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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

  • #45,421
  • Oct 7, 2009 9:51am Oct 7, 2009 9:51am
Quoting ljr
Hi Athurwtm

The location looks quite good but for me that bar is too small in relation to the preceding bars but even more importantly the nose of the Pin does not stick out very far past the previous bar. You want your pins to be really obvious with looong noses.

It obviously may still work out but there will be better opportunities soon enough.
+1
Yep about to say the same thing. If you haven't seen them yet I would go to the James16 site (Guest area) and watch Mikes videos on Introduction to Pinbars. That should give you a real good idea of what a A+ setup looks like.

Actually watch them all.
"Whether you think you can or can't, you're right." Henry Ford
  • #45,422
  • Oct 7, 2009 10:04am Oct 7, 2009 10:04am
Quoting Luso
Hi,

It is too early on the day to know where the price will close.

But imagine the bar close is similar to your chart:
- first, if you zoom out you will see how small that bar is compared with the previous bars.
- the nose should clearly protrude the previous bar low
- It would be better if it had broken the 1.05 big round number and then the price managed to close above that level.
- You should be aware that you will be trading into some heavy traffic around 1.0650, so you have little space until the first potential trouble area.

Best,
thanks for the input guys!

just wanna make sure i get this right...
is this area also considered a 'swing low' area? from what i see, highs are getting lower and lows are getting lower as well...

and,
does this area also form what strat calls a 'swing trap' area? (a mini-elliot wave pattern) --although i personally think this pattern is quite vague here..

thanks
  • #45,423
  • Oct 7, 2009 10:29am Oct 7, 2009 10:29am
Quoting arthurwtm
hi,
im new here and still trying to learn to pick good pinbar formations
i just came across this pinbar on the USD/CAD daily chart, along with Fib retracement levels.....
since u are new, i suggest u devote much of your time to completed bars/PA setups rather than on bars which are a few minutes/hours away from completing.
Master the shape/details of every PA setup we discuss here (they are only a handful). check out all the posts on post #1.
here's the guest section of the PF (private forum)

Welcome, keep reading, Good luck!
  • #45,424
  • Oct 7, 2009 10:34am Oct 7, 2009 10:34am
Quoting cvcamper
I had a limit sell in for what I thought was 1 lot.... I accidently a zero on the end of that... When I walked back to my computer my set draw down and stop loss was almost hit at and instead of 2%.... 20% of my account was almost gone.... Trade started to go my way, and I got out at BE as fast as possible.....

This happened to me the other day. I 'filled' in 1.6340 on to go short onthe GBP/USD and by some freak of nature (probably my hurried nature) it entered as 16340 lot size. Luckly my account size only allows a max of 2500 lot size (it's a really tiny account) and the trade platform kicked me out saying NSF. I didn't lose anything but its shown me to quaddrupel check everything.

Dave
  • #45,425
  • Oct 7, 2009 10:35am Oct 7, 2009 10:35am
look at this.

exact point of entry, exact point of exit. how easy can it get.
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  • #45,426
  • Oct 7, 2009 10:41am Oct 7, 2009 10:41am
hey guys

I've been in PF for about 10months now
and now I'm trying to give myself more time to chime in here

Look forward working with you guys!! =)

So, anyone's long gbpjpy?? (except Mark hee)

Such a big size, but I don't see any significant momentum so far

Price did retrace to the expected level, let's see if it holds

*I'd like to hear about the momentum from you Jaroo =)
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  • #45,427
  • Oct 7, 2009 11:00am Oct 7, 2009 11:00am
hi tj,
I'm in, its a bit sluggish at the moment

Quoting tj#8

So, anyone's long gbpjpy??
If you can wait and not be tired by waiting...
  • #45,428
  • Oct 7, 2009 11:04am Oct 7, 2009 11:04am
Quoting arthurwtm
hi,

im new here and still trying to learn to pick good pinbar formations
i just came across this pinbar on the USD/CAD daily chart, along with Fib retracement levels.

please let me know if i have picked a good pinbar/drawn Fib correctly etc. Any comments/criticism/improvements are welcome!

*in the first chart, ASSUMING the daily close will be at the top 1/3 of the pinbar, is it a good quality pinbar?

*in the second chart, im just showing how my Fib retracement is drawn...is it done correctly? if it is, the current price is at 61.8 area which...
Hey Arthur

This would be a good location at a swing low to look for a pinbar. But what I would want to see is a nose that protrudes further away from that prior bar lows. The way it is sitting high up in that prior bar and small in size compared to the previous few bearish bars would have me on the sideline. What could very well happen if it forms a pin is a move up to the shaded area, before a move down to 1.0500 round number. Here is where I would be looking for some nice size PA. Yes your fib is drawn correct, and I think it lines up pretty close with that 1.0500 number, so I would be waiting for some nice big PA.

Let me know if that makes sense about size and nose protruding out


Hope that helps
MIke
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  • #45,429
  • Oct 7, 2009 11:19am Oct 7, 2009 11:19am
Quoting tj#8
hey guys

I've been in PF for about 10months now
and now I'm trying to give myself more time to chime in here

Look forward working with you guys!! =)

So, anyone's long gbpjpy?? (except Mark hee)

Such a big size, but I don't see any significant momentum so far

Price did retrace to the expected level, let's see if it holds

*I'd like to hear about the momentum from you Jaroo =)
I am long with you too tJ. The 142 mark shot this one down, but the size of the BUOB, has made me hold. I will trail this one out and look towards 143-144 area personally.

Mike
  • #45,430
  • Oct 7, 2009 11:20am Oct 7, 2009 11:20am
Quoting dogfight
look at this.

exact point of entry, exact point of exit. how easy can it get.
Hey Dog

You guys make me nervous on the small timeframes, but man that is a nice looking pin

Well done

Mike
  • #45,431
  • Oct 7, 2009 11:32am Oct 7, 2009 11:32am
@supremechaos: thanks for the link..i'll check it out soon!

@mbqb11: yeah...i get what you're saying. i guess we'll just have to wait till the bar closes. If the protrusion remains the same, will it be risky to still long the position BUT, having tighter profit targets? (maybe around 20-40 pips) let me know what you think.

from what i've been reading, it seems that pinbars are more popular than other price action methods ie: double bar low with higher close, double bar high with lower close, bearish outside vertical bar, bullish outside vertical bar. are pinbars more reliable than the other price action methods? let me know what you guys think..
  • #45,432
  • Oct 7, 2009 11:37am Oct 7, 2009 11:37am
This is an interesting situation. As posted above, we saw bullish GBPJPY PA on the 1h and 4h timeframes earlier today, with supporting convergence from indicators, a double bottom and a rejection by the 50 fib level. A couple of hours later a bearish 1h pinbar on the USDJPY formed.

Currently, both pairs are looking to be closing as daily bullish pinbars (maybe they don't have the ideal shape, but we'll just have to see how they close.)

Personally, even though the USDJPY bearish pinbar had some (short term) effect on the market, I'd rather take the (counter trend) long on the GBPJPY. Since it is counter trend I'd keep a relatively tight stop loss if the market does move north.

What do you guys think?
The nail that sticks out gets hammered back in
  • #45,433
  • Oct 7, 2009 11:40am Oct 7, 2009 11:40am
Quoting Noloqy
This is an interesting situation. As posted above, we saw bullish GBPJPY signals on the 1h and 4h timeframes earlier today, with supporting convergence from indicators, at a double bottom rejected by a 50 fib level., and a couple of hours later...
Hey Nology

My take based on my methods(which is all I can ever speak of really). Is I simply trade each chart by itself. If i get a signal that lines up with what I do I take it no matter what is going on else where(for the most part). When I say for the most part there are always exceptions as most traders will tell you. So a good bar, in a good location = a good trade. I have seen situations where you should have second guessed, and ones where if you did you would have taken yourself out of a good trade. I try to just keep it as simple as possible at this point. Trade my edge and let the amount of trades help play it out.

Just my 2 cents

Mike
  • #45,434
  • Oct 7, 2009 11:49am Oct 7, 2009 11:49am
Hi guys

some good trades out there toady.

i placed the following on ibfx feed:

usd/jpy - 4hr BUOB at swing low and a pinch of divergence

took full profit at 89.30, just shy of blue zone.
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  • #45,435
  • Oct 7, 2009 11:55am Oct 7, 2009 11:55am
I agree with Mike,

How did I use the 1H set up!
I took the 1H GBPJPY PB just for a quick sell to the first resistance area being aware of the BUOB on the 4H chart. Now I am looking for a good bulish 1H set up to get me on the buy side. Around NY close ( my end of the day) if the 1D is a good PB this should be a buy set up and I will enter anyway.

I know sounds complicated but I am just describing my entry method - otherwise I strive for a simplicity ( check out my name)
Plan The Trade - Trade The Plan
  • #45,436
  • Oct 7, 2009 12:00pm Oct 7, 2009 12:00pm
sorry, I meant first support area on 1h chart - still waking up!
Plan The Trade - Trade The Plan
  • #45,437
  • Oct 7, 2009 12:04pm Oct 7, 2009 12:04pm
another trade but this time a small loss.

entered at 1.5565 - break of pin

stop originally below pin and then moved up to 1.5520.

take profit was blue zone - 1.5580 ish.

pin broke hard and then reversed hard and left me in drawdown.

i have had success on demo trading longer tf's (4hr and above). when trading real money i am really bothered at being in drwadown for long periods. For me that would be a few hours.

i know it is 4hr and i know i should of just trusted my analysis but i kept thinkning of the worse i.e getting stopped out.

if i left it alone it would of hit my target. Im starting to think im more suited to shorter tf's as then i will know whether i am right or wrong usaully within an hour or less.
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  • #45,438
  • Oct 7, 2009 12:05pm Oct 7, 2009 12:05pm
hey guys

many set-ups(pinbars i see on my feed )

what do u guys think of this set-up a buy stop at 1.5610
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  • #45,439
  • Oct 7, 2009 12:13pm Oct 7, 2009 12:13pm
I can't speak for the rest but I never trade the counter trend. I will always wait for PA to confirm a continuation of a reversal after the reversal PA (a PB or an outside bar) before I decide if I should enter.

My trade was meant to last for only a few hours, and I got out at the 2nd bar. Which really requires you to be managing it very very closely. Here are my arguments for my trade:

prevailing downtrend. supported by a 2year-long BIG downtrend
multiple rejections of the yellow line exactly.
the low of the PB was exactly on a 50FR (take the previous peak from the yellow line), confluent with the blue area
the sharp spike gave a probability that ST traders might take their profits.

I got out once the price retraced towards the yellow line as it is quite a significant s/r level, or line should I say! whether or not the price will continue its way up, I'm unsure of that. IMO it'll continue its LT downtrend, with some choppy movements now and then. The news haven't been very friendly to the dollar as of late!

What do the others think?


Quoting Noloqy
This is an interesting situation. As posted above, we saw bullish GBPJPY PA on the 1h and 4h timeframes earlier today, with supporting convergence from indicators, a double bottom and a rejection by the 50 fib level. A couple of hours later...
  • #45,440
  • Oct 7, 2009 12:22pm Oct 7, 2009 12:22pm
Quoting faizal82
another trade but this time a small loss.

entered at 1.5565 - break of pin

stop originally below pin and then moved up to 1.5520.

take profit was blue zone - 1.5580 ish.

pin broke hard and then reversed hard and left me in drawdown.

i have had success on demo trading longer tf's (4hr and above). when trading real money i am really bothered at being in drwadown for long periods. For me that would be a few hours.

i know it is 4hr and i know i should of just trusted my analysis but i kept thinkning of the worse i.e getting stopped...
I faced the same problem as you, and might still be facing it too!
I decreased my lot size (oanda lets you do that) so as to reduce this 'fear'.
Of course, you would need to work out your MM well.

I trade the dailies for a large R:R ratio > 2. I will normally half my lot size.

An advice, more for myself than to others, will be to be confident of your decisions. Trade your PA and ppz instead of worrying about realized losses. The p/l will work out by itself. But normally that's the indication of how well you understand the mkt.
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