james16 Chart Thread | Page 1896 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #37,901
  • Jul 18, 2009 9:36am Jul 18, 2009 9:36am
Quoting albchr
Hi folks,

I don't ask a lot of questions but I've been wrestling with this for a while now.

In your opinions, Is it better/easier to use a line chart or bar/candle chart for finding the major PPZ's?

For the most part, I use weekly charts for finding them (since I trade from the 1H & 4H). It seems the line charts tend to average out the "close" and not include the wicks. (Of course the amount of this changes as we go down in TF). In the first of these two pictures (weekly GU) the SR line is set to the top of the line chart. The second clearly...

I still flip to a line on close chart just to see the trend better, also if you are looking for divergence the line on close cuts down on the noise and if using RSI you can see it very clear and it takes out the guess work. For me I use candle's and LOC charts for price.
Keep taking CT trades, I need more money
  • #37,902
  • Jul 18, 2009 9:38am Jul 18, 2009 9:38am
Quoting fat_tom
LOL yeah im MCP, MCSA, MCSE (2000+2003) - messaging (2000 & 2003) MCTS (Exchange 2007, Server 2008) MCITP (Exchange 2007)

still my career mind you!!! really should bang out a couple more this year but I find this thread more intresting reading than technet!!!

Fat Tom

Nice job, all my stuff is 1997-2000 lol, I may update my certs if I have nothing else to do, It just took so long to get them and I dont want to lose it. I still do IT stuff now and then maybe 5 hours a week helping people out and still enjoy the trade.
Keep taking CT trades, I need more money
  • #37,903
  • Jul 18, 2009 12:08pm Jul 18, 2009 12:08pm
Quoting tac
You appeared in Oct 06, 10k posts? Is that counting the PF as it only says 2800 (only!! as if its not a ton of posts even at that)
I have about 3k in the PF, probably 3k from the old PF, and it says almost 3k here but we all lost about 2k when they updated this site they chopped off some of it, so yeah about 10k LOL
  • #37,904
  • Jul 18, 2009 12:10pm Jul 18, 2009 12:10pm
Quoting albchr
Hi folks,

I don't ask a lot of questions but I've been wrestling with this for a while now.

In your opinions, Is it better/easier to use a line chart or bar/candle chart for finding the major PPZ's?

For the most part, I use weekly charts for finding them (since I trade from the 1H & 4H). It seems the line charts tend to average out the "close" and not include the wicks. (Of course the amount of this changes as we go down in TF). In the first of these two pictures (weekly GU) the SR line is set to the top of the line chart. The second clearly...
Hey Christopher

You definitely can use lines or bars to find both. Some people like the cleanness of the line chart. I personally like the bars, so you can see all the highs and lows and not just the close price. It helps to find those PPZ battle areas cleaner for me. We must always remember that these are zones too(sometimes they are smaller then others), but sticking to the big obvious zones is what helps me.

Best
Mike
  • #37,905
  • Jul 18, 2009 12:25pm Jul 18, 2009 12:25pm
Quoting albchr
Hi folks,

I don't ask a lot of questions but I've been wrestling with this for a while now.

In your opinions, Is it better/easier to use a line chart or bar/candle chart for finding the major PPZ's?

For the most part, I use weekly charts for finding them (since I trade from the 1H & 4H). It seems the line charts tend to average out the "close" and not include the wicks. (Of course the amount of this changes as we go down in TF). In the first of these two pictures (weekly GU) the SR line is set to the top of the line chart. The second clearly...

I'll weigh in on this one as well. Certainly you will have to find what is best for you. I use line charts to find S/R. I don't know if it is a crutch or what but my charting of these levels has improved dramatically since I started using them. You hear this often on J16 but its "just another tool in the box" for me.

K.I.S.S.
  • #37,906
  • Jul 18, 2009 12:29pm Jul 18, 2009 12:29pm
Quoting mbqb11
Oh man do I remember the days of just staring at charts, printing each bar out, staring, taking them with me every where....
Ryan and Mike are right. I print out charts of my entry and exit for every trade. Print it out and write on it...Just as importantly, I record all the trade details, confluence, thoughts/expectations about the trade, potential tp/risk/ppz/round numbers to watch for. I then have a section to record my thoughts while the trade is still on... I give the reason for moving a stop or taking a profit. I record any information I think I might learn from. Then I go through all that stuff monthly and summarize it...The goal is to not continue making the same mistakes month after month... new mistakes are ok... that's how I learn...making the same mistakes is not ok...
Doing this type of data recording/review speeds up the learning curve more than one can realize...

Almost caught up... then I get to look at some charts... then the Silent Service Thread...then... Glad to be back.

Josh
  • #37,907
  • Jul 18, 2009 12:37pm Jul 18, 2009 12:37pm
Quoting Jduester
Ryan and Mike are right....
That's what I call treating it like a business , good advice which ill be following (expect using screen captures and some annotation software).
Do you think starting a journal on FF would help as a place to record this stuff?
I hear and I forget. I see and I remember. I do and I understand.
  • #37,908
  • Jul 18, 2009 12:53pm Jul 18, 2009 12:53pm
It's good to spend some time in the wilderness, away from the civilization from time to time and I tell you, those bears I met, are not afraid of euro bulls at all (unless one carries .458) ...

Anyways, I'm looking for someone to write an EA based on one of my shorter term, aggressive method. If you're good with mql4, shoot me a pm. I may ask you to to program a simple ea before releasing rules, just to see if you're for real (if I don't already know you).
Please PM me, don't reply in this thread.

R
  • #37,909
  • Jul 18, 2009 12:56pm Jul 18, 2009 12:56pm
Quoting tac
That's what I call treating it like a business , good advice which ill be following (expect using screen captures and some annotation software).
Do you think starting a journal on FF would help as a place to record this stuff?
I have mixed feelings about the trade journal on FF.... I have thought about starting one. Here are my thoughts...

Pros
- can organize your trades/thoughts/charts all in one spot
- can get feedback from others on your trades and possibly/probably see things that you would otherwise miss.
- can be used to keep you accountable to your trade plan.

Cons
- can get noise/unrelated posts on the journal, which takes away from the idea of having all your thoughts/trades in one organized spot.
- takes time to keep up (but so does my current method...imo, it's worth it however).
- similar to Rac's feelings - I don't know how comfortable I'd be on placing charts/plans while a trade is still on. I do this sometimes on this thread but have done it less in the last month or so (less trades too)...

I can see great benefits to having a journal on the FF with the understanding that you will use it to learn from... but I don't think it can replace the review that I do for the simple reason that the way I do it is so concise/organized to each trade, with no noise. If I have a question or want to point something out about a trade I'm taking/thinking about, I'll just post it here.
I'd be interested to hear what some others say on this. Tiki Trader started a journal and kept it up to date for a while, as well as posting on this thread...I'm guessing that many of the members here have their own journal threads on the PF, which has much less noise... I guess that is my plan when I get there...

Josh
  • #37,910
  • Jul 18, 2009 1:02pm Jul 18, 2009 1:02pm
Quoting Jduester
I have mixed feelings about the trade journal on FF.... I have thought about starting one....
After I asked the question I immediatley thought about the cons you mentioned. I'm not sure if you can control a thread you create to the point where you can limit who can post? Regarding the posting current trades I agree I would not feel comfortable and would worry about "noise" psyching me out of a trade. I guess its a folder on my PC for me.
I hear and I forget. I see and I remember. I do and I understand.
  • #37,911
  • Jul 18, 2009 1:05pm Jul 18, 2009 1:05pm
Quoting Jduester
I have mixed feelings about the trade journal on FF.... I have thought about starting one....
I had one on another site, really helped me a lot. Was just a place to post my thoughts, and my results. I would write up my weakness', ie taking to many trades, not letting trades run, and then I'd of course try to improve on those areas. Having it up on a msg board for whatever reason, really helped me a lot. I was able to cut down on my trades, and let trades play out more, all within a few weeks of being on there. I felt, I suppose, that I'd look like a total idiot if I posted all of my needs, and then did the total opposite. It really did help a lot. The site was pretty un forex related, so wasn't really any noise, though it did have a lot of hits, just no real responses.
  • #37,912
  • Jul 18, 2009 1:09pm Jul 18, 2009 1:09pm
Thanks Peter, Mike, KF for the replies.

I've been using bars since I started but today I opened second charts on my fav pairs and started plotting PPZ's via lines. I understand and never forget these are "zones" and the bigger the time frame, the bigger the zone (or at least that's what it seems so far). My aim is always to find the "center" of the zones as closely as possible.

So over the next few weeks I'll keep an eye on both charts and see how things play out. As an interesting aside, it seems there's roughly a 40 to 80 (average) pip difference in the PPZ's between the two methods.

Chris
Ghost Rider - WWTBMD?
  • #37,913
  • Jul 18, 2009 1:30pm Jul 18, 2009 1:30pm
Saturday @ 2:30pm market closed, going over my week's trades just to see if I missed anything of if I screwed up. I do NOT have to do this anymore BUT I do it because I enjoy winning after so many years so it just makes me smile when I make money now, the money I don't even care about any longer Have a good weekend everyone and if you know of a good chick cury pm me it lol
Keep taking CT trades, I need more money
  • #37,914
  • Jul 18, 2009 1:30pm Jul 18, 2009 1:30pm
Quoting g_j_hook@yah
hey! is that you buddy? ha, you look just like the woodcarver i imagined! hehe
but seriously.. dont burn yourself out mate, theres always a little more time than we imagine. your a damn good guy and i hope your success continues. you have made amazing progress with your trading eh!!?? i remember your first posts. it seems like a few weeks ago!! good luck and well done!!
jon
Hey Jon,

Must have missed this in my back peddling through posts I've missed. Just wanted to say thank you for the very kind words sir...

And you must have a pretty gruesome imagination to picture me as ugly as I am....
Ghost Rider - WWTBMD?
  • #37,915
  • Jul 18, 2009 1:36pm Jul 18, 2009 1:36pm
Quoting albchr
WOW!! And here I thought this old career carpenter (who loves computers since the Commodore 64 & the dark days of DOS) was doing pretty good just being an MCSE....LOL

Of course that was what seems a lifetime ago and I've probably forgotten at least half of it. Not being in the trade I certainly haven't "kept up" either...LOL

Hats off to you guys....... No easy task for sure!
Hey I got my A+! Anyone remember those CIW certifications? I think I got like 3 of those before the school I went to got closed down for fraud . . . long story . . .
"Don't trade to trade . . . trade to win." - James16
  • #37,916
  • Jul 18, 2009 2:03pm Jul 18, 2009 2:03pm
Quoting Jduester
......The goal is to not continue making the same mistakes month after month... Glad to be back.
Welcome back Josh.

Just to add to what you wrote, trading is a 'game' of preservation of capital. The better we become at this game the less mistake(s) we should be making.

However, it is important to also recognize that this is a life long learning process.

Z
  • #37,917
  • Jul 18, 2009 3:13pm Jul 18, 2009 3:13pm
Quoting Ryanmcd
Nice job, all my stuff is 1997-2000 lol, I may update my certs if I have nothing else to do, It just took so long to get them and I dont want to lose it. I still do IT stuff now and then maybe 5 hours a week helping people out and still enjoy the trade.
Good lord. If you have nothing to do, stop by and wash my windows. What are you losing anyway? I had an MCSE, MCSD, and MCT. Pfft. The gleam was off those certs a loonnnggg time ago. Just like a VCP cert is now suffering from.
I'm pretty much done with all this ...
  • #37,918
  • Jul 18, 2009 3:20pm Jul 18, 2009 3:20pm
Talking about geeky stuff, I just set up Microsoft Live Sync, it lets you sync folders on computers in your home network (probably across internet also). Great for keeping the MetaTrader folder synced, so your charts are the same on all machines. (Also good for backing up family pictures etc)
I hear and I forget. I see and I remember. I do and I understand.
  • #37,919
  • Jul 18, 2009 3:49pm Jul 18, 2009 3:49pm
Quoting albchr
Thanks Peter, Mike, KF for the replies.

I've been using bars since I started but today I opened second charts on my fav pairs and started plotting PPZ's via lines. I understand and never forget these are "zones" and the bigger the time frame, the bigger the zone (or at least that's what it seems so far). My aim is always to find the "center" of the zones as closely as possible.

So over the next few weeks I'll keep an eye on both charts and see how things play out. As an interesting aside, it seems there's roughly a 40 to 80 (average) pip...
If you look at a line chart you need to remember that it's based on the close. So when I look for PA around these areas it's the close of a bar or series of bars that interests me. If a sequence of bar closes fails to break a previous line I've drawn (based on a significant earlier close) then I'm expecting that line to hold.

To illustrate what I mean here are a few posts that may make it clearer (these are from my discussion thread so it might seem a bit big-headed to send you there but I don't know of any other thread that covers this methodology ).

http://www.forexfactory.com/showpost...&postcount=109

http://www.forexfactory.com/showpost...&postcount=116

http://www.forexfactory.com/showpost...&postcount=118

http://www.forexfactory.com/showpost...&postcount=144

http://www.forexfactory.com/showpost...&postcount=150
  • #37,920
  • Jul 18, 2009 4:14pm Jul 18, 2009 4:14pm
Quoting PeterFM
If you look at a line chart you need to remember that it's based on the close.
Fantastic Peter thank you. Very good examples of what I've been thinking about for some time now while seeing the close of bars. Precisely why I asked the question.....
Ghost Rider - WWTBMD?
105 traders viewing now