james16 Chart Thread | Page 2212 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #44,221
  • Sep 19, 2009 7:14pm Sep 19, 2009 7:14pm
Quoting raczekfx
works like a charm...
Great! ...Now when are you upgrading your PC to get it back to your original working speed??
Bundy's status today: "Waiting..."
  • #44,222
  • Sep 19, 2009 10:05pm Sep 19, 2009 10:05pm
Quoting benji533
You have said it yourself...trading psychology is the effect of having money on the line. The value off the $$ will control your decisions - the problem.
Hi Binji533,

I think you are underestimating the role psychology will play when you start trading and especially later as you get more into it. I am not pretending to be an expert but it seems you are taking it a little too lightly and thinking of only one aspect.

The value of money is an important part but what about other factors?

What's going to happen when you have a sting of consecutive losses?
-Do you think its not going to happen? (to belive that you are just lying to your self)
-How will this effect you ego?
-Will you question yourself and you abilities? How do know?

Will you stay with you system?
-will you change?
-will you think you are doing something wrong?
-how or when will you know when you made a mistake?

How will this affect your future trades?
-will you be scared?
-will you take "revege trades"?

What happens when you take a "revenge trade", will you recognize it as such?
-what will the consequences be?
-do you belive in having cosequences for going against your plan?

I don't think its about money so much as ego. To find out that the market that's been so good to you all of a sudden starts "betraying" you? How will you deal with this? How will you deal with your emotions? Revenge, acceptence, give up and quit, change system, learn....?

I know you are very young, as am i, and probably have gotten in trouble and made a few mistakes. I am willing to bet you got punished for them so you learn and don't do it again (it was the belt for me, , lol). Weather it be from teachers/parents/guardians etc.. but when you make a mistake you know someone will get you. In trading their is no one to punish you. When you make a mistake how will you learn from it? You can learn by your losses but what happens when you make a few mistakes and win a few times? These kinds of trades will ruin you if you don't recognize them for what they are?

I suggest you take a look at this thread and read Merlin's and Dopey's posts:
http://www.forexfactory.com/showthread.php?p=260107

this also by Gaston:
http://www.forexfactory.com/showpost...0&postcount=17


i hope that helps and opens your eyes a little to see that their is more to trading then making $xxx or pips on a demo account and that psychology has many different aspects. Having said that i think you should not have to worry about all that yet as you are not trading with money and focus on system development and building confidence in you abilities so you don't question yourself later on.
  • #44,223
  • Sep 19, 2009 10:56pm Sep 19, 2009 10:56pm
Quoting rustyjeff
Just do it.. Ben..
If you do nothing but repeat what you have been posting you will be well ahead.. thats how I started.. actually my first acct was $500..it went up, then down to almost zero then slowly & steadily up over a couple of years till there was 5k...

then after proving to myself I could be responsible with real money I funded a larger acct. I now have 2 family members who I trade for along side of my acct. as well.


I still have that first acct & it still is up & down... Its where I test ideas or refinements on my current strategies....
wow insppirational..

this thread is gold......should be edited and sold as THE trading bible
  • #44,224
  • Sep 20, 2009 3:42am Sep 20, 2009 3:42am
Quoting bundyraider
You're shortcutting the rest of the closes between Point A and Point B as if they don't count.

Switch your chart to a line chart , look at your peaks and troughs and you'll see where your going wrong on that point straight away.

It doesn't matter if we aren't drawing them the most correct way. They're one of the strongest tools we have the way we currently use them anyway.
Thanks bundy, using the closed line makes sense now
  • #44,225
  • Sep 20, 2009 3:45am Sep 20, 2009 3:45am
Quoting tormo
Hi Binji533,

I think you are underestimating the role psychology will play when you start trading and especially later as you get more into it. I am not pretending to be an expert but it seems you are taking it a little too lightly and thinking of only one aspect.

The value of money is an important part but what about other factors?

What's going to happen when you have a sting of consecutive losses?
-Do you think its not going to happen? (to belive that you are just lying to your self)
-How will this effect you ego?
-Will you question yourself...
Hey tormo,

Great points, and I agree with you.
Thanks for reminding and making me think again.
I'm only at the beginning of the real thing, and have much more to learn and go through.

Take care,

Ben
  • #44,226
  • Sep 20, 2009 6:46am Sep 20, 2009 6:46am
Quoting mbqb11
Just wanted to say hello to lovejoy, and second Pips response.

We want to look for those pins at swing low points, that is a swing high like Gator said. What happens is buying into a fresh high like that, we can have lots of sell orders above that area, and people get caught in a quick reversal. Yes it certainly can signal a continuation, but we want to put ourselves in the best position, and I would be nervous buying new highs on just that bar alone(if it was a breakout + pullback that would be different for me).

Take care
Mike
Pip / Mike,

Thanks for the response. It's pretty much what I thought (apart from the hanging man comment) but just wanted to see if others agreed.

As an aside - I've just started using MT4 for charting (rather than Oanda) and wondered if anyone knew how to automatically get the round numbers i.e. 00 / 50 highlighted on the chart ?

Thanks
Mark
  • #44,227
  • Sep 20, 2009 7:46am Sep 20, 2009 7:46am
Quoting benji533
Hey guys,

Does Oanda support MT4?
What are the fees of bank deposits and withdraws?

Ben

Oanda is pretty cool when it comes to funding....any amount you want, plus I believe you can fund with a debit card...through PayPal if I remember corectly. They have a 3hr charting option instead of 4hr and their daily bar closes later. But using MT4 for charting and Oanda for trading.....buying or selling is all the same in the end. You'll have to get used to Oanda's "units".
  • #44,228
  • Sep 20, 2009 8:16am Sep 20, 2009 8:16am
Quoting lovejoy80
Pip / Mike,

Thanks for the response. It's pretty much what I thought (apart from the hanging man comment) but just wanted to see if others agreed.

As an aside - I've just started using MT4 for charting (rather than Oanda) and wondered if anyone knew how to automatically get the round numbers i.e. 00 / 50 highlighted on the chart ?

Thanks
Mark
Load this indicator.
Attached File(s)
File Type: mq4 RoundNumbers.mq4   3 KB | 693 downloads
  • #44,229
  • Sep 20, 2009 10:03am Sep 20, 2009 10:03am
Quoting Bryan
Oanda is pretty cool when it comes to funding....any amount you want, plus I believe you can fund with a debit card...through PayPal if I remember corectly. They have a 3hr charting option instead of 4hr and their daily bar closes later. But using MT4 for charting and Oanda for trading.....buying or selling is all the same in the end. You'll have to get used to Oanda's "units".
Oanda's units are great for position sizing (Tharp).. especially for those with smaller accounts. You can size to the penny and don't have to take the
$ 1.00 or $ 10 per pip offered by other brokers.
  • #44,230
  • Sep 20, 2009 11:23am Sep 20, 2009 11:23am
Quoting Jduester
Load this indicator.

thank u ....this is something i need, i always forgeting round rumbers
  • #44,231
  • Edited 12:06pm Sep 20, 2009 11:40am | Edited 12:06pm
Quoting benji533
Yep. That's my point.
If you are able to get rid of this money value and see numbers instead, you will be playing the market's conditions, instead of your emotions desires. IMO the money value doesn't need to effect and control you decisions.

To quote Ryan, "Money changes it all".

It comes back to fit yourself to the market instead of trying to fit the market to yourself. Controlling yourself instead of trying to control the market.

The hardest thing to do, maybe.


Ben
yes u hit the nail on the head, look at the market as an endless stream of opportunity your job is to extract money from it while it is trying to extract it from u...understanding the market is devine, and can do anything
IMHO i thought psychology in trading was very over traded, i now think it is 95% psychology and is the hardest thing to get right because there are so many paradox involved..if u ever read "trading in the zone" u will know exactly what i mean....
u have to take full responcibility for your actions, and its solly u that is responcible never the market..

The problem which may arise is your expectation of what u expect to get from trading, this very thought can work against u in trading because it is human nature to get upset when we do not get what we want..hopefully u can see the dynamics at work here ben..
psychology is a very personal thing from one trader to the next we are all different, Im a man who never gambled in his entire life, my trading obstacle is actually placing a trade to make money (as crazy as that sounds) because i know i can lose it and this work against me in my trading....u will never know what your issues will be till u take that step.....
I wish u luck in taking that step.....u have a fantastic grasp of this edge and i know this will put u in good sted...be lucky my friend

PS i love your posts...
  • #44,232
  • Sep 20, 2009 11:41am Sep 20, 2009 11:41am
Quoting Jduester
Load this indicator.
Many thanks
  • #44,233
  • Sep 20, 2009 3:58pm Sep 20, 2009 3:58pm
... GBP/USD Weekly BEOB at the swing high, off the 61.8% Gold Fib (from the last spike a year ago.
Close strong support at the 1.6200 (so if breaks 1.6200-1.6207) the first resistance zone are of course round number at 1.6000 (also previous bars lows) and down to 1.5930 (previous bar highs).
Overall S/L are quite large as for my miniscule account and I can trade micro lot or two (but that's not the point) on this.
The point is if I got my reasoning completed.
Hmmm...
  • #44,234
  • Sep 20, 2009 4:11pm Sep 20, 2009 4:11pm
How is everybody after the weekend ? Everything's ok ?
Hope everybody had a nice and chilling out time.



Does anybody know how the market opened ? any gaps ?
Can't access any platforms now.
Hope it's gonna be a nice and profitable week ahead.
  • #44,235
  • Sep 20, 2009 4:12pm Sep 20, 2009 4:12pm
Quoting pakiestra
How is everybody after the weekend ? Everything's ok ?
Hope everybody had a nice and chilling out time.



Does anybody know how the market opened ? any gaps ?
Can't access any platforms now.
Hope it's gonna be a nice and profitable week ahead.
Pound seems to have weakened further over the weekend, there are gaps on the GBP pairs.

Haven't looked to closely overall but that's something I noticed.
  • #44,236
  • Sep 20, 2009 4:30pm Sep 20, 2009 4:30pm



Quoting o990l6mh
Pound seems to have weakened further over the weekend, there are gaps on the GBP pairs.

Haven't looked to closely overall but that's something I noticed.

Not too crazy opening, ok. See what's gonna be ahead.
Hope everybody will have a nice and profitable week.
  • #44,237
  • Sep 20, 2009 4:48pm Sep 20, 2009 4:48pm
Quoting pakiestra






Not too crazy opening, ok. See what's gonna be ahead.
Hope everybody will have a nice and profitable week.
u too
  • #44,238
  • Sep 20, 2009 9:24pm Sep 20, 2009 9:24pm
Hello Everyone,

Any thoughts on the pin bar on Daily Chart, Sept. 17th?

It looks great from my end... please advise. I am new at this and have been followng for many months now and I am still demo trading to get the hang of it.

Thank you to all who have made this thread very informative for new guys like myself!

H.
  • #44,239
  • Sep 20, 2009 9:31pm Sep 20, 2009 9:31pm
Quoting ong_gia
Hello Everyone,

Any thoughts on the pin bar on Daily Chart, Sept. 17th?

It looks great from my end... please advise. I am new at this and have been followng for many months now and I am still demo trading to get the hang of it.

Thank you to all who have made this thread very informative for new guys like myself!

H.
Hey H

Glad you are enjoying the thread welcome.

The pin was too small for my liking(I am quite picky I am told). But we did have divergence, and then using our knowledge of support/resistance + a small bar the previous bars high(blue area), is our first trouble area and we basically have stalled there.

Here is a chart

Take care
MIke
Attached Image (click to enlarge)
Click to Enlarge Name: a3.gif Size: 14 KB
  • #44,240
  • Sep 21, 2009 1:54am Sep 21, 2009 1:54am
Quoting mbqb11
Hey H

Glad you are enjoying the thread welcome.

The pin was too small for my liking(I am quite picky I am told). But we did have divergence, and then using our knowledge of support/resistance + a small bar the previous bars high(blue area), is our first trouble area and we basically have stalled there.

Here is a chart

Take care
MIke
c'mon Mikey.
Thats being soft.. its going straight back into support...
I didnt even see this pin.. & for me thats rare.. Its a shit pin.

Are you getting old????????
42 traders viewing now