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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

  • #72,421
  • Aug 21, 2010 11:54am Aug 21, 2010 11:54am
Quoting swingtraderf
I had a question about the pin bar formation. Was the pinbar invented in this thread or is the pin bar a formation that has been found in books or articles.

Thanks in advance
Hey Swing

The pin bar stands for Pinocchio bar which was coined by Martin Pring. You can find it in his book called Pring on price patterns(which is the only technical book I have ever even recommended and I have read a lot of them). But you will see that his approach and the way James teaches it is pretty much night and day. But it is still a great book.

Best
Mike
  • #72,422
  • Aug 21, 2010 12:05pm Aug 21, 2010 12:05pm
Quoting Atc
As an exercise take a look at theAUD/CHF....the retracement went past the past bar on the left...you would have had to absorb heat/drawdown if you had orders setup at the retracement bar to short

It is difficult to answer your question in regards to Fibs....do i use them yes...if they contribute with the retracement bar it lends more support to the trade...do I trade without them...yes but I will also look for the RN or BRN to support the trade .... to answer I look for other factors/confluences...remember though I have not done this on this large...
Great topic. Jarooo started on this at length last week about how he traded GBPUSD and he also shown why he did not trade EURUSD. (Retracement points/areas are not clear).

I kind of understood this trade idea, however, determining the retracement point is still tricky. It will not be clear for all the set-ups. But is is still great for me since when I play BUOB/BEOB, I play very traditionally - like entry 5 to 10 pts low/high of BEOB/BUOB and SL is high/low of BEOB/BUOB.

For weekly this is a huge SL. This method (if I practise) will reduce SL to some extent (still keeping SL top/bottom of BEOB/BUOB).


Here are the few important links to know about past weeks discussion on
BUOB/BEOB.
http://www.forexfactory.com/showpost...ostcount=71944 <= BUOB play on retracement
http://www.forexfactory.com/showpost...ostcount=71954 <= BUOB not play on retracement
http://www.forexfactory.com/showpost...ostcount=72022 <== BUOB break before retracement
http://www.forexfactory.com/showpost...ostcount=72309 <== BUOB audusd
http://www.forexfactory.com/showpost...ostcount=72275 <== BUOB - Question by me
http://www.forexfactory.com/showpost...ostcount=72283 <== BUOB <= Answered by Jarroo
http://www.forexfactory.com/showpost...ostcount=72285 <== BUOB <== Demonstration to the answer
  • #72,423
  • Edited 4:44pm Aug 21, 2010 12:18pm | Edited 4:44pm
Quote
I had a question about the pin bar formation. Was the pinbar invented in this thread or is the pin bar a formation that has been found in books or articles.

No, pin bars are known since quite a while, they are just often overlooked because they don't exactly match with one of the most known candle patterns.

If you want to adsorb completely priceless knowledge about them and other patterns, you really have to have a read of:

Martin Pring on price patterns: the definitive guide to price pattern analysis and interpretation

where the concepts were really dug out and put in a comprehensive and "visual" treaty.


Moreover, in case you have time / money or Google to spare and want something good / with price action formations:

Martin Pring: Technician's Guide to Day and Swing Trading

And

Laurence A. Connors, Linda Bradford Raschke: Street Smarts - High Probability Short Term Trading Strategies

The latter proposes techniques I don't really use but (among other concepts) proposes price action patterns. Once you read this thread you'll notice how - without even using the same terms used here, they are really talking about double tops, outside bars and pin bars. Some of the "combos" are not present in this thread nor in the other books.
  • #72,424
  • Aug 21, 2010 12:50pm Aug 21, 2010 12:50pm
Quoting jdl
Seems like a repeat of last Monday.

Red lines are daily PPZ, purple lines are weekly PPZ.

Pros: Nice shape PB, decent wick length. At a retracement from a swing high. PB body at 38 Fib, tip almost hit 50 Fib. Dipped right to 0.70 BRN then bounced up. Pin bar appeared on 4H chart before Friday close. Strong bullish close to last 4H bar.

Cons: Previous week of bars creates some traffic.

FTA estimated at ~ .7150.
Thoughts on this trade? How many hours left until Sunday open?
On FXDD, I have 7100 as a weekly PPZ. It means it is directly trading into PPZ. Next PPZ is 7150.
Attached Image(s) (click to enlarge)
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  • #72,425
  • Aug 21, 2010 1:12pm Aug 21, 2010 1:12pm
Quoting xmzhang
Good afternoon,
Closed my shortposition on the kiwi a few pips above the 7000 for 92 pips profit, if kiwi breaks the 7000 later and respect the 7000 as resistance I will be looking to re-enter for a renew short. On the weekly this pair is rangebound between the 7400 and the 6800 at moment, so this could be a nice rangeplay. The kiwi might revisit range support at 6800. PA really works, don't they Jarroo.http://cdn.forexfactory.com/images/icons/icon10.gif

May the force be with you,

They sure do xmzhang.

My concern with that Bearish PB on your feed and FxPro's feed was the way it closed. Although on IBFX's feed, it did look better.

On Bearish PBs, we like to see the Close lower than the Open (red check mark PB), just to show bearish strength. But its not a trade stopper as this setup, and many others like it, will prove time and time again.

Having the Close lower than the Open on Bearish PBs (and the Close Higher than the Open on Bullish PBs) is just an added pickiness that J16 traders like to see to help confirm their decision making.

Well Done, xmz.

PA is definitely a Force to be reckon with.

Jim
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #72,426
  • Aug 21, 2010 1:14pm Aug 21, 2010 1:14pm
Quoting ghous
Hey ATC,

Just my 2 cents and how I look at the setup.

g.
Appreciate the 2 cents----but I think its worth much more than 2 pennies

Let's watch
  • #72,427
  • Aug 21, 2010 1:21pm Aug 21, 2010 1:21pm
My first post here.
What do you think about the pin bar on G/J 4 hour and day chart also strong s/r level?

Cp
  • #72,428
  • Aug 21, 2010 1:36pm Aug 21, 2010 1:36pm
Quoting crazzypip
My first post here.
What do you think about the pin bar on G/J 4 hour and day chart also strong s/r level?

Cp

g/j is on my list for next week very nice pin bar on the daily for me

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  • #72,429
  • Aug 21, 2010 1:48pm Aug 21, 2010 1:48pm
Thank you guys for the quick and extensive answers
  • #72,430
  • Aug 21, 2010 1:49pm Aug 21, 2010 1:49pm
Quoting Chelski
Yesterday was the real job for me so not much screen time, i like the look of this set up.
10300 RN / 50% fib
BUOB rejects 61% Fib and close above 1.0300
1.0300 area has been S/R level in the past.
The 1.0300 sure has Chelski, and a strong one. Check it out on the Weekly. Nice.


What a difference a time frame makes. The 4 hour BUOB or the Daily BUOB on the Usd/Cad.

The 4 hour BUOB: Good Size compared to previous bars, engulfing many bars including their Lows, the BUOB itself is not at swing low, its in a consolidation area but the consolidation area that the BUOB is in is at a swing low (50% Retracement level) and RSI divergence. But it does have some immediate traffic to deal with.

Daily BUOB: Size is not bad, but engulfing only 1 bar, not at a swing low; meaning not at the other swing low levels (blue check marks), in the middle of Daily consolidation, no divergence confluence, and immediate traffic to deal with.


With one would you take?


Good eye on the 4 hour BUOB, Chelski.
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #72,431
  • Aug 21, 2010 2:12pm Aug 21, 2010 2:12pm
Quoting mbqb11
No don't say that, you need to clear your mind. I was very obsessive too b/c it is that determination we all have to succeed. But you can not force the issue. Lights will come on when you are ready to see them. Just enjoy it along the way and DO enjoy the time away from the charts.

Cause he made me smile so much I had to post it

One of our members from Argentina sent me his football teams jersey with my name on the back and some local chocolates! Matty really made me

Looks like you've been pumping some iron there, Mr. Mike. No one is born with V-Shaped back.


What a cool gift.
Indicators show the past. Price Action "Indicates" the future.
  • #72,432
  • Aug 21, 2010 2:18pm Aug 21, 2010 2:18pm
Quoting Pinbar
Yes, that is how Jarroo taught me to locate the PPZ.

I find drawing them on the line chart and then switching back and fourth to the candles, helps fine tune them.

And Bundyraider showed me . . .

I wonder where he has been lately. . . . . .
Indicators show the past. Price Action "Indicates" the future.
  • #72,433
  • Aug 21, 2010 2:36pm Aug 21, 2010 2:36pm
Quoting Atc
Just some observations on weeklies....although I rarely trade them....and I really don't know why...maybe it's because I haven't gained the faith and/or I work and don't have the time to monitor them or stop loss can be large or yada yada yada...I thought I would throw these charts up as a learning experience to support the importance/power of the higher time frames and an earlier discussion we had this past week on BUOB/BEOB's and why I enter the trade on retrace to previous bar(s) sometimes prior to the break.

For the record, i usually play...

Great Charts Bill . .


Don't forget the Monthly . .
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #72,434
  • Aug 21, 2010 2:42pm Aug 21, 2010 2:42pm
Alot of confluence on this chart for a buy

1/ double bottom

2/ round number support

3/ pin bar

4/ 50% fib zone

Attached Image (click to enlarge)
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forget about the weekly sell i have on the chart that is related to something else sorry
  • #72,435
  • Aug 21, 2010 2:46pm Aug 21, 2010 2:46pm
Quoting oromek
another bad trade, seems FTA was much earlier as i afraided. Lesson for me - not to take trades when i have any doubts in it.
Actually i repeat that lesson time after time, time to learn something new....

There is a new friday PB, on one hand it's not sticking outside previous bars, on the other hand 60 BRN proves it is still very strong support. On weekly there is also pinnish bar, but i think i will look for other setups...

regards
oromek

Its why we demo, brother.

The 60 BRN is strong but still alot of traffic with those PBs.

Better setups are always coming by. .
Indicators show the past. Price Action "Indicates" the future.
  • #72,436
  • Aug 21, 2010 2:54pm Aug 21, 2010 2:54pm
Quoting ghous
Hey ATC,

I am looking at the more significant area near the 8000 BRN rather than those 2 bar highs, and this leaves me with a gut feeling that the bears may not have had their complete fun just yet.

I am looking at a long term up trend that entered into a wedge and only recently price broke out of it. It has since been giving lower lows and lower highs and and developing into a decent down trend.

Looking at the IPB itself, you gotta feel a bullish close would have been so much better, as it is now it feels more - like Adilius said - an IBish...
Wow . .what a great chart . . . .and great story.

Thanks Ghous
Indicators show the past. Price Action "Indicates" the future.
  • #72,437
  • Aug 21, 2010 2:59pm Aug 21, 2010 2:59pm
The Weekly Nzd/Usd IPB looks pretty good.

The IBFX feed shows its bullishness better.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #72,438
  • Aug 21, 2010 3:16pm Aug 21, 2010 3:16pm
Quoting cprao
Great topic. Jarooo started on this at length last week about how he traded GBPUSD and he also shown why he did not trade EURUSD. (Retracement points/areas are not clear).

I kind of understood this trade idea, however, determining the retracement point is still tricky. It will not be clear for all the set-ups. But is is still great for me since when I play BUOB/BEOB, I play very traditionally - like entry 5 to 10 pts low/high of BEOB/BUOB and SL is high/low of BEOB/BUOB.

For weekly this is a huge SL. This method (if I practise) will reduce SL...

Wow . .cool post cprao . . ..Thanks.


Here's another example . .on the Daily Aud/Usd BUOB back in June of this year.

Daily BUOB at a swing low.

Price retraces to the previous bar High level. Notice I also put a line (green line) at that Daily low, why? Because its at the previous bar High level.

4 Hour chart shows a BUOB at this Level (previous bar high of the Daily BUOB).

Notice that Price retraces to the previous bar high on the 4 hour BUOB.

pretty cool huh?
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: aud buob 4hh.gif Size: 28 KB
Indicators show the past. Price Action "Indicates" the future.
  • #72,439
  • Aug 21, 2010 3:41pm Aug 21, 2010 3:41pm
Quoting jarroo
Looks like you've been pumping some iron there, Mr. Mike. No one is born with V-Shaped back.


What a cool gift.
I can't keep up with James though

it certainly was a cool gift
  • #72,440
  • Aug 21, 2010 4:08pm Aug 21, 2010 4:08pm
Quoting jarroo
Wow . .cool post cprao . . ..Thanks.


Here's another example . .on the Daily Aud/Usd BUOB back in June of this year.

Daily BUOB at a swing low.

Price retraces to the previous bar High level. Notice I also put a line (green line) at that Daily low, why? Because its at the previous bar High level.

4 Hour chart shows a BUOB at this Level (previous bar high of the Daily BUOB).

Notice that Price retraces to the previous bar high on the 4 hour BUOB.

pretty cool huh?
Great stuff, I keep learning every day.http://cdn.forexfactory.com/images/icons/icon10.gif
Pipcrawler
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