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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

  • #120,161
  • Oct 30, 2012 3:37am Oct 30, 2012 3:37am
As i read the forum, i think i have to find pin bar, like this. But these pin bars doesnt work. It works about only 50%. Thats like gambling. Maybe i midunderstand something??? Whats wrong with this PB?

Thank you!
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  • #120,162
  • Oct 30, 2012 4:00am Oct 30, 2012 4:00am
Quoting Zeee86
As i read the forum, i think i have to find pin bar, like this. But these pin bars doesnt work. It works about only 50%. Thats like gambling. Maybe i midunderstand something??? Whats wrong with this PB?

Thank you!
Hi Zeee

When trading pinbars you usually leave an order to sell (in this case) below the low of the pinbar. In your example, price never went lower than this so a sell order would never have been executed.

M
  • #120,163
  • Oct 30, 2012 4:13am Oct 30, 2012 4:13am
Quoting Zeee86
OK, sorry, i dont understand that... Where is the swing high and swing low?? If the price go down, this pin would be a swing high, isnt it?
Please mark in this picture, where would be better place for the pin. Thank you!
Can somebody post some pin bars, which are swing high or lows?
Hey Zeee

Here You have example of pinbar at good location.

Other thing which was wrong with NZDUSD pinbar you're talking about is that it was never triggered (price didn't break its low). Pinbars which are not located at clear swings are also tradeable, but you gotta be sure they are triggered.
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  • #120,164
  • Oct 30, 2012 4:29am Oct 30, 2012 4:29am
Quoting Zeee86
OK, sorry, i dont understand that... Where is the swing high and swing low?? If the price go down, this pin would be a swing high, isnt it?
Please mark in this picture, where would be better place for the pin. Thank you!
Can somebody post some pin bars, which are swing high or lows?

Stop thinking about shapes and start thinking about what is really going on behind those bars.

I would buy that pinbar myself if you ask me...
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  • #120,165
  • Oct 30, 2012 4:39am Oct 30, 2012 4:39am
Quoting Zeee86
As i read the forum, i think i have to find pin bar, like this. But these pin bars doesnt work. It works about only 50%. Thats like gambling. Maybe i midunderstand something??? Whats wrong with this PB?

Thank you!


Hi Zee

Im no expert as im still learning this myself but let me explain why I would not have taken the trade. I may be wrong and hope mike will correct me if I am.

Price had been trading in a sideways market and slightly broke out of resistance and the pin used the resistance and turned it into support.

There was no where for the price to go only back into a pivot zone plus the price never broke past pin line for an entry.

Hope this helps.


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Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #120,166
  • Edited 5:23am Oct 30, 2012 4:59am | Edited 5:23am
Quoting Zeee86
As i read the forum, i think i have to find pin bar, like this. But these pin bars doesnt work. It works about only 50%. Thats like gambling. Maybe i midunderstand something??? Whats wrong with this PB?

Thank you!
I'm just a newbie, so maybe I'm wrong, but i think you are right, it works max 50% if you are not super picky. You can find everywhere in this thread, the location is the most important thing!
For me it's better to find first, some critical point on the chart, where the price have to do something. I mean:
-I'm looking for really strong trendlines. (you can draw thousands of trendlines on your chart, but i just the most powerful works with high possibility)
-Strong support, resistance, PPZ you can call it whatever you want. The important is: It have to be tested by the price a lot of times.
-Big round numbers.
-Fib levels.
-Swing hi/lo.

Ok, you find the critical point on your chart, where is some confluence of theese things, that's great. After that you should wait for some strong Price action like Pin, Buob, Beob, inside bars. And if the first trouble area is not too close, than you can trade.
For me it's better to find the location first, where the price probably will do something. If you find a Pin like this, than maybe you just see dollar signs. And of course, if you force it, you will find some weak support or resistence somewhere, or a fib. level....that's not so hard if you really want it.
Maybe you find the best location, and the biggest pin bar on the world, and it will not work. I'm sure James and the other seniors lose somethimes. But if you find these setups, than you have a great chance to win. More than 50%, I'm sure.
And again, I'm really new here, so don't listen to me too much, that was more for myself.

Best,
Karl
  • #120,167
  • Oct 30, 2012 5:10am Oct 30, 2012 5:10am
Quoting supremeChaos
yes Sir Karl,
you have found a potential setup/area to watch out for.
that's what you call Foresight.

ideally a good, big candle/bar PA setup gets created there. a small pinbar or whatever won't suffice (but it sometimes work)

the size of the candle is just 1 factor.
location is another big factor
Thank you Chaos!

Good to hear some positive feedback

Best,
Karl
  • #120,168
  • Oct 30, 2012 5:46am Oct 30, 2012 5:46am
Quoting mbqb11
Thanks Marcin

Floods are getting very bad and it hasn't even got here yet. It's looking as bad as they are saying

Hope for the best for everyone in its way

Mike
Hope you are safe... it seems nature will roar with its incredible force these days
all is eternal - this is good news for people who loves bad news
  • #120,169
  • Oct 30, 2012 6:05am Oct 30, 2012 6:05am
USD/SEK

how this pair now will behave with this TL?

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  • #120,170
  • Oct 30, 2012 6:42am Oct 30, 2012 6:42am
I guess we won't see Mike for a while with the power outage in NYC.

Hope he and his stay safe.


Let's see what this monthly level can do.
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  • #120,171
  • Oct 30, 2012 6:58am Oct 30, 2012 6:58am
Quoting bullzeye
USD/SEK

how this pair now will behave with this TL?

Attachment
I think your TL is not correct
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  • #120,172
  • Oct 30, 2012 7:36am Oct 30, 2012 7:36am
Quoting Milan
I think your TL is not correct
Both of your trend lines look ok to me. Trend lines are very subjective but both have 3 touches or more.
  • #120,173
  • Oct 30, 2012 7:54am Oct 30, 2012 7:54am
Quoting geniusztc
price above 103.25 will make me change my mind.
I took this trade as one on GBP/JPY. What the hell happened at 5:00 GMT with a huge 100 pips bar on 1 minute TF ? My SL were taken then it went down... It was a trap from market makers ??
  • #120,174
  • Oct 30, 2012 8:10am Oct 30, 2012 8:10am
Hourly close above so, I cut it loose and am out.
Took two thirds off at the FTA so it is a BE+ trade.
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  • #120,175
  • Oct 30, 2012 8:37am Oct 30, 2012 8:37am
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Hope Mike and anyone else who is affected by Hurricane Sandy remain safe, been following the events on bloomberg.

Best Wishes
Sanil
  • #120,176
  • Oct 30, 2012 8:47am Oct 30, 2012 8:47am
Thank your replies!!! Here is a new losing chart: Sorry, i put only losing charts, but i think we can learn by these a lot.
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  • #120,177
  • Oct 30, 2012 9:10am Oct 30, 2012 9:10am
Quoting Zeee86
Thank your replies!!! Here is a new losing chart: Sorry, i put only losing charts, but i think we can learn by these a lot.

Hi Zeee

Again im no expert but here is my thoughts. This is simular to the last trade.. A side ways market with slight break out of consolidation and pin placed itself right on previous resistance to make support and a small pin after a strong bullish candle, so no trade

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Hope this helps.
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #120,178
  • Oct 30, 2012 9:31am Oct 30, 2012 9:31am
Quoting Zeee86
Thank your replies!!! Here is a new losing chart: Sorry, i put only losing charts, but i think we can learn by these a lot.
Hey Zee,

I think there is nothing wrong with sharing charts and setups you feel are losers as it certainly creates wonderful learning opportunities for all. You just shared a great chart and an opportunity for everyone to learn.

Now Mike tirelessly preaches to never isolate your PA bars and get excited by the bar itself. What should get you excited is the situation where your PA bar actually lines up with the "ongoing story".

For one notice how small the pin bar is. Now we all know that we need BIG STRONG PA bars to reverse solid trends but honestly speaking a strong bar even in a sideways market is a big edge.

Secondly notice how price is going sideways. What that essentially means is that the sentiment in the market is not strong enough to propel price through areas of S/R which results in price having to bounce off major and even minor areas of S/R. What that means to a trader is that it is absolutely crucial for him to know the trouble areas very very well. Notice how price is heading straight into a MAJOR PPZ marked by the 6.75 RN.

Notice also that there is bullish divergence through the recent lows that price has made.

In short its one of those setups that you honestly don't even want to be stopping by to asses. In time obviously such skills gets ingrained into your gut and then it all becomes easy, so while it can take some effort in the beginning to differentiate the really strong setups from the mediocre ones over time it just eases out. The best way to achieve this growth is by first approaching each and every trade methodically and logically by being picky and knowing (and looking for) what constitutes an A+ trade i.e heavy confluence, a good strong bar, sound location and space for the trade to maneuver through...

hope this makes sense.

g.
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I believe . . .
  • #120,179
  • Oct 30, 2012 9:57am Oct 30, 2012 9:57am
Quoting ghous
Hey Zee,

The best way to achieve this growth is by first approaching each and every trade methodically and logically by being picky and knowing (and looking for) what constitutes an A+ trade i.e heavy confluence, a good strong bar, sound location and space for the trade to maneuver through...

hope this makes sense.

g.
It does make sense Mr. ghous.
It makes lots of sense
  • #120,180
  • Oct 30, 2012 10:10am Oct 30, 2012 10:10am
Quoting raczekfx
It does make sense Mr. ghous.
It makes lots of sense
RAC!

Its good to hear from you bro. Had this Sandy not been around, this would have made for a perfect day

Stay safe all those in the way...

g.
I believe . . .
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