james16 Chart Thread | Page 35 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #681
  • Feb 13, 2006 4:21pm Feb 13, 2006 4:21pm
Still trying to come to grips with the pinbar setup, maybe the experienced members will assist me in qualifying one. I have entered gbpusd short at 1.7420.
Does this chart meet the criteria?
Attached Image
  • #682
  • Feb 13, 2006 5:50pm Feb 13, 2006 5:50pm
Hey guys, I'd really like to answer your questions since no one seems to be replying..

But anyway, they do like pin bars.. But I think there are different ways to play them.. I'm still not familiar with them and I'm still studying..
So anyway, I hope some of the members who have a good grasp on pin bars could help..

Sorry I couldn't be of much of help this time..
  • #683
  • Feb 13, 2006 5:50pm Feb 13, 2006 5:50pm
Quoting jotty
hi, does this qualify as a pin bar
Hi Jotty,

On your pin bar both the open and close for the bar should be less than the high point reached by the eye (the bar just before the pin bar). In your example the close of the pin bar is at approximately 1.7465 but the high point of the previous bar is somewhere about 1.7452 (you want the close of the pin bar to beneath this level). I hope this helps (if this isn't clear I'll post an image showing it more clearly).

Jim has also talked about 'substituting' bars (acting as though your eye is higher than it is) - but that is something you would have to ask him about.

Cheers,
Linc.
  • #684
  • Feb 13, 2006 6:02pm Feb 13, 2006 6:02pm
Quoting vlazaf
Still trying to come to grips with the pinbar setup, maybe the experienced members will assist me in qualifying one. I have entered gbpusd short at 1.7420.
Does this chart meet the criteria?
Yes, the green bar (2nd from the right) is a pin bar. Both open and close are under the eye of the bar before it. Open/close are near one end of the pin (not near the middle like in a neutral bar). The 'nose' of the pin bar is looong which is good.

When you enter a trade based on the pin bar the 'safest' method to enter is to enter on a break of the pin (I do not think you waited for the break, it looks like you entered at a price higher than the low of the pin bar).

In this case, look at the low point for the pin bar. When it closes, place sell stops 5 or 10 pips below this low point of the pin (for added safety). Then when the price hits this level you enter the trade. I would recommend that you take some profit after 20-40 pips and when the price has dropped a bit more you might want to move your initial stops to break even.

I believe that this is what Jim does (enter 10 pips below the bottom of the pin bar and also take some profit early).

I was making a tutorial document (PDF) with plenty of images that gives some ideas about how to play the pin bars (I might post at the end of the week). It discusses what they look like, which pin bars are 'best', how you can play them, how you can place stops, how you can manage risk etc. I've still got to run it past Jim for checking. I'm not pretending to be an expert, but it might be any easy quick way of becoming more familiar with them.

Cheers,
Linc.
  • #685
  • Feb 13, 2006 6:13pm Feb 13, 2006 6:13pm
Quoting lwoo034
Yes, the green bar (2nd from the right) is a pin bar. Both open and close are under the eye of the bar before it. Open/close are near one end of the pin (not near the middle like in a neutral bar). The 'nose' of the pin bar is looong which is good.

When you enter a trade based on the pin bar the 'safest' method to enter is to enter on a break of the pin (I do not think you waited for the break, it looks like you entered at a price higher than the low of the pin bar).

In this case, look at the low point for the pin bar. When it closes, place sell stops 5 or 10 pips below this low point of the pin (for added safety). Then when the price hits this level you enter the trade. I would recommend that you take some profit after 20-40 pips and when the price has dropped a bit more you might want to move your initial stops to break even.

I believe that this is what Jim does (enter 10 pips below the bottom of the pin bar and also take some profit early).

I was making a tutorial document (PDF) with plenty of images that gives some ideas about how to play the pin bars (I might post at the end of the week). It discusses what they look like, which pin bars are 'best', how you can play them, how you can place stops, how you can manage risk etc. I've still got to run it past Jim for checking. I'm not pretending to be an expert, but it might be any easy quick way of becoming more familiar with them.

Cheers,
Linc.
See! See! I told you guys in FF are helpful!
Thank you very much Linc!

I hope the doc will be finished soon!
I still have a lot to catch up on..
I tried printing this thread but the images/charts were not included in the printable version..

I guess I'll have to suggest that to Merlin and hope he'll be able to do something..

Thanks again Linc..
  • #686
  • Feb 13, 2006 6:28pm Feb 13, 2006 6:28pm
Quoting eastmaels
...
I tried printing this thread but the images/charts were not included in the printable version..
...
Hi eastmaels,
you can try right clicking anywhere on the thread and click on 'select all'
now go to edit and click on copy.
open ms word blank document, right click on it and select paste.
now you should be able to print everything with pictures.
You will have to edit it to make it look nice however.
to give you an idea what it looks like i'm attaching zipped word doc.

Mark
Attached File(s)
File Type: zip foreastmaels.zip   95 KB | 2,680 downloads
  • #687
  • Feb 13, 2006 7:00pm Feb 13, 2006 7:00pm
Quoting raczekfx
Hi eastmaels,
you can try right clicking anywhere on the thread and click on 'select all'
now go to edit and click on copy.
open ms word blank document, right click on it and select paste.
now you should be able to print everything with pictures.
You will have to edit it to make it look nice however.
to give you an idea what it looks like i'm attaching zipped word doc.

Mark
Hi Mark,

Thanks for the file.
Actually, I also have some threads that I like in Word format.
But it just takes so much time that I think that there's got to be a more efficient way of doing it. I really don't like doing things when there's a more efficient way of doing them.
It's what Fiji termed as, "Productive laziness".. Nice huh?

But as for the moment, I think I'll just have to go with this manual copying to word if I want it on paper..
The only reason I'll be doing it because the information included in the thread is worth doing the effort.

Again, thanks for the input!

Regards,
Athan
  • #688
  • Feb 13, 2006 7:05pm Feb 13, 2006 7:05pm
Quoting eastmaels
Hi Mark,

Thanks for the file.
Actually, I also have some threads that I like in Word format.
But it just takes so much time that I think that there's got to be a more efficient way of doing it. I really don't like doing things when there's a more efficient way of doing them.
It's what Fiji termed as, "Productive laziness".. Nice huh?

But as for the moment, I think I'll just have to go with this manual copying to word if I want it on paper..
The only reason I'll be doing it because the information included in the thread is worth doing the effort.

Again, thanks for the input!

Regards,
Athan
I agree, it would be nice to have a printable version of FF.
  • #689
  • Feb 13, 2006 9:00pm Feb 13, 2006 9:00pm
Quoting vlazaf
Still trying to come to grips with the pinbar setup, maybe the experienced members will assist me in qualifying one. I have entered gbpusd short at 1.7420.
Does this chart meet the criteria?
welcome to forex factory, i have been swamped the last three days. i have my commitment to the pf first. when i am done there tonight i will respond to your question. thanks for posting, jim
  • #690
  • Edited 6:47am Feb 14, 2006 6:46am | Edited 6:47am
What a fantastic lot of helpful traders you are, I am currently managing this trade among others but will hopefully post something tonight on what has turned out to be a rewarding setup and trade.

What is pf?
  • #691
  • Feb 14, 2006 7:06am Feb 14, 2006 7:06am
Quoting vlazaf
What is pf?
Private Forum (Paid Forum)

A group of the finest traders on FF have joined ranks and created the PF, with info, training and Q&A in a closed part of the FF Forums.

Costs USD 99 per month to get access...
  • #692
  • Feb 14, 2006 7:19am Feb 14, 2006 7:19am
Quoting vlazaf
What a fantastic lot of helpful traders you are, I am currently managing this trade among others but will hopefully post something tonight on what has turned out to be a rewarding setup and trade.

What is pf?
Actually, there's a lot of info about the Private Forum scattered around here.
If you want more info you can do a search.

In addition to what Cesco said, you can also look at Jim's intro here:
http://www.james16group.com/More_Information.html

The site's still under construction though.
The PF is also known as James16 Group.

A Public help line is also available here:
http://www.forexfactory.com/forexfor...wreply&p=42700

Hope this helps..
  • #693
  • Feb 14, 2006 5:58pm Feb 14, 2006 5:58pm
Managed to hold the trade for 92 pips from original short entry @ 1.7420 for my 1st scale out. Still holding few lots with stop @ 7410. My original stop on the pin bar trade was the high of the 1st eye @ 7465. I do not think i have managed this trade very well in terms of scale out. It has always been my weakness; banking profits 'V' maximising profits, I do not have any set criteria for money management. Can anyone shed some light on this matter and suggest a pragmatic approach in combining daily and 60mins timeframes for exits or even compounding into a trade.
Currently waiting for daily pin bar setups on euro and swiss.
Attached Image
  • #694
  • Feb 14, 2006 7:59pm Feb 14, 2006 7:59pm
Very nice trade Vlazaf.

Managing the trade seems more of an art than anything else. Each person does so much different. Some will take half profit at a certain point, move their stop to B/E, or a little higher, and let the rest do what it will, knowing that they will not lose on it.

I have yet to get to that point...and seem to take most of my profits sooner than maybe I should. Something I need to work on as well.

Either way, that was an excellent trade. Good job.

I am also looking at Euro right now...seems a smaller Pin Bar setup is working ...we'll see how it develops.
  • #695
  • Feb 14, 2006 9:32pm Feb 14, 2006 9:32pm
Quoting vlazaf
Managed to hold the trade for 92 pips from original short entry @ 1.7420 for my 1st scale out. Still holding few lots with stop @ 7410. My original stop on the pin bar trade was the high of the 1st eye @ 7465. I do not think i have managed this trade very well in terms of scale out. It has always been my weakness; banking profits 'V' maximising profits, I do not have any set criteria for money management. Can anyone shed some light on this matter and suggest a pragmatic approach in combining daily and 60mins timeframes for exits or even compounding into a trade.
Currently waiting for daily pin bar setups on euro and swiss.
nice job, your stop was pretty tight. many times where you put it you will get stopped only to see it run your way. i have said many times there is descretion involved in this stuff and this case is no different. very nice.
  • #696
  • Edited 6:02pm Feb 17, 2006 5:51pm | Edited 6:02pm
Thanks for the reply guys.

James, you say my stop was tight, is this relative to the price bars or generally? S 45- 50 pip stop is the most i can muster in my method of trading. Should I assume that you are implying a stop at the high of the pinbar?
Currently trading pinbar off the daily euro and waiting for the inverse trade on the swissy to reciprocate next week after being stopped out on the previous day bar.
Attached Images
  • #697
  • Feb 18, 2006 7:16am Feb 18, 2006 7:16am
Quoting vlazaf
Thanks for the reply guys.

James, you say my stop was tight, is this relative to the price bars or generally? S 45- 50 pip stop is the most i can muster in my method of trading. Should I assume that you are implying a stop at the high of the pinbar?
Currently trading pinbar off the daily euro and waiting for the inverse trade on the swissy to reciprocate next week after being stopped out on the previous day bar.
You got it wrong, you dont decide your stop loss. Your stop loss is what it's meant to be, and then you adjust your lot size according to that stop loss. If the stop loss is 100 pips, simply cut in half your lot size so at the end of the day the risk money wise stays the same.
  • #698
  • Feb 18, 2006 3:44pm Feb 18, 2006 3:44pm
Today, 16:22
http://www.forexfactory.com/forexfor...ine=1128147911diallist http://www.forexfactory.com/forexfor...ser_online.gif vbmenu_register("postmenu_43372", true);
James16 Group Instructor
Join Date: Sep 2004
Posts: 1,394


http://www.forexfactory.com/forexfor...cons/icon1.gif James16 Group Mirrors Vegas PAP signals!
I am pleased to announce that the James16 Group is now sharing the Vegas PAP (Passionate About Profits) signals with our subscribers!

There will be no additional charge for these signals. The subscription price remains at $99. So if you were planning on subscribing to the PAP signals anyway, this represents a savings of $51, plus you will also get the full content of the James16 Group private forum.

Before making this announcement, I checked with Vegas to make absolutely certain it was OK with him for us to do this. Here is the reply I received from Vegas, posted here with his permission:

Quote:
Originally Posted by email from Vegas
Dial,

Yes, by all means you have my permission. In fact, you guys were the ones I was thinking of when I put that paragraph in the file. Here's the deal: I know people are going to share anyway, so they might as well have my blessing. Besides, I'm not doing it for the money anyway. It's good for everybody if you guys can build your business base. I'm only too glad to help you out. you put a lot of work into the forum, and I respect and appreciate your efforts. Your forum allows a person like me to share his knowledge and experience with others. I hope you guys get a million subscribers!!

-Vegas



We wish to express our heartfelt appreciation to Vegas for his generousity in allowing us to provide this new service to subscribers of the Private Forum.

Thank you Vegas!!!

Disclaimer: Currently I am mirroring the PAP signals manually. That is, when I receive a PAP signal on my cell phone, I then post it to a special thread in the Private Forum. Our members who are subscribed to that thread receive an Instant Notification to their cell phones. Because of my schedule, there may be times that I will be delayed in mirroring the signal (meetings, commuting, etc.) Therefore, at this time I have recommended to our subscribers that they do not trade with these signals, but only use tham as confirmation of their own analysis of the VWB method, and to gain insight into Vegas' thought processes. Jim and I are working on getting the mirroring of these signals automated to eliminate any such delays.
__________________
james16group.com

But thou shalt remember the Lord thy God:
for it is he that giveth thee power to get wealth...
Deuteronomy 8:18a


http://www.forexfactory.com/forexfor...tons/quote.gif

  • #699
  • Feb 18, 2006 4:51pm Feb 18, 2006 4:51pm
A loose stop is a tacit admission that one's entry may be poor.
Tight stops encourage one patiently to seek optimal entries and are cheaper than loose ones during the learning process, when finding them can prove elusive.
A tight stop allows the trader to be wrong several times yet when the expected big move is finally nailed these losses prove small in comparison.
I don't understand the concept of "breathing room". If the entry is good then breathing room is not required; if it isn't then get out and wait for another.
Tight stops demand more work and screen time from the trader, but the reward is commensurately greater, as it should be. They also take one out of the market quickly and cleanly, thus allowing for more objective judgement and seeking of fresh opportunity than may be available to someone stuck in a loose stop losing trade.
Tight stops allow the trading of greater size for the same risk as a smaller pozzie with a looser stop. This helps P/L enormously when entries become sharper.

Of course loose and tight are subjective definitions and a scalper doing 4000 turns a day is likely to use a tighter stop than, say, someone investing in the dogs of the Dow once a year, but imho learning traders of all timeframes are apt to seek false comfort in a looser stop than is prudent or logical. This observer certainly did.
A summary of my thoughts succintly written by another trader.
  • #700
  • Feb 19, 2006 9:12am Feb 19, 2006 9:12am
Everyone wants risk-free, tight stop loss trades, and I would agree with you if market was a tamed beast, but it aint. Every day we have fundamental news coming out that might, potentially, spike the chart for over 50 pips up and down within a heartbeat before the dust settles again and the market carries on in its original direction.
34 traders viewing now