Anyone still uses James16 Price Action?

DionysusToast

Legendary member
5,963 1,501
toastie

As a matter of interest here are the pin-bars on RBS for the last couple of months. I picked RBS because it's on my watch list for entry on Monday.

The whites all triggered and had potential; the yellows didn't trigger; the bluey was the only loser; the pinkie might well have been a loser unless you were sharp; and the open white remains to be seen.

I don't believe you, toastie, couldn't have come out on top with that lot :) - I didn't trade them, of course :LOL:

ps: missed the first one or two - the chart shifted in the copying!!

Now circle the ones that didn't work out...
 

DionysusToast

Legendary member
5,963 1,501
In my view yes there is and that is because there are a lot of traders who always go flat at the end of the day. I agree that pinbars during the day are of limited value but EOD and they have more significance when combined with other factors. Not that I trade them as I don't but I can see why they would be of more value for EOD traders.

On days where the majority of traders are intraday traders - the open, high, low, close is largely irrelevant.
 

DionysusToast

Legendary member
5,963 1,501
i've done that - there was only the one and one maybe unless you were quick

I think you may have missed some...

GxKTxwt.jpg


Red arrows - shorts, blue arrows long.... Just highlighting the ones there that would most likely have failed

1 to 7 all look like failures to me. 1 is a little more hazy but I presume loser because of the volatility probably shaking you out
 

barjon

Legendary member
10,705 1,809
I think you may have missed some...

GxKTxwt.jpg


Red arrows - shorts, blue arrows long.... Just highlighting the ones there that would most likely have failed

1 to 7 all look like failures to me. 1 is a little more hazy but I presume loser because of the volatility probably shaking you out

From the left:
1st RED arrow - don't see how a short failed
1st BLUE arrow - the admitted failure.
2nd BLUE arrow - it wouldn't have triggered long (no move above pin-bar high)
2nd RED arrow - it wouldn't have triggered short (no move below pb low)
3rd RED arrow - it wouldn't have triggered short (ditto)
4th RED arrow - not a pin bar (not at new high)
Black arrow - we'll see :)

ps: 3rd BLUE arrow - aye, that's one I missed that would have likely lost.
 
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neil

Legendary member
5,167 749
Pin bars are not traded on their own (I have said this before). Location and previous price action has to be taken into account. Barjon has already hinted at those pins likely to succeed and I suspect he probably knows why. This does not mean every one is a winner -no approach in trading is a winner every time. Hence the need for stops/targets and a disciplined mind set. I will agree to disagree with others here and wish you well with whatever approach to the markets that you find profitable.
 
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ffsear

Senior member
2,250 496
Pin Bars give us an idea about market sentiment, but that as far as they go for me. I don't like using them for entries. And I think the process of entering a trade on a pin break, and having your stop just past the tail is a risky one! They don't define market limits
 

barjon

Legendary member
10,705 1,809
Pin Bars give us an idea about market sentiment, but that as far as they go for me. I don't like using them for entries. And I think the process of entering a trade on a pin break, and having your stop just past the tail is a risky one! They don't define market limits

mmm, the rationale of a pin-bar is that there has been a strong rejection of a low (high) point with some momentum behind it. It is assumed that momentum will carry on. If it starts going wrong once you are in then that momentum has been lost and the the rationale for the trade has disappeared. To wait looking for a turnaround before your stop below (above) the tail is hit now relies on hope.
 
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Forexmospherian

Legendary member
39,928 3,301
mmm, the rationale of a pin-bar is that there has been a strong rejection of a low (high) point with some momentum behind it. It is assumed that momentum will carry on. If it starts going wrong once you are in then that momentum has been lost and the the rationale for the trade has disappeared. To wait looking for a turnaround before your stop below (above) the tail is hit now relies on hope.

I think you always need more than one clue for opposite moves - pin bars in isolation not enough - but they can be a clue

Add in interim supports or resistance areas - then time - as pin bar lasted over 30 mins with no new breach of high or low then add in PA of HH's and HL's on 1 min charts - or opposites - and then correlations etc - yes with a group of clues all agreeing - no problem

On my own set up I dont really use candle stick patterns etc - but they count as clues and if I have over 4 or 5 clues all agreeing - then bingo - time to enter new trades


Regards

F
 

counter_violent

Legendary member
11,281 3,005
I think you always need more than one clue for opposite moves - pin bars in isolation not enough - but they can be a clue

Add in interim supports or resistance areas - then time - as pin bar lasted over 30 mins with no new breach of high or low then add in PA of HH's and HL's on 1 min charts - or opposites - and then correlations etc - yes with a group of clues all agreeing - no problem

On my own set up I dont really use candle stick patterns etc - but they count as clues and if I have over 4 or 5 clues all agreeing - then bingo - time to enter new trades


Regards

F

Forexmospherian


18,000 Posts


Joined Oct 2013

Well 18,000 posts....good job we scrapped the legendary member status. :rolleyes:
 

tar

Legendary member
10,443 1,313
toastie

As a matter of interest here are the pin-bars on RBS for the last couple of months. I picked RBS because it's on my watch list for entry on Monday.

The whites all triggered and had potential; the yellows didn't trigger; the bluey was the only loser; the pinkie might well have been a loser unless you were sharp; and the open white remains to be seen.

I don't believe you, toastie, couldn't have come out on top with that lot :) - I didn't trade them, of course :LOL:

ps: missed the first one or two - the chart shifted in the copying!!

Cherry picking ... thats a very tiny sample , there are billions of pin bars out there ....
 
 
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