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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

  • #49,281
  • Dec 6, 2009 7:51am Dec 6, 2009 7:51am
Quoting Scot Pippin'
But I refuse to quit. Recently a poster brought up the idea of devoting more attention to the psychology of trading, I totally agree.
Hi Scot,
I don't mean to sound like a pitch man, but yesterday I finally joined the private forum and spent the majority of the time reading through Fijitrader's psychology section. It's the best information on the subject that I've come across, and I've read Douglass's and Van Tharp's books. Like James says, this stuff is dirt simple. My biggest problem is what's between my ears. Good luck to you.
Take care,
Dave
  • #49,282
  • Dec 6, 2009 10:35am Dec 6, 2009 10:35am
I joined the PF for one month back in 2007, printed out a bunch of Fiji's stuff, looked it over and then put it aside. I went back to focusing on the price bars. It seems everyone has to experience a certain amount of pain before they surrender to the need of rewiring their mind. I just have a large tolerance for pain. The only fortunate thing fo me is I did listen to Jim. "if you can't do it on demo, you can't do it live."
"Whether you think you can or can't, you're right." Henry Ford
  • #49,283
  • Dec 6, 2009 11:13am Dec 6, 2009 11:13am
Quoting davema
My biggest problem is what's between my ears. Good luck to you.
Take care,
Dave
Ain't it the truth
  • #49,284
  • Dec 6, 2009 11:55am Dec 6, 2009 11:55am
Hi
I am new to FF and have been “trying to trade” forex for nearly a year. I am going through the journey most forex traders go through. I don’t have to explain to you guys about “looking for quick money”, searching for the Holy Grail”, the frustration, depression, fear, greed, anxiety etc. Jumping into trades to be in the market all the time and not willing to wait by the sidelines and all this leading to losses.
I came across J16’s thread last week and have become impressed by price action, J16’s teachings, the sincerity and the reviews. From what I have seen and understood already, price action is the way to go and I have already removed all the indicators from my platform. I am up to page 70 of this thread and don’t think I will be able to finish the 3600+ pages in the near future. Then I thought about subscribing to the PF but wanted to know/clarify certain things. I am hoping that you guys can help me with this.
1.As The PF was started 4 yrs back, I am worried whether there will be an information overload there and whether I will just drown in it!! Do you think one will be able to grasp the price action teachings in at least a few months? To complicate this, I am working fulltime and I have to look for the longer time frames.
2.I understand that there were more than 350 members within the first few months and it is likely to be more crowded now. Is this going to affect the learning process?
3.The enormity of this thread makes me worry whether I will be able to get the info in a concise and precise manner without having to wander through hundreds and thousands of posts.
I would appreciate your opinion and help
Thanks in advance
cm
  • #49,285
  • Dec 6, 2009 1:46pm Dec 6, 2009 1:46pm
Quoting Scot Pippin'
I joined the PF for one month back in 2007, printed out a bunch of Fiji's stuff, looked it over and then put it aside. I went back to focusing on the price bars. It seems everyone has to experience a certain amount of pain before they surrender to the need of rewiring their mind. I just have a large tolerance for pain. The only fortunate thing fo me is I did listen to Jim. "if you can't do it on demo, you can't do it live."
Awesome post. I feel the same way.

I have been at this for over 2 years myself. I am still losing, not break even, losing. Some silly mistakes, due to greed and fear.

I have back tested more than enough over 2 years. I built an MS Access DB to keep track of my back testing results. On the 4 hour alone, I would have killed the markets (back testing).

But the physchology trading forward destroys me.

So I need to focus on this a lot more too.
  • #49,286
  • Dec 6, 2009 2:47pm Dec 6, 2009 2:47pm
Thoughts on EJ Monthly Inside bar? (Daily chart also attached)
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  • #49,287
  • Dec 6, 2009 3:08pm Dec 6, 2009 3:08pm
Probably the book that has helped the most. I highly recommend it as required reading for anyone looking to trade for a living (or even part time, for that matter). I am a very concrete person and, like you said and like Mr. Douglas says in his book, I'm tempted to study the markets and price action more and more to overcome my weakness, which is actually not a lack of knowledge but an incorrent mindset towards trading. My trading has improved drastically since I first read his book. I'm not really taking different trades now, but I'm more confident in the trades I do take, and I manage them unemotionally and therefore much more successfully.

It took a couple of years of constantly looking back and saying "I should have put my stop lower," or "I should have taken profit sooner/later," or "I missed the move and shouldn't have tried to get in late" for me to realize why I was making those mistakes. It was all in my head. Psychology is the most overlooked aspect of trading, in my opinion. You will not regret taking the time to study the psychology of trading.

Tyler

Quoting Scot Pippin'
Regrettably, I let his ebook Trading in the Zone sit unread on my laptop for a year and a half until a couple days ago......
skype: ststroud. let's talk trading.
  • #49,288
  • Dec 6, 2009 3:10pm Dec 6, 2009 3:10pm
Quoting atclarkson
Thoughts on EJ Monthly Inside bar? (Daily chart also attached)
Hey A,

Remember not an inside bar till the month is over, still a lot of days left

Mike
  • #49,289
  • Dec 6, 2009 3:19pm Dec 6, 2009 3:19pm
Quoting mbqb11
Hey A,

Remember not an inside bar till the month is over, still a lot of days left

Mike

LOL

I was looking at this like I look at my daily charts around 4:45... (5:00 close) when the next bar has not formed! Thanks for the heads up mbq
  • #49,290
  • Edited 4:53pm Dec 6, 2009 4:18pm | Edited 4:53pm
Silver Weekly Pinbar-

Sticks out well, good nose, double top (To the pip, 19.45) which is clear supply. PPZ around 19.00 round number, clear swing high, bit of traffic, but room to get to BE. Counter Trend. Close could be nicer. Could see trouble at 17.70 then 17.20


Gold Weekly Pinbar-

Good close, nose sticks out, no traffic, some room to move, round number 1200, clear swing high, all time high. First major trouble area is 1070, but bar highs/lows will likely cause some trouble in between. Judging by hourly chart, the pin was created because of some heavy duty selling in the last trading day. Also, counter trend.

While I like the close of the gold chart better, I really like the location of the silver bar. I'm going to look again, and I think I will take the silver. Thoughts?

PS when do the gold/silver markets open?
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: Dec 6 Gold Weekly Pin.JPG Size: 82 KB
  • #49,291
  • Edited 4:58pm Dec 6, 2009 4:45pm | Edited 4:58pm
gotta love gap trading


yen crosses today GJ about 60 pip gap, already 2/3s of the way back




edit: closed, nice 3% gain in the first hour of trading
  • #49,292
  • Dec 6, 2009 4:50pm Dec 6, 2009 4:50pm
I thought I would ask this question here as some of the oil threads haven't been active for awhile and also I have learnt alot from this thread.

Q) Oil and Gold are priced against the US dollar. On Friday, Non Farm Payroll data came out which was better(bullish) than the forcasted results. This result strenghtened the US dollar . Therefore the price of Gold began to drop , however the price of oil went up (if the dollar strengthened the oil price should have also dropped??)
My understanding is that the price of Oil went up because the employment figures were good, more people are in jobs and therefore more oil is reqired by industries/offices heating etc. Am I understanding this correctly?

Would much appreciate any feedback?

Regards
Pipage
  • #49,293
  • Dec 6, 2009 5:07pm Dec 6, 2009 5:07pm
Quoting atclarkson
LOL

I was looking at this like I look at my daily charts around 4:45... (5:00 close) when the next bar has not formed! Thanks for the heads up mbq
been there done that
  • #49,294
  • Dec 6, 2009 5:23pm Dec 6, 2009 5:23pm
Tyler,

You seen this interview? http://vodpod.com/watch/1593554-mark...nd-over-market

Yea I'm at that point "I'll do anything".
"Whether you think you can or can't, you're right." Henry Ford
  • #49,295
  • Dec 6, 2009 6:05pm Dec 6, 2009 6:05pm
Quoting Pipage
I thought I would ask this question here as some of the oil threads haven't been active for awhile and also I have learnt alot from this thread.

Q) Oil and Gold are priced against the US dollar....
you're going to find most people in this thread don't give a lick about fundamental data. Everything you need to know and all information that's available is in price action.
  • #49,296
  • Dec 6, 2009 6:20pm Dec 6, 2009 6:20pm
Quoting davema
Hi Scot,
I don't mean to sound like a pitch man, but yesterday I finally joined the private forum and spent the majority of the time reading through Fijitrader's psychology section. It's the best information on the subject that I've come across, and I've read Douglass's and Van Tharp's books. Like James says, this stuff is dirt simple. My biggest problem is what's between my ears. Good luck to you.
Take care,
Dave
Oh yeah. I think i've read just about all the more prominent trading psych stuff that's available.
Fiji's stuff is by far the best psych stuff I've come across EVER. He's amazingly insightful.

Mark Douglas' stuff... personally, I find it confuses me. It told me what the problem was, but it Fiji's stuff helped me with them, "ok, here's what you do".

Personally, I find the question that has helped me alot is,
"What do you really want/value?"
Cause,
'everyone gets what they want' - Ed Seykota
One Mind, Any Market
  • #49,297
  • Dec 6, 2009 8:57pm Dec 6, 2009 8:57pm
Haven't touched a weekly timeframe in a loooong time
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  • #49,298
  • Dec 6, 2009 9:27pm Dec 6, 2009 9:27pm
Rac skills in development.....
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Many choose unhappiness over uncertainty.
  • #49,299
  • Dec 6, 2009 9:30pm Dec 6, 2009 9:30pm
Quoting mbqb11
Haven't touched a weekly timeframe in a loooong time
Hello everyone!
I am watching this one too. Already had short from 1204 closed at 1155 (sad I was not at pc, would let it run more if I've seen that ride...

Anyway,
it is a deep night here, raining... Don't be mad at me but I got a little nostalgic feeling so I made this for you, that you can remember the good times with me, when the whiskey tasted a little whiskier and the pinbars were little more trendier (lol) Holding short at gu from 1.6650 again, trying to stay calm

Have a nice profitable week
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  • #49,300
  • Dec 6, 2009 9:36pm Dec 6, 2009 9:36pm
This may be a bad thread/forum to ask a question like this, but where is a good place to buy E-books from???
Many choose unhappiness over uncertainty.
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