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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

  • #51,041
  • Jan 7, 2010 9:02pm Jan 7, 2010 9:02pm
Quoting mbqb11
ok man some people are going to want to punch me b/c I know my rants are long....
Oh and to answer your question, yeah I think so. Haven't taken a trade all year. Interested to see how the big boys play this news noise in the morning . . .
"Don't trade to trade . . . trade to win." - James16
  • #51,042
  • Jan 7, 2010 9:03pm Jan 7, 2010 9:03pm
Quoting mbqb11
ok man some people are going to want to punch me b/c I know my rants are long. But I will post this other one I just made today. This was the patience one I said I put in the PF.

Please remember these are just my thoughts and don't take anything personal anyone.

<truncate>
Mike, do you have a journal on your thoughts on these things/trader development on the PF?

You should start one hey. This is really awesome stuff.

I do think that it boils down to personal value placed on things.
Tt best mate of mine says that the value he places on giving back 30% profit on a runner is << taking small small positions and seeing them compound during a good move.

It is a hybrid btw what we value and what works. I relate heaps to the multi-indicator thing u talked about. I've tried more "indicator based systems" than I can count, but my biggest mistake was not being able to understand at that point in time that inner voice of how I was like and what I valued more.

Speculation & philosophy seem to come hand in hand don't they? =)

Btw, if you don't mind me asking, how does decreasing your ROI% line up with your long term goals? Don't quite get that one.
One Mind, Any Market
  • #51,043
  • Jan 7, 2010 9:06pm Jan 7, 2010 9:06pm
Quoting marcelnyo
OK now you got me hooked, what's this book/article and where can I find it?

Thanks
Mate, when you feel like you're being punched in the face, it means that what Fudd is saying is rubbing you against the grain in some way.
WHY?????
I've not arrived yet, but I've gone through enough of those "punch in the face" situations to learn to REALLY SAVOR them, cause they have ALWAYS taught me SO MUCH about myself and how I can get better.

Prob my #1 life philo is, "learn but do not blame, but deal with extreme harshness your own short comings"
I'm proud of some things I've done in life, but I do aim to continuously kill me ego.
Good pride, bad pride.

Sure there're assholic traders, but most of them I know are good, open minded people.

Ed Seykota --> Market Wizards.
One Mind, Any Market
  • #51,044
  • Jan 7, 2010 9:10pm Jan 7, 2010 9:10pm
dayum! Mike is doin' work tonight up in this thread.... Lots of good reading. I loled at the "trader progression steps"... I remember my days in the system forum twas a good introduction to forex none the less... I think every person needs to take those mis-steps in order to become good.
Many choose unhappiness over uncertainty.
  • #51,045
  • Jan 7, 2010 9:10pm Jan 7, 2010 9:10pm
Quoting mbqb11
Hey Row

Tough question to give a one line answer too. Generally speaking I am more concerned with the more recent action. Say last 200 bars or so, but that doesn't mean I don't look further back, and or even less then that. I know that doesn't really give a great answer. If you have specific examples be sure to post I can be more specific in regards to what I see personally

Best
Mike
Take a look at this gbp/chf daily chart mike are those area good confluence and the bar with the arrow below i thought that was a good PA bar for a long unless i miss something
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  • #51,046
  • Jan 7, 2010 9:12pm Jan 7, 2010 9:12pm
Quoting marcelnyo

My question is a specific one, back then from my own prespective, it's hard to believe that account size changes will affect one's trade, although it's starting to make sense now from the "what we want to do and what we've found good at doing are two very different things" mind frame, would you mind sharing some of your experience with this one Mike? maybe you can finally make me clear my head although from my post it seems like I'm answering my own question...

Thanks a Lot

M.
Quoting Cyrus
Btw, if you don't mind me asking, how does decreasing your ROI% line up with your long term goals? Don't quite get that one.

I am going to answer both of these in one. Most people who have a higher ROI have a higher Drawdown and thus a higher fluctuating in equity curve. My goal is to grow and smooth that curve out. As my account has grown the fluctuations can feel more harsh b/c this is where $ and size of account do matter. Everyone says that $ shouldn't change what you do, and yes this is true. But at 10$ a pip or 1000$ a pip things change. When you are trading 1$ a pip things don't seem all that bad one way or the other. You can deal with that 20-30% drawdown. But when you are trading 100$ a pip, that 20-30% drawdown starts becoming some serious money. So while I don't want people to trade based on money, at the same time the logistics of things sometimes change. So sacrificing ROI for a smoother curve is fine in my book. There are different ways to smooth your curve out(having variety of methods, different investments outside forex, etc).

Just some more thoughts, and I appreciate all the nice comments but just want to say again these are my thoughts and that is all

Mike
  • #51,047
  • Jan 7, 2010 9:16pm Jan 7, 2010 9:16pm
Quoting row
Take a look at this gbp/chf daily chart mike are those area good confluence and the bar with the arrow below i thought that was a good PA bar for a long unless i miss something
Hey Row

You are close here. What I see is strong pressure to the downside, then we consolidated, broke out and pulled back. Notice where price stalled right at former breakout area. Trading the BUOB long is trading into all this mess here. Now if this same BUOB had a much lower low I would consider trading it as it would have fully tested the flow under the 1.65 area where we had the most recent up move. But because of that lack of testing underneath + trading into this area, it is a pass. Finally and maybe most important is the date of the bat 12/30. Trading the day before the last day of the year is more or less gambling in my eyes.

Hope this helps
Mike
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  • #51,048
  • Jan 7, 2010 9:17pm Jan 7, 2010 9:17pm
Quoting Flem26
Oh and to answer your question, yeah I think so. Haven't taken a trade all year. Interested to see how the big boys play this news noise in the morning . . .
I think it will set things off and set the tone to get the action going for the coming weeks At least hopefully volatility picks up

And same here

Mike
  • #51,049
  • Jan 7, 2010 9:26pm Jan 7, 2010 9:26pm
Quoting Cyrus
Mate, when you feel like you're being punched in the face, it means that what Fudd is saying is rubbing you against the grain in some way.
WHY?????
I've not arrived yet, but I've gone through enough of those "punch in the face" situations to learn to REALLY SAVOR them, cause they have ALWAYS taught me SO MUCH about myself and how I can get better.

Prob my #1 life philo is, "learn but do not blame, but deal with extreme harshness your own short comings"
I'm proud of some things I've done in life, but I do aim to continuously kill me ego.
Good...
Yup every time I emailed Mike/James it definitely will feel like that although I know they always meant the best with what they said to me.
I'd print every situation like that and maybe had enough to change my wallpaper with, but my fiancee would kill me for that, so I'd wait till I get my own trading space and stay with the pages of Microsoft Onenote.

"learn but do not blame, but deal with extreme harshness your own short comings" --> Agreed, I got that from the 7 habits, once I've acknowledge that I'm responsible for everything that happens to me, I grew.
  • #51,050
  • Jan 7, 2010 9:31pm Jan 7, 2010 9:31pm
Quoting mbqb11
Hey Row

You are close here. What I see is strong pressure to the downside, then we consolidated, broke out and pulled back. Notice where price stalled right at former breakout area. Trading the BUOB long is trading into all this mess here. Now if this same BUOB had a much lower low I would consider trading it as it would have fully tested the flow under the 1.65 area where we had the most recent up move. But because of that lack of testing underneath + trading into this area, it is a pass. Finally and maybe most important is the date of the bat...
thanks mike for your help.......hope to learn alot more form you and everyone on this forum
  • #51,051
  • Jan 7, 2010 9:34pm Jan 7, 2010 9:34pm
Quoting PeterPan
Hi Mike,

Not sure you'll read this but I thought I'd ask anyway.

I remember reading on the thread about how new traders go through a series of stages, like stages of development.

Can you expand on that?

P
Post 1 outlines a plan for progressing through each stage of becoming a successful trader... Good posts Mike. Added to Mike's Folder.
  • #51,052
  • Jan 7, 2010 9:41pm Jan 7, 2010 9:41pm
Quoting mbqb11
I am going to answer both of these in one....
Tt true Mike. I recently was wondering why this was the case. And to me, it boiled down to our perception of "how much is alot"... which is a function of the human psyche that self preservation comes from.

The solution I was thinking about was to exchange a good bit of capital gains for more stable, but smaller yielding cash flow. With the security of having a good "coupon payment" regularly, I was thinking that that part of the psyche that deals with self preservation will be more satisfied, and one can trade a big a/c similar to the smaller one.

I suppose our ecology needs to evolve with our experience & a/c size.

Ok, this one is a rant.
Appreciate you sharing Mike. Gd stuff
One Mind, Any Market
  • #51,053
  • Jan 7, 2010 9:43pm Jan 7, 2010 9:43pm
damn EMAs are blocking my short position on EG.... maybe if I take them off my charts, the support won't be there anymore??? It's a theory....
Many choose unhappiness over uncertainty.
  • #51,054
  • Jan 7, 2010 10:08pm Jan 7, 2010 10:08pm
Pinocchio formed in EUR/JPY. Hope I got it right.
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  • #51,055
  • Jan 7, 2010 10:10pm Jan 7, 2010 10:10pm
Quoting PeterPan
Hi Mike,
.. I remember reading on the thread about how new traders go through a series of stages, like stages of development.
Can you expand on that?.
Quoting mbqb11
phew that would be a huge rant. I wish I could find a post of mine and also another post someone made(may have been diallist) about this topic....
Awesome posts Mike!
i immediately remembered the threads of diallist & Neers. this can be a supplement to your posts &/or is exactly what u were referring to.


Quoting joelcf
...
This was my framework i made for a friend who wanted to 'learn daytrading' ..
this is another great supplement
thanks joel!
  • #51,056
  • Jan 7, 2010 11:03pm Jan 7, 2010 11:03pm
Hey Arya,

Yep that is correct the open and close are within the previous bar and i has a big long nose. In my opinion though this wouldnt be the best bar to trade.

The bar does look great and that is the first part of learning this material identifying Price action bars, but now we need to look at the location and the space it has to run.

If you are new to the material start at post one there you will find plenty of info.

Quoting Arya323
Pinocchio formed in EUR/JPY. Hope I got it right.
  • #51,057
  • Jan 8, 2010 12:21am Jan 8, 2010 12:21am
Quoting raczekfx
why anticipate...?
What if it keeps going and going..?

When in doubt, I make things even easier for myself.
I plot the line chart and go with the flow. try it one day.
You WILL leave the crowd behind much faster, than you think...

already said too much.... I .
hmmm.
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  • #51,058
  • Jan 8, 2010 12:25am Jan 8, 2010 12:25am
Quoting Dan Gilbert
damn EMAs are blocking my short position on EG.... maybe if I take them off my charts, the support won't be there anymore?...
whatever makes YOU comfortable

alternatively, (if u havent yet..) u can view MA's just like S/R's or PPZ's: they either hold or dont.
  • #51,059
  • Jan 8, 2010 12:44am Jan 8, 2010 12:44am
Quoting supremeChaos
whatever makes YOU comfortable

alternatively, (if u havent yet..) u can view MA's just like S/R's or PPZ's: they either hold or dont.
Several months ago when i had MACD's and multiple MA's on my chart i used to delete them and then think how am i gona trade without them so i would put them back.

But got rid of them one by one and don't miss them any more. lol

Don't know about the MA's but i can see a PPZ blocking him out.
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  • #51,060
  • Jan 8, 2010 1:18am Jan 8, 2010 1:18am
Quoting Arya323
Pinocchio formed in EUR/JPY. Hope I got it right.
Hey Arya,

I don't see a lot going against that bar. Swing high, divergence and a nice long nose most importantly protruding away from the vicinity of the previous bars. (notice the length of that wick extending from the purple ppz on my chart)

However you gotta stay tight on a trade on an NFP Friday before the news release, so given that you can manage your way through liquidity issues the bar lows marked could come into play...probably.

g.
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I believe . . .
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