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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

  • #104,681
  • Nov 22, 2011 11:21pm Nov 22, 2011 11:21pm
Hey people,

I am new to forex factory. Just wanted to say that this is a phenomenal thread. I want to thank James16 for his words of wisdom. This is the only business in the world that you can demo lol. Amazing isn't it?

I also like to know if there is any position trader in this thread? I see a lot of people trading Daily time frame & below. I only trade weekly & above. Very seldom do I go to Daily. If there is any long-term trader in here, please share your experience with the pinbar method, and how you go upon managing the trades. Thank you.
  • #104,682
  • Nov 23, 2011 3:31am Nov 23, 2011 3:31am
Quoting 5.25

Maybe the attached chart will help demonstrate this

1) Lowest close of support 'A' at 1.5766 meant an entry long at 1.5766 'Entry A'
2) Lowest close of support 'B' at 1.5839 meant an entry long at 1.5839 'Entry B'
OK, sorry, I though you went short at green area.
W Szczebrzeszynie chrząszcz brzmi w trzcinie
  • #104,683
  • Edited 4:25am Nov 23, 2011 4:01am | Edited 4:25am
61.8 fibo, LCS, MACD div & last but not least, Mike's Box.

Looks like it has all the right ingredients for a bullish PA bar.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: pic.jpg Size: 93 KB
Click to Enlarge Name: picd.jpg Size: 116 KB
  • #104,684
  • Nov 23, 2011 5:08am Nov 23, 2011 5:08am
This is for the person who sent me a pb asking for it.
Attached File(s)
File Type: mq4 P4L Clock.mq4   32 KB | 364 downloads
  • #104,685
  • Nov 23, 2011 5:16am Nov 23, 2011 5:16am
Quoting Pinbar
This is for the person who sent me a pb asking for it.
  • #104,686
  • Nov 23, 2011 6:21am Nov 23, 2011 6:21am
Quoting 5.25
Hi David

I've only picked one trade to follow during the course of my professional working day, I've been real busy of late (Not trading related).

Just looking at my charts, probably won't be trading anything tomorrow as I'm too tired to rationalise/plan anything, but I do like your usdcad.

I'm not long on this as it's a break out trade, I've been trading the retest of a level of late. 1.02956 and 1.02909 takes my interest at first glance, although it's been REAL choppy of late. Lines up quite nicely on the hourly though.

As for...

cheers, man!
  • #104,687
  • Nov 23, 2011 8:36am Nov 23, 2011 8:36am
Quoting brandon1
Hi all- This is my 1st attempt to post a chart - so apologies in advance if it does not post properly, i (am attempting to ) attach the 4 hr chart on this pair - i believe it is clearly established on the forum by various members that 2.10 is indeed an interesting level -a) fib retrace , b) MACD divergence,c) PPZ, d) S/R, e) BRN , F)Top of TL/Channel , G)RSX overbought ETC,,,,
The attached 4 hour chart (if you can open it )highlights a 2 bar combo pin bar based on the platform i use using a combination...
Hey B

Welcome yep we can see the chart just fine. I like this area as well but I think your trigger(bar combo) is weaker then we want. Look for the STAND OUT bar, that jumps out at you. In this case price more looks like its reacting . So while technically we could melt those bars into a 2bar pin, the size is still pretty small in comparison to the VERY large uptrend we are in. I always like to say to people think that you need something more significant to stop that trend , a trend is a powerful thing. So when you get that BIG outside or pinbar at a location like this it changes everything

Again welcome and glad to hear you plan going forward it is what everyone should be doing(but on the daily/weekly only as per James )

Best
Mike
  • #104,688
  • Nov 23, 2011 8:40am Nov 23, 2011 8:40am
Quoting Fx7877
Hey Mike,
Thanks for explaining. No posts of yours goes ignored Always something to learn out of it, though I know this could be abit more complex.

You bought on the break of the BUOB? (as indicated with arrow in this chart). Looking like this pair has more legs to run
Hey FX

That bar triggered my order. I bought a new high just above where price got capped ahead of .0300. So 2 bars back from yours my order was above that high. Not a traditional type trade for me either but the pattern was so insanely strong and have been watching it for so long trying to time a good entry. Buying a new high made sense also based on the USD strength across the board at the same time. Things felt poised for this to me. But of course I could have been wrong too

Best
Mike
  • #104,689
  • Nov 23, 2011 8:44am Nov 23, 2011 8:44am
Quoting phenomenal
Hey people,

I am new to forex factory. Just wanted to say that this is a phenomenal thread. I want to thank James16 for his words of wisdom. This is the only business in the world that you can demo lol. Amazing isn't it?

I also like to know if there is any position trader in this thread? I see a lot of people trading Daily time frame & below. I only trade weekly & above. Very seldom do I go to Daily. If there is any long-term trader in here, please share your experience with the pinbar method, and how you go upon managing the trades. Thank...
Hey Phenom

Welcome, yep there are many that trade higher timeframes only and its where we also recommend new people who come here to start. So you will see a lot of that. I trade all timeframes, but I love the weekly timeframe. I don't call it position trading as I just trade the setup, and manage the trade but based on the length some of these trades can lend you in turn become a position trader by the book definition to people

As for how to go about managing them that was sort of what I meant by the above. I manage my trades the same. using the same techniques to enter as to analyze how to exits. My exits vary depending on situations(ex breakout trades I like to trail, trades in consolidation take quick profit, list goes on).

Going on 16 weeks holding one trade here so just gotta stay patient

Best
Mike
  • #104,690
  • Nov 23, 2011 9:41am Nov 23, 2011 9:41am
Quoting mbqb11
I bought a new high on this one. I have been hawking this pair for so long. Broke out nice, but I am holding patient with most of my risk off the table. I bought a break of 1.030 also. I put my stop progression with the price tags. It's tempting to lock in again but I am going to wait


best
mike
Hi Mike ,
I was looking at this from a daily perspective . Watching this pin shape looking bar , made me hesitant to buy it , too . Didn't have the guts , though
I like the squeezing of the price , but just this really strange shape (close below the open , and not a real pin bar) scared me out .
It turned to be a nice trade
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.PNG Size: 63 KB
  • #104,691
  • Nov 23, 2011 9:42am Nov 23, 2011 9:42am
Quoting stewrigh
I'm also watching this one and I'm not sure but I'm guessing ur looking at a long entry...

Fraid I see things slightly differently lol.

I see quite a lot of confluence - 365MA fibs and resistance. thats a 2 day pb BTW

Attachment
Ever so umble - Next time I go against you mike gimme a slap will you.

Thank god for stops.
  • #104,692
  • Nov 23, 2011 10:21am Nov 23, 2011 10:21am
Quoting stewrigh
Ever so umble - Next time I go against you mike gimme a slap will you.

Thank god for stops.
That's why we plan our trades stew, nothing wrong with being wrong sometimes. I am glad to see you follow your plan, its far more helpful then listening to me or anyone else.


I locked in more profit since we hit the BRN above
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  • #104,693
  • Nov 23, 2011 11:01am Nov 23, 2011 11:01am
Hey Mike ,
could I have your opinion on this one , please ?
Breakout and pullback gave us this BEOB . I played it with just 0.1% risk , because of the reasons below :

pros :
- I caught it on a discount
- BEOB closed below 74.000 RN

cons :
- at the 74.000 area formed this minor PPZ , which was a bit scary
- the triggering BEOB formed like in the traffic of these 2 previous bars which test the line .

Anyway it turned to be a good trade , but I want to ask , in your eyes - how much weight these cons worth to you to pass a setup like this one .

Thanks
Attached Image (click to enlarge)
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  • #104,694
  • Nov 23, 2011 11:05am Nov 23, 2011 11:05am
Quoting mbqb11
That's why we plan our trades stew, nothing wrong with being wrong sometimes. I am glad to see you follow your plan, its far more helpful then listening to me or anyone else.


I locked in more profit since we hit the BRN above
Amen to that - Even if I'm wrong I'd rather lose than follow someone else.

We all need to make and follow our own path - even if we sometimes take a wrong turn - something else I learnt on this thread
  • #104,695
  • Nov 23, 2011 11:16am Nov 23, 2011 11:16am
Quoting Rust
Hey Mike ,
could I have your opinion on this one , please ?
Breakout and pullback gave us this BEOB . I played it with just 0.1% risk , because of the reasons below :

pros :
- I caught it on a discount
- BEOB closed below 74.000 RN

cons :
- at the 74.000 area formed this minor PPZ , which was a bit scary
- the triggering BEOB formed like in the traffic of these 2 previous bars which test the line .

Anyway it turned to be a good trade , but I want to ask , in your eyes - how much weight these cons worth to you to pass a setup...
Hey Rust

I think everything you said makes more then perfect sense. My biggest things with breakouts is the pattern. I would prefer to see this pattern have developed more. This doesn't take away from what you are seeing. For me its just a matter of consistency, discipline and that I credit a large part to being patient for the good ones. But everything you wrote here makes perfect sense and is a logical trade. At the end of the day its what we deem as traders as good enough to pull the trigger which only comes with time and seeing what does and doesn't work for us in the long run.

Best
Mike
  • #104,696
  • Nov 23, 2011 11:20am Nov 23, 2011 11:20am
More development - will keep in mind !

Thank you man , I appreciate it !
  • #104,697
  • Nov 23, 2011 1:17pm Nov 23, 2011 1:17pm
Hey everyone,

I think this is a nice pinbar on oil weekly. But I personally would not take this because I think the primary trend is up. I like to buy oil on dips. However, I know the short-term fundamentals is down because of slower growth.

How many people here use pinbar method on counter-trend? For me, I like pinbars on pullbacks only. I hate counter-trend trades. But should I change my view if there is a really nice pinbar?
Attached Image (click to enlarge)
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  • #104,698
  • Nov 23, 2011 1:29pm Nov 23, 2011 1:29pm
Quoting mbqb11
Hey Phenom

Welcome, yep there are many that trade higher timeframes only and its where we also recommend new people who come here to start. So you will see a lot of that. I trade all timeframes, but I love the weekly timeframe. I don't call it position trading as I just trade the setup, and manage the trade but based on the length some of these trades can lend you in turn become a position trader by the book definition to people

As for how to go about managing them that was sort of what I meant by the above. I manage my trades the same....

Wow Mike that is awesome. I don't have profits target, but I know where the trouble areas are. I put my stop to break even pretty quick and let them run. I don't think I have ever taken full bar loss.

Mike, I guessing your trading the short-term, intermediate, and long-term trends separately? For example, if the long-term trend is up, but the 4HR trend is down, you go short on the 4HR right?
  • #104,699
  • Nov 23, 2011 1:47pm Nov 23, 2011 1:47pm
Quoting phenomenal
Wow Mike that is awesome. I don't have profits target, but I know where the trouble areas are. I put my stop to break even pretty quick and let them run. I don't think I have ever taken full bar loss.

Mike, I guessing your trading the short-term, intermediate, and long-term trends separately? For example, if the long-term trend is up, but the 4HR trend is down, you go short on the 4HR right?
bingo my friend. Everything has it's own ebb and flow. And as James says we can "day trade" the higher timeframes too. You can have that same mentality of quick to b/e take your profits etc off a weekly chart, just as you could off a 1hr. That mentality will serve you very well!

Best
Mike
  • #104,700
  • Nov 23, 2011 4:20pm Nov 23, 2011 4:20pm
Quoting Pinbar
61.8 fibo, LCS, MACD div & last but not least, Mike's Box.

Looks like it has all the right ingredients for a bullish PA bar.
I think we should wait for 0.7300 test ... big pinbar from there would be nice trade.
all is eternal - this is good news for people who loves bad news
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