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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

  • #761
  • Edited 5:58pm Mar 12, 2006 4:56pm | Edited 5:58pm
This is just a post of a pin on the daily USDCAD chart. I don't know if Jim would mind others posting examples here.

This pin also bounces around the area that prices failed to move upwards past in early-mid Feb, so it could be a failed test of this area of resistance.

This could be played as a daily pin bar for a SHORT trade (enter on break, 1.1572 (10 pips below the low) and SL at 1.1665 (just above top of the pin)). If you prefer to use shorter time frames you could use this as an indication that prices may have peaked and the trend may be turning to resume down.

Cheers,
Linc.
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  • #762
  • Mar 12, 2006 5:25pm Mar 12, 2006 5:25pm
Quoting lwoo034
This is just a post of a pin on the daily USDCAD chart. I don't know if Jim would mind others posting examples here.

This pin also bounces around the area that prices failed to move upwards past in early-mid Feb, so it could be a failed test of this area of resistance.

This could be played as a daily pin bar (enter on break, 1.1572 (10 pips below the low) and SL at 1.1665 (just above top of the pin)). If you prefer to use shorter time frames you could use this as an indication that prices may have peaked and the trend may be turning to resume down.

Cheers,
Linc.
So you say it't time to go long, right? I have the same feeling based on 2 diferent strategies...
Try hard, think fast, die young
  • #763
  • Mar 12, 2006 5:54pm Mar 12, 2006 5:54pm
Quoting dof
So you say it't time to go long, right? I have the same feeling based on 2 diferent strategies...
Sorry, short
Try hard, think fast, die young
  • #764
  • Mar 12, 2006 5:58pm Mar 12, 2006 5:58pm
Quoting dof
Sorry, short
You could take partial profits at + 30-40 pips and then set SL to Breakeven.
  • #765
  • Mar 12, 2006 6:01pm Mar 12, 2006 6:01pm
Quoting dof
So you say it't time to go long, right? I have the same feeling based on 2 diferent strategies...
Hi Dof,
I saw this post so I added some comments to the image file to make it clearer, then saw your next post. Yes, I would take a short trade on the break of the pin.

Two possiblities on what is happening (I cannot predict which):
1) overall trend is changing to UP this is just going to be a small retracement down...
2) prices are reversing and are resuming the bigger trend DOWN.

Which two other strategies would make you think of going short?
Cheers,
Linc.
  • #766
  • Mar 12, 2006 6:08pm Mar 12, 2006 6:08pm
Quoting lwoo034
Hi Dof,
I saw this post so I added some comments to the image file to make it clearer, then saw your next post. Yes, I would take a short trade on the break of the pin.

Two possiblities on what is happening (I cannot predict which):
1) overall trend is changing to UP this is just going to be a small retracement down...
2) prices are reversing and are resuming the bigger trend DOWN.

Which two other strategies would make you think of going short?
Cheers,
Linc.
well some people trade only on candlesticks, and that's a big doji, strong signal
Trend strategy, short term trend it's an uptrend, the price got out of trend (so the entry point is the low of that candlestick)
The long term trend is a down trend, hit the trend line and have some signals of reversal, that means it won't break the long term trend.
Attached Image
Try hard, think fast, die young
  • #767
  • Edited 6:23pm Mar 12, 2006 6:19pm | Edited 6:23pm
Quoting dof
well some people trade only on candlesticks, and that's a big doji, strong signal
Trend strategy, short term trend it's an uptrend, the price got out of trend (so the entry point is the low of that candlestick)
The long term trend is a down trend, hit the trend line and have some signals of reversal, that means it won't break the long term trend.
Nicely done So you trade technicals like this, using candlesticks, trendlines, support/resistance?
*grins* that's the same setup and reasoning that I have (with the convergence of the trends and the position of the pin bar / doji here). A pin bar by itself is not powerful, it's also important to look at where it is and what else is happening (resistance, trends etc).
Thanks for sharing the image It also shows me that you are using different timezones for the data which is the reason that I am getting a pin bar and you're getting a doji! (I am using Alapri, GMT +2 I think)
Cheers,
Linc.
  • #768
  • Mar 12, 2006 8:23pm Mar 12, 2006 8:23pm
Quoting lwoo034
Nicely done So you trade technicals like this, using candlesticks, trendlines, support/resistance?
*grins* that's the same setup and reasoning that I have (with the convergence of the trends and the position of the pin bar / doji here). A pin bar by itself is not powerful, it's also important to look at where it is and what else is happening (resistance, trends etc).
Thanks for sharing the image It also shows me that you are using different timezones for the data which is the reason that I am getting a pin bar and you're getting a doji! (I am using Alapri, GMT +2 I think)
Cheers,
Linc.
Linc/Dof,

I also see the usd/cad pair the same way you both look..The prevailing long term trend is DOWN. We have a daily down PIN bar along with the confirmation of VWB ext fib reversal. I would go short on this pair if PIN is broken with the long term bearish wave support.

Shan
  • #769
  • Mar 12, 2006 9:26pm Mar 12, 2006 9:26pm
Take a look at the Vegas4 hourr or Dials Knife Model for this pair.
It is giving a definite to go short.

8 sma is changing to down vegas signal to go short.

There is some other stuff to look for on the 4hr trades but this is showing the signs.



Quoting vishalshan
Linc/Dof,

I also see the usd/cad pair the same way you both look..The prevailing long term trend is DOWN. We have a daily down PIN bar along with the confirmation of VWB ext fib reversal. I would go short on this pair if PIN is broken with the long term bearish wave support.

Shan
  • #770
  • Mar 21, 2006 12:56am Mar 21, 2006 12:56am
I don't know if this forum bumps topics, but I've been reading through the first ten or so pages and wanted to, at the very least, put my name on the list.

I know that james16 has in fact started up his program (per the title of dial), one I'd happily get fully engrossed in. Unfortunately, money's tight for yours truly, so I'll likely have to hold off until I find myself a moderately successful trader.

Even still, these initial pages worth of charts have given an ample amount of information to process and digest, and I've no doubt stumbling onto this thread will contribute to me becoming a successful trader.
  • #771
  • Mar 21, 2006 10:28am Mar 21, 2006 10:28am
Quoting NeoEx
I don't know if this forum bumps topics, but I've been reading through the first ten or so pages and wanted to, at the very least, put my name on the list.

I know that james16 has in fact started up his program (per the title of dial), one I'd happily get fully engrossed in. Unfortunately, money's tight for yours truly, so I'll likely have to hold off until I find myself a moderately successful trader.

Even still, these initial pages worth of charts have given an ample amount of information to process and digest, and I've no doubt stumbling onto this thread will contribute to me becoming a successful trader.
thank you neo, just start practicing and demo.
  • #772
  • Mar 22, 2006 2:26am Mar 22, 2006 2:26am
Well, just entered my first trade using price action only, as per this thread. So far, it's doing pretty well. It's not a perfect double low higher close, but it's withen a pip.

Though, my experience level is minimal, so I could be doing this completely wrong...
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  • #773
  • Edited 2:50am Mar 22, 2006 2:28am | Edited 2:50am
Oh, entered in at the red line, 1.1657, close of second candle.

Got out at 1.1673.

First successful trade in a while...
  • #774
  • Mar 22, 2006 10:45am Mar 22, 2006 10:45am
Quoting NeoEx
Oh, entered in at the red line, 1.1657, close of second candle.

Got out at 1.1673.

First successful trade in a while...
the main thing to remember is the higher the time frame the more reliable these price set ups tend to be. 4hr is better than 1 and daily is better than 4hr.
  • #775
  • Mar 22, 2006 9:56pm Mar 22, 2006 9:56pm
I've been trying to get a feel for price action on the hourly charts, so that when I move up to 4hour/daily ones, the transition will be seemless...

Could be the wrong way to go about it...

Anyhow, looks like I got out of that one too early. Got out at 1.1673, when that minor trend topped out at 1.1715. Missed out on fourty pips...
  • #776
  • Mar 22, 2006 10:04pm Mar 22, 2006 10:04pm
Quoting NeoEx
I've been trying to get a feel for price action on the hourly charts, so that when I move up to 4hour/daily ones, the transition will be seemless...

Could be the wrong way to go about it...

Anyhow, looks like I got out of that one too early. Got out at 1.1673, when that minor trend topped out at 1.1715. Missed out on fourty pips...
practice makes perfect.
  • #777
  • Apr 8, 2006 6:26pm Apr 8, 2006 6:26pm
I'm on page 14 as of posting... but wow. This thread is the best thing I've ran into so far for trading information! I went back and reviewed alot of graphs from the past week and found to Pinochio a few times, and every time I found it it did as you said it would!

Seriously thinking about signing up on your web-site as soon as I can. Thanks for the great information so far.
  • #778
  • Apr 8, 2006 9:54pm Apr 8, 2006 9:54pm
Quoting sundownz
I'm on page 14 as of posting... but wow. This thread is the best thing I've ran into so far for trading information! I went back and reviewed alot of graphs from the past week and found to Pinochio a few times, and every time I found it it did as you said it would!

Seriously thinking about signing up on your web-site as soon as I can. Thanks for the great information so far.
thanks sun, i appreciate your post.

jim
  • #779
  • Edited 1:24pm Apr 11, 2006 1:20pm | Edited 1:24pm

Hey all -

Been watching this thread with increasing interest - thanks to James16 and everyone else who have made this a great learning experience.

Take a look at this chart (hope I attached it right) - it is USDCAD 1 hour chart from today...

I've boxed what looks to me to be a very interesting pin bar - I especially like how the eyes are almost identical in length, and how the opens/closes for the eyes and the nose are identical!! (Haven't seen that before - not sure what the significance is)

Only problem - if you had gone long thinking this pinbar meant an upward move, you would've taken a loss! (Edited to add: OK, guess technically you could've taken a 10 pip gain or so if you bought in at 50% retracement of the right-side eye, and got out at the top where it found resistance against the 55 SMA...but that's not really the large move I would've been expecting)

Is this a good signal that just didn't work? Or is there something else going on that negates this pinbar? (Right now I am just using a 20 EMA in yellow and a 55 SMA in red - trying to just look for and watch price action formations - not worrying about MA crossover or anything else at this early stage in my learning). I realize price action by itself can give false signals, which is why I look to you guys for analysis...

Would love to hear what you guys think about this chart, and what trades you would've taken, or not taken, and why...

Thanks,

Jim
Attached Image
  • #780
  • Apr 11, 2006 2:21pm Apr 11, 2006 2:21pm
Quoting lootcorp

Hey all -

Been watching this thread with increasing interest - thanks to James16 and everyone else who have made this a great learning experience.

Take a look at this chart (hope I attached it right) - it is USDCAD 1 hour chart from today...

I've boxed what looks to me to be a very interesting pin bar - I especially like how the eyes are almost identical in length, and how the opens/closes for the eyes and the nose are identical!! (Haven't seen that before - not sure what the significance is)

Only problem - if you had gone long thinking this pinbar meant an upward move, you would've taken a loss! (Edited to add: OK, guess technically you could've taken a 10 pip gain or so if you bought in at 50% retracement of the right-side eye, and got out at the top where it found resistance against the 55 SMA...but that's not really the large move I would've been expecting)

Is this a good signal that just didn't work? Or is there something else going on that negates this pinbar? (Right now I am just using a 20 EMA in yellow and a 55 SMA in red - trying to just look for and watch price action formations - not worrying about MA crossover or anything else at this early stage in my learning). I realize price action by itself can give false signals, which is why I look to you guys for analysis...

Would love to hear what you guys think about this chart, and what trades you would've taken, or not taken, and why...

Thanks,

Jim
Hi Jim,

I know you must've seen pin bar examples on smaller time frames, but try to use a higher time frame (4hr, daily). It's much more safer and reliable. Use the smaller time frame to get a better entry, once you've picked your trade on the higher time frame.

That was a nice looking pin bar, but not one I would've traded. Check the 4hr chart of your example. You could've entered on the retrace of the second eye. It would've worked out much better.

Take Care
Habeeb
Keeping it Simple
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