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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

  • #89,321
  • Feb 17, 2011 7:55am Feb 17, 2011 7:55am
Hi Mike/senior members,

I have a question regarding pinbar. I have attached a chart in which i have marked 4 pin bars from eurjpy weekly chart. but none worked well.
1. if we consider the first pin and the proxy the candle closed above the wick. It has long nose and is at swing low.
2,3,4.this pin bar also closed above the wick and has long wick and is at swing low.

my question is will u guys take these pin bars. If no is it because of the resistance in the left of chart or pin bar (shape and location)itself is not worth taking a trade or is there any other reason why u will not take this trade?
thanks a lot for ur advice.
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  • #89,322
  • Feb 17, 2011 8:18am Feb 17, 2011 8:18am
Decided to experiment yesterday with a TT on the daily PBT&CB.
I had been kicking myself lately for wussing out of a number of such trades which would have worked out beautifully.
It didn't work out as I would have liked, but was an excellent result for aiding future trades.
Lesson learned: 'This is Critical' is critical!

Michael
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  • #89,323
  • Feb 17, 2011 8:34am Feb 17, 2011 8:34am
Quoting gladiator123
Hi Mike/senior members,

I have a question regarding pinbar. I have attached a chart in which i have marked 4 pin bars from eurjpy weekly chart. but none worked well.
1. if we consider the first pin and the proxy the candle closed above the wick. It has long nose and is at swing low.
2,3,4.this pin bar also closed above the wick and has long wick and is at swing low.

my question is will u guys take these pin bars. If no is it because of the resistance in the left of chart or pin bar (shape and location)itself is not worth taking a trade or is...
Hi Gladiator,

I would think twice taking a trade as we were in a sideways market, for me the best looking one is the third one as it closed above open and it had a long wick/shadow.

Hope it helps.

Os.
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Trade Smart
  • #89,324
  • Feb 17, 2011 8:56am Feb 17, 2011 8:56am
Hi OSman,

that really helps. I have a question regarding the first pin bar that i have marked. I think in the chart that u have posted u have marked the next candle, not the candle that i have marked as pin bar in my chart. In the advanced tutorial pdf i have seen something called a proxy. so I was just checking if that candle is a pin bar considering the proxy candle. thanks for ur reply. really appreciate. ur chart was really helpful

regards


Quoting Osman
Hi Gladiator,

I would think twice taking a trade as we were in a sideways market, for me the best looking one is the third one as it closed above open and it had a long wick/shadow.

Hope it helps.

Os.
  • #89,325
  • Feb 17, 2011 9:01am Feb 17, 2011 9:01am
Quoting gladiator123
Hi OSman,

that really helps. I have a question regarding the first pin bar that i have marked. I think in the chart that u have posted u have marked the next candle, not the candle that i have marked as pin bar in my chart. In the advanced tutorial pdf i have seen something called a proxy. so I was just checking if that candle is a pin bar considering the proxy candle. thanks for ur reply. really appreciate. ur chart was really helpful

regards
Hi Gladiator,

I really dont trade pinbar by proxy as I really dont believe in them, I just see them as en excuse for taking a non valid PB, I would wait for a correct PB to appear.

The pb i took was the ones with an arrow below, maybe the line wasnt correct but i was talking about the ones with the arror below, let me know if its correct .

If you have any question, let us know.

Os.
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Trade Smart
  • #89,326
  • Feb 17, 2011 9:05am Feb 17, 2011 9:05am
Pinbar at swing low on usd cad 4h chart.
If it brake it is a possible trade, or what do you think?
Forgot to draw the divergence.
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  • #89,327
  • Feb 17, 2011 9:13am Feb 17, 2011 9:13am
Quoting Adilius07
Entered into this long trade. Setup - IB.
Looks good to me...
I would be very carefull with this trade!We are still in the M's PB,the W bias is down,and the price has just closed bellow the W consolidation box.On D chart the 0.7576 W ppz was allready confirmed as R with 02.14&02.15 candles.
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Nothing personal,just business
  • #89,328
  • Feb 17, 2011 9:18am Feb 17, 2011 9:18am
Microsoft daily setup

Nice Pb
Trend line confluence
Fib 61.8

FTA: Navy blue zone 27.35

Story: Comes from a previous resistance area converted into a support one (light blue area).

Os.
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Trade Smart
  • #89,329
  • Feb 17, 2011 9:21am Feb 17, 2011 9:21am
Quoting Thierry
Pinbar at swing low on usd cad 4h chart.
If it brake it is a possible trade, or what do you think?
Forgot to draw the divergence.
Like the PB, but dont like FTA above..

Hope it helps.

Os.
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Trade Smart
  • #89,330
  • Feb 17, 2011 9:22am Feb 17, 2011 9:22am
Quoting Osman
Microsoft daily setup

Nice Pb
Trend line confluence
Fib 61.8

FTA: Navy blue zone 27.35

Story: Comes from a previous resistance area converted into a support one (light blue area).

Os.
great to see that you post some stock charts.
i felt so alone doing that .
keep it up!
meine augen sind die sterne
  • #89,331
  • Feb 17, 2011 9:27am Feb 17, 2011 9:27am
Quoting aserbfx
great to see that you post some stock charts.
i felt so alone doing that .
keep it up!
U got me in the game mein freund !!

I would like senior members if you dont mind us posting stocks charts.. or maybe u wanna keep it only to forex.

Thx.
Os.
Trade Smart
  • #89,332
  • Feb 17, 2011 9:28am Feb 17, 2011 9:28am
Quoting Osman
Microsoft daily setup

Nice Pb
Trend line confluence
Fib 61.8

FTA: Navy blue zone 27.35

Story: Comes from a previous resistance area converted into a support one (light blue area).

Os.
This was nice!
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Nothing personal,just business
  • #89,333
  • Feb 17, 2011 9:29am Feb 17, 2011 9:29am
Heads up guys
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Dr. C
  • #89,334
  • Feb 17, 2011 9:31am Feb 17, 2011 9:31am
Quoting fxgroup
I would be very carefull with this trade!We are still in the M's PB,the W bias is down,and the price has just closed bellow the W consolidation box.On D chart the 0.7576 W ppz was allready confirmed as R with 02.14&02.15 candles.
Hi Fx, thanks for charts. Well I don't know what to say, I see your point, but I see very different things on my charts. I see great location and great void above.
  • #89,335
  • Feb 17, 2011 9:31am Feb 17, 2011 9:31am
Quoting Adilius07
Entered into this long trade. Setup - IB.
Looks good to me...
Doesnt look like a very strong setup to me but overall usd weakness across the markets could support that long for some time imo. From the h4 perpective you could call that a double bottom...
0.7620 might be next target.
  • #89,336
  • Feb 17, 2011 9:38am Feb 17, 2011 9:38am
Quoting Osman
Hi Gladiator,

I would think twice taking a trade as we were in a sideways market, for me the best looking one is the third one as it closed above open and it had a long wick/shadow.

Hope it helps.

Os.
Good stuff Os

Also note after the second pin we really know price is in a sideways consolidation mode which then makes me even more weary. Those bars are literally in a sideways market. Also notice how bar 3 and 4 don't break on the next bar(bar 3 may have by a bit). So for me I cancel my orders after that next bar doesn't trigger about 98% of the time. Lack of momentum for me.

Also that first bar that is one by proxy is very not good since the proxy level is so far down. Where we want to see the nose stick out. Proxy is tricky I would be careful on those.

Best
Mike
  • #89,337
  • Feb 17, 2011 9:40am Feb 17, 2011 9:40am
ya osman... thks for the explanation......it helps to clear a lot of confusion......

Quoting Osman
Hi Gladiator,

I really dont trade pinbar by proxy as I really dont believe in them, I just see them as en excuse for taking a non valid PB, I would wait for a correct PB to appear.

The pb i took was the ones with an arrow below, maybe the line wasnt correct but i was talking about the ones with the arror below, let me know if its correct .

If you have any question, let us know.

Os.
  • #89,338
  • Feb 17, 2011 10:10am Feb 17, 2011 10:10am
Quoting Osman
U got me in the game mein freund !!

I would like senior members if you dont mind us posting stocks charts.. or maybe u wanna keep it only to forex.

Thx.
Os.
a charts a chart

Mike
  • #89,339
  • Feb 17, 2011 10:27am Feb 17, 2011 10:27am
The pressure is building... strong break or no play!
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  • #89,340
  • Feb 17, 2011 10:35am Feb 17, 2011 10:35am
Was eyeballing this one for a while. Imagine something like that on h4. Congrats Adi if you are still in
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