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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

  • #118,481
  • Sep 15, 2012 5:26am Sep 15, 2012 5:26am
Quoting Greenhaze
USDCAD D1


COT and retail positiong is at extremes. That D1 PB might be sign of profit taking and there is over net 100000 contracts to be liquidated on the short side in Futures market. Retail on the other hand is on the other side with large amount of losing positions on the long side. While EU / GU were rising UC was going in opposite direction on friday which tells a lot about the supply/demand state on this pair.
Will it end up as a common "sell the fact, buy the rumor" event? time will tell but next week will be interesting for sure.

Cheers...
Hey Greenhaze, nice charts. Can you tell me where you got those from? Are they on the CFTC website?
Thanks J16, Sam Seiden, Udine and Jacko
  • #118,482
  • Sep 15, 2012 7:25am Sep 15, 2012 7:25am
little offtopic question... I need help with MT4 Mobile Android version... downloaded, installed, everything is ok but the one thing.. how to remove indicator window which is preloaded by default with RSI ? and how to remove indicators at all?
all is eternal - this is good news for people who loves bad news
  • #118,483
  • Sep 15, 2012 8:06am Sep 15, 2012 8:06am
Quoting HanSolo
Hey Greenhaze, nice charts. Can you tell me where you got those from? Are they on the CFTC website?
Hi HanSolo,

You'll find them @ Oanda labs:

http://fxtrade.oanda.com/analysis/labs/

Historical position ratios
Commitment of traders


Cheers!
gh
  • #118,484
  • Sep 15, 2012 9:03am Sep 15, 2012 9:03am
Quoting meshka
little offtopic question... I need help with MT4 Mobile Android version... downloaded, installed, everything is ok but the one thing.. how to remove indicator window which is preloaded by default with RSI ? and how to remove indicators at all?
When you are viewing the chart, click the icon with "f" (lower bar). All indicators will show up. Hold over the one you want to remove -> delete
  • #118,485
  • Sep 15, 2012 9:57am Sep 15, 2012 9:57am
Quoting Chanya
Size of the Pinbar in comparison to the previous upwards move ?
Yep and we have the BRN just below us.

A lot of pairs may look to give one final shake. This is a PURE guess. But just a hunch. I do not think we will continue full speed ahead next week. Here is an example where we might see a move to the BRN a move above the pinbar and then REAL sellers coming back in near the high of the pinbar(and just above). Preferred here would be that scenario and then say a big beob closing below the BRN on the daily.

The easier way to play this one in my view is actually from an hourly/4hr perspective. We have a nice clear rising TL and intersecting with our BRN. I will watch for PA here

Best
Mike
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  • #118,486
  • Sep 15, 2012 10:48am Sep 15, 2012 10:48am
Quoting mbqb11
Yep and we have the BRN just below us.

A lot of pairs may look to give one final shake. This is a PURE guess.
I think you maybe right Mike. There should be at least some unfilled buy orders right near here and big money will know there is the liquidity to get their short filled just above the highs.
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  • #118,487
  • Sep 15, 2012 11:08am Sep 15, 2012 11:08am
Quoting C-12
I think you maybe right Mike. There should be at least some unfilled buy orders right near here and big money will know there is the liquidity to get their short filled just above the highs.
yep for sure C

A good sell is something like selling the euro at Fridays high(at/near it) with a real tight stop say above 1.32O(using the round number as protection if its a protected level). It's a pretty aggressive trade but in a market like this a risk of say .25% and you could get a run back to 1.3 pretty easy if the buys all start to jump ship/stops hit etc.

Of course this would be an aggressive trade idea but the market is at a pretty important level(at least for a retrace). If not looks like 1.35 is in the works(now or after the retrace)

Best
Mike
  • #118,488
  • Edited Sep 16, 2012 2:27am Sep 15, 2012 1:54pm | Edited Sep 16, 2012 2:27am
Quoting mbqb11
Yep and we have the BRN just below us.

A lot of pairs may look to give one final shake. This is a PURE guess. But just a hunch. I do not think we will continue full speed ahead next week. Here is an example where we might see a move to the BRN a move above the pinbar and then REAL sellers coming back in near the high of the pinbar(and just above). Preferred here would be that scenario and then say a big beob closing below the BRN on the daily.

The easier way to play this one in my view is actually from an hourly/4hr perspective. We have...
Damn, keep getting these wrong. Been reading this thread for along time now/several years and still cant identify basic trades. This is what I meant when I said a few weeks ago that J16's method (drawing PPZ, identifying PA bars) is too subjective.
  • #118,489
  • Sep 15, 2012 3:15pm Sep 15, 2012 3:15pm
Quoting Rust
When you are viewing the chart, click the icon with "f" (lower bar). All indicators will show up. Hold over the one you want to remove -> delete
LOL ... i am complete idiot. thank you Rust You saved me a day at least
all is eternal - this is good news for people who loves bad news
  • #118,490
  • Sep 15, 2012 3:54pm Sep 15, 2012 3:54pm
Hi guys

I need your opinion about the indicators - Many of you say that they are completely useless, on the other hand many of you are using them. I would be pleased if you could tell me why (or why not) do you recommend them.

Best,
Stephen
It's all psychology...
  • #118,491
  • Sep 15, 2012 4:28pm Sep 15, 2012 4:28pm
Quoting LamerTrader
Hi guys

I need your opinion about the indicators - Many of you say that they are completely useless, on the other hand many of you are using them. I would be pleased if you could tell me why (or why not) do you recommend them.

Best,
Stephen
Only the basic ones, and only as confluence...like mas or oscillators (but only to spot divergence, if someone can't without it...)

But most of us is not using any...like me...
  • #118,492
  • Sep 15, 2012 6:17pm Sep 15, 2012 6:17pm
Quoting LamerTrader
Hi guys

I need your opinion about the indicators - Many of you say that they are completely useless, on the other hand many of you are using them. I would be pleased if you could tell me why (or why not) do you recommend them.

Best,
Stephen
Who is using them ??? As far as I know , I don't know any body here that base their trade setups on indicators ... There are only two types of indicator that are commonly used here ... One is moving averages 150 EMA and 365 EMA . Both are used for support and resistance purposes ... Second , Macd or other common oscillators for viewing divergence ...
Human
  • #118,493
  • Sep 16, 2012 1:38am Sep 16, 2012 1:38am
Quoting LamerTrader
Hi guys

I need your opinion about the indicators - Many of you say that they are completely useless, on the other hand many of you are using them. I would be pleased if you could tell me why (or why not) do you recommend them.

Best,
Stephen
After I started to read this thread Im using only MAs.
  • #118,494
  • Sep 16, 2012 3:46am Sep 16, 2012 3:46am
According to Dow Jones newswire the Bank of Japan checked USD/JPY rates during NY session. Be very careful if you have open positions on yen pairs.

http://www.cnbc.com/id/49027963
  • #118,495
  • Sep 16, 2012 4:21am Sep 16, 2012 4:21am
Quoting LamerTrader
Hi guys

I need your opinion about the indicators - Many of you say that they are completely useless, on the other hand many of you are using them. I would be pleased if you could tell me why (or why not) do you recommend them.

Best,
Stephen
Hi,
I think that rafstraszek, Chanya and annu333 already aswered to your question, but if I may add something.

MA's are only following price, based on the number of bars and method that is used - so what does it tell you.... It can show you pretty much the same as price has already shown - MA is just lagging. It can be used as trend change confirmation or something like that, which you should have seen already from the chart. But it can help at first and with some practice you can see it. I have still some MA's on my chart, although I don't use them . They don't have any role in my decision making.

Oscillators show the divergence, but that is also calculated from the price, so you can see that also from the chart. At first it is much easier to see from the indicator, but Mike has shown many e.g. about this, so you can practice it while trading. E.g. this is the standard MACD oscillator formula - its basicly only MA's . http://codebase.mql4.com/8400
MACD = EMA(CLOSE, 12) - EMA(CLOSE, 26)
SIGNAL = SMA(MACD, 9)

Then there is ton of indicators, which I don't know even basics, but I would claim that I don't have to know, because all I need to understand is what price is telling me. So practise to read the chart and you don't need any indicators.

The only purpose I personally use indicators is lot size. I have lot size indicator, which helps me to calculate lot size, based on % risked and SL pips. I have excel also for that purpose, but if I use some other pc, it's easier with the indi. If someone is interested, it's here. I have not checked the code, but have checked that it works on my Eur account and give same results as my excel.
Attached File(s)
File Type: mq4 Lot calculator.mq4   3 KB | 378 downloads
  • #118,496
  • Sep 16, 2012 4:36am Sep 16, 2012 4:36am
Quoting Rust
You are getting good, man! Seems you start to incorporate loss of momentum in your favor Have you seen Mike's webinars from the PF ?
No, Rust. I'm not a subscriber. But studying hard here.
If not up, then down, otherwise sideways :-)
  • #118,497
  • Sep 16, 2012 8:20am Sep 16, 2012 8:20am
Quoting rami_8
Then there is ton of indicators, which I don't know even basics, but I would claim that I don't have to know, because all I need to understand is what price is telling me. So practise to read the chart and you don't need any indicators.

The only purpose I personally use indicators is lot size. I have lot size indicator, which helps me to calculate lot size, based on % risked and SL pips. I have excel also for that purpose, but if I use some other pc, it's easier with the indi. If someone is interested, it's here. I have not checked the code,...
Thanks for the lot size ind. And nicely said about the indicators. Same here. I don't know how to use half of the indicators... I used to think that's all you need to know to be good at trading.. Irony is the less I used them the better I got.
  • #118,498
  • Sep 16, 2012 10:09am Sep 16, 2012 10:09am
Quoting dan89
Damn, keep getting these wrong. Been reading this thread for along time now/several years and still cant identify basic trades. This is what I meant when I said a few weeks ago that J16's method (drawing PPZ, identifying PA bars) is too subjective.
Hey Dan

Subjective is really experience. That's all. It's why you can't just learn to be profitable over night. That doesn't exist in trading and is what hurts most people. I always say it's like we grow up and everything we learn to do is Textbook. Do a, then b, then c result = D. Trading is Learning how to do A, learn how to do B, learn how to blend in C, see if result = D. What I mean is that we have to learn these concepts learn how they blend, be flexible to the markets etc.

Just takes time, most people it takes a long time. It's a business a tough one like all businesses gotta just stick with it

For example the aud/usd I might not trade it as I said from the daily(I like the hourly right now). But we could still formulate a trade plan. We could sell it on the close see if the left eye holds, if not bail out. We could see if the BRN can break(and TL) if not bail out. The question is does that fit your personality, your risk tolerance, your game plan. That's the individual part of it.

Keep at it
Mike
  • #118,499
  • Sep 16, 2012 10:14am Sep 16, 2012 10:14am
Quoting LamerTrader
Hi guys

I need your opinion about the indicators - Many of you say that they are completely useless, on the other hand many of you are using them. I would be pleased if you could tell me why (or why not) do you recommend them.

Best,
Stephen
Hey Stephen

There is nothing wrong with indicators if they add value to your trading. Most of us in here use them as confluence tools if anything. The wrong thing that must people do is throw any indicator up on their chart without a real use for it. But if you find using them is comfortable and PA to help complement that there is nothing wrong with that. But if you are finding confusion in them I suggest to strip them off and use just basic indicators like MACD for divergence(which eventually you can see in price anyway) or MAs for confluence of S/R like James shows

Best
Mike
  • #118,500
  • Sep 16, 2012 12:11pm Sep 16, 2012 12:11pm
I have used some indicators quite effectively, divergence or macd or cci once the right settings for the right time frame are in sync. However, I have always envied those who take trades based on naked charts so at the urging of a friend I read nearly 200+ posts on this thread and became convinced of one thing......"my day trading days are coming to an end".

On Friday I took the following trade using just price action.....and probably got lucky. However the day chart confirmed to me a supply area was being tested, along with the 365 sma, and the usual Friday re balancing seemed possible.

Now here is where I have a question for the room. I used a DBHLC entry for the scalp, but on the 5 min chart. I soon realized the sell off was stronger than anticipated so re entered for the swing down to the 00 area. Was I just plain lucky or do the 5 min chart formations based on this thread also work effectively?. I have noted most do not even consider anything under 30 min charting.
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