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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

  • #36,401
  • Jul 6, 2009 9:48am Jul 6, 2009 9:48am
Quoting supremeChaos
verno,
your/our brain can be as selective, receptive, &/or keen as YOU/WE want it to be.
(slightly) figuratively speaking, our brain has neurons/dendrites that metastasize/spread out/make more connections when we human beings do particular repetitive chores/skills etc. in short PRACTICE enhances our brain/keeps it sharp.

what also helps are:
regularly zooming in &out charts to see the bigger picture & the details;
&/or checking the "background" --- the activities (bars/candles) to the left of the current price bar/candle.
Keep...
Good points supreme
  • #36,402
  • Jul 6, 2009 9:59am Jul 6, 2009 9:59am
Nice thread full of very nice poeple.

But please how do i learn patience cos i discovered that most of the time i just feel like pulling the triger even for trades i perceived not to be A++?

Regards
  • #36,403
  • Jul 6, 2009 10:05am Jul 6, 2009 10:05am
Quoting lafemo
Nice thread full of very nice poeple.

But please how do i learn patience cos i discovered that most of the time i just feel like pulling the triger even for trades i perceived not to be A++?

Regards

LOL...well, I don't know about others but, TIME and LOSSES taught me PATIENCE....LOL
Ghost Rider - WWTBMD?
  • #36,404
  • Jul 6, 2009 10:13am Jul 6, 2009 10:13am
Quoting g_j_hook@yah
hi John, i dont see any trade here, the daily bar is not a pin bar (although the same shape)the bar lies at the bottom of the preceding bar with the shadow inside it. We want the shadow to stick out above the preceding bar( and i would like it to be a longer bar than this)
The weekly bar is not much better im afraid,imho, it is very small and more of a neutral candle than a pin bar.we would want this to be at a swing h/l also and this comes after a few bars of retracement. Some people might still trade a bar like this IF it was a better bar,i.e....
From a "By The Book" Pinbar, the above is correct.

But by looking at Price Action as it is, naturally, that signal was a clear short term sell off, and look what happened last week.

Note to John: You should probably trust your instincts more. GBP/JPY was a great short all last week, as well as a bunch of other pairs including major ABC/USD pairs. If you went short, you made money.
  • #36,405
  • Jul 6, 2009 10:18am Jul 6, 2009 10:18am
Quoting lafemo
Nice thread full of very nice poeple.

But please how do i learn patience cos i discovered that most of the time i just feel like pulling the triger even for trades i perceived not to be A++?

Regards
Try this.

Trade only the dailies and the weeklies. Nothing lower. That teaches patience in and of itself.

Give yourself 5 "bullets" a month. That's 5 trades each month. No more. If you see an A+ trade after your 5 bullets have been used, then you can't take it. That'll make you more selective.

And read post one of this thread and follow the minimum requirements. That really builds patience.

I personally believe that following your rules is the most important part of trading. Losing happens to everyone, but if you're losing because you get impatient and can't follow your own rules, then you simply shouldn't be trading live money. Work it on demo until you have worked up the discipline to follow your plan. Impatience and ill discipline will kill your account.

We've all been there, believe me. And we all revisit it from time to time as well. But I can't stress how important it is to stick to our plan and our rules.

Change how you view a successful trade. Don't view a successful trade as one where you made money. View it as one where you followed your plan, whether you won or lost. If you didn't follow your plan and made money anyway, then that is an unsuccessful trade. Sometimes the worst thing that can happen in this business is that we can be rewarded for breaking our rules.

Just a few pointers. I hope they help.

Aaron
  • #36,406
  • Jul 6, 2009 10:19am Jul 6, 2009 10:19am
Quoting lafemo
Nice thread full of very nice poeple.

But please how do i learn patience cos i discovered that most of the time i just feel like pulling the triger even for trades i perceived not to be A++?

Regards
You need to set goals, start a solid journal of your trading, the pairs you follow, the trades you take.

Starting a journal alone will change the way you trade, you need to treat it like a business.

And you need to set rules. No more than 1 trade open at a time is a great rule to start with. It prevents you from over trading.

Plus with the new FIFO rules (on all currency pairs), and no hedging rules, this would help you combat that.

There are many things you can do, but, the market will always give you an opportunity to make money, you must believe that. You are not missing a damn thing when you are away from the market. In fact, when your not in a trade, or in the market, your preserving your capital, this is a good thing considering this is a business.

Get used to being away from the market for a few days at a time, and not letting it bother you, get used to not always being in the market. On Daily/Weekly Charts, this should be no challenge at all.
  • #36,407
  • Jul 6, 2009 10:23am Jul 6, 2009 10:23am
Quoting TiaForex
Change how you view a successful trade. Don't view a successful trade as one where you made money. View it as one where you followed your plan, whether you won or lost. Aaron

Yep big thing here, The problem is people are taught that a loss = bad and that is not the case. How ofter do you hear "Good job you lost" lol
Keep taking CT trades, I need more money
  • #36,408
  • Jul 6, 2009 10:28am Jul 6, 2009 10:28am
Quote
Hi supremechaos, i couldn't agree more. My grandfather was a firm believer of this too, and didn't stop working until he died at the ripe old age of 91. amazing man, bright as a button.
3/3 trades in the green today, small gains, im on a micro account, but there's a smile on my face.

zimdonks,
yes, i'm still in my 20's but i plan to live very long with a sharp mind & active body (sounds like a health/milk drink commercial LOL). to this end, my plan is to stay active&sharp via sports (i can play 6-12+ different sports & plan to "diversify" in more), music instruments (i play percussion instruments & i plan to play wind & string instuments), games (card games, board games, PC games woohooo!), hobbies (whatever, cooking, drawing, gardening/tree planting), reading (books/internet articles/news etc), volunteerism/charity work (interaction/satisfaction/good karma/fulfilment)

Congrats on your 3 trades. Keep it up!!



Quoting albchr
LOL...well, I don't know about others but, TIME and LOSSES taught me PATIENCE....LOL

seriously, being very selective/using discretion is the way to earn/develop Patience in your blood.
it's like the fairy tale mr. right/miss right. u look for the best girl/boy u can find, u don't just date/marry anyone. else u would end up or
(in trading analogy, u would end up with a loss:
bad choice of trade setups = bad/negative results
Patience + good trade setup choices = good results or )

this is your 3rd post, in 1.5years. i highly suggest u interact more here, post more posts & charts, so u'll learn faster. Good luck
  • #36,409
  • Jul 6, 2009 10:44am Jul 6, 2009 10:44am
Purple Line target profit area +220
Please note Round number 1.6700 is also PPZ
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  • #36,410
  • Jul 6, 2009 10:49am Jul 6, 2009 10:49am
Looking at this puppy..

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  • #36,411
  • Jul 6, 2009 10:51am Jul 6, 2009 10:51am
It was a small PB, but good location on a minor flip and on a round number. Tastes like chicken.

Moving the SL behind 1.6200 now....

I'd love it if today's bar closed with the close a bit higher than the open. Now THAT would be a tasty thing...
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I'm pretty much done with all this ...
  • #36,412
  • Jul 6, 2009 10:54am Jul 6, 2009 10:54am
hello guys
just curious ,did anyone take this pin on the 4hr tf, i took the bullish eu h4 pin instead....not yet gotten to its 1st tp yet
cant see anyone talking about it, so decided to put up a chart.
cheers
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Simplicity is the key to success
  • #36,413
  • Jul 6, 2009 10:55am Jul 6, 2009 10:55am
hi Ravone,
Quote
From a "By The Book" Pinbar, the above is correct.

But by looking at Price Action as it is, naturally, that signal was a clear short term sell off, and look what happened last week.
i didnt and still dont see it as a clear short. maybe you can post a chart and show what you mean? the weekly bar used for a trigger is not a clear signal to me?
Quote
Note to John: You should probably trust your instincts more. GBP/JPY was a great short all last week, as well as a bunch of other pairs including major ABC/USD pairs. If you went short, you made money.
No offence here Revone but imho this is the fastest way to blow your account. you cant build a good trading plan on instincts. i am looking for something quantafiable and repeatable. in fact i try to leave any instincts or bias i have in my head and only trade from the chart.
cheers for the feed back.
jon
PATIENCE... DISCIPLINE
  • #36,414
  • Jul 6, 2009 11:13am Jul 6, 2009 11:13am
Quoting squeezy
hello guys
just curious ,did anyone take this pin on the 4hr tf, i took the bullish eu h4 pin instead....not yet gotten to its 1st tp yet
cant see anyone talking about it, so decided to put up a chart.
cheers

Hi Squeezy.

I'm in on the UsdChf. Targeting 10820 as 1st TP
  • #36,415
  • Jul 6, 2009 11:18am Jul 6, 2009 11:18am
Quoting ljr
Hi Squeezy.

I'm in on the UsdChf. Targeting 10820 as 1st TP
These are the trades that we can't let come back on us for a loss though. It just gets thicker the lower we begin to go on here


Hope everyone had a good weekend
Mike
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  • #36,416
  • Jul 6, 2009 11:42am Jul 6, 2009 11:42am
Quoting ljr
Hi Squeezy.

I'm in on the UsdChf. Targeting 10820 as 1st TP
good for u ijr but as mike said " these r the kind of trades we dnt want reversing on us" .... i would hav taken partial profit @ 1.0880 area and then moved to BE or give it a little leeway...
just dnt let a winner turn into a loser
goodluck with ur trade mgt ijr
cheers
Simplicity is the key to success
  • #36,417
  • Jul 6, 2009 11:50am Jul 6, 2009 11:50am
Sohail786,
to me, that was a PB - BEOB hybrid.

Keep it up!



Quote
i am looking for something quantifiable and repeatable
g_j_hook@yah,
excellent phrase/sentence.
in short, CONSISTENCY --- james16 thread teaches this, apart from PATIENCE.
  • #36,418
  • Jul 6, 2009 11:52am Jul 6, 2009 11:52am
squeezy what is your target on eurusd? I am in as well and my TP is 1,4 (or just a pip under) because it seems to me it gets thicker in that area and it is also a round number... what do you think? and other pros?
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Live it or leave it!
  • #36,419
  • Jul 6, 2009 11:53am Jul 6, 2009 11:53am
Quoting Sohail786
Purple Line target profit area +220
Please note Round number 1.6700 is also PPZ
Agree with Chaos.

Good Job.

And nice work with the arrows too

Regards,
Ghous.
I believe . . .
  • #36,420
  • Jul 6, 2009 11:57am Jul 6, 2009 11:57am
Trade: Long two positions at 1% acct risk each entry long @132.64 Total risk is 2%. Potential Reward is 2.01%.
Stop Loss: Initial at 131.69
Management Strategy: when price reaches 132.92 my stop will trail by 97 pips. First TP will be 132.92. Second TP target will be the 134.37 area 150ema
Price Action/Confluence: 4 hr Pin at swing low/at support/divergence
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