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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

  • #7,401
  • Nov 5, 2007 3:25pm Nov 5, 2007 3:25pm
yeah i dont want anyone getting lost in the shuffle and there are some technical reasons also. when i get things going and as a result have my life back i will return to this thread and become a regular poster again. thanks to all of you that find it useful and keep it going.

jim

Quoting clockwork71
It is only until Jim gets the new website up and running. I don't think it will be all that long. However, he hasn't stated exactly how long.

He just doesn't want new guys to show up and get cheated because of some "glitch".

Those of us that have been there for a while already know it's worth it.

Clockwork
  • #7,402
  • Nov 5, 2007 3:52pm Nov 5, 2007 3:52pm
Hi everyone,

I spotted a small pinbar on USDJPY. Normally i wouldnt play this pinbar but there seems to be very strong support under the pinbar so it might be worth trading for a moderate profit target inside the channel.

Chris
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  • #7,403
  • Nov 5, 2007 4:16pm Nov 5, 2007 4:16pm
Quoting blueruby

No amount of psychology will teach one how to trade properly.
After awhile you realize trading is all psychological. So I will disagree greatly. Fijitrader would blow your mind on this psychology stuff. I would say 95% of traders(aspiring) need to learn about psychology of trading more then anything else. I understand you are saying if you don't know how to trade how can it be psychological. But after spending 3-6 months learning what trading is and some tools, the rest is psychological. Most people I help/speak with have the tools, it all is just how they are built mentally.

Just my 2

Mike
  • #7,404
  • Nov 5, 2007 4:18pm Nov 5, 2007 4:18pm
Quoting creeper
Hi everyone,

I spotted a small pinbar on USDJPY. Normally i wouldnt play this pinbar but there seems to be very strong support under the pinbar so it might be worth trading for a moderate profit target inside the channel.

Chris
Hey Chris I certainly see the support, for me personally I always wait until a breakout for some PA. For the U/J I won't search for longs or shorts until we get out of this bit of consolidation. I am much more conservative in the way I trade, so by no means is my way the right/only way

Thanks
Mike
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  • #7,405
  • Nov 5, 2007 4:19pm Nov 5, 2007 4:19pm
IBs maybe... but right now for some reason I am not very trusting of USD/CHF...


Quoting SeekingLight
Lotsa IBs on this one...very undecided pair ;p

But Tiki must love it!

Some didn't work so well, some moved quite alright. Again, without even adding much s/r lines or anything, just pointing out the bars and threw one fib and TL on.

Trying to put more thought into it one woulda said: okay, what do I know about things?

1. It's USD selling time since 2006. Okay, so short trades preferred.
2. Entry on retrace and near s/r might have more room to go than entering after things already fell(yea I know, doesn't apply for USDCAD hehehe)


So the IBs near the TL I drew (for which philmcgrew would prolly spank me) look best to me. The other stuff, the counter-trend ones, meh, I don't know.

Usually the trend rescues trades far more than it makes sense to try and dodge and outtrade it. Learned/learning that the hard way over and again

Tricky part in this tight spacing is exits - but that's always the toughie, isn't it.
Not many counter setups, so it'd be mostly stop moving or closing when gaps show. A lot of time is spent in tedious small small if you use stops to kick you out, but there's been an ongoing discussion about how this in turn will catch the big big big moves the few times that they do occur...been a point of debate both in the PF as well as between phil / soultrader and others over in the 1kT room I believe.
  • #7,406
  • Nov 5, 2007 4:22pm Nov 5, 2007 4:22pm
few of the jpy pairs are on my breakout watchlist
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  • #7,407
  • Nov 5, 2007 4:25pm Nov 5, 2007 4:25pm
and another scenario I am watching for PA - LOTS OF CHARTS SORRY

if it breaks in a clean way(meaning we dont reach those bar highs and just move sideways). I look for PA at a pullback purple horizontal
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  • #7,408
  • Nov 5, 2007 5:01pm Nov 5, 2007 5:01pm
Blueruby... I suspect that you DO know how to trade !!! I know how to trade !! Everyone in here knows I know how to trade too... but they also know I screw myself under time and time again...

I am right there with you a lot of times, or at least not far ahead of you... stop making the stupid trades... you know the ones I am talking about... make only the trades that you KNOW will work.... We all like to trade... but one of the best things and simplest things I ever heard was just said the other day by seeking light... trading is not about trading, it is about waiting... !!!! Wait until it is there in front of your eyes.. you no doubt have made some great trades... I know I have... but get undermined by a lot of crappy trades too... and when I look back, I am always the first one to say... I really did not know or think that trade would really work... and of coarse it didn't...

I do not proclaim to be doing much better than you... but I do know that what I have said here works... I don't follow my own advice here completely yet... but I am getting there...


Quoting blueruby
I guess I will argue after all.

How the hell will you have a sound mindset about trading if you don't know how to trade?

And you know you don't know.
  • #7,409
  • Nov 5, 2007 5:29pm Nov 5, 2007 5:29pm
Quoting Tiki Trader

Wait until it is there in front of your eyes.. you no doubt have made some great trades... I know I have... but get undermined by a lot of crappy trades too...
Tiki,
I love what you just said about making some great trades only to lose a good portion of that back with a lot of small crappy trades. I heard a saying along time ago that has helped me with over-trading. "A trader is most dangerous to one's self after a big winner or a few big winners." What that means is emotion sets in after a few nice trades and you start thinking you have this market all figured out. That is when you need to step away from the computer for a bit and enjoy your winning trades another way. It has helped me alot.
  • #7,410
  • Nov 5, 2007 5:35pm Nov 5, 2007 5:35pm
I cannot agree more !!! And yet time and time again... there I am... makin a trade !!!

I have actually ran up the street jumping and skipping cause I just won a nice trade... one lady up the way there actually told my wife I was kinda funny... and "what had gotten into me ? "

And as soon as I start spouting off about a great trade and how rich we are going to be soon, the first thing my wife says... OH OH... !!!

Quoting Wall_Street
Tiki,
I love what you just said about making some great trades only to lose a good portion of that back with a lot of small crappy trades. I heard a saying along time ago that has helped me with over-trading. "A trader is most dangerous to one's self after a big winner or a few big winners." What that means is emotion sets in after a few nice trades and you start thinking you have this market all figured out. That is when you need to step away from the computer for a bit and enjoy your winning trades another way. It has helped me alot.
  • #7,411
  • Edited 5:55pm Nov 5, 2007 5:39pm | Edited 5:55pm
Quoting Tiki Trader
Blueruby... I suspect that you DO know how to trade !!! I know how to trade !! Everyone in here knows I know how to trade too... but they also know I screw myself under time and time again...

I am right there with you a lot of times, or at least not far ahead of you... stop making the stupid trades... you know the ones I am talking about... make only the trades that you KNOW will work.... We all like to trade... but one of the best things and simplest things I ever heard was just said the other day by seeking light... trading is not about trading, it is about waiting... !!!! Wait until it is there in front of your eyes.. you no doubt have made some great trades... I know I have... but get undermined by a lot of crappy trades too... and when I look back, I am always the first one to say... I really did not know or think that trade would really work... and of coarse it didn't...

I do not proclaim to be doing much better than you... but I do know that what I have said here works... I don't follow my own advice here completely yet... but I am getting there...
That I can accept. I am much too anxious to get a trade on. I do try to take only "A" trades but don't know enough to recognize one in front of me. I always believe that the trade could work out, but also know there will always be losing trades.

It's easy to look back and spot things you did wrong. By the same token, you can always find a valid reason not to take a trade. Always.

So often when I wait for confimation, I get in right at the retrace. If I jump to catch the move, it doesn't materialize. If I get out when it starts against me, minutes later it hits my profit target. If I wait it out, the losses grow. OK, enough whining, but you know what I'm saying. I'm usually not doing anything real stupid. When I just get a little better at this, I'll be in the black!

It doesn't happen over night. It takes study and practice, and with very few exceptions, someone showing the way.
  • #7,412
  • Nov 5, 2007 5:49pm Nov 5, 2007 5:49pm
Quoting Wall_Street
Tiki,
I heard a saying along time ago that has helped me with over-trading. "A trader is most dangerous to one's self after a big winner or a few big winners." What that means is emotion sets in after a few nice trades and you start thinking you have this market all figured out. That is when you need to step away from the computer for a bit and enjoy your winning trades another way. It has helped me alot.
That's a part of my problem, but I'm the opposite.

Trading isn't really hard. But it's harder than I estimate it to be. I have this mindset that I can just look over a chart for awhile and push the button.

After a few winning days, I don't want to break my streak so I get cautious. Then it's back to big losses.
  • #7,413
  • Nov 5, 2007 6:32pm Nov 5, 2007 6:32pm
Actually, here is the IB I am interested in... mainly because it gives me the impression that price may finally be turning around... and my hidden indicator also shows divergence... so maybe the time is near... 4hr shows mostly sideways for the last couple of days...

Quoting SeekingLight
Lotsa IBs on this one...very undecided pair ;p

But Tiki must love it!

Some didn't work so well, some moved quite alright. Again, without even adding much s/r lines or anything, just pointing out the bars and threw one fib and TL on.

Trying to put more thought into it one woulda said: okay, what do I know about things?

1. It's USD selling time since 2006. Okay, so short trades preferred.
2. Entry on retrace and near s/r might have more room to go than entering after things already fell(yea I know, doesn't apply for USDCAD hehehe)


So the IBs near the TL I drew (for which philmcgrew would prolly spank me) look best to me. The other stuff, the counter-trend ones, meh, I don't know.

Usually the trend rescues trades far more than it makes sense to try and dodge and outtrade it. Learned/learning that the hard way over and again

Tricky part in this tight spacing is exits - but that's always the toughie, isn't it.
Not many counter setups, so it'd be mostly stop moving or closing when gaps show. A lot of time is spent in tedious small small if you use stops to kick you out, but there's been an ongoing discussion about how this in turn will catch the big big big moves the few times that they do occur...been a point of debate both in the PF as well as between phil / soultrader and others over in the 1kT room I believe.
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  • #7,414
  • Nov 5, 2007 6:43pm Nov 5, 2007 6:43pm
Quoting Tiki Trader
Actually, here is the IB I am interested in... mainly because it gives me the impression that price may finally be turning around... and my hidden indicator also shows divergence... so maybe the time is near... 4hr shows mostly sideways for the last couple of days...
This will be interesting to watch. My purple is a low that goes way back where price is stalling. We are clearly down trending though, so too look for longs is tough for me to do. Instead I want to see a break of that support and look for PA there. So the Break of the IB low, confirmed could be the next move lower till the next lows around 1.13 One could draw a channel going downwards, but it wouldn't be something I would have on my charts right now.

Just how I see it

Mike
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  • #7,415
  • Nov 5, 2007 7:04pm Nov 5, 2007 7:04pm
Yes, and right as usual... I don't know why I always look for place to go in the other direction instead of the trend direction...

But I still think my IB is pretty...

Quoting mbqb11
This will be interesting to watch. My purple is a low that goes way back where price is stalling. We are clearly down trending though, so too look for longs is tough for me to do. Instead I want to see a break of that support and look for PA there. So the Break of the IB low, confirmed could be the next move lower till the next lows around 1.13 One could draw a channel going downwards, but it wouldn't be something I would have on my charts right now.

Just how I see it

Mike
  • #7,416
  • Nov 5, 2007 7:42pm Nov 5, 2007 7:42pm
Quoting Tiki Trader
Yes, and right as usual... I don't know why I always look for place to go in the other direction instead of the trend direction...

But I still think my IB is pretty...
actually I find your observation quite accurate. This IB showed up here for a reason. Indecision.
  • #7,417
  • Nov 5, 2007 8:02pm Nov 5, 2007 8:02pm
Quoting mbqb11
So the Break of the IB low, confirmed could be the next move lower till the next lows around 1.13 One could draw a channel going downwards, but it wouldn't be something I would have on my charts right now.

Just how I see it

Mike
Mike & Tiki,
I agree with both of you on this pair. I agree with Mike that I want to stay with the overall downtrend but I also agree with Tiki that a retracement is warranted. I show devergence with RSI and we have strayed a bit away from the downward TL. So I would like to see a retrace to around 1640/79 area and then some PA to show me a bounce back with overall trend. I will attach a chart. As always this is just my opinion and Mike could be right about the break lower without a retrace. Happy trading all.
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  • #7,418
  • Nov 5, 2007 8:08pm Nov 5, 2007 8:08pm
Quoting Wall_Street
Mike & Tiki,
I agree with both of you on this pair. I agree with Mike that I want to stay with the overall downtrend but I also agree with Tiki that a retracement is warranted. I show devergence with RSI and we have strayed a bit away from the downward TL. So I would like to see a retrace to around 1640/79 area and then some PA to show me a bounce back with overall trend. I will attach a chart. As always this is just my opinion and Mike could be right about the break lower without a retrace. Happy trading all.
another good trade plan. That is the important thing to have a plan and stick to it. I will be looking to take shorts. Either on a move lower, OR I would like to see a retrace back to 1.1620 area and see if that can hold. Either way those are the only two scenarios that I will look to play. If anything else happens, I will be on the sidelines

Take care thanks for sharing
Mike
  • #7,419
  • Nov 5, 2007 8:27pm Nov 5, 2007 8:27pm
OK, now you get to let me show my chart with the divergence too...

As for the IB, we've now decided it might be indecision, though I am more interested in IBs that might show a change in direction has already ocurred, as in a GBP/JPY chart I posted in here a week or two ago...

But above all, I would have to say mike is right... don't trade against the trend... the divergence trade looks nice, but divergence trades against the trend tend to gain few pips before turning to the trend again... and in fact, as I use Rob Bookers Arizona rules, there is a possibility of a diveregence trade here, BUT according to his rules... this would be a no trade because divegence trades are off limits during trending times according to the Arizona Rules...

Of coarse I might take the trade anyways... if it fires off... and I would probably lose again... or get only a few pips anyways...

Quoting mbqb11
another good trade plan. That is the important thing to have a plan and stick to it. I will be looking to take shorts. Either on a move lower, OR I would like to see a retrace back to 1.1620 area and see if that can hold. Either way those are the only two scenarios that I will look to play. If anything else happens, I will be on the sidelines

Take care thanks for sharing
Mike
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  • #7,420
  • Nov 5, 2007 8:30pm Nov 5, 2007 8:30pm
OK OK I admit it... there is another reason I want CHF to come up, and that is because I am short on EUR/USD and GBP/USD and maybe chf coming up might help me on eur and gbp...
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