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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

  • #114,021
  • Jul 8, 2012 7:14am Jul 8, 2012 7:14am
Is this pinbar too short?


And the other question I got (don't want to push anybody!)
Quoting savingpig
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.
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  • #114,022
  • Jul 8, 2012 8:13am Jul 8, 2012 8:13am
do we wait for PA? or just buy a retrace?
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  • #114,023
  • Jul 8, 2012 8:15am Jul 8, 2012 8:15am
should I have taken this Bearish Outside Bar?
Reasons: 150EMA, TL, 61.8% fibo, PA(BEOB)
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  • #114,024
  • Jul 8, 2012 8:17am Jul 8, 2012 8:17am
Do we ignore free fall pairs where there's no known S/R until it bounced? or BRN?
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  • #114,025
  • Jul 8, 2012 8:18am Jul 8, 2012 8:18am
are these good pinbar entries?........
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  • #114,026
  • Jul 8, 2012 8:21am Jul 8, 2012 8:21am
How do we go about trading these?
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  • #114,027
  • Jul 8, 2012 8:44am Jul 8, 2012 8:44am
Quoting balloontree
are these good pinbar entries?........
I'm thinking - too many fibs, not enough support/resistance zones. I have the impression, that you don't know exactly what are you looking for, but you are looking for it on large number of pairs. Maybe watch for now only few pairs - until you get it. Read few first pages (first post few times), check ghous, mbqb11, james16 posts...read and watch about space...
check also this:
http://www.forexfactory.com/showthre...57#post5442457
http://www.forexfactory.com/showthre...22#post4174422
(from Pinbar signature)
And for example cadchf - nice pinbar, but in sideways market, little below strong resistance, not much space...just not worth it - in my humble opinion of course.
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  • #114,028
  • Jul 8, 2012 8:49am Jul 8, 2012 8:49am
Quoting balloontree
Do we ignore free fall pairs where there's no known S/R until it bounced? or BRN?
I find it odd how a lot of people tend to be obsessed with trending markets. I guess it has to do with the huge number of "trend following" systems out there.

With PA nothing beats a nice range bound market oozing with opportunities for the conservative trader. I for one always enjoy side ways markets and tend to yawn and doze off during such strong gusts of momentum.

I guess it has to do with the nature of the James16 methodology. Pin bars best work as reversal bars so do outside bars and the other PA bars we trade and in a stubbornly persistent trend even a "normal" pin bar shouldn't excite you much. Or lets say banking on a reversal pivoted at these bars during a strong trend is getting off on a tangent and not recommended.

So my answer to your question is that yes, I for one tend to consider stubborn trends as good opportunities to catch up on life beyond charts until price hits a really good area and prints something muscular that jumps out of my monitor screen

g.
I believe . . .
  • #114,029
  • Jul 8, 2012 8:55am Jul 8, 2012 8:55am
Quoting balloontree
do we wait for PA? or just buy a retrace?
Hey B,

Since PA bars add more confluence to our trade setups and provide for a better confirmation than a mere blind buy/sell off of a retrace its considered a better or say safer approach to wait for PA at retrace (after the break of the pennant) than a blind entry - at least at first till you get the hang of price action and its dynamics crystal clear. R&D can always follow a confident and successful career with the basics.

g.
I believe . . .
  • #114,030
  • Jul 8, 2012 8:57am Jul 8, 2012 8:57am
Quoting rafstraszek
Read few first pages (first post few times), check ghous, mbqb11, james16 posts...read and watch about space...

thanks!

would it be better if I were to mark this as my FTA?
meaning take 50% profit and move rest to BE?
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  • #114,031
  • Jul 8, 2012 9:06am Jul 8, 2012 9:06am
Quoting balloontree
should I have taken this Bearish Outside Bar?
Reasons: 150EMA, TL, 61.8% fibo, PA(BEOB)
Hey B, that is a really small bar with a weak close. Notice however that the low of the BEOB was touching the major trouble area at the 78.5 RN. A break of the bar coupled with the heavy confluence coming from the 150 EMA base touch followed with the resistance trend line would have made up for a trade. A break of the 78.5 (and the BEOB low) would have also allowed for some tight trade management because you can easily expect a strong support zone to convert into strong resistance once price is below it.

However notice also that the BEOB like I mentioned was far from an authoritative strong looking one, the existence of which would have made this surely a very good trade setup. A strong BEOB would have had a tail stretching back a few pips more into the region beyond the trend line, would have had a large body and a strong close below the 78.5

hope that makes sense.

g.
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I believe . . .
  • #114,032
  • Jul 8, 2012 9:10am Jul 8, 2012 9:10am
Quoting balloontree
thanks!

would it be better if I were to mark this as my FTA?
meaning take 50% profit and move rest to BE?
Definitely! But look on my chart - this is why it is that hard to trade in sideways market - every line is support/resistance and can turn back on you...this is why "space" is so important...
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  • #114,033
  • Jul 8, 2012 9:17am Jul 8, 2012 9:17am
Quoting ghous
A strong BEOB would have had a tail stretching back a few pips more into the region beyond the trend line, would have had a large body and a strong close below the 78.5

yupe! thanks for pointing it out!

In my haste to look for PA, fibo, TL, EMA, S/R, I forgot to look at RN; I know BRN are important.......

that would probably explained that there's buyers taking that 78.5 RN as floor, hence the BEOB couldn't be any stronger;


hmmmmmm, but would you have taken the trade? it's so tempting
  • #114,034
  • Jul 8, 2012 9:22am Jul 8, 2012 9:22am
Quoting rafstraszek
Definitely! But look on my chart - this is why it is that hard to trade in sideways market - every line is support/resistance and can turn back on you...this is why "space" is so important...



Oh!

I used to draw S/R lines before anything else, and found that I couldn't read the charts - maybe I did it wrong.

First I would go to the monthly, and draw lines at the extreme ends (top and bottom) and move to the mid; then weekly, and then daily

in the end, I had way too much lines and I got myself confused; there's a line in every 100pips...........


then I moved to MA(RSI) crossover, then a few MA crossover signals, and find that it too troublesome/tedious - I thought they could tell me when to enter and exit - but it's not that clear cut.

So I came back to J16 - all in the month of June..........



ETA:
this is what I would draw for S/R from monthly to daily; I know I'm doing it wrong; esp if I were to focus on S/R before anything else
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  • #114,035
  • Jul 8, 2012 9:27am Jul 8, 2012 9:27am
Quoting balloontree
yupe! thanks for pointing it out!

In my haste to look for PA, fibo, TL, EMA, S/R, I forgot to look at RN; I know BRN are important.......

that would probably explained that there's buyers taking that 78.5 RN as floor, hence the BEOB couldn't be any stronger;


hmmmmmm, but would you have taken the trade? it's so tempting
I know would not and I didn't - for me this is not Beob but two dojis - neutral bars...and without close below 78.5...definitely not.
  • #114,036
  • Jul 8, 2012 9:35am Jul 8, 2012 9:35am
Quoting balloontree
Oh!

I used to draw S/R lines before anything else, and found that I couldn't read the charts - maybe I did it wrong.

First I would go to the monthly, and draw lines at the extreme ends (top and bottom) and move to the mid; then weekly, and then daily

in the end, I had way too much lines and I got myself confused; there's a line in every 100pips...........


then I moved to MA(RSI) crossover, then a few MA crossover signals, and find that it too troublesome/tedious - I thought they could tell me when to enter and exit - but it's not that...
I draw only the important ones with confluence etc. There is no need to draw all, but you need to know about their existence. This is why we sometimes don't trade in sideways market - too many variables. Watch "Traffic vs Space" from here http://www.james16group.us/Guests/guestmaterial.html It should make some thing clear.
  • #114,037
  • Jul 8, 2012 9:37am Jul 8, 2012 9:37am
Quoting rafstraszek
I know would not and I didn't - for me this is not Beob but two dojis - neutral bars...and without close below 78.5...definitely not.

hmmmmm, interesting........... 2 dojis at a swing high and with those confluences 150EMA, 61.8% fibo, 2 dojis at TL, doesn't it mean like the buyers are not as keen as before?


hmmmmm, trying to sort out my thoughts
  • #114,038
  • Jul 8, 2012 9:39am Jul 8, 2012 9:39am
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 Rob

Their are a few floating around here(here are a few I just pulled off the attachments quick)

http://www.forexfactory.com/attachme...02012%203:46pm

http://www.forexfactory.com/attachme...02010%207:44pm

http://www.forexfactory.com/attachme...02010%208:11pm

I haven't used them so you'll have to play around with them

Welcome to the thread

Mike
  • #114,039
  • Jul 8, 2012 9:42am Jul 8, 2012 9:42am
Quoting rafstraszek
I know would not and I didn't - for me this is not Beob but two dojis - neutral bars...and without close below 78.5...definitely not.
Yes you are correct Raf, that is not a beob but a neutral bar(indecision bar). Since the open and close are in the middle of the bar with equal "tails" sticking out. Indecision candles CAN be reversals, but it's much easier to wait for a strong pinbar, beob etc

Best
Mike
  • #114,040
  • Jul 8, 2012 9:42am Jul 8, 2012 9:42am
Quoting balloontree
hmmmmm, interesting........... 2 dojis at a swing high and with those confluences 150EMA, 61.8% fibo, 2 dojis at TL, doesn't it mean like the buyers are not as keen as before?


hmmmmm, trying to sort out my thoughts
Yes, bulls and bears are fighting - BUT YOU DON'T KNOW THE WINNER YET!!! This is fifty-fifty, it went down, but it also could go up, break trendline and create new trend.
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