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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

  • #44,001
  • Sep 17, 2009 8:53am Sep 17, 2009 8:53am
Quoting StoragePro
At this rate your friend can buy California soon... and it won't be soon enough!

just waiting for the liquidation sale...
  • #44,002
  • Sep 17, 2009 9:20am Sep 17, 2009 9:20am
Quoting joelcf

If you ever figure out the answer to this one, please feel free to share it. I'm still stuck in the gravitational pull of the B/C trade, and escaping isnt as easy as 'just say no' (even though it should be).
It has gotten better with time and experience - I've experienced the effects of the sub-par bar enough to realize the trade-off is not worth it for me. (Some of them do fabulously well). I've even forward tested these bars, on demo with demo bucks, and I have to say, although many of them can be closed in the positive, too many cannot, and every one of them is a gut wrenching experience for me. I am finding I like the easier stuff a lot more. (I have a 12 year old boy, and he provides me ample "excitement", I don't need any more)

These bars no longer represent the Borg (resistance is futile) to me, but a well formed bar now makes me inspect it and the surroundings closer to ensure I see all the risk.

Perhaps the right emotion is disapointment? "Such a nice looking young bar" Ugh, it has cooties. Maybe if I am *real* careful... It could be a lot of fun and give me something to tell my buds about. but it still has cooties. Darn, that would have been a good one."


My brain is out to get me. I better keep a bat close by just in case it gets loose.

It is all about developing as a trader. PeterFM has a section in the PF on this where he talks about his ongoing development. It is really fascinating to read. It is so interesting, I find myself unable to comment on it because to me, it would detract. I am still developing, and from what I hear from the long time traders like James and Bemac, the growth never stops. I can see how!

Boy, this is getting long....

Another interesting thing - Ryanmcd posted up some stuff last night on the points that getting successful in trading is not at all like success in a 'traditional job'. Man is THAT truth. I am pretty damn good at what I do in my day job. The best, IMHO. When I get people higher on the food chain testing me out, I slam it into high gear and lock on. I do not disappoint - ever. I have complete mastery. There is a large intellectual component to what I do, and that is one gift I possess.

But I am also bored to tears now. I have a half-life of 2 to 3 years in any one job, and guess how long I've been doing this one? I know what I want to do next, but I have to convince a multi-billion dollar company to do it. That ain't easy.

I've been a live trader for a third tax return - and I am more interested in this thing than ever before.

I think it has something to do with the fact that there are levels of proficiency, but there is no such thing as mastery. Markets change and no trade is ever like any you've seen before. That and our personal psychology can go straight into the toilet in the blink of an eye. Trading in that circumstance is pretty dumb, but do we recognize the change? Honest, self awareness is brutally difficult, but critical to the process of trading.

I am firmly convinced that a life long winning trader will have to continue to grow. The act of trading, or rather, the act of what we really do - wait and wait and wait for a trade, is really boring. But the menagerie of things we must be, and maintain and improve, never wilts in interest, and is never 'mastered' completely. That might be the thing that keeps a guy like Jim intensely focused and interested.

Anyhoo - I gotta go back to my boredom. Hope a bar peeks out at me today - I'm currently flat.
I'm pretty much done with all this ...
  • #44,003
  • Sep 17, 2009 9:55am Sep 17, 2009 9:55am
Quoting StoragePro
....
nice post SP
  • #44,004
  • Sep 17, 2009 10:28am Sep 17, 2009 10:28am
Quoting bundyraider
Your welcome, Triger.

If you haven't already, read Darkstar's posts. I haven't gone through heaps of them yet, but from what everyone says he's covered a lot of these basic market mechanics very well. (Anyone confirm? ...Please. )

I will do this too at some point. I have a pretty good understanding, but I have no problem whatsoever with dropping my pride and reading someone elses thoughts on the subject.



Hi No. ('No' ...heh heh)

More info and a chart below.



Right Guys,

Sorry for the slow reply first. I seen this...
Awesome post Bundy. These past couple pages have been amazing to read. I'm loving the psych part coming out of everybody (the most important part). Charts are just bars and that's it. It's how you interpret that info that makes or breaks you. Lovin it. I also love it when gorgeous girls want me to take them for a bike ride on this gorgeous day...peace out ladies and gents!
I dream, therefore I become.
  • #44,005
  • Sep 17, 2009 10:46am Sep 17, 2009 10:46am
Quoting benji533
AUDUSD
Hey everyone,

I wasn't here almost for a week now. Just thought to update about this trade.

Hope everyone had a great week

Ben
Attached Image (click to enlarge)
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  • #44,006
  • Sep 17, 2009 11:35am Sep 17, 2009 11:35am
Quoting supremeChaos
AUDUSD price then: 0.8640
AUDUSD price now: +/-0.8569 (IBFX Mt4)

price dropped down as expected, where expected.
hopefully, benji cashed in on this particular trade.

Let's see if audusd/the majors will drop further.
Hey SC,

I saw your other post last week...I didn't exit. Look back on my updates for this trade and you will find my plan and way of thinking I was planned all from the beginning - look for my post which answering Jarroo how do I manage this trade.
The last one is right above

Ben
  • #44,007
  • Sep 17, 2009 11:58am Sep 17, 2009 11:58am
Quoting benji533
Hey SC,

I saw your other post last week...I didn't exit. Look back on my updates for this trade and you will find my plan and way of thinking I was planned all from the beginning - look for my post which answering Jarroo how do I manage this trade.
The last one is right above

Ben
Here it is mate: http://www.forexfactory.com/showpost...ostcount=43461

Ben
  • #44,008
  • Sep 17, 2009 12:46pm Sep 17, 2009 12:46pm
Ed Seykota said it in New Market Wizards.

"A lot of people would rather understand the market than make money"

I'll ask it again - just how much do I *need* to know about the market?
I'm pretty much done with all this ...
  • #44,009
  • Sep 17, 2009 12:59pm Sep 17, 2009 12:59pm
I'd say about as much as an airline pilot needs to know about the plane he's about to fly. Basically, you need to know as much as possible. "Less is more" can be taken as, "Less knowledge will cost you More," as well.
  • #44,010
  • Sep 17, 2009 1:05pm Sep 17, 2009 1:05pm
Quoting manperm
I'd say about as much as an airline pilot needs to know about the plane he's about to fly. Basically, you need to know as much as possible. "Less is more" can be taken as, "Less knowledge will cost you More," as well.
I am not sure about that, I made well over 6 figures a year not knowing support and resistance lol It just takes being good at reading PRICE and knowing what setups work for you and how to manage them. I know people that KILL me on telling me what is going to happen how it's going to happen and what they are going to do, but guess what? I make money and they don't so who cares what you know, you trade to make money. Now if you want to be a show off and talk about how much you know to all your friends and not make money that's fine too. I ran into someone like that talking about all this high tech crap and I asked him after he was done, "So I guess you make a killing in the markets dont you?" He said "No I still have to work but someday I will" So who cares what you know it's all about MAKING MONEY to me the rest is just bullshit.
Keep taking CT trades, I need more money
  • #44,011
  • Sep 17, 2009 1:07pm Sep 17, 2009 1:07pm
I tend to look at it like this..

If you are the type of person that allways needs to why?? how does this work? then you might not be comfortable trading until you have answered thes questions..

If you are a type of person that doesnt care.. dont need to know why, just that it works. then you will trust what you do regardless of why it does..

does this mean one is better than the other...? Well I guess that depends which one you are..
  • #44,012
  • Sep 17, 2009 1:09pm Sep 17, 2009 1:09pm
And to back up my point, here is my 1 trade today that made me 4% and I really don't care how it worked or what else was going on, I made money and that's my job
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Keep taking CT trades, I need more money
  • #44,013
  • Sep 17, 2009 1:22pm Sep 17, 2009 1:22pm
Quoting rustyjeff
I tend to look at it like this..
...
does this mean one is better than the other...? Well I guess that depends which one you are..
That may be the hardest question of all to answer, 'Who am I?'
Once we answer that honestly the rest can start to fall into place. Then pips will follow.
  • #44,014
  • Sep 17, 2009 1:49pm Sep 17, 2009 1:49pm
inserting a quip here:

Curiosity killed the cat.


Unquip

Quoting rustyjeff
I tend to look at it like this..

If you are the type of person that allways needs to why?? how does this work? then you might not be comfortable trading until you have answered thes questions..

If you are a type of person that doesnt care.. dont need to know why, just that it works. then you will trust what you do regardless of why it does..

does this mean one is better than the other...? Well I guess that depends which one you are..
I'm pretty much done with all this ...
  • #44,015
  • Sep 17, 2009 1:54pm Sep 17, 2009 1:54pm
hi guys,
been reading this thread for along time.
great thread
thought id make a post.
What does every 1 think about this possible set up on the UC daily?
possible pin bar, 61.8 fibo, and at a round number 1.06.
Maybe not enough space though.
Have i marked out the possible targets right (those blue areas)?
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  • #44,016
  • Sep 17, 2009 1:55pm Sep 17, 2009 1:55pm
Quoting rustyjeff
I tend to look at it like this..
If you are the type of person that allways needs to why?? how does this work? then you might not be comfortable trading until you have answered thes questions..
If you are a type of person that doesnt care.. dont need to know why, just that it works. then you will trust what you do regardless of why it does..
does this mean one is better than the other...? Well I guess that depends which one you are..
Well said, I think a person needs to know how they are wired (part of knowing yourself) and then taking necessary steps to get to where you want to be.

The person that doesn't care about the how's and why's probably has an easier path in learning to trade. Hand them a piece of paper with step by step rules that they follow it to the letter, must be nice and great for them.

At the end of the day the actual hands on experience is what counts the most, regardless of how much of the theory you know. I just believe having both the theory part and the experience part together makes a person more well rounded in whatever they do in life.

Theory by itself is pretty useless, experience by itself will get you far, theory and experience together and you are pretty much unstoppable.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #44,017
  • Sep 17, 2009 1:55pm Sep 17, 2009 1:55pm
Quoting StoragePro
inserting a quip here:

Curiosity killed the cat.

Unquip
haha, there is a 2nd part to that.

and satisfaction brought him back.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #44,018
  • Sep 17, 2009 2:02pm Sep 17, 2009 2:02pm
Interesting area. I'm considering a quick though reserval trade.
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  • #44,019
  • Edited 2:16pm Sep 17, 2009 2:05pm | Edited 2:16pm
Quoting StoragePro
Ed Seykota said it in New Market Wizards.

"A lot of people would rather understand the market than make money"
Now that is one smart guy. I like reading his website from time to time.

Quote
I'll ask it again - just how much do I *need* to know about the market?
I think that everyone has their own idea of what the market is. For some the market will be nothing more than a bar chart or candlestick patterns. They may not even know it is money that is being exchanged and probably don't even need to know that and be successful. From a technical stand point what is behind the chart really may not matter whether it's currency, pork bellies, bonds, or stocks. If you can trade a chart you can trade a chart.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #44,020
  • Sep 17, 2009 2:07pm Sep 17, 2009 2:07pm
The rants and charts video in the guest area is now working.

jim
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