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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

  • #861
  • Jun 8, 2006 8:56am Jun 8, 2006 8:56am
Hi Jim,

My mother occasionally mentioned "If you don't ask, you won't get."

I understand you are obligated not to reveal all in this thread but as I am writing a "Candlestick Pattern Recognition" indicator [VT but will post for conversion] I would like to include your "Significant Bars".

If you are at liberty to divulge such information, could you please give me a detailed explanation of those bars as they...
1) relate to themselves.
2) relate to preceeding bars.

If not, that's ok, perhaps I'm just suffering from premature charting emulation.:surprised
  • #862
  • Jun 8, 2006 9:50am Jun 8, 2006 9:50am
Just thought I would post a chart of what happend with the Silver trade.
Thanks for your reply Jim, much appreciated.

Jon
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  • #863
  • Jun 8, 2006 3:23pm Jun 8, 2006 3:23pm
Hi Jim
I just noticed this lot on the S&P chart for today. Is this the kind of stuff I need to be looking for.
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  • #864
  • Jun 8, 2006 4:30pm Jun 8, 2006 4:30pm
Quoting Jon_uk
Hi Jim
I just noticed this lot on the S&P chart for today. Is this the kind of stuff I need to be looking for.
its hard to see by your charts jon but remember. a pin bar is defined by the open and close of the pin bar being inside the previous bar ( first eye ) and also having a long nose. i will post a chart.
  • #865
  • Jun 8, 2006 4:41pm Jun 8, 2006 4:41pm
Quoting james16
its hard to see by your charts jon but remember. a pin bar is defined by the open and close of the pin bar being inside the previous bar ( first eye ) and also having a long nose. i will post a chart.
Sorry Jim I think I was trying to get to much info on one picture. I have attatched a zoomed in picture of the pin bar.

Jon
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  • #866
  • Jun 8, 2006 4:45pm Jun 8, 2006 4:45pm
example chart
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  • #867
  • Jun 8, 2006 4:48pm Jun 8, 2006 4:48pm
Quoting Jon_uk
Just thought I would post a chart of what happend with the Silver trade.
Thanks for your reply Jim, much appreciated.

Jon
yeah i saw this and i would bet you it had a lot to do with the middle east today.
  • #868
  • Jun 8, 2006 4:48pm Jun 8, 2006 4:48pm
that looks exactly like the S&P daily bar today....

i guess i should cover my shorts?
Relax and be happy.
  • #869
  • Jun 8, 2006 4:49pm Jun 8, 2006 4:49pm
Thanks Jim

I'll keep on looking and keep on learning. Your help is very much appreciated.

Jon
  • #870
  • Jun 8, 2006 4:51pm Jun 8, 2006 4:51pm
Quoting merlin
that looks exactly like the S&P daily bar today....

i guess i should cover my shorts?
Hi Merlin.

That is the S&P daily bar today. You never know which way it will go.

Jon
  • #871
  • Jun 9, 2006 8:09am Jun 9, 2006 8:09am
I'm going through this whole thread bit by bit since its so long but the amount of examples I learn from is worth all that time. James16 is quite the man for posting all those charts!

but I got a question James. Whenever you mention to wait for a retracement, do you mean that after spoting the pin bar or 2/3 matching opn/closes you allow it to touch one of the keltner bands (i think that's what you said) again before entering? would waiting for retracements not be as important on 5min/15min trading?
  • #872
  • Jun 9, 2006 3:38pm Jun 9, 2006 3:38pm
Jim,


I read through this thread the past couple of days and all I can say is WOW. This thread has opened my eyes to the important factors of trading. I was swamped with indicators and going nowhere, now I've been looking for the A trades and taking them as I see them. It was almost like an awakening when it all started to make sense.

I was contemplating joining the PF but now I see what benefit it will bring to me and my goal of becoming a full-time trader. I'm a broke college student so hopefully I'll see you guys in the PF in about a month. I'll treat the cost like more tuition!

I also noticed we live in the same area. It's strange how you can meet people online and they end up being only a few miles away.

Thanks again for the charts and explanations,


Michael
  • #873
  • Jun 9, 2006 7:04pm Jun 9, 2006 7:04pm
Quoting Jon_uk
Hi Merlin.

That is the S&P daily bar today. You never know which way it will go.

Jon
Hi Jon,

Merlin's just having fun.. Being the funny guy that he is..
He may have already covered his shorts... LOL..
  • #874
  • Jun 9, 2006 7:22pm Jun 9, 2006 7:22pm
Quoting Kayoubi
I'm going through this whole thread bit by bit since its so long but the amount of examples I learn from is worth all that time. James16 is quite the man for posting all those charts!

but I got a question James. Whenever you mention to wait for a retracement, do you mean that after spoting the pin bar or 2/3 matching opn/closes you allow it to touch one of the keltner bands (i think that's what you said) again before entering? would waiting for retracements not be as important on 5min/15min trading?
Hi kayoubi,

It's already a given for me what kind of person Jim is.

But anyway, going to your question. Just my take on this.
Waiting for a retracement means waiting for price to hit a retracement level (i.e., on the 38% level) to enter a trade.

Entering on a retracement is just one of the ways of (yes, you guessed it!) entering.
One can also enter when it breaks the pin.

Just to explain what it means when you say "breaks the pin"... in the attached chart, it means breaking the high of the pin bar (141.64) to the upside.

Anyway, I hope I've answered your question.

Regards,
East
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  • #875
  • Jun 9, 2006 7:36pm Jun 9, 2006 7:36pm
Hi East,

Just for clarification, can you check this copy of your image post and let me know.
I've been tring to read the entire threads but it's obviously taking a while so I don't know if James modified his original PinBar criteria.
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  • #876
  • Jun 9, 2006 7:38pm Jun 9, 2006 7:38pm
James

thank you for the chart postings they are just great for the newbies to actually see how the advanced traders operate ,it does not go un'noticed that you also add cautions and points to be aware of ,
thank you and please keep it up as long as you are content to do so
Jayal
  • #877
  • Jun 9, 2006 7:52pm Jun 9, 2006 7:52pm
Bemac,
How are you? After seeing this post, I have had a bit of an idea. I am not sure it this is covered or not. Maybe it was But I have missed it. On the weely pin of the eurjpy, I did a fibonacci from the bottom of the pin to the top and got the levels. I also did from the very most recent swing low to the tip of the pin bar. Look at how close the 38 fib of the swing low is within just a few pips of the low of the pin. I know noone knows what will happen but with the way price action works, isn't it very safe to say that if price breaks the 28 fib of the recent swing, it will fall to 50?
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JOHN 3:16
  • #878
  • Jun 9, 2006 7:57pm Jun 9, 2006 7:57pm
Quoting Bemac
Hi East,

Just for clarification, can you check this copy of your image post and let me know.
I've been tring to read the entire threads but it's obviously taking a while so I don't know if James modified his original PinBar criteria.
Hi Bemac,

Well, based on what I've learned so far, a pin is different from a pin setup.
(I'm not sure if I'm getting the words right.. hehe..)

A pin is a single bar. A pin setup varies.

A pin setup includes the level of the "eyes", the location of the pin in the chart, etc.

So as to your question, the criteria for a pin is still the same - open and close price of the pin are almost equal, with them being near the top (in the case of the image).

The pin setup in regards to the eyes is now another story.
Preferrably, the left and right eyes are on the same level with each other in order to be classified as a perfect pin setup.

As for reading this thread, well, it took me a couple of months to read it but it was well worth the time..

Hope I've answered your question without confusing you more..

Regards,
East
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  • #879
  • Jun 9, 2006 8:01pm Jun 9, 2006 8:01pm
Ok, check this out. I just did the same thing with the last pin bar and the recent swing. Look what happened when price broke through those fib lines below the pin.
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JOHN 3:16
  • #880
  • Jun 9, 2006 8:05pm Jun 9, 2006 8:05pm
Thanks East,

I think I understand it a little better now.
Whatever it was, it was certainly a nice long entry.
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