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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

  • #125,021
  • Apr 29, 2013 6:07am Apr 29, 2013 6:07am
CAT is not a worse pick too
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all is eternal - this is good news for people who loves bad news
  • #125,022
  • Apr 29, 2013 6:45am Apr 29, 2013 6:45am
Quoting Touch Trader
I have got a question with regards to the patterns that you speak about in the forum. The market doesn't care about patterns, it care about price. so why trade that way? I just try to understand the logic or human psychology behind those patterns, but I failed doing so. Thanks.
Price movements are creating some patterns... just like everything else in this world pattern means repeated shape and trading is directly asociated with it by extracting profit from price moves in our direction.
all is eternal - this is good news for people who loves bad news
  • #125,023
  • Apr 29, 2013 6:56am Apr 29, 2013 6:56am
CIT is fine... bullish pin closed above the sup level
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all is eternal - this is good news for people who loves bad news
  • #125,024
  • Apr 29, 2013 7:01am Apr 29, 2013 7:01am
last one ...I like CLR
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all is eternal - this is good news for people who loves bad news
  • #125,025
  • Apr 29, 2013 7:08am Apr 29, 2013 7:08am
eurusd 314x next ? USDx droppin
Hero calls followed by margin calls...
  • #125,026
  • Apr 29, 2013 7:15am Apr 29, 2013 7:15am
Quoting ghous
{quote} You can screw up at trading in two possible ways. Either you are too aggressive or you're too conservative. If you're too aggressive you mess up by over leveraging, over trading and over risking and if you're too conservative you screw up because you can't handle an inevitable element of successful trading - losses. Both of these schools of thought and mindsets can be worked upon over time and I am glad that you understand that the trial and error process will take some time. Also good to hear that you realize how trading income can comfortably...
Hey Ghous,

very nice points you made here. I won't go into the details as it is sort of a more personal way of apprehending trading.

These last few posts will give me some stuff to think about during the few next weeks I'll take off - vacations, so no trading, just thinking about it, and a lot of family time

Anyway, really, thanks a lot for your dedication. I really really appreciate the way you guys make yourselves available for answering any sort of technical or metaphysical questions

Thanks again,

Take care
Slow & steady
  • #125,027
  • Apr 29, 2013 7:33am Apr 29, 2013 7:33am
Quoting meshka
{quote} Price movements are creating some patterns... just like everything else in this world pattern means repeated shape and trading is directly asociated with it by extracting profit from price moves in our direction.
Thanks.

But why those patterns and not others ?

Is there any special idea behind them?

Thanks
Financial markets aren't supermarket
  • #125,028
  • Apr 29, 2013 7:53am Apr 29, 2013 7:53am
Any one knows what's the difference between ROI & ROE?

I had read about it, and it sounds to me that's both terms are the same.

Would appreciate if someone can help with that issue.

Thanks.
Financial markets aren't supermarket
  • #125,029
  • Apr 29, 2013 8:17am Apr 29, 2013 8:17am
Quoting Hiten123
{quote} Hey Mike, what I've done is made a few scribbles on your chart to show you how I see it. How would I play this? well as soon as I saw the setup I hesitated so already I know I'm not 100% confident. I would enter on the break of the pinbar because I would want price to break past the first horizontal line I've drawn as that was a resistance point in the past. My stop placement is what I'm struggling with. I would probably place it at the end of the pinbar to feel safer, but I know the pin broke past an upward trendline, and also occurred...
Hey H

You are pretty close here, but marked a lot of good stuff. FTA of this trade is actually your first yellow line right around where my entry would be. THis is an important area to watch but here is again a case where I am not going to get spooked as I have a larger story supporting what I am trying to do. But I still will look to reduce my risk right away. I will move my stop from above the beob(oh yeah be careful that's not a pin but a beob I just assume a type though by you) to 32 right away. No need for price to have to come that far back if my story is respected. THe box should hold as well as all the bar lows/highs or mini PPZ at roughly the 31ish area. The line you marked FTA is actually a major trouble area and where I would look to exit this trade. Then as the trade progresses(both for or against) and new information comes ni I will look to make additional decisions like moving my stop down more, going to b/e, cutting out etc

Hope that helps and here was my chart I posted in the PF
Mike
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  • #125,030
  • Apr 29, 2013 8:21am Apr 29, 2013 8:21am
Quoting Microtrader_
Trend continuation? On usdcad there was an engulfing with EMA 365 confluence some minutes ago. I skipped the trade because I found the engulfing bar too small to open a trade generally, especially on H4. However the confluence is indisputable. Any agree/disagree opinions guys? {image}
Hey M

I would be careful with that just trying to play a continuation bar is tricky enough. Small ones with not a lot of confluence can really give some headaches.

Best
Mike
  • #125,031
  • Apr 29, 2013 8:23am Apr 29, 2013 8:23am
Quoting danjuma
@mbqb11 Mike, do you use any indicators in your trading. I see some people use MAs and MACD? Also do you apply order flow as taught by Darkstar as I came across one of your old threads titled "My Thank You To Darkstar"? I recently bought his book, but I still haven't worked out how to use it in combination with J16 methods. Thanks Dan
Hey Dan

I don't use any indicators myself. After awhile you know what they are going to say without being on your chart. For example MACD most use for divergence but after awhile you can spot that divergence quite easily without that indicator. So for me over the years I've just left my chart blank as it's easier to see what's going on for my mind. For me the best use of my time spent with DS was just getting a deeper understanding about markets(in general) as well as understanding what it is one is trying to do with their methods. I was a PA trader before and still am now simply cause it fits me. But what is helpful is to think about everything you do. Why a pinbar? what does the pibnar mean? Why is price diverging here? etc etc. This is why you guys hear me stress the STORY. The story is the make up of a trade and why a trade makes sense. This for me is the true power and when PA S/R can be deadly.

Hope that helps
Mike
  • #125,032
  • Apr 29, 2013 8:26am Apr 29, 2013 8:26am
Quoting Touch Trader
I have got a question with regards to the patterns that you speak about in the forum. The market doesn't care about patterns, it care about price. so why trade that way? I just try to understand the logic or human psychology behind those patterns, but I failed doing so. Thanks.
Hey TT

Patterns are very important as well as patterns can be not important. Everything in trading has a range of things. Just as we have minor PPZ and major PPZ, we can have minor patterns and major patterns. At the end of the day EVERYTHING we view in the markets is some kind of pattern. When you develop rules around certain patterns(be it a wedge formation, a pinbar, support, resistance or insert any other word here) they can become exploitable. Where most people lose with "patterns" is not defining rules and treating every pattern/situation the same. That's the furthest thing from the truth I have found now after 10+ years in trading. While we look for repeating concepts and blending those concepts, each situation and story should be treated as unique. Then it is about deciphering how we can best use those patterns to get in or get out (or stay out) of a particular market.

Hope that helps
Mike
  • #125,033
  • Apr 29, 2013 8:28am Apr 29, 2013 8:28am
Quoting Touch Trader
Any one knows what's the difference between ROI & ROE? I had read about it, and it sounds to me that's both terms are the same. Would appreciate if someone can help with that issue. Thanks.
Both generally measure some form of profitability of invested capital. Here is a small example to show the difference.

You invest 100 USD in some shares of a company with total owners capital (known as equity), now including your 100 USD, of 1000 USD. After a year, the company made 500 USD of Net Income and pays out 10 USD as dividends. From that 10 USD, 1 USD is yours (100 USD of your investment divided by equity of 1000 USD times the Net Income).

Now, your investment has an ROI of 1% (asuming you are not accounting for them using the equity method - different story). That is 1USD as your share of the dividends divided by 100 USD as your investment. However, the company was able to earn 50% of ROE. That is the companys earnings of 500 USD divided by 1000 USD equity.

It is good to know historical ROE and the Pay Out Ratio (how much of ROE is being paid out to investors) as you can estimate your ROI with it.

There are many more variations of this, but I hope the main difference is clear.
  • #125,034
  • Apr 29, 2013 8:29am Apr 29, 2013 8:29am
Quoting meshka
realy cool stock simple as ABC {image}
tons of Beobs out there this week! Should be interesting

Mike
  • #125,035
  • Apr 29, 2013 8:30am Apr 29, 2013 8:30am
Quoting Touch Trader
{quote} Thanks. But why those patterns and not others ? Is there any special idea behind them? Thanks
There are tons of patterns out there. Heck some "technical" book show hundreds upon hundreds of patterns. Some books should hundreds of candlestick patterns. The idea is to find ways to make use of them practically which a lot of those I have found do not come close to doing

Best
Mike
  • #125,036
  • Apr 29, 2013 8:34am Apr 29, 2013 8:34am
Quoting Touch Trader
Any one knows what's the difference between ROI & ROE? I had read about it, and it sounds to me that's both terms are the same. Would appreciate if someone can help with that issue. Thanks.
Here are the definitions

http://www.investopedia.com/terms/r/returnonequity.asp
http://www.investopedia.com/terms/r/...investment.asp

From a trading account perspective it can be very similar cause usually traders speak about their account as one single number of their personal invested money

Best
Mike
  • #125,037
  • Apr 29, 2013 8:46am Apr 29, 2013 8:46am
Quoting mbqb11
{quote} Here are the definitions http://www.investopedia.com/terms/r/returnonequity.asp http://www.investopedia.com/terms/r/...investment.asp From a trading account perspective it can be very similar cause usually traders speak about their account as one single number of their personal invested money Best Mike
Thanks Mike, and thank you for all other members who helped as well
Financial markets aren't supermarket
  • #125,038
  • Apr 29, 2013 8:56am Apr 29, 2013 8:56am
sir can i ask the meaning of FTA?
  • #125,039
  • Apr 29, 2013 9:02am Apr 29, 2013 9:02am
Quoting magbabakal
sir can i ask the meaning of FTA?
Hey Mag

FTA stands for First trouble area. Very important to learn and use them

Best
mike
  • #125,040
  • Edited 10:10am Apr 29, 2013 9:32am | Edited 10:10am
Quoting mbqb11
{quote} Hey Mag FTA stands for First trouble area. Very important to learn and use them Best mike
i see. Is Pivot Zone or S/R Different from FTA sir?



what is pyramiding in trading sir,how do we do that?
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