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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

  • #135,881
  • Jul 13, 2015 3:35pm Jul 13, 2015 3:35pm
USDPLN Long
pinbar, trendline, support
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GBPUSD Short
pinbar, trendline, resistance
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Patience is key.
  • #135,882
  • Jul 13, 2015 3:51pm Jul 13, 2015 3:51pm
Quoting patapouer
{quote} Hi D, There is no "correct" way of trading this or any other pattern. The safest way.....
Hi P,
Thanks for a detailed answer!

I trade not so often and just try to find my own style. Initially, I think as you wrote – price will retrace, trigger one order and then go in my side, take another order on breakout and go next – so I have nice buy-price in general and can faster move to BE/take some profit. But this rarely happens…

I checked my trading journal for last month…And if mostly take trades at breakout with 1R, it’s better – cause now very often I find myself in a trade with just 0.5R. Thanks again for your point of view, I really learned something important for me in this post.
  • #135,883
  • Jul 13, 2015 3:53pm Jul 13, 2015 3:53pm
Quoting moetzger
GBPUSD Short pinbar, trendline, resistance
Nice trade.
I also take this GBP/USD D1.
PB, retrace after TL break, close under S/R and BRN 1.55

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  • #135,884
  • Jul 13, 2015 3:58pm Jul 13, 2015 3:58pm
GBPUSD bearish pin bar. TLs offering resistance. Entry at 50% ret. 3:1 RR. Good night.
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  • #135,885
  • Jul 13, 2015 4:08pm Jul 13, 2015 4:08pm
Quoting Ryanmcd
I know this is too gump for most of ya but it's just that easy. There are many hereabouts who either do not know how to recognize a trend, or refuse to recognize a trend but most folks would rather have other folks think they are smart than to make $$$. Trading with the trend doesn't challenge them sufficiently, so they do something else. Of course they lose. Most people learn too much. You just need a couple of things you have faith in, and the guts to use them. If you cant enter a trade after you just had a losing trade on the same signal, you...
Yes, I know, it's an old post. But sometimes the old ones are frequently the best ones where, "keeping it simple" is concerned.
every Saint has a past. Every Sinner has a Future
  • #135,886
  • Edited 5:36pm Jul 13, 2015 5:12pm | Edited 5:36pm
Hello traders. I have a question for trend line specialists and fans of the ouvre. Is this trend line drawn the best way for the situation, and does it meet basic TL criteria? I'm interested in your thoughts, not googles. Chart below. Many thanks, GB.

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GBD/USD D1 PB. 2 orders set for retrace of bar. Saw the H4 PB forming and was all over it, but over exposed on other trades so didn't pull the trigger. Bearish close here under 1.55000 and a key level with trend gives me enough probability and confluence.

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'Fail to plan, plan to fail'
  • #135,887
  • Jul 13, 2015 6:21pm Jul 13, 2015 6:21pm
Turnip. Thanks, some great reading in that part of the thread. I like this quote too from the same page......


Quoting jarroo
{quote} Practise, practise, practise. Through countless times of seeing set-ups and placing your stops and not "fearing" that if your stop loss is hit, it's not the end of the world. Fine tuning your set-ups (which develops over time) high probability trades will look joyful instead of fearful. Best analogy I can make is the 1st year doctor that faints at the sight of blood and then (over time) becomes a 1st class surgeon. Just some thoughts. Jim
'Fail to plan, plan to fail'
  • #135,888
  • Jul 13, 2015 8:26pm Jul 13, 2015 8:26pm
Quoting Guitarbloke
Hello traders. I have a question for trend line specialists and fans of the ouvre. Is this trend line drawn the best way for the situation, and does it meet basic TL criteria? I'm interested in your thoughts, not googles. Chart below. Many thanks, GB. {image} GBD/USD D1 PB. 2 orders set for retrace of bar. Saw the H4 PB forming and was all over it, but over exposed on other trades so didn't pull the trigger. Bearish close here under 1.55000 and a key level with trend gives me enough probability and confluence. {image}
I'm not a TL specialist by any means, but I prefer much more defined swing points when drawing TL's. I think the GBPUSD is a really good example of this right now (Chart), at least how I like to see them. I honestly don't see a very clean downward TL on GJ right now. But.....they can be very subjective.

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  • #135,889
  • Jul 13, 2015 9:06pm Jul 13, 2015 9:06pm
and i see that nice little pinbar gapped down what tells me of possible larger further downmove
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  • #135,890
  • Jul 13, 2015 10:47pm Jul 13, 2015 10:47pm
Quoting Lamira
and i see that nice little pinbar gapped down what tells me of possible larger further downmove {image}
Hey Lamira

I got a lot of emails about this one today. I don't feel we have enough info to short here. This pinbar is in a lot of traffic coming off a stronger bullish move. These can reverse very quick

Best
Mike
  • #135,891
  • Jul 13, 2015 10:53pm Jul 13, 2015 10:53pm
Quoting mbqb11
{quote} Hey Lamira I got a lot of emails about this one today. I don't feel we have enough info to short here. This pinbar is in a lot of traffic coming off a stronger bullish move. These can reverse very quick Best Mike
yes, that's true, only reason i took it it because that pin in line with resent short term down-move . im planning to exit trade when ill see well form reversal PA on 1h, 4h, or daily chart
  • #135,892
  • Jul 13, 2015 11:20pm Jul 13, 2015 11:20pm
Quoting mbqb11
{quote} Hey Lamira I got a lot of emails about this one today. I don't feel we have enough info to short here. This pinbar is in a lot of traffic coming off a stronger bullish move. These can reverse very quick Best Mike
Adding to Mike's post.

When a pinbar forms , wait till the right eye is formed and then breaks. If it breaks right after the PB forms before the right eye is formed , its just a pullback into the current trend. So you will go against the trend and most likely to lose.

GBP/USD Daily Pin is fine example of this.
  • #135,893
  • Jul 13, 2015 11:31pm Jul 13, 2015 11:31pm
Quoting zamfir
{quote} Adding to Mike's post. When a pinbar forms , wait till the right eye is formed and then breaks. If it breaks right after the PB forms before the right eye is formed , its just a pullback into the current trend. So you will go against the trend and most likely to lose. GBP/USD Daily Pin is fine example of this.
what is right eye ? Sorry. ..
  • #135,894
  • Jul 13, 2015 11:49pm Jul 13, 2015 11:49pm
Quoting Lamira
{quote} what is right eye ? Sorry. ..
this is a 5min chart but in volatile markets I like all timeframes. It's a good example of what Z is saying

Price forms a fantastic pin at a fantastic location. Then price pulls back to the left eye HOLDS creates the right eye THEN breaks down. Much stronger indication of sellers intentions.

when it breaks down first like gbp/usd especially during off times it's much more suspicious with a pinbar that is so-so. A strong bar it won't matter(meaning much stronger confluence)

Best
Mike
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  • #135,895
  • Jul 13, 2015 11:51pm Jul 13, 2015 11:51pm
Quoting mbqb11
{quote} this is a 5min chart but in volatile markets I like all timeframes. It's a good example of what Z is saying Price forms a fantastic pin at a fantastic location. Then price pulls back to the left eye HOLDS creates the right eye THEN breaks down. Much stronger indication of sellers intentions. when it breaks down first like gbp/usd especially during off times it's much more suspicious with a pinbar that is so-so. A strong bar it won't matter(meaning much stronger confluence) Best Mike {image}

I'll give you an example of a pinbar I took today on a pullback to the left eye. It's a stock but it's all the same once you do it for awhile

I played a buy limit on a pullback to the left eye and rising TL. We have a massive sell off and then a snap back above this area. Now i have a low risk entry with a large position and if it breaks and takes off i'm sitting pretty. If it doesn't my risk is small
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  • #135,896
  • Jul 13, 2015 11:55pm Jul 13, 2015 11:55pm
Quoting mbqb11
{quote} this is a 5min chart but in volatile markets I like all timeframes. It's a good example of what Z is saying Price forms a fantastic pin at a fantastic location. Then price pulls back to the left eye HOLDS creates the right eye THEN breaks down. Much stronger indication of sellers intentions. when it breaks down first like gbp/usd especially during off times it's much more suspicious with a pinbar that is so-so. A strong bar it won't matter(meaning much stronger confluence) Best Mike {image}
thank you so much! !!
  • #135,897
  • Jul 13, 2015 11:58pm Jul 13, 2015 11:58pm
Quoting Lamira
{quote} yes, that's true, only reason i took it it because that pin in line with resent short term down-move . im planning to exit trade when ill see well form reversal PA on 1h, 4h, or daily chart
That's good L and believe me if it works for you GO FOR IT. Many ways to trade PA. I just know some things I see trip up traders so I want to make sure to chime in. It is as much as for you if needed as it is for the many that wander the forums. It's very difficult to play PA on one timeframe drop down to another and try to jump out.

The way I always like to look at it is each timeframe has it's own ebb and flow and things get very confusing when you do that. Again that's just my personal thing though

Glad to see your charts!

Mike
  • #135,898
  • Jul 14, 2015 12:01am Jul 14, 2015 12:01am
Quoting Lamira
{quote} what is right eye ? Sorry. ..
The bar to the right of the pin bar.

I see many have spotted this pin bar, myself included. It is going with the short term down trend and has good confluence, but in my humble newbie opinion (IMHNO ) it is still going against the larger up trend. The likelihood for this to go short is probably higher if the right eye breaks in the bearish direction and then it'll be a playable trade but not for a big move, at least for me it can be good for a small amount of pips.
  • #135,899
  • Jul 14, 2015 1:29am Jul 14, 2015 1:29am
Quoting Donkey
{quote} I'm not a TL specialist by any means, but I prefer much more defined swing points when drawing TL's. I think the GBPUSD is a really good example of this right now (Chart), at least how I like to see them. I honestly don't see a very clean downward TL on GJ right now. But.....they can be very subjective. {image}
Thanks Donkey! Appreciate you taking the time. GB.
'Fail to plan, plan to fail'
  • #135,900
  • Jul 14, 2015 2:44am Jul 14, 2015 2:44am
Quoting Guitarbloke
Hello traders. I have a question for trend line specialists and fans of the ouvre. Is this trend line drawn the best way for the situation, and does it meet basic TL criteria? I'm interested in your thoughts, not googles. Chart below. Many thanks, GB. {image} GBD/USD D1 PB. 2 orders set for retrace of bar. Saw the H4 PB forming and was all over it, but over exposed on other trades so didn't pull the trigger. Bearish close here under 1.55000 and a key level with trend gives me enough probability and confluence. {image}
Hi GB,
i think the way incognito draw the trend line is very right, also more than 2 touch to TL make it reliable.
http://www.forexfactory.com/showthre...90#post8379890
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