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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

  • #56,541
  • Feb 27, 2010 7:10pm Feb 27, 2010 7:10pm
Quoting jlmac27
Can I ask where you found that movie?
It's called Market Wizard Insights.
  • #56,542
  • Feb 27, 2010 7:55pm Feb 27, 2010 7:55pm
Quoting mbqb11
I don't think Dion will mind me posting this but we did hear from him
Thanks for sharing Mike.
Good to know.
Dion & everyone, be safe.
  • #56,543
  • Feb 27, 2010 8:37pm Feb 27, 2010 8:37pm
Quoting daveoz001
I just saw a video with Jack Schwager and he told this story, thought I would share it!

A Technical Analysist and a Fundamental Analysist were having dinner, a knife fell off the table, and they both watched it fall.
It landed and stuck in the Fundamental Analysist's shoe.
The Technical Analysist said,
"Why didn't you move your foot." The Fundamental Analysist replied,
"I thought it would go back up!"
Cause chartists never try to trade reversals

I love Jack's books (Schwager on Futures especially), but his bias is a bit silly, to be honest... especially for a guy who writes fundamental analysis books.
.
When you have to shoot, shoot. Dont talk.
  • #56,544
  • Feb 27, 2010 9:39pm Feb 27, 2010 9:39pm
Quoting daveoz001
It's called Market Wizard Insights.

Thanks Dave!
  • #56,545
  • Feb 27, 2010 10:37pm Feb 27, 2010 10:37pm
Como'n slovakia ice hokey team!!!!!!!!!!!!!
  • #56,546
  • Feb 28, 2010 3:04am Feb 28, 2010 3:04am
Hey guys,

If anyone has any kind of book or movie regarding trading psychology which was helpful, please PM me and let me know. Any good stuff would be appreciated except of "trading in the zone" and "the secrets of emotion free trading".

Thanks,

Ben
  • #56,547
  • Feb 28, 2010 4:12am Feb 28, 2010 4:12am
Read again, Trading in the Zone. Make notes, when You read it. Than, practise, than read again.
It contains every trading related Psych staff You need. (What I came accross.) Be able to use it: You must pactise it. Write down plans, check them, write down Your feelings... and again...With every circle You are ahead. Oh, yes, it s very unconvinient, always write...
Be well, PH
  • #56,548
  • Feb 28, 2010 5:12am Feb 28, 2010 5:12am
Quoting jarroo
My spread on the EG is 5 pips. Yes I understand that the move was small about 15 pips. Let me ask you this . . . would you trade this differently if the move was 150 pip? 550 pips? The chart would still be the same, right? Or what if each pips was worth $5 or $50 or $175 a pip?

I think you see my point .. . forget the amount of pips and the amount of money . . . Once you start looking at the charts as a guide instead of the pipage or money you will have an "Ah-Ha" moment.

Also, it all about learning here, my friend.


Jim
Jim, thanks for the reply.

I don't think in pips or money but I do note the R:R (and Spread:R) ratio's.

No, each pips net worth doesn't matter.

Yes, I would handle the trade differently... I did pass on that 15 pip target area with a 5 pip spread but would've easily taken the exact same setup if my spread was 0.5 pips (or same setup with 150/550 pip target 5 pip spread) ... this effects the REWARD part of the R:R so massively for a small gain trade.

Also note that a 11 pip target area with a 1 pip spread is significantly better than a 15 pip target area with a 5 pip spread (assuming the risk is the same) even though both net a 10 pip reward... you start a lot further out of the money with a 5 pip spread so early kills will result in more red/less black....

LARGE SPREADS SUCK FOR SMALL GAIN TRADES
May all your fits be loose.
  • #56,549
  • Feb 28, 2010 5:32am Feb 28, 2010 5:32am
dunno why technical traders have such a go at fundamental traders, last time i checked george soros was. similiarly fundamental traders have a go at technical traders. imo best to have both
  • #56,550
  • Feb 28, 2010 6:05am Feb 28, 2010 6:05am
Quoting benji533
Hey Pinnocchio,

Lets break down this pair according to James16's principals.
First of all, we want to trade bearish price action bars at swing highs, and bullish price action bars at swing lows. Here we have a bearish pin not at a swing point. Therefore this is going to be a trade in a ranging market. although the main trend is down, this pair is very choppy and moves down in a range form.

On the positive side, you do have quite a bounce of confluence factors protecting you. You can see the clear price flip, nice looking bar, 365ema which...
Thanks so much again Ben for the detailed analysis. It is so well explained that even newbie like me have no problem understanding.

Please keep it coming! Thanks again and happy weekend!
Dreams are hard to follow, but don't let anyone, tear them away...
  • #56,551
  • Feb 28, 2010 6:56am Feb 28, 2010 6:56am
I have been looking through the thread and have seen alot about the "pin bar".

Can any of the more experienced guys give me some input about entry around the pin bar? Do you wait for the pin bar to form? Enter on the next bar? Enter after the next bar has formed? What do you consider confirmation on this setup?

Thanks ahead of time......
  • #56,552
  • Feb 28, 2010 8:15am Feb 28, 2010 8:15am
Hi everybody,

On the 4H chart we have a nice pinbar that created a new low, and is not confirmed by the MACD. We can see it more clearly on the 1H chart where there is a clear divergance between the new low and the MACD.

I'm thinking on enetering and puting my stop loss just below the 4H pinbar (~20pips risk) and would be looking for a 100pip reward at around 89,70 area.

What do you guys think?


http://img199.imageshack.us/img199/4493/usdjpn.gif

http://img168.imageshack.us/img168/2412/usdjpnh1.gif
  • #56,553
  • Feb 28, 2010 8:16am Feb 28, 2010 8:16am
Yes, you wait for pin to form then wait for the next bar break. Then its down to money management. Plenty of info here about pinbars or you could simply google.

Quoting Pip Dawg
I have been looking through the thread and have seen alot about the "pin bar".

Can any of the more experienced guys give me some input about entry around the pin bar? Do you wait for the pin bar to form? Enter on the next bar? Enter after the next bar has formed? What do you consider confirmation on this setup?

Thanks ahead of time......
  • #56,554
  • Feb 28, 2010 8:19am Feb 28, 2010 8:19am
Quoting Pip Dawg
I have been looking through the thread and have seen alot about the "pin bar".

Can any of the more experienced guys give me some input about entry around the pin bar? Do you wait for the pin bar to form? Enter on the next bar? Enter after the next bar has formed? What do you consider confirmation on this setup?

Thanks ahead of time......
Read post 1 and some of the links that are contained in it, all your answers are there.
  • #56,555
  • Feb 28, 2010 8:21am Feb 28, 2010 8:21am
Quoting Pinnocchio_S
Yes, you wait for pin to form then wait for the next bar break. Then its down to money management. Plenty of info here about pinbars or you could simply google.
Thanks Pinnocchio...I'm sure I will find the information in this thread but with 17,000 + posts I think I could spend the rest of the year here. Plenty of great info!

Thanks for the response!
  • #56,556
  • Feb 28, 2010 8:51am Feb 28, 2010 8:51am
Quoting benji533
Hey guys,

If anyone has any kind of book or movie regarding trading psychology which was helpful, please PM me and let me know. Any good stuff would be appreciated except of "trading in the zone" and "the secrets of emotion free trading".

Thanks,

Ben
Hi Ben -

I don't have a particular book for you, but I can share a few thoughts that might help. Seekinglight and TiaForex are the two people here that can be of the best assistance to you.

First - everything boils down to what goes on in between your ears. Everything. Jim is often heard saying that this stuff is dirt simple, and it is. But that does not mean it is easy. Psychology permeates everything we are and everything we think - conscious or unconscious. You are what you think, you are how you think, and I'm not delving into the metaphysical either.

I'll put forward, and most will say it is nonsense - having an active and healthy interest in your personal psychology is the key that will unlock the door to success. Don't believe me? Then tell me why 95% fail in this endeavor? And think about this - if 95% fail, why is it we appear to have nearly 100% successful people on this thread? That is a heavy duty, industrial strength thought, and the simple fact is that 95% of the people here are not truthful. (Can you handle the truth?)

If we do not have an interest in this subject, we are doomed to failure. Guaranteed.

I'm not sure that we can get the bang we want out of a book - at least not at first. Doing this work is difficult, and I have personally found that a guide was instrumental to finding some success. I'd like to say I got lucky in this respect, but I do not believe in luck one bit. Opportunities in life are engineered - even the subconscious will do the heavy lifting for you.

I recently posted about a series of audios that I was involved in making. TiaForex also is working on this as well. We are working along with the j16 Psychology instructor to produce them, and they are outstanding. I have never heard anything like them before, and I know you'll like them. It is a privilege to be involved. Right now we are working through a couple challenges with presenting them to you, but sit tight, it won't be long.

Good luck Ben - you are asking the correct questions and pointing yourself in the right direction. You are not too young to have new vistas opened to you, and you will make this a life long pursuit.
I'm pretty much done with all this ...
  • #56,557
  • Feb 28, 2010 9:11am Feb 28, 2010 9:11am
Quoting benji533
Hey guys,

If anyone has any kind of book or movie regarding trading psychology which was helpful, please PM me and let me know. Any good stuff would be appreciated except of "trading in the zone" and "the secrets of emotion free trading".

Thanks,

Ben

Hi Ben
i got this from D-T thread ( Direct Trade )...
it may be useful

baz

The Secrets to Emotion Free Trading by Larry Levi.pdf
Attached File(s)
File Type: pdf The Secrets to Emotion Free Trading by Larry Levi.pdf   484 KB | 2,057 downloads
  • #56,558
  • Feb 28, 2010 9:13am Feb 28, 2010 9:13am
Quoting baz
Hi Ben
i got this from D-T thread ( Direct Trade )...
it may be useful

baz

The Secrets to Emotion Free Trading by Larry Levi.pdf
opps just read your message again...you have this i presume...

sorry

baz
  • #56,559
  • Feb 28, 2010 9:21am Feb 28, 2010 9:21am
Quoting benji533
Hey guys,

If anyone has any kind of book or movie regarding trading psychology which was helpful, please PM me and let me know. Any good stuff would be appreciated except of "trading in the zone" and "the secrets of emotion free trading".

Thanks,

Ben
The Art of War, by Sun Tzu, is sometimes suggested for traders.
  • #56,560
  • Edited 9:58am Feb 28, 2010 9:40am | Edited 9:58am
I've found this Pin.....a bit in traffic and above an ascending trend line.....but

It's just below a PPZ and has confluence with 50%fib from previous swing high and descending TL

I'd prefer to wait for a break of the yellow trend line with a possible pull back if it'll happen.....

Your comments always appreciated .
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Patience is essential
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