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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

  • #44,121
  • Sep 18, 2009 12:25pm Sep 18, 2009 12:25pm
Quoting benji533
Yep. I said many times before that it's hard trading against sharp moves, and I did it myself

By the way, quite funny...after that post, a BUOB formed off the round number (not a great one). I remember Jim post about playing a break of tow matching highs|lows during a very sharp trend can be a good continuation trade. So I bought the break (on my other demo account|testing account) and I'm already up to almost 2R.

Ben
Here it is. the thing that makes the difference is that there was no traffic, but a push of a break into space. That allows me to get into a free trade as dast as possible.

Ben
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  • #44,122
  • Sep 18, 2009 12:26pm Sep 18, 2009 12:26pm
Quoting benji533
Crap? is it crap to know what you are doing? Yea, I care about logic.
No, it doesn't drive me nuts at all.
This is not like anything else you could do for a living. And yes, there is some level of knowledge required. Those 'why' questions yield mostly confusion. You will start to see setup that worked for you, but your new found knowledge will begin to give you the "Yeah buts".

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Think about what you are doing. I don't care if it works most of the time. It isn't about making winners. It's about psychology. I want to know what I'm doing.

Ryan has already traveled the road. He is simply telling you the truth. This is not like engineering a bridge. You can read your guts out on Fibonacci - and still not know why it works. It just does. Check out Bemac's ICCE - it works in an unreal fashion. I do not know why, it just does. And I've never seen anything like it. (Bemac has about 3 decades of fib addiction - it comes from that background)

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Playing something just because in the past it worked more than failed, is gambling. You may make money from gambling, but it is still gambling. I hate gambling. I don't want my living depend on gambling.

Then go to college and get a job, because I am here to tell you that trading is gambling. Nothing more. But you can set the odds in your favor through the simple and common sense thing of applying what works and has worked for many decades.

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I don't think that searching for these answers will stop me from "making it". To be honest, for me personally, inside, I am already making it.

With money it gets different - real fast. I have to say - you are a fast study. Congrats. You've got a gift.

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If anyone here knows a website or a book that goes deep into moving averages and divergence - please let me know.

Pring on Price is the best - IMHO. I'd get that.

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I can't believe that one day someone just decided that it works, and everyone followed him. There must be a research process that leaded to these indicators.

I don't know how the pyramids got built, but, there they are! MACD is a way to observe changing momentum. Looking backwards.

Tell me why Axioms are bedrock? Centuries of use and proof. They are unquestioned because they work.
I'm pretty much done with all this ...
  • #44,123
  • Sep 18, 2009 12:40pm Sep 18, 2009 12:40pm
Josh this is an amazing post man!

Quoting Jduester
Good Morning everyone....
  • #44,124
  • Sep 18, 2009 12:47pm Sep 18, 2009 12:47pm
Quoting Ryanmcd
You are NEVER going to make it if you have to know why, you can take 2 exact same setups, same time, same date same everything and one works and one does not work....
AMEN brotha

The market is always right, find your edge and simply rinse and repeat.
  • #44,125
  • Sep 18, 2009 12:54pm Sep 18, 2009 12:54pm
Quoting StoragePro
This is not like anything else you could do for a living....
Maybe you and ryan are right. Sorry if I sounded rude. Didn't mean to.

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Pring on Price is the best - IMHO. I'd get that.
Thanks

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You will start to see setup that worked for you, but your new found knowledge will begin to give you the "Yeah buts".

That won't happen if I will just not use these certain tools. If I have a problem with knowing the reason of div to work - it doesn't make my round number trading hard.

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Check out Bemac's ICCE - it works in an unreal fashion. I do not know why, it just does. And I've never seen anything like it. (Bemac has about 3 decades of fib addiction - it comes from that background)
Yea I read it on the day you have sent me the PM about it. But only the first thread.

It's quite easy to know why it works if you can base it on the fact that regular fibs have a reason to work (which they do - every one is looking at them - order flow|interest levels).

Firstly, plot the ICCE levels on a channel. Then scroll back on your chart and you will see that they line up with historical PPZs. So actually the real thing that rejects price on these ICCE levels, are PPZs. You can throw any kind of thing on your chart which will line up with price pivots, and then say that it work. So why using all these things instead of just highlight your price flips?

Second explanation - most of the traders pay attention to the 50% ret. That means that the order flow is there - which means a relativity long period of consolidation that occurs as a result of many kind of orders which trigger. So if you put the 50% ret on the Chanel, or pull it from swings and the 50% lines up with a Chanel - it is really the same thing. You still see the levels which other traders who use regular fibs see.

Almost everything has a reason if it continues to occur again and again and again. If you still didn't find the reason, it doesn't mean it doesn't exist.

People 2,000 years ago did not know why they see the sun light in day, and moon light by night. Now we know. But the reason of today was still the reason of 2,000 years ago, even people did not know it then.

IMO trading is all about support and resistance. PA and other things are only clues and tools which will help you get better results.

Again, no offense my friend I am just telling my opinion.
Ohh and of course, I am by all means do respect Bemac which is trading X120 the time longer than I trade. Really, sorry if it's rude. I also appreciate ryan.
Just my opinion for now.

Ben
  • #44,126
  • Sep 18, 2009 12:58pm Sep 18, 2009 12:58pm
Quoting Jduester
In closing, I will simply make a suggestion to new (and long time?) traders. When you break a rule, take a step back from your computer. Reflect on what happened. Ask yourself why it happened. Ask yourself if it’s preventable. Ask yourself if there is anything you can take away from it.
But also, put it in perspective. Are you still able to be a trader? Did breaking this rule make your goal attainment impossible? Is there any reason why you can’t learn from this mistake and then put it behind you? Until you can put it behind you and get over it...
Sometimes, brother, the advice you give is the best advice for yourself. It's funny how that works. Make sure YOU bookmark your post so it doesn't get lost in the annals of James16 thread- I know I just did. I agree with Mike too- awesome post.

Oh and that trade was right into those previous bar lows/resistance/whatever you want to call it...
I dream, therefore I become.
  • #44,127
  • Sep 18, 2009 1:29pm Sep 18, 2009 1:29pm
is anyone with the group having any problems with incoming communication from the group forum?

are you still recieving forum generated messages to your email like post notifications, pm,s etc etc
  • #44,128
  • Sep 18, 2009 1:35pm Sep 18, 2009 1:35pm
Quoting james16
is anyone with the group having any problems with incoming communication from the group forum?

are you still recieving forum generated messages to your email like post notifications, pm,s etc etc
Yes , got a pm notification this afternoon. Two in fact.
  • #44,129
  • Sep 18, 2009 1:37pm Sep 18, 2009 1:37pm
Quoting james16
thanks ice.
Brilliant stuff...well worth reading several times. Saves hours of groping in the dark for useful knowledge
every Saint has a past. Every Sinner has a Future
  • #44,130
  • Sep 18, 2009 1:38pm Sep 18, 2009 1:38pm
Quoting TiaForex
Yes , got a pm notification this afternoon. Two in fact.
popular actors pfft
  • #44,131
  • Sep 18, 2009 1:44pm Sep 18, 2009 1:44pm
Quoting benji533
Maybe you and ryan are right. Sorry if I sounded rude. Didn't mean to.
No - not rude... ever.

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>snip<

Firstly, plot the ICCE levels on a channel. Then scroll back on your chart and you will see that they line up with historical PPZs. So actually the real thing that rejects price on these ICCE levels, are PPZs. You can throw any kind of thing on your chart which will line up with price pivots, and then say that it work. So why using all these things instead of just highlight your price flips?

>snip<

Ben[/quote]

Not to hijack a perfectly good thread, but -

How do we arrive at an ICCE levels over and over again that aligns on PPZ's? It is a little odd - no? And sometimes, there is no PPZ - and price halts on it. And why does price tend to run in the diagonal channels ICCE forms? I haven't a clue, and I don't even care anymore!

When I asked Bemac how he arrived at these settings, the answer was 'three decades of work and observation'.

What ICCE gives me then, is confidence to let things run a bit longer - and set targets that are further out. It is a clear road map.

If I spin my wheels trying to understand 'why', I'll die on the vine.
I'm pretty much done with all this ...
  • #44,132
  • Sep 18, 2009 1:56pm Sep 18, 2009 1:56pm
Quoting mbqb11
popular actors pfft
I'm not even going to ask you how many PMs you got today.
  • #44,133
  • Sep 18, 2009 1:56pm Sep 18, 2009 1:56pm
was one of them a test message with no reply needed?

jim

Quoting TiaForex
Yes , got a pm notification this afternoon. Two in fact.
  • #44,134
  • Sep 18, 2009 1:58pm Sep 18, 2009 1:58pm
Quoting james16
was one of them a test message with no reply needed?

jim
I got two of those from you (7:16pm and 7:52pm my time. It's now 7:59pm). But I also had PM notification from another member twice.
  • #44,135
  • Sep 18, 2009 1:59pm Sep 18, 2009 1:59pm
Quoting james16
was one of them a test message with no reply needed?

jim
yep...got them...
  • #44,136
  • Sep 18, 2009 2:00pm Sep 18, 2009 2:00pm
thanks t.

Quoting turnip15
Brilliant stuff...well worth reading several times. Saves hours of groping in the dark for useful knowledge
  • #44,137
  • Sep 18, 2009 2:00pm Sep 18, 2009 2:00pm
thanks. im not. damn.

Quoting nAVIN2007
yep...got them...
  • #44,138
  • Sep 18, 2009 2:05pm Sep 18, 2009 2:05pm
ok so its not everyone. right now i know of 2 people dead in the water.

me and mike. lol.

Quoting TiaForex
I got two of those from you (7:16pm and 7:52pm my time. It's now 7:59pm). But I also had PM notification from another member twice.
  • #44,139
  • Sep 18, 2009 2:06pm Sep 18, 2009 2:06pm
Quoting TiaForex
I'm not even going to ask you how many PMs you got today.


One of the most helpful hardest working dudes around

Salut!
  • #44,140
  • Sep 18, 2009 2:10pm Sep 18, 2009 2:10pm
Quoting Ryanmcd
Just a tip, when you play divergence trades such as RSI / MACD or whatever the LONGER the divergence is apart the LESS chance you have of it working, that is how I use some of the TIME crap I do when I trade. SO if you have 5 bars that make a divergence vs 100 bars well that 5 bars has a better odds MOST of the time because once you go so far back anything can make a divergence. Look at this chart.

Now are these 100% textbook divergence trades? Nope but who cares nothing is exact in the market and the only reason I am here is to make money and...
Yeah, this is so true, I made a few posts on this in the Divergence thread,

http://www.forexfactory.com/showthread.php?t=196639

All you have to do is understand the equation behind the MACD

http://en.wikipedia.org/wiki/MACD

Realize that MACD is also time frame dependent.
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