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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

  • #42,981
  • Sep 3, 2009 10:09am Sep 3, 2009 10:09am
Hi all! I noticed earlier today that Grousman posted a chart with a pin bar on the usdchf 4 hr. His was finished much sooner than mine, thus resulting in a bar that looks much different. I'm attaching mine and am wondering what the reason is that has caused this delay. Is it the broker I'm using? Thank you!
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  • #42,982
  • Sep 3, 2009 10:15am Sep 3, 2009 10:15am
hi everyone anyone playing 4hr pinbar (FXPRO) after break of daily up trend and 4 hr tripple top looks like could have the legs to run down quite a few pips yet.
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  • #42,983
  • Sep 3, 2009 10:16am Sep 3, 2009 10:16am
Quoting manperm
Is it the broker I'm using? Thank you!
yes, that's it. but you can easily open a demo-account with a different broker (and different "broker-time"). so you will have more setups.
meine augen sind die sterne
  • #42,984
  • Sep 3, 2009 10:21am Sep 3, 2009 10:21am
Quoting esbatu
Hi SC, thanks for your comments.

Below is the chart I based my trade on.
The arrow point to the pinbar.
The red line is the ppz area 1.11 where the price rejected and turn back down to form the pinbar, indicating strong resistance.
The blue line is my first TP.
My short order, 10 pips from the low of the pb, got triggered on the next bar. It only went 10 pips in my favour than price reverse back up.

From your post, I realized that MACD is up and this is in fact a sideway market which should be avoided for newbee like me.

I understand that losing...
Hey E

This is what I saw wrong with this pin and wrote about in the PF in someones journal

QUOTE=mbqb11;36260]Hey Doc

THe problem with this pin is that it is in traffic and sideways market. We want these bars at swing high and low points. When we don't we are immediately trading into more trouble areas(I marked the PPZ it was trading into and reversed at). I also marked in smaller blue boxes the swing high and low points we want to look for these trades. When taking the ones in traffic we have to be extremely nimble or this tends to happen(see also the recent aud/usd trade that initally bounced, although has since dropped out).

Hope that helps
Mike[/quote]
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  • #42,985
  • Sep 3, 2009 10:25am Sep 3, 2009 10:25am
Quoting esbatu
Hi guys,

I just went back to read first few pages of James post.

I notice that james said to use fib ret from the last swing point as confluence.

So let say that we have a bearish pinbar, we will drag the fib ret from the top of the last swing to low of the last swing.

If we have bullish pinbar, the fib ret is from the low of the last swing to top of the last swing.

I realized that by doing that, we are trading with the trend.

But what if the pinbar is form as highest high or the
lowest low of the chart?
How do we use the fib ret in...
Hey E,

FIB retracement is only a tool in our toolbox of tools we can use. It doesn't have to be used.

We have EMAs, Round numbers, PPZ, Fibs to name a few.

Best
Mike
  • #42,986
  • Sep 3, 2009 10:30am Sep 3, 2009 10:30am
Quoting atton
Good day to all of you

Hm, I ve failed on my first demo trade using PA.

We have ( I think )confluense on Fib ret, price touches the Ema and also the price is on S1 based on 4 hour candle.That is my opinion. Feel free to to criticize .

Good Luck

Edit: The only reason for me I shouldn't take this trade was that MACD crossed down
Hey Atton

Firstly I really hope you will take James' and the rest of our advices. If you are new to this(and this goes to all the recent new people to this thread). FOLLOW post one. It is not to frustrate or impede the learning curve it is to help speed it up. You should stick to the daily/weekly ONLY. Until you can do that profitably do not look at the 4hr, and certainly do not look at the 1hr. At your point in the learning curve it is too much to fast. Trust me, we say this for a reason.

With that said, the problems with this trade are the size of the bar, and the immediate trouble area above the high. This is not enough size bar to trump that, and one would have wanted to use a bigger buffer. THis one broke by 6 pips, 10 pips is almost my standard minimum for the 1hr and up.

Hope you understand I am not talking down, just trying to help guide

Mike
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  • #42,987
  • Sep 3, 2009 10:34am Sep 3, 2009 10:34am
Quoting Jim4x
Hi all
I haven't seen much comment on yesterdays pin, but to me it had a lot going for it.
It's in a ppz, it's in the direction of the trend since Jan, it's at a swing low and there's divergence.
I do have to say it's rather sluggish at the moment though.
Are many of you playing this one?

I would appreciate comments and an idea of what targets you would shoot for.
I'm inclined just to trail the stop (although by how much I'm still juggling with).
Thanks
Jim
Hey Jim

For me this is about as easy as it gets to pass on a trade. Look how small that bar is. Bars like this are playable but one has to put them on a very tight leash. Think about it like this. What is going to have more sustaining power a Punch in the face from a 5 year old, or a punch in the face from a 30 year old. That small pin has got the punching power(in the long run) of a 5 year old, vs a very large nose pin that has the power of a 30 year old. This goes back to the poodle vs pitbull pinbars. Wait for the pitbulls, this is a poodle.

With that said the blue lines are the targets I would be worried about using logical area with a bar of this size.

Hope that helps
Mike
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  • #42,988
  • Sep 3, 2009 10:37am Sep 3, 2009 10:37am
Quoting manperm
Hi all! I noticed earlier today that Grousman posted a chart with a pin bar on the usdchf 4 hr. His was finished much sooner than mine, thus resulting in a bar that looks much different. I'm attaching mine and am wondering what the reason is that has caused this delay. Is it the broker I'm using? Thank you!
My understanding is the market the charts you use are based on. I.e. mine are based on EST, Or New York time. When I queried this on this forum I we advised to "trade what you see".

I use a free chart 'package' and a different broker to place trades.
  • #42,989
  • Sep 3, 2009 10:38am Sep 3, 2009 10:38am
Quoting Jim4x
I have a major question in my head about correlation..... it's been bugging me for a while now, so I thought I'd ask the wise and helpful members of this thread for their take!

basically, there are a number of pairs that all go up and down together, so what are the implications of that?
Just look at the attached screenshot and you'll see what I mean. I could have included GBPUSD, AUDUSD plus EURUSD at a squeeze..... they all basically run the same direction as each other.
So really a buy on GBPUSD is pretty much the same as a buy on AUDJPY........
Hey Jim

A few thoughts here what I tell people. Firstly I trade the chart. I wait for the A+ setups. Does correlation every come into mind. Sure. Mostly as follows.

Daily has a pin on the aud/jpy, gbp/jpy, eur/jpy etc. The running them is the correlation of the xxx/jpy. SO what to do? Me I usually take the BEST looking one and forget the rest. Pips mean nothing to me. It is all about %. If I take a pin on the gbp/jpy which has a bigger daily range, it just means my position size will decrease my risk does not change.

Now obviously xxx/jpy pairs vs each other are more correlated then aud/jpy and a gbp/usd. Some days they run the same, but the long run the correlated pairs have themes like xxx/jpy.

At the end of the day I trade the chart and rest is not as meaningful. I do always hold my breath when I see every xxx/jpy pinning on the 4hr, and someone takes all of them.

Hope that helps
Mike
  • #42,990
  • Sep 3, 2009 10:40am Sep 3, 2009 10:40am
Quoting Grousman
Decent PB just closed on the 4H, rejected a major level but headed into a little chop and against thmid term trend. Monitoring.

Any comments fire away.
Hey G,

This pin is in heavy traffic(look how choppy price action has been). This immediatly draws my eye to the first trouble area(marked on my chart). Iw ould never ever ever ever take a full bar loss on a bar like this in traffic. I know james would not either. This is crucial IMO.

Hope that helps
Mike
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  • #42,991
  • Sep 3, 2009 10:45am Sep 3, 2009 10:45am
Quoting raczekfx

Sometimes you get it, sometimes you don't.
Here's one from last night... Buy limit hit, order not filled...

I must be getting too conservative....
I'll be adjusting my method's rules just a bit..
What is the significance of 1.087? is it PPZ? or Fib or price action?
  • #42,992
  • Sep 3, 2009 11:27am Sep 3, 2009 11:27am
Quoting mbqb11
Hey G,

This pin is in heavy traffic(look how choppy price action has been). This immediatly draws my eye to the first trouble area(marked on my chart). Iw ould never ever ever ever take a full bar loss on a bar like this in traffic. I know james would not either. This is crucial IMO.

Hope that helps
Mike

Helps a lot and thanks. Do you have any posts where I can study some A++ setups? If its easy let me know or I will have a hunt. Thanks again.
  • #42,993
  • Sep 3, 2009 11:31am Sep 3, 2009 11:31am
I am glad to see some of the seniors say that there have not been many good set-ups. I thought maybe I was being too patient.

I have only took one trade the whole month of August. It was the BUOB on the daily EURJPY, close above 135, and it was a pin on the Weekly in the same direction.

This was also in the same direction as the trend. There was no MACD divergence, but the trade looked good. I got in, with the belief that this was a good enough trade to hold a full bar stop loss until 1:1 was hit. It got to 136.08 and crashed down. I took a full bar stop loss. I probably should have cut my loses when the second attempt failed.

There was an good BUOB on the USDCAD daily in August that I passed on. Double bottom with MACD divergence, but it was trading right into 1.0900 which looks like a good historic PPZ. This trade would have paid off nicely, but I do not regret passing on it. Too iffy for the month of August.

Hopefully the markets will get moving in September again.
  • #42,994
  • Sep 3, 2009 11:31am Sep 3, 2009 11:31am
Quoting vlazaf
What is the significance of 1.087? is it PPZ? or Fib or price action?
Daily PPZ and Fib level on highertime frames.
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Indicators show the past. Price Action "Indicates" the future.
  • #42,995
  • Sep 3, 2009 11:39am Sep 3, 2009 11:39am
Chart looks a bit messy, but a high confluenced area at the 1.6400 level. PPZ level, emas (magenta line is the Daily 365), fib levels and round number. Bearish PB at this level.

A raczek entry is in there somewhere, probably the 1.6400.
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Indicators show the past. Price Action "Indicates" the future.
  • #42,996
  • Sep 3, 2009 11:51am Sep 3, 2009 11:51am
Quoting FinnTrader
I think this is at least close to be an A-setup?

A very nice pb at PPZ and 50% fib confluence.

Quoting bundyraider
Yes. Very good!

Notice the room below after it breaks. Nice clean area.


Quoting aserbfx
+ the pb just retraced at the 150 ema.

Quoting woolley
hi everyone anyone playing 4hr pinbar (FXPRO) after break of daily up trend and 4 hr tripple top looks like could have the legs to run down quite a few pips yet.

I quess I should read more before I post.
Indicators show the past. Price Action "Indicates" the future.
  • #42,997
  • Sep 3, 2009 12:01pm Sep 3, 2009 12:01pm
Quoting manperm
Ben,

Thank you very much for your help. That was one of the most informative and well laid out examples I've been given. That kind of assistance seems to be a theme around here, which is why I've been watching this thread for so long. Every little piece of knowledge I gain is invaluable. I hope that I can soon offer information that may be deemed useful, as well!
Me sharing info? What can I share? I need to be shared. It is all over the place here. I didn't mention anything new. Read all James and Mike's posts. You are welcome by the way.

Quoting PipGator
Ben,

You mentioned in a recent post that a BEOB was larger than the last 43 bars. If you don't mind sharing, who did you reach that conclusion? If there is some feature in MetaTrader or some indicator you are using, I would love to have the same tool. Thanks, it's inspiring to see someone get a good grasp of this material so quickly.
I don't need any indicator for this. Just look at the chart - it is obvious

Quoting joelcf
(this isnt aimed at anyone specific - quoting SC because he gets it and put it so well)

Over the last week or three, I've seen alot of C, D, E and straight F trades posted. I get that the markets are in a bit of a sideways motion at the moment, but people are trying to trade crap.

Not just 'it isnt A++++, but it is still a great setup that will work again and again', but like absolute crap. Inside bars against the trend into big PPZs. Pin bars that look more like indecision bars and dont even protrude from the previous couple...
Great post.
Not sure...but I have the feeling it is a bit referring to me also (even if you didn't thought about me).

I just want to make this clear now.
I am no senior. I am maybe the newest here to forex. I am not the one that will teach you (new guys to this thread).

I read all jim's posts and he said many times - "you can improve your current system with PA and it will work great. No problem with that at all".

So I am fully aware that my way of trading is not even close to Jim's, and maybe many other seniors here. There is not only one way to trade.

Most of you call an A++ setup a PA bar with heavy confluence of fibs, EMA's, etc and at swing hig-low. You are trading reversals. It's fine, but still only one way of doing things. There in no only one right way.

I like to keep my charts as simple as I can, and trade with the direction of the trend of the same TF I am looking at. I like to enter on pullback and ride the trend as long as I can - trail my stops. So I use round numbers for this.
That means that naturally most of my trades won't be at extreme swings - yea, different from James, I know.

According to the big man's words, I am not doing anything wrong by this. I am using PA and knowledge of support, resistance - PPZs (and I gave many examples of how I use them).

So if you ask me how I trade, I will answer. But I am probably not trading the same style of reversals patterns at extreme swings.

Does it work? I can't tell that even if I really want or believe it. I am trading hardly 2 months. I am trading my demo. I will continue trading my demo or micro account during the several few coming months-years.
I am damn open to try, fail, improve, try, fail, improve, get better, better, better.....I have time. I am not saying this is working or not working after only one month.

I can assure you that because of my nature I will kill myself before I'll trade live a method that I don't have 100% confidence in.

So yea, my style is probably different from most seniors here. Maybe I'm dumb by not plotting these EMAs all over my screen. But I can't till say. My trades are diffinetly not others A+++ trades. I know.

Please don't follow my charts and post like I am a successful trader. And please understand that maybe my trades are different - but I stick to the big man. As long as I still use PA, PPZs and have a very very good reason for what I am doing, back testing and open to learn and improve I will get there eventually.

Just wanted to make it clear - I AM NOT TRADING WITH THE SAME THOUGHT PROCESS AS MOST OF THE SENIORS. take that int account. If what I am doing is wrong - I think I will be able to notice it and chance it. But now I do very good.

(Not directly to you Joel buddy have a great day bro).

Ben
  • #42,998
  • Sep 3, 2009 12:08pm Sep 3, 2009 12:08pm
Quoting benji533
Me sharing info? What can I share? I need to be shared. It is all over the place here. I didn't mention anything new. Read all James and Mike's posts. You are welcome by the way.



I don't need any indicator for this. Just look at the chart - it is obvious



Great post.
Not sure...but I have the feeling it is a bit referring to me also (even if you didn't thought about me).

I just want to make this clear now.
I am no senior. I am maybe the newest here to forex. I am not the one that will teach you (new guys to this thread).

I...
Nothing C grade about any of your setups Benji.

I noticed the same thing as Joel, and it had nothing to do with you. Yours are clean and obvious and you're an example in keeping it simple.
  • #42,999
  • Sep 3, 2009 12:20pm Sep 3, 2009 12:20pm
Quoting krue
awesome trade, I rode the down leg, didn't get into the move up. however, can you illustrate a little bit more of your reason why the bearish pin two bars before the checked pin meant nothing to you? isn't it at the location of 61/73 fib retracement + test of uptrend line, and 0.9250 resistance level? a lot of conflu there.

this isn't intend to against your view, just want to understand the points you are viewing, I am sure the points I didn't see here is something critical, I guess. thanks for your attention
The move to the old top had not finished and I see no resistance at 9250. A fib by itself is not very meaningful. The trade into this (which closed as I slept) was back with the trend as well.

I did not take the trade down, as I did not have a 4hr bar on my chart to indicate a trade possibility.

What constitutes an A+ trade? Here are some things I look for, and others may look for more.

Simply:

  1. A properly formed PA bar
  2. At an extreme, or,
  3. At a PPZ
  4. With confluence (big round number, fib, divergence - which ever of these fits)
  5. Space, not in traffic
  6. Room to go - not trading into a PPZ


Cheers
I'm pretty much done with all this ...
  • #43,000
  • Sep 3, 2009 12:28pm Sep 3, 2009 12:28pm
Quoting TiaForex
Nothing C grade about any of your setups Benji.

I noticed the same thing as Joel, and it had nothing to do with you. Yours are clean and obvious and you're an example in keeping it simple.
Thank you Aaron.
I appreciate this.

Just wanted to make it clear that I am fully aware that I am trading under a different criteria of most seniors here...and that also our A+ trades are different. It just caught me when I read that sentence about swings and best location with confluence.
I will also prefer that new guys here will follow the seniors.

Ben
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