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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

  • #50,601
  • Jan 2, 2010 5:47am Jan 2, 2010 5:47am
Quoting packhorse
Hi Guys,
I am trading daily PB's. I am having a bit of trouble "trading with the trend". If I am looking at the daily chart and price is in an upwards trend, but is, for example, downwards on the weely chart. What would I define as the trend to "trade with"?

Another problem is that I think I am putting too many s&r lines on my charts, resuting in me taking PB set-ups off weaker s&r lines. How can I dilute these to show the best? Is there a point where there are too many s&r lines on a chart?

All help appreciated.
That's the main trick IMO . When you are able to differentiate between The strong S/R and ones that are just good for hiding the stops or taking partial profits you are almost done.

After that all you need is patience to wait for price to hit them and then for some good PA and decent MM.

Start out with Monthly-->Weekly-->Daily Time frames for S/R,PPZ at swing High/Lows, Near 50-61 Fib, MA's and Trendlines.

When you are in a trade watch for Bar decent high lows to manage it.
  • #50,602
  • Jan 2, 2010 5:49am Jan 2, 2010 5:49am
Quoting supremeChaos
Marcel,
looks like a similar case for several other traders too.
Let's & do our best..!
I am also feeling great about 2010.
  • #50,603
  • Jan 2, 2010 6:27am Jan 2, 2010 6:27am
Quoting LasVahGoose
That new Avatar is kinda creepy. What happened with the Bike?
I think you should choose a new Filipina bikini model each month for your avatar.

No really I wouldn't mind.
"Whether you think you can or can't, you're right." Henry Ford
  • #50,604
  • Jan 2, 2010 7:28am Jan 2, 2010 7:28am
2010 I will take my trading to next level by taking a more businesslike approach. I want to devote more energy to journaling and keeping excellent trade records. I want to save before and after screen shots of every trade and then make a journal entry with my trade management plan. I am hoping the journal will help me monitor my emotions while the trade is ongoing and be a constant reminder to focus on trading well. If I consistenly trade well and follow my plan and MM rules then the $$$ will be an afterthought.

I am excited because having accurate records will allow me to tinker with my exit strategy over a large number of trades. Exits continue to cause me to second guess and what if? I would like to reach a point where I have a sufficient breakeven/exit plan that I can live with from start to finish. I want to stop wavering while the trade is ongoing and surrender to
my probabilities.

I am focusing on just trading pinbars and 2-bar pins because they have always performed the best for me. I know that you can be successful in this game by only doing one thing well.
"Whether you think you can or can't, you're right." Henry Ford
  • #50,605
  • Jan 2, 2010 7:32am Jan 2, 2010 7:32am
Quoting Scot Pippin'
2010 I will take my trading to next level by taking a more businesslike approach. I want to devote more energy to journaling and keeping excellent trade records. I want to save before and after screen shots of every trade and then make a journal entry with my trade management plan. I am hoping the journal will help me monitor my emotions while the trade is ongoing and be a constant reminder to focus on trading well. If I consistenly trade well and follow my plan and MM rules then the $$$ will be an afterthought.

I am excited...
Sounds like a very good plan! I have no doubt you will see good results from that.

Will it be a personal records file or do you plan to keep a journal thread?
  • #50,606
  • Jan 2, 2010 11:08am Jan 2, 2010 11:08am
Quoting Scot Pippin'
2010 I will take my trading to next level by taking a more businesslike approach. I want to devote more energy to journaling and keeping excellent trade records. I want to save before and after screen shots of every trade and then make a journal entry with my trade management plan. I am hoping the journal will help me monitor my emotions while the trade is ongoing and be a constant reminder to focus on trading well. If I consistenly trade well and follow my plan and MM rules then the $$$ will be an afterthought.

I am excited...
This is a great New Years plan.

What software will you use to document all this? MS Word? I need to do the same.
  • #50,607
  • Jan 2, 2010 12:03pm Jan 2, 2010 12:03pm
Quoting o990l6mh

Will it be a personal records file or do you plan to keep a journal thread?
I will keep a hand written journal and save charts before/after to refer back to. I used to write alot of song lyrics in my former life, so writing has been theraputic for me in the past. I'm hoping it can help me manage my psychology while I'm trading and maintain the correct perspective.

Later when I have documented enough trades I want to analyze profit taking via R/R, Fib extension, S/R and then commit one way or the other. Since it always boils down to mistakes from fear/greed that deplete my account, I really feel that almost any exit strategy will work if I focus on preventing those mistakes. Eventually I would like to have the only thinking done on the sidelines selecting the best trades,then let the management method take it from there.
"Whether you think you can or can't, you're right." Henry Ford
  • #50,608
  • Jan 2, 2010 12:25pm Jan 2, 2010 12:25pm
Quoting XNAdam
Hiya supremeChaos.

Thanks for the welcome.

The breakup was what it was. Gotta accept the loss and move on, right?

At any rate, I now have a *lot* more time to study. lol

- A
Time, you'll need lots of it if you dedicate even only to this thread

Good Riddance then
  • #50,609
  • Jan 2, 2010 12:30pm Jan 2, 2010 12:30pm
Quoting Scot Pippin'
2010 I will take my trading to next level by taking a more businesslike approach. I want to devote more energy to journaling and keeping excellent trade records. I want to save before and after screen shots of every trade and then make a journal entry with my trade management plan. I am hoping the journal will help me monitor my emotions while the trade is ongoing and be a constant reminder to focus on trading well. If I consistenly trade well and follow my plan and MM rules then the $$$ will be an afterthought.

I am excited...
Wow, that new year's resolution of yours is truly inspirational, I became aware of my arbitrary journaling and trade recording, which became very untidy as time went by, this IMO is a very good idea to start everything new for this year.

Good Luck on 2010
  • #50,610
  • Jan 2, 2010 1:56pm Jan 2, 2010 1:56pm
Quoting Scot Pippin'
2010 I will take my trading to next level by taking a more businesslike approach. I want to devote more energy to journaling and keeping excellent trade records. I want to save before and after screen shots of every trade and then make a journal entry with my trade management plan. I am hoping the journal will help me monitor my emotions while the trade is ongoing and be a constant reminder to focus on trading well. If I consistenly trade well and follow my plan and MM rules then the $$$ will be an afterthought.

I am excited...


This works. I've done this and it flat out helps. Van Tharp has a lot of good ideas about what could be journaled. Perhaps the toughest part of it is learning how to actually listen to yourself. With all things a little practice goes a long way.

You might notice patterns that emerge - I did with me. There are times where I do not trade as a result of what I have learned about me.

Exits and tinkering. Don't fall into the perfectionist trap. Just make a good journal, and what works best for YOU will become apparent. And it may not be what you think you'd like to be good at. What you see works best may be a poor fit for you, or even impossible for you to do.

Good strategy - keep an open mind about what is going to be revealed and you will do very well.
I'm pretty much done with all this ...
  • #50,611
  • Jan 2, 2010 4:26pm Jan 2, 2010 4:26pm
Just wanted to add to what Mike said.... I suggest only marking very defined PPZs. A single price flip is not enough. Look for areas that have at least a few flips (well respected areas).

Scott

Quoting Dan Gilbert
Hello mike, my chart standard for now is a horizontal line drawn on every round number counting in increments of 100 pips. Also drawn are weekly PPZ's based on the last 300 or so weekly bars. Is this a good standard? Too much? Thanks.
  • #50,612
  • Jan 3, 2010 3:12am Jan 3, 2010 3:12am
Quoting Scot Pippin'
2010 I will take my trading to next level by taking a more businesslike approach. I want to devote more energy to journaling and keeping excellent trade records. I want to save before and after screen shots of every trade and then make a journal entry with my trade management plan. I am hoping the journal will help me monitor my emotions while the trade is ongoing and be a constant reminder to focus on trading well. If I consistenly trade well and follow my plan and MM rules then the $$$ will be an afterthought.

I am excited...
some great thinking there bro! definatlely gonna help if you do it. i would read SPs reply a few times also!
Quote
This works. I've done this and it flat out helps. Van Tharp has a lot of good ideas about what could be journaled. Perhaps the toughest part of it is learning how to actually listen to yourself. With all things a little practice goes a long way.

You might notice patterns that emerge - I did with me. There are times where I do not trade as a result of what I have learned about me.

Exits and tinkering. Don't fall into the perfectionist trap. Just make a good journal, and what works best for YOU will become apparent. And it may not be what you think...
..great post SP !!
jon

have a great new year everyone!!!!!
PATIENCE... DISCIPLINE
  • #50,613
  • Jan 3, 2010 12:00pm Jan 3, 2010 12:00pm
I missed the daily outside bar...but one has appeared on the weekly...at a PPZ area, double bottom, round number and hidden divergence. Entering on a break with stop below 1.600 (zoom into the daily to see this as a ppz area)
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  • #50,614
  • Jan 3, 2010 12:25pm Jan 3, 2010 12:25pm
Quoting lovejoy80
I missed the daily outside bar...but one has appeared on the weekly...at a PPZ area, double bottom, round number and hidden divergence. Entering on a break with stop below 1.600 (zoom into the daily to see this as a ppz area)
youre right i didnt even see it but i think it will retrace because at least in the past it did. I will wait the retrace and then i will buy it, hope i wont make a mistake and miss a good trade will see ...
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  • #50,615
  • Jan 3, 2010 1:55pm Jan 3, 2010 1:55pm
http://cdn.forexfactory.com/images/icons/icon1.gif 2010 Trading Plan
""2010 I will take my trading to next level by taking a more businesslike approach. I want to devote more energy to journaling and keeping excellent trade records. I want to save before and after screen shots of every trade and then make a journal entry with my trade management plan. I am hoping the journal will help me monitor my emotions while the trade is ongoing and be a constant reminder to focus on trading well. If I consistenly trade well and follow my plan and MM rules then the $$$ will be an afterthought.

I am excited because having accurate records will allow me to tinker with my exit strategy over a large number of trades. Exits continue to cause me to second guess and what if? I would like to reach a point where I have a sufficient breakeven/exit plan that I can live with from start to finish. I want to stop wavering while the trade is ongoing and surrender to
my probabilities.

I am focusing on just trading pinbars and 2-bar pins because they have always performed the best for me. I know that you can be successful in this game by only doing one thing well.""
_---------------------------------------------------------------------
Don't underestimate how powerful your internal dialogue is.
Try these variations of how we speak out loud and how we speak to ourselves internally.

I will devote more energy......
I will save screenshots ......
Keeping an accurate journal will help me monitor my emotions.....
I will consistently trade well and follow my plan.....
In the next 4 weeks I will develop an excellent breakeven/exit strategy.....
etc, etc

Repeat this type of dialogue over and over until you begin to think that way. (positively, no doubt) Practice until you don't have to force yourself to think that way, until it becomes part of you.
Remember, we are what we eat, and we are what we think.

Steve
  • #50,616
  • Jan 3, 2010 2:44pm Jan 3, 2010 2:44pm
May I ask a simple question.

What is the difference between buy stop and buy limit, or sell stop and sell limit?

P
  • #50,617
  • Jan 3, 2010 2:53pm Jan 3, 2010 2:53pm
Quoting PeterPan
May I ask a simple question.

What is the difference between buy stop and buy limit, or sell stop and sell limit?

P
Hey Peter

A buy stop is above current market price(and is just a market order all stop orders are market orders).

A buy limit is buying below market price.

A sell stop is selling below market price(or for example say we are selling short on a break below a bearish pin we would place a sell stop below the low).

A sell limit , is selling above market price.

Limit order is getting the price you want OR better. Where as the stop orders are market price and you get ANY price just get me in the market.

Best
Mike
  • #50,618
  • Jan 3, 2010 3:02pm Jan 3, 2010 3:02pm
Thanks Mike.

I have another question if you don't mind.

What is normal, mini and micro account? Is it related to how much each pip is valued?

P
  • #50,619
  • Jan 3, 2010 3:11pm Jan 3, 2010 3:11pm
Quoting PeterPan
Thanks Mike.

I have another question if you don't mind.

What is normal, mini and micro account? Is it related to how much each pip is valued?

P
Standard = 10$ per pip
Mini = 1$ per pip
Micro = 10cents per pip

Best
Mike
  • #50,620
  • Jan 3, 2010 3:20pm Jan 3, 2010 3:20pm
Thanks Mike.

I've just realized I've been looking at the charts without even knowing the basic stuff!

All the best for the new year,

P
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