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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

  • #34,881
  • Jun 25, 2009 1:51am Jun 25, 2009 1:51am
Mike,

thank you very much for your explanations.
I finally understood ... a small connection in my women's brain ... Wow

Lss,

Thanks for your chart, it helped me a lot

Ghous,

Thanks a lot for the links, it is sometimes difficult to find specific information in this long post ...
  • #34,882
  • Jun 25, 2009 1:56am Jun 25, 2009 1:56am
A post to help other newbies and to be honest with myself.
I wrote this post to rh674 recently and then proceded not to follow my own advice.

Jumped into the GBPJPY pin bar trade just over a day ago, price moved nicely up, moved stop to BE, went to bed, price missed my TP by 6 pips (was 131 pips in profit at that stage) then ran back down and took out the stop and ran thru a further 20 odd pips.

Now I've posted to others about using THIS IS CRITICAL but I managed this trade on watching what others were doing (moving to BE) but I didn't take any profits off the table, actually I didn't have the trade set up to be able to do that; seperate trades 1 for profit taking and 1 for letting run. Actually had I left my trade alone, there have been some posts recently on this, and fully accepted the risk it turns out my TP would have been hit today.

With a lot of the posts on styles and trade management (accepting the risk, plan the trade/trade the plan etc) recently you'd think all this stuff would be cemented in my thick skull by now.

The stupid part about it is I have read and know all these things but it just goes to show this newbie isn't treating this profession as a BUSINESS yet.

The truth of the matter is simply I don't have a full written plan!!

Funny how this business brings one back to earth and kicks like a mule when we're undisciplined.

Still a lot of work to do on discipline, patience, trade management etc oh yeh and that written plan, if I seriously want this to be my new business.

Thanks for humouring me, hope this helps someone else too!

Gov

Quoting Gov
Hello again rh674

It's a great feeling when you first start into this thread, it's like my wife in a never ending clothes shop, like a kid with a new toy etc etc.

This part gets posted quite regularly and I'm not sure of your experience, but it's definately worth the effort of reading the thread from page 1. There is actually a lot of info right there on page 1, it's a big page, lots of attachments but as Jim (James16) said to me when I first posted a few months ago "take your time and when you get a chance go over and watch the guest videos"....
  • #34,883
  • Jun 25, 2009 2:15am Jun 25, 2009 2:15am
Quoting clockwork71
There are so many more important things in life than trading. Trading can teach you a lot about life as well. Use it as a blessing, and never take it too seriously.......

As far as trading and moving stops to break even right away is concerned: I always thought like this: "What the hell am I doing taking a trade I don't believe in?" If I lose, it's 1%......big deal.
Great post, everyone be sure to read that
  • #34,884
  • Jun 25, 2009 2:18am Jun 25, 2009 2:18am
Yep slip that one into my "book of readings"


Quoting clockwork71
I think the key is being able to see areas that really matter. This is why I watch weekly S/R lines only. (The occasional monthly.) I used to sit and sweat at the charts all day long. It's not worth it. I don't give a rat's ass how much you think you can make. Like you said: Quality of life. Nothing more, nothing less.

My litmus test is "Can I put on this trade and walk away?" Hell, there are times I don't bother checking for 2 or 3 days. Why? Because I don't trade for another job. I have one already.

The fact that I doubled the amount...
  • #34,885
  • Jun 25, 2009 2:19am Jun 25, 2009 2:19am
sorry guys did any news come out on gbp, i dont think so
jst noticed all the gbp pairs reacting hard
Simplicity is the key to success
  • #34,886
  • Jun 25, 2009 2:19am Jun 25, 2009 2:19am
Quoting mattfx
Just wondering, does anyone keep a journal of their trading activity, I would be interested to know, and more importantly how they structure it. I have attached my activity from the 22 April. What is incredible is the amount of pips one could accumulate if.......
1. Didn't have a job
2. Didn't need sleep
3. Had no distractions (wife, kids, mother in laws etc)
4. Didn't need to eat etc etc
LOL
I keep a journal, looks a bit like yours on my overview of trades page. But then I got a much more detailed one for each single trade (3 pages for each trade), with comments, charts (both daily-charts and intraday-charts) etc.

I also have a notebook (paper) where I write down trading-thoughts etc. regulary.

If you don't keep a detailed journal, every loser-trade you do is good for nothing and you'll keep making the same errors again and again. I consider having a journal one of the most important things if you want to do this in a professional way. Otherwise you're just playing...
  • #34,887
  • Jun 25, 2009 2:24am Jun 25, 2009 2:24am
hard break of the pin, that produced 20 pips in profit instantly
Attached Image (click to enlarge)
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  • #34,888
  • Jun 25, 2009 2:25am Jun 25, 2009 2:25am
[quote=Ryanmcd;What about BOB???[/quote]

this just cracks me up everytime i see it!!
PATIENCE... DISCIPLINE
  • #34,889
  • Jun 25, 2009 2:27am Jun 25, 2009 2:27am
Now that Oanda has a trailing stop, I've been using the heck out of it. I will still move my hard stop at BE+1 when appropriate and have a trailing stop. I feel I get the best of both worlds. BE+1 stop and ability to let a trade run until the market comes back and takes out the trailing stop.

ONE MORE option is a list of take profit options.




Quoting Gov
A post to help other newbies and to be honest with myself.
I wrote this post to rh674 recently and then proceded not to follow my own advice.

Jumped into the GBPJPY pin bar trade just over a day ago, price moved nicely up, moved stop to BE, went to bed, price missed my TP by 6 pips (was 131 pips in profit at that stage) then ran back down and took out the stop and ran thru a further 20 odd pips.

Now I've posted...
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #34,890
  • Jun 25, 2009 2:35am Jun 25, 2009 2:35am
Quoting LasVahGoose
I think it really matters what stage in your trading development you are in, but I will agree that TOO MUCH of anything isn't a good idea....
Well I agree with you to some point. I'm doing this for almost 10 years now, and I've done everything from scalping futures to trading options...trading future-spreads, and long-term position trading...etc etc. I've had times where I traded actively for 10 hours a day, doing 50 trades a day wasn't that much to me back then. Also I studied this stuff like a maniac for years, even when I went to sleep my brain wouldn't stop digesting information, work on new methods/ways to trade etc. I hardly had a life besides trading in those days...and sometimes I wonder what prevented me from seriously going nuts (I really mean it, like really going nuts).

Now the question is if this really is necessary to get good at this...and to be honest I'm not sure. If I'd have had this thread and got the right books at the start I think it would have been a lot easier. But yes maybe there's a time where you have to do this a bit more extremely. Now the question is if it's worth it...and I can't say 100% that it was for me. I don't know. I'm happy now with my trading, but if I'd have known what I have to go thru to get where I am now...no way I'd have started again. Seriously.

So that's the study-time for trading...when it comes to actually putting your money on the table and if it's a serious amount I am 100% sure that for most people it's a lot better to trade only very few trades and keep a good distance to the market most of the day. I've been trading successfully on 1min-charts in the emini-markets, but only when I stopped trading it all day long. I'd take a trade and if it's a winner I'd stop for the day and go out. Now it's even easier. I've put in my order this morning and closed my platform for the day. I'll have a look again next morning. If you get involved in all the daily drama of the markets you'll get sucked into it and be one of the 90% losing. You'll have to get out of the valley and go up to the mountain and have a look from there.

Just some thoughts...
  • #34,891
  • Jun 25, 2009 2:41am Jun 25, 2009 2:41am
Thanks LVG

A great option for the land down under, asian time zone and all.

Gov

Quoting LasVahGoose
Now that Oanda has a trailing stop, I've been using the heck out of it. I will still move my hard stop at BE+1 when appropriate and have a trailing stop. I feel I get the best of both worlds. BE+1 stop and ability to let a trade run until the market comes back and takes out the trailing stop.

ONE MORE option is a list of take profit options.
  • #34,892
  • Jun 25, 2009 3:02am Jun 25, 2009 3:02am
  •  LSs
  • | Joined Jan 2009 | Status: I switched to the smarter side | 84 Posts
Quoting datogio
hard break of the pin, that produced 20 pips in profit instantly
Not to forget, the 1.66 PPZ (:
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  • #34,893
  • Jun 25, 2009 3:05am Jun 25, 2009 3:05am
Taking profit there Dale?

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  • #34,894
  • Jun 25, 2009 3:08am Jun 25, 2009 3:08am
Quoting whitegoodman
looks pretty ok to me, theres a clear pivot zone there, my only reccomendation maby would be to take it on the break of the inside bar through a buy stop order...
Thank you whitegoodman. I will improve the entry next time.
......
  • #34,895
  • Jun 25, 2009 3:13am Jun 25, 2009 3:13am
Quoting mbqb11
Hey RH

Welcome, page 17 is still very early on take it slow as you are, but you will learn much more in the pages to come. Inside bars are IMO the trickiest of all the techniques you could aquire here. One main problem is trading IBs on a timeframe like the 4hr. Sine there is still a lot of dead time due to the timeframe, IBs will pop up left and right having you possibly in and out of the market enough to drive someone crazy(or account down). So your analysis isn't necessarily wrong. As white said also, the accepted way...
Yes Mike, it did to my trades the last two week quite a few times. And I jumped into revenge trades untill I suddenly realise that's going to kill my account again.

Now I am very slow. Managing myself focus on keywords: location, space to run, support/resistence and PA.

Follow the thread.

rh
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  • #34,896
  • Jun 25, 2009 3:20am Jun 25, 2009 3:20am
Quoting nadid83
Hello,

I'm sorry, I do not understand how fib would be drawn.
Probably because I would have drawn as Lss

Sorry for my English ...

Thanks so much for this fantastic thread's learning

Nadine
My first chart also committed the same mistake. Gov said fib was upsidedown.
......
  • #34,897
  • Edited 3:33am Jun 25, 2009 3:32am | Edited 3:33am
Quite often sound that comes much BE trades and they feel
not so nice when price after that go 300 pip right way.

But this is long road to walk and using wide stops and getting
lose trades is best way to stops and feel this not work fo me.

When 95% loose money in FX
And You´rs trade stops in BE you beat those 95%

And soon comes next oppornity and next.


I know its so so easy to come greedy to get bigger wins
and actually it´s just hurry to get bigger losts.
  • #34,898
  • Jun 25, 2009 3:36am Jun 25, 2009 3:36am
Quoting Gov
A post to help other newbies and to be honest with myself.
I wrote this post to rh674 recently and then proceded not to follow my own advice.

The truth of the matter is simply I don't have a full written plan!!

Thanks for humouring me, hope this helps someone else too!

Gov
Hello Gov. I was taking your advice and started to read from page 1, now I'm on page 17. Quite slow.

Well, feeling a bit....how come I posted several in a raw...
......
  • #34,899
  • Jun 25, 2009 3:54am Jun 25, 2009 3:54am
Quoting TiaForex
I'd agree with everything you said Mike. I should have made myself clearer when I posted, my tone didn't quite come across. I meant it in the same spirit of exasperation at its over simplification as you did. As in "we're told told to cut our losses and let our winners run. we're told that's the secret to trading. but what the heck does that mean and how do we get there". So I wasn't holding it up as they key to trading at all. It's kind of like telling someone that the key to trading is to "have winning trades and make money". You articulated...
Sounds like DIBS, lol... 8000 posts of what time does it start? What time is it here if you mean 6:00GMT? Seems we always try to complicate things.
  • #34,900
  • Jun 25, 2009 4:10am Jun 25, 2009 4:10am
Close here.
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