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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

  • #50,281
  • Dec 22, 2009 6:51pm Dec 22, 2009 6:51pm
Quoting supremeChaos
sounds like your next destination

u might wanna consider our place:
nice weather, cheap cost of living, wide array of living standards, u get to trade 3 or more market opens (most particularly Frankfurt, London & New York opens; Europe open is just 2hours after lunch; NY open is right around dinner time)
But the south of Spain means you have easy access to El Bulli - I feel lucky this year!

Quoting Jduester
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.
This is really, really good advice. So I'm quoting it so everyone can read it again - consider it a xmas gift

There really is no need to 'force' action - *not* trading costs you nothing. It isnt like a sport where you have a limited amount of time to achieve a certain score, or a game of poker where every round costs you 1.5BB, or if you were trading as a pro and had to make x% per annum or you get your ass fired.

We can just sit back and wait for the A++ trade - like Jim said (what feels like) a lifetime ago, sniper in the bushes.

Quoting TiaForex
Now I need to turn that whole ethic around, have fun, relax, kick back and concentrate on the fun.
I'm just catching up on the last stack of posts, and the psych discussion has been insightful.

I used to struggle with all that stuff - whether my personality affects my trading, whether I need to examine my motivations so I can better trade in line with my mental profile, whether I overthink/underthink and whether that is a good/bad thing, finding the right balance for my beliefs in myself and my abilities, etc.

After a bunch of reading and talking to people, I pretty much came around full circle - if you see a really good trade, take it. If not, dont.

Psychology is overrated, for me anyways, and I dont even think about it anymore. It just gives me an excuse to overanalyse myself and a bunch of 'soft' subjects/issues, instead of looking at what actually matters - charts, numbers, trades.

That's what I get for venturing outside things that are quantifiable, examinable and within my realm of expertise (ie, numbers, trades and markets) and into the land of Dr Phil and Mark Douglas.

Sure, you could argue that you cant 'ignore' psych because it is part of your mental makeup and can affect everything you do, but if I do a pretrade analysis and there are a bunch of 'pro' and very few 'con' entries, then who cares whether I am in a bad mood or whatever.

Or, in the words of a wise man: F*ck it Dude, let's go bowling.
When you have to shoot, shoot. Dont talk.
  • #50,282
  • Dec 22, 2009 7:17pm Dec 22, 2009 7:17pm
sorry to bring this up again but i remember someone saying if people want to go in together to get multiple licenses for forex tester to try get it a bit cheaper?
contact me if you are interested.
im not sure about using it yet, still demoing it but it looks pretty good.
I like it a bit better than mt4's strategy tester so far.
  • #50,283
  • Dec 22, 2009 7:51pm Dec 22, 2009 7:51pm
Quoting Dan Gilbert
Can you dig this one for 2010?
Yep......I have this chart set up exactly as you do (other than the lines you have showing potential moves - though I am thinking those potential scenarios) and am hiding in the background to see.

I have almost the reverse scenario for Eur/Usd, hoping for a bounce and then shorting at 1.4450 - 1.4500 area as below.

Nathan
Attached Image (click to enlarge)
Click to Enlarge Name: eur_usd2.gif Size: 20 KB
  • #50,284
  • Dec 22, 2009 7:57pm Dec 22, 2009 7:57pm
Quoting benji533
...where can I find a dollar index chart for MT4 (any broker..demo)?...
Hello Benji,
u can try WHC/Broco, Windsor & Alpari RU (Russia).
all MT4s.


Quoting desperate
...
try this mt4 (SIG MT4)...
u must be referring to the LFX Index.
it's a bit different from the $ Index, i think it's SIG's 'own' index (it has EUR LFX, GBP LFX, JPY LFX etc)
  • #50,285
  • Dec 22, 2009 7:57pm Dec 22, 2009 7:57pm
Quoting Bemac
Wow Dan, I have to wait to take my best shot at the Next Move... You have already figured out the Next Four...

Save this image & revisit it later.
I'm not suggesting you are wrong but the odds of being correct on all 4 moves must be out there.

Honestly submitted as a constructive opinion.
LOL - Hey, wouldn't be damn cool if Dan were correct? Dan, you'd have to change your name to "Genie"
I'm pretty much done with all this ...
  • #50,286
  • Dec 22, 2009 8:03pm Dec 22, 2009 8:03pm
Quoting joelcf
But the south of Spain means you have easy access to El Bulli - I feel lucky this year!
Hey now!!!! Don't be giving away big secrets! (El Bulli is on my list of places to go!)

Spain is the new France, gastronomically speaking...
I'm pretty much done with all this ...
  • #50,287
  • Dec 22, 2009 8:04pm Dec 22, 2009 8:04pm
Quoting joelcf
But the south of Spain means you have easy access to El Bulli - I feel lucky this year! ...
i yield, we dont have that (there's another article in that page, "I dream of Spanish Cuisine").
i love Spain too... i 'prefer' Latinas.
  • #50,288
  • Dec 22, 2009 8:07pm Dec 22, 2009 8:07pm
Quoting StoragePro
LOL - Hey, wouldn't be damn cool if Dan were correct? Dan, you'd have to change your name to "Genie"
Hey SP; you just shut tf up and have another jumbo shrimp. You're on holiday man. There are more important people in your world right now.

If Dan is right on all 4 I'll be the firs to reply to his new thread.

Sorry boys; I will admit to having some company & xmas cheer already tonight. No intent to incite.
  • #50,289
  • Dec 22, 2009 8:07pm Dec 22, 2009 8:07pm
Quoting supermatt
sorry to bring this up again but i remember someone saying if people want to go in together to get multiple licenses for forex tester to try get it a bit cheaper?...
to help facilitate...
it was dmc, here.
  • #50,290
  • Dec 22, 2009 8:15pm Dec 22, 2009 8:15pm
Quoting joelcf
I'm just catching up on the last stack of posts, and the psych discussion has been insightful.

I used to struggle with all that stuff - whether my personality affects my trading, whether I need to examine my motivations so I can better trade in line with my mental profile, whether I overthink/underthink and whether that is a good/bad thing, finding the right balance for my beliefs in myself and my abilities, etc.

After a bunch of reading and talking to people, I pretty much came around full circle - if you see a really good trade, take it. If...

Maybe I should not have even brought this subject up...ha ha.....it seems like there has been quite a backlash to the evil "psychology" word. To me there are differences in trading demo, trading real money, trading a huge account and trading other peoples money. Some can do one or some of those, but the majority not all of them. Although I have not seem many people that are terrible at demo and great then with real money.

I don't chant or grunt with men around a campfire to find my innerself, but I do try and notice thoughts after a great run or a few losses and work to keep myself even keel if I notice I'm being too hard on myself or too sure of profits.

Anyway, this is not directed at you just a general statement. Though I prefer hockey vs. bowling.......ha ha.

Nathan
  • #50,291
  • Dec 22, 2009 8:17pm Dec 22, 2009 8:17pm
Quoting joelcf

Psychology is overrated, for me anyways, and I dont even think about it anymore. It just gives me an excuse to overanalyse myself and a bunch of 'soft' subjects/issues, instead of looking at what actually matters - charts, numbers, trades.
Some people are better inclined in a natural way. Perhaps you are one of the slimmest few. If so - you are a very blessed man.

Quote
That's what I get for venturing outside things that are quantifiable, examinable and within my realm of expertise (ie, numbers, trades and markets) and into the land of Dr Phil and Mark Douglas.

LOL. I'm sure Mark Douglas would slap your head for comparing him to that Hillbilly ...

Quote
Sure, you could argue that you cant 'ignore' psych because it is part of your mental makeup and can affect everything you do, but if I do a pretrade analysis and there are a bunch of 'pro' and very few 'con' entries, then who cares whether I am in a bad mood or whatever.

I don't know anyone who can calibrate themselves outside of the moment they are in. If you can do this, write a damn book, I'll buy it. That would be magic.

(BTW, psychology is not part of your mental makeup. It is your mental makeup. and is everything you think and do, but that might be too simplistic a description - I am not an expert.)
I'm pretty much done with all this ...
  • #50,292
  • Dec 22, 2009 8:20pm Dec 22, 2009 8:20pm
Quoting Bemac
Hey SP; you just shut tf up and have another jumbo shrimp. You're on holiday man. There are more important people in your world right now.
Good point.... BTW - we get on the big bird tomorrow afternoon. 9 hours from Honolulu to Atlanta. Thank God for First Class lay-flat seats.
I'm pretty much done with all this ...
  • #50,293
  • Dec 22, 2009 8:23pm Dec 22, 2009 8:23pm
Quoting joelcf
I used to struggle with all that stuff - whether my personality affects my trading, whether I need to examine my motivations so I can better trade in line with my mental profile, whether I overthink/underthink and whether that is a good/bad thing, finding the right balance for my beliefs in myself and my abilities, etc.

After a bunch of reading and talking to people,
I pretty much came around full circle - if you see a really good trade, take it. If not, dont.

[b]Psychology is overrated, for me anyways, and I dont even think about it...
Heya Joel,

Been awhile mate. Gd to see you around. =)

I wouldn't say psych stuff is overated per se. I think the main thing here is that, as you said, you've come a full circle, and that's usually the point where we've internalised something to the point that we no longer need to think about it and are comfortable with it. It becomes unconscious competence.

At this point, yes, over thinking about it ends up doing more harm than good. No point adding more clay to a perfectly finished sculpture. Ends up screwing things up.
But prior to that, I still believe that it's important for the individual trader to find their own psychological balance wrt their system and 'come into their own' in terms of style.

IMO, self knowledge/awareness is a prerequisite for evolution.

The psych part is needed to allow the individual to reach that stage where we can know the elements of our 'customised' system and develop experience trading it.

If we already know that it's a good setup and got the psych part nailed down, then yes, I fully concur that more psych stuff becomes, well pardon me, mental masturbation.

Paradoxically, psych is important until the point where it is no longer important... to the individual. =)
One Mind, Any Market
  • #50,294
  • Dec 22, 2009 8:24pm Dec 22, 2009 8:24pm
Quoting egkid
It's US Index, What you think?
Me thinks the USDX trend is up.
One Mind, Any Market
  • #50,295
  • Dec 22, 2009 9:01pm Dec 22, 2009 9:01pm
Quoting StoragePro
....
I don't know anyone who can calibrate themselves outside of the moment they are in....
if i understood that (phrase &) sentence correctly, I think that's possible, although not as often or as best as we would've wanted.
i believe some/many of us can do it &/or have done it before.
i believe one needs to be on another 'personal psychological level' to do this. it's sort of a 'psychological multitasking'.
  • #50,296
  • Dec 22, 2009 10:26pm Dec 22, 2009 10:26pm
Quoting benji533
Hey folks,

Just wondering if anyone knows where can I find a dollar index chart for MT4 (any broker..demo)?

Thanks alot,

Ben
Or you can use Brocompany as they have lots of instruments including DX. Once again, demo only..
  • #50,297
  • Edited 11:11pm Dec 22, 2009 10:47pm | Edited 11:11pm
Quoting dobe_r_man
Maybe I should not have even brought this subject up...ha ha.....it seems like there has been quite a backlash to the evil "psychology" word. To me there are differences in trading demo, trading real money, trading a huge account and trading other peoples money.
If anything, I think people are more pro trading psych than against around here. Which is fine, it has its place I guess.. I just think some people take it too far

IMO, mentally, there is simultaneously a huge difference and no difference between trading demo, trading live, and trading big money live... and that difference is completely up to the individual - if you choose to make them different, then they will be. How zen.

(obviously they can differ strategically, since a small account and a large account will trade within a different framework - trades that are appropriate for one may not be for the other, etc)

Quoting StoragePro
I don't know anyone who can calibrate themselves outside of the moment they are in. If you can do this, write a damn book, I'll buy it. That would be magic.
I dont think it is that difficult - people do it every day. I'm sure you have at some point been in a bad mood and had to meet a client/customer/etc and be professional and analytical. Setting aside my emotions to concentrate on the task at hand has always come pretty easily to me (if only my gf was the same!), but I dont think that's a unique trait.

In trading, I find it even easier, since you can quantify things pretty precisely, and eliminate the 'gut feeling' side that is usually your mind playing tricks and convincing you to act a fool.

...oh, and my book would be full of swearing, photos of Kate Beckinsale and me wandering off into tangents about things that annoy me. And probably take four hundred pages to get to the actual point.

Then again, Dan Brown and Twilight both sell tens of millions of copies, so maybe people arent that discerning


ps: did you stay at hanalei bay resort? I loved it there. So damn peaceful. And swim-up bars!

Quoting StoragePro
(BTW, psychology is not part of your mental makeup. It is your mental makeup. and is everything you think and do, but that might be too simplistic a description - I am not an expert.)
This is true, and definitely poor phrasing on my part. I was more referring to (over)analysing my 'trading pyschology', as broadly defined as my thoughts/feelings towards a particular trade or market, my emotional state at the time, and any other peripheral issues that dont show up on a chart or in a quote.

Quoting Cyrus
Paradoxically, psych is important until the point where it is no longer important... to the individual. =)
That's probably a much better way of putting it
When you have to shoot, shoot. Dont talk.
  • #50,298
  • Dec 23, 2009 12:29am Dec 23, 2009 12:29am
Quoting StoragePro
Actually, give me the South of Spain.....
Quoting joelcf
But the south of Spain means you have easy access to El Bulli - I feel lucky this year!..
Quoting StoragePro
Hey now!!!! Don't be giving away big secrets! (El Bulli is on my list of places to go!)
Spain is the new France, gastronomically speaking...
a recent article...
"Ambrose Pitchard's (Telegraph) article quoted stats in Spain ' Spain's property bubble left an over-supply of 1.5m homes, the most concentrated glut in the world.' "

u might wanna go bargain hunting soon
  • #50,299
  • Dec 23, 2009 12:53am Dec 23, 2009 12:53am
Quoting joelcf
Or, in the words of a wise man: F*ck it Dude, let's go bowling.
laughed my A$$ off on that one,,,lol

bulls
Whats happening in EUR/USD should be happening to you!
  • #50,300
  • Dec 23, 2009 2:54am Dec 23, 2009 2:54am
Hi guys,
The breakouts + retrace of yesterday were great but I have a newbie question.
Sometimes, you look at the Daily chart and you see a PA at PPZ but on a smaller TF (4h,1h), you see that that PA is the representation of a breakout + Retrace + PA which say to go the opposite direction than the Daily (Play the breakout when the daily plays the support).
So in that case, would it be best to play the breakout (of smaller TF) when we are in a trend (as USD actually) and Support on a range ?
Thanks a lot !
Manu
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