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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

  • #114,001
  • Jul 7, 2012 7:03am Jul 7, 2012 7:03am
Quoting Greenhaze

i've lost 1% on it but i have to say i managed to pick the exact top LOL....

HAHA , Don't get sad brother , Even THIS is the talent most people do not have and Is rare ...
Human
  • #114,002
  • Jul 7, 2012 12:05pm Jul 7, 2012 12:05pm
Quoting Chanya
I entered at the retest of the weekly level as shown below like I said I would at the start of the week according to the Jarroo methodology !!! My order got taken to the pip !!! 302 Pips green ...
Hi Chanya,

you were speaking of very tight stops. How many pips did you use for your SL?

@Greenhaze:
I know how you feel! Either I go long at the top and the price rushes down, or my limit order gets missed by only one pip or so (still demo).
  • #114,003
  • Jul 7, 2012 12:17pm Jul 7, 2012 12:17pm
Quoting savingpig
Hi Chanya,

you were speaking of very tight stops. How many pips did you use for your SL?

@Greenhaze:
I know how you feel! Either I go long at the top and the price rushes down, or my limit order gets missed by only one pip or so (still demo).
Hey savingpig , My entry was exactly at the blue zone shown on the daily chart because that is the zone that represents the area on weekly which I used . My stops was just 25 pips away ( Very tight considering it was a trade on daily and partially on weekly ) from the blue zone because it was a weekly level and if you look closely , it also represented the most recent daily HCR and LCS if extended slightly yo the left ...
Human
  • #114,004
  • Jul 7, 2012 12:28pm Jul 7, 2012 12:28pm
Alright, thanks for the answer. Really a nice entry!
  • #114,005
  • Jul 7, 2012 12:32pm Jul 7, 2012 12:32pm
Quoting Chanya
Hey savingpig , My entry was exactly at the blue zone shown on the daily chart because that is the zone that represents the area on weekly which I used . My stops was just 25 pips away ( Very tight considering it was a trade on daily and partially on weekly ) from the blue zone because it was a weekly level and if you look closely , it also represented the most recent daily HCR and LCS if extended slightly yo the left ...
wow And if we risk 2% or 3% of our account - one trade like this every few months is all we need...But it is hard to be patient and picky... One more time - great trade Chanya.
  • #114,006
  • Jul 7, 2012 12:46pm Jul 7, 2012 12:46pm
Quoting rafstraszek
wow And if we risk 2% or 3% of our account - one trade like this every few months is all we need...But it is hard to be patient and picky... One more time - great trade Chanya.
ahhh you got it. This is where the majority of people fall short. They can't be picky long enough


But with enough time and practice we can learn to be

Mike
  • #114,007
  • Jul 7, 2012 1:19pm Jul 7, 2012 1:19pm
Okay guys, I'll try another one, what do you thing of this one? Or am I already too late?
On the weekly chart there is a Pinocchio after price has risen for some time. Additionaly there are two Fibs (23.6 red, 38.2 blue) where price retraced.
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  • #114,008
  • Jul 7, 2012 3:12pm Jul 7, 2012 3:12pm
Quoting savingpig
Okay guys, I'll try another one, what do you thing of this one? Or am I already too late?
On the weekly chart there is a Pinocchio after price has risen for some time. Additionaly there are two Fibs (23.6 red, 38.2 blue) where price retraced.
Hey SP

One good tip is to zoom your charts out a bit If you do you can see how small this bar is. On my chart I wouldn't really qualify it as a pin since it is so super tiny. Technically a small one, but also notice the bar before it is a much larger BUOB. So shorting back down would cause many difficulties with trying to manage it as well. Then if you wanted to trad that daily one based on your chart this one has already broke and gone on to its major trouble areas so jumping in based on daily would be late as you said

Hope that helps
Mike
  • #114,009
  • Jul 7, 2012 3:30pm Jul 7, 2012 3:30pm
Of course this helps, thanks. I need to improve my trading a lot until I start trading with real money.
  • #114,010
  • Jul 7, 2012 3:35pm Jul 7, 2012 3:35pm
Quoting savingpig
Of course this helps, thanks. I need to improve my trading a lot until I start trading with real money.
that's what demos for

You are doing the right thing just take things slow , it gets easier with time

Enjoy the weekend
Mike
  • #114,011
  • Jul 7, 2012 4:20pm Jul 7, 2012 4:20pm
I'm currently on page 27 of this thread but I don't think this question was already there:

James16 mentioned that when trading a dbhlc/hblhc the highs/lows should not differ in one or two pips. Is this even possible on daily and higher timeframes?

I saw some of these setups on the 30min or 1hour timeframe but never on higher timeframes.
  • #114,012
  • Edited 5:09pm Jul 7, 2012 4:20pm | Edited 5:09pm
Quoting mbqb11
Hey 04

Put some notes on a chart for you

Enjoy the weekend
Mike
Thx a lot, i was watched this movie, nice one btw)
now it simpler. this is what U mean??

http://i48.tinypic.com/2cpqq8w.jpg

i have question to U Chanya, are U play there only because was PBT&CB and Retest to LCS, or U waith for some Price Action there in a lower TF(H4, H1). Mike what U doing in this situaction? U take this trade??
  • #114,013
  • Jul 7, 2012 5:20pm Jul 7, 2012 5:20pm
chart.

http://i49.tinypic.com/3325l5k.jpg

Thx.
  • #114,014
  • Jul 7, 2012 6:17pm Jul 7, 2012 6:17pm
i'm on page 48, appologize I couldn't read all 7000 pages before asking a question

anyway, was wondering if anyone has created an indicator to show these pinbars or double bar closes on the chart? I know its possible as I've seen similar things done on tradestation awhile back. I've been scanning through the forex pairs, but not having a lot of luck picking these things out.
  • #114,015
  • Jul 7, 2012 6:30pm Jul 7, 2012 6:30pm
Quoting robl45
i'm on page 48, appologize I couldn't read all 7000 pages before asking a question

anyway, was wondering if anyone has created an indicator to show these pinbars or double bar closes on the chart? I know its possible as I've seen similar things done on tradestation awhile back. I've been scanning through the forex pairs, but not having a lot of luck picking these things out.
I have four words for you

" Forget the word Indicator "
Human
  • #114,016
  • Jul 8, 2012 12:30am Jul 8, 2012 12:30am
Quoting Chanya
I have four words for you

" Forget the word Indicator "
right so its clear you have no idea what i'm talking about so can we please let someone that does answer?

Thank you
  • #114,017
  • Jul 8, 2012 1:44am Jul 8, 2012 1:44am
Quoting robl45
i'm on page 48, appologize I couldn't read all 7000 pages before asking a question

anyway, was wondering if anyone has created an indicator to show these pinbars or double bar closes on the chart? I know its possible as I've seen similar things done on tradestation awhile back. I've been scanning through the forex pairs, but not having a lot of luck picking these things out.
Hey there,

Chanya is right in a way.

To answer your question directly, No I don't think anybody has worked out an indicator to spot pin bars on a chart, maybe for a good reason too - they don't need it.

The inclination to want to depend on an indicator to tell us where a pin bar is is sort of living in that same tricky frame of mind that's obsessed with indicator based trading.

Bear in mind that we don't exclusively stand under the banner of "Indicators absolutely suck" in the sense that we do not totally condemn the use of indicators up to the point that they help you on a supporting role basis and don't form the main reasoning behind a trade.

Getting back to your question, it is a whole lot better to train your naked eye to spot these setups for you because that gets you well educated to thrive in the discretionary world of price action trading. I understand how you feel the urge to eliminate gray areas and let an indicator tell you one of two things 1) Its a pin bar 2) Its not a pin bar. Trust me if you will, spotting A J16 PA bar is the easiest part of the deal, wanting to mechanize it to begin with is not a good start.

The thread is full...actually oozing with posts that shed light on what good pin bars and outside bars and other PA setups look like and where to locate them for best results. The rest depends on how skillfully you ride the emotional roller coaster

g.
I believe . . .
  • #114,018
  • Jul 8, 2012 4:40am Jul 8, 2012 4:40am
Quoting robl45

anyway, was wondering if anyone has created an indicator to show these pinbars or double bar closes on the chart? I know its possible as I've seen similar things done on tradestation awhile back. I've been scanning through the forex pairs, but not having a lot of luck picking these things out.
H
Yes it is possible. I have seen some indicators in FF, but you should not use those, just like ghous and chanya said.

PA is not about bars, its about the whole situation, e.g. location, S&R ( horizontal and diagonal), space vs traffic and also the short term PA which could be e.g. pinbar.

Quoting ghous
Hey there,

Chanya is right in a way.

The thread is full...actually oozing with posts that shed light on what good pin bars and outside bars and other PA setups look like and where to locate them for best results. The rest depends on how skillfully you ride the emotional roller coaster

g.
Ghous said it very clearly. There is no short cut to PA trading. At least if one want to actually learn it.

But if you still want to find and use some PA bar search indicator you should try the find function in FF. I will not recommend using any because that will delay your learning process.
  • #114,019
  • Jul 8, 2012 5:29am Jul 8, 2012 5:29am
Quoting robl45
i'm on page 48, appologize I couldn't read all 7000 pages before asking a question

anyway, was wondering if anyone has created an indicator to show these pinbars or double bar closes on the chart? I know its possible as I've seen similar things done on tradestation awhile back. I've been scanning through the forex pairs, but not having a lot of luck picking these things out.
Oh hush everybody Of course there is such thing - a lot on forexfactory in programming section or whatever...I was trying them but all were imperfect...it was showing really crap pinbars and not pointing great ones...and if I chose to show all - outside bars, double low/high, pinbars etc. almost every bar on my chart was marked xD
But I have sth different - http://www.forexfactory.com/showthread.php?t=159644. This is much better - you can watch all pairs at once. Below my chart - all D1. Of course I have also normal charts - this is only to take a quick look.

--------------------
And last thing - position is much more important than bars. You are looking for place, where pinbar/outside bar should occur, not another way. and take care.
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  • #114,020
  • Jul 8, 2012 5:31am Jul 8, 2012 5:31am
Quoting savingpig
Okay guys, I'll try another one, what do you thing of this one? Or am I already too late?
On the weekly chart there is a Pinocchio after price has risen for some time. Additionaly there are two Fibs (23.6 red, 38.2 blue) where price retraced.
Yesterday i found this one too. I wanted to start my demo (first trade) with this one but at the moment i'm not sure whether its the right one. I thought that this would be one of the situations that jim showed in some of his videos as trading in sideways markets. I think it can go down to the last low at 0.96 but at least to the rn at 1.
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