james16 Chart Thread | Page 5537 | 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

  • #110,721
  • Apr 25, 2012 9:53am Apr 25, 2012 9:53am
Quoting R3ta
in my opinion not all type of confluence are unreliable. your statements might be true if we consider the confluence of lagging technical indicators, but confluence of price action, supply and demand and maybe divergence is a whole different story.

moving averages, fibs and stuffs like that are just tools to CONFIRM my trades. in fact watching supply/demand zones and look for price action confirmation might be all youll ever need to trade the markets with succsess.

i know im stressing it like hell, but PPZ (supply and demand or S/R... they are...

I totally Agree with R3ta here.

All indicators, from the simplest to the more complicated ones, were initially developed for equities. Forex has a huge liquidity, trader base and volume as compared to equities and by the time an indicators tells you something and you interpret it, the dynamics of price completely change and what the indicator had indicated becomes suspect.

Now im a beginner for the most part myself, and I still fall into my own traps like over trading and trading into traffic, falling for a bear/bull trap etc. What made me go live a few months ago though was the fact that i was keeping MM very tight and following J16 rules of risk per trade etc. I have always been netting positive. As far as im concerned indicators are pretty useless for forex and in the last year and a half or so that i have built up screen time ive noticed that in forex patterns reoccur time and time again. The key is to understand the signals PA produces to know what is "likely" to happen. Indicators of course then can be used for confirmation.


I feel that the reason why most individuals do not make it in this business is because they are reading the wrong things. Some are reading the indicators and some are following with whereever the heard is going. For scalpers, like me and i think most people on this thread, we can never know what the big boys in front know, but we can only use their trades as the best indicator of what might be the big picture. They are not using indicators, in fact they are taking advantage of the heavy liquidity in forex to produce fake signals to retail trader so that they can get a good price for their trade.

Understanding what the big boys are doing by looking at the charts and hence what they are doing with their order is PA in my opinion and mastering that is sufficient for success.

Hope that made some sense.

Best,
-H
  • #110,722
  • Apr 25, 2012 9:55am Apr 25, 2012 9:55am
Quoting mbqb11
Hey Paul

I think like anything you can over think a thousand reasons HYPOTHETICALLY why stuff shouldn't work. The reality is really quite simple though. It's about learning concepts and how to string those concepts together in a workable manner. A pinbar is just a bar without understanding more about it. I could talk about pinbars and have all day long. That is simply one small thing. Then I could talk about PPZs all day long, and so on and so forth. Then it is about understanding the strengths and weaknesses of each of those concepts both...
This is wonderful post Mike , i read it with pleasure !
But I think this is one the things , that one understands at the moment when he discover it by himself .
  • #110,723
  • Apr 25, 2012 9:58am Apr 25, 2012 9:58am
Quoting Rust
This is wonderful post Mike , i read it with pleasure !
But I think this is one the things , that one understands at the moment when he discover it by himself .
thanks Rust, and yes Paul summarized it good at the end with this quote


Quoting pdean123

Here is my question, Isn't all of the technical analysis just a road map of what has happened and what really matters is what you say when you indicate that the market has to have a reason to reverse?
we have to find that balance between simply understanding a concept and understanding in a situation how to best use or not use a concept. It's the application of the concept that is what it is all about. This is experience, and practice.

Most people can understand this if you look back where you were 6 months, or a year ago. Then extrapolate out where you will be in another 6 months, year, 2 years etc

Mike
  • #110,724
  • Apr 25, 2012 10:05am Apr 25, 2012 10:05am
In Relation to the current topic , I would like to share my experience really briefly ..... Almost six months ago , I was an Indicator guy . I believed that when there is no indicator involved , that stuff is not worth my time . And its not my fault . I always had my email box full for more then three years with emails like " A new Buy sell indicator is here that will blow your account to the sky heights " or " Only one time investment of $99.99 in this indicator ( Or indicator based system ) and you will never loss again . "
Then I came here ...........

And now I hate indicators more then I if I would have to die this very second !!! Every kind ... ( Except 150 and 365 ema for base , But that does'nt count as indicator right ? )
Human
  • #110,725
  • Apr 25, 2012 10:10am Apr 25, 2012 10:10am
Hi Mike ...

I would like to see your picture if that's Ok with you . I want to put a face on the voice that I hear in the Videos and the " well of knowledge " typist that write all these posts ...
Human
  • #110,726
  • Apr 25, 2012 10:15am Apr 25, 2012 10:15am
Quoting Chanya
Hi Mike ...

I would like to see your picture if that's Ok with you . I want to put a face on the voice that I hear in the Videos and the " well of knowledge " typist that write all these posts ...
sure bud that's me in my avatar

here is a better shot though. Was a long trip that day, didn't catch the rabbit either. Next time





Attached Image
  • #110,727
  • Apr 25, 2012 10:15am Apr 25, 2012 10:15am
Quoting mbqb11
thanks Rust, and yes Paul summarized it good at the end with this quote




we have to find that balance between simply understanding a concept and understanding in a situation how to best use or not use a concept. It's the application of the concept that is what it is all about. This is experience, and practice.

Most people can understand this if you look back where you were 6 months, or a year ago. Then extrapolate out where you will be in another 6 months, year, 2 years etc

Mike
I have come to see that reading charts is somewhat like trying to drive to Chicago by looking out the rearview mirror. As retail traders we are at the mercy of the people who make the markets move (the movie Margin Call comes to mind).

Benoit Mandelbrot in his book, (Mis)Behavior or Markets talks about how price moves from the memory of an event, sort of like aftershocks in an earthquake (there is much more to this of course). I think we see this, for example, a news announcement in which the market reacts and then settles into a series of moves in a particular direction (not always but enough to take advantage). I think we can also "read" the market bias or sentiment in the market in particular at different times of the day, like at or around the opening of the NYSE. Anyway, just some further thoughts.
Paul
  • #110,728
  • Apr 25, 2012 10:37am Apr 25, 2012 10:37am
Quoting mbqb11
sure bud that's me in my avatar

here is a better shot though. Was a long trip that day, didn't catch the rabbit either. Next time





That's exactly what I imagined you like . Very Handsome indeed . I hope the girls here have their breaths back by now !!!
Human
  • #110,729
  • Apr 25, 2012 10:49am Apr 25, 2012 10:49am
Quoting Chanya
That's exactly what I imagined you like . Very Handsome indeed . I hope the girls here have their breaths back by now !!!
Dont know about the girls but pretty sure the rabbits have their breaths back.. lol
  • #110,730
  • Apr 25, 2012 10:57am Apr 25, 2012 10:57am
I don't know any trading girls .... seems a rare find .
  • #110,731
  • Apr 25, 2012 11:16am Apr 25, 2012 11:16am
i took that bar on cable today (my first since i began studying these methods) and thanks to mike's lessons regarding boxes plus the other concepts from this thread i just got about 1.3% return on that trade (demo). perhaps it would have been better but i was using a trailing stop (not at the computer) and got stopped out when price retraced a bit.
by the way, do you guys use trailing stops and if yes what number do you use, how many points?

@goldfish, don't you think you have your pending order right on the support zone? i would say you might get in and then price can reverse on you. guys correct me if i'm wrong!
  • #110,732
  • Apr 25, 2012 11:23am Apr 25, 2012 11:23am
Quoting heaven
i took that bar on cable today (my first since i began studying these methods) and thanks to mike's lessons regarding boxes plus the other concepts from this thread i just got about 1.3% return on that trade (demo). perhaps it would have been better but i was using a trailing stop (not at the computer) and got stopped out when price retraced a bit.
by the way, do you guys use trailing stops and if yes what number do you use, how many points?

@goldfish, don't you think you have your pending order right on the support zone? i would say you might...
Hi heaven,

Post a chart of your trade here.

Yes, you are right abut that sell order. It is something else im trying in my demo account. Not related to PA or any of the concepts here. Which is why i didnt mention it in the writing.

Best,
-H
  • #110,733
  • Apr 25, 2012 11:26am Apr 25, 2012 11:26am
Quoting heaven
i took that bar on cable today (my first since i began studying these methods) and thanks to mike's lessons regarding boxes plus the other concepts from this thread i just got about 1.3% return on that trade (demo). perhaps it would have been better but i was using a trailing stop (not at the computer) and got stopped out when price retraced a bit.
by the way, do you guys use trailing stops and if yes what number do you use, how many points?

@goldfish, don't you think you have your pending order right on the support zone? i would say you might...
hi heaven,

im not a senior member here but i don't use fixed tailing stops for my trading. instead, i'm used to move my stop at breakeven when i reach about 0.5 R/R and then i trail the stop as the trade goes on placing it right behind previous support or resistance as the next S/R is broken by price.

hope this helps!
  • #110,734
  • Apr 25, 2012 12:12pm Apr 25, 2012 12:12pm
AU
Attached Image (click to enlarge)
Click to Enlarge Name: SI0X9(ZC`$]ES`R_(5%Z1BA.jpg Size: 141 KB
A chart helps those who can read it.
  • #110,735
  • Apr 25, 2012 12:24pm Apr 25, 2012 12:24pm
I know we are passed conversation, but the information that was just passed on is so incredibly helpful for a brand new guy like me. Even the responses from guys that arent senior members helps alot. Sometimes the guys that are in the middle ground between senior members and new guys help the most because the failures they went went through are still fresh on their mind.

Just wanted to express my thanks for the advice on this forum. Sometimes the charts are too much for me because I dont understand all the lines and concepts behind the trades yet, but the advice is always something I can immediately apply to my trading( or more properly named "wondering through the dark and attempting to place buy and sell orders")

Keep it up gents, new guys like me are eating it up.
The only error in the J16 trading system is operator error.
  • #110,736
  • Apr 25, 2012 1:10pm Apr 25, 2012 1:10pm
Quoting TradingTexan
I know we are passed conversation, but the information that was just passed on is so incredibly helpful for a brand new guy like me. Even the responses from guys that arent senior members helps alot. Sometimes the guys that are in the middle ground between senior members and new guys help the most because the failures they went went through are still fresh on their mind.

Just wanted to express my thanks for the advice on this forum. Sometimes the charts are too much for me because I dont understand all the lines and concepts behind the trades...
a fellow texan, James will like that

Glad this stuff helps

Mike
  • #110,737
  • Apr 25, 2012 1:38pm Apr 25, 2012 1:38pm
Quoting Rust
I don't know any trading girls .... seems a rare find .
check these out: http://foxyforex.com/
  • #110,738
  • Apr 25, 2012 1:48pm Apr 25, 2012 1:48pm
Does anyone of you trade 5m pin bars ? I take them from time to time when 1) ATR is overdone and 2) at a good support/resistance.

Generally you shouldn't aim for more than 10-15 pips. One trade I just did in USDJPY.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy 25april.png Size: 33 KB
  • #110,739
  • Apr 25, 2012 1:56pm Apr 25, 2012 1:56pm
Quoting trader_dscha
check these out: http://foxyforex.com/
NSFW? lol.. jk. Did one of those girls seriously say her name was Apple? And then there was that marijuana field that other girl was reporting from.

Anyways, I did so much studying/ reading this past week that I'm not sure if I'm looking at this graph the right way, so if someone could please help me out lol..

The following is a daily EURGBP graph showing a bearish PB, but EURGBP hasn't been this low since August 2010. The PB has a nose falsely breaking out of the resistance of the channel..

So in conclusion, this is not a great PB and if I wanted to take a trade on this pair with a PB indication, I should wait for a bullish PB?

Quoting trader_dscha
Does anyone of you trade 5m pin bars ? I take them from time to time when 1) ATR is overdone and 2) at a good support/resistance.

Generally you shouldn't aim for more than 10-15 pips. One trade I just did in USDJPY.
I'm still new and the advice for new people is generally not to look at any TF below daily charts. Another reason to look at HTFs for me is so that any viable PA indications will give larger price moves. Nice PB on the USDJPY though! PA is good on any TF however, it just takes more experience to use it well on faster time frames.
Attached Image (click to enlarge)
Click to Enlarge Name: 4-26eurgbp.gif Size: 19 KB
  • #110,740
  • Apr 25, 2012 2:38pm Apr 25, 2012 2:38pm
Quoting trader_dscha
check these out: http://foxyforex.com/
hahaha . second best forex-site (ff is 1st)
meine augen sind die sterne
54 traders viewing now, 1 is registered:
Zojahamad