Much respect to you
Matt
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedI think you're on to something If you don't mind me asking however, why do you use candlesticks over bars? It seems like a lot of what james16 does involves the bars.
Much respect to you
MattIgnored
DislikedHey Matt
Bars(OHLC) and Candles are the exact same thing. It just becomes a personal preference.
MIgnored
DislikedOkay, everyone, I am going to be very mean for a second now because this problem bugs the living crap out of me
(Bugs me because I believe it's bad for your bottom line to exhibit this behavior.)
What I am seeing is: once the market's already gone and done a 2-500 pip nosedive, everyone suddenly sees bearish setups. Well, yes, that's because the chart is already bleeding red.
But entering at the break of the giant bear stuff is imho the same as if you go back to MA crossover land and get two EMAs to cross after a 500 pip dropoff. Obviously they will cross - and obviously you will enter AFTER the move in which you should have been in BEFORE it occured.
This is why I always say I don't like break entries - I like to be in BEFORE the actual move happens. And it doesn't have to be retrace entries, either, I meant the actual move as in on the a little bit bigger picture.
The USDJPY setups I posted just a day or two back would have done fine. They triggered, the chance was missed and now that the move that was to happen is over, everyone is regretting missing the pips and wants in still.
No.
You need to be daring to risk your money BEFORE the big moves happen and enter the setups that will kick the market off into the big moves.
This is where the money is.
Chasing after things after they've already up and gone is just not going to be very prudent. And I know this dilemma. It stems from being too afraid to go in BEFORE around 300+ pip blowouts confirmed that there will indeed be strong moves.
What I mean is - chasing comes from being afraid and lacking confidence to be in for the move before it happens.
This is also what I mean with the dare to dream analogy..you need to see the stuff happening before it does, not see it and then wish you would have been in..
This is one of the "getting there" cliffs one has to manage to jump off to progress down the road(eurgh I just turned my own stomach for using two different metaphores in such a terrible way...but it's understandable what I mean I think)...it's still hard to do for me, too, but one has to be careful not to be led into chasing when one does shy back from entering in time and then sees the boat has left the island already..
Not saying everyone's a bad boy and doing it all wrong - but instead trying to put focus on a phenomenon that has a lot to do with trading psychology, which I still believe is the make and break of this all.Ignored
DislikedA good post but I don't agree.
It's already moved well over 200 points lower since you posted.Ignored
DislikedI think I understand what you are saying perfectly.
Don't chase the market.
I am simply saying that entering when the chart is "bleeding red" is not chasing the market if there is a good setup.Ignored
DislikedI think you're on to something If you don't mind me asking however, why do you use candlesticks over bars? It seems like a lot of what james16 does involves the bars.
Much respect to you
MattIgnored
DislikedThen you did agree.
Either way, my post wasn't about pips, but I was trying to make a point about psychological thought processes, "trigger finger fear" and "fear of missing out" and so forth. Emotions and when to best be trading/entering/optimizing r/r, not saying when or not a move may or not end.Ignored
DislikedMostly because my eyesight is not so great and it is not correctable... using candles helps me not to miss so much... I am better now than before at using and seeing bars... but will always use candles... either way it means I always zoom in a lot on my charts and I think because of that I often miss the bigger picture... I have to force myself always to zoom back and take a look.. I have had to deal with eyesight challenges all my life...Ignored