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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

  • #30,901
  • May 24, 2009 8:48pm May 24, 2009 8:48pm
nice as always,

i wish you would post more often mike.

jim

Quoting StoragePro
Frustrating is blowing multiple accounts and after 10 years of doing so, re-reading your post and saying: "If I only had proper a longer term view, I'd be home free right now"

I have some good friends who lament not having a college degree. I've known them for 25 years. And they could all be successful Doctors and Lawyers today if they had a proper view of time. Everyone wants everything now.

A sizable account is not the cause of success. It is the result of success, and you can start small - add to it monthly,...
  • #30,902
  • May 24, 2009 9:03pm May 24, 2009 9:03pm
Quoting dkmb92
hi mark, can you please inform me of how to adjust the grid settings to display the round# horizontal lines? thanku.
Not sure if this is possible, can't see any grid settings anywhere.
Here's an indicator that does the job.
Change Grid Time = 0
H.Grid pips = line interval, ie every 5000 pips.

Steve.
Attached File(s)
File Type: ex4 Grid_v1_0.ex4   5 KB | 415 downloads
File Type: mq4 Grid_v1_0.mq4   6 KB | 505 downloads
"The more I practice, the luckier I get." (Gary Player)
  • #30,903
  • May 24, 2009 9:17pm May 24, 2009 9:17pm
hi everyone,

my first month i followed all Jim's rules and requirements and did really well. But during my second month i think i got a little "too confident" and missed some nice moves. I think its because i did not have a plan for each day and did my analysis when i felt like it.

My question is what "daily rituals" do you do to organize your day?

During a typical day do you have a specific task you do to organize or write down any thoughts or possible trades?


Can someone please explain their daily procedure so i can get an idea how things should be done?

Thanks
  • #30,904
  • May 24, 2009 9:32pm May 24, 2009 9:32pm
Quoting tormo
hi everyone,

my first month i followed all Jim's rules and requirements and did really well....
This is where you have to ask yourself how badly you REALLY want to be a profitable short term trader. Anyone can put in orders and hope they work out, and many people get lucky for a while. Many people can be profitable on high time frames with low leverage and wide stops. But if you want to trade on a more frequent basis you have to bring your game way up. I understand that some of you have jobs that don't allow you to be attentive to the markets constantly and some of you want to be less stressed. That's fine, there are two options.

Weekly: Make a prep sheet for the week using levels on the 4 hr time frame and higher

Daily: Make prep sheets every day before the London session by 5:00 GMT drilling down to the 15 min level if desired.

Prep Sheet Overview

London Prep
Pair: (pair to be traded)
Bias: (where do you expect it to go in the day/week? up/down)
News: (News expected?)
Target: (what area to you most expect it to reach in the next day/week?)
Stop clusters/Breakout areas: (where are likely breakout areas where stops are, or psychological places price will be drawn to)
Significant Levels: Above (levels of resistance above price within reasonable distance) Below (vice versa)
Trade plan: Above (what is your plan if price moves toward your upper areas?) Below (vice versa)

NY Prep
New Intraday levels: (new levels created in London session on 1 hr and 15 min charts above and below price)
Decide whether to hold existing positions or take profits or pick targets
News? (is news coming out on this pair?)
Proximate stop clusters: (direction for news volatility?)
  • #30,905
  • May 25, 2009 1:11am May 25, 2009 1:11am
thank you hxcjf, i will try to use some of your suggestions.

Bad discipline, organization, and planning was i think the only reason i had a bad month and i wont let it happen again in the future.

thanks again hxcjf and if anyone else has any advise it would be appreciated.
  • #30,906
  • May 25, 2009 1:26am May 25, 2009 1:26am
Quoting albchr
This is probably a silly question as I should simply go by what I see on my charts but....

When we're looking for "big round numbers" we always say 1500, 3400, 2800, etc. But I swear when I draw my S/R lines on a lot of pairs it always seems PA happens more around say 1550, 3450, 2850 etc.

Now of course I realize these are zones and not exact points but, is it still considered a "round number" if it's a xx50 instead of xx00?

Just curious as on most pairs I follow, the xx50 seems to be more the center of the...
I see this all the time also. It always seems like the big round numbers (ex. 1.3500) are great for the the main zone, and then the xx50 numbers (ex. 1.3550) are the center of the zone.
  • #30,907
  • May 25, 2009 1:45am May 25, 2009 1:45am
Here 4h chart for e/u
1.4180 or 1.3750......
Attached Image (click to enlarge)
Click to Enlarge Name: 4h.gif Size: 20 KB
  • #30,908
  • May 25, 2009 3:07am May 25, 2009 3:07am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting markmm
Good luck, reading the thread requires a lot of time and commitment, so you have put in the work required. I would love to get a paper version of the thread to read on holiday where you can make notes and stuff. Wonder how many pages on paper it would be, or should I say how many toner catridges.
As a word doc about 100 pages, if you remove all the thank you/hello/welcome posts, the problem is people keep adding great nuggets of info and the pages just keep growing, if i get it finished i'll post it, but this project is taking time to convert due to keeping the charts readable.
  • #30,909
  • May 25, 2009 3:35am May 25, 2009 3:35am
Quoting lddd
well but most of us do not have a 100k and more :-) So you say with a small account like lets say 2k there is no chance to make a mothly living from while only taking this 2-3 A++ setups a month? .. ^^

This sounds quite frustrating

So either i have deep pockets and trade only the best 2-3 setups a month or i should do something else than trading cause this will not making money instead of headache cause i have to overtrade it and break the the rules and end up in loss...
Not sure on how some people percieve relativeness but I will try to keep it short. NO new trader is going to trade a 100K live account, NO new trader is going to trade a 10K account because the simple thing is they do not understand the risks, and at best when they enter a trade they sit there bitting fingernails watch each pip bounce back and forth in fear.

Emotions are part of all of us. The best traders have learnt to harness the emotional aspect and understand that things go backwards, just as they go forwards. Fear will cut your profits short and take you out of trades prematurely. Why? Because we cannot fathom loosing more than we are mentally capable of, and because we take off the table what we 'associate' as being good money. Heres and example. A person earning 50K a year brings in close to 1K a week, so $200 a day. What is there perception of the $200. Its worth 8 hours work. SO when a trade is up $200 most think wonderful. When a trade is down $200 they think holy crap.

Trading a large account before a person is mentally capable of accepting drawdown, larger than they can associate and emotional contain usually leads to slow (sometimes fast for those who dont believe in SL's) account death.

So in regards to the statement. Opening a 100K account is much easier to do when you have spent years trading successfully. The relative part is this. If you can trade a 2K account to 10K in less than a few years then you have:

1) traded very successfully
2) in that time learnt alot about risk and money management and what is require to build an account
3) trained your emotions to handle periods of unease
4) ultimately become a successful trader in that you have added 8k to an account over a period of time. Time is the element.

If you can do the above then you could possibly say to yourself 'ok im ready to do this for a living'. If you cannot do it with a 2k account, chances are your in the wrong field, or just not ready to move forward yet

Razor
  • #30,910
  • May 25, 2009 3:48am May 25, 2009 3:48am
deleted...
  • #30,911
  • May 25, 2009 3:52am May 25, 2009 3:52am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Blackinc
deleted...
did you catch that post, bitching about helpfull people on here, while trying to sell a service on another forum.

ddn't even last five minutes, so i guess there not that good at timing there entries and exits!!!
  • #30,912
  • May 25, 2009 3:55am May 25, 2009 3:55am
Quoting MPP
did you catch that post, bitching about helpfull people on here, while trying to sell a service on another forum.

ddn't even last five minutes, so i guess there not that good at timing there entries and exits!!!
I missed it and I post like 10 mins ago. WHAT THE?
  • #30,913
  • May 25, 2009 3:56am May 25, 2009 3:56am
Hats off to the mods..

That stuff is like poison.
  • #30,914
  • Edited 4:19am May 25, 2009 4:01am | Edited 4:19am
Quoting dkmb92
hi mark, can you please inform me of how to adjust the grid settings to display the round# horizontal lines? thanku.
Hi dkmb,

As a programmer I usually take an indicator and tweak it in the code, so the defaults are my own, that way I dont have to change it everytime.

Ive attatched my version of Grid (called round numbers), I ripped out the time lines code so it just shows horizontal lines dashed in gold every 500 pips. You can change the color and pip interval in the inputs section. (Ctrl-I then double click RoundNumbers then inputs).

Regards

Mark
Attached File(s)
File Type: zip RoundNumbers.zip   3 KB | 676 downloads
Economists have forecast 9 out of the last 5 recessions
  • #30,915
  • May 25, 2009 4:07am May 25, 2009 4:07am
Quoting MPP
As a word doc about 100 pages, if you remove all the thank you/hello/welcome posts, the problem is people keep adding great nuggets of info and the pages just keep growing, if i get it finished i'll post it, but this project is taking time to convert due to keeping the charts readable.

Great MPP, I mananged to use a tool to pull the thread automatically to my PC, as a programmer I am sure it would be possible to write a program that converts the HTML it to word, or better XML then we could apply XSLT to convert it to different formats. Obvioulsy this would only be run say every month. Not sure how FF would feel about that.

Regards

Mark
Economists have forecast 9 out of the last 5 recessions
  • #30,916
  • May 25, 2009 4:17am May 25, 2009 4:17am
Quoting MPP
did you catch that post, bitching about helpfull people on here, while trying to sell a service on another forum.

ddn't even last five minutes, so i guess there not that good at timing there entries and exits!!!
What did they say?
Economists have forecast 9 out of the last 5 recessions
  • #30,917
  • May 25, 2009 4:34am May 25, 2009 4:34am
Advertising.
  • #30,918
  • May 25, 2009 5:22am May 25, 2009 5:22am
Quoting StoragePro
Frustrating is blowing multiple accounts and after 10 years of doing so, re-reading your post and saying: "If I only had proper a longer term view, I'd be home free right now"

I have some good friends who lament not having a college degree. I've known them for 25 years. And they could all be successful Doctors and Lawyers today if they had a proper view of time. Everyone wants everything now.
  • #30,919
  • May 25, 2009 5:43am May 25, 2009 5:43am
Quoting Razor_trader
If you can trade a 2K account to 10K in less than a few years then you have:

1) traded very successfully
2) in that time learnt alot about risk and money management and what is require to build an account
3) trained your emotions to handle periods of unease
4) ultimately become a successful trader in that you have added 8k to an account over a period of time. Time is the element.

If you can do the above then you could possibly say to yourself 'ok im ready to do this for a living'. If you cannot do it with a 2k account, chances are your in the...
Great post Razor and very much the way I see things. I've been demo trading since Sept. I always started with a 5k account because I needed to keep it as real as possible to my actual situation. In that time I've more than doubled some in a month and blew some in a week...LOL

In trying all sorts of things, my best month turned a 5k into a 21k and my worst (can't call it a month) lost 11k in a week!! Since starting a 5k account IS a matter of making a living for me, I was very serious about approaching them as "real" money and honestly felt the ups and downs of emotion all the way. Yes they were demos but knowing I was quickly headed to where I am now (life depending on it), every win was a real victory and every loss a crushing defeat. Through it all I've learned a great deal about myself, the pressure involved, the NEED to learn more and more about picking good entries and the discipline to except some draw-down, take the hit when I have to cut losses and to let the winners run. At this point I have only two regrets.

1) That I have to go live now with my 5k account
2) That I didn't know about James and this thread back in Sept. (I would honestly love to know how my trading since then would have panned out if I did) I believe I can make this work but I'd LOVE to able to demo for another year!

So my heartfelt advice to IDDD would be...

1) Start a small demo that closely matches your "real" money situation.
2) Start at page #1 of this thread and REALLY dig in to learn this material.
3) Apply this knowledge with Discipline
4) Do your very best to treat the demo like the real thing so you can get a handle on yourself (emotions, discipline, ability to handle pressure)
5) Demo for a year or more but NO LESS than 6 months because you'll learn much about yourself and your ability to trade.
6) DON'T spend a penny on any courses or systems that promise to make you a great trader. EVERYTHING you need is right here and it's FREE. (I spent 4500 bucks and honestly wish I had it back to add to my first real account)!!!

Like James and others always say. "There is absolutely NO need to loose a dime while learning to trade".

Best of luck IDDD!!
Ghost Rider - WWTBMD?
  • #30,920
  • Edited 5:54am May 25, 2009 5:43am | Edited 5:54am
I have been a silent reader of this thread for a couple of weeks, run through all pages And now I see, I must do it again, too much stuff for one time Have no question, all the answers are here. Unless... have you guys perhaps a little patiens for sale
So I wanted to say hello, and THANK YOU, great people here, who answering nebies questions hundred and one time... But for me this answers are sometimes a piece of gold..

M.
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