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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

  • #96,081
  • Jun 7, 2011 12:31am Jun 7, 2011 12:31am
Quoting ddinnov
Not the best Pin but the location rocks...
Just a quick question bout this...
Why is this not the best pin bar? To me it looked perfect but i read this (plus the rest who agree) and now I am a little confused???

Also.. what do you think of this pin bar on the GBP. It has bounced of the 61.8%fib(1.6332) of the previous major move but didn't quite make it to 1.63 which is also the 50%fib retrace of the prev minor move...
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Click to Enlarge Name: GBP.jpg Size: 86 KB
  • #96,082
  • Jun 7, 2011 12:45am Jun 7, 2011 12:45am
Quoting Strick
Just a quick question bout this...
Why is this not the best pin bar? To me it looked perfect but i read this (plus the rest who agree) and now I am a little confused???

Also.. what do you think of this pin bar on the GBP. It has bounced of the 61.8%fib(1.6332) of the previous major move but didn't quite make it to 1.63 which is also the 50%fib retrace of the prev minor move...
hey Strick, for me personally it is simply the bar sizes. compare the pinbar to the other bars (in general and the bars immediatly preceding it) and you will see it is very small. imho we want a much more decisive bar to fight the trend or a strong swing.
for me the same goes for the gb bar.

jon
PATIENCE... DISCIPLINE
  • #96,083
  • Jun 7, 2011 12:48am Jun 7, 2011 12:48am
Quoting phpscott
This one did make me pause for a while as I do trade iffy PA setups -- hey, it is all about location isn't it?

I will not be trading this one though. It is at a triple high and a PPZ but that is not quite good enough for me. I would like to see at least one more reason to place a trade. I really wanted to see divergence.

Yes, one must be THAT picky. Wait until the odds are so stacked in your favor that you KNOW that the chances of the market moving your way is near 100%.



Scott
I took the weekly 150 EMA as my extra confluence for this and went short at 1.4300. The pin could have closed a bit stronger but we'll see.. Perhaps this might be yet another lesson in pickiness for me..
Anything can happen.
  • #96,084
  • Jun 7, 2011 12:57am Jun 7, 2011 12:57am
Quoting Strick
Just a quick question bout this...
Why is this not the best pin bar? To me it looked perfect but i read this (plus the rest who agree) and now I am a little confused???

Also.. what do you think of this pin bar on the GBP. It has bounced of the 61.8%fib(1.6332) of the previous major move but didn't quite make it to 1.63 which is also the 50%fib retrace of the prev minor move...
IMO the EUR/CAD pinbar is small, compare it to the previous bars the pinbar doesn't show much significant.
  • #96,085
  • Jun 7, 2011 1:06am Jun 7, 2011 1:06am
Quoting g_j_hook@yah
Hey ddinnov, great location but a weak bar for that strong move up. its been a little slow today eh!!? its a shame we didnt get something much stronger. It could just be signaling some retrace from that swing up..?? i would have liked to have seen some strong PA here but its a pass for me. Maybe a break and retest would give us something better..??



Again great location but a weak setup imho. a little indecisive for me. my personall thoughts are on the chart

just my view buddy

jon
Thanks mate
Anything can happen.
  • #96,086
  • Jun 7, 2011 2:38am Jun 7, 2011 2:38am
Hi all

true that the PB size is small in comparison but the daily close below RN suggests s/thing is brewing

ideally Id like to have seen a stronger bearish reaction this morning at the LO from the level and then sell the retrace off 1.4300 with PA as confirmation

price today is testing the 1.4325 and this seems to be resistance so Ill watch the 4HR bars and see if we can get a good bearish close with PA

watching the loonie have a good LO on the other pairs also kept me wary but this may change

Cheers

Anthony
  • #96,087
  • Jun 7, 2011 3:18am Jun 7, 2011 3:18am
The last bar that just closed on the H4 chart is a nice bearish pin bar... I think...

Would this be safer to trade from?

Also - did anyone take the trade that I mentioned before on the GBPUSD ? Currently 60 pips up!
  • #96,088
  • Jun 7, 2011 3:31am Jun 7, 2011 3:31am
Hi Strick

the close of the last 4HR is too high, it needs to be a bearish close at or below the bar open (see y'days daily close as a example) and within the body of the previous bar.

right now personally speaking i dont see any reason to short this pair - not enough strong bearish bars that really stand out

am i making sense?

Anthony
  • #96,089
  • Jun 7, 2011 3:31am Jun 7, 2011 3:31am
i am late to this thread. hope guys could give some help on me.
Is this bar a pin bar? From the price action.pdf, the criteria given in that book requires the bearish pin bar should close must be lower than its open.

So, is it a pin bar? Mike says location is everything. Is the location right? i mean here the price action form a lower highs;
thanks for your attention and any comments would help.
Attached Image (click to enlarge)
Click to Enlarge Name: pinbar with fib .GIF Size: 23 KB
  • #96,090
  • Jun 7, 2011 3:44am Jun 7, 2011 3:44am
Hi HotJoey,

You make lots of valid points about this set-up re: the location but Ill give you my view.

The story behind a Pinbar (exhaustion bar) is that one side (buyers or sellers) lose their strength to continue buying or selling

The extension of the Pinbars nose away from the prior and next bar and the close show how much strength the bulls or bears have.

In your chart the high of the Pin does not extend much beyond the other bars and the close is bullish (suggesting strength).

Hope this helps

Anthony
  • #96,091
  • Jun 7, 2011 3:51am Jun 7, 2011 3:51am
Well, just to be precise - this is a bullish outside bar, not a pinbar. If it was a pinbar, the low of the bar would be higher than the low of the previous bar. IIRC.
  • #96,092
  • Jun 7, 2011 4:01am Jun 7, 2011 4:01am
Quoting antgal23
Hi Strick

the close of the last 4HR is too high, it needs to be a bearish close at or below the bar open (see y'days daily close as a example) and within the body of the previous bar.

right now personally speaking i dont see any reason to short this pair - not enough strong bearish bars that really stand out

am i making sense?

Anthony
Absolutely, for some reason my H4 charts are showing different to yours then...
Attached Image
  • #96,093
  • Jun 7, 2011 4:10am Jun 7, 2011 4:10am
Quoting hotjoey
i am late to this thread. hope guys could give some help on me.
Is this bar a pin bar? From the price action.pdf, the criteria given in that book requires the bearish pin bar should close must be lower than its open.

So, is it a pin bar? Mike says location is everything. Is the location right? i mean here the price action form a lower highs;
thanks for your attention and any comments would help.

Actually, that is not a PB at all but a BEOB, and a pretty small one at that.

Hope this chart clarifies things.
Attached Image (click to enlarge)
Click to Enlarge Name: PB.png Size: 15 KB
  • #96,094
  • Jun 7, 2011 4:23am Jun 7, 2011 4:23am
strange indeed

my last 4hr closed at 1.4307 whilst yours was alot lower and i dont see any BEOBs either , different feeds i suppose

a/way right now this market is waiting for a big fish to make big waves so on the sidelines until then
  • #96,095
  • Jun 7, 2011 4:26am Jun 7, 2011 4:26am
Quoting Strick
The last bar that just closed on the H4 chart is a nice bearish pin bar... I think...

Would this be safer to trade from?

Also - did anyone take the trade that I mentioned before on the GBPUSD ? Currently 60 pips up!
My reasons for NOT taking the bar....
sometimes price will go where you wanted, but that doesnt change the weakness of the set up...
sos about the messy chart
just my view


jon
Attached Image (click to enlarge)
Click to Enlarge Name: chart 1.gif Size: 42 KB
PATIENCE... DISCIPLINE
  • #96,096
  • Jun 7, 2011 4:29am Jun 7, 2011 4:29am
Quoting antgal23
Hi HotJoey,

You make lots of valid points about this set-up re: the location but Ill give you my view.

The story behind a Pinbar (exhaustion bar) is that one side (buyers or sellers) lose their strength to continue buying or selling

The extension of the Pinbars nose away from the prior and next bar and the close show how much strength the bulls or bears have.

In your chart the high of the Pin does not extend much beyond the other bars and the close is bullish (suggesting strength).

Hope this helps

Anthony

here was my view on the eur/cad

If one is going to fight a strong up move you better move your stops quick in my view

Best
Mike
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  • #96,097
  • Jun 7, 2011 4:29am Jun 7, 2011 4:29am
Quoting Pinbar
Actually, that is not a PB at all but a BEOB, and a pretty small one at that.

Hope this chart clarifies things.
actually Pinbar if you look closely the bar doesnt close below the previous bar so it isnt a BEOB either just a neutral bar (as you know)

jon
PATIENCE... DISCIPLINE
  • #96,098
  • Jun 7, 2011 4:30am Jun 7, 2011 4:30am
Quoting hotjoey
i am late to this thread. hope guys could give some help on me.
Is this bar a pin bar? From the price action.pdf, the criteria given in that book requires the bearish pin bar should close must be lower than its open.

So, is it a pin bar? Mike says location is everything. Is the location right? i mean here the price action form a lower highs;
thanks for your attention and any comments would help.
Hey Joey

Welcome to the thread bud

I like the next bar much much better after that smaller pinnish/beob looking bar. The bigger beob on the next bar. Look how much bigger it is and the strong close. These can be very strong signals

Best
Mike
  • #96,099
  • Edited 5:13am Jun 7, 2011 5:03am | Edited 5:13am
Quoting g_j_hook@yah
actually Pinbar if you look closely the bar doesnt close below the previous bar so it isnt a BEOB either just a neutral bar (as you know)

jon

Hey, GJ it is my understanding that, it is not a matter of whether the bar closes below the previous bar or not.

It is simply a matter of the low of that bar, taking out the low of the previous bar, that makes it a BEOB and not a PB.

I think that is why Mike called it a "Pinnish looking BEOB".

Either that or, I had better change my name. LOL
  • #96,100
  • Jun 7, 2011 5:22am Jun 7, 2011 5:22am
Quoting Pinbar
Hey, GJ it is my understanding that, it is not a matter of whether the bar closes below the previous bar or not.

It is simply a matter of the low of that bar, taking out the low of the previous bar, that makes it a BEOB and not a PB.

I think that is why Mike called it a "Pinnish looking BEOB".
Actally Pinbar i think your right. doesnt a BEOB need to have a lower low and a higher high than the previous bar, with a close below its open and below the o/c of the previous bar to qualify. i think it needs to close below the previous bars o/c though no?
thanx for making me think this out.( i had to check up on this :/)
heres the pdf anyway..
cheers

jon

EDIT: i have just checked the diagrams you have under you name and the both close below/above the previous bar lol...at the end of the day they are the stronger bars ye?
Attached File(s)
File Type: pdf Price Action Setups.pdf   45 KB | 1,587 downloads
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