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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

  • #44,801
  • Sep 28, 2009 10:36pm Sep 28, 2009 10:36pm
Price Action Rules!

I love when Price fullfills itself right where we knew it would. (Daily chart)

Initial stop loss below the left eye (near the bar that breaks). Half off for 32 pips, 2nd half stop loss unmoved from the left eye, -30.

Price currently retesting (respecting) the PB break. (30min chart)
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Indicators show the past. Price Action "Indicates" the future.
  • #44,802
  • Sep 28, 2009 10:37pm Sep 28, 2009 10:37pm
Quoting joelcf
You should write a book. It would kill Van Tharp and Mark Douglas.
I'd buy that SP book, no problem.
Indicators show the past. Price Action "Indicates" the future.
  • #44,803
  • Sep 28, 2009 10:38pm Sep 28, 2009 10:38pm
Quoting cvcamper
How do you develop the discipline to not look at the dollar amount... I have a VERY long history of watching the $ instead of the graph... hence taking minor profits when it was a perfect setups. or going to BE when if I had not been watching the $ it would have run. Any help or ideas?
I personally think it just comes down to doing what works or what doesn't. If you are paying attention to the $ amount and it is changing your trading decision(for the negative), you will continue to beat yourself up and play the money game instead of the probability game. You either beat yourself up enough and change or beat yourself up and continue to lose(till usually one blows up and/or quits). It takes that first step with any part of trading. The first time you pass on that C+ trade, the next time it is easier too. That first time you stop moving your stop loss, the next time it is easier not too. I think of it as simply changing mindset and habits. I do believe that the psyche side is much deeper then this post, but just a few insights. Many brokers allow you to hide your P&L in $ amounts. Although I don't think this will solve the problem it might help for now. THen when the $ amounts increase we usually battle it again. My solution? Get pickier.

Mike
  • #44,804
  • Sep 28, 2009 10:40pm Sep 28, 2009 10:40pm
Quoting cvcamper
How do you develop the discipline to not look at the dollar amount... I have a VERY long history of watching the $ instead of the graph... hence taking minor profits when it was a perfect setups. or going to BE when if I had not been watching the $ it would have run. Any help or ideas?
Hey CV, it's as what James and the seniors have been saying over and over again.

Trade on demo until you get used to it.
It's heaps cheaper.

OR, if you feel you need to put money on the line to learn, open an Oanda account and trade $0.01/pip =)

If you "do the right thing" the money will come.
I'm still learning this too.

My 2 cents pse
One Mind, Any Market
  • #44,805
  • Sep 28, 2009 10:45pm Sep 28, 2009 10:45pm
Quoting jarroo
Price Action Rules!

Price currently retesting (respecting) the PB break. (30min chart)

Ditto with the Eur/Gbp PB.

Although a stronger break would be nice on both, but a continuous movement in the right direction is a good thing.
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Indicators show the past. Price Action "Indicates" the future.
  • #44,806
  • Sep 28, 2009 10:52pm Sep 28, 2009 10:52pm
Quoting jarroo
Ditto with the Eur/Gbp PB.
That's a nice looking pin.. and it doesnt get much more swing-high

2d bar, for anyone on IBFX. Hasnt hit my entry point yet.

Attached Image (click to enlarge)
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When you have to shoot, shoot. Dont talk.
  • #44,807
  • Sep 28, 2009 10:55pm Sep 28, 2009 10:55pm
I can not answer your question at all, as I still have that problem from time to time. What I have noticed is that in general the $ amount does not bother me. It only tends to bother me, when it goes above and beyond my normal.

Take yesterday for example, in 30 minutes I made more than my monthly goal. Price was moving very very fast and I was not very comfortable. That being said, my average run of the mill trade does not impact me at all in regards to money.

I have seen different opinions about how much money one should deposit initially. There are arguments for both sides of the fence. The argument that has rang true for me is tolerance.

Lets say you opened your account with $10,000 after demoing successfully for over 6 months. Now you happen to see an A+ setup on EUR/USD. You are risking 1% of your account on this nice trade. If you do not have the tolerance to watch $100 slowly creep against you, you are going to panic time and time again.

I started an account with $300 initially. After blowing most of that, I demoed for about 1 month, put in another $300, and burned that too...

THEN....

I joined J16 group and fell in love with money management. I learned from the J16 group and demoed for 6 months straight before putting in yet another $300. This month will make 12 months of consistent profits. As a matter of fact, there were some really nice months (I do not consider them the norm), but I am over $1000 on my account at the moment. As of next month, I will start depositing $100 a month into this account. After a year of that, if I am still consistent, I will double my monthly deposits... etc...

Why am I doing it this way? I am building my tolerance for losses. I am definitely to the point where I no longer see dollars. I now only see percentages. All I care about is how many percentages I am wining and losing; not pips, not money. However, there are still times where the percentages go higher than my expectations (wins and losses, like losing 3-4 in a row) and I revert back to seeing dollars.

All that being said, I am very happy with the way I have proceeded. I make quite a bit of money as an engineer, but I am supporting 8 people in my household and I am the only breadwinner. Losing $100 in a day without building tolerance, would not be good for me. On top of that, one of James's rules is if you lose 30%, go back to demoing. Well, most people are no where near as strong as they make out to be. If I lost $$12,000 - $14,000 off a $50,000 account. I am honestly not sure if I could hold myself back and not chase those losses; turning a 12k loss into a 50k loss.

Que

Quoting cvcamper
How do you develop the discipline to not look at the dollar amount... I have a VERY long history of watching the $ instead of the graph... hence taking minor profits when it was a perfect setups. or going to BE when if I had not been watching the $ it would have run. Any help or ideas?
Que
  • #44,808
  • Sep 28, 2009 11:01pm Sep 28, 2009 11:01pm
Quoting joelcf
That's a nice looking pin.. and it doesnt get much more swing-high

2d bar, for anyone on IBFX. Hasnt hit my entry point yet.

Yes sir. Its confluencing with many feeds. lol

Great targets joel.
Indicators show the past. Price Action "Indicates" the future.
  • #44,809
  • Sep 28, 2009 11:09pm Sep 28, 2009 11:09pm
Quoting Cyrus
Something I read by Bruce Lee actually spoke to me heaps about this topic.

Martial arts context, but hey, principles are principles.

[font=Verdana]" The height of cultivation always runs to simplicity. (think Jim, Mike, Rac, etc)
Before I studied the art, a punch to me was just like a punch, a kick just like a kick.
After I learned the art, a punch was no longer a punch, a kick no longer a kick.
[font=Verdana]Now that I've understood the art, a punch is just like a punch,...

Be water my friend.


Inserted Video
Indicators show the past. Price Action "Indicates" the future.
  • #44,810
  • Sep 28, 2009 11:30pm Sep 28, 2009 11:30pm
Random request: does anyone have an EA/script/etc that will let me save a chart to a specific directory with a predefined naming scheme?

So sick of having to rename my files.
When you have to shoot, shoot. Dont talk.
  • #44,811
  • Sep 28, 2009 11:51pm Sep 28, 2009 11:51pm
Quoting jarroo
Be water my friend.


http://www.youtube.com/watch?v=1orA2..._embedded#t=12
wow bravo to Bruce, speaking from the highest degree of spiritual conscience.

I love that "be water my friend"

Bravo Jarroo
  • #44,812
  • Sep 29, 2009 12:06am Sep 29, 2009 12:06am
Quoting datogio
wow bravo to Bruce, speaking from the highest degree of spiritual conscience.

I love that "be water my friend"

Bravo Jarroo
Hey datogio.

Have you taken any hard breaks lately?
Indicators show the past. Price Action "Indicates" the future.
  • #44,813
  • Edited 12:29am Sep 29, 2009 12:16am | Edited 12:29am
Quote
How do you develop the discipline to not look at the dollar amount... I have a VERY long history of watching the $ instead of the graph... hence taking minor profits when it was a perfect setups. or going to BE when if I had not been watching the $ it would have run. Any help or ideas?


You should learn to discipline yourself in all areas of your life during the trading week.



Here a couple things you might try for a while to help stabilize yourself.


1 Only use stop orders for entry and exit.

2 Only make trading decisions at the beginning and end of the bar using the time frame you are trading on.

3 Always follow the plan you had prior to entering the trade.

4 Tell someone else your plan for the trade and ask him or her to hold you accountable to the plan.


Best regards

Dale
  • #44,814
  • Sep 29, 2009 12:16am Sep 29, 2009 12:16am
Quoting jarroo
Hey datogio.

Have you taken any hard breaks lately?
Hey Jim!

I took Cable poodle hard break and then added on pull back, I'm very confident lately, In da zone lol.
  • #44,815
  • Sep 29, 2009 12:23am Sep 29, 2009 12:23am
Quoting datogio
Hey Jim!

I took Cable poodle hard break and then added on pull back, I'm very confident lately, In da zone lol.
That one was a beauty. Nicely done. I missed that one.

Off of a strong confluenced PPZ, with the down trend, etc.

I'll get the next one.
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Indicators show the past. Price Action "Indicates" the future.
  • #44,816
  • Edited 12:35am Sep 29, 2009 12:23am | Edited 12:35am
Quoting Dale
Here a couple things you might try.

1 Only use stop orders for entry and exit.
Isnt that gonna depend on whether you want to get short or long?

Quoting Dale
2 Only make markets decisions at the end of the bar of the time frame you
I dont know if that is really discipline. I make my decisions well before the end of the bar, I just dont commit until a confirmatory break. After all, bar opens/closes are really just arbitary delineations that dont mean anything to the market, they just help us organise the information.

And if a position hits a PPZ and goes against you, I dont think waiting for the bar to close is discipline or just stubborness.


Quoting Dale
3 Always follow the plan you had prior to entering the trade.
Sun Tzu and Clausewitz would disagree.. plans should be fluid
When you have to shoot, shoot. Dont talk.
  • #44,817
  • Sep 29, 2009 12:30am Sep 29, 2009 12:30am
Quoting jarroo
That one was a beauty. Nicely done. I missed that one.

Off of a strong confluenced PPZ, with the down trend, etc.

I'll get the next one.
Sure my friend, they're not going anywhere, they're around all the way, missing is not a problem and I can see it now. My greatest problem was fear of missing
  • #44,818
  • Sep 29, 2009 12:38am Sep 29, 2009 12:38am
The classic hard break and retest on the Nzd/Jpy Daily current PB.
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Indicators show the past. Price Action "Indicates" the future.
  • #44,819
  • Sep 29, 2009 12:44am Sep 29, 2009 12:44am
Quote
Isnt that gonna depend on whether you want to get short or long?

The software I use allows me to use stops for trading long or short.



Quote:
Originally Posted by Dale
2 Only make markets decisions at the end of the bar of the time frame you

I dont know if that is really discipline. I make my decisions well before the end of the bar, I just dont commit until a confirmatory break.

And if a position hits a PPZ and goes against you, I dont think waiting for the bar to close is discipline or just stubborness.


Quote:
Originally Posted by Dale
3 Always follow the plan you had prior to entering the trade.

Sun Tzu and Clausewitz would disagree.. plans should be fluid
__________________
clockin much dollars on the first and fifteenth.




There are many ways to trade, I am just giving away a couple of ideas that might help another trader untill they can gain control over their trading internally.


Best regards

Dale
  • #44,820
  • Sep 29, 2009 12:55am Sep 29, 2009 12:55am
Quoting Dale
The software I use allows me to use stops for trading long or short.
Putting a sell stop above the current price isnt really going to work out the way you want

Quoting jarroo
The classic hard break and retest on the Nzd/Jpy Daily current PB.
Damnit, Jim, where is my hard break? Fiber is puttin me to sleep here!
When you have to shoot, shoot. Dont talk.
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