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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

  • #115,241
  • Aug 9, 2012 5:30am Aug 9, 2012 5:30am
Quoting rafstraszek
And I'm waiting for close below hcr/lcs to make jarroo entry

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EDIT:
And now i'm disappointed maybe tomorrow

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Oh oh !!! 100th post!!!


cheers!

I would watch this weekly double action area before selling this at the daily HCR.
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  • #115,242
  • Aug 9, 2012 5:38am Aug 9, 2012 5:38am
Quoting Pinbar
I would watch this weekly double action area before selling this at the daily HCR.
I will be BE before price gets there
  • #115,243
  • Aug 9, 2012 5:42am Aug 9, 2012 5:42am
Quoting Chanya
For those of you who missed playing EUR USD yesterday , it was an easiest thing to play .... Although I was not absolutely sure about this one , so I entered with small lot size and did not pre-share it ... But it seems to be working out nicely ...
EUR USD working exactly as I anticipated yesterday Isn't that awesome ??? ... See the charts below ... Profit taken for the short and buy triggered with tight stops ........ Lets see ...
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Human
  • #115,244
  • Aug 9, 2012 6:29am Aug 9, 2012 6:29am
Quoting Chanya
EUR USD working exactly as I anticipated yesterday Isn't that awesome ??? ... See the charts below ... Profit taken for the short and buy triggered with tight stops ........ Lets see ...
Hi Chanya
Well, why I have any conflict at all times on different charts??? (i mean timeframe)

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sorry for my English
  • #115,245
  • Aug 9, 2012 6:53am Aug 9, 2012 6:53am
Friends,

there is an obvious thing that anything we see on charts is a matter of the time frame we use. What worries me is how this specifically applies to pinbars. What troubles me is that you can look at a few bars and make them into pinbars. This would be a pin bar on a 2 day chart, that would be a pin bar on a 6 day chart, this would be a pinbar on a 12 day chart and so on and on. Basically, you can always adjust the number of days/bars to see a pin bar anywhere.

I post here a chart to show you what I mean.

It's been reiterated that the higher the time frame, the more reliable, so surely a 17 day pin takes precedence over a 5 day pin?

Now that we can see pinbars literally anywhere we want, how do we trade them?

Thank you very much,
lots of pips to all of you!
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  • #115,246
  • Aug 9, 2012 7:13am Aug 9, 2012 7:13am
Quoting utiq
Hi Chanya
Well, why I have any conflict at all times on different charts??? (i mean timeframe)

Attachment

sorry for my English
It can work out well for both of us , its not a conflict . It has hit its target on the weekly ... Every trade does not have to be a runner ... It does not mean it is definitely going up , but as I have a buy order in , I am expecting it to ...
Human
  • #115,247
  • Aug 9, 2012 7:18am Aug 9, 2012 7:18am
Quoting jsvihla
Friends,

there is an obvious thing that anything we see on charts is a matter of the time frame we use. What worries me is how this specifically applies to pinbars. What troubles me is that you can look at a few bars and make them into pinbars. This would be a pin bar on a 2 day chart, that would be a pin bar on a 6 day chart, this would be a pinbar on a 12 day chart and so on and on. Basically, you can always adjust the number of days/bars to see a pin bar anywhere.

I post here a chart to show you what I mean.

It's been reiterated that...
Hey there,
The observation you point here is very interesting and provocative.
I should say that Im just starting to learn the contents of this thread and Im not, by any means, an opinion you should rely on. But I am very impressed with your chart and it's implications.

What, in fact, you're pointing out, is that Pin Bars are just price reaction to srtong rejection in certain price levels of S&R. You should consider the time frame in wich you want to play your game. We use Daily Pin bars because the daily timeframe gives us the time to think out our trading plans without having to rush into trades.

But your observation is of MAJOR importance. If you look, every PINBAR you pointed out signals a trend continuation (with one exception, the 3rd pin bar counting from the left). That should be reason enough to consider the validity of that formation and also the importance of observing price reaction in certain price levels.

Conclusion, is price is rejected strongly, go with the flow!

Cheers mate and congrats on your amazing chart!
  • #115,248
  • Aug 9, 2012 7:19am Aug 9, 2012 7:19am
Quoting jsvihla
Friends,

there is an obvious thing that anything we see on charts is a matter of the time frame we use. What worries me is how this specifically applies to pinbars. What troubles me is that you can look at a few bars and make them into pinbars. This would be a pin bar on a 2 day chart, that would be a pin bar on a 6 day chart, this would be a pinbar on a 12 day chart and so on and on. Basically, you can always adjust the number of days/bars to see a pin bar anywhere.

I post here a chart to show you what I mean.

It's been reiterated that the...
You sound like a pin bar anywhere on the chart is equally reliable which obviously isn't the case.

For one we know how important location is in terms of the other factors like round numbers and MAs that line up right at the point where the pin bar occurs. So while a round number stays where it is an MA changes its position every time frame so what appears like a 150 ema confluence on the daily chart where you see a 7 day pin bar, on the 7 day chart that EMA won't be on the same place.

Furthermore we know the importance of analyzing the strength of the pin bar in relation to the previous bars. A common mistake is to group the relevant number of bars to form a pin bar and ignore the rest of the data which obviously is illogical because say a 7 day chart should group all the bars that you see on a daily chart in groups of 7.

Notice the 5 day pin that you highlighted on your chart, and then look to the left, if you have trained your eye enough, you'll see two very good sized 5 day bullish bars preceding it that look bigger than your 5 day pin bar which makes it less attractive than it at first looks. So essentially you're trying to imagine a myriad of different time frames that still reveal the same information as say a daily chart let alone the fact that you're obviously over complicating things.

Personally I don't think going beyond a 2 day chart through imagination is a viable option just so you keep things simple.

hope this helps.

g.
I believe . . .
  • #115,249
  • Aug 9, 2012 7:19am Aug 9, 2012 7:19am
Quoting Brixton
EURGBP stop to breakeven now. I entered short after the inside bar on the s/r + 50 fin area.
I took the same, lets see if it can break through the 4h trendline
  • #115,250
  • Aug 9, 2012 7:22am Aug 9, 2012 7:22am
Quoting Chanya
It can work out well for both of us , its not a conflict . It has hit its target on the weekly ... Every trade does not have to be a runner ... It does not mean it is definitely going up , but as I have a buy order in , I am expecting it to ...
Thanks, sorry for the stupid questions ... I'm just learning
  • #115,251
  • Aug 9, 2012 7:24am Aug 9, 2012 7:24am
Quoting jsvihla
Friends,

there is an obvious thing that anything we see on charts is a matter of the time frame we use. What worries me is how this specifically applies to pinbars. What troubles me is that you can look at a few bars and make them into pinbars. This would be a pin bar on a 2 day chart, that would be a pin bar on a 6 day chart, this would be a pinbar on a 12 day chart and so on and on. Basically, you can always adjust the number of days/bars to see a pin bar anywhere.

I post here a chart to show you what I mean.

It's been reiterated that the...
Why on earth are you making things SOOOO complicated ??? 17 day pinbar ? Seriously ? Not a way to go !!!
Human
  • #115,252
  • Aug 9, 2012 7:25am Aug 9, 2012 7:25am
Quoting MrShort
Hey there,
The observation you point here is very interesting and provocative.
I should say that Im just starting to learn the contents of this thread and Im not, by any means, an opinion you should rely on. But I am very impressed with your chart and it's implications.

What, in fact, you're pointing out, is that Pin Bars are just price reaction to srtong rejection in certain price levels of S&R. You should consider the time frame in wich you want to play your game. We use Daily Pin bars because the daily timeframe gives us the time to think out...
A pin bar on some lower time frame is almost always a "V" formation characterized by move up followed by an equal or bigger move back down (or vice versa). While you can use this information as "pattern" as opposed to a "bar" the same principles of location space and size of the bar/pattern would still apply. Its just easier to see through a bar and preceding bars rather than a pattern and groups of preceding bars.

g.
I believe . . .
  • #115,253
  • Aug 9, 2012 7:26am Aug 9, 2012 7:26am
Quoting utiq
Thanks, sorry for the stupid questions ... I'm just learning
Please , As it has always been said , there are no stupid questions .... Anything anytime ...
Human
  • #115,254
  • Aug 9, 2012 7:28am Aug 9, 2012 7:28am
Quoting deltaskelta
I though Euros were only around since the 90's?

http://www.forexfactory.com/showthre...564#post150564
Yes you are correct but they get that data by synthesizing(not sure that's the right word here lol) the previous currencies. To give what price "was"

Best
Mike
  • #115,255
  • Aug 9, 2012 7:29am Aug 9, 2012 7:29am
Quoting BlazG
Thanks @rafstraszek @mbqb11

I have further questions about PPZs. When you draw your lines on a daily chart do you then switch to a lower TF (4h or 1h) to "fine tune" them?
Hey Blaz

I always tell people to start watching major PPZs from whatever timeframe they are trading. I don't generally drop down as any PPZ(major or minor) that is important to your timeframe you are on should be seen if it is relevant enough to play a role

Best
Mike
  • #115,256
  • Aug 9, 2012 7:35am Aug 9, 2012 7:35am
Quoting MrShort
Greetings Mike. Thank you for the amazing work on this thread!
I didn't really understand the explanation you wrote on your chart! Sorry for my ignorance but I'm interested to know what you meant with "sell orders absorved. Weak close. This often means path of least resistance is up not down."

Im sorry to bother you with a thing like this!

Thank you very much in advance.

Cheers.
Hey Mr.S

It's really not that complicated, but it's a more advanced idea.

I see people make 3 HUGE mistakes when they come to this thread and learn about Pinbars(many think that's all we do here which I find funny). Then they dismiss this thread as mumbo jumbo. See it all the time.

First they assume any bar that is a pinbar should work

Second they take small pinbars against strong tends and expect them to give them huge pips

third they assume any bar with a large WICK indicates a reversal.

The third point is this situation. The market is simply made up of buyers and sellers. Price moves to the path of least resistance, or the easiest route for it to go. This means we have either more buyers so price moves up, or more sellers so price moves down.

Now in a situation like this. Price moved up. Creates this wick. So what creates that wick? Sellers right? So price moves down. So sell orders in that area are absorbed creating a down move. BUT this doesn't mean price has to continue down. NO NO. This simply means those sell orders were consumed so whatever orders were consumed now no longer exist(new sell orders will come in but possibly less then before). NOW with more knowledge of the market we can decipher if that means STRONG selling that should continue OR that means BUYERs are actually in control and have an easier way to push price up. Remember all those sell orders are gone. So where is the path of least resistance? Possibly up. Putting together things like the weak close give me a strong clue that is the case. So buying INTO the wick in a scenario makes more sense then trying to trade the bar down. As it's easier for buyers to win to push price up the second time around.

As we can see price is doing just that right now. This doesn't mean sellers cant come back in, but this is no surprise to me indicated by my previous post

Sounds like a lot, but it's pretty simple just a matter of seeing and applying that's why i said more advanced then I like to go into in this thread since this is intended for new traders first and foremost

Best
Mike
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  • #115,257
  • Aug 9, 2012 7:41am Aug 9, 2012 7:41am
Quoting jsvihla
Friends,

there is an obvious thing that anything we see on charts is a matter of the time frame we use. What worries me is how this specifically applies to pinbars. What troubles me is that you can look at a few bars and make them into pinbars. This would be a pin bar on a 2 day chart, that would be a pin bar on a 6 day chart, this would be a pinbar on a 12 day chart and so on and on. Basically, you can always adjust the number of days/bars to see a pin bar anywhere.

I post here a chart to show you what I mean.

It's been reiterated that...

Maybe in my last post I didn't explain very well what I meant. The formations you signaled that could be interpreted as pinbars actualy signaled the price rejection. Look at the chart.
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  • #115,258
  • Aug 9, 2012 7:47am Aug 9, 2012 7:47am
Quoting mbqb11
Hey Mr.S

It's really not that complicated, but it's a more advanced idea.



As we can see price is doing just that right now. This doesn't mean sellers cant come back in, but this is no surprise to me indicated by my previous post

Sounds like a lot, but it's pretty simple just a matter of seeing and applying that's why i said more advanced then I like to go into in this thread since this is intended for new traders first and foremost

Best
Mike
Thank you very much Mike. Thats gold!

Yes, i understand the concept you are pointing out. There is a difference between SELLING PRESSURE and WEAK BUYING!

Thats the reason some PINBARS don't work when in the middle of strong trends, maybe!

Thank you very much!

Peace!
  • #115,259
  • Aug 9, 2012 8:37am Aug 9, 2012 8:37am
This week has provided us with TONs of opportunities ... Did somebody take this one ? I missed it ...
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Human
  • #115,260
  • Edited 9:11am Aug 9, 2012 8:43am | Edited 9:11am
broadcasting live

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UPDATE : ...and we are at breakeven in just minutes
So far so good. There is a serious chance the 1.55 to bounce price strong.
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