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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

  • #83,441
  • Dec 22, 2010 12:26pm Dec 22, 2010 12:26pm
Quoting torontobboy2
FXCM announced their micro account winner 2 months ago. The trader was from China who turned his $2000 into $20,000 in one month. FXCM also awarded the trader with a good lumsum award.

HUH?
These contests are pretty meaningless. These can be lumped into noise and are an easy tactic to attract new traders to their brokerages. Not that I blame them, it's no different then a lotto promotion or a poker promotion etc

Joel sums up all my thoughts

http://www.forexfactory.com/showpost...ostcount=62247
http://www.forexfactory.com/showpost...ostcount=62289
http://www.forexfactory.com/showpost...ostcount=55290
  • #83,442
  • Dec 22, 2010 12:36pm Dec 22, 2010 12:36pm
Quoting Adilius07
Alright, with a huge risk of embarassement... they close at 23:00 NYC Time.
I know sounds strange, but looks to be so!
current time in NY is about 1.34pm

i just opened freestockcharts, it shows the same time. from the current bar, 15th bar back is the Dec21 last bar, which seems to be 11pm NY time (15th bar is 11.00 - 11.59pm NY time).
there u go, 11pm NY time is the last bar for every daily bar.

maybe others can confirm our guess

  • #83,443
  • Dec 22, 2010 12:37pm Dec 22, 2010 12:37pm
1. Should I trade pin bar only in the direction of the trend? i.e if trend is bullish, look for a bullish pin bar formation around fib levels/ppz

2. The pin bar should have a long wick. This wick should be almost equal or larger to the size compared to the previous bar's body

3. If the previous bar has a long bullish candle, and the current bar turns out to be a pin bar. How shall this trade be taken?

4. I've noticed that when a few previous bars are bullish and move the price upward in a vertical fashion, and then a pin bar forms to go short, that does retraces price more rapidly, the same goes for bearish price movemement.

5. I've also noticed that to go short the pin bar must have a lower close than open, and to go long the pin bar must have a higher close than open. Ofcourse there are other pin bars also but this type of pin bar gets more reaction.

If i've not confused the reader, any advice is welcome.

Thanks
  • #83,444
  • Dec 22, 2010 12:41pm Dec 22, 2010 12:41pm
Quoting supremeChaos
current time in NY is about 1.34pm

i just opened freestockcharts, it shows the same time. from the current bar, 15th bar back is the Dec21 last bar, which seems to be 11pm NY time (15th bar is 11.00 - 11.59pm NY time).
there u go, 11pm NY time is the last bar for every daily bar.

maybe others can confirm our guess

yeah I think this is correct
thanks SC
  • #83,445
  • Dec 22, 2010 12:44pm Dec 22, 2010 12:44pm
Hey Toronto I have answered your questions below but some are too general without charts it's impossible to give an answer cause it is situation to situation

Quote
1. Should I trade pin bar only in the direction of the trend? i.e if trend is bullish, look for a bullish pin bar formation around fib levels/ppz

Nope you can trend them any which way. I take pins with the trend, against a strong trend etc. It is the context in which the bar occurs amongst other thing.

Quote
2. The pin bar should have a long wick. This wick should be almost equal or larger to the size compared to the previous bar's body

In general yes the bigger the wick the better.


Quote
3. If the previous bar has a long bullish candle, and the current bar turns out to be a pin bar. How shall this trade be taken?

This is one of those impossible to give a general statment if you have charts it is easier to explain a situation.

Quote
4. I've noticed that when a few previous bars are bullish and move the price upward in a vertical fashion, and then a pin bar forms to go short, that does retraces price more rapidly, the same goes for bearish price movemement.

Again I would say it depends on the scenario look of the pinbar, and location of what is going on.


Quote
5. I've also noticed that to go short the pin bar must have a lower close than open, and to go long the pin bar must have a higher close than open. Ofcourse there are other pin bars also but this type of pin bar gets more reaction.

This is not necessarily the case. I think most times it is a stronger pinbar but not necessarily needed. Notice the chart I posted a few posts back of the usd/cad and the link I included from Jim. One has a close higher then the open the other does not. Both are great strong pinbars.

Quote
If i've not confused the reader, any advice is welcome.

Thanks

If you have more questions let us know but most of the times its hard to give general answers as it is hard to satisfy all variables in trading that way

Best
Mike
  • #83,446
  • Dec 22, 2010 1:03pm Dec 22, 2010 1:03pm
Hey Jim....How's that Montly Bar working out?

Sorry guys...been so behind trying to keep up with the thread and life....must spend more time here and get my priorities straight

If commerce wasn't bad enough in Europe and Great Britain....devasted by the closure of airports...... just recently snow has messed it up bad .....just what they didn't need(not).....

To all who celebrate the Holidays ---Enjoy!

As always, a sincere thankyou to James, Mike, Jim, Ghous and the seniors who make things happen. You guys sure know how to light up my tree.

Bill
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  • #83,447
  • Dec 22, 2010 1:07pm Dec 22, 2010 1:07pm
Quoting mbqb11
Hey Toronto I have answered your questions below but some are too general without charts it's impossible to give an answer cause it is situation to situation



Nope you can trend them any which way. I take pins with the trend, against a strong trend etc. It is the context in which the bar occurs amongst other thing.



In general yes the bigger the wick the better.




This is one of those impossible to give a general statment if you have charts it is easier to explain a situation.



Again I would say it depends on the scenario look...

Thanks Mike. Still cant believe that you actually reply one-on-one and that too constantly and an unbiased mentoring reply. Just finished watching your video on space/traffic and everytime I read/watch something on this thread or your website, I feel i've missed out on 2 years of reading books on technical analysis. The real time wasted on actionforex.com and many other so called 'tech analysis' websites.

I've really stuggled with trend lines. I drew my support and resistance / pivot zones / trend lines, and I used to buy/sell and then kaboom the trend line would break the SR would be taken out, even the PPZ is blown apart. I used to be so upset that my hard work is being wasted. Then, I reached this thread where now I am focusing on what to look for around these areas BEOB, PinBars and alot more. Now I can predict, based on price action, that if ppz, SR, TR is to be taken out or not...

I used to consider 'trend line' an entry signal, and now its pure PA but combined with what i've learned before....and it seems the learning has just begun..

Thank you once again..
  • #83,448
  • Dec 22, 2010 1:18pm Dec 22, 2010 1:18pm
Quoting torontobboy2
Thanks Mike. Still cant believe that you actually reply one-on-one and that too constantly and an unbiased mentoring reply. Just finished watching your video on space/traffic and everytime I read/watch something on this thread or your website, I feel i've missed out on 2 years of reading books on technical analysis. The real time wasted on actionforex.com and many other so called 'tech analysis' websites.

I've really stuggled with trend lines. I drew my support and resistance / pivot zones / trend lines, and I used to buy/sell and then kaboom...
you are quite welcome bud
  • #83,449
  • Dec 22, 2010 1:37pm Dec 22, 2010 1:37pm
I am here for 5 months. I feel I learned a lot, and feel like I can really do it.
However my performance keeps on telling me the opposite.

Only about 10% win, huge demo losses. I don't know what's wrong.
And is not that I'm not trying. I am. I am here daily reading, testing, thinking...

Just came back from Guest section of the Website finished reading all those Testimonials again, looks like everyone is getting it and doing just fine...

I can't be the only one that dumb...

Where is the problem... Why...
  • #83,450
  • Dec 22, 2010 1:45pm Dec 22, 2010 1:45pm
Quoting mbqb11
Hey D

I just wanted to make sure you understood that a pinbar is one as long as the open and close are within the prior bar. Close doesn't have to be higher. I agree sometimes it can make it a better setup depending on various factors. A proxy pin is one that doesn't have the close within the prior bar and uses a previous other bar(not the left one) as it's proxy for a close within

Best
Mike
Hi Mike,

I've been discounting pins on account of them not closing in the direction I'd like to see them go. I could have sworn I read somewhere that was a 'must' - but then again I've read a lot over the last year hehe.

That's more PINs I can look at now - here's to 2011, thanks mate
Anything can happen.
  • #83,451
  • Dec 22, 2010 1:47pm Dec 22, 2010 1:47pm
Quoting Adilius07
I am here for 5 months. I feel I learned a lot, and feel like I can really do it.
However my performance keeps on telling me the opposite.
...
dont be anxious.
it takes TIME (think of School which takes up 10+ years of our life).
& time is relative to the person involved.

something related...
Quoting supremeChaos
Hello leelar,
depending on your comprehensive ability, u shouldnt expect to understand all in one go.
repetition is always beneficial in understanding things, as well as necessary to imprint stuff in our mind.
  • #83,452
  • Dec 22, 2010 1:51pm Dec 22, 2010 1:51pm
Quoting supremeChaos
dont be anxious.
it takes TIME (think of School which takes up 10+ years of our life).
& time is relative to the person involved.

something related...
After 10+ years at least you know you will get some kind of job
Btw, I'm about 4,5 years in total... I hope things will change in 2011...
  • #83,453
  • Dec 22, 2010 1:51pm Dec 22, 2010 1:51pm
Quoting Adilius07
I am here for 5 months. I feel I learned a lot, and feel like I can really do it.
However my performance keeps on telling me the opposite.

Only about 10% win, huge demo losses. I don't know what's wrong.
And is not that I'm not trying. I am. I am here daily reading, testing, thinking...

Just came back from Guest section of the Website finished reading all those Testimonials again, looks like everyone is getting it and doing just fine...

I can't be the only one that dumb...

Where is the problem... Why...
Adi you just have to be persistent. You can't look at it as I've been doing this for 5 months I expect X results. Most people it takes YEARS before they start to see results. That is the real reality. You might not be able to see your progress as you want it, but its part of it. THose that are in for the long haul and let their natural learning progression take place are in the best place mentally. One day you won't just say I GOT IT I AM PROFITABLE. It's a constant building process. It varies for everyone.

Just stay with it it has nothing to do with being dumb or not dumb. We always use the cliche but this is a business. It takes lawyers/doctors/etc other professionals 4+ years why should trading be any different? In fact I would argue it is much more difficult.

Best
Mike
  • #83,454
  • Dec 22, 2010 1:55pm Dec 22, 2010 1:55pm
Quoting Adilius07
I am here for 5 months. I feel I learned a lot, and feel like I can really do it.
However my performance keeps on telling me the opposite.

Only about 10% win, huge demo losses. I don't know what's wrong.
And is not that I'm not trying. I am. I am here daily reading, testing, thinking...

Just came back from Guest section of the Website finished reading all those Testimonials again, looks like everyone is getting it and doing just fine...

I can't be the only one that dumb...

Where is the problem... Why...
hey adilius

i am a member of the PF for 12 months and working really hard on it. i am much better than before but believe me it is not that easy,i think one need 1,5-2 years to be profitable.
  • #83,455
  • Dec 22, 2010 1:58pm Dec 22, 2010 1:58pm
Quoting mbqb11
Adi you just have to be persistent....
Yes thanks Mike, I will just keep on going, maybe things will change in 2011.
  • #83,456
  • Dec 22, 2010 2:00pm Dec 22, 2010 2:00pm
Quoting mbqb11
Adi you just have to be persistent. You can't look at it as I've been doing this for 5 months I expect X results. Most people it takes YEARS before they start to see results. That is the real reality. You might not be able to see your progress as you want it, but its part of it. THose that are in for the long haul and let their natural learning progression take place are in the best place mentally. One day you won't just say I GOT IT I AM PROFITABLE. It's a constant building process. It varies for everyone.

Just stay with it it has nothing to...
i think it is the most difficult business in the world
  • #83,457
  • Dec 22, 2010 2:01pm Dec 22, 2010 2:01pm
Quoting kayhan7070
hey adilius

i am a member of the PF for 12 months and working really hard on it. i am much better than before but believe me it is not that easy,i think one need 1,5-2 years to be profitable.
Yes. Maybe. I will not give up anyway I enjoy this a lot, and don't see my life without it, it is a game I play daily... just want it to become a business not game...
  • #83,458
  • Dec 22, 2010 2:02pm Dec 22, 2010 2:02pm
Quoting Adilius07
After 10+ years at least you know you will get some kind of job
Btw, I'm about 4,5 years in total... I hope things will change in 2011...
not in these times..

prior/during 2007/2008 financial crisis, the world/first world people realized jobs are not secure anymore..
job uncertainty after graduation from college/uni. has been happening in several countries (specially in mine), i think even prior 2007/2008..

we all just have to keep at it, for the sake of our goals/dreams
  • #83,459
  • Dec 22, 2010 2:58pm Dec 22, 2010 2:58pm
Quoting kayhan7070
hey adilius

i am a member of the PF for 12 months and working really hard on it. i am much better than before but believe me it is not that easy,i think one need 1,5-2 years to be profitable.
Like me i started with trading when i was 14 years old. I still trade with an demo account for 3 years now and still no profits. The problem because i still trade demo is that i havenīt found this thread earlier. Jarroo recommended me to this thread about 1 year ago and i thought that this is crap to much to read and learn and i bought a crap for 95 $ :-(. Then i tried it and iīm happy with this decision thanks Jarroo for this recommend
  • #83,460
  • Dec 22, 2010 3:11pm Dec 22, 2010 3:11pm
I'm observing these bar patterns referenced in this thread and noticed that they perform well during lodon session, and are at their best in the first half session of US session. That is 4am-11am easter time.

from 5pm-3am Eastern time (london+US market closed) are hours not to trade, and any pattern developement should not be taken that seriously.

I know in the books its adviced to trade only when there is liquidity but what is your observation guys?
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