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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

  • #36,361
  • Jul 6, 2009 5:19am Jul 6, 2009 5:19am
Quoting kk007
You mean the PB close is a bit over the left nose?
nope, It was valid pin bar if price would have broken the bar high.

But since this did not happen the bar you pointed out only looks like a pin bar which never got validated.
I believe . . .
  • #36,362
  • Jul 6, 2009 5:23am Jul 6, 2009 5:23am
Quoting kk007
Sorry do not get your point. Can you elaborate a bit?
Leaving aside discussions about location and perfect form, you would/should wait for the bar to close first, then if you like it, you would have placed your order in the region of 1.3950, sat back and relaxed.

Price did not break the top of the pin, so no order would have been filled, and price has since broken the bottom of the bar, therefore invaildating it as a traditional pin bar set up, IMO.

I'm sure the regulars here will enlighten you further.
  • #36,363
  • Jul 6, 2009 5:26am Jul 6, 2009 5:26am
Quoting ghous
nope, It was valid pin bar if price would have broken the bar high.

But since this did not happen the bar you pointed out only looks like a pin bar which never got validated.
Do you mean, people should enter a trade only after the right bar break the "pinbar's" high, rather than enter immediately after the "pinbar"?
  • #36,364
  • Jul 6, 2009 5:29am Jul 6, 2009 5:29am
Thanks AstonDan and Ghous,

I think you two are talking about the same thing. I just misused the pinbar.

Thanks a lot.

Kk
  • #36,365
  • Jul 6, 2009 5:30am Jul 6, 2009 5:30am
Quoting kk007
Do you mean, people should enter a trade only after the right bar break the "pinbar's" high, rather than enter immediately after the "pinbar"?
yep thats exactly what they mean, and usually with a bit of leeway. I think J16 suggest 10 pips. Depending on the timeframe you can reduce / expand this if you want.
  • #36,366
  • Jul 6, 2009 5:31am Jul 6, 2009 5:31am
Quoting kk007
Do you mean, people should enter a trade only after the right bar break the "pinbar's" high, rather than enter immediately after the "pinbar"?
Forgive me for answering on Ghous's behalf, but yes. A pin bar only becomes a valid entry signal when its high (or low if its at a swing high), is breached by the following bar/s, hence the use of an order rather than an immediate entry.
  • #36,367
  • Jul 6, 2009 5:31am Jul 6, 2009 5:31am
Quoting verno
yep thats exactly what they mean, and usually with a bit of leeway. I think J16 suggest 10 pips. Depending on the timeframe you can reduce / expand this if you want.
Thanks verno,

I think I got it now.

cheers
  • #36,368
  • Jul 6, 2009 5:33am Jul 6, 2009 5:33am
Quoting verno
yep thats exactly what they mean, and usually with a bit of leeway. I think J16 suggest 10 pips. Depending on the timeframe you can reduce / expand this if you want.
This is also a good idea. If you're aggressive, you can just factor in the spread, but leaving a little more room (perhaps to the nearest round number) is a good idea and will keep you out of some fake breaks.

If its a good set up, it should break with momentum so you aren't losing out on to many pips and your protecting your capital in the same breath.
  • #36,369
  • Jul 6, 2009 5:43am Jul 6, 2009 5:43am
Quoting ghous
Don't think we have a lot of space there Jon 1.75 is a big concern, DAMN it's a brick wall, on the chart below notice how it has forced price to give off tails at tocuhes.

You'll have to manage it tight...

Regards,
Ghous.
yeah good point ghous,this is why i didnt post it over the weekend.
its something to watch. ( i had actually just closed my short from this morn when i posted.)i would like a retrace entry if poss??
cheers
jon
PATIENCE... DISCIPLINE
  • #36,370
  • Jul 6, 2009 5:51am Jul 6, 2009 5:51am
I was actually looking for an entry if price retrace to the trendline, looking for PA at the Hourly or M30 at the tick to the right, maybe for a quick shot to 1.75
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  • #36,371
  • Jul 6, 2009 6:09am Jul 6, 2009 6:09am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting Olu
I trade pinbars in 2 ways.

The first way is a 'reversion to the true trend' pinbar where the pinbar is trying to drive price back to the real trend. This is perhaps the most profitable as the trend is your friend

The second was is when it occurs at a deeeeeeeeeply overbought/sold level to herald in some reversal or consolidation. I usually like this on the 4hr or daily chart for more significance

The euro is in limbo but the expected trend seems to be down on the daily
so you are fighting taekwando with the true trend. I think
Hi Olu,
So, with the 'reversion' pinbars, which time frames do you use?
Regards,
Kean
  • #36,372
  • Jul 6, 2009 6:19am Jul 6, 2009 6:19am
Quoting kk007
Any suggestion for the failure of this H1 pinbar? Many thanks.
First it didn't break, and the reason might be the downtrend bias the pair has -> just look at recent highs and lows and the direction they are pointing to. Lows have been broken so the bias is down down down for now.
  • #36,373
  • Jul 6, 2009 6:38am Jul 6, 2009 6:38am
Hi Everyone,
If The H4 Candle Closes Above 1.613x , Could We Call It A Pin Bar ? IS It A Good One Or Because Of Daily Candle Is Absoloutly Bearish, We Should Avoid Entering It ? Need Some Advice.
Wish Everyone A Profitable Week

Regards,
Basber
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Trading methods are designed to put the odds in our favor, not predicting.
  • #36,374
  • Jul 6, 2009 6:42am Jul 6, 2009 6:42am
Quoting ghous
Hi Basber,

Blind entries refer to trades taken off ppzs without waiting for PA. There really isn't much to say just get yourself a demo and play around with it...if you stay focused and determined no one's stopping you from developing the technique.

You will need to work on trying to anticipate which ppz will hold and how well. Trend direction, fundis, ppzs, correlations, and the bars themselves all or some of these will assist you depending on your style.

My entry was based entirely off the ppzs I marked in golden. With the trend, bar highs/lows...
Thank You For The Reply, What PPZ Do You Actually Trust With These Entries ? Daily, Weekly Or Monthly ?

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #36,375
  • Jul 6, 2009 6:45am Jul 6, 2009 6:45am
Quoting Basber
Hi Everyone,
If The H4 Candle Closes Above 1.613x , Could We Call It A Pin Bar ? IS It A Good One Or Because Of Daily Candle Is Absoloutly Bearish, We Should Avoid Entering It ? Need Some Advice.
Wish Everyone A Profitable Week

Regards,
Basber
For me, I think its size in relation to the previous bars rules this out - it's a little bull fighting a huge bear. There's news out this afternoon (GMT) which may trigger it, but i wouldn't be fighting the bears today.

Just my two cents.
  • #36,376
  • Jul 6, 2009 6:49am Jul 6, 2009 6:49am
Quoting AstonDan
For me, I think its size in relation to the previous bars rules this out - it's a little bull fighting a huge bear. There's news out this afternoon (GMT) which may trigger it, but i wouldn't be fighting the bears today.

Just my two cents.
Thanks For Your 2C, The Reason I Brought It Up Is The Price Is Oversold In H4 ... I Don't Rely On These Indicators, I'm Just Curious ...

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #36,377
  • Jul 6, 2009 6:50am Jul 6, 2009 6:50am
Quoting Basber
Hi Everyone,
If The H4 Candle Closes Above 1.613x , Could We Call It A Pin Bar ? IS It A Good One Or Because Of Daily Candle Is Absoloutly Bearish, We Should Avoid Entering It ? Need Some Advice.
Wish Everyone A Profitable Week

Regards,
Basber
Personally I wouldn't take it, even it is a good PB. I am looking to sell rallies.
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Never underestimate an idiot.
  • #36,378
  • Jul 6, 2009 6:52am Jul 6, 2009 6:52am
Quoting Basber
Hi Everyone,
If The H4 Candle Closes Above 1.613x , Could We Call It A Pin Bar ? IS It A Good One Or Because Of Daily Candle Is Absoloutly Bearish, We Should Avoid Entering It ? Need Some Advice.
Wish Everyone A Profitable Week

Regards,
Basber
I'm flat on GU right now. At best I'm looking for a small bounce to the 6200/6180 area for an opportunity to go short for the 6000ish level.

Waiting to see what type of whipsaws we'll get at news time as well.
Ghost Rider - WWTBMD?
  • #36,379
  • Jul 6, 2009 7:02am Jul 6, 2009 7:02am
Quoting g_j_hook@yah
yeah good point ghous,this is why i didnt post it over the weekend.
its something to watch. ( i had actually just closed my short from this morn when i posted.)i would like a retrace entry if poss??
cheers
jon
I would personally pass it altogether but yeah if you really want to short it a ret entry somewhere inside the IB could be a good idea.
I believe . . .
  • #36,380
  • Jul 6, 2009 7:05am Jul 6, 2009 7:05am
Quoting Goozman
First it didn't break, and the reason might be the downtrend bias the pair has -> just look at recent highs and lows and the direction they are pointing to. Lows have been broken so the bias is down down down for now.
Goozman?

You remind me of a friend of mine who called me goozman when he read my full name for the first time. Ghous uz zaman.

Sorry couldn't hold on this. lol

Just so you don't misconstrue this post...I am not making fun of the name at all, just telling ya what ppl think of me when they hear...err..read my name.
I believe . . .
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