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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

  • #131,041
  • May 27, 2014 5:08pm May 27, 2014 5:08pm
Quoting EveningStar
{quote} Thanks for the link. I watched the video and tried to identify a pin bar after that. {image} What do you think? Is that a strong pin bar? Thanks
you are quite welcome glad it helped

Yes that is a pinbar, but a very very tiny one. Start by looking for those with much larger noses. Here is an example of a long nosed pinbar. Also try looking for them with "space". Here is a video on space vs traffic to see what I mean. A bit more advanced so I would focus on spotting your bar types(as in the webinar) and then looking for these bars in "space". It's a good starting point to get your feet wet

Inserted Video


Best
Mike
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  • #131,042
  • Edited 5:36pm May 27, 2014 5:15pm | Edited 5:36pm
Quoting EveningStar
{quote} Thanks for the link. I watched the video and tried to identify a pin bar after that. {image} What do you think? Is that a strong pin bar? Thanks

I see a some items to address in no particular order. 1)You are not looking at a pinbar by James16/Fudd's definition. What you have identified is more of an inside bar. 2) Look at my chart and note that my bars look nothing like yours. H4 charts are the most difficult to read for someone just starting out because broker closes vary. 3) IMO FTA is .8118. I am taking profit there if price reaches and I think it will. Zoom out and look to your left. There is S/R there to consider.

Best of luck to you friend.

K.I.S.S.
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  • #131,043
  • May 27, 2014 5:20pm May 27, 2014 5:20pm
Quoting KissFan
{quote} I see a some items to address in no particular order. 1)You are not looking at a pinbar by James16/Fudd's definition. What you have identified is more of an inside bar. 2) Look at my chart and note that my bars look noting like yours. H4 charts are the most difficult to read for someone just starting out because broker closes vary. 3) IMO FTA is .8118. I am taking profit there if price reaches and I think it will. Zoom out and look to your left. There is S/R there to consider. Best of luck to you friend. K.I.S.S. {image} {image}
ah I thought it was the bar with the red arrow over it

Thanks for dropping in to help!

Mike
  • #131,044
  • May 27, 2014 5:39pm May 27, 2014 5:39pm
Quoting mbqb11
{quote} you are quite welcome glad it helped Yes that is a pinbar, but a very very tiny one. Start by looking for those with much larger noses. Here is an example of a long nosed pinbar. Also try looking for them with "space". Here is a video on space vs traffic to see what I mean. A bit more advanced so I would focus on spotting your bar types(as in the webinar) and then looking for these bars in "space". It's a good starting point to get your feet wet https://www.youtube.com/watch?v=F-31fRCUuRs Best Mike {image}

Sorry abut that Mike. I thought he was referring to red bar highlighted in blue. Forgive me guys if I muddied the waters. Just trying to give another perspective.

K.I.S.S.
  • #131,045
  • May 27, 2014 5:48pm May 27, 2014 5:48pm
Quoting KissFan
{quote} Sorry abut that Mike. I thought he was referring to red bar highlighted in blue. Forgive me guys if I muddied the waters. Just trying to give another perspective. K.I.S.S.
I thinkk you are actually right kiss

You could never muddle the waters my friend, jump in any time!

Mike
  • #131,046
  • May 28, 2014 1:17am May 28, 2014 1:17am
Okay I get it. That isn't a pin bar because it didn't open & close between the previous bar.

Thank you for that
  • #131,047
  • May 28, 2014 1:20am May 28, 2014 1:20am
Quoting KissFan
{quote} I see a some items to address in no particular order. 1)You are not looking at a pinbar by James16/Fudd's definition. What you have identified is more of an inside bar. 2) Look at my chart and note that my bars look nothing like yours. H4 charts are the most difficult to read for someone just starting out because broker closes vary. 3) IMO FTA is .8118. I am taking profit there if price reaches and I think it will. Zoom out and look to your left. There is S/R there to consider. Best of luck to you friend. K.I.S.S. {image} {image}...
mbqb11 said I should stick to bigger time frame charts and you say that H4 charts are difficult to read. So I'm a little confused here. Which timeframe should I focus on as a newbie to price action trading?
  • #131,048
  • May 28, 2014 3:11am May 28, 2014 3:11am
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Gbpnzd repeatedly rejected the 1.9700 area.
Looking to short at market
SL 1.9770
TP 1.9350

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Oil is at a key area now, just under 104.50
I will be waiting for a bearish price action signal to short.
Whether you can or you can't, you are both right.
  • #131,049
  • May 28, 2014 3:45am May 28, 2014 3:45am
Quoting fartist
{image} Gbpnzd repeatedly rejected the 1.9700 area. Looking to short at market SL 1.9770 TP 1.9350 {image} Oil is at a key area now, just under 104.50 I will be waiting for a bearish price action signal to short.
I like the Oil Level better than the one on GBPNZD.
The reason for that is that price hovered around your level for the past 6 trading days. Although conventional trading wisdom states that a level is more strong if price spends long time there, this is not true. If Price cannot leave a level, this means buyers and sellers are in equilibrium and no clarity about a general direction exists. IMO, trading at such levels cannot provide an endge, since almost anything is possible. If there would be a real interest in selling, price would not be able to stay there for so long.

The las time price visited the level it could 'only' spend there two days, and after posting a pinbar it left the level strong. Compared to recent price action, the behavior now looks less bearish imo.

just my 2 cents
Learn from yesterday, live for today and hope for tomorrow.
  • #131,050
  • May 28, 2014 4:03am May 28, 2014 4:03am
So I opened a trade in NZDUSD H1 Chart today upon noticing a DHLC bar pattern.

http://i.imgur.com/1wYQj4c.png

Earned a good 11 pips profit from it. I know it's so less but I want to close trades early in the start and just want to start getting confident with being able to spot patterns efficiently.

Thank you once again for all the help guys!
  • #131,051
  • May 28, 2014 4:08am May 28, 2014 4:08am
Quoting EveningStar
So I opened a trade in NZDUSD H1 Chart today upon noticing a DHLC bar pattern. {image} Earned a good 11 pips profit from it. I know it's so less but I want to close trades early in the start and just want to start getting confident with being able to spot patterns efficiently. Thank you once again for all the help guys!
Hi Eveningstar,
I would highly recommend not see entries and spotting a Setup as a Thing on its own. You have to see a trade, including the entry, the exit, trade management, setting a SL and riding it to your TP, as ONE thing.
If you are new and already found a Setup that you wand to trade and specialize in, that's great. I would suggest you start taking screenshots after entering the trade and then observe what Prices are doing, how far they move and where reasonable places for SL and TP are.

All the best on your trading journey

Rolf
Learn from yesterday, live for today and hope for tomorrow.
  • #131,052
  • May 28, 2014 4:32am May 28, 2014 4:32am
Hey guys,

Most of you are Price Action experts here in this thread, so I have question that I'd be grateful if you would help me with.
After learning lots of strategies and systems, I've been considering learning PA, but I have a fear about this method too. Imagine I trade daily charts with PA and we had a strong breakout and I entered the day after, but what if we have a range or even a reversal bar the day after? I mean with PA especially when we trade daily charts, are we entering too late in most cases???

Or in another example, imagine we are in the beginning of a range market but we don't know it's ranging yet and we enter with breakout signals time by time and get stopped loss in them. Are there reliable methods in PA to help us distinguishing these false signals or we should accept that we'll have such losses in series of trades? I mean are the chances to win a trade is about only 60% as I've heard???

Thank you all in advance
  • #131,053
  • May 28, 2014 4:38am May 28, 2014 4:38am
Quoting TraderRolf
{quote} Hi Eveningstar, I would highly recommend not see entries and spotting a Setup as a Thing on its own. You have to see a trade, including the entry, the exit, trade management, setting a SL and riding it to your TP, as ONE thing. If you are new and already found a Setup that you wand to trade and specialize in, that's great. I would suggest you start taking screenshots after entering the trade and then observe what Prices are doing, how far they move and where reasonable places for SL and TP are. All the best on your trading journey Rolf
Thank you for the wonderful advice TraderRolf. I'll be sure to follow it.

I'm going to post a chart again (Sorry hehe)

http://i.imgur.com/9NV2p2C.png

Does this look like a good pin bar? Location looks good to me as it retracted back from R1
  • #131,054
  • May 28, 2014 5:06am May 28, 2014 5:06am
Quoting EveningStar
{quote} Thank you for the wonderful advice TraderRolf. I'll be sure to follow it. I'm going to post a chart again (Sorry hehe) {image} Does this look like a good pin bar? Location looks good to me as it retracted back from R1
Also a 3 bar high

http://i.imgur.com/ZmoiC4M.png
  • #131,055
  • May 28, 2014 5:08am May 28, 2014 5:08am
Quoting TraderRolf
{quote} I like the Oil Level better than the one on GBPNZD. The reason for that is that price hovered around your level for the past 6 trading days. Although conventional trading wisdom states that a level is more strong if price spends long time there, this is not true. If Price cannot leave a level, this means buyers and sellers are in equilibrium and no clarity about a general direction exists. IMO, trading at such levels cannot provide an endge, since almost anything is possible. If there would be a real interest in selling, price would not...
Thanks for sharing!

Yes i do agree Oil is a betterer level.

Cheers!
Whether you can or you can't, you are both right.
  • #131,056
  • Edited 6:09am May 28, 2014 5:40am | Edited 6:09am
Quoting EveningStar
{quote} mbqb11 said I should stick to bigger time frame charts and you say that H4 charts are difficult to read. So I'm a little confused here. Which timeframe should I focus on as a newbie to price action trading?

I'll speak for myself for back when I first got started. If I had it to do over, I'd look at W1 and D1 for trades. You could also practice with VHands or similar software. Watch price and spend many hours going over your chart history. I would do predictions by scrolling through my charts one bar at a time. I spent many, many hundreds of hours playing price history back and forth. Give this time and you will develop your own style and strategy. After getting started 7 yrs ago, most of my trades are on M5-H1. It fits my lifestyle and personality. Stick with this. It is not easy. Well it wasn't easy for me as I am a slow learner. Once you get a feel, there is nothing that compares!

K.I.S.S.
  • #131,057
  • May 28, 2014 5:41am May 28, 2014 5:41am
Finally, have something to post. Cant believe it
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If not up, then down, otherwise sideways :-)
  • #131,058
  • May 28, 2014 7:19am May 28, 2014 7:19am
Hi guys, I am planning to go short at brn 1.61. SL few pips above 1.62, FTA 1.6. Please comment on it.

Neytiri
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  • #131,059
  • May 28, 2014 9:15am May 28, 2014 9:15am
Quoting mbqb11
{quote} I thinkk you are actually right kiss You could never muddle the waters my friend, jump in any time! Mike
Hi mbqb11, is Jim still active in the PF? I've just discovered the forum and I'm on page 50 now (back in 2006), but I haven't seen Jim posting in this thread lately anymore.
I would like to join, but i'm not sure if that's still active and who is teaching or moderating in the present.

Thanks!
  • #131,060
  • May 28, 2014 9:55am May 28, 2014 9:55am
USDJPY daily chart, still sideways but there may be opportunities now TL is confirmed resistance.

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