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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

  • #96,021
  • Jun 4, 2011 7:53am Jun 4, 2011 7:53am
Quoting ghous
Trust me, the experience is anything but cool. When you're hanging on a wobbly railing for your dear life . . .

We have the problem of overloading of everything that can be potentially boarded. Ships, buses, rickshaws (the local taxi), trains, even donkey carts.

g.
..... and bikes
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  • #96,022
  • Jun 4, 2011 8:51am Jun 4, 2011 8:51am
Hello! Can anyone tell me exactly what are the characteristics of a 2 bar pin bar? I mean for example in this image, (sorry about it i dont know much about paint), do the 2nd and 3rd bar form a bearish 2 bar pin? What if the HIGH of the 3rd bar was higher than the high of the 2nd bar would that be considered a 2 bar pin? Thank you!
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  • #96,023
  • Jun 4, 2011 9:22am Jun 4, 2011 9:22am
Hi all waited all week for trade on dailies but nothing doin so hope for better stuff next wk. Good weekend to you all uguys
  • #96,024
  • Jun 4, 2011 10:17am Jun 4, 2011 10:17am
Quoting Alexone
Hello! Can anyone tell me exactly what are the characteristics of a 2 bar pin bar? I mean for example in this image, (sorry about it i dont know much about paint), do the 2nd and 3rd bar form a bearish 2 bar pin? What if the HIGH of the 3rd bar was higher than the high of the 2nd bar would that be considered a 2 bar pin? Thank you!
Hey Alex

The characteristics would be as follows

Take the highest high of both bars
Take the lowest low of both bars
Take the open from the first bar
Take the close from the second bar

If those combined make a pinbar, then you are good to go. Another thing to watch is that you then combine the previous two bars(at least in my opinion since we are aggregating the data different)

Here are some examples

Best
Mike
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  • #96,025
  • Jun 4, 2011 10:43am Jun 4, 2011 10:43am
Hi, Hope everyone is having a good weekend.
This chart looks fairly interesting. Is anyone else watching?
Small weekly pb, Major sup, BRN, fta 0290 or thereabouts?
Would be a little nervous buying the pound against nzd.

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Free speech is an oxymoron
  • #96,026
  • Jun 4, 2011 11:12am Jun 4, 2011 11:12am
I took the liberty to point out what i think are other 2 bar pin bars until the first arrow u drew. So do they all meet the criteria? Ty!
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  • #96,027
  • Jun 4, 2011 11:20am Jun 4, 2011 11:20am
Quoting Banzaisky
Hi, Hope everyone is having a good weekend.
This chart looks fairly interesting. Is anyone else watching?
Small weekly pb, Major sup, BRN, fta 0290 or thereabouts?
Would be a little nervous buying the pound against nzd.

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hey Banzaisky, imho this is not a good setup, especially, as you mention, with the weak gb right now. It looks like more an indicision bar to me (or some profit taking??). its too small and weak for me to expect it to reverse that strong sell off.
iv put my personal thoughts on the chart...

hope this helps

jon
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PATIENCE... DISCIPLINE
  • #96,028
  • Jun 4, 2011 11:31am Jun 4, 2011 11:31am
Thank you gj hook, good point, i hadn't taken the strong move down into consideration, appreciate your comments, will stay out of this one but watch to see what happens out of interest. Your chart makes things clearer too. It would also be buying straight into all that traffic with not much space.
Free speech is an oxymoron
  • #96,029
  • Jun 4, 2011 11:53am Jun 4, 2011 11:53am
Divergence signal. Pin Bar, however in a congested area but testing daily resistance .979. Premature Triangle breakout signal. All combined within mild confluence.

I might be completely wrong.

Be critical as a baby is to it's mama.....
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  • #96,030
  • Jun 4, 2011 1:31pm Jun 4, 2011 1:31pm
Quoting goldfish3
Divergence signal. Pin Bar, however in a congested area but testing daily resistance .979. Premature Triangle breakout signal. All combined within mild confluence.

I might be completely wrong.

Be critical as a baby is to it's mama.....
This was discussed a few posts back. Check the previous page
  • #96,031
  • Jun 4, 2011 2:58pm Jun 4, 2011 2:58pm
Hey Bi

I am no expert but the two things that struck me immediately in your post werw 'congested area' and 'mild confluence'. This would suggest that it is not a high probability trade although that does not mean that the trade will not work out! However although easier said than done we want to stick to high probability trades. Just my 2 cents..........

Kal
  • #96,032
  • Jun 4, 2011 3:04pm Jun 4, 2011 3:04pm
Mike,

Thanks for the reply. I am not a member. I actually found the guest area vids by using Google! I intend on becoming a member as soon as I can afford it(I currently wait tables full time so I can continue being a part time student ).
  • #96,033
  • Jun 4, 2011 3:28pm Jun 4, 2011 3:28pm
Hey biD

Just a further thought about that chart/setup ....the market seems to be drifting sideways an there is a lot of consolidating so these are tricky trades. As mike would tell you that does not mean trades wont work but will need tight management.

Kal
  • #96,034
  • Jun 4, 2011 3:51pm Jun 4, 2011 3:51pm
Quoting Kalbar
Hey Bi

I am no expert but the two things that struck me immediately in your post werw 'congested area' and 'mild confluence'. This would suggest that it is not a high probability trade although that does not mean that the trade will not work out! However although easier said than done we want to stick to high probability trades. Just my 2 cents..........

Kal
I think you mistook me with the other posters
  • #96,035
  • Edited 5:43pm Jun 4, 2011 5:30pm | Edited 5:43pm
I'm going to watch this pair when the market open. Nice size traffic pinbar, seating on PPZ, we also have a multiple bar lows (red arrows) when the low of the pinbar break, FTA would be 9700? Any opinions guys?!
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  • #96,036
  • Jun 4, 2011 6:01pm Jun 4, 2011 6:01pm
Quoting TransPorter
I'm going to watch this pair when the market open. Nice size traffic pinbar, seating on PPZ, we also have a multiple bar lows (red arrows) when the low of the pinbar break, FTA would be 9700? Any opinions guys?!
I, like many others, am still new to this but I thought I'd give you what I think of it anyway and hope maybe others will chime in on it as well. To begin with a technically correct pinbar has a close that is lower than open on swing high within the body of previous candle and vice versa on swing low. And pinbars are recommended to trade off swing highs and lows not so much on congestion areas as it is now. To me the price is squeezed between a very narrow range of support and resistance making a low risk entry difficult. If the most recent bar had closed below your drawn PPZ then it would be slightly better than it is now. A sell stop can be set at the break of the PPZ but that wouldn't be a high probability trade because in this case the trade would only be based on the break of a certain PPZ and not because of certain price action. This doesn't mean that a break of PPZ won't go to the FTA but just that the odds aren't as stacked in our favor. Just my opinion....

In my effort to refine my entries, I have tried to think of every possible reason why NOT to take a trade as to why trade. A different perspective sometimes can be pretty useful.
  • #96,037
  • Jun 4, 2011 6:25pm Jun 4, 2011 6:25pm
Quoting biDc
I, like many others, am still new to this but I thought I'd give you what I think of it anyway and hope maybe others will chime in on it as well. To begin with a technically correct pinbar has a close that is lower than open on swing high within the body of previous candle and vice versa on swing low. And pinbars are recommended to trade off swing highs and lows not so much on congestion areas as it is now. To me the price is squeezed between a very narrow range of support and resistance making a low risk entry difficult. If the most recent bar...
Thank you for your quick response bro! I learned a lot. I always forget that to be a technically correct pinbar that the close must be lower than the open when shorting a pair, or vice versa.
  • #96,038
  • Jun 4, 2011 6:32pm Jun 4, 2011 6:32pm
Quoting TransPorter
Thank you for your quick response bro! I learned a lot. I always forget that to be a technically correct pinbar that the close must be lower than the open when shorting a pair, or vice versa.
It happens. Sometimes we are so anxious with trading that when we see a small body with giant wicks we get so excited about it we ignore the rest of the clues provided. I am also learning to be even more patient with my trades
  • #96,039
  • Jun 4, 2011 10:59pm Jun 4, 2011 10:59pm
I envy you more than you know.
BUT...
Trading has become so simplified that it has become easier for me to perform Trades.
Still tough to figure though.

I just wish you (all) would Settle Down.


Yeah... Like That could Happen...
LOL
  • #96,040
  • Jun 4, 2011 11:57pm Jun 4, 2011 11:57pm
Incorrect. The technical definition of a pinbar is any bar extends away from price, has a small body, and has a long nose. A James16 pinbar uses that definition but also requires that both the open and close lie within the range of the previous bar.

I would also stay away from this one due to the support and resistance reasons you outlined; too many bar highs and lows at the pinbar's low.

Scott

Quoting biDc
I, like many others, am still new to this but I thought I'd give you what I think of it anyway and hope maybe others will chime in on it as well. To begin with a technically correct pinbar has a close that is lower than open on swing high within the body of previous candle and vice versa on swing low.
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