to break even. There was enough room going down to that white line (50% retrace on weekly chart , just so you know). An even better trade would have a clearer run up to that pin. In a perfect world, that run would have NO consolidation. lol

EDIT: 1 Hour chart here is a LOT harder due to having to be very quick and experienced. Spread and slippage has to be taken into account , and often leaves the trade not worth taking. Daily... You have soooo much more going for you if you found a good set up. And less stress.

.
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Bundy's status today: "Waiting..."
  • #27,264
  • Apr 16, 2009 11:09pm Apr 16, 2009 11:09pm
Quoting bundyraider
Marked bars....

10 -...

BRAVO!
  • #27,265
  • Apr 16, 2009 11:10pm Apr 16, 2009 11:10pm
Bundyraider,

Thanks for the info, that helped a lot. That's why I love this forum. I can ask a question and get a very complete answer. People like you on this forum, make this such a great place to learn trading. It is greatly appreciated.

Jim
"Luck favors the prepared mind"
  • #27,266
  • Apr 16, 2009 11:10pm Apr 16, 2009 11:10pm
that includes you too mike! lol
"Luck favors the prepared mind"
  • #27,267
  • Apr 16, 2009 11:38pm Apr 16, 2009 11:38pm
Quoting nazeri1111
Hai fxScavenger

You may try this indicator. It helps me a lot to recognize the PA bar. Have to say thanks to the person created it.

or else you may try to check the attachment of this J16 thread. a lot of useful stuff there.

Take care & happy learning/trading

Nazeri
Thanks Nazeri

I'll check it out.
fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #27,268
  • Apr 16, 2009 11:42pm Apr 16, 2009 11:42pm
Quoting Matrixxdg
Hey FxScav,

I found these useful when I was learning to recognize PA.

I got these here on the James16 thread.

Hope they help.

MG
Thank you also Matrixxdg,

I luv new code to study and try. Gives me something to do when the market is slow.
fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #27,269
  • Apr 16, 2009 11:55pm Apr 16, 2009 11:55pm
Quoting jpa0827
Bundyraider,

Thanks for the info, that helped a lot. That's why I love this forum. I can ask a question and get a very complete answer. People like you on this forum, make this such a great place to learn trading. It is greatly appreciated.

Jim
You're welcome bud.

We're all giving back what we've gained from being here.

Throw up that chart too, right now...
The break high of that "9" bar stopped exactly where my post said it would .
....What a great validation of what Jim teaches about how to trade here.

Reading through this monster thread is well and truly NOT a waste of time.
.
Bundy's status today: "Waiting..."
  • #27,270
  • Apr 17, 2009 12:00am Apr 17, 2009 12:00am
Quoting KissFan
Good PB. Not an A trade b/c its located between PPZ and support. One caveat tho. My daily will close in 2.5 hrs. This could be the start of a retrace before a move down based on the daily bearish bar. You are getting the idea. Please do not assume that I will be trading this pair short tonight as I reference this daily bar time and again. I most likely will not. I just want you to be aware of your surroundings.


K.I.S.S.
K.I.S.S you were so right,
Check the higher trends.
I see why Jim say's start with the W1 & D1 b4 even thinking about the lower ones.

The move started strong but fizzled out. The pair seems to be confused about where it's going on the day.

Thanks
fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #27,271
  • Apr 17, 2009 12:26am Apr 17, 2009 12:26am
Quoting Jduester
First time with Ping software... bear with me...
Hi Jduester,

I didn't realize you were commenting on my chart post.

Thank you and u2 jarroo for your follow up.
You guy's are really helpful - much apreciated.
fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #27,272
  • Apr 17, 2009 12:40am Apr 17, 2009 12:40am
Quoting bundyraider
jduester Posted a great index. Jim has linked to it in the first post somewhere..
Thank you,

Found 2 pdf's and a word doc at the bottom of this posted link, thanx.
Very helpful. TY

http://www.forexfactory.com/showpost...ostcount=23250
fxScavenger Arrogance is just Ignorance misspelled. abso-PIPn-lutely
  • #27,273
  • Apr 17, 2009 12:46am Apr 17, 2009 12:46am
Quoting bundyraider
Marked bars....

10 -...
There!

A Bundy classic

I believe . . .
  • #27,274
  • Apr 17, 2009 1:07am Apr 17, 2009 1:07am
Some days you're the bug...some days you're the windshield

i love this !!
PATIENCE... DISCIPLINE
  • #27,275
  • Apr 17, 2009 1:36am Apr 17, 2009 1:36am
Like I said yesterday even if we got a pin bar the market structure was not correct...

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  • #27,276
  • Apr 17, 2009 2:45am Apr 17, 2009 2:45am
Quoting Shermenator
Yep lol...when ever I look at the market I am looking for reasons to not trade. That is a trade that if I take 10 of them I would only win 3 . I am looking for the other 7 haha.
IB with the trend (look at MAs) - works like a charm

P.S. Just noticed that Jaroo already said that.
One Chart is Worth Ten Thousand Words.
  • #27,277
  • Apr 17, 2009 2:59am Apr 17, 2009 2:59am
Quoting Forex007
IB with the trend (look at MAs) - works like a charm

P.S. Just noticed that Jaroo already said that.

I would of not taken tat insidebar break myself did not like the location
  • #27,278
  • Apr 17, 2009 3:38am Apr 17, 2009 3:38am
Quoting Shermenator
I would of not taken tat insidebar break myself did not like the location
Different strokes for different blokes
One Chart is Worth Ten Thousand Words.
  • #27,279
  • Apr 17, 2009 5:03am Apr 17, 2009 5:03am
Quoting bundyraider
Marked bars....

10 -...
This post gets added to my Bookmarked Pinbar Explanation section! Well done Bundy and very helpful.
  • #27,280
  • Apr 17, 2009 5:06am Apr 17, 2009 5:06am
Quoting KissFan
I will sell this pair at 1.2524. Based on Pin at resistance. First TP at 1.2502. Move 2nd position to BE for hopeful ride to 1.2420 area. SL at 1.2653.
What Spread do you have for this pair? I sometimes see nice possible trades on it but the high spread just scares me off...same for EUR/NZD
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