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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

  • #35,301
  • Jun 27, 2009 10:32pm Jun 27, 2009 10:32pm
Quoting epilogue
In daily chart, going short looks promising and on weekly, going long looks promising. Both has pin bar on excellent levels. Please help on this one.

Daily chart

Attachment

Weekly Chart

Attachment

Thanks
I agree with Oltciter that the best thing to do would be to sit this one out.

However here is what I would love to see from the stands. (refer to charts)

Note that it is not absolutely necessary for a Pin bar or for that matter any PA bar to point at only a major reversal, they can well indicate halts and minor or major pullbacks.

The dilemma we see on gold may be a good example...time will tell...

Anyways here's what I would like to see...whether price does that is another story. lol!

Regards,
Ghous.
Attached Images
I believe . . .
  • #35,302
  • Jun 27, 2009 10:43pm Jun 27, 2009 10:43pm
Quoting moneda
Ate Pizza at Lombardi's. It is the first pizza place in north america. Very good.

StoragePro,

I am sure that Pepe's in New Haven Connecticut was the first.... Now we are discussing subjects that we know something about!
I have actually heard there is something like 6 different places that claim this.
  • #35,303
  • Jun 28, 2009 12:00am Jun 28, 2009 12:00am
Quoting ghous
I agree with Oltciter that the best thing to do would be to sit this one out.

However here is what I would love to see from the stands. (refer to charts)

Note that it is not absolutely necessary for a Pin bar or for that matter any PA bar to point at only a major reversal, they can well indicate halts and minor or major pullbacks.

The dilemma we see on gold may be a good example...time will tell...

Anyways here's what I would like to see...whether price does that is another story. lol!

Regards,
Ghous.
Thanks for the clearer picture. I am now shorting it using the daily bar first. Then I will wait for some price action around those supports later on.
  • #35,304
  • Jun 28, 2009 12:59am Jun 28, 2009 12:59am
geez i found myself at the end of this wanting more.

im looking foward to chapter 2.

jim

Quoting StoragePro
Hey everybody! On the BlackBerry posting - sitting in the bar workin' the vodka and tonics (Long Story)

So - NYC is still a gritty ubrupt place.

Yesterdays storm screwed with the flights. Canceled.

So - we rebook via ATL and secretly hoped to get canceled there - love that city!

Here is a lesson for all. People generally are doing the best they can. They have stress and pain in their likes (if we only knew) and then they have to tell a plane load of people that their flight is canceled. Ugh. That hurts them bad.

I have habitually been...
  • #35,305
  • Jun 28, 2009 3:22am Jun 28, 2009 3:22am
Quoting ghous
Weekly IPB.

Planned entry: close of the IPB

1st target: IPB low/fib confluence (50, 38.2)

Initial SL: Above the IPB high.

Regards,
Ghous.
Hi ghous and hi people of J16,
i disapperead because of university exams and because i started working 3 weeks ago; so my time for trading has dropped down dramatically.

I noticed another IPB on EurAud:
- at a swing low
- PPZ zone (1.74-1.76)
-confluence with 365 EMA

I think this could be a great setup, what do you think?
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  • #35,306
  • Jun 28, 2009 3:22am Jun 28, 2009 3:22am
Quoting james16
well said but theres a huge problem.

over 50 percent of the population has figured out they can elect ultra liberal politicians and as a result vote themselves free money off the backs of the achievers in our society. of course that wouldnt be poossible without decades of building dependency.

the whole purpose and goal of the neo-marxist philosophy is to reach that point.

they are there and im not sure it can be stopped.

jim
I don't want to get off target, but my solution has been...

"If you rely on welfare, you don't vote."

Simple and easy. If you don't even pay taxes, how can you tell the govt. how to spend other people's money?
  • #35,307
  • Jun 28, 2009 5:00am Jun 28, 2009 5:00am
Quoting unlv_tj
I don't want to get off target, but my solution has been...

"If you rely on welfare, you don't vote."

Simple and easy. If you don't even pay taxes, how can you tell the govt. how to spend other people's money?
So if you are disabled some how and cant work, then you can't vote? Is that fair?
Economists have forecast 9 out of the last 5 recessions
  • #35,308
  • Jun 28, 2009 5:17am Jun 28, 2009 5:17am
Hi.

First time poster here. I have been following the forum and have joined the PF as well. Have been concentrating on price action first and reading everything I can in the threads about it.

I have a question. I understand that a normal pin bar can give an indication of a trend change. If you are in a strong trend (upward for example) and you get a pin bar which has headed down (and the open/close) are within the top 1/3 of the pin, is that a strong suggestion that the trend will continue upwards?

I am assuming that there are no other factors such as fib points, S/R levels nearby.

Thanks in advance

pchees
  • #35,309
  • Jun 28, 2009 5:20am Jun 28, 2009 5:20am
Quoting bakko85
Hi ghous and hi people of J16,
i disapperead because of university exams and because i started working 3 weeks ago; so my time for trading has dropped down dramatically.

I noticed another IPB on EurAud:
- at a swing low
- PPZ zone (1.74-1.76)
-confluence with 365 EMA

I think this could be a great setup, what do you think?
AT the right locations you can see this happening over and over again,

This IPB wasn't quite off the 365, I have it sitting on the 150 but more importantly the 2 Emas (365 and 150) were almost in a confluence, plus the ppz you highlighted Bakko makes it really valid.

Anyways great to see you back bakko. Hope the exams went well...

BTW the last statment of your post is kind off bugging me, this was a good setup, and the ride is over, I guess you mistyped it?

Quote
I think this could be a great setup, what do you think?

Regards,
Ghous.
Attached Image
I believe . . .
  • #35,310
  • Jun 28, 2009 5:40am Jun 28, 2009 5:40am
Quoting pchees
Hi.

First time poster here. I have been following the forum and have joined the PF as well. Have been concentrating on price action first and reading everything I can in the threads about it.

I have a question. I understand that a normal pin bar can give an indication of a trend change. If you are in a strong trend (upward for example) and you get a pin bar which has headed down (and the open/close) are within the top 1/3 of the pin, is that a strong suggestion that the trend will continue upwards?

I am assuming that there are no other factors...
I've been studying such situations in quite detail and concluded that No. In an uptrend (I mean during the trend and not at a pull back) a bullish pin bar looses it's value as a bullish weapon and is actually a bearish bar inside a bull's skin. The same is true for a down trend where a bearish pin bar is actually signaling a bull run round the corner.

Again this is for the most part, and you can always find examples when such pin bars will work in the conventional method we know...

try and do some back and forward testing and you'll see what i mean, or go through some of my posts with the word "IPB" in them, and you'll see how I play them. Only this weekend we have had some good IPB setups on Aud/Chf weekly, and Nzd/Cad daily. Bakko is his post above also mentioned a great looking IPB (bearish pin bar in a downtrend) on the Eur/Aud weekly.

Let me know if you have further problems.

Regards,
Ghous.
I believe . . .
  • #35,311
  • Jun 28, 2009 5:56am Jun 28, 2009 5:56am
Quoting ghous
I've been studying such situations in quite detail and concluded that No. In an uptrend (I mean during the trend and not at a pull back) a bullish pin bar looses it's value as a bullish weapon and is actually a bearish bar inside a bull's skin. The same is true for a down trend where a bearish pin bar is actually signaling a bull run round the corner.

Again this is for the most part, and you can always find examples when such pin bars will work in the conventional method we know...

try and do some back and forward testing and you'll see...
These might be helpful.

http://www.candlesticker.com/Cs27.asp

http://www.candlesticker.com/Cs26.asp

http://www.yourtradingcoach.com/Vide...ng-Videos.html (video 6)

http://thepatternsite.com/HangingMan.html (actually says it's a continuation signal)

I like the research and testing you've done with these Ghous. It seems you are successful quite often with these limited risk setups.

Josh
  • #35,312
  • Jun 28, 2009 6:00am Jun 28, 2009 6:00am
Quoting ghous
I've been studying such situations in quite detail and concluded that No. In an uptrend (I mean during the trend and not at a pull back) a bullish pin bar looses it's value as a bullish weapon and is actually a bearish bar inside a bull's skin. The same is true for a down trend where a bearish pin bar is actually signaling a bull run round the corner.

Again this is for the most part, and you can always find examples when such pin bars will work in the conventional method we know...

try and do some back and forward testing and you'll see...
It really depends on the trend itself, if you see a strong up trend, with bullish Pinbars in it, and say 2 appear in the trend, and the trend continues after those pins, then you see another one, well, it's a good indication to take the damn trade and go long, it's that simple.

When I see a bullish up trend and then I see a bullish pinbar in the trend, I look back and see how to the trend reacted in the past.

Sure it's seller's weighing in and your right it's a sign that things MAY turn, but the bulls in the case I stated above were still in control, the bears had absolutely no control, so, it doesn't mean anything until the turn actually occurs.

Same with a down trend. You see occurring bearish pinbars in a down trend you look at the history and see how price reacted, if there's a few of them in the trend and the trend continues, well, bears are still in control.

It's not until price stalls and you start to see Doji's where we would think the bulls are losing momentum, and possibly the bears may come in, or vice versa. But it doesn't mean anything until it occurs.

That's the way I see that. Works for me.
  • #35,313
  • Jun 28, 2009 6:02am Jun 28, 2009 6:02am
Depending on how price reacted in the past, they are a strong continuation signal IMO.
  • #35,314
  • Jun 28, 2009 6:05am Jun 28, 2009 6:05am
In an uptrend (I mean during the trend and not at a pull back) a bullish pin bar looses it's value as a bullish weapon and is actually a bearish bar inside a bull's skin. The same is true for a down trend where a bearish pin bar is actually signaling a bull run round the corner.
Regards,
Ghous.[/quote]

Ghous,

Very good point.... we need to remember that the color of the bar/candle does not necessarily tells us the real story. I have been considering breaking out the habit of coloring my bars in order to pay more attention to price action. I try to not forget that bars and candles are also indicators giving us a snapshot (timeframe).... like a film reel the longer we watch it the more we can understand the plot and come up with probable ending to the story.
Unus pro omnibus, omnes pro uno
  • #35,315
  • Jun 28, 2009 6:18am Jun 28, 2009 6:18am
Quoting Jduester
I see. So you were playing the retrace of the pinbar on the daily chart, showing it on the 4hour chart.

Is this right?

Josh
Yes it is. I've seen it happen so often. In my style of trading I consider it a minimal risk entry. Sometimes it becomes a pay to find out situation. Other times it pays off very well. It all comes down to expectation and money management at the end of the day. Probably not for eveyone. Just what I do based on past experience.
Never underestimate an idiot.
  • #35,316
  • Jun 28, 2009 6:20am Jun 28, 2009 6:20am
Quoting ghous
AT the right locations you can see this happening over and over again,

This IPB wasn't quite off the 365, I have it sitting on the 150 but more importantly the 2 Emas (365 and 150) were almost in a confluence, plus the ppz you highlighted Bakko makes it really valid.

Anyways great to see you back bakko. Hope the exams went well...

BTW the last statment of your post is kind off bugging me, this was a good setup, and the ride is over, I guess you mistyped it?



Regards,
Ghous.
Don't you consider last bar as an IPB? Like 2 consecutive IPB...
  • #35,317
  • Jun 28, 2009 6:30am Jun 28, 2009 6:30am
Quoting bakko85
Don't you consider last bar as an IPB? Like 2 consecutive IPB...
It broke the high of the master/mother candle so how could it be an IPB?

It did close within range so you could probably trade it again I am not sure. But the IPB was before the last bar, I assume you enter on that signal, with the confluence on the EMA's and so forth.
  • #35,318
  • Jun 28, 2009 6:51am Jun 28, 2009 6:51am
Quoting pchees
Hi.

First time poster here. I have been following the forum and have joined the PF as well. Have been concentrating on price action first and reading everything I can in the threads about it.

I have a question. I understand that a normal pin bar can give an indication of a trend change. If you are in a strong trend (upward for example) and you get a pin bar which has headed down (and the open/close) are within the top 1/3 of the pin, is that a strong suggestion that the trend will continue upwards?

I am assuming that there are no other factors...

Hi pchees,

There is a certain type of pin that rules the roost when it comes to reversals. Even against strong trends.

Some examples (numbered in the accompanying chart):

1. This type of pin isn't a sure thing at all.
If you were to answer your question as regards to most pins that are like this , location is extremely important. ...Choosing to trade at the most probably levels is your number one priority. You'd want to be pretty sure of your levels trading against a strong trend with these.

2. And 3. ...Now these pins rock at swing highs/lows. They are rarer, and when you see them with very long noses relative to the preceding price action like this, it's a different story to the above example.
When there's good space for price to move into to go with them I even change my trade management style.
....There aren't many like this in these conditions that fail as reversal entry points.
Note how both these two pins eclipsed the preceding run of bars as regards to size (price range) quite noticeably. There was a MAJOR change in sentiment evident in their nose length. Exactly the evidence we want to see.

For both of the above types I need to stress the importance of needing space for your trade to move into still (as always). i.e. don't enter if it's trading directly into the path of a consolidation area that just broke out preceding the pin. ...Or at least be sure there's room to take half profit and manage your trade before going for them.
.
,Bundy
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Bundy's status today: "Waiting..."
  • #35,319
  • Jun 28, 2009 7:57am Jun 28, 2009 7:57am
Looks like price gradually getting squeezed lower. Decent move in the offering.
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Never underestimate an idiot.
  • #35,320
  • Jun 28, 2009 8:07am Jun 28, 2009 8:07am
Quoting ghous
AT the right locations you can see this happening over and over again,

This IPB wasn't quite off the 365, I have it sitting on the 150 but more importantly the 2 Emas (365 and 150) were almost in a confluence, plus the ppz you highlighted Bakko makes it really valid.

Anyways great to see you back bakko. Hope the exams went well...

BTW the last statment of your post is kind off bugging me, this was a good setup, and the ride is over, I guess you mistyped it?



Regards,
Ghous.

I don't know, a mentor ex trader at the Chicago MT which says that MA's are not reliable at all nobody on the trading floor ever uses them because they are lacking indicators and show one only the past, yes one can use them if they show up as confirmation but one should not trade off them because off....
PA is what matters and in this case supply/demand is right at the turning point,
BOUNCE
few years ago there was a HUGE gab which formed the S/R and several times this line worked as resistance, which is now support!

All this is much stronger evidence than any IPB IMHO.

If i am wrong with my interpretation please correct me, I am here to learn!

mea
PS: apply 225 MA or 999 MA ( randomness is apparent) and you have an even better result, what I like to say one does not need MA's, what really matters S/R and this works in any TF!
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