james16 Chart Thread

That, my friend, is the law of attraction. If you have never studied it, you ALL need to study and learn it. James16 knows it, Jarroo knows it, MBQB11 knows it, Raczekfx knows it, I know it, Nasir knows it, every trader who has ever been successful knows it. I know for a fact that all these people know it through their posts. The secret to whatever you want is the law of attraction.

very good analyse have been provided here

great information off how to look on a trade,you should listen to him

you are becoming more piky, don't you?

all the best!!

don't know if I understand you perfectly..........

Individual investors who buy and sell securities for their personal account, and not for another company or organization is a retail trader,which mean we are all, including james, retail traders

we are the small guys in this industry which play an defined role in price movement

all the best!

Ditto that Mike.

i'm looking for sell on gold at 1073.50

You know it brother! We attract what we think. Thoughts are things and with that in mind, what are you thinking? Hm, I'm going to start a thread on this subject because it really is important to me and every other human that wants change in their life.

Further to Benji's explanation, also note that these bars were formed on Friday before close of US Session. Lot of traders choose to take profit on Friday US Session rather than holding positions (short) over weekend. These could be one of those scenario.

Also it could be reaction to this news in late US Session that "Europeon Union may propose a solution for Greece’s budget deficit.

http://www.bloomberg.com/apps/news?p...q.BBSMdc&pos=1

I could have typed this word for word lol Nice Benji!

I think these are all "fast break" as Jarroo would say. You have to know when to cut out. For example gold, has potential if it breaks real hard and that area benji has marked can turn into support. Then you have an awesome place to hide your stop. If that thing doesn't break hard you better ditch that thing quick!

Good stuff

Mike

This is very true about PT on fridays and if you are catching a falling knife with a profit take bar and not careful, ouchy (been there)

Mike

love this guy

I am getting more and more depressed at barely being included in recent "counts and mentions".

3000+ posts (even with a year of almost no posting, still 2.49 posts a day average) and all I got was this lousy 1kT badge..that then got taken away again!

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On a more serious note, an old thought popped in my head again while cooking and I thought I might just share / post it again.
I've elaborated on this before, but as I can see both poster AND posts are soon forgotten, so any redundancy probably won't hurt


Fitting in with the recent posts about "I basically live on FF" and overall enthusiasm to share and discuss publicly:
What I have found, for me, personally, is that one big revelation of getting good at trading relates to isolation strongly.

I've said this before: disconnecting, isolating yourself from the "noise" that is forums, tv, press, anything outside of the chart and you, is a crucial stage in developing your skillset.
You are free to do how and whatever once you have everything, the skill, knowledge and confidence, but in order to get there, the process of disillusion has to occur.

What I mean is:
Most of us got here on the promise of easy money, fast progress, instant gratification.
The most sobering experience is not just the realization that it's not that easy. It's also not the hardest part.

The hardest part is allowing that realization to crystallize into a conclusion.
The conclusion in this case, that if you really want to get somewhere with things, you need to do everything you can to ensure your chances of making progress are maximized.

This includes actually knuckling down and doing the work, putting in the time(parakeets and buffalo herds spring to mind).
I can tell you with a straight face that my screen- and charttime is in the thousands of hours.
It also, to me, includes reducing indulgence in distractions as much as possible, if not completely eliminating them.
I can tell you that for me that whenever I exposed myself too much to public discourse or generally engaged too much in distractions such as arguments about pointless stuff, posting for the sake of posting or just generally anything outside of study&research, things did not progress.

I HAD TO get away, focus, focus and focus to get things sorted.
I don't know whether this makes me slow, stupid or retarded, or whether I am just plain stating something normal, but for me, doing an essentially simple thing involved straining myself to focus all my mind and energy on just this one thing, to see even small things through from beginning to the end.

In my opinion, it's a very, VERY unforgiving business, where if you slip up, you slip up. You miss a trade, then it's gone; you mismanage something and it's gone; heck, you mis-click and it may just be gone.
I don't think the seriousness or gravity of all of this can be overstated.

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Even when you get so good at things that you could theoretically do it in your sleep: there is always that window/moment of "I can't be disturbed now, the X-Moment is here" where everybody who knows what I am talking about will understand why and how someone can go from being a cheerfully talking and joking state into a full-on "not in this world anymore" trance-state of focus and purpose.
It might not be social, it might even be rude in it's manner towards the "outside world", but I feel that anyone who realizes the challenge and stakes involved is able to relate without a single word necessary.
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Coming back:
When you are faced with something that takes all of your devotion, attention, focus and energy to execute perfectly, just how healthy would you say a distraction or general potential element of noise and confusion is?

So in other words, you eventually are confronted with the realization(which should have been a clear, simple fact from the get-go, but is obscured by the whole behavior, culture and community that surrounds trading) that this is not about fun and games, but serious.
And hard work.
And a matter of practice.
And time investment.
Discipline.
Patience.
Endless patience.
One of the biggest tests of your self-control you will face.

How insane. I thought this was just clicky-click and money!
Good times and giggles. Easy cash. Something anyone can easily do on the side.

Disillusion.

That really is the key element.
Detachment and disengaging(these two I have definitely posted about before) are just consequent reactions to this core realization.
But unless you ALLOW yourself to accept the disillusion and instead re-frame the challenge that sits in front of you, treat it with the necessary amount of respect - in my opinion, you are (possibly/most likely/definitely - take your pick) not over the last hump yet.

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In that vein - at the same time as you realize this is going to require more energy, time and investment that you would ever have thought, also keep in mind that you need an equal amount of releasing tension, balancing out your social and other positive benefits having needs, relieving stress and so forth, to not go completely insane and keep things in perspective.

It will do you little good to be a master of markets and being super rich when you can't relate to another "normal" human being anymore.
Yes, it is a very special and "own" thing, even YOUR special, own thing, but it is also something that you should be aware of nobody else feels they HAVE to be nuts about as well.

Realize that what you are about does not have to be what others are about and that this is fine; that there is a near infinity of precious things in this world and that you can find engaging, fun and interesting elements in many, many things, activities and people, if you just keep yourself open to it.

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I am not sure whether I elaborated well enough and enough-enough on the importance of the disillusion / disconnect phenomenon and whether the transitionary nature of things is clear enough(i.e. nothing ever remains in absolutes, but will eventually shape itself out, change, adapt to new knowledge and circumstances etc), but I am equally unsure I could phrase more and better at this point in time, so I am just going to put this out there.

Things are always so much more stringent WHILE you are thinking them, aren't they

Enjoy the weekend everyone.

- Seeking / Patrick

Good point made LVG. I am into full time trading forex now (demoing) and can relate to what marcelnyo said abt being 'alienated' although for me the degree is still very small. I find that there are so much to try out and learn from this thread that I am in a way 'comfortable' with the current state of affairs. Yes, other things does not seem to matter so much; well except for the occasional 'family' needs that I must still pay attention to since my 2 kids have only just passed their toddler years.........

Hi Mike:

This is a beautiful BEORB. Thank you for posting it. If the very next bar following the price action bar (i.e. pin bar or outside reversal bar fails to break the high /low of that bar, how many more bars do you give it to enter the trade before you decide the set up bar is not valid for entry?

Hi Mike:

What percentage of the time do you incur an actual loss on your trades?

For Mike, he follows the "next bar break rule", meaning the next bar after the setup needs to break it, if not he closes the order. It is a good criteria to have . . .think momentum continuation.

I will usually allow more bars before the break . . .think momentum building.

These are all subject to the quality of the setup.

Jim

Hi Mike:

Is this sort of a real time example regarding money management that you were trying to explain to me the other day. In other words, you indicated that I should not have an absolute profit target of 1 x R. Instead, as in this trade, you enter and they you start looking at the prior levels of resistance made by the prior lows and see what price does at each such level. Here 1.59 and 1.585 are prior lows and therefore prior levels of support. As price reaches them you will see how it reacts. If it blows through then you can keep the trade on and see what you can get out of it. If it meets support and can't seem to break through then you take some or all off the table. One can use this same technique when deciding when to move the stop to break even. That is to say, after entry, you can look left and see where a price low of the next bar or few bars right occurred, when price gets there you can move the stop to break even, and if price hangs up at that support level, you might consider taking 1/2 or some part off so the trade does not become a winner turned loser.

Is this what you were sort of trying to say to me?

I had the same problem as you. I then downloaded and saved the file on my desktop and open it with Windows Media Player. It plays but only the audio is on without any video and I am not sure if that is the way it is meant to be (only an audio recording most notably with the sound of waves and birds chirping nearby)..........

LOL

you are in my buddy listyou should consolate with that


in some off your statements I'm recognised myself being there

Althought I have only 1year and a month from my starting in this business, I swear to you that where times when I have spent 20 hours/day just looking on charts, studying them without looking on anything else like forums,tv,news,press...only me and the charts,without taking any trade just for studiyng them.......

And yes , I have those feelings of desillusion back some months ago, but now I'm on a journey building up my edge, I do have a deeply(as far as I 'm concerned,but still learning) acknowledge of how price moves, I do have developed some skills .....

when it comes to forums I'm doing it more for fun, help others, but I fell more secure and safe when I'm trading alone without the "noise"

all the best!!

Hi

I'm fairly new to trading, I've been lurking the whole thread for some time right now. I would like to post a chart and ask about you comments.

I see daily hammer, with divergence, minor support,365 MA and 23 Fibb retracement.

Does this setup is not screaming trade what you see not what you expect?

Hi Seeking, I never miss your posts , what, no charts?

I'm still on the verge of isolation, I think I'll have to reisolate myself and do the things I procrastinate to do for some stupid reasoning, the fear of proving to myself that I don't know anything yet about the things I think I know of.

Thank you for the post, it has helped a lot.