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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

  • #66,981
  • Jun 22, 2010 7:42am Jun 22, 2010 7:42am
Quoting djmartymac
OK cheers mate.
So do the most of you guys use fxpro and ibfx as your live brokers? Or do you use their charts and trade with others?
  • #66,982
  • Jun 22, 2010 7:43am Jun 22, 2010 7:43am
[quote=fxeturn;3820240]
Quoting Atc


If I'm not wrong, he means feeds could be different, but the results are the same. If the price is going down, no matter which feed you use, it's going down.
The candles are different depending on the time zone.

4H candles do not close at the same time the world over.
So the candles don't look the same because of this.

Yes if price is going to go down, it is going to go down.
BUT can I recognise this fact before it happens?

This is the point of all the time we spend discussing bars, candles, moving averages and other funny lines on a bit of electronic graph paper.

I want my chart on the time zone that picks up the most consistent signals that tell me the price is going down.
The price will go down but I'd like to know this was about to happen before the down train sets off.
  • #66,983
  • Jun 22, 2010 8:19am Jun 22, 2010 8:19am
Quoting jarroo
They both mean the same thing. Fib levels are retracement levels. 50% retracement is not a fib level. They are both levels of retracement that the market tends to recognize.

A better question . . .Why at retracement level?

We always like going with the trend but when to enter this market trend is sometimes difficult. One way is wait for the trend to form a swing High in a downtrend to enter that down trend. So we look for a swing High in this down trend that confluences with a PPZ level and a retracement level, be it at a fib or 50% ret.
Thank you Jaroo for the explanation.
  • #66,984
  • Jun 22, 2010 8:23am Jun 22, 2010 8:23am
Quoting six gun
However bug says most of the trading is by computer on the Dow.
Can the machines see the pin bars?
May be they see them in a different way but they still see the signal.
I don't think those (super)computers sitting right next to NYSE, Nasdaq and BATS pay that much attention to bars per se. Of course, I'm not an algo programmer myself, so my knowledge of the specifics is very limited. From what I know, they make heavy use of R&S, snakes and more, although I'm sure they have their specialty names for PPZ, BRN etc. The basics are still the same, trading is trading. The speed of execution and the exact setups may be a lil' different, but all in all, I can't imagine them doing anything 'special', aside from trading at the speed of light.

EDIT.
I want to add that even though algos might not 'see' pin bars, BEOBs or any other formation, they are programmed to 'know' where support and resistance lie. I would imagine that Goldman's algos make heavy use of their clients' and the whole markets' depth so as to know which PPZ levels can be 'broken' and which ones not.
If you don't risk, you don't ever have to lose.
  • #66,985
  • Jun 22, 2010 8:24am Jun 22, 2010 8:24am
Quoting jarroo
Fib levels are retracement levels. 50% retracement is not a fib level. They are both levels of retracement that the market tends to recognize.
From what I have read 50% is the favourite one.
  • #66,986
  • Jun 22, 2010 8:25am Jun 22, 2010 8:25am
[quote=six gun;3820284]
Quoting fxeturn

The candles are different depending on the time zone.

4H candles do not close at the same time the world over.
So the candles don't look the same because of this.

Yes if price is going to go down, it is going to go down.
BUT can I recognise this fact before it happens?

This is the point of all the time we spend discussing bars, candles, moving averages and other funny lines on a bit of electronic graph paper.

I want my chart on the time zone that picks up the most consistent signals that tell me the price...
Yeah, that's probably the reason why the higher the time frame, the more consistent it is. I just asked my broker about its server time, it's GMT+3, and I just don't know what information I could convert that into that will relate to my forex trading lol...would appreciate it if anyone can translate the information...
  • #66,987
  • Jun 22, 2010 8:38am Jun 22, 2010 8:38am
If your broker is GMT+3 then stick with it or change your broker. If you start 'supplementing' your feed with another broker's, then I guarantee you that you will be very confused. It's like trying to trade the H4 and H1 at the same time. You get a bearish signal off of H4 and then a bullish one off of H1 = confusion and overtrading. If you start using GMT+0 in addition to your own, you will probably get very confused. Stick to what you have and make the best of it or switch to GMT+0 without sticking to GMT+3.
My 2 cents.
If you don't risk, you don't ever have to lose.
  • #66,988
  • Jun 22, 2010 8:38am Jun 22, 2010 8:38am
[quote=fxeturn;3820417]
Quoting six gun

Yeah, that's probably the reason why the higher the time frame, the more consistent it is. I just asked my broker about its server time, it's GMT+3, and I just don't know what information I could convert that into that will relate to my forex trading lol...would appreciate it if anyone can translate the information...
The greater reliability of the higher time frame is nothing to do with time zones.

A bearish pin bar forms on a 15 minute and daily chart.

The order flows, the amount of money, the change in sentiment involved in making the daily pin bar is massively greater than the 15M bar.

All these chart signals are about signalling a change in sentiment in the traders. A daily bar reaches out to the world, the 15 minute bar in the Asian session reaches out to only a few.

So if the world has changed its mind you can be surer this will last long enough and make a big enough move for you to profit by if you can read these signals.

I am no clearer about the times to close the daily bar, I see 5pm Eastern time and midnight Eastern time.

Stick to A++ and daily charts then you don't have to worry.
  • #66,989
  • Jun 22, 2010 8:48am Jun 22, 2010 8:48am
Quoting Location
I would like to thank all of you that have devoted so much time to this thread....
welcome "loc"

Love the username
  • #66,990
  • Jun 22, 2010 8:50am Jun 22, 2010 8:50am
Quoting Location
I was really inspired by one of Kesh's posts, so I decided to create my on list of rules....
This looks like a good general list Loc, to get you started to remember "key things'.

My only comment would be on position sizing. i for one am against having different position sizes for different quality trades. Why so? As fiji says, why even bother with the other trades then

Best
Mike
  • #66,991
  • Jun 22, 2010 8:53am Jun 22, 2010 8:53am


[quote=six gun;3820284]
Quoting fxeturn

The candles are different depending on the time zone.

4H candles do not close at the same time the world over.
So the candles don't look the same because of this.

Yes if price is going to go down, it is going to go down.
BUT can I recognise this fact before it happens?

This is the point of all the time we spend discussing bars, candles, moving averages and other funny lines on a bit of electronic graph paper.

I want my chart on the time zone that picks up the most consistent signals that tell me the price is going...
  • #66,992
  • Jun 22, 2010 8:54am Jun 22, 2010 8:54am
Quoting six gun
What even if you are a dick head?

There is hope for me after all!

LOL
rofl

I watch 4 feeds for the 4hrs just to get a different aggregation, but I am a stickler with the dailies and stick to the 5pm est feed. But it is like when someone uses an 18 hr chart or a 12 hour, or 2 day, you can still make your decisions based on those charts in a well educated manner. Man it is nice not to have to think about all kinds of other things
  • #66,993
  • Jun 22, 2010 8:56am Jun 22, 2010 8:56am
Quoting supremeChaos
by 'pushing it',
i believe he means it's less ideal or it's not recommended to use brokers which close during the times other than those he mentioned (FXPro, IBFX, etc), due to low liquidity issues

Thanks supreme, Joel covered it a few posts back too.

Essentially if the NY close is the sort of unofficial official close right? (most markets close around then). Once you start to go into the smaller sessions we think of them as the new day. If you add them into your daily bar you are going to have them change b/c of these added sessions. It certainly isn't wrong, but to me and my beliefs it is more logical to have something close to the NY time.

Best
Mike
  • #66,994
  • Jun 22, 2010 8:58am Jun 22, 2010 8:58am
Quoting djmartymac
So do the most of you guys use fxpro and ibfx as your live brokers? Or do you use their charts and trade with others?
I just use them for charting, personally

Mike
  • #66,995
  • Jun 22, 2010 9:05am Jun 22, 2010 9:05am
Donkey will sink in quick sand because it will struggle and cause itself to sink, while a mule will remain calm and only partially stuck.
  • #66,996
  • Jun 22, 2010 9:18am Jun 22, 2010 9:18am
Hey guys,

Last 3 months have been great for me using the J16 method, finally winning consistently.

Have been looking at broadening my asset classes now and perhaps demoing or starting a small account for stocks. (Weekly only)

I have been using Freestockcharts.com for just looking at stocks and their charting package is pretty cool (interface wise).

I was considering just opening an etrade account or something like that but does anyone have any better suggestions?

Let me know. Thanks.
  • #66,997
  • Jun 22, 2010 9:34am Jun 22, 2010 9:34am
Hi guys - I shall be gainfully employed as of next week so shall be joining the PF very soon

Is anyone short USD/CAD? I still have a trade open form the week before lasts's BEOB. It seems to be slowly making it's way down, but does anyone think it might hit parity anytime soon?
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Anything can happen.
  • #66,998
  • Jun 22, 2010 9:48am Jun 22, 2010 9:48am
Quoting six gun
What even if you are a dick head?

There is hope for me after all!

LOL

You are not a dick head 6G, if you were a "Dick head" you would be trading a system some guy in a shiny Lizard man type suit, showing his teeth sold you for $800.

This is not a good psychological thing to call yourself a dick head, we are all human and hence we all make mistakes.
just like the time I saw a great SHORT setup and by mistake pushed the Buy button on my platform on my live account, I was saved by the fact that the good SHORT I thought I was selling, was not a good short and it went North on me and I panicked and closed the trade thinking I was cutting a loss short when in fact I was cutting a great trade short.

You are not a dick head, you are just human.
  • #66,999
  • Jun 22, 2010 10:09am Jun 22, 2010 10:09am
Any thoughts on this pair? It looks to be a good setup if the current bar closes as an IB, as it would be below 50 fib, daily pivot, and round #. Looks like it should slide down to 61.8 fib, which is just above previous s/r.
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  • #67,000
  • Jun 22, 2010 10:34am Jun 22, 2010 10:34am
Quoting ddinnov
Hi guys - I shall be gainfully employed as of next week so shall be joining the PF very soon

Is anyone short USD/CAD? I still have a trade open form the week before lasts's BEOB. It seems to be slowly making it's way down, but does anyone think it might hit parity anytime soon?
Looks like USD/CAD is moving on down - my feelings last week were that.
Your trend line seems to be holding up nicely.
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