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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

  • #39,041
  • Jul 27, 2009 4:14pm Jul 27, 2009 4:14pm
Quoting unlv_tj
Thanks guys.

The toughest part of all this is pounding into my hard head that trading is so vastly different from anything else I have done. This isn't "right" or "wrong" or "you messed up", this is simply making money.

I may just be one of those who cannot do it. They say there are some people just unable to trade. But I will not give up until I am at least 35 (4 years away).
In my experience, and I think I've heard Mike say this too, the learning curve for trading is not easy and not smooth. There are days you think you've got it, and days you think you'll never ever get it. Remember Jim's story? 8 years of crawling under a table in the foetal position because he'd blown another account.

Time, practice, patience, dedication. And perhaps a degree of stubborn commitment to get this no matter what it takes. They'll help you through these times. You're giving yourself time, which is great. Now use that time wisely.

And another thing. A losing trade doesn't mean you screwed up, or did badly. It's just another trade. Don't focus on the individual trades, focus on a series of trades.

It can be a long and lonely road. Be gentle with yourself along the way.

Aaron
  • #39,042
  • Edited 6:19pm Jul 27, 2009 4:30pm | Edited 6:19pm
Quoting ghous
Nothing wrong abt being picky specially when you're on a lower time frame.

Your "traffic" concern was very much valid,

This was NOT in any way one of the 3-4 setups you want over the month via a super conservative approach.

Importantly you must know yourself.

If you're a trader more like Jim and Mike you gotta just watch such PA from the side lines and enjoy,

If you're a jarroo you would go for it and..."manage it tight"

If you're a Razcekfx you would have longed the pin right off the end of the nose and be happy...
All good things said, ghous.

That's the beauty of this thread. Different approaches or styles to skin a cat. The "cat" being what Jim is teaching us here. The foundation of the J16 way: Great bars at great locations, Highly confluenced areas with Price Action confirmation, "Where is Price heading? Right where it was suppose to go. If Price hits this obvious area and then you take a loss, its time to rethink if that makes any sense.", and so on and so on.

My point being is that by learning these different styles we find a better understanding on how Price moves and how a setup can best be traded. Sure, one may find an approach that fits them best and they only stick with one.

But its great to be able to see an opportunity (the "cat") and apply a different style (the "knife") to reap a nice gain.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #39,043
  • Jul 27, 2009 4:49pm Jul 27, 2009 4:49pm
Quoting TiaForex
And another thing. A losing trade doesn't mean you screwed up, or did badly. It's just another trade. Don't focus on the individual trades, focus on a series of trades.
I agree. I have read once that one of the factors for most or at least many traders to retire or loose confidence is letting themselves think that when they lose, themselves are the losers instead of their trades. The fact is that even the best ever traders have loses. You must understand that your trades are the losers, not you. You can't predict 100% of the time what will be the next move of the market.
If you will let your loses make you think that you are the loser, you have zero chance cause without confidence it's not possible. You are letting your emotions get control on you and on your trades if you treat yourself as a loser.
Separate between your loser traders and between yourself.

Actually I am quite new to this stuff and I am no telling you it from self experience. But I can advice you to read the e-book called "The Secrets Of Emotion Free Trading" by Larry Lewin. I have readed it before I even started to learn technical analysis. It helped me to realise a few things that I think some of the most experienced traders still do not realise.

There are more aspects to treading beside the knowledge of analyzing a chart.
If you do not have the ability to CONTROL YOUR EMOTIONS while trading, your analysis knowledge doesn't have much value IMO.

I really hope you will get better. I am a newbie and I know I have years to practice until I will have the honor to tell this stuff to other. But I just hope it will help you.
I will attach the e-book to this post so everyone can download it. IMO it is a "must read" book for every stock or forex trader.
Take note that it was written about 11 years ago by a stock trader, but because it discusses about the emotional aspect of trading, I think it is relevent and true today exacly like 11 years ago.

Ben
Attached File(s)
File Type: pdf Larry Lewin - The Secrets Of Emotion Free Trading.pdf   485 KB | 2,193 downloads
  • #39,044
  • Jul 27, 2009 4:55pm Jul 27, 2009 4:55pm
Quoting TiaForex
And another thing. A losing trade doesn't mean you screwed up, or did badly. It's just another trade. Don't focus on the individual trades, focus on a series of trades.

It can be a long and lonely road. Be gentle with yourself along the way.

Aaron
Some related material...

Darkstar:
http://www.forexfactory.com/showpost...1&postcount=18
Merlin:
http://www.forexfactory.com/showpost...07&postcount=5

Dopey:
http://www.forexfactory.com/showpost...92&postcount=9

(It pays to treat this stuff like a textbook... then it's all in your notes... you just have to find it!) - Josh
  • #39,045
  • Jul 27, 2009 4:56pm Jul 27, 2009 4:56pm
Quoting TiaForex
In my experience, and I think I've heard Mike say this too, the learning curve for trading is not easy and not smooth. There are days you think you've got it, and days you think you'll never ever get it. Remember Jim's story? 8 years of crawling under a table in the foetal position because he'd blown another account.

Time, practice, patience, dedication. And perhaps a degree of stubborn commitment to get this no matter what it takes. They'll help you through these times. You're giving yourself time, which is great. Now use that time wisely.

And...

Yep I did say that. To be honest, I remember a few points where I really thought I had it. I would never have to think "do I have this?". Then I had about 2 more of those episodes. B/C there are just things that even once you are successful you have to experience and get through yet again. Take the trader who has been trading live profitable for 6+ months. How does that trader react on the 7month when they have their worst losing month? etc. I spoke to a few people, and I said that if you can get yourself to become a breakeven trader, you really have a shot. Most people just keep digging before they can even get to that point. If you find yourself hovering at b/e you should be damn proud to be there, and then keep pushing for the last leg of curve. I think I can identify these points more closely b/c i get such a wide range of emails now that are so similar on their points of the learning curve it is more easy to say, OK I can see this person is more here then here.
  • #39,046
  • Jul 27, 2009 6:17pm Jul 27, 2009 6:17pm
Quoting benji533
I agree. I have read once that one of the factors for most or at least many traders to retire or loose confidence is letting themselves think that when they lose, themselves are the losers instead of their trades. The fact is that even the best ever traders have loses. You must understand that your trades are the losers, not you. You can't predict 100% of the time what will be the next move of the market.
If you will let your loses make you think that you are the loser, you have zero chance cause without confidence it's not possible. You are...
that guy's name is really similar to the fictional name Larry Livingston (Jesse Livermore) in "Reminiscences of a Stock Operator"
  • #39,047
  • Jul 27, 2009 7:04pm Jul 27, 2009 7:04pm
Quoting Jduester
Some related material...

Darkstar:
http://www.forexfactory.com/showpost...1&postcount=18
Merlin:
http://www.forexfactory.com/showpost...07&postcount=5

Dopey:
http://www.forexfactory.com/showpost...92&postcount=9

(It pays to treat this stuff like a textbook... then it's all in your notes... you just have to find it!) - Josh
Great links to a very crucial point. Thanks for those Josh
You got to know when to hold them, and know when to fold them.
  • #39,048
  • Jul 27, 2009 7:11pm Jul 27, 2009 7:11pm
Quoting sas
Great links to a very crucial point. Thanks for those Josh
next click each members name above and then Find all posts Read and re-read




Mike
  • #39,049
  • Jul 27, 2009 7:17pm Jul 27, 2009 7:17pm
Quoting Jduester
Some related material...

Darkstar:
http://www.forexfactory.com/showpost...1&postcount=18
Merlin:
http://www.forexfactory.com/showpost...07&postcount=5

Dopey:
http://www.forexfactory.com/showpost...92&postcount=9

(It pays to treat this stuff like a textbook... then it's all in your notes... you just have to find it!) - Josh
Josh you're an encylopedia.

And these guys said it better than I could ever hope to.

I've never read any of Dopey's stuff but I read everything Darkstar and Merlin ever wrote on here. They are the traders that I one day hope to be like, and I urge everyone to read all their posts.
  • #39,050
  • Jul 27, 2009 7:26pm Jul 27, 2009 7:26pm
Quoting TiaForex
Josh you're an encylopedia.

And these guys said it better than I could ever hope to.

I've never read any of Dopey's stuff but I read everything Darkstar and Merlin ever wrote on here. They are the traders that I one day hope to be like, and I urge everyone to read all their posts.
Well we have plenty of time to read tonight until the London session. In my estimation there is nothing to trade on the daily charts as of my close 21 minutes ago. I am still in the short trade on NZDJPY that I took off the 1HR pin this morning. I'm going to move my stop to BE and hit the sack for a while. Thanks for the great webinar today Fudd.

K.I.S.S.
  • #39,051
  • Jul 27, 2009 7:36pm Jul 27, 2009 7:36pm
Quoting TiaForex
.....
I've never read any of Dopey's stuff but ....They are the traders that I one day hope to be like, and I urge everyone to read all their posts.
yes, Dopey's well-traveled too. A lot of insights. Dopey's posts are very few yet highly recommended.

Just got back in...seems there are some interesting discussions that went on here which i missed...
  • #39,052
  • Jul 27, 2009 8:01pm Jul 27, 2009 8:01pm
I know I haven't contributed too much but I have been a long time follower of this thread. And as per my previous post on being consistent I am going to stop reading this thread for a little while so I can stick to my words and focus on ME, MY METHOD, and MY TRADING.

For some of you newbies don't make the mistakes I made when starting out. Read this thread, read the senior members and long time traders on here, read, read and read but at some point make sure you stop reading and DO. Take what you have learned and begin to apply it and shape it into something for you. Model the traders on here and learn about yourself. A quick exercise I find very helpful is simply open up a word document, title it with the days date and then just start typing. Type what ever enters your mind and don't worry about typos, just let it flow - this exercise I find very powerful in clearing the mind and eliminating confusion.

So I encourage you to take the time and learn to apply what you learn. Test (vhands or fxtester), review, think, tinker, etc., just start taking the tools that are given here and putting your own label on them to make them yours.

I'll be checking back hopefully by mid-august when I find my sweet spot and have taken what is given here and made it into something of my own. So thank you and good luck.

Chris
  • #39,053
  • Jul 27, 2009 9:35pm Jul 27, 2009 9:35pm
Quoting KissFan
Thanks for the great webinar today Fudd.

K.I.S.S.
I like this nickname for Mike. I may have to shout "HERE COME THE FUDD" at the beginning of every webinar.
  • #39,054
  • Jul 27, 2009 11:12pm Jul 27, 2009 11:12pm
Quoting TiaForex
I like this nickname for Mike. I may have to shout "HERE COME THE FUDD" at the beginning of every webinar.
that's fine don't be so late next time pacino
  • #39,055
  • Jul 28, 2009 1:06am Jul 28, 2009 1:06am
Quoting jarroo
Very nice tac. Although not the best setup we look for . . but within the teachings of the big guy.


Notice the break of this Daily PB blue (30min chart to show break) very hard and strong. This is what I look for for confirmation that the setup is correct.

Notice the other PB (green) break was soso but it had a better confluence of a PPZ and 38.2 at the 94.50. The trade did reach the obvious target in purple.

Don't know if you took all off the table but a partial position at break even could go to the moon or the 96.00, 150 ema, 61.8 ,...
Quoting tac
Hi Jarroo,

Yeah, I knew it wasn't a A+, although the local levels it rejected and it shape showed a sharp rejection, I intend to play these setups and just take full profit at the first minor area of S/R (which is what I did here), Its the A+ setups that ill be more inclined to let them run longer. Thanks for the charts very useful. I dont care now if it runs to the moon, I got my profit .
Hey tac.

I know you are you happy with your trade results from this 7/23/09 Usd/Jpy PB (blue box) and well you should be. Very nice.

But letting trades run, I believe, is a result that we all work on fullfilling. Many of my largest gains were the result of moving to break even then hiding under the next strong, confluenced areas. These have been with the 2nd half position or even less the half position. ( I do this with many of my trades, even the A+ one, I still learning to let the whole position run on a strong move, Thanks Mike .)

I know this was a less then "A" quality setup and you well stated your reasons for taking profits where you did. But sometimes when a tightly managed, less then A+ trade turns in to a runner . . . its something to consider.

Just giving you something to think about. Not trying to be preachy.

Anyway, great trade.

Jim
Attached Image(s) (click to enlarge)
Click to Enlarge Name: jpydaily.gif Size: 26 KB
Click to Enlarge Name: jpydaily2.gif Size: 29 KB
Indicators show the past. Price Action "Indicates" the future.
  • #39,056
  • Jul 28, 2009 1:39am Jul 28, 2009 1:39am
I pulled off my Uj order.

Another of those plentiful days when waiting for the break can save your A$$.



post number 38911 explains why it was a very much a taradble IB despite some spatial concerns.

Ghous.
Attached Image
I believe . . .
  • #39,057
  • Jul 28, 2009 1:43am Jul 28, 2009 1:43am
Quoting jarroo
Hey tac.

I know you are you happy with your trade results from this 7/23/09 Usd/Jpy PB (blue box) and well you should be. Very nice.

But letting trades run, I believe, is a result that we all work on fullfilling. Many of my largest gains were the result of moving to break even then hiding under the next strong, confluenced areas. These have been with the 2nd half position or even less the half position. ( I do this with many of my trades, even the A+ one, I still learning to let the whole position run on a strong move, Thanks Mike...
That guy's serious abt making it happen,

His attitude goes even beyond his good results.

Smart chap decided to back off the thread for a while so he can concentrate on mastering the stuff.

Take that for dedication.

I wonder if James can puff his chest anymore can he?
I believe . . .
  • #39,058
  • Jul 28, 2009 1:44am Jul 28, 2009 1:44am
Quoting ghous
I pulled off my Uj order.

Another of those plentiful days when waiting for the break can save your A$$.



post number 38911 explains why it was a very much a taradble IB despite some spatial concerns.

Ghous.

lol Yes it did. I can't tell how many times the "non break" has saved me.

But I'll bet you if it did break, it would have given up some nice pips.
Indicators show the past. Price Action "Indicates" the future.
  • #39,059
  • Jul 28, 2009 1:48am Jul 28, 2009 1:48am
Quoting ghous
That guy's serious abt making it happen,

His attitude goes even beyond his good results.

Smart chap decided to back off the thread for a while so he can concentrate on mastering the stuff.

Take that for dedication.

I wonder if James can puff his chest anymore can he?
Good for him. Not a bad way to go.
Indicators show the past. Price Action "Indicates" the future.
  • #39,060
  • Jul 28, 2009 1:52am Jul 28, 2009 1:52am
So much for a "commercial section"

We've never seen that counter so horrible even on a weekend.



still everything get's ok.



Ghous.
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I believe . . .
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