Indicators show the past. Price Action "Indicates" the future.
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Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedWell location wise it would be considered juicy but time of day(late friday notorious for just profit taking) and size would actually have me real worried about it.
Not to rain on the parade
MikeIgnored
DislikedAnd I believe this draw down effect is a very bad psychological and emotional effect on big account holders. That kind of draw down makes james kill his trades with a loss, and then see it become a winner after he exited....which lead to additional psychological problems.
Although I know I can make money on these kind of setups, I prefer, at least at this stage, to leave this potential profit along with the draw down involved.
I can summarize this in your own words..."an A+ setup is a momentum setup", or, "hard break". When you move your...Ignored
DislikedHi guys,
Been following for quite a while, just wondering your thoughts on this chart? Nice looking pin at daily ppz, with good room to move. Next problem area I see is around 1.6589.Ignored
DislikedI do like the location and swing low, but after such a strong move down we need some big bold PA to counter act that move.
Your target is a bit aggressive, I could say that the 4 hour PB's 1st target was already hit.
Welcome btw, Jack.Ignored
DislikedCT trading again? What happened on that last oneJust take the trend trades it's so much easier and makes so much more money, if you are are going to CT it at least do it when the market is sideways at a extreme.
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DislikedAfter taking 10k + trades I can be down 10-15k on the day and it does not matter because I have done this so much I know my money, just like the market, does not go up or down in a straight line.Ignored
DislikedP.S. When I trade I have ***0*** things that show me my account balance ever, I think that makes it easier if you see no value on the chart then you just trade them as you see them.Ignored
DislikedBeing able to do that, especially on a 5 min chart is a very special and valuable ability in my opinion. That the top of controlling your emotions. Controlling emotions is a very hard thing for humans to do, and I would even say a rare audibility.
Ryan, what do you think helped you the most reaching this stage? Is it experience mainly? (successful experience = confidence).
Sometimes I have another psychological barrier which expressed by not being able to pull the trigger. Then after seeing price do exactly what I knew it will do, I think to...Ignored
DislikedThe power of Price Action. James16 talks about being able to trade in these consolidation areas. Here is a great example of one. Time and practise is the name of the game.Ignored
DislikedSept 11th 2001, I had about 11k in stocks. I was trading off a service that was $500 per stock pick. I had no idea what I was doing and I had 500 shares of ctxs. It was wall street stratagys I think. Anyway I bought the shares like the service said to do and it was working good so far, I was up a few 1000 so I was like great making money. Well then the plans crashed and I was STUCK in that trade, when it opened back up I was down about $7,000. Back then I was broke as hell so I just watched my not going out, eating everymeal at home for 6 months...Ignored
DislikedThanks again for sharing this Ryan.
Just bookmarked this post. I have to do some more thinking. I think the only way to take control at the end of the day is through experience. Would be interesting to check this post again at some point in the future.Ignored
DislikedWelcome Jcp. Nice post.
Maybe we can see a chart or two from you soon.Ignored
Dislikedlol sorry for attacking this thread today. just so much good opportunities.
Here is another one which could make a great deal to your account if managed correctly. I missed it.
It's just pure quality of price action bars at the right locations. Nothing fancy.
Tight management with a big enough account is all you need if you have the right mindset. Catch the best three from all these opportunities, and you are more than fine for this month.Ignored
DislikedSept 11th 2001, I had about 11k in stocks. I was trading off a service that was $500 per stock pick. I had no idea what I was doing and I had 500 shares of ctxs. It was wall street stratagys I think. Anyway I bought the shares like the service said to do and it was working good so far, I was up a few 1000 so I was like great making money. Well then the plans crashed and I was STUCK in that trade, when it opened back up I was down about $7,000. Back then I was broke as hell so I just watched my not going out, eating everymeal at home for 6 months...Ignored
DislikedSept 11th 2001, I had about 11k in stocks. I was trading off a service that was $500 per stock pick. I had no idea what I was doing and I had 500 shares of ctxs. It was wall street stratagys I think. Anyway I bought the shares like the service said to do and it was working good so far, I was up a few 1000 so I was like great making money. Well then the plans crashed and I was STUCK in that trade, when it opened back up I was down about $7,000. Back then I was broke as hell so I just watched my not going out, eating everymeal at home for 6 months...Ignored
DislikedYou just HAVE to get to a point when you have 0 guessing going on...Ignored
DislikedSept 11th 2001, I had about 11k in stocks. I was trading off a service that was $500 per stock pick. I had no idea what I was doing and I had 500 shares of ctxs. It was wall street stratagys I think. Anyway I bought the shares like the service said to do and it was working good so far, I was up a few 1000 so I was like great making money. Well then the plans crashed and I was STUCK in that trade, when it opened back up I was down about $7,000. Back then I was broke as hell so I just watched my not going out, eating everymeal at home for 6 months...Ignored
DislikedThat's because....
.. I can't believe people are doing it for 30+ years and I can get all this experience at this stage for free. This is insane.Ignored