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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

  • #123,721
  • Mar 12, 2013 9:13pm Mar 12, 2013 9:13pm
Quoting JumanJi
Hi All,

Just want to ask about AUDUSD 4Hr trade which went the other way. I want your opinion on whether it was right trade or technically there was something wrong which I should be aware of next time.

I took the pinbar break and got stopped out. The level was good as well as the size of the pinbar. Please suggest

Thanks
JJ
My only feedback would be that pinbars only work 50 to 54% of the time according to most stistical studies when used in isolation.
Having said that I liked that set up personally (but thankfully didn't pull the trigger) and I don't think you did anything wrong. Don't worry, you can't swim without getting wet. Also sometimes a failed pattern is usful information in itself. Maybe that negative development is a sign of higher prices to come?
  • #123,722
  • Mar 12, 2013 9:25pm Mar 12, 2013 9:25pm
Quoting JumanJi
Hi All,

Just want to ask about AUDUSD 4Hr trade which went the other way. I want your opinion on whether it was right trade or technically there was something wrong which I should be aware of next time.

I took the pinbar break and got stopped out. The level was good as well as the size of the pinbar. Please suggest

Thanks
JJ
Hey JJ

This was trading back into a significant former area of resistance/pattern

Here was a chart I posted in the private forum the other day. See if you can see why I wouldn't want to be the seller of that pinbar.


Hope it helps
Mike
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  • #123,723
  • Mar 12, 2013 9:51pm Mar 12, 2013 9:51pm
Thanks Mike/Hyperion for the reply.

Mike I have attached another chart below with resistance trend line drawn. Is it that the pinbar or any sort of PA should be below trend line.

Appreciate your help
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  • #123,724
  • Mar 12, 2013 9:55pm Mar 12, 2013 9:55pm
Hello Everyone,
I started reading this thread a few years ago and now I have the patience to give this thing a shot! I opened a demo account and took the following trade (see chart, arrow is entrance) on the Eur/USD daily chart. My reasons were: 1. Hit the top of the channel 2. Small pin bar 3. divergence on the macd. My tp is current at the most recent support (faint dotted grey line). Although with a strong moving I was thinkg of moving it towards the bottom of the channel. Any opinions? If I missed someone or am off the mark I would love some feedback.

Thanks!
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  • #123,725
  • Mar 12, 2013 10:02pm Mar 12, 2013 10:02pm
Quoting meshka
interesting picture
a divergence also i guess
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  • #123,726
  • Mar 12, 2013 10:05pm Mar 12, 2013 10:05pm
Quoting JumanJi
Thanks Mike/Hyperion for the reply.

Mike I have attached another chart below with resistance trend line drawn. Is it that the pinbar or any sort of PA should be below trend line.

Appreciate your help
bingo

It's actually a weak pinbar close and not that big and pretty choppy without the story. But with the story we can see exactly why selling here would be a bad idea.

It's ALL about the story

Best of luck
Mike
  • #123,727
  • Edited 11:42pm Mar 12, 2013 11:32pm | Edited 11:42pm
Quoting ymo613
Hello Everyone,
I started reading this thread a few years ago and now I have the patience to give this thing a shot! I opened a demo account and took the following trade (see chart, arrow is entrance) on the Eur/USD daily chart. My reasons were: 1. Hit the top of the channel 2. Small pin bar 3. divergence on the macd. My tp is current at the most recent support (faint dotted grey line). Although with a strong moving I was thinkg of moving it towards the bottom of the channel. Any opinions? If I missed someone or am off the mark I would love some...
I'm still new but I'll give this a shot. Firstly, What time frames are you using Daily? all my trends for that pair greater than 4 hour frame shows the pair to the bottom of the channel. I am guessing you are in loosing on this demo trade right now, no sweat. Zoom out your chart and take a look at the bigger picture. Second I rather not trade this particular pair on off hours it will get pretty volatile/choppy in the am US news releases at 830am. Third the pinbar formation is crowded and too small. Most recent prices have been also seeing support at 1.3000 area. Let's see if a more experienced trader can give some insite.
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  • #123,728
  • Mar 13, 2013 12:32am Mar 13, 2013 12:32am
Quoting mbqb11
Hey Kenny

Just be careful here the first thing that jumps out at me is the location of your BUOB. Notice it is not at a swing low(just like my post a few back on the DBHLC being at a swing high). This is the first area to learn these bars. The good thing you have going is the boxing of this pair. Price is above a previous box and working it's way into the next. But it's sort of stuck b/w a rock and a hard place. But these are tricky bars to play for most new traders that's why james teaches to look for them at swing lows first. So i'd watch...
Thanks Mike for your advice,

What we should know about trading BEOB and DBLHC at swing high? Is there a different set of criteria?

Also, based on this chart, assuming a pinbar is formed, there is space on the left but there is also traffic above it. What's your opinion on this?

Kenny
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  • #123,729
  • Edited 7:14am Mar 13, 2013 3:07am | Edited 7:14am
Quoting inditrader
Hey Jarroo . I never new that you are also Jim. I suppose all Jim's have an acquired or inborn talent in trading!. More than that an acute intention of helping others. God bless all of you.

Coming back to GJ, I remember somewhere hearing " a trend is like a Tsunami, It does not care anything on its way , it just keeps on destroying anything and everything on its way".
When a furious trend is in place, resistance hardly matters...surprise to see that even after that long leg of upmove with hardly any retracement,people just keep buying...

Hey inditrader. Thanks .. ..I was taught from the best . . James16, Mike(mbqb11) and few others on this thread. I enjoy helping as others have helped me.

Just to continue with your Tsunami analogy . .a Tsunami is at its strongest when its out in the ocean . .in trading a trend is strongest in Space. The tsunami slows down when it hit the shore . .in trading the trend slows down or even stops and reverses when it hits "traffic" or lack of Space.

just some thoughts,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #123,730
  • Edited 3:35am Mar 13, 2013 3:21am | Edited 3:35am
Quoting Pinbar
Yeah, that is the tricky part, in not creating a cast iron opinion as to, which way it will go but, watch it and let it tell us.

Interesting area on GBP/JPY, Small Monthly BEOB, weekly close below. All we need now is some decent PA here.
Nice charts Steve . .Yeah it would have been nice to have some clear Bearish PA at the 144.0-143.87 level. The only clue was the 4 Hour Bearish Signature (4 Hour bar couldn't close above ) at the 144.01. A nice BEOB on the 4 Hour there would have been sweet.
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Indicators show the past. Price Action "Indicates" the future.
  • #123,731
  • Mar 13, 2013 3:59am Mar 13, 2013 3:59am
Quoting jarroo
Nice charts Steve . .Yeah it would have been nice to have some clear Bearish PA at the 144.0-143.87 level. The only clue was the 4 Hour Bearish Signature (4 Hour bar couldn't close above ) at the 144.01. A nice BEOB on the 4 Hour there would have been sweet.

Yes, Jim, H4 PA would have been nice.
That daily bar close was not good enough.

I am looking at this right now and will watch it for signs of a reaction as we approach the area.
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  • #123,732
  • Mar 13, 2013 4:10am Mar 13, 2013 4:10am
Quoting Pinbar
Yes, Jim, H4 PA would have been nice.
That daily bar close was not good enough.

I am looking at this right now and will watch it for signs of a reaction as we approach the area.
Well it did confirmed the 144.00 as still strong Resistance. We like a strong Resistance level because if or when PBT & Closes Above it ..good chance it will become Strong Support.

That's a nice Monthly Level on the GbpCad, for sure. Price sure worked that Swing Low at the 1.5246.
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Indicators show the past. Price Action "Indicates" the future.
  • #123,733
  • Mar 13, 2013 4:27am Mar 13, 2013 4:27am
Quoting jarroo
Well it did confirmed the 144.00 as still strong Resistance. We like a strong Resistance level because if or when PBT & Closes Above it ..good chance it will become Strong Support.

That's a nice Monthly Level on the GbpCad, for sure. Price sure worked that Swing Low at the 1.5246.

I hear you on the 144.00 Good for future reference when it breaks through.
They all have to sometime.

On the GBP/CAD, It looks like a strong level but, I am going to keep an eye on the weekly level also.
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  • #123,734
  • Mar 13, 2013 4:45am Mar 13, 2013 4:45am
Quoting Pinbar
I hear you on the 144.00 Good for future reference when it breaks through.
They all have to sometime.

On the GBP/CAD, It looks like a strong level but, I am going to keep an eye on the weekly level also.
I like it, Steve. . should be a nice reaction there as Resistance . .if not, look for it to Close Above and act as Support . .
Indicators show the past. Price Action "Indicates" the future.
  • #123,735
  • Edited 4:58am Mar 13, 2013 4:46am | Edited 4:58am
Quoting Pinbar
I hear you on the 144.00 Good for future reference when it breaks through.
They all have to sometime.

On the GBP/CAD, It looks like a strong level but, I am going to keep an eye on the weekly level also.
Looks like we may get our first test now . .GbpCad 1.5376
Indicators show the past. Price Action "Indicates" the future.
  • #123,736
  • Mar 13, 2013 4:56am Mar 13, 2013 4:56am
Quoting jarroo
Looks like we may get are first test now . .GbpCad 1.5376

The Daily level of 2012 Oct 28th?
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  • #123,737
  • Mar 13, 2013 5:01am Mar 13, 2013 5:01am
Quoting Pinbar
The Daily level of 2012 Oct 28th?
No . . your Weekly level you have on your chart. GbpCad I'm talking about.
Indicators show the past. Price Action "Indicates" the future.
  • #123,738
  • Mar 13, 2013 5:02am Mar 13, 2013 5:02am
Quoting Pinbar
The Daily level of 2012 Oct 28th?
The weekly level looks clear and that's Dec 2010 on your chart.
Indicators show the past. Price Action "Indicates" the future.
  • #123,739
  • Mar 13, 2013 5:05am Mar 13, 2013 5:05am
Quoting jarroo
No . . your Weekly level you have on your chart. GbpCad I'm talking about.

Sorry, my wife wanted me to show her something on the web.

Yes, the H4 bar just closed below it but, I only saw an M5 IB and no hourly or M30 or even M15 PA.
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  • #123,740
  • Mar 13, 2013 5:07am Mar 13, 2013 5:07am
I am watching to see if it can hit this area on M5, Just Watching.
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