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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

  • #50,181
  • Dec 21, 2009 8:18am Dec 21, 2009 8:18am
I'm already in a short position here.... please break south!
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Many choose unhappiness over uncertainty.
  • #50,182
  • Dec 21, 2009 9:05am Dec 21, 2009 9:05am
Quoting Dan Gilbert
I'm already in a short position here.... please break south!
hmmmm, no need to beg the mkt to break in ur favour
also bearish btw
lets see how it playys out
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Simplicity is the key to success
  • #50,183
  • Dec 21, 2009 9:19am Dec 21, 2009 9:19am
Quoting squeezy
hmmmm, no need to beg the mkt to break in ur favour
also bearish btw
lets see how it playys out
very nice breakout pattern, just wish it wasn't dec 21 lol. Not going to open any new trades personally. Just letting the gold position play out


Mike
  • #50,184
  • Dec 21, 2009 9:20am Dec 21, 2009 9:20am
Great posts guys on dealing with the stuff not on the chart. Several of us started around the same time I did on this thread (12-18mos ago). And now we're getting to the point that we understand the material and what we should be looking for. Most of us have completed our first step(s) of proving it on demo and proving it with a small live account. We're now at a level of just relaxing and letting the trades coming to us.
I've struggled with the mindset that I have to be trading to be 'working' and that I have to have results to show I was doing something. That might mean reading an experts' post history [again and again]... or doing yet more backtesting.

Although this might have some (minor?) benefit, it also is a dangerous mentality. Instead, as everyone that has gone through this tells us - we need to keep it simple. Relax. Let the trades come to us. If we don't get a setup today, no worries. If we don't get a setup tomorrow, or even this week, no worries. That also means we didn't lose any trades today, tomorrow, this week. It's about putting our money on the line ONLY when we see a valid, tested, proven on demo, edge.

I feel only experience and perseverance will get us over this 'must stay busy' mentality. As I come up on a year of learning and trading this method that is Price Action, I look back and am proud of how far I've come. Does that mean I'm a successful trader? If successful means I'm still trading, using proper money management, then yes. And as my experience grows, so too will my account. Trading is a marathon. Maybe even an ultramarathon. It's certainly not a sprint. Realizing that and constantly reminding myself of that has really helped.

So thanks for those who post their experiences and advice about psychological battles they encounter. As SP mentioned, we need to learn about this stuff (through Fiji if you have that option) more than we realize.

Happy Trading,

Josh
  • #50,185
  • Dec 21, 2009 9:24am Dec 21, 2009 9:24am
Quoting squeezy
hmmmm, no need to beg the mkt to break in ur favour
also bearish btw
lets see how it playys out
Your open sell order, AND current S/L are in the exact same spots as mine right now..... I conclude that we are on the same page
Many choose unhappiness over uncertainty.
  • #50,186
  • Edited 11:48am Dec 21, 2009 9:42am | Edited 11:48am
Quoting mbqb11
very nice breakout pattern, just wish it wasn't dec 21 lol. Not going to open any new trades personally. Just letting the gold position play out


Mike
Agreed. I am going to sit on my hands until January 1st, then tread lightly until NFP on Jan 8th.

I am aching to short the Kiwi because of two monthly 'pins' but I will get my chance.

I WISH I was still in the 4H pinbar at the top. Sold that one but got out of it at the gap close. It was a beauty off the 7500 level with a gap to close. It would be running at 6R with potential to add on the way down.

That's my goal for next year. Look for more of these key swing point trades and hold them for longer. Don't get shaken out too soon and just let the trade work for me.
  • #50,187
  • Dec 21, 2009 10:03am Dec 21, 2009 10:03am
Quoting mbqb11
very nice breakout pattern, just wish it wasn't dec 21 lol. Not going to open any new trades personally. Just letting the gold position play out


Mike
hey Mike,
i learnt from the best ...... lol

Quoting Dan Gilbert
Your open sell order, AND current S/L are in the exact same spots as mine right now..... I conclude that we are on the same page
nice Dan, we must be on the same page then
Simplicity is the key to success
  • #50,188
  • Dec 21, 2009 10:10am Dec 21, 2009 10:10am
wow! the better my eyes gets at seeing plays the easier fx looks ....
im seeing plays all over ......
most of them wont be played but observed to get my eyes better acquinted
more charts coming soon ......lol
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Simplicity is the key to success
  • #50,189
  • Dec 21, 2009 11:41am Dec 21, 2009 11:41am
What do you think about this one?

Short entry at around 1,4240 with Stop at 1,4370 and first target the 50 fib!? I know the Pin is not the best looking one and not even on the swing low. What do you think? Could this be a good trade?
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  • #50,190
  • Dec 21, 2009 12:35pm Dec 21, 2009 12:35pm
Quoting Jams
What do you think about this one?

Short entry at around 1,4240 with Stop at 1,4370 and first target the 50 fib!? I know the Pin is not the best looking one and not even on the swing low. What do you think? Could this be a good trade?
Hey Jams

Careful this is just an inside bar(range of the bar is within the prior bar range).

I am not all that thrilled about it to be honest, there just isn't much information one way or the other.

Best
Mike
  • #50,191
  • Dec 21, 2009 12:54pm Dec 21, 2009 12:54pm
Hi Mike

Thanks for your quick reply. Yes, you are completely right. I think i forgot one of the most important things: Be patient and try to find the A-trades :-)
  • #50,192
  • Dec 21, 2009 1:08pm Dec 21, 2009 1:08pm
well, this thing broke south, and I placed another sell limit on the minor retracement. It moved roughly 20 pips in my favor, so I switched the S/L to even.


Next plan: If I get stopped out at break even, the breakeven stop out is right on the PPZ - therefore I will wait for some PA to re-enter my short (in about the same area).

No risk=stress-free trade.
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Many choose unhappiness over uncertainty.
  • #50,193
  • Dec 21, 2009 1:22pm Dec 21, 2009 1:22pm
Quoting squeezy
hmmmm, no need to beg the mkt to break in ur favour
also bearish btw
lets see how it playys out
Maga must pay us bcos na our sweat....longest time,how u dey?
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Respect a man, and he will do all the more.
  • #50,194
  • Dec 21, 2009 2:07pm Dec 21, 2009 2:07pm
Quoting james16
pivot levels are where a ton of orders are placed. i wont explain pivot levels just do a quick google search and you will have a complete education in about 15 minutes. inside bars show a tug of war developing between buyers and sellers.

Was just wondering because when i google i usually end up with so much trash to wade thru. Is this still the recommendation to learn about pivot levels?
Whats happening in EUR/USD should be happening to you!
  • #50,195
  • Dec 21, 2009 2:19pm Dec 21, 2009 2:19pm
Quoting BullsAndBear
Was just wondering because when i google i usually end up with so much trash to wade thru. Is this still the recommendation to learn about pivot levels?
Click this link:

http://www.james16group.us/Guests/guestmaterial.html

Then download the James16 video titled, "PIVOT ZONES 3-26-09"

there u go.
Many choose unhappiness over uncertainty.
  • #50,196
  • Dec 21, 2009 5:19pm Dec 21, 2009 5:19pm
I have read some posts lately regarding on Psychology. Interesting

My 3 month absence from this fine group was spawned because of that very thing. I am not blessed with the perfect psychology - and I doubt highly that anyone is. In three short months I've learned a lot - and I am just beginning.

One thing stands out starkly to me now is that there is no such thing as "Trading Psychology" as if it were something different from your day to day self.

Your *personal* Psychology is your Trading Psychology. There is no demarcation between who you are "normally" and who you are in front of a screen. Your personal blind spots and issues will show up in your trading - and kill you.

You cannot be who you think you want to be - you have to be who you are - no matter how you try to be something else.

I will give you a good example of this in action -

Have you ever posted something here (or anywhere) that was not the fair and honest truth? Who were you trying to be?? And who are you really? That causes huge problems - no?

If you do it here (where it is easy to hide behind whatever persona you wish to conjure up), imagine the lies you will tell yourself (also known as not being 100 percent honest) when you close a trade for a loss, but since the market eventually went in your favor, it was 'redeveloped' as a "good trade"?

Yep - your day to day self is what needs work.

Then there are the guys who consistently do well, then throw it all back over the wall with one or two bad trades.

If we use the market as a mirror, then what does that say?

My recent journey was scary, painful, and yet highly gratifying. Some important things were called to my attention, and I hated it, but grabbed hold of the help.


Psychology is a big topic, vast. I am not an expert in it, I am not yet an expert in "me" yet, but I am way, way ahead of the game, compared to 3 months ago.

The best basketball player to ever play, was kicked off his high school basketball team. What changed his life was a coach (a guide) to help him unleash his potential.

Trading, from a mechanical point of view is simplistic. What goes on in your head, and your personal behavior is very hard.

Like I said, I am no Pysch pro, but I thought I'd share some of what I have learned recently.

And it is going to make a huge positive difference.

And that is all I've got to say about that.
I'm pretty much done with all this ...
  • #50,197
  • Dec 21, 2009 5:28pm Dec 21, 2009 5:28pm
Quoting StoragePro
I have read some posts lately regarding on Psychology. Interesting

My 3 month absence from this fine group was spawned because of that very thing. I am not blessed with the perfect psychology - and I doubt highly that anyone is. In three short months I've learned a lot - and I am just beginning.

One thing stands out starkly to me now is that there is no such thing as "Trading Psychology" as if it were something different from your day to day self.

Your *personal* Psychology is your Trading Psychology. There is no demarcation between who you...
  • #50,198
  • Dec 21, 2009 5:51pm Dec 21, 2009 5:51pm
Quoting StoragePro
I have read some posts lately regarding on Psychology...

Your *personal* Psychology is your Trading Psychology. There is no demarcation between who you are "normally" and who you are in front of a screen. Your personal blind spots and issues will show up in your trading - and kill you.

You cannot be who you think you want to be - you have to be who you are - no matter how you try to be something else. ...

And it is going to make a huge positive difference.

And that is all I've got to say about that.
Open the Door. We can expect company based on this naked bones comment on 'You are You until You Change You. Do you want to change?'

As you walk along the line of being true to yourself you will find that the fog will fall from your future. If you don't like what you see, you have some choices...

Great Post SP. sorta takes a lot of the mystique outta the Psyche aspect and offers a roadmap.
  • #50,199
  • Dec 21, 2009 6:00pm Dec 21, 2009 6:00pm
Quoting StoragePro

One thing stands out starkly to me now is that there is no such thing as "Trading Psychology" as if it were something different from your day to day self.

Your *personal* Psychology is your Trading Psychology. There is no demarcation between who you are "normally" and who you are in front of a screen. Your personal blind spots and issues will show up in your trading - and kill you.
What a great post SP.

This, in a nutshell is what keeps me trading. The money helps of course, but I could do a lot of things for a paycheck. It's the fact that the market ruthlessly and relentlessly uncovers every character defect I have. In real life, I can bumble along in denial. In trading, well each one costs me money and pride, which is a painful price. So I better learn to conquer it if I want to improve.

So really.... I work on myself to work on my trading....and then I work on my trading to work on myself.

And I have long had exactly the same thought as you about "trading psychology" as a term. It's all just psych/personal development/self growth....whatever you want to call it. But that's it.

After a time in this business, and after learning the material (which doesn't take long), then the only thing that stands in my way is me.

Now go enjoy your vacation!
  • #50,200
  • Dec 21, 2009 6:11pm Dec 21, 2009 6:11pm
Quoting TiaForex
Now go enjoy your vacation!

Beach posting!

Have Blackberry, will post anyplace! ;-)
I'm pretty much done with all this ...
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