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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

  • #99,781
  • Aug 3, 2011 12:43pm Aug 3, 2011 12:43pm
I just learned that MT5 has built in H8 ? wow cool! Does anyone know a good demo broker with Mt5? Will greatly appreciate any info. (looks like my favorite Fxpro does not support it
  • #99,782
  • Aug 3, 2011 12:53pm Aug 3, 2011 12:53pm
Quoting Adilius07
I just learned that MT5 has built in H8 ? wow cool! Does anyone know a good demo broker with Mt5? Will greatly appreciate any info. (looks like my favorite Fxpro does not support it
Broco has the most instruments (but it doesnt work for me);
FXCM;
Admiral

and a good few others.
  • #99,783
  • Aug 3, 2011 12:55pm Aug 3, 2011 12:55pm
i see charts that have bars labelled as pin bars that are anything but.

THE BAR MUST OPEN AND CLOSE INSIDE THE PREVIOUS BAR.

THATS JUST THE START. WE DONT TRADE EVERYTHING THAT LOOKS LIKE A PIN BAR.

IN FACT WE DONT TRADE MOST TRUE PIN BARS UNLESS THEY MEET VERY STRINGENT CRITERIA.


I understand that new people come here with every bad habit known to trading.

the most useful thing taught here is to stop trading.

Find 2 or 3 slam dunk set ups a month and go 6 months to a year straight with no losing months.

How many do that?
  • #99,784
  • Aug 3, 2011 12:58pm Aug 3, 2011 12:58pm
Quoting Ted1983
Broco has the most instruments (but it doesnt work for me);
FXCM;
Admiral

and a good few others.
Thanks Ted, do you know which one has unlimited demo and bar close the same time as FxPro? I have Admiral for MT4 which is fine but their closing time (H4) just don't fit my schedule
  • #99,785
  • Aug 3, 2011 12:58pm Aug 3, 2011 12:58pm
welcome my friend but thats not a pin bar.

i dont want you making a huge mistake with reqal money.

please demo the outline in post 1 while you are learning.

dont mind helping you via email.

jim



Quoting bali2002
I like that, however my emas are still showing a bearish move.
http://clip2net.com/clip/m90097/thum...-clip-11kb.png
  • #99,786
  • Aug 3, 2011 1:12pm Aug 3, 2011 1:12pm
Hi guys What do you think about this two pinbars We have 4 hours to the close but If this pinbars stays I am thinking about entry, it meets my terms, but I would rather see Stoch in oversold / overbought area. But Aud/Cad I hope that price don't stop on 1.0400 :/

http://img580.imageshack.us/img580/323/usdsdg.gif
http://img830.imageshack.us/img830/3755/audcad.gif
  • #99,787
  • Aug 3, 2011 1:15pm Aug 3, 2011 1:15pm
Confluence to watch...
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  • #99,788
  • Aug 3, 2011 1:16pm Aug 3, 2011 1:16pm
Quoting hooky
Hi guys What do you think about this two pinbars We have 4 hours to the close but If this pinbars stays I am thinking about entry, it meets my terms, but I would rather see Stoch in oversold / overbought area. But Aud/Cad I hope that price don't stop on 1.0400 :/

Hey Hooky

I put some notes on for you for usd/sgd

Please read this post by james just above
http://www.forexfactory.com/showthre...98#post4834898

See if you can identify why aud/cad doesn't meet the criteria

Best
Mike
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  • #99,789
  • Aug 3, 2011 1:22pm Aug 3, 2011 1:22pm
James I'm interested in the logic behind trades...
Can you explain why pinbar work in the long run?

(I'd like to understand what I'm doing and not follow blindly the instructions)...
Glad if you can help
  • #99,790
  • Aug 3, 2011 1:29pm Aug 3, 2011 1:29pm
Quoting AQs
James I'm interested in the logic behind trades...
Can you explain why pinbar work in the long run?

(I'd like to understand what I'm doing and not follow blindly the instructions)...
Glad if you can help

A pinbar is a moment of buying/selling(we can percieve it as irrational with the right location) that leads to the opposite taking charge(selling/buying respectfully). This can be seen as sucking in weak buyers/sellers and stronger sellers/buyers coming in. By itself a pinbar is only a small part, it is WHAT is taking place(see location/story) to make that particular pinbar important. All bars are not equal and a bar by itself is only a small part of the story(here is your key). If you see a bar that meets the criteria of a pinbar, or other bar and trade it based on that alone you(whoever this is general) will continue to struggle. Again prove this all to yourself though on demo and testing. You see this stuff work enough and then it starts to work for you it's a great thing. Again most will fail to follow both post one and fail to follow the great advice james just posted here

http://www.forexfactory.com/showthre...98#post4834898


Hope that helps
Mike
  • #99,791
  • Aug 3, 2011 1:33pm Aug 3, 2011 1:33pm
Quoting featurelion
Anyone take this BEOB Trade?
Any one seeing this
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  • #99,792
  • Aug 3, 2011 1:33pm Aug 3, 2011 1:33pm
http://www.forexfactory.com/showthre...35#post2510835
  • #99,793
  • Aug 3, 2011 1:55pm Aug 3, 2011 1:55pm
Quoting mbqb11
A pinbar....
tyty
  • #99,794
  • Aug 3, 2011 2:23pm Aug 3, 2011 2:23pm
Quoting bali2002
I like that, however my emas are still showing a bearish move.
http://clip2net.com/clip/m90097/thum...-clip-11kb.png
compare your "pin" with a pin:
Attached Image
  • #99,795
  • Aug 3, 2011 2:53pm Aug 3, 2011 2:53pm
Quoting hooky
Hi guys What do you think about this two pinbars We have 4 hours to the close but If this pinbars stays I am thinking about entry, it meets my terms, but I would rather see Stoch in oversold / overbought area. But Aud/Cad I hope that price don't stop on 1.0400 :/

watch 1.035; otherwise aud becomes interesting again - now they price endless rate cuts...

tomorrow 21.30EST is important for aud.

and the road down(or up, case of aud/cad) has plenty of recent traffic...

ah, and tomorrow ms. Trichet will do his monthly number, so beware of eur hyper volatility case anyone takes and moves to be or somethin'.
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  • #99,796
  • Aug 3, 2011 3:53pm Aug 3, 2011 3:53pm
Love the J16 method....

Attached Image (click to enlarge)
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Quoting gungriffin
Thought that this one was interesting enough to post up here. I did not trade it, but still entertaining enough.


Seem odd to have a strong reaction on the daily here?
Attachment


How about now?
Attachment


Keep going back and the dark grey resistance line only shows further validation. WIPG prediction? ~.8260
  • #99,797
  • Aug 3, 2011 4:03pm Aug 3, 2011 4:03pm
Quoting Pumlitch
I would favour the up move too because there is a lot of supports on the way down.
But, who cares about what we prefer
Čau
Definitely not the market


Ha ha you are spot on the money. If anyone thinks other than this I hope that you are not risking anything you cannot lose...
  • #99,798
  • Aug 3, 2011 4:08pm Aug 3, 2011 4:08pm
Quoting james16
I understand that new people come here with every bad habit known to trading.

the most useful thing taught here is to stop trading.
The moment that a person truely understands and embraces this on every level of conciousness is very likely going to be the moment that they begin to trade profitably. Ha ha unfortunately I would venture to say that it it will likely be one of the final things that will be learned before becoming profitable... (well if you are at all like me )


Great post Jim!
  • #99,799
  • Aug 3, 2011 4:13pm Aug 3, 2011 4:13pm
Quoting AQs
James I'm interested in the logic behind trades...
Can you explain why pinbar work in the long run?

(I'd like to understand what I'm doing and not follow blindly the instructions)...
Glad if you can help

I used to be a bad why guy. I was the first person to ask why.

But in the end I realized to ask this question. What is more important the why or if it does (work)?
  • #99,800
  • Aug 3, 2011 4:23pm Aug 3, 2011 4:23pm
See Chart
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp 8-3-11 daily.gif Size: 45 KB



meant to say if PA formed I probably would not trade it for the final sentance
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