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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

  • #561
  • Dec 13, 2005 11:40pm Dec 13, 2005 11:40pm
Quoting Scooter
Yes to all of the above!

I can't tell you how lucky I feel to have come back to this forumn for what is about to transpire. I thank all of the PF mentors in advance as well as the rest of the forum as I plan many questions and make sure I understand the material.

I will say that I'm not deeply religous but rather spiritual and I respect everyones right to practice and express whatever religion they choose as long as it doesn't harm others. But I've been deeply sadden and angered this year over seeing Happy Holidays everywhere and being told it isn't politically correct to say Merry Christmas. I feel like putting a big banner on my Jeep.

I don't mean to use this thread as a debate platform but to those who celebrate it, "Merry Christmas".

I look forward to working with everyone next year in the PF.

Thanks again James (and contributors) for the PF and for letting us know what to expect. I'm glad it isn't going to be something you can find readily on the internet, that is just what I'm looking for. I'm also willing to put in the time to crawl, walk and then run.

If I eventually earn enough to pay for the PF then I will feel successful if I make more than that then it is a big bonus. If I decide to leave then I'm sure I will leave with tens of years worth of great material to digest later in time.

Looking forward to '06!

See you then!

Scott
thanks scott, remember that this will hopefully be a long term endeavor. people can go about it any way they want. try it for a month and go paper trade for a while. come back when you can or want to. some will stay a month or long term and some will come and go and come and go again which is perfectly fine.
  • #562
  • Dec 14, 2005 1:13pm Dec 14, 2005 1:13pm
Hello Jim,


What do you think if we have daily pin bar on USDCAD?
Attached Image
kiss the trend
  • #563
  • Dec 14, 2005 1:41pm Dec 14, 2005 1:41pm
Quoting fx-trader777
Hello Jim,


What do you think if we have daily pin bar on USDCAD?
its looking pretty good. wait and see how it closes and place a buy stop above the bar if you decide to play it. the cad is funky as we all know. i recieved an email last night from someone you all know. he said he has completly quit using technical indicators and is only using price to enter trades. he has for the first time started to win consistently. i am thrilled at this because when you get to where you can make money without your chart being covered with conflicting indicators its sort of an epiphany. you relax and start to focus. it really is a cool feeling especially if you have always stared at a ton of stuff all telling you something different. when it first hapopened to me it was almost a spiritual experience. trading relaxed and with intense focus because you only have one thing to focus on. its cool and it works if you spend the time needed to learn it. way to go ____________.
  • #564
  • Dec 14, 2005 3:02pm Dec 14, 2005 3:02pm
looks like a hugeeee stop to have to put (the way I would trade it anyway)... but looks like one of those 'high probability ones' to bet on.

i've not got the feel for this pair .... but definitely worth a short but best to move s/l to b/e once you're up 20 pips or so ... maybe entry during europe session open? really dislike asian sessions.. (that's just me)

hmm this pair does have a lot of pinbar action .... time to add it to watch list ..

hey jim, was that me you're referring to? sounds like what i said to you, but maybe someone else also said that to you? ...


Ken
Trade what you see, not what you believe.....
  • #565
  • Dec 14, 2005 9:27pm Dec 14, 2005 9:27pm
Hi Jim,

Trading using price action has definitly been an eye opener for lots of us and ever so refreshing especially if one suffered from indicatoritis - thanks again . Going through some of Joe Ross' material recently (e.g "The law of charts", "Trading Tips from Joe Ross"), it seems he applies some of the same concepts as you have in this thread. If you're familiar with his work, could you comment on how much your approach overlaps / complements with his?

Looking forward to the PF!

Merry Christmas
  • #566
  • Dec 15, 2005 3:44am Dec 15, 2005 3:44am
OK, I entered at 1516, moved stop at 1490. Looking for big correction towards 1.19 if we have weekly pin bar tomorrow.


thank you Jim for supporting my long position idea
kiss the trend
  • #567
  • Dec 15, 2005 8:29am Dec 15, 2005 8:29am
Quote
If I eventually earn enough to pay for the PF ...
Jim has already given us much more than the $99. If you play 1 pin bar a day and take 10 pips, then you're covered. You only lose when you get greedy.
Here's a "gold" chart. Looking for a pin bar on the Daily chart too. I played the first pin bar setup and only took 14 pips. I'm still watching this commodity to get a feel for it.

Good Luck
Habeeb

http://www.forexfactory.com/forexfor...tid=2631&stc=1
Attached Image
Keeping it Simple
  • #568
  • Dec 15, 2005 8:32am Dec 15, 2005 8:32am
Quoting fx-trader777
OK, I entered at 1516, moved stop at 1490. Looking for big correction towards 1.19 if we have weekly pin bar tomorrow.


thank you Jim for supporting my long position idea
I got out after 20 pips. Can't seem to stay long in a trade.

Good Luck with your trade.
Habeeb
Keeping it Simple
  • #569
  • Dec 15, 2005 10:14am Dec 15, 2005 10:14am
Quoting fx-trader777
OK, I entered at 1516, moved stop at 1490. Looking for big correction towards 1.19 if we have weekly pin bar tomorrow.


thank you Jim for supporting my long position idea
fx, i see your trade went almost 100 pips into profit. where are you at? have you taken partial profit? this was a true pin bar and as usual they tend to work. the long nose and where it closed gave a great trade. jim
  • #570
  • Dec 15, 2005 10:25am Dec 15, 2005 10:25am
Quoting habeeb
Jim has already given us much more than the $99. If you play 1 pin bar a day and take 10 pips, then you're covered. You only lose when you get greedy.
Here's a "gold" chart. Looking for a pin bar on the Daily chart too. I played the first pin bar setup and only took 14 pips. I'm still watching this commodity to get a feel for it.

Good Luck
Habeeb

http://www.forexfactory.com/forexfor...tid=2631&stc=1
i love the gold market, great job habeeb. all of you should begin the process of paper trading the futures markets. give yourself a bunch of markets to watch and watch patiently for the best trade set ups. why in the world with all the markets to watch would anyone take a less than optimum trade. wait for those looong nose pin bars and use good money management and to get your feet wet just trade daily charts. its fun and if you trade smart its profitable. also habeeb thanks for your comment about already giving more than 99 dollars worth of info. i will admit i have thought this but i have never said it. after all there are other people here who have done the same. that comment meant a lot to me. jim
  • #571
  • Dec 15, 2005 10:34am Dec 15, 2005 10:34am
Quoting fx-trader777
OK, I entered at 1516, moved stop at 1490. Looking for big correction towards 1.19 if we have weekly pin bar tomorrow.


thank you Jim for supporting my long position idea
did anyone else take the daily cad pin bar?
  • #572
  • Dec 15, 2005 10:52am Dec 15, 2005 10:52am
Hi james,
I was considering it taking it; but I wasn't able to find any "confluence" point with which to support the trade. Did you use any confluence or just entered after the pin bar?

Thank you very much for all your help,
Bonete
  • #573
  • Dec 15, 2005 10:58am Dec 15, 2005 10:58am
Quoting SoyYoConBonete
Hi james,
I was considering it taking it; but I wasn't able to find any "confluence" point with which to support the trade. Did you use any confluence or just entered after the pin bar?

Thank you very much for all your help,
Bonete
great question. no supp/res here just a good pin bar at an extreme low. i didnt take it either because i am so dang busy with the holidays a pregnant wife and the pf but i sure wish i had. thats ok, there will be another one.
  • #574
  • Edited 6:12pm Dec 15, 2005 12:12pm | Edited 6:12pm
This will probably be covered in more detail in the PF or maybe it already has, but I'm curious. When do you pull the trigger on a pinbar trade? Do you do it on the close of the nose? If memory serves me correct isn't the pinbar a 3 bar formation or setup?

Thanks,

Scott
Still haven't found what I'm looking for...
  • #575
  • Dec 15, 2005 1:14pm Dec 15, 2005 1:14pm
Quoting Scooter
This will probably be covered in more detail the PF or maybe it already has, but I'm curious. When do you pull the trigger on a pinbar trade? Do you do it on the close of the nose? If memory serves me correct isn't the pinbar a 3 bar formation or setup?

Thanks,

Scott
great question, there are multiple ways of playing them. what i will usually do is wait for the pin bar to form and then play a buy or sell stop. look at the current cad pin bar. the eyes are not even but many times they are not. fx entered at 1516 which is fine but i would have probably entered on a buy stop around 1535/40. you could wait for the second eye to form in balance with the first and then enter when it heads in your direction. the key point to be made about these bars is the length of the nose. the longer the better. look at the daily cad pin bar from 12/6 it formed the same way this one did but not as long a nose. now look at the daily cad pin bar from 12/1 which was not a counter trend move but was in the direction of the trend. it has a long nose. none of these had even eyes but were still viable due to the length of thier noses. ignore bars like the one on 11/28. they are neutral bars and not pins because they opened and closed in the middle of the bar. its a learning process and with practice and demoing it can be mastered. jim
  • #576
  • Dec 15, 2005 4:09pm Dec 15, 2005 4:09pm
James,

Do you still use the low of the pin bar for the stop on the CAD trade as it seems pretty huge or do you use another area for the stop?

Thanks
Riveria
  • #577
  • Dec 15, 2005 6:38pm Dec 15, 2005 6:38pm
Quoting riveria
James,

Do you still use the low of the pin bar for the stop on the CAD trade as it seems pretty huge or do you use another area for the stop?

Thanks
Riveria
another good question. lets look at it. if i had played a buy stop at 1535 and put my stop under the bar at 1425 i have a 110 pip stop. a large stop yes but remember we are playing the daily chart. we could have taken a fib retracement of the pin bar and placed our stop below the 62 ret. our stop would have been around 1465 and 70 pips. we could have put our stop under the first eye at around 1480 or a 55 pip stop. if you had played to enter on a buy stop at 1535 and it triggered you could have just played your stop off of how much cash you were willing to lose if it went against you. for example, you entered at 1535 with 5 mini lots or 5 dollars a pip. when you entered you had 5000 in your account and you are willing to risk 5 percent on an optimal trade. 5000 x 5%= 250. 250/5=a 50 pip stop. one of the reasons i like to play really good long nosed pin bars with a buy or sell stop just beyond the bar is because once it is broken it tends to make some kind of a decent move. what would i have personally done in this case? i would have probably played the ret level. its not an exact science and it takes practice and experience.
  • #578
  • Dec 15, 2005 11:33pm Dec 15, 2005 11:33pm
James, like many others I have been lurking around taking in and downloading this entire thread, reading the fiji reports and scouring different web sites, brokers and info services on trading the Forex and other markets as I am a newbie and there is much to take in.

Can't say thanks enough for the information (From yourself Merlin, Fij, Diallist and others)- your recent input about the length of pinbar noses was especially helpful, I've been hunting them at work when time permits.

Having read your lengthy return post a page back (I was glad to see your return) I wanted to encourage you especially given the challenges you will face dealing with the public (From a former public school teacher).

As for those who question the value of the PF I would add to what has been already said the fact that through your posts and the posts of the other instructors many potential subscribers have a much better opportunity to get to know you then if they enrolled for a course at a local college. Certainly better than any of the authors of the many books, courses etc that I and others have purchased online. With that we gain knowledge of your character and what we can expect (real value here), again thanks before hand.

Saving my Christmas money for the PF!

Huskrfan
Hskrfan Prov 3:5-7
  • #579
  • Dec 15, 2005 11:40pm Dec 15, 2005 11:40pm
Quoting HUSKRFAN
James, like many others I have been lurking around taking in and downloading this entire thread, reading the fiji reports and scouring different web sites, brokers and info services on trading the Forex and other markets as I am a newbie and there is much to take in.

Can't say thanks enough for the information (From yourself Merlin, Fij, Diallist and others)- your recent input about the length of pinbar noses was especially helpful, I've been hunting them at work when time permits.

Having read your lengthy return post a page back (I was glad to see your return) I wanted to encourage you especially given the challenges you will face dealing with the public (From a former public school teacher).

As for those who question the value of the PF I would add to what has been already said the fact that through your posts and the posts of the other instructors many potential subscribers have a much better opportunity to get to know you then if they enrolled for a course at a local college. Certainly better than any of the authors of the many books, courses etc that I and others have purchased online. With that we gain knowledge of your character and what we can expect (real value here), again thanks before hand.

Saving my Christmas money for the PF!

Huskrfan
thanks huskr, you made my day/night. i wonder a lot who's out there watching and not posting. welcome aboard and keep posting. jim
  • #580
  • Dec 16, 2005 12:42am Dec 16, 2005 12:42am
Hi Jim,

I think bollinger bands are great with pin bar, If the nose is at the bollinger band this is a great trade.

thanks
kiss the trend
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