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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

  • #34,801
  • Jun 24, 2009 2:54pm Jun 24, 2009 2:54pm
imho the dow is hanging on a cliff.

at its current level if it fails to hold 8200 i think the floor gives way.

i think 8000 will be a bump in the road on the way down to 7500-7700 and maybe lower if that happens.

if it holds here we could see a retest of 85 and possibly 89.

hopefully pa will give us a clue.

this is not trading advice im just sharing my thoughts on a market i know well.

i could be dead wrong.
  • #34,802
  • Jun 24, 2009 2:55pm Jun 24, 2009 2:55pm
Quoting james16
geez.

i swear some great stuff comes out of that dressing room.
I'm not back on till tomorrow night. Then I'll be sat in the dressing room between scenes chatting to you all.

The artistic director of the theatre (and director of quite a few movies himself) finds it hilarious. He always refers to my dressing room as "my office". So would you if you saw the two laptops and papers spread across the table. Maybe I should post a picture sometime.
  • #34,803
  • Jun 24, 2009 2:56pm Jun 24, 2009 2:56pm
lol.

i thought you might enjoy a few of those tia.

Quoting TiaForex
Don't get me started on you Texans big guy.

I haven't laughed this much in weeks

PS Three pages appear while I type one long post. If there's anyone popping blue pills here it's the James16 Chart Thread
  • #34,804
  • Jun 24, 2009 2:57pm Jun 24, 2009 2:57pm
wtf, I take a nap and miss all the retards having a good time Oh well at least I have a good one yesterday with B0B. lol


P.S. Anyone else take naps? I found it's nice to get away from everything for 30min to 1hr a day.
Keep taking CT trades, I need more money
  • #34,805
  • Jun 24, 2009 2:58pm Jun 24, 2009 2:58pm
Quoting TiaForex
I wanted to crystallise a few thoughts floating round in my head by writing about them and hopefully it'll help others too.

And join Ryan on his big private lake....

Rant over....
Thanks Tia,
You paint a vivid and beautiful picture, truly inspiring.
John
  • #34,806
  • Jun 24, 2009 3:02pm Jun 24, 2009 3:02pm
wait until your 50.

naps are all your prostate will let you have.



Quoting Ryanmcd
wtf, I take a nap and miss all the retards having a good time Oh well at least I have a good one yesterday with B0B. lol


P.S. Anyone else take naps? I found it's nice to get away from everything for 30min to 1hr a day.
  • #34,807
  • Jun 24, 2009 3:02pm Jun 24, 2009 3:02pm
Quoting Ryanmcd
wtf, I take a nap and miss all the retards having a good time Oh well at least I have a good one yesterday with B0B. lol


P.S. Anyone else take naps? I found it's nice to get away from everything for 30min to 1hr a day.
I usually pass out at 2 PST, wake up at 3, feel like I just slept 10 hours. I've heard if you sleep for an hour, every 4 hours, it will keep you more refreshed then had you of had a full nights sleep. Never tried it though
  • #34,808
  • Jun 24, 2009 3:04pm Jun 24, 2009 3:04pm
Quoting Ryanmcd
wtf, I take a nap and miss all the retards having a good time Oh well at least I have a good one yesterday with B0B. lol


P.S. Anyone else take naps? I found it's nice to get away from everything for 30min to 1hr a day.
I usually take a 1 hour nap from noon till 2:30.

K.I.S.S.
  • #34,809
  • Jun 24, 2009 3:07pm Jun 24, 2009 3:07pm
Quoting TiaForex
I wanted to crystallise a few thoughts floating round in my head by writing about them and hopefully it'll help others too.

We all want to cut our losses and let our winners run. That's the key to trading right? But people say it like it's as easy as throwing a switch. It's not. It's a bit like when I work as an actor and I get told by a director to "be in the moment". Yeah. Great. Now tell me how.

Because there are arguments on both sides here. Look at that recent GBPCHF pinbar long that reversed at the highs. And the weekly AU and GU. These...
You posts are great and I enjoy reading them. I can never put words down in text the way I think, I wish I could. That is the key to not only trading but to doing what you want in life. I guess I am lucky because I watched a lot of older friends make a few million then retire when they hit 40-50 but at what cost? I know someone who had 4 million and everything paid for but was a social retard, never was with a woman and was in very poor health, things like this make you think "IS IT WORTH IT" and to me no money is worth spending all my free time trying to get it at the cost of my health and not having friends, I also want to add I almost got cought up in that rut when I was doing the 5min stuff and it really scared the shit out of me.

Best thing I can think of and I have found this out years ago. My BIGGEST winners I have ever had on the 1hr+ was when I was sleeping, and that is because you dont screw with the trade. If you run the odds and let them play out without screwing with it you will do better.

Trading is like grilling, you dont want to screw with it too much or it ends up like a pile of crap LOL
Keep taking CT trades, I need more money
  • #34,810
  • Jun 24, 2009 3:07pm Jun 24, 2009 3:07pm
Quoting Ryanmcd
wtf, I take a nap and miss all the retards having a good time Oh well at least I have a good one yesterday with B0B. lol


P.S. Anyone else take naps? I found it's nice to get away from everything for 30min to 1hr a day.
The well timed and well placed nap is an art form. It's part of the culture in the Mediterranean where everything stops for a post lunch siesta. those guys know how to live.
  • #34,811
  • Jun 24, 2009 3:08pm Jun 24, 2009 3:08pm
Quoting james16
i would love to see these charts t with some notes.

glad your seeing some improvement in your trading.

jim
Hi Jim,

Thanks for the encouragement. Here are the charts. On the aussie, I waited for the price to clear the potential trouble spot around 0.7865. I had my first TP around the blue area corresponding with the previous bar lows and the fib. However, I move my SL up to BE too quickly and so was taken out on a retrace. If I had kept my SL at the top of the pin or even at -30, I would've hit my target.

On GBP/CHF. I entered around the area indicated by the blue line as I thought it good to go once this area had been cleared. However, I also thought I could see a minor PPZ at around 0.78250 and so I moved SL to BE as quickly as possible. Again, I was taken out before it ran on to my target at 0.77100.

I'm not at all unhappy by these trades as I feel the subsequent PA vindicated my choice of entry. Clearly, the thing I need to work on now is trade management. I can't seem to fight the urge to get to BE ASAP and find it difficualt to leave even a small SL in place. I do feel, however, that this will come over time as I gain confidence by picking more of these BE trades. I think that maybe in the short term while I am building confidence, I may just aim to get out at 1:1 RR and bag a quick 30 pips or so each time. That way, I will have some account growth while building confidence at the same time. Any comments on the attached trade would be most appreciated.

Thanks in advance

Paul
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  • #34,812
  • Jun 24, 2009 3:12pm Jun 24, 2009 3:12pm
Quoting TiaForex
The well timed and well placed nap is an art form. It's part of the culture in the Mediterranean where everything stops for a post lunch siesta. those guys know how to live.

I love'em. I used to do 4:00pm EST when the market closed, now it's around 1:00pm so I am ready to go and still get a good nights sleep.
Keep taking CT trades, I need more money
  • #34,813
  • Jun 24, 2009 3:16pm Jun 24, 2009 3:16pm
Quoting TotalNewbie
Hi Jim,

Thanks for the encouragement. Here are the charts. On the aussie, I waited for the price to clear the potential trouble spot around 0.7865. I had my first TP around the blue area corresponding with the previous bar lows and the fib. However, I move my SL up to BE too quickly and so was taken out on a retrace. If I had kept my SL at the top of the pin or even at -30, I would've hit my target.

On GBP/CHF. I entered around the area indicated by the blue line as I thought it good to go once this area had been cleared. However, I also thought...

This may not be your style but what I like to do is 1:1 R:R take 1/2 off, or you can do 3 positions and say take 1/3 off at +30 or something like that. The pro's and cons are


1:1 take 1/2 then 1:2ish take the other 1/2 goto BE at 1:1

Pro's
Most of the time that 1/2 will get hit
Stop @ cost faster, if it retraces you stop out so 1% gain on 2% risk
Fills the need to bank some profit

Cons
Miss out on the big runs,
May make 1:1 then stop you then run for 10:1
Keep taking CT trades, I need more money
  • #34,814
  • Jun 24, 2009 3:21pm Jun 24, 2009 3:21pm
the stop at BE, may be, that with the new day, i will go with more sell, with 1,6200 like first target.

views are welcome

Mariano
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  • #34,815
  • Jun 24, 2009 3:26pm Jun 24, 2009 3:26pm
HOLY THOUGHT STREAM INTERRUPT, BATMAN!!!!

Quote
We all want to cut our losses and let our winners run. That's the key to trading right?

I'd debate that. It is kind of simplistic. I won't articulate it well, but I think it is about cutting risk. Jarroo said it first - the great setups are the ones that go. I'd have to think through how to say it, but the pithy saying above is largely crap. IMHO. (No flames please, I need to explain myself later) But in short, cutting risk will do the above for you. It is a different way of looking at it. The above is a result. What is the process?


Quote
It all looks so easy with hindsight. But we also don't want to constantly take small pieces of the big moves and then watch as the full bar losses wipe out our profits.

Yep. Hindsight is a great thing. Learning from it is greater still. Trust is earned. Earning takes time and experience. If we never move out of our ruts we never get a chance to learn new things. That is why the Demo is so darn powerful. Learn new things without the scarring.

Quote
My point is that if you took Jim's "quick profit don't worry about RR" style and added it to Mike's way of letting his trades breathe, then you would probably not be profitable. Nor would it work the other way round. You can't look to get into a 1000 pip runner if you kept moving your stops to break even after 20 pips.

Some trades virtually beg for breathing room. So I let them breath. Some do not (Like that USDCAD PB last week) You can have you cake and eat it too - but you need clear vision and a tolerance for it. Time.

Quote
You've been trading a year or more profitably. It's comfortable, easy, even boring.

Easy? Not yet. the battle is in the mind. I can see things on the chart well, the execution against vision is harder.

Quote
When you see that vision are you happy with the amount of chart time you're spending? Or are you thinking, ... But it's good to develop a style that will be sustainable over the next few years. Clockwork71 is great when he writes about this and his Silent Service thread is superb.

Yep. But then again, Clock lives in Ohio and everything there moves at the speed of Corn... So you and I can pick up some things from him and others.

What I find infinitely cool is that the Internet throws all of these people together and we don't have to look so hard and long for answers. the down side is that the Internet throws all of these people together and we have to sift through all the answers for what fits. So - there is not much of a trade-off. We either spend time working to figure it out, or we spend time sifting sands for the pearls.


Quote
I know I am working for quality of life. I want to have a home in the US and a home here. I want to be able to travel and look at my laptop a few times every day and have a simple structured hassle free way of making good profit. So I look for strategies that I don't have to baby. I don't want alerts waking me up in the middle of the night for the next ten years. So I adjust my trade selection accordingly.

Ditto! I am going to live in Spain. South of Barcelona on the Med Sea. Why? I like the weather and Spain in general. Europe is great. I want to spend at least a month in Kauai each year too. And a week in London periodically. Great Beer there, and contrary to popular opinion, great food too. Lake Como in Italy is a personal favorite place in the world I want to go back to frequently.

There are a myriad of ways to trade and be successful. I learn from everyone here. A little tidbit here and there. A new tool in the toolbox - or not. It either fits with my strategy or it does not.

It took me 2 years to get to the point where what anyone else does does not affect me. I pass on trades the slobbering masses jump all over - and I am never wrong. Oh, sometimes they run, but that does not make me wrong. I stuck with my strategy and vision. It is working. I had some terrific trades this week that no one has even mentioned seeing.

As always - you've spoken plainly and well. But I find that the online discussion is both the Blessing and Malediction. I can see your words, but I cannot 'listen'. Sigh.

- mike
I'm pretty much done with all this ...
  • #34,816
  • Jun 24, 2009 3:27pm Jun 24, 2009 3:27pm
Quoting james16
wait until your 50.

naps are all your prostate will let you have.

I am truly surprised you have kids.... Your wife must be a saint.
I'm pretty much done with all this ...
  • #34,817
  • Jun 24, 2009 4:14pm Jun 24, 2009 4:14pm
you have no idea.

mother teresa took saint lessons from my wife.

Quoting StoragePro
I am truly surprised you have kids.... Your wife must be a saint.
  • #34,818
  • Jun 24, 2009 4:30pm Jun 24, 2009 4:30pm
Quoting james16
we know rac but the word is out that storage is actually a really foxy lady.

jim
ha, ha... I must be getting old. I haven't come across single lady, who deals with storage area networks.
I would not have guessed it in a 1000 years..
  • #34,819
  • Jun 24, 2009 4:34pm Jun 24, 2009 4:34pm
Quoting raczekfx
ha, ha... I must be getting old. I haven't come across single lady, who deals with storage area networks.
I would not have guessed it in a 1000 years..
OMG - someone please shoot me.
I'm pretty much done with all this ...
  • #34,820
  • Jun 24, 2009 4:40pm Jun 24, 2009 4:40pm
Quoting james16
imho the dow is hanging on a cliff.

at its current level if it fails to hold 8200 i think the floor gives way.

i think 8000 will be a bump in the road on the way down to 7500-7700 and maybe lower if that happens.

if it holds here we could see a retest of 85 and possibly 89.

..
We've must've been drinking from the same bottle.
My thoughts exactly... C'mon yen.
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