DislikedThis is a short-stock trade idea for next week.
I noticed a lot of you keep trading journal. I think it is a great thing to analyze self performance over time. I will do the sameIgnored
I have seen the enemy, and it is me.
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedThis is a short-stock trade idea for next week.
I noticed a lot of you keep trading journal. I think it is a great thing to analyze self performance over time. I will do the sameIgnored
Dislikedyou can see it in the link (upper right corner; thread is called 'nearly naked').
i hope you don't take my post as an offense. i am just asking why the fibs are supposed to be false.Ignored
DislikedAnyone can share ideas on keeping journals or some software that can help? Much appreciated.Ignored
DislikedGhous!
I notice that you rarely seem to draw horizontal PPZ lines.
And just seem to use the rectangle function to mark off traffic.
Are you just eyeballing the PPZ on weekly and remembering them or just eyeballing the areas on the TF you are working on?
Looks really simple compared to what I am doing but then again, of course you have practiced a lot.
Note in the daily chart I still have that horrifying feeling, I am missing PPZ at the green rectangle areas.
Any tips appreciated.Ignored
DislikedAnyone can share ideas on keeping journals or some software that can help? Much appreciated.Ignored
Dislikedwithout reading any other post but yours, i tend to agree with your superstition.
i know in the past i have seen that people have traded hilariously big outside bars as if thats what they spend all day waiting for. to me it would be about RR, and to see someone factor in the huge size of the bar to create their position size and then move their stop up out of being anxious, it seems wasteful and backwards. its like paying 100,000,000 dollars for great live insurance and then living in your panic room. abnormally huge bars are funny to me.Ignored
DislikedI finished reading your thread Jim. It was very interesting to read about your journey. I was inspired to back test your style of trading (price action usage; such as, double tops, double bottoms, pin tops, etc.) on a gbp/jpy day chart. The results of my price action trading were amazing! I simply scrolled to a random place in the chart and started back testing your theories. After about 100 back test trades, my win to loss ratio stood at 82:18! Nearly 80% win rate, with only using price action! No news, no trend lines, no mvas, emas, or anything...Ignored
Dislikedhey Pb,
yeah I don't draw horizontal lines on my chart. First because I don't touch trade I only go into the details of location and round numbers when I see a PA setup that I feel is good enough. Secondly an obvious PPZ does jump out at me without a horizontal line indicating that and it could be due to the chart time yes.
It just takes some time, but then of course you might want to keep using horizontal lines if you find them useful. A few lines on the chart sure don'tt clatter the chart.
g.Ignored
DislikedOMG, it just dawned on me that a Pinbar is in fact many times a Head & Shoulders (reversal pattern) on the lower time frame! WOW!!!Ignored
DislikedNo, I don't take your post as being offensive.
I take the guy who posted that as being offensive!
Those fibs were drawn to look for confluence and we can clearly see the 50 fibo is indeed the 50 fibo.
Also, if they were incorrect, I am sure someone in this thread would have pointed it out.
Ok, lets ask in this thread.
Are these fibos intended to look for confluence drawn incorrectly?
This is a weekly chart and the only way to find fibo confluence is to use these two swing highs.Ignored
DislikedAll this time I thought it meant: First Target Area.http://cdn.forexfactory.com/images/icons/icon9.gif
Greetings,Ignored
DislikedGreetings Ghous,
Just great to hear this remark of yours concerning drawing lines on the chart. My first working method of analyzing price charts was to draw the supply and demand lines according to a top-down approach, starting from the higher timeframes down to the lower timeframes . After that I began to look for PA patterns in the vicinity of these drawn lines. But when there are to many lines on the chart the whole picture becomes messy and one tends to lose the overall picture. Because you always first start looking for a PA pattern and then...Ignored
DislikedOMG, it just dawned on me that a Pinbar is in fact many times a Head & Shoulders (reversal pattern) on the lower time frame! WOW!!!Ignored
DislikedThese are definitely not incorrect.
As long as a fib ret starts at a swing high and ends at a swing low, the fibs are valid.
What I think I understand from this person's post who critiqued your chart is that the swings that are used to draw the fibs need to be distinct and and less over lapping and this though isn't totally wrong either.
Looking at your chart the difference between the 2 swing highs that you have used is pretty small while the swing low is the same for both rets hence the 2 pair of fib levels don't differ a great deal...Ignored