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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

  • #101,001
  • Aug 27, 2011 9:49am Aug 27, 2011 9:49am
Quoting Pinbar
Hey Mike

Wouldn't it also have to have the low inside the previous bar.

I think you just forgot to mention that.

Hope this pic helps clarify things for anyone else that is not sure.
yep that's correct pin thanks

Best
Mike
  • #101,002
  • Aug 27, 2011 10:03am Aug 27, 2011 10:03am
Quoting Girl2099
Sorry for asking a newbie question , if i use a 10pips 'buffer' in FX pairs , how many pips 'buffer' do i use in stocks,gold etc.?
Hey G

I personally eye ball it a bit. Just a good level so that there is a solid clear "break" is what I like to use. I do the same for FX, but a bit easier to put "general" numbers on it.



Best
Mike
  • #101,003
  • Aug 27, 2011 10:44am Aug 27, 2011 10:44am
results for me this week

balance start of week = $901

balance end of week = $945

just short of 5% gain

thank you james16, another good week just taking pinbars
  • #101,004
  • Aug 27, 2011 10:50am Aug 27, 2011 10:50am
Hi guys,

Ive just this minute completed reading the entire thread. However Im still not quite sure what it is about. Could someone please fill me in on what they think the main points are. Thnx.
  • #101,005
  • Aug 27, 2011 11:06am Aug 27, 2011 11:06am
Quoting Adilius07
Hi there! Indeed a nice simple trade. But I was too chicken and took my profits right before the 1800 (at 1793).

May I ask. If your current SL will be hit how much you would have made in R of your initial risk? Is just I am very suspicious about splitting the trade into several exits... so could you share please?

Thank you!
got long when i woke up yesterday morning. at the place of the arrow. my stop was below the support area 1739 usd. 2/3 were taken out at 1820 usd.
1/3 will be stopped out at break even or at 1998 usd. hth
meine augen sind die sterne
  • #101,006
  • Aug 27, 2011 11:28am Aug 27, 2011 11:28am
gbp/sgd with a prinbar on friday. not a strong close. let's see if the high break on monday.
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meine augen sind die sterne
  • #101,007
  • Aug 27, 2011 3:42pm Aug 27, 2011 3:42pm
Quoting Pinbar
I like probably a great deal of other people have, not disregarded but perhaps put the psychological side of things on a back burner.
As, the psychology side of things is interesting me more and more, I am simply trying to understand the order flow and thus the psychology behind it.
It may lead me to nowhere special or any other place than I am already in, however, I am more than willing to explore the avenue.

Yeah, I also tried the same faded lines a long time ago, the problem was, my mind and eyes were always drawn to the lines and not the S&R...
For too long my analytical mind sought to uncover any and everything about everything. One day I started to realize that by looking into the minutiae of everything (and my underlying desire/motivation to be right that was causing this action) I was missing out on the overall picture once everything was said and done. The question that I now ask with respect to things such as this is, "At the end of the day what is more important, understanding how and why things like this work or just simply knowing that they do?". While it is not unanymously the later, most of the times I find that it is. I only say this to because this question has intrigued me for a while. Guess you could say that I am forward testing it

Ryan
  • #101,008
  • Aug 27, 2011 4:05pm Aug 27, 2011 4:05pm
Quoting dmc
Do not want to deter you but what would keep me out of this trade is.

Pin bar not at swing high or low.
Trading into parity level.
We are kind of sideways here

Sure that consolidation can pop and it could be a great trade, but is this A+ according to James 16 standards. Not in my opinion.

As I said follow your own rules, just making you aware of how some others may see it.
Bingo. Parity can be a harsh mistress to trade into...

Ryan
  • #101,009
  • Aug 27, 2011 4:06pm Aug 27, 2011 4:06pm
GA on daily. third attempt to cross the 8.50 usd. this one on good volume. two higher lows. price will certainly gap up on monday. so wait for a pullback to 8.50 usd and enter a few cents above.
Attached Image (click to enlarge)
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meine augen sind die sterne
  • #101,010
  • Aug 27, 2011 4:10pm Aug 27, 2011 4:10pm
Quoting Pinbar
Thanks Ryan

Yeah, I figured these were the settings Mike is using.

The one that I have found to be very interesting is the 2500 setting. It does not work on very many pairs, but when it does it blows all of the others away. I know that we have always looked at 500/1000 on here, but 2500 makes for some interesting viewpoints.

Ryan
  • #101,011
  • Aug 27, 2011 4:16pm Aug 27, 2011 4:16pm
Quoting aserbfx
H4 doesn't make sense on both s&p and dow because it is not a 24 hour market.
Hmmmm..... Now that comment caught me off guard and made me stop to think for a moment. I sat there in a very pensive way for abotu 60 seconds thinking about it. Guess that I have been trading forex exclusively for too long.

Ryan
  • #101,012
  • Aug 27, 2011 4:23pm Aug 27, 2011 4:23pm
Quoting aserbfx
coming closer day by day ...
SL 65 AMG Affalterbach... nugh said
http://www.youtube.com/watch?v=_NiTKPLBepw
Nice Vid. That is one hell of a motivation! I like.

Ryan
  • #101,013
  • Aug 27, 2011 4:26pm Aug 27, 2011 4:26pm
Quoting gungriffin
Hmmmm..... Now that comment caught me off guard and made me stop to think for a moment. I sat there in a very pensive way for abotu 60 seconds thinking about it. Guess that I have been trading forex exclusively for too long.

Ryan
but that is what it is all about: read, see, learn.

about a year ago notorious bemac wrote about the settings of macd and i thought: "wow", why didn't i see that before?

next time i learn something from you...

ich sehe die sterne bei tag...
meine augen sind die sterne
  • #101,014
  • Aug 27, 2011 4:59pm Aug 27, 2011 4:59pm
I'm late, but did not trade it. Support was not nearly strong enough for me. Looks like it worked out though. Now if price gets to the $1550 area, it will have my full attention.

Scott

Quoting aserbfx
anybody out there not trading this D1-pinbar? if so, please identify yourself to the crew :-)
  • #101,015
  • Aug 27, 2011 7:45pm Aug 27, 2011 7:45pm
Quoting aserbfx
gbp/sgd with a prinbar on friday. not a strong close. let's see if the high break on monday.
Hi, Aserbfx, which trading platform are you using? Gbp/Sgd seems like a less common pair.

Regards

Kel
  • #101,016
  • Aug 27, 2011 8:30pm Aug 27, 2011 8:30pm
Hmm, poor looking daily PB on GU, because the open is nearly half way down the bar but, I like the location.

Can it hit the HCR in this daily consolidation.
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  • #101,017
  • Aug 28, 2011 12:13am Aug 28, 2011 12:13am
Quoting gungriffin
Bingo. Parity can be a harsh mistress to trade into...

Ryan
true, but price on that pair did exactly as planned was a good 150 odd pips away from parity, i managed to pull aroun 40-50 pips one most my position and then stopped on the rest for BE.
  • #101,018
  • Aug 28, 2011 2:27am Aug 28, 2011 2:27am
My thoughts and prayers out to those affected (or are likely to be affected) by hurricane Irene.

Stay safe people . . .

g.
I believe . . .
  • #101,019
  • Aug 28, 2011 7:16am Aug 28, 2011 7:16am
Hmm, this has got me thinking about 2 day PBs.

can we combine these bars to make a 2 day PB?
Attached Image (click to enlarge)
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  • #101,020
  • Aug 28, 2011 9:35am Aug 28, 2011 9:35am
Quoting Pinbar
Hmm, this has got me thinking about 2 day PBs.

can we combine these bars to make a 2 day PB?
You can download a custom bar indicator, however I am not sure it will help looking at 2 day bars. At the end of the day you can play around with the bars until you find a set up that fits. You have to ask yourself what other market participants are going to be using 2 day bars. My gut feeling is that you would be better not trading and wait for a A+ set up on a daily or weekly bar. Don't get me wrong I am equally guilty of doing what you are doing. During last week when there weren't many set ups I started shifting my charts down to H4 bars, this was due to impatience. I quickly realised what I was doing and distracted myself, I am not ready yet to trade H4 bars.

another way of increasing the number set ups without going to smaller t/f's is to increase the number of instruments you look at. I opened an account with Smart Live Markets and they offer trading on many many minor exotic pairs. For example last week I found a great daily set up on EURTRY (euro turkish lira). The spreads are not huge either so fine on if you are trading daily bars.

Just my 2c's

Happy trading
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