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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

  • #29,841
  • May 12, 2009 6:42pm May 12, 2009 6:42pm
Quoting urchman
maybe this has room to continue it's downward movement?
Thats actually off the monthly 61.8 (or 38.2 if you flip it), not sure why yours is a little above there. I like the location a lot, the size of the bar is bad though, and technically a proxy with the close not closing within the range of the previous bar. A nice pin there and im looking for 1.57, otherwise no trade I don't think.. my 2 cents Edit: your fibs are fine by the way, the monthly fib gives more to the trade though
  • #29,842
  • May 12, 2009 8:06pm May 12, 2009 8:06pm
[quote=marcelnyo;2728435]
Quoting TiaForex
I don't know anything better than Fiji's stuff, specifically when he says that if you can't conquer your ego on demo you'll ....../quote]

Wow. I can't say anything myself, posts from you are so heavy in content aaron, that's a real good essay on demo vs live.

Thanks a lot.

Marcel

Hey Marcel

You know that I am always fascinate reading tiaforex posts. Wow...so divine in explaining the trade selection and mgmt, psch etc at here and ss method.

You are right that I was chasing the trade NZDUSD on the day before. Not sure on the impact and consequence since I am new to this .... but I am sure that your 3 years pain experiences is something that cannot been taken lightly by others esp new trader like myself. Being a newbie, I tend to try every single approach available here and there… although at the end it may purely wasting my times and money (I pretend demo is also like the real money) .

Till then, take care and happy trading.

  • #29,843
  • May 12, 2009 8:35pm May 12, 2009 8:35pm
Quoting urchman
maybe this has room to continue it's downward movement?
Hi, urchman.

I entered a BUY position based on this Weekly Pin Bar (PB). I could be wrong. But if I am, my stop loss is already at break even. Nonetheless, I can see the Daily Pin Bar on my data feed as well. However, I think this has room to move north.
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  • #29,844
  • May 12, 2009 8:40pm May 12, 2009 8:40pm
Quoting PeterFM
Worth looking on the higher timeframes as well....


-----------
hi there PeterFM, i respectfully disagree here....
if you wait for price to break the weekly lows then the h+s would have allready completed almost 50% of its projeted move. The break of the neckline should be the confirmation?? or the second shoulders low?
my personal take is to look for an entry on any retrace.
all the yen crosses seem to be weak right now... BEOBs everywhere, so this could work out??
cheers
jon
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PATIENCE... DISCIPLINE
  • #29,845
  • May 12, 2009 10:25pm May 12, 2009 10:25pm
Quoting g_j_hook@yah
hi there PeterFM, i respectfully disagree here....
if you wait for price to break the weekly lows then the h+s would have allready completed almost 50% of its projeted move. The break of the neckline should be the confirmation?? or the second shoulders low?
my personal take is to look for an entry on any retrace.
all the yen crosses seem to be weak right now... BEOBs everywhere, so this could work out??
cheers
jon
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Interesting 8hr set up, what do you think? Not so good in light of H&S?
  • #29,846
  • May 12, 2009 11:20pm May 12, 2009 11:20pm
Quoting Jlr
Attachment

Interesting 8hr set up, what do you think? Not so good in light of H&S?
yeah, im sitting on the side lines for this. a 4h bullish pin has just broke by a few pips also. The H+S could well fail but i personally( and dont quote me on this ...it is only opinion, and im often wrong!!lol) dont see price rising higher than 97._97.50. i concider the H+S to have been triggered (price has broke my trend line by over 50 pips) but voliitility is low right now so lets see what happens.
if we get some good bearish pa on a retrace north i will be interested.
cheers
jon
PATIENCE... DISCIPLINE
  • #29,847
  • May 12, 2009 11:34pm May 12, 2009 11:34pm
My daughter is doing a project in school about trading and we would appreciate it if a few people trading for a living could answer these questions.

- How long do you typically spend trading per day?

- How many of those hours are actually spend in a trade?

- What do you do when you are not in a trade and there is no indication that you will enter one?

- How long did it take you to be consistently profitable?

- What do you consider to be the three most important skills that are necessary to become a consistently profitable trader?

- What do you think are the two most common mistakes that traders new to forex make?

-Why did you choose trading for a living?

Thank you
  • #29,848
  • May 12, 2009 11:52pm May 12, 2009 11:52pm
im gonna take a shot at this tomorrow.

jim

Quoting ristab
My daughter is doing a project in school about trading and we would appreciate it if a few people trading for a living could answer these questions.

- How long do you typically spend trading per day?

- How many of those hours are actually spend in a trade?

- What do you do when you are not in a trade and there is no indication that you will enter one?

- How long did it take you to be consistently profitable?

- What do you consider to be the three most important skills that are necessary to become a consistently profitable trader?

- What...
  • #29,849
  • May 12, 2009 11:54pm May 12, 2009 11:54pm
i had to go back a little and follow this trail for about half an hour but it was
worth it.

it always works for those that deserve for it to work.

the biggest obstacle still to come will be getting mentally past mistakes with real
money. this is going to happen so prepare yourself.

you defeat and get past that by being ultra ultra picky and following the outline
layed out in post one to the letter.

im proud as hell of you jd,

jim




Quoting Jduester
Ok, so my last few demo trades from April were recently stopped out. My final results for demo trading using my exit strategy 10:

Split order into 1/3rds. First TP is at 0.5R:R and move stop on 1/3 to B/E and final 1/3 to -0.5R:R. Second TP is 1R:R and move final stop to B/E. Final TP is 2R:R. A few clauses, but that's the basics....

Feb - 11.01% (13/15)
March - 5.47% (13/16)
April - 7.34% (10/13)

February and March were actually demoed with different exit methods. To get the above numbers, I went back and applied the strategy based on where...
  • #29,850
  • Edited 12:20am May 13, 2009 12:04am | Edited 12:20am
[quote=ristab;2730083]My daughter is doing a project in school about trading and we would appreciate it if a few people trading for a living could answer these questions.[quote]
this is just my point of view, remember fundies think different also.
Quote
- How long do you typically spend trading per day?
if by trading you mean involved in the markets?? then for me always. its the first thing i do when i wake and its the last thing i do at night.
Quote
- How many of those hours are actually spend in a trade?
it depends on the trading style of the individual. anything from a few mins to weeks and months.

Quote
- What do you do when you are not in a trade and there is no indication that you will enter one?
play...each to there own....lol. thats one of the rewards of trading

Quote
- How long did it take you to be consistently profitable?
still trying...depends completley on the individual. i would guess that unless your super disiplined and well informed, quite a while.

Quote
- What do you consider to be the three most important skills that are necessary to become a consistently profitable trader?
psychology
psychology
psychology

Quote
- What do you think are the two most common mistakes that traders new to forex make?
not being aware/prepared for the psychological aspects of trading real money.
over trading

Quote
-Why did you choose trading for a living?
FREEDOM!!.


Quote
Thank you
and you
cheers jon
EDIT:I should note that i DONT trade for a living, i am trading full time atm but only as i have a break from work.
PATIENCE... DISCIPLINE
  • #29,851
  • May 13, 2009 12:04am May 13, 2009 12:04am
Thought i would let you know jim i had that ah ha moment this past weekend. (that only took 3 years) and i can see what you see now. Thanks for all you do.
  • #29,852
  • Edited 12:21am May 13, 2009 12:08am | Edited 12:21am
ristab,
Greetings. i'm relatively new to trading, but i hope this helps.
My answers are in blue &/or red

- How long do you typically spend trading per day?
This is kind of a vague question. a few years ago, 10-20+ hours per day, depends on the day. Now, 1-15+ hours, again that depends on the day. Some days are "quiet", some days are jam-packed.

- How many of those hours are actually spend in a trade?
Again, depends. In general, minutes, hours, or up to several days.

- What do you do when you are not in a trade and there is no indication that you will enter one?
I'm reading through ForexFactory threads; reading books, e-books, pdf's; watching tv; sleeping; or taking care of my toddler

- How long did it take you to be consistently profitable?
I'm a full-time trader, but I'm not qualified to answer this as i am not yet consistently profitable. Have been trading on & off for 3-4+ yrs. so probably & hopefully i'll be consistently profitable by this year or next year

- What do you consider to be the three most important skills that are necessary to become a consistently profitable trader?
I can think of many skills & qualities. I think qualities are more important than skills. here are three:
1. patience (i got a lot of impatience enzymes in my body; patience has increased dramatically in my blood lately thanks to james16 thread)
2. passion (i got tons of this)
3. discipline (i think this is #1's twin; i got a lot of this but not as much as #2)

- What do you think are the two most common mistakes that traders new to forex make?
On the top of my head is:
a. lack of 1, 2, & 3 stated above
b. misinformation AND information overload

-Why did you choose trading for a living?
in 3 words: YOUR OWN BOSS;
in 2 words: FINANCIAL FREEDOM & ABHOR EMPLOYMENT (never been employed because of this employment-aversion );
in 1 word: (my) DREAMS & (my) FAMILY

  • #29,853
  • May 13, 2009 12:09am May 13, 2009 12:09am
thats great nb.

3 years aint bad. seemed like 3 lifetimes for me.

jim

Quoting NoBread
Thought i would let you know jim i had that ah ha moment this past weekend. (that only took 3 years) and i can see what you see now. Thanks for all you do.
  • #29,854
  • May 13, 2009 12:12am May 13, 2009 12:12am
g_j_hook@yah,
LOL, u beat me to it jon. I posted my answer a bit later than yours as i thought of putting colors in my post.

am very excited to see Sir james16's post tomorrow about this. hopefully the other seasoned traders will join in too..
  • #29,855
  • May 13, 2009 12:16am May 13, 2009 12:16am
Quoting james16
thats great nb.
3 years aint bad. seemed like 3 lifetimes for me.
jim
NoBread,
Coming from Sir Jim, that really ain't bad. what's important is that u finally had your "ah-ha" moment.
If u are in for this business for the long haul, 3 yrs is just a tiny fraction of it.
  • #29,856
  • May 13, 2009 12:26am May 13, 2009 12:26am
Quoting supremeChaos
g_j_hook@yah,
LOL, u beat me to it jon. I posted my answer a bit later than yours as i thought of putting colors in my post.

am very excited to see Sir james16's post tomorrow about this. hopefully the other seasoned traders will join in too..
lol...it would be interesting to see what a more experienced voice would say
great post.
jon
EDIT: i will reply to your PM later today.
cheers
PATIENCE... DISCIPLINE
  • #29,857
  • May 13, 2009 12:34am May 13, 2009 12:34am
Quoting ristab
My daughter is doing a project in school about trading and we would appreciate it if a few people trading for a living could answer these questions.



Thank you
DOn't normally post here, just lurking...lol but here goes

- How long do you typically spend trading per day?

4-8 hours a day

- How many of those hours are actually spend in a trade?

1 -3 hours

- What do you do when you are not in a trade and there is no indication that you will enter one?

keep one eye on the mkt while usually surfing the internet, most FF T2w or Facebook.

- How long did it take you to be consistently profitable?

2 months working from home, i used to work in the city but trading from home was different so it took a while to adjust.

- What do you consider to be the three most important skills that are necessary to become a consistently profitable trader?

discipline (discipline, discipline!!!), humility (to accept when you're wrong), patience

- What do you think are the two most common mistakes that traders new to forex make?

Running losses, taking crap trades

-Why did you choose trading for a living?

fancied the cut and thrust of the city and was lucky to get a youth placement at a local brokers then worked my way up. Got fed up of the City and left to work for myself ...so.... Own boss, own hours, work from anywhere.

hope this helps
  • #29,858
  • May 13, 2009 12:46am May 13, 2009 12:46am
Quoting foredog
DOn't normally post here, just lurking...lol but here goes

-...
like it!!
cheers
jon
PATIENCE... DISCIPLINE
  • #29,859
  • May 13, 2009 12:48am May 13, 2009 12:48am
Quoting Jduester
This is a tough part for me too (although, I'm currently flat)....
Thanks for you post Josh. I decided to stick with my plan, because i don't see any reason (intended as price action formations) to close the trades: let's see how they will develop!
  • #29,860
  • May 13, 2009 1:12am May 13, 2009 1:12am
Quoting g_j_hook@yah
hi there PeterFM, i respectfully disagree here....
if you wait for price to break the weekly lows then the h+s would have allready completed almost 50% of its projeted move. The break of the neckline should be the confirmation?? or the second shoulders low?
my personal take is to look for an entry on any retrace.
all the yen crosses seem to be weak right now... BEOBs everywhere, so this could work out??
cheers
jon
Thanks Jon,
I've deleted the post as I've obviously misinterpreted the examples I read about.

There's an old saying that applies here:

'A little knowledge is a dangerous thing'

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