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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

  • #23,961
  • Mar 17, 2009 3:07pm Mar 17, 2009 3:07pm
Crossed with ghous's post - thanks guys
When in doubt, sit on your hands...
  • #23,962
  • Mar 17, 2009 3:47pm Mar 17, 2009 3:47pm
Quoting gododdin
Also thanks Jigsaw - I can see this trade recording is going to take some thought. As for the fibs being upside down, I think you might be right - I'm going to read up on this again.
This is what I measure:
- Date Entered
- Price Entered
- Long/Short
- CCY Pair
- Mini Lots
- Initial Risk
- Date Exited
- Price Exited
- Pip Value
- Pip Change
- W/L
- $ Change
- % Change
- Balance
- Timeframe
- Price Action Trigger

This list will be different for everyone. I have reasons for keeping all of the data above, but some are not as obvious as others.

In addition, I take a snapshot of the chart when I enter and exit. I keep a journal explaining reason for taking the trade, confluence, and write my thoughts on the trade while I am in it... for example, I write that "price reached a PPZ level and I moved stop to B/E." Then I review each trade monthly, seeing if the trade worked out, did I exit early/late, etc...

Josh
  • #23,963
  • Mar 17, 2009 3:53pm Mar 17, 2009 3:53pm
chart
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  • #23,964
  • Mar 17, 2009 3:58pm Mar 17, 2009 3:58pm
Some great Resistance shown on this chart. Will watch for PA to dictate direction.

Josh
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  • #23,965
  • Edited 6:27pm Mar 17, 2009 5:00pm | Edited 6:27pm
Quoting james16
chart
So Jim, would you still be waiting for a break on the Weekly CAD BEOB with divergence or would you already be in it? May be look for Daily Bearish PA.

(Sorry I can't post a current chart, had to take this earlier one.)
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #23,966
  • Mar 17, 2009 6:22pm Mar 17, 2009 6:22pm
Quoting james16
chart
"Price-Action / Multiple Bottoms/tops /Divergence
A strong case could be made to trade nothing else"

Too right Jim.

I've even considered creating another sub-account for this purpose only. Really should just do it. lol

When I do wake up to it, this is a situation I don't even have to think about much before entering.
Bundy's status today: "Waiting..."
  • #23,967
  • Mar 17, 2009 6:33pm Mar 17, 2009 6:33pm
Quoting jarroo
So Jim, would you still be waiting for a break on the Weekly CAD BEOB with divergence or would you already be in it? May be look for Daily Bearish PA.

(Sorry I can't post a current chart, had to take this earlier one.)
Hello Jarro,
I have kept my eye on this setup,waiting for a break....Wondering what everyone else thought of it.The 1.25 seems to be a pretty strong ppz.Maybe get in and set SL to BE quickly huh?
  • #23,968
  • Mar 17, 2009 6:42pm Mar 17, 2009 6:42pm
Quoting bundyraider
"Price-Action / Multiple Bottoms/tops /Divergence
A strong case could be made to trade nothing else"

Too right Jim.

I've even considered creating another sub-account for this purpose only. Really should just do it. lol

When I do wake up to it, this is a situation I don't even have to think about much before entering.
agreed.

a big part of the reason this works so well in my opinion is because it is a concrete area to wait and look for PA. Where as a lot of other areas can be "less concrete" in nature and leads to forcing trades.

Double tops/bottoms and big round numbers are my favorite, because they help limit specific areas to focus ones attention for PA. Then if you find other confluences at this area it is

Jim is the man
  • #23,969
  • Mar 17, 2009 7:05pm Mar 17, 2009 7:05pm
Quoting jlmac27
Hello Jarro,
I have kept my eye on this setup,waiting for a break....Wondering what everyone else thought of it.The 1.25 seems to be a pretty strong ppz.Maybe get in and set SL to BE quickly huh?
The 1.21 looks a bit stronger than the 1.25.Maybe that is where we would head to?Any comments?
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  • #23,970
  • Mar 17, 2009 7:19pm Mar 17, 2009 7:19pm
Quoting jlmac27
Hello Jarro,
I have kept my eye on this setup,waiting for a break....Wondering what everyone else thought of it.The 1.25 seems to be a pretty strong ppz.Maybe get in and set SL to BE quickly huh?

Quoting jlmac27
The 1.21 looks a bit stronger than the 1.25.Maybe that is where we would head to?Any comments?
A nice hard break would be a cherry on the top on this one. Quick to break even is always a smart play in my book, because a true validation of a PA setup is that Price will break and run for a decent amount of pipage. imo.

Maybe to the next strongest level of S/R, like the 1.21.
Indicators show the past. Price Action "Indicates" the future.
  • #23,971
  • Mar 17, 2009 7:34pm Mar 17, 2009 7:34pm
Quoting james16
chart
Just looking at chart without MACD in front of you, there is any way that you can figure the divergence in the MACD?
  • #23,972
  • Mar 17, 2009 7:51pm Mar 17, 2009 7:51pm
does everyone here just use the standard macd settings 12,26,9? i dont see anyone else using any other indy for divergence reading, so is macd considered the best? thx.
  • #23,973
  • Mar 17, 2009 8:02pm Mar 17, 2009 8:02pm
Quoting dkmb92
does everyone here just use the standard macd settings 12,26,9? i dont see anyone else using any other indy for divergence reading, so is macd considered the best? thx.
Most of us use the standard yes, as the big guy does. But you really can use any oscillator, many might prefer an RSI or what not. But standard MACD, and obvious clear divergence is where its at


Mike
  • #23,974
  • Mar 17, 2009 8:07pm Mar 17, 2009 8:07pm
as supplement to above post

Often oscillators will line up with signals as well. I prefer the clean simplicity(smoothness) of the macd
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  • #23,975
  • Mar 17, 2009 8:12pm Mar 17, 2009 8:12pm
just about any ocillator will work and some say there are others that do a better job than macd.

rsi, cci, stoch among many. there are also custom third party divergence ocillators that you can purchase but they are usually created for platforms like tradstation. ive seen and tried everything folks and simple is almost always best.

ive seen a couple of third party early divergence ocillators that were of some help if your daytrading a really small time frame. if you use tradestation you can find many third party developers that do this kind of work. most of it is a waste of money imho.

jim

.
Quoting dkmb92
does everyone here just use the standard macd settings 12,26,9? i dont see anyone else using any other indy for divergence reading, so is macd considered the best? thx.
  • #23,976
  • Mar 17, 2009 8:22pm Mar 17, 2009 8:22pm
  • #23,977
  • Mar 17, 2009 8:25pm Mar 17, 2009 8:25pm
Quoting dkmb92
does everyone here just use the standard macd settings 12,26,9? i dont see anyone else using any other indy for divergence reading, so is macd considered the best? thx.
i use the standard mt4 macd too, I did hear abt it not being correctly programmed as a fault from metaqoutes, is that true?

Anyways I use it cuz i know several others do and to quote Chris's words "this is what makes it so important"

The settings I use are 12,26,1 (the macd Moving avg sets nicely on top of your the macd bars and it looks neat )

Regards,
Ghous.
I believe . . .
  • #23,978
  • Edited 10:58pm Mar 17, 2009 8:32pm | Edited 10:58pm
Sometimes, I like to use the Awesome Oscillator (AO). It seems to show fabulous convergence and divergence, and it is smooth and steady . . . similar to the MACD (like Mr. Mbqb11 said above).
  • #23,979
  • Mar 17, 2009 9:10pm Mar 17, 2009 9:10pm
Quoting james16
just about any ocillator will work and some say there are others that do a better job than macd.

rsi, cci, stoch among many. there are also custom third party divergence ocillators that you can purchase but they are usually created for platforms like tradstation. ive seen and tried everything folks and simple is almost always best.

ive seen a couple of third party early divergence ocillators that were of some help if your daytrading a really small time frame. if you use tradestation you can find many third party developers that do this...
how bout no indys? no macd, no nothing. pure bar charts
  • #23,980
  • Mar 17, 2009 9:59pm Mar 17, 2009 9:59pm
Quoting dkmb92
does everyone here just use the standard macd settings 12,26,9? i dont see anyone else using any other indy for divergence reading, so is macd considered the best? thx.
I've always preferred the standard fast stochastic. I use it only for spotting divergence as a confirmation of price action. Also have a proprietary indicator that paints and arrow and line from peak/trough to peak/trough. It works alright, but tends to show up a couple bars later than the peak it uses, which sometimes means the price movement has happened or is a good way along already. You can see it here in the blue boxes, and some bullish ones earlier in the chart (but not in boxes). Better to rely on it with the trend than against, though I mostly ignore it and rely on myself to spot the divergence with my own eyes.
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