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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

  • #44,021
  • Sep 17, 2009 2:13pm Sep 17, 2009 2:13pm
Quoting Caesar
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.
Or - we will know that trading is not for us and we should pursue another course in life. Getting to that point is gratifying.

My entire point in asking the questions in the first place is this:

I am a curious sort. I like to know 'why'. Mental Masturbation is another term for it. I must do this a lot because my head is still full of hair. I have a head full of junk. My brain is the ultimate junk drawer.

With many endeavors, deep knowledge of inner workings can help. Mostly in areas where exert control or influence - IMHO.

The other day I was talking with a friend over lunch. He is an SW engineer - and pretty good at it. I was showing him some charts and explaining what I do, and his questions revolved around 'why and how does this work'. And then was asking if PA was one of those 'Turtle Systems' that will eventually fall apart when it gets out in the open. (That one made me snicker I have to admit)

He also made the interesting comment "This just looks like a self fulfilling prophecy". Bingo. He got it, but then again, he went back to his dissection routine and lost the big point.


What's my point -

This - I am all for learning new things, but I think it is pretty important to learn how to ignore that which cannot be "actioned" to make me money. Why? Because, as Ryan put so eloquently, "It is Bullshit".

Going back to a PB - imagine a nice big one, at a major PPZ, with space, at a Fib retrace of 61.8%. If your thoughts are revolving around how that bar got formed, and what possible order flow scenarios are in front of it, you need to buy a pickup truck and fix a magnetic sign to it advertising your new grass cutting business.

Geeze - I am full of rants today. I hope it is out of my system before I get home...
I'm pretty much done with all this ...
  • #44,022
  • Sep 17, 2009 2:20pm Sep 17, 2009 2:20pm
Someone with me in this?

Different entry strategy this time.

Ben
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  • #44,023
  • Sep 17, 2009 2:24pm Sep 17, 2009 2:24pm
Quoting benji533
Someone with me in this?

Different entry strategy this time.

Ben
benji sometimes I feel like I am reading my own posts LOL

Keep at it

Mike
  • #44,024
  • Sep 17, 2009 2:27pm Sep 17, 2009 2:27pm
Quoting Ryanmcd
So who cares what you know it's all about MAKING MONEY to me the rest is just bullshit.
at the end of the day that is really the only reality. It's like those posts on FF of people saying I made 10,000 pips! Yeah but how much MONEY did you make.(not even a question that is a statement )

Ryan vegas run lets do this
  • #44,025
  • Sep 17, 2009 2:27pm Sep 17, 2009 2:27pm
Quoting mbqb11
benji sometimes I feel like I am reading my own posts LOL

Keep at it

Mike
I'd like to make a motion to to call Benji 'Mini-Mike" from now on. Anyone want to second the motion?
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #44,026
  • Sep 17, 2009 2:29pm Sep 17, 2009 2:29pm
I'm the first person to say, "to each his own," because I could not care less what, or how, anyone else lives or trades. I'm simply saying that I've never known anyone who was disadvantaged because they learned too much about how something operated. Hell, there'd be no electronic forex trading if someone hadn't learned how to create it. Now, if you're saying that sometimes you can't see the forest for the trees due to information overload, I agree, as well. Basically, To Each, His Own! Good luck to all traders of this forum, regardless of what you do, or do not, know.
  • #44,027
  • Sep 17, 2009 2:32pm Sep 17, 2009 2:32pm
Quoting mbqb11
benji sometimes I feel like I am reading my own posts LOL

Keep at it

Mike
Thanks master

These are your posts. I am just following you man

Ben
  • #44,028
  • Sep 17, 2009 2:33pm Sep 17, 2009 2:33pm
Quoting manperm
I'm the first person to say, "to each his own," because I could not care less what, or how, anyone else lives or trades....
The traders I work with(which are a lot at this point). The ones I have the toughest time with or have to spend the most time with are the ones who have been around the longest, or "learned" the most. I have to try to teach them to unlearn so many bad habits. Now that is not to say that they wouldn't have developed them either way. But, this is just from my experience. Too much information is bad, when it is useless information(which almost all of what I read is on forex b/c it is blind leading the blind). But I do think that learning about a topic, such as market microstructure is not only very interesting, but I do think it is helpful. I take concepts that are more theoretical and apply them in a functional way in my trading. The simplest and easiest to relay in a short post are round numbers. Now everyone knows them for being round numbers, but the workings of them go far deeper, but is it necessary to really really know that? My answer is a no. I am no better off for potentially having a bit more knowledge about them, then the guy/gal I say "PAY ATTENTION TO ROUND NUMBERS" The rest is experience in how to use them effectively to you own methods.

Just my mini rant, I blame SP for ranting to cause mine

Mike
  • #44,029
  • Edited 2:50pm Sep 17, 2009 2:39pm | Edited 2:50pm
Quoting StoragePro
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?
SP I agree, not very much detail is needed. After years working at the heart of banking /broking/ finance I have a wealth of market detail in my head. None of it is particularly useful or even needed for making money out of trading.
The 'edge' does not reside in that type of detail.
I'd suggest an understanding of basic supply and demand is maybe useful.
Edit: But then it is probably only natural to have a curiosity when learning to trade, just don't let it get in the way of trading technique, and don't expect extra pips for understanding.
If you can wait and not be tired by waiting...
  • #44,030
  • Sep 17, 2009 2:52pm Sep 17, 2009 2:52pm
Quoting rikrok
SP I agree, not very much detail is needed. After years working at the heart of banking /broking/ finance...
well said. This type of information could only be useful in help locating an edge in the market place. But not actually tell you what an edge is or even close to it. That is why it isn't cut and dry and a how to trade book taught in colleges. B/C trading is a very different ball game.

Well said
Mike
  • #44,031
  • Sep 17, 2009 3:00pm Sep 17, 2009 3:00pm
Quoting LasVahGoose
I'd like to make a motion to to call Benji 'Mini-Mike" from now on. Anyone want to second the motion?
http://imagecache2.allposters.com/im...er-Posters.jpg

Yeah right over here, I second that

I thought that one more than one occasion

Mini-Mike it is !
  • #44,032
  • Sep 17, 2009 3:32pm Sep 17, 2009 3:32pm
Quoting mbqb11
at the end of the day that is really the only reality. It's like those posts on FF of people saying I made 10,000 pips! Yeah but how much MONEY did you make.(not even a question that is a statement )

Ryan vegas run lets do this

Man when I was in Golf Port seeing my brother I got $100 out and never even played, I had no edge on anything and I knew I was just going to lose so I walked around lol. I think it's because I lost so much in the past in the market now I can control myself and I don't play unless I have a edge. Never thought going to a casino without spending money, just like I never bought a lotto ticket, bad odds again LOL BUT if you want to go and see some clubs or whatnot I am game just say when.
Keep taking CT trades, I need more money
  • #44,033
  • Sep 17, 2009 3:35pm Sep 17, 2009 3:35pm
Quoting Ryanmcd
Man when I was in Golf Port seeing my brother I got $100 out and never even played, I had no edge on anything and I knew I was just going to lose so I walked around lol. I think it's because I lost so much in the past in the market now I can control myself and I don't play unless I have a edge. Never thought going to a casino without spending money, just like I never bought a lotto ticket, bad odds again LOL BUT if you want to go and see some clubs or whatnot I am game just say when.
sunday at Rehab
  • #44,034
  • Sep 17, 2009 3:36pm Sep 17, 2009 3:36pm
Hi guys, after reading many times this thread and going through the guest material from jamesgroup site, I came up with the following charts...all comments are welcome

Before I forget, thanks james for putting the new training video.
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  • #44,035
  • Sep 17, 2009 3:40pm Sep 17, 2009 3:40pm
Quoting mbqb11
sunday at Rehab

LOL, Never played a lot in the past but a few 100. My biggest worry is getting hammered and blowing a LOT of money haha, that's why I have a 1500 a day limit on my debt card Let me talk to my brother and see if he can get something comped out in Vegas and I will let ya know.
Keep taking CT trades, I need more money
  • #44,036
  • Sep 17, 2009 3:43pm Sep 17, 2009 3:43pm
It's looking like the end of that run up on the cad/jpy from three days ago and now the run back down to the 84 area. Easy money. Who didn't see it ending there? Cluttered up chart but it serves a purpose for me.
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I dream, therefore I become.
  • #44,037
  • Sep 17, 2009 3:59pm Sep 17, 2009 3:59pm
Quoting mbqb11
sunday at Rehab
then...

good luck .
  • #44,038
  • Sep 17, 2009 3:59pm Sep 17, 2009 3:59pm
Quoting rustyjeff
then...

good luck .
very very accurate
  • #44,039
  • Sep 17, 2009 4:13pm Sep 17, 2009 4:13pm
Quoting mike w
It's looking like the end of that run up on the cad/jpy from three days ago and now the run back down to the 84 area. Easy money. Who didn't see it ending there? Cluttered up chart but it serves a purpose for me.
Hey bro, what's up?

IMO the 84 can be a bit hard. I'm looking at this as well.

Ben
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  • #44,040
  • Sep 17, 2009 4:29pm Sep 17, 2009 4:29pm
Quoting benji533
Hey bro, what's up?

IMO the 84 can be a bit hard. I'm looking at this as well.

Ben
Hey Ben what's happenin man? Not much here brother, just checking these sad looking dailies... and yeah, I'm seeing 85 as a PPZ too. If I get bullish PA there on the 4 hour (lower timeframes), I'll close out shorts and go long again on a break topside.

I got short on the 4 hour bearish pin from 85.65 and will just react to whatever information comes. Truthfully, I wouldn't even get into it if I hadn't gotten in at that point. I'm not a fan of "almost" bars. Besides that fact, if you were to play this as a daily pin with entry on the bottom, you would be running right into 85 within 10 pips. That's hardly worth it if you believe 85 would stop this from rolling.

On another note, who's liking the way the Pound looks after that IB yesterday? On a retrace up to 1.65, I'd love to get short. If not, then oh well.
I dream, therefore I become.
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