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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

  • #39,321
  • Jul 29, 2009 5:09pm Jul 29, 2009 5:09pm
Quoting Jigsaw
Rocketdock - http://rocketdock.com/
Icons for it are Lucid Icons - http://leechiahan.deviantart.com/art...5952?offset=10

Widgety type things are Rainmeter - http://www.softpedia.com/get/System/...ainmeter.shtml
And the Rainmeter Skin is Hud vision - http://customize.org/rainmeter/skins/58074



I'm not Mike so I wont answer that but I can tell you Mike will have his hawk eye focused on the .85 . . . . It's a mega PPZ.

EDIT - Why the sell stop before the bar breaks bro ?
Thanks looks goood
I hear and I forget. I see and I remember. I do and I understand.
  • #39,322
  • Jul 29, 2009 5:09pm Jul 29, 2009 5:09pm
Quoting enculée
I think that's hopeful at best, straight into support.
Hey there,

Enculee you trade the e-mini's dont you (If my memory serves me correct) I am hoping to start paper trading them with a view to day trading them, any advice / words of wisdom ? What's trading them like in comparison to 4x ?
  • #39,323
  • Jul 29, 2009 5:12pm Jul 29, 2009 5:12pm
Quoting Jigsaw
Rocketdock - http://rocketdock.com/
Icons for it are Lucid Icons - http://leechiahan.deviantart.com/art...5952?offset=10

Widgety type things are Rainmeter - http://www.softpedia.com/get/System/...ainmeter.shtml
And the Rainmeter Skin is Hud vision - http://customize.org/rainmeter/skins/58074



I'm not Mike so I wont answer that but I can tell you Mike will have his hawk eye focused on the .85 . . . . It's a mega PPZ.

EDIT - Why the sell stop before the bar breaks bro ?
Simply a more aggressive entry followed on the lower TF's
A lawn mower is not an effective tool to pick-up dog poop!
  • #39,324
  • Jul 29, 2009 5:18pm Jul 29, 2009 5:18pm
Quoting Jigsaw
Hey there,

Enculee you trade the e-mini's dont you (If my memory serves me correct) I am hoping to start paper trading them with a view to day trading them, any advice / words of wisdom ? What's trading them like in comparison to 4x ?
Hi jigsaw, I personally love trading the e-minis, both intraday and on the dailies - I find the the PA much easier to read than FX both in terms of candle patterns and order flow.

One thing I find extremely useful is the use of tick based charts - they smooth out the PA much better than time based charts, and what looks like a bunch of noise on a time based chart usually translates to clean PA on tick based charts.

See the images for examples:

15 minute YM chart for the last two days
http://img.skitch.com/20090729-tk12f...kkccjqx4h9.jpg

1600 tick YM chart for same period
http://img.skitch.com/20090729-1j55t...jh51qahyrt.jpg

Not the best example given the chop we've had this week...
  • #39,325
  • Jul 29, 2009 5:27pm Jul 29, 2009 5:27pm
Quoting enculée
Hi jigsaw, I personally love trading the e-minis, both intraday and on the dailies - I find the the PA much easier to read than FX both in terms of candle patterns and order flow.

One thing I find extremely useful is the use of tick based charts - they smooth out the PA much better than time based charts, and what looks like a bunch of noise on a time based chart usually translates to clean PA on tick based charts.

See the images for examples:

15 minute YM chart for the last two days
http://img.skitch.com/20090729-tk12f...kkccjqx4h9.jpg

1600...
Hey Enculee,

I've been trying to find a demo platform that allows me to trade e-minis with tick charts and I'm not quite ready to go the whole hog and pay for tradestation. Which one do you use for tick charts?

Thanks,

Aaron
  • #39,326
  • Jul 29, 2009 5:38pm Jul 29, 2009 5:38pm
Quoting TiaForex
Hey Enculee,

I've been trying to find a demo platform that allows me to trade e-minis with tick charts and I'm not quite ready to go the whole hog and pay for tradestation. Which one do you use for tick charts?

Thanks,

Aaron
Aaron,

If you're looking for a good demo/papertrading account for stocks, FX, and Futures, ThinkorSwim has a pretty good platform with charting. The order entry takes some getting used to, but it's nice for demoing. The only drawback is that the charts are delayed 15 min on the demo.

Ross
  • #39,327
  • Jul 29, 2009 5:42pm Jul 29, 2009 5:42pm
Quoting enculée
Hi jigsaw, I personally love trading the e-minis, both intraday and on the dailies - I find the the PA much easier to read than FX both in terms of candle patterns and order flow.

One thing I find extremely useful is the use of tick based charts - they smooth out the PA much better than time based charts, and what looks like a bunch of noise on a time based chart usually translates to clean PA on tick based charts.

See the images for examples:

15 minute YM chart for the last two days
http://img.skitch.com/20090729-tk12f...kkccjqx4h9.jpg

1600...
Seriously sideways market is sideways hehe !

I would imagine strategy's utilising PA and PPZ etc work fine on the Dow ? Would you briefly run over your approach to it (Hope I am not asking too much) or couple of charts with trades.

Lol Aaron I was getting around to that question next . Im opening a demo here with these dudes - http://www.openecry.com/, apparently you have to pay to demo after 20days ( ) So I second the feed question.

What is the 5Min like / tick chart equivelant like on the YM ?

What are your personal opinions on feeds/brokers as well. The whole thing seems a lot harder to get into than forex

Regards,
Thomas
  • #39,328
  • Edited 5:56pm Jul 29, 2009 5:46pm | Edited 5:56pm
Yea, I use thinkorswim paper money for my charts, they have live order flow too. My ToS charts on papermoney are not delayed at all...the price ladder is delayed, so you might want to use someone else like fxpro for demo order entry.

Maybe less accessible than FX, or less mainstream anyway, but I find PA to be more reliable.

I trade S/R reversals and break out/retracements, but I dont really wait for pretty candle formations anymore, I rely much more on gut instinct.

This is a trade from yesterday, I got in on the 512 tick chart and took profit at 8990ish, not wanting to mess with the round number. This turned into a bigger TF signal as seen on the 3200 tick chart below, in the form of an Inside bar. After price broke 9000 it retraced and we got a BUOB on the 512 tick chart and I got in again anf profit at 9036, frontrunning the next PPZ by a few ticks.

For me this i s scalping, but it's where my mind is most comfprtable.

http://img.skitch.com/20090729-b791m...345ad1yyk6.jpg

This is the order flow next to my 512 tick chart...tbh I don't really look at this very much anymore unless it seems like my order is in a bad place and I try to figure out where to move it.

http://img.skitch.com/20090729-qi597...rpwjd433yd.jpg
  • #39,329
  • Jul 29, 2009 6:32pm Jul 29, 2009 6:32pm
Quoting james16
chart

I think you just added to the vocabulary Jim, "Poodle and Pitbull Pin Bars".

Gotta love it. lol
Indicators show the past. Price Action "Indicates" the future.
  • #39,330
  • Jul 29, 2009 6:34pm Jul 29, 2009 6:34pm
Quoting enculée
Yea, I use thinkorswim paper money for my charts, they have live order flow too. My ToS charts on papermoney are not delayed at all...the price ladder is delayed, so you might want to use someone else like fxpro for demo order entry.

Maybe less accessible than FX, or less mainstream anyway, but I find PA to be more reliable.

I trade S/R reversals and break out/retracements, but I dont really wait for pretty candle formations anymore, I rely much more on gut instinct.

This is a trade from yesterday, I got in on the 512 tick chart and took profit...
Thanks Enculee. I ama ctually a long way away from being able to trade this timeframe, but what I find is that if my mind is busy with educational projects then I am less likely to obsess over the charts and timeframes that i do actually trade. So I am always looking at new things to elarn and demo for fun.

When i do day trade the mini dow, and it is my goal, it'll be after six months or so of demo. I put in six months of demo time and six months of education time prior to that before I started to trade live forex. I really felt the benefits. Especially seeing as my first live month was a losing month. With all that demo experience I didn't go crazy and change my methods.

Thanks again,

Aaron
  • #39,331
  • Jul 29, 2009 6:35pm Jul 29, 2009 6:35pm
yeah i kinda thought the same thing. lol.

jim

Quoting jarroo
I think you just added to the vocabulary Jim, "Poodle and Pitbull Pin Bars".

Gotta love it. lol
  • #39,332
  • Edited 7:49pm Jul 29, 2009 7:12pm | Edited 7:49pm
Quoting StoragePro
Somebody pass me that bottle of bug killer. I'm thirsty.
lol....oh yes... the epitome of the conglomerate farmer....the more of the cheapest, irradiated, pesticide sprayed, hormone injected food we consume, the better....how could it not be healthier for you?

GregB
  • #39,333
  • Jul 29, 2009 7:48pm Jul 29, 2009 7:48pm
Quoting TiaForex
Hey Enculee,

I've been trying to find a demo platform that allows me to trade e-minis with tick charts and I'm not quite ready to go the whole hog and pay for tradestation. Which one do you use for tick charts?

Thanks,

Aaron
Try the NinjaTrader demo from Zen Fire. You get most things such as the ES, YM, CL and ZF.
  • #39,334
  • Jul 29, 2009 7:55pm Jul 29, 2009 7:55pm
Quoting DynamicFx
Try the NinjaTrader demo from Zen Fire. You get most things such as the ES, YM, CL and ZF.
Thanks, that's great. I can't see from the site whether they time limit the demo? They must do surely, otherwise it's basically a live data feed for ninja trader for free. And I haven't seen that before.
  • #39,335
  • Jul 29, 2009 8:33pm Jul 29, 2009 8:33pm
Quoting james16
CHART
james and jarro,
both of you posted this chart(jarro on #39271).

the macd made a lower high, so i thought the price need to make a higher high to be a divergence, but instead it made a lower high on chart. this is how i understand divergence.

just an overlook!? just want to make sure. if not pls correct me.

thanks

edit: no chart for the reply, so i was refering to james' #39293
  • #39,336
  • Jul 29, 2009 8:40pm Jul 29, 2009 8:40pm
Quoting dhh
james and jarro,
both of you posted this chart(jarro on #39271).

the macd made a lower high, so i thought the price need to make a higher high to be a divergence, but instead it made a lower high on chart. this is how i understand divergence.

just an overlook!? just want to make sure. if not pls correct me.

thanks

edit: no chart for the reply, so i was refering to james' #39293
Hey dhh

You are correct, technically speaking. A lot of people(esp us J16ers) will still take note of price when it is diverging so clearly like that and the top is nearly horizontal. It would be very hard for the MACD to catch up before makes a retrace.

Best
Mike
  • #39,337
  • Jul 29, 2009 8:42pm Jul 29, 2009 8:42pm
Missed this one,

but it sure looks sweet.

fib confluence + horizontal ppz on the weekly,
Beautiful IPB on the daily, which goes to work straight away.

Ghous.
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Attached Image
I believe . . .
  • #39,338
  • Jul 29, 2009 8:44pm Jul 29, 2009 8:44pm
I hope it will give me some easy pips!
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  • #39,339
  • Jul 29, 2009 8:46pm Jul 29, 2009 8:46pm
Quoting rossbennett
Aaron,

If you're looking for a good demo/papertrading account for stocks, FX, and Futures, ThinkorSwim has a pretty good platform with charting. The order entry takes some getting used to, but it's nice for demoing. The only drawback is that the charts are delayed 15 min on the demo.

Ross
i have thinkorswim too, it has lots of feature. however futures is a new market for them, they are still in the process of adding symbols to the platform, and some symbols have huge spikes on the chart(see example below). i like the platform and hope the futures charts will improve, their forex charts are very nice imo.
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  • #39,340
  • Jul 29, 2009 9:05pm Jul 29, 2009 9:05pm
Quoting mbqb11
Hey dhh

You are correct, technically speaking. A lot of people(esp us J16ers) will still take note of price when it is diverging so clearly like that and the top is nearly horizontal. It would be very hard for the MACD to catch up before makes a retrace.

Best
Mike
thanks mike. if i get you correct?: macd clearly made a lower high, yet price almost has an equal high, so there is still a diverging nature between the two. so if other reasons to trade this were strong, this would still be a good trade(as the chart shows now).
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