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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

  • #54,281
  • Feb 6, 2010 12:08pm Feb 6, 2010 12:08pm
Quoting mike w
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.
I'm a HUGE fan of the Law of Attraction and I've had success on a more superficial basis. I actually found my town home (almost exactly like I pictured and asked for in my minds eye) and I got some checks in the mail (over payments on some medical expenses that showed up). It's actually a pretty weird thing. I have tried to use it to bring better things into my life, but there is a some type of roadblock on the more MAJOR things in life. Maybe I'm not ready to receive or it just takes longer.

But, you are 100% correct. It is real, I've seen it work.


P.S. if you want to know about the tome home story send me a P.M. wouldn't want to bore folks with my personal life. LOL
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #54,282
  • Feb 6, 2010 12:08pm Feb 6, 2010 12:08pm
Quoting benji533
Hey ts63,

I will let you know my personal opinion on these setups. But of course, that's just me.


Remember that although PA is a powerful thing, the location is even more important in most cases.

Quoting mbqb11
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
Nice analysis Ben.

I would agree Mike, the young grasshopper has really grasped the football and is running hard with it.

Also the hard and fast break, tight management approach would apply here . . . . absolutely.

But why would it apply? Because this is not A+ trade. Not after this (these) big move down, big Red bars, look out below type of moves. Big bold bullish PA or common sense (confluenced) continuation PA need only apply.

So taking a pass on these setups is a good decision and waiting for higher quality setup is in order. . . . . So what does this mean? It means that if you pass on these setups (justifiably) and they take off to the moon, you do not bang your head on the desk, curse to the gods and kick the dog . . . instead you smile or laugh because you are a disciplined trader.
Indicators show the past. Price Action "Indicates" the future.
  • #54,283
  • Feb 6, 2010 12:16pm Feb 6, 2010 12:16pm
Quoting mike w
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.
Well I got a couple of stories I could contribute to your thread. I think I've been using the Law of Attraction for a long time, but I don't think I actually knew what it was until all the women at my work were passing around "The Secret" DVD and wouldn't stop talking about it. I guess Oprah made a big deal about it and it really went 'mainstream'. Since then I've done some lite research of my own and found 'law of attraction' used in religions (some religions call it 'practical prayer' and I also got the book "Think and Grow Rich" which is pretty much tapping into the same source.

I know there more reclusive works out there, it's just hard to filter all the current mainstream stuff and fluff now that it is more popular.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #54,284
  • Feb 6, 2010 12:20pm Feb 6, 2010 12:20pm
Quoting alifari
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 was going to say something similar. Also, last week was pretty crazy volatility, so it would make sense there would be lots of profit taking. Especially after a 43 dollar move in gold in one shot.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #54,285
  • Edited 1:03pm Feb 6, 2010 12:33pm | Edited 1:03pm
Quoting SeekingLight
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!

-------


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...
Jim, If you see this, it is definitely first page post. Patrick is a genius... I love how you said that if anyone understands, they can relate without a word. Funny enough, up until that, I was nodding my head with you the entire time lol

I do, however, disagree with one notion. If you surround yourself with like minded individuals, then that will only escalate your fire. They have to be like minded though. If not, then you're totally right, you won't get far.

And you know you always make that list- when I said successful traders.
I dream, therefore I become.
  • #54,286
  • Feb 6, 2010 12:41pm Feb 6, 2010 12:41pm
Quoting LasVahGoose
Well I got a couple of stories I could contribute to your thread. I think I've been using the Law of Attraction for a long time, but I don't think I actually knew what it was until all the women at my work were passing around "The Secret" DVD and wouldn't stop talking about it. I guess Oprah made a big deal about it and it really went 'mainstream'. Since then I've done some lite research of my own and found 'law of attraction' used in religions (some religions call it 'practical prayer' and I also got the book "Think and Grow Rich" which is...
YES! HUNDRED TIMES YES! Think And Grow Rich and The Secret have shaped my life entirely. Positive Mental Attitude by Napoleon Hill is awesome too. I don't care if this post gets deleted, it is my suggestion for anyone and everyone to buy these things. And I'd also love to hear about your home town story. Please do send me the P.M. and I'll share my own with you as well.

The bigger things take more effort because you have soooo many little things getting in the way at the same time. Stay faithful to your purpose and it will happen, that's a promise from "the crazy guy that thought he could trade currencies for a living when everybody knows that's impossible, especially in this town" to you.
I dream, therefore I become.
  • #54,287
  • Feb 6, 2010 12:54pm Feb 6, 2010 12:54pm
Quoting SeekingLight
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. - Seeking / Patrick

Nice post. This part of your post reminds me of 38 Steps to Being a Trader Thread http://www.forexfactory.com/showthread.php?t=1

You made several points, but this point of disillusion and letting it crystallize is something that I've been going through the last few months. The reality has sunk in and in the early stages of crystallization. It's a tough nut to crack (in the sense of accepting it and realizing this trading thing is going to be on the level of the one of the most, if not the most, difficult thing in life to accomplish) but like you said it is part of the process.

Have a good weekend.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #54,288
  • Feb 6, 2010 4:26pm Feb 6, 2010 4:26pm
Hi guys.. this made me laugh and remember how one trader could not handle position sizing because of his poor mathematics background. But these mathematicians are pretty leet I must confess..LOL .. Enjoy!


Inserted Video




Happy weekend everyone...
  • #54,289
  • Feb 6, 2010 8:28pm Feb 6, 2010 8:28pm
Thanks - appreciate the entire post - makes me feel normal - lol - !!

Quoting SeekingLight
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...
  • #54,290
  • Feb 6, 2010 9:19pm Feb 6, 2010 9:19pm
Quoting mike w
YES! HUNDRED TIMES YES! ...that's a promise from "the crazy guy that thought he could trade currencies for a living when everybody knows that's impossible, especially in this town" to you.
Maybe I'm odd, but when someone says that I can't do something it motivates me like nothing else. I'm not certain that I am comfortable with this. Back in late 2007 I was frustrated with the pace of growth that I was experiencing with my contracting business. I was even more frustrated with the work ethic of the help that I could find. We had a great business with many customers but I was killing myself trying to keep up with the pace of business and the constant turnover of hired help. When I decided to study day trading and later settled on Forex, I mentioned to my accountant who I respect as a very astute business owner and intelligent man that I wanted to trade the spot currency market as a business. I witnessed something that moment which
caught me offguard and crushed me for about a half hour. My accountant who had always been so respectful and professional looked at me with a condecending smirk and said "Well good luck with that little endeavor." I may have taken this wrong but his statemet might as well have been "Roger, I don't think that you have the intellectual capacity to operate a snow cone stand." I have always been a most optimistic sort. I also have very few doubts about my abilities. I'm not the brightest or most articulate guy that you will meet. Average in so many ways am I but that day at that very moment I started a journey that revealed to me that it is a perverse wisdom in being true to yourself. Refusing to allow someone at any given time to steal your dream with a statement that slices you through to your core only because there is an ugly part of yourself exposed for an instant that agrees with what was just said. Believing and I mean REALLY believing in yourself gives you the stamina to take on all opposition to fulfillment of your vision of your future success. It will give you confidence that does not come off as arrogance. It will invalidate obstructions and keep you on task. What surprised me was that once I made the decision to prove "them" wrong, I found that even before I was trading for my livelyhood, I felt that each decision that I made concerning "my business" was extremely important to my future. Yes I was trading to make 112 dollars here and 189 dollars there. I found that people around me started to buy into my idea of my new career. It is because it is easier to believe in a determined man. Early on, (30 minutes after I left his office)it became my highest priority to follow through and accomplish what I had stated that I would acheive to my accountant. With all due respect, without satire or sarcasm, I appreciate what he did for me that day.

K.I.S.S.
  • #54,291
  • Feb 6, 2010 9:36pm Feb 6, 2010 9:36pm
Quoting KissFan
Maybe I'm odd, but when someone says that I can't do something it motivates me like nothing else. I'm not certain that I am comfortable with this. Back in late 2007 I was frustrated with the pace of growth that I was experiencing with my contracting business. I was even more frustrated with the work ethic of the help that I could find. We had a great business with many customers but I was killing myself trying to keep up with the pace of business and the constant turnover of hired help. When I decided to study day trading and later settled on Forex,...
That's what it's all about brother. Achieving your goals no matter what. That's exactly what I was saying with my writing "The crazy guy etc. etc."; No matter how many people thought I couldn't, I kept my mind on it, did, and will continue to. You're the Man Roger! I love your story. It's funny how people intend to make the notion that something is impossible and that only fuels your fire more. I wouldn't call it gasoline... I'd call it napalm because it just keeps on burnin'
I dream, therefore I become.
  • #54,292
  • Feb 6, 2010 9:58pm Feb 6, 2010 9:58pm
Quoting KissFan
Maybe I'm odd, but when someone says that I can't do something it motivates me like nothing else....
"Don't tell me what I can't do"

Motivates like hell, love it!
  • #54,293
  • Feb 7, 2010 1:01am Feb 7, 2010 1:01am
Quoting benji533
Hey ts63,

I will let you know my personal opinion on these setups. But of course, that's just me.

Gold - We want great bars at great locations. In this case, the bar is really good, but the location is bad. Look at my chart below - we have a well defined price flip just above our pin. This flip zone isn't giving me enough space to do something with my stop when price will hit it. It's like running into a wall. In addition to this, I would like to have some more confluence factors which will help this pin to "hold". The only real thing I have...
Thank you benji, I appreciate your comments.
  • #54,294
  • Feb 7, 2010 1:05am Feb 7, 2010 1:05am
Quoting StoragePro
I have found that zero risk suits me real well too. It is all in how you do it though! I only get a few (3 to 5) positive winners and bunch of BE's a month. Works like buttah!

I'll be posting up a link to folks here soon about the recorded interviews. Psychology stuff, and they are really powerful. That Fiji knows his stuff.

There are things in there that will rock_your_world.
Hi Storage Pro:

Thank you for sharing that information. It really gives one reasonable results to shoot for. I have two questions:

1. You said you have a bunch of break even trades each month and 4 to 5 winners. How many break even trades do you average for each month?

2. On your 3 to 5 winners, what is the total multiple of your risk that you earn? Another words, do all your winners earn 3, 5 or more times your average risk per trade on average for each month?
  • #54,295
  • Feb 7, 2010 1:24am Feb 7, 2010 1:24am
Quoting KissFan
but that day at that very moment I started a journey that revealed to me that it is a perverse wisdom in being true to yourself. Refusing to allow someone at any given time to steal your dream with a statement that slices you through to your core only because there is an ugly part of yourself exposed for an instant that agrees with what was just said. Believing and I mean REALLY believing in yourself gives you the stamina to take on all opposition to fulfillment of your vision of your future success.

K.I.S.S.

Roger I read this many times this morning. . . your whole post. It is printed and posted in my house . . . for all to see.

God bless you brother . . . .you will make it . . .more then you know.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #54,296
  • Feb 7, 2010 1:27am Feb 7, 2010 1:27am
Quoting KissFan
Maybe I'm odd, but when someone says that I can't do something it motivates me like nothing else....
Well I believe these people ( one like your accountant), have a huge role in our success.
When I started off first one my best friend and I don't have many friends in the outside world. His said that " IF YOU KEEP ON DOING THIS YOU WILL NEVER BE SUCCESSFUL IN YOUR LIFE WITH ANYTHING, I KNOW THAT SORT OF STUFF".
Second one was my brother in law who is himself a stock trader and doesn't believes in TA. Well he simply laughed at me ( like all of them).
Third one was the chartist in my company he would often tell me " LISTEN BOY IT TOOK ME 15 YEARS, WHAT ARE YOU TALKING ABOUT IT'S NOT THAT MUCH EASY"
and the last one was our Fund Manager "CURRENCY ARE THE MOST DIFFICULT INSTRUMENTS TO TRADE SUCCESSFULLY".
Not saying that I have achived all I wanted but know that I am on a right path and I can see footsteps of many I dream about.P.s : hope none of them visit this page.
  • #54,297
  • Feb 7, 2010 3:15am Feb 7, 2010 3:15am
Quoting marxdhr
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?
Hey Marx

Generally speaking 95+% of the time of the next bar doesn't break the bar I am canceling the order. This is simply my way of timing and judging momentum in the market place.


Best
Mike
  • #54,298
  • Feb 7, 2010 3:16am Feb 7, 2010 3:16am
Quoting marxdhr
Hi Mike:

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

Well I have a lot of different losses. I rarely take full bar losses(they do happen about once a month ), but I am always looking at ways to reduce my risk. My win rate is the the upper 60- low 70%. But again that doesn't really tell you the full story.

Best
Mike
  • #54,299
  • Feb 7, 2010 3:18am Feb 7, 2010 3:18am
Quoting marxdhr
Hi Mike:

Is this sort of a real time example regarding money management that you were trying to explain to me the other day....
Yes exactly. I had been out the prior night so I just wanted sleep and left my take profit in(still a logical place). Price of course blew through and kept going but yes this is what I mean. I don't ever take 1/2 off that. It just isn't how I trade. Again nothing at ALL wrong with it, but you just have to prove and test everything to yourself. This is why you do see a variety of styles.

Best
Mike
  • #54,300
  • Feb 7, 2010 3:19am Feb 7, 2010 3:19am
Quoting jarroo
Nice analysis Ben.

I would agree Mike, the young grasshopper has really grasped the football and is running hard with it.

Also the hard and fast break, tight management approach would apply here . . . . absolutely.

But why would it apply? Because this is not A+ trade. Not after this (these) big move down, big Red bars, look out below type of moves. Big bold bullish PA or common sense (confluenced) continuation PA need only apply.

So taking a pass on these setups is a good decision and waiting for higher quality setup is in order. . . ....
Man I love you guys LOL
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