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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

  • #98,001
  • Jul 7, 2011 9:15am Jul 7, 2011 9:15am
Quoting Pinbar
Here I am having another crack at it.

Am at BE and took profit off the table.

Let's see how it goes.
Nice one PB. Thats good You didnt surrender after first try.
  • #98,002
  • Jul 7, 2011 9:17am Jul 7, 2011 9:17am
Quoting thermobee
Did anyone play the beautiful pin on the Eur/Usd? There is also a semi decent one on the Eur/Gbp. Im at work so I cant post charts but they are both on the 4H.
I though price had to close close to where it opened to be a good pin?
  • #98,003
  • Jul 7, 2011 9:18am Jul 7, 2011 9:18am
Quoting deankenny21
I though price had to close close to where it opened to be a good pin?
The open and close just need to be within the prior bar to meet the basic criteria + a nose sticking out

Best
Mike
  • #98,004
  • Jul 7, 2011 9:21am Jul 7, 2011 9:21am
Quoting mbqb11
The open and close just need to be within the prior bar to meet the basic criteria + a nose sticking out

Best
Mike
Excellent thank you.

I just checked eurgbp and eurusd daily, could we maybe having a pinbar setting up on these 2?
  • #98,005
  • Jul 7, 2011 9:46am Jul 7, 2011 9:46am
Quoting deankenny21
Excellent thank you.

I just checked eurgbp and eurusd daily, could we maybe having a pinbar setting up on these 2?
Hey Dean

Could be, eur/gbp would look real funky. Eur/usd would be better shaped for a pinbar itself. But remember we want them at nice clean swing lows, when starting out. They are much easier to play. This market is winding up tight so these become much tougher to play and manage. Of course the day has a LONG way to go, I don't go checking dailies till around 4pm est myself

So the chart below was if it closed as is

Best
Mike
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  • #98,006
  • Jul 7, 2011 9:50am Jul 7, 2011 9:50am
Quoting mbqb11
Hey Dean

Could be, eur/gbp would look real funky. Eur/usd would be better shaped for a pinbar itself. But remember we want them at nice clean swing lows, when starting out. They are much easier to play. This market is winding up tight so these become much tougher to play and manage. Of course the day has a LONG way to go, I don't go checking dailies till around 4pm est myself

So the chart below was if it closed as is

Best
Mike

So now look at the 4hr, which I took myself.

Notice the space (green circle -also see my video space vs traffic for more on this) we have to work with. Price is at a more defined swing low. Price closed strong above the recent round number which has been acting as a PPZ. Price has a clear area to watch(orange dotted line).

Just to compare the two so you can see what I mean above

Best
Mike
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  • #98,007
  • Jul 7, 2011 9:55am Jul 7, 2011 9:55am
Quoting mbqb11
Hey Dean

Could be, eur/gbp would look real funky. Eur/usd would be better shaped for a pinbar itself. But remember we want them at nice clean swing lows, when starting out. They are much easier to play. This market is winding up tight so these become much tougher to play and manage. Of course the day has a LONG way to go, I don't go checking dailies till around 4pm est myself

So the chart below was if it closed as is

Best
Mike
wow your making things so much clearer, i would say a 1 to 1 risk reward judging by that am i right, could i also trouble you to post the eurgbp chart up too on your thoughts
  • #98,008
  • Jul 7, 2011 10:00am Jul 7, 2011 10:00am
I think EUR/GBP is much nicer for me bc, there were Ma150 and uptrend with Fib 50 to help...
I am BE and waiting....
Monika
  • #98,009
  • Jul 7, 2011 10:00am Jul 7, 2011 10:00am
Quoting deankenny21
wow your making things so much clearer, i would say a 1 to 1 risk reward judging by that am i right, could i also trouble you to post the eurgbp chart up too on your thoughts
Hey Dean

No I took out much less then 1:1

R:R doesn't mean anything to me I pay no attention to it

the eur/gbp is basically the same chart as the eur/usd. The problem I have is that it is trading a bit too close back into the BRN of .9000 which I put larger weights on

But you could draw it in the SAME way as the eur/usd in terms of trouble areas. Just liked the euro better with the round number of 1.43

Best
Mike
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  • #98,010
  • Jul 7, 2011 10:03am Jul 7, 2011 10:03am
Quoting mbqb11
Hey Dean

No I took out much less then 1:1

R:R doesn't mean anything to me I pay no attention to it

the eur/gbp is basically the same chart as the eur/usd. The problem I have is that it is trading a bit too close back into the BRN of .9000 which I put larger weights on

But you could draw it in the SAME way as the eur/usd in terms of trouble areas. Just liked the euro better with the round number of 1.43

Best
Mike
Sorry, i meant the daily charts, the r/r you shown from eur usd on daily looks like 1 to 1. Also the daily chart with your personal analysis of the pinbar forming, thank you
  • #98,011
  • Jul 7, 2011 10:06am Jul 7, 2011 10:06am
Quoting deankenny21
Sorry, i meant the daily charts, the r/r you shown from eur usd on daily looks like 1 to 1. Also the daily chart with your personal analysis of the pinbar forming, thank you
Hey Dean

The daily chart is not yet closed, so it's tough to do

This post
http://www.forexfactory.com/showthre...07#post4759907

Would be my analysis of the daily as it stands now. Price is winding up , putting that pinbar at a very minor swing point in a lot of traffic. The dotted horizontal line is where price is likely to go. There is nothing about R:R on that chart. R:R is not something you will see me talk about cause it varies trade to trade and how I manage the trade. For me the trouble areas, and story of the trade play a larger role.

Eur/gbp can not close as a pinbar the way it is shaped now.

But long time to go on these dailies

Best
Mike
  • #98,012
  • Jul 7, 2011 10:08am Jul 7, 2011 10:08am
Quoting mbqb11
Hey Dean

The daily chart is not yet closed, so it's tough to do

This post
http://www.forexfactory.com/showthre...07#post4759907

Would be my analysis of the daily as it stands now. Price is winding up , putting that pinbar at a very minor swing point in a lot of traffic. The dotted horizontal line is where price is likely to go. There is nothing about R:R on that chart. R:R is not something you will see me talk about cause it varies trade to trade and how I manage the trade. For me the trouble areas, and story of the trade...
ok i see, when you say winding up, you mean stuck in a triangle ready to busrt one way or another?

you say pin bar invalid now on eurgbp is that because the high of that bar is too high , or is there another reason, thanks for all the help
  • #98,013
  • Jul 7, 2011 10:13am Jul 7, 2011 10:13am
Quoting deankenny21
ok i see, when you say winding up, you mean stuck in a triangle ready to busrt one way or another?

you say pin bar invalid now on eurgbp is that because the high of that bar is too high , or is there another reason, thanks for all the help
Hey Dean

Yes price is sideways on the eur/usd that is what the two trendlines are showing. It's winding up. While we remain within this area I will be sideways biased on this pair.

As for eur/gbp. The open to close or body of the bar is the same size as the Nose/tail for me this is no longer a pinbar. If it still was notice this pinbar is NOT at a swing low but up near a swing high. Or a VERY minor swing low. Notice the 4hr eur/usd location and compare that to the eur/gbp daily

Best
Mike
  • #98,014
  • Jul 7, 2011 10:16am Jul 7, 2011 10:16am
Quoting mbqb11
Hey Dean

Yes price is sideways on the eur/usd that is what the two trendlines are showing. It's winding up. While we remain within this area I will be sideways biased on this pair.

As for eur/gbp. The open to close or body of the bar is the same size as the Nose/tail for me this is no longer a pinbar. If it still was notice this pinbar is NOT at a swing low but up near a swing high. Or a VERY minor swing low. Notice the 4hr eur/usd location and compare that to the eur/gbp daily

Best
Mike
my charts are pinbars rather than candles, so yes i see now the price is same length now as pin bar.

I see the swing high its near but is that not now acting as a pivot zone ?
  • #98,015
  • Jul 7, 2011 10:30am Jul 7, 2011 10:30am
Quoting deankenny21
my charts are pinbars rather than candles, so yes i see now the price is same length now as pin bar.

I see the swing high its near but is that not now acting as a pivot zone ?
Hey Dean

Bar charts and candles are the same information. They both will show OHLC. So you can keep them on whatever you feel comfortable with. I switch back and forth

It may be, but the location is not the place we really want to find these bars. Plus were trading back into another very strong area(the former highs and the BRN). My suggestion is to stick to the basic prime locations James shows in the thread when starting out. It will be a lot easier in the long run to build of that, in my opinion. As you get better and grow you will find many more types of setups/areas/stories that you can get involved in if you so choose. But the easiest ones and the best will always jump out at you. Remember as James says were not trading to trade, but trading to make money

Best
Mike
  • #98,016
  • Jul 7, 2011 11:00am Jul 7, 2011 11:00am
Quoting mbqb11
Hey Dean

Bar charts and candles are the same information. They both will show OHLC. So you can keep them on whatever you feel comfortable with. I switch back and forth

It may be, but the location is not the place we really want to find these bars. Plus were trading back into another very strong area(the former highs and the BRN). My suggestion is to stick to the basic prime locations James shows in the thread when starting out. It will be a lot easier in the long run to build of that, in my opinion. As you get better and grow you will find...
excellent, i shall leave that one alone, and move on to a better looking setup when it occurs
  • #98,017
  • Jul 7, 2011 11:16am Jul 7, 2011 11:16am
Quoting mbqb11
Hey Dean

No I took out much less then 1:1

R:R doesn't mean anything to me I pay no attention to it

the eur/gbp is basically the same chart as the eur/usd. The problem I have is that it is trading a bit too close back into the BRN of .9000 which I put larger weights on

But you could draw it in the SAME way as the eur/usd in terms of trouble areas. Just liked the euro better with the round number of 1.43

Best
Mike

Mike, which broker are you using for the analysis? I do not see this pin bar in FXPro or MBT MT4.
  • #98,018
  • Jul 7, 2011 11:28am Jul 7, 2011 11:28am
Hi all,

just wanted to share what i experienced today, down and out.

after spending some time here i was going very nice. yesterday i took the short trade (USDCAD) of the 1H pinbar at 0.9652 . my SL was above the high of that pinbar. after going into +15 pips it went back to break even and stuck in a range for a long long time. now the depression start and once its started going against me i just closed it and thinking that the trend has changed i entered long at 0.9665. immediately price started moving south. Well, at this point i didn't know what to do. So i was just sitting in fornt of the screen and watching. Finally i trade that would have earned me some good positive pips had i stuck to the original trade plan, ended up beating me on both sides ...... Short and Long.

adding insult to the injury, i went long of the two consecutive pin bars on EURUSD (4H) at 1.445. that trade too immediately started moving against me. now just having the bad experience on UC i decided to give it more room below the low of those pinbars. ultimately closed it for -100 pips only to see the price came back to the point where it started.

Now, i have learnt two very important lessons today:

1- plan your trade and than stick to it. if you feel the need for any change it means your initial plan was not good. so just come out of it. i red a line some where

PLAN THE TRADE AND TRADE THE PLAN

2- from now onward, only daily and weekly chart and nothing less as there is too much noise on lower time frame which is difficult for me to handle.


well, i have closed my trading platform untill monday. will start again on monday with a positive mindset.

Regards to all,
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  • #98,019
  • Jul 7, 2011 11:36am Jul 7, 2011 11:36am
Quoting mbqb11
Hey Dean

No I took out much less then 1:1

R:R doesn't mean anything to me I pay no attention to it

the eur/gbp is basically the same chart as the eur/usd. The problem I have is that it is trading a bit too close back into the BRN of .9000 which I put larger weights on

But you could draw it in the SAME way as the eur/usd in terms of trouble areas. Just liked the euro better with the round number of 1.43

Best
Mike
Great posts Mike.

What a day it has been today!

Could you elaborate on:

"R:R doesn't mean anything to me I pay no attention to it"

Does this mean you get to breakeven and let your trade ride as a free trade, or something else (e.g. you trade up to a trouble area and get out)?

I tried asking Bemac something similar to this, but got no response. I asked Bemac (in particular) as he implied small stop losses were a waste of time. I could mention a few things about how I got my stop losses to the absolute minimum (over time) but I suppose most people wouldn't be interested.

I'm am very interested to know how far you guys put your stop losses to (e.g. full bar loss) and how you manage your trades when you are in. Do you use big stop losses (e.g. full bar) after retracement trades, or do something else (e.g. see Pinbar's comments on eur/chf where he did not use a full bar stop loss).

If it is not too much trouble, I would be grateful for a full answer Mike.

Thank you.

KR
  • #98,020
  • Jul 7, 2011 11:44am Jul 7, 2011 11:44am
Quoting Khurr@m
Hi all,

just wanted to share what i experienced today, down and out.

after spending some time here i was going very nice. yesterday i took the short trade (USDCAD) of the 1H pinbar at 0.9652 . my SL was above the high of that pinbar. after going into +15 pips it went back to break even and stuck in a range for a long long time. now the depression start and once its started going against me i just closed it and thinking that the trend has changed i entered long at 0.9665. immediately price started moving south. Well, at this point i...
Good decision on closing trading till Monday, because you are all over the place here. Closing short and going long straigh away, wow you need to slap yourslef in the face. At the point of you goin long the short trade is still valid. I used to see trades go against me all the time, i put a short eurjpy this week within 10 min it was 30 pips against me, so i stuck to my sl woke up next day and it was plus 50 pips in profit, i eventually closed it at over 150 pips profit. Im still a novice and i would never have done what you shown in your first chart. Most i might and i stress "might" was close the trade but never would i have gone long.
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