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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

  • #126,441
  • Edited 6:27am Jun 26, 2013 6:16am | Edited 6:27am
Quoting albus999
{quote} Pinbar, sorry, guess i meant 1.6500 arent these two HCR's???? b'cos of the gap and as well the previous HCR's. or is the first HCR drawn wrongly. AL {image}
No need to apologize. You should have seen how confused I used to get with HCR & LCS.

It is a minor one but, price did not bounce South strongly from it.

We want the bigger swing or the swings where there is clear resistance with a clear support area above it.
You can use the zig zag close indicator to find the deeper ones.
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  • #126,442
  • Jun 26, 2013 6:27am Jun 26, 2013 6:27am
Quoting dennis4u15
hi mbqb11, jaroo, pinbar, Any idea why this pinbar on eur/usd daily didn't work.. it was located above the ppz zone, around 50 & 61.8 Fib, major trend was up, also 150ema and 36ema would have acted as good support but it didn't...maybe i am not looking it right....any advice will be great. Regards Dennis {image}
I'm not one of the Guys but this is my explanation:

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  • #126,443
  • Jun 26, 2013 7:06am Jun 26, 2013 7:06am
Quoting dennis4u15
hi mbqb11, jaroo, pinbar, Any idea why this pinbar on eur/usd daily didn't work.. it was located above the ppz zone, around 50 & 61.8 Fib, major trend was up, also 150ema and 36ema would have acted as good support but it didn't...maybe i am not looking it right....any advice will be great. Regards Dennis {image}

Sorry, must have missed your post.

First off, the bar is small, going against a weekly BEOB.
Other reasons on the chart
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  • #126,444
  • Jun 26, 2013 7:10am Jun 26, 2013 7:10am
Quoting trc
{quote} I'm not one of the Guys but this is my explanation: {image}

I think that is not the bar he was asking about.
  • #126,445
  • Jun 26, 2013 8:16am Jun 26, 2013 8:16am
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  • #126,446
  • Jun 26, 2013 8:18am Jun 26, 2013 8:18am
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  • #126,447
  • Jun 26, 2013 8:31am Jun 26, 2013 8:31am
Quoting dennis4u15
hi mbqb11, jaroo, pinbar, Any idea why this pinbar on eur/usd daily didn't work.. it was located above the ppz zone, around 50 & 61.8 Fib, major trend was up, also 150ema and 36ema would have acted as good support but it didn't...maybe i am not looking it right....any advice will be great. Regards Dennis {image}

Hey Dennis

Pinbar gave you a great explanation. Look how tiny that pinbar is verse the previous strong bearish bars. We want nice long tails on our bar when looking to find a nice pinbar. Try going back through some charts and locating nice big pinbars with nice LONG tails. When you get those types of bars at good swing points wtith confluence then you are on to something.

Let us know if you need some examples

Best
Mike
  • #126,448
  • Jun 26, 2013 8:39am Jun 26, 2013 8:39am
Quoting Microtrader_
{quote} Thank you for words Mike, I hope this pin at 10.0 BRN USDZAR will be better. I will wait with a buy limit for the right eye of the pin if its pin shape will be OK after closing. {image}
Hey Micro

The pin shape of your bar is good but the location is not where we want to find pinbars. This bar is in a lot of traffic since it is stuck in this range

We want to look for these bars at nice swing points.

I marked a couple on your chart. Having so much traffic can mean price is just going to further consolidate or chop around. This is harder to pick the direction unless we are at the extremes of the consolidation(like the bottom or top of a box)

Best
Mike
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  • #126,449
  • Jun 26, 2013 8:49am Jun 26, 2013 8:49am
Quoting mbqb11
{quote} Hey Dennis Pinbar gave you a great explanation. Look how tiny that pinbar is verse the previous strong bearish bars. We want nice long tails on our bar when looking to find a nice pinbar. Try going back through some charts and locating nice big pinbars with nice LONG tails. When you get those types of bars at good swing points wtith confluence then you are on to something. Let us know if you need some examples Best Mike
here was an example of a ton of confluence to look for a buy(or a short) but I stayed out due to bar size.

Notice the buob is just very small verse the proceeding bars. THis can make managing a trade difficult if you play a traditional break of the bar. It did over pips up to the FTA so it's a matter of how one approaches it.

If it were a bigger bar I could look for a stronger move back through the consolidation. So this is also to add to my answer to micro about trading in consolidation. This is a consolidated market but still with proper swing point for a BUOB(or pin). But again size kept me out here myself
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  • #126,450
  • Jun 26, 2013 9:14am Jun 26, 2013 9:14am
Quoting str8
I've played this pin bar from USG SGD daily. It had divergence and I think it was a fakey ??? The breakout bar from 2 days ago had a weak close. In this case the last swing doesn't act as support ? That's why I traded the pin but I don't know if my reasoning is right. {image}
Hey Str8

Your reasoning is fine. I'd personally like a longer nose here since that uptrend was so strong. But knowing where price is likely to go helps a lot. That previous swing high is a major trouble area. It did close under it so that could have acted as resistance again. But verse the strong trend I personally would take profit quicker with a bar like that, but b/e or trailing a stop at the worst in my view

Best
Mike
  • #126,451
  • Jun 26, 2013 9:17am Jun 26, 2013 9:17am
Quoting hunzul
Hi Mike Very interesting. Could you maybe talk about these types of trades are managed? How are stops identified and the reasoning behind it? What are you looking for to tell you the trade is going your way or not and if it's worth holding? Thanks as always dude
Hey Hunzul

What I suggest doing is going back through charts where you see "wicks". People often confuse wicks for reversals ala a pinbar. But a pinbar has a very specific set of criteria as we teach as well as the location is crucial. Same goes for a "wick" play where you trade through the wick.

If we view a wick as an absorption of orders instead of a reversal we begin to understand if that is a strong absorption of orders that can lead to further continuation like a pinbar, or a weak absorption of orders that makes it easier to price to move through that wick(think if those orders are absorbed then the path of least resistance is back through that area). Again we still want to know the situation, just like if you play every pinbar you won't succeed, same goes for any situation.

I'll give you some homework. Look for almost pinbars(wicks) in a strong trending market. Watch how often that wick fills

Best
Mike
  • #126,452
  • Jun 26, 2013 8:29pm Jun 26, 2013 8:29pm
Well, we did not get the SFP entry for a long but, we may see a RR short entry at this HCR on the weekly tf.
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  • #126,453
  • Edited 2:22am Jun 27, 2013 2:10am | Edited 2:22am
The level held and we got the RR.
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  • #126,454
  • Jun 27, 2013 3:03am Jun 27, 2013 3:03am
Took TP of two thirds profit at the daily level and just closed out the last portion of the trade as, I do not like the look of this PB off of the daily level.
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  • #126,455
  • Jun 27, 2013 3:10am Jun 27, 2013 3:10am
This very minor daily level, combined with yesterdays daily bar close right on it, is still a signature of support at this level.
Took TP at this daily level and watched the H1 pb form before closing out the remainder of the position at BE+.
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  • #126,456
  • Jun 27, 2013 5:04am Jun 27, 2013 5:04am
Hi Pinbar

This is what I am looking for this pair...the PB did its retreacement to the triangle where the sellers took the control..ovviously the level within the triangle becomed the targets !
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Nothing personal,just business
  • #126,457
  • Jun 27, 2013 5:54am Jun 27, 2013 5:54am
Hey Guys,

This is a recent trade I made. Kindly comment so that I know I am doing it correctly.

Thanks
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  • #126,458
  • Jun 27, 2013 7:43am Jun 27, 2013 7:43am
Art Work....

D1 look how price has been flipping around the 1.5270-1.5300 zone all summer, 11 times price has met that zone and 11 it has reacted to it in some way. every time price broke this level it did so with loads of strengh. or it bounced off with strengh.

4H Shows how i got 1.5270.... to the pip most of the time

Right down to the 15 min chart you can see how it reacts so snug.
This PA should be on a canvass!
its currently bouncing in that zone, will history repeat itself?? who knows but ill be watching to find out. looks a little bearish to me though..??

jon
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PATIENCE... DISCIPLINE
  • #126,459
  • Jun 27, 2013 7:49am Jun 27, 2013 7:49am
Quoting fxgroup
Hi Pinbar This is what I am looking for this pair...the PB did its retreacement to the triangle where the sellers took the control..ovviously the level within the triangle becomed the targets ! {image}
Yeah, perhaps but it was news driven.
  • #126,460
  • Jun 27, 2013 7:49am Jun 27, 2013 7:49am
Taking advantage of the weekly BEOB. I sold a small retrace.
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