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#46  


 








01-09-06, 11:23pm
















habeeb



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Quote:





Originally Posted by Packtrain


This
forum is great, thanks to all involved, especailly Jim. I have a few
questions here. First I see a pin bar on the 4hr.and the daily, and the
wkly charts, the weekly trend is down and there is a weekly down
sloping trend line that the 4hr bar has hit once already. I see some
trades talked about on here for a sell and others for a buy. I am
confused as when this trade becomes a go, and what factors make it a
buy, the market has been droping throughout the day in the direction of
the trend and any previous trades would have resulted in a stop out if
going long. Thanks Grady




Hi Packtrain,
could you post a chart of the weekly. On my chart the pin bar is
pointing down, giving us a bullish direction for this week. As for some
people talking about buying and others about selling ... it all depends
what time frame they're trading. The 1hr might show a buy signal, and
the 4hr might show a sell.

Take care
Habeeb







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#47  


 








01-09-06, 11:25pm
















khoong25



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hey JIM..

Is that a potential weekly pinbar for USD/JPN ?? also, there was a
daily pinbar which I went long on as well it bounced off one of the
fibs...... its up 15 pips atm ....


you shoudl post this chart into USD/JPN as well. ... for completedness.


ken ..







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#48  


 








01-09-06, 11:27pm
















james16



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pin bars






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#49  


 








01-09-06, 11:29pm
















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Quote:





Originally Posted by habeeb


Hi raczekfx,

On the monthly chart, the last bar can't be a pin bar because the month
is not finished yet. You'll have to wait for the February bar to appear
to see what the January bar is.

Take Care
Habeeb




Very true habeeb, I got ahead of myself.
Until it happens I think I will stick to buy bounces off trendline
and/or 150/365 mas until they break. Last night there was a great
chance to get in at 1640 which I didn't take (already had a position
since friday-now closed).
I'm considering buying again if price retests 1655/60 area, watching price action as well.

regards,
Mark










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#50  


 








01-09-06, 11:40pm
















pipmaker



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Quote:





Originally Posted by james16


the
pin bar at the swing high is a true pin bar. even though the appearance
of the bar you are referring to suggests a pin it is not a true pin in
relation to where you usually want to see them. the bar you are
referring to is in congestion and actually an inside bar. remember we
want to see pin bars at swing highs and lows and at retracement points
in a downtrend or an uptrend. it is at these points where if we find
one and it has a long nose, the longer the better, we can say we have
found a worthy bar to consider. i am concerned that everyone realise
that we dont just look anywhere and everywhere for a bar that meets the
criteria of how this bar looks but we realise that its where it is
located that has the most influence on whether we consider it for a
trade. thanks, jim




Jim I mean this pinbar (blue arrow) at the swing high, the last bar is
an inside bar, shure. But I think, I should set an short entry below the bearish
bar (second last bar) at 1.1664 and have a watch at the develop of
the next bars.



































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#51  


 








01-09-06, 11:48pm
















habeeb



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Quote:





Originally Posted by raczekfx


Very true habeeb, I got ahead of myself.
Until it happens I think I will stick to buy bounces off trendline
and/or 150/365 mas until they break. Last night there was a great
chance to get in at 1640 which I didn't take (already had a position
since friday-now closed).
I'm considering buying again if price retests 1655/60 area, watching price action as well.

regards,
Mark




I'm not sure whether I'd want to buy at the moment. We've got a
pin bar on the 4hr with a trendline and 50 fibo confluence. I see 1640
is at a 38 fibo, but we'll probably see a pin bar on the daily chart
too signalling bearish. I'd like to see price go down to 1.1600 ... the
monthly pivot and also about the same as the first eye on the weekly
... to go long again.

Thanx
Habeeb

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Last edited by habeeb : 01-09-06 at 11:53pm.

































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#52  


 








01-09-06, 11:56pm
















james16



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Quote:





Originally Posted by pipmaker


Jim I mean this pinbar (blue arrow) at the swing high, the last bar is
an inside bar, shure. But I think, I should set an short entry below the bearish
bar (second last bar) at 1.1664 and have a watch at the develop of
the next bars.




soory pip i misunderstood. the best set up would to have already
have been in the trade from the pin. careful my friend playing these
bars early in your education with real money. i definatly DO NOT
suggest playing every bar you see. its a great idea to demo them all to
get a feel for how they work, its actually fun but the worst mistake
you could make is to dive in on every bar. thats not how i trade and
you shouldnt either. your beginning to recognise the bars which is
good. keep it up. jim







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#53  


 








01-10-06, 12:15am
















pipmaker



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Quote:





Originally Posted by james16


soory
pip i misunderstood. the best set up would to have already have been in
the trade from the pin. careful my friend playing these bars early in
your education with real money. i definatly DO NOT suggest playing
every bar you see. its a great idea to demo them all to get a feel for
how they work, its actually fun but the worst mistake you could make is
to dive in on every bar. thats not how i trade and you shouldnt either.
your beginning to recognise the bars which is good. keep it up. jim




Thanks Jim, now I understand better how to trade the pins.
Chris.



































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#54  


 








01-10-06, 12:42am
















lwoo034



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I am confused about what makes the best pin-bars






James,

I feel like a bit of a dunce. I think I would have taken all of the
pin-bar trades shown in post #45. I cannot seem to tell the difference
between your Best pin bars and Just-another pin-bars. The more comments
I read about the pin-bars the more confused I am! What is it that
separates the Just-another pin bars from the BEST pin bars?

As I look at the the pins shown in post #45 (I’ve attached the image
for easier reference) from left to right these are my thoughts:

The first B breaks the 61.8% ret. and closes above this level, but it is not a very long nose.

The first J is near the previous peak (start of April, 2005) but fails
to make a new high – so it is not a swing high. So it doesn’t seem to
be a very good pin bar.

The second B breaks down through the 23% and closes near to the
previously established high (so it looks like a good pin-bar that has
tested the ret. and bounced back up again).

The second J has just broken the previously established high. The nose
seems OK (it is about as long as the nose on the first B). So this
looks like a reasonable pin-bar to me except it didn’t move far beyond
the price around it.

The third J is retracing some of the past movement up, which resulted
in a new high established on the bar immediately before it. However, it
doesn’t reach the 23% level, so it is not considered a ‘Best’ pin-bar.

The fourth J makes a new low (when I look at this on my computer using
metatrader) since mid-July and has a good nose pointing UP. This nose
moves beyond the price of the past two bars, so seems to be moving and
protuding beyond the surrounding price. If I had been trading this I
would have seen this and thought that it looked good.

The fifth J is a making a new high while the nose is pointing down. The
movement downwards is entirely contained by the previous bar (so it has
not protruding out and beyond price around it). This is clearly not a
good pin-bar.

Thanks for any help you can provide.
Cheers,
Linc.










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#55  


 








01-10-06, 2:49am
















james16



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Quote:





Originally Posted by lwoo034


James,

I feel like a bit of a dunce. I think I would have taken all of the
pin-bar trades shown in post #45. I cannot seem to tell the difference
between your Best pin bars and Just-another pin-bars. The more comments
I read about the pin-bars the more confused I am! What is it that
separates the Just-another pin bars from the BEST pin bars?

As I look at the the pins shown in post #45 (I’ve attached the image
for easier reference) from left to right these are my thoughts:

The first B breaks the 61.8% ret. and closes above this level, but it is not a very long nose.

The first J is near the previous peak (start of April, 2005) but fails
to make a new high – so it is not a swing high. So it doesn’t seem to
be a very good pin bar.

The second B breaks down through the 23% and closes near to the
previously established high (so it looks like a good pin-bar that has
tested the ret. and bounced back up again).

The second J has just broken the previously established high. The nose
seems OK (it is about as long as the nose on the first B). So this
looks like a reasonable pin-bar to me except it didn’t move far beyond
the price around it.

The third J is retracing some of the past movement up, which resulted
in a new high established on the bar immediately before it. However, it
doesn’t reach the 23% level, so it is not considered a ‘Best’ pin-bar.

The fourth J makes a new low (when I look at this on my computer using
metatrader) since mid-July and has a good nose pointing UP. This nose
moves beyond the price of the past two bars, so seems to be moving and
protuding beyond the surrounding price. If I had been trading this I
would have seen this and thought that it looked good.

The fifth J is a making a new high while the nose is pointing down. The
movement downwards is entirely contained by the previous bar (so it has
not protruding out and beyond price around it). This is clearly not a
good pin-bar.

Thanks for any help you can provide.
Cheers,
Linc.




one of the biggest obstacles i faced when deciding to do this was
exactly what you are talking about. there is not anything mechanical
about price action. its descretionary and takes time to get used to
them and develope a feel. pin bars can happen any place and at anytime
on a chart. some will struggle trying to capture all of this quickly
when it cant be done.
on the chart i was trying to point out
that pin bars can happen anywhere but through playing them for many
years i have found them to be more reliable in certain areas than
others. i know of no where else this is being taught and one of the
reasons may very well be is because its not what most traders are
looking for. that being an easy system that can be taught and learned
in a day or a week. why do you think everyone and thier brother has a 5
page e-book for sale. they meet the criteria thats looked for by most
new traders. something cheap and easy thats going to make them rich in
six months.

what you must do linc is take your time whether you stay here a month
or whatever and demo these until you are comfortable. in time you will
learn them and you may find that you prefer playing price action in
general or pin bars specifically differently than i do. price action is
to be used as a foundation for your trading. its the strongest
foundation i have found in 21 years of doing this.

in the market update section and in the chart threads i will be posting
pins and other price action examples that i find to be the best to
start the teaching process. if your confused forget about the chart, i
started to not post it because i was worried about this very thing.
demo the pins you find at extreme highs and lows only until you get
comfortable with them. when you are everytime you see one you will
smile. it just takes time.

i will help you anyway i can. jim







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#56  


 








01-10-06, 3:30am
















james16



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Quote:





Originally Posted by james16


one
of the biggest obstacles i faced when deciding to do this was exactly
what you are talking about. there is not anything mechanical about
price action. its descretionary and takes time to get used to them and
develope a feel. pin bars can happen any place and at anytime on a
chart. some will struggle trying to capture all of this quickly when it
cant be done.

on the chart i was trying to point out that pin bars can happen
anywhere but through playing them for many years i have found them to
be more reliable in certain areas than others. i know of no where else
this is being taught and one of the reasons may very well be is because
its not what most traders are looking for. that being an easy system
that can be taught and learned in a day or a week. why do you think
everyone and thier brother has a 5 page e-book for sale. they meet the
criteria thats looked for by most new traders. something cheap and easy
thats going to make them rich in six months.

what you must do linc is take your time whether you stay here a month
or whatever and demo these until you are comfortable. in time you will
learn them and you may find that you prefer playing price action in
general or pin bars specifically differently than i do. price action is
to be used as a foundation for your trading. its the strongest
foundation i have found in 21 years of doing this.

in the market update section and in the chart threads i will be posting
pins and other price action examples that i find to be the best to
start the teaching process. if your confused forget about the chart, i
started to not post it because i was worried about this very thing.
demo the pins you find at extreme highs and lows only until you get
comfortable with them. when you are everytime you see one you will
smile. it just takes time.

i will help you anyway i can. jim




BY KHOONG,
I normally prefer to put in a trade after the daily bar is completed.
so I went long 114.33 and have now moved my s/l to 114.50 ....

since there's a few charts above this post, don't think there's a need for another chart.

HERE IS A GREAT EXAMPLE OF WHAT I AM TALKING ABOUT. KHOONG HAS JUST
TAKEN THE USD/JPY PIN TRADE AT THE CLOSE OF THE PIN INSTEAD OF A
BREAKOUT OF THE PIN. IS THIS WRONG? NO. I DONT PERSONALLY THINK ITS AS
CONSERVATIVE BUT IT SHOWS WHAT I AM TRYING TO POINT OUT. THIS IS NOT
MECHANICAL. WHEN YOU LEARN IT OVER TIME YOU MAY FIND EVEN BETTER WAYS
THAN I KNOW OF TO PLAY THEM . JIM







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#57  


 








01-10-06, 4:02am
















lwoo034



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Quote:





Originally Posted by james16


what
you must do linc is take your time whether you stay here a month or
whatever and demo these until you are comfortable. in time you will
learn them and you may find that you prefer playing price action in
general or pin bars specifically differently than i do. price action is
to be used as a foundation for your trading. its the strongest
foundation i have found in 21 years of doing this.




Hi Jim,
I will be here for a long time (possibly as long as I can afford it to
continue learning). I think to really get the most out of this forum
I'll need to make a greater commitment to using a demo account (or
small values of real money in Oanda) to trade these PA ideas (I've only
done a limited amount of demo-ing based on the chart thread in the main
forum). I've done some demo, I'll be funding an Oanda account to take
some trades with real $$$ in small amounts.

Trading seems to be a lot like art (except with trading there is a more
objective definition of success = making pips/$ in the bank!!!). There
are some painting techniques I have learnt from several different
teachers. Some of them I use a lot, some of them I've used differently
(to how my teacher used them) in my own painting. Like trading, how you
use these tools is up to the artist, to fit their own ideas and
personality. And, your style of painting develops into a style slightly
different to that of your teachers.

With more work in a demo account I should be able to get a better feel
for reading PA and incorporating it into my own style of trading.
Already I feel more confident looking at a naked chart and having a
reasonably good feel for what is likely to happen next, based no price
alone. If you had told me two months ago that I could come just this
far, I would be amazed.

Thanks for the help.
Cheers,
Linc.



































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#58  


 








01-10-06, 4:15am
















james16



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Quote:





Originally Posted by lwoo034


Hi Jim,
I will be here for a long time (possibly as long as I can afford it to
continue learning). I think to really get the most out of this forum
I'll need to make a greater commitment to using a demo account (or
small values of real money in Oanda) to trade these PA ideas (I've only
done a limited amount of demo-ing based on the chart thread in the main
forum). I've done some demo, I'll be funding an Oanda account to take
some trades with real $$$ in small amounts.

Trading seems to be a lot like art (except with trading there is a more
objective definition of success = making pips/$ in the bank!!!). There
are some painting techniques I have learnt from several different
teachers. Some of them I use a lot, some of them I've used differently
(to how my teacher used them) in my own painting. Like trading, how you
use these tools is up to the artist, to fit their own ideas and
personality. And, your style of painting develops into a style slightly
different to that of your teachers.

With more work in a demo account I should be able to get a better feel
for reading PA and incorporating it into my own style of trading.
Already I feel more confident looking at a naked chart and having a
reasonably good feel for what is likely to happen next, based no price
alone. If you had told me two months ago that I could come just this
far, I would be amazed.

Thanks for the help.
Cheers,
Linc.




your a joy to work with linc. i was concerned you would not be
happy with my response. its an attitude like yours that can and will
get you where you want to go. thanks, jim







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#59  


 








01-10-06, 4:27am
















khoong25



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congrats linc .. jim's stuffs does that to you! ...

learn all you can .. and then find yourself ...


ken







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#60  


 








01-10-06, 12:08pm
















WTB



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At
this time, trading the USDCAD is suicidal. We're getting sound pin bars
both to the upside and to the downside, depending what time frame you
look at.

Be selective and patient with your setups until a perfect setup pops up
guys. At this time, the best trade you can take in USDCAD is, to be
honest, not to trade at all for the time being.



































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