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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

  • #56,561
  • Feb 28, 2010 9:57am Feb 28, 2010 9:57am
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
It's such a tough question to answer Ben because these things are so individual. I have over 200 books on my shelf to do with personal development and 'psychology' and all were valuable at different stages in life for different goals. There isn't really a "try this" book. What I will say is that whenever you get a recommendation from someone, bear in mind that they are telling you what worked for them, when they were at a particular stage of their life. It may be meaningless to you. I would always try and read the first few pages of the book (if possible) and see if the style grabs you. If it doesn't then move on. Finding what's right for you, right now, is more important than finding some authoritative text.

I also believe that what is right for you somehow finds its way to you, without you looking. You found the James16 chart thread within a week of starting forex. Others took years to find their way here. Maybe you were lucky, or maybe something found its way to you. The same applies with these books and methods. It's also worth remembering that a book/method that could change your life in two years time, may be meaningless to you now.

I would suggest though that you look beyond the field of 'trading psychology'. In my experience the written material in this field is pretty thin and is a diluted version of the general personal development world. DOn't just look for trading psychology books, look for stuff that may help you in the wider field of improving yourself. I should add, fijitrader is a big exception to the usual stuff written by 'trading psychologists' as he has so much experience of many different methods to draw on. His work is much deeper that Van Tharp (in my opnion) because of his background.

There are also things like meditation (Ryan started to meditate to improve his trading), yoga and other practices that increase your focus and help you be more productive in life.

If you want to talk about specific things you are drawn to then maybe I can recommend a book that will help. I don't particularly want to do that in the thread, because it would be specific to where you are rather than being a general thing that everyone should read. You know how to get hold of me if you want to chat about stuff.

It's a lifelong journey, this business of looking within. But in my experience it has very rewarding, deeply fulfilling, and life changing.
  • #56,562
  • Feb 28, 2010 10:06am Feb 28, 2010 10:06am
Quoting benem
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 .
I have this setup too...my chart looks exactly the same so wont post a replica!

Like you say there is a lot of traffic so I would be looking for hard and fast break on this.
  • #56,563
  • Feb 28, 2010 10:10am Feb 28, 2010 10:10am
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
This is interesting.

Greatest enemy: Ego

http://www.wimp.com/theego/
Indicators show the past. Price Action "Indicates" the future.
  • #56,564
  • Edited 11:07am Feb 28, 2010 10:41am | Edited 11:07am
Quoting StoragePro
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...
That sounds really cool,are they going to be posted on the public forum?
P.S good video Jarroo
  • #56,565
  • Feb 28, 2010 10:55am Feb 28, 2010 10:55am
i'm looking for possible setup before starting new week, and i found such 2D PB on USDCAD. It's rather not a special place, the only one confluence that i see is pivot line. Also very close to first trouble area.
I'm very curious how other people would rate this?
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  • #56,566
  • Feb 28, 2010 11:09am Feb 28, 2010 11:09am
The eur/usd is at a crucial level 1.36 and looking at the weekly it cant close below it, could be the start of a move up, or it it closes below then further move to 1.32? The IPB is interesting?

On daily it broke back above, could be a potential retrace to 1.36 and bounce up.
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  • #56,567
  • Edited 1:01pm Feb 28, 2010 11:17am | Edited 1:01pm
Quoting Jcp
Hey jarroo, here's a purchase from yesterday

Venturing down to the 4 hour time frame(for me), one has to know where the higher time frame PPZ levels are located.

As sChaos was noted and you have agreed with, that the PB was very small inrelation to the move down. Countering that big trend down with such a small formation will cause more harm then good unless a very tight trade management is applied, which you were aware of.

Big PA at big, strong levels is where the great trades live and breed. Location is the most important part of a high quality PA setup. But if I were to take a small size setup it would be at these strong confluenced levels.

I'm not saying your small PB was a bad decision, it was a small PB at a good location with divergence confluence. I guess I'm asking you if you knew the underlining strengths of the trade?

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #56,568
  • Feb 28, 2010 11:32am Feb 28, 2010 11:32am
Quoting ertorque
Quote:
Originally Posted by vlazaf http://cdn.forexfactory.com/images/buttons/viewpost.gif
Similar setup on USDCHF.
Any thoughts on this one?
Hey Vlazaf,
Think you would have noticed this.
Had you taken this 'less than A+' setup, would have made u some pips. But this is the kind of scenarios that we as traders have to deal with......it is wiser not to risk loosing money (by not settling for less than A grades setups) even though...
Yes it is, cy. Well said.

Its all part of being a picky J16 trader. Seeing "soso" setups fly to the moon is something that we have to deal with but it does confirm that Price Action is powerful knowledge to have. Over time, with practise, some of these "soso" setups begin to look pretty easy when managed correctly.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #56,569
  • Feb 28, 2010 12:34pm Feb 28, 2010 12:34pm
Quoting oromek
i'm looking for possible setup before starting new week, and i found such 2D PB on USDCAD. It's rather not a special place, the only one confluence that i see is pivot line. Also very close to first trouble area.
I'm very curious how other people would rate this?
Well its not an "A" trade as you have noted. Subpar at best. A easy pass on this one.
Indicators show the past. Price Action "Indicates" the future.
  • #56,570
  • Feb 28, 2010 12:46pm Feb 28, 2010 12:46pm
Quoting chatzi
The eur/usd is at a crucial level 1.36 and looking at the weekly it cant close below it, could be the start of a move up, or it it closes below then further move to 1.32? The IPB is interesting?

On daily it broke back above, could be a potential retrace to 1.36 and bounce up.
That may look like a PB or IPB on the Weekly but it's an Inside Bar. An I8B.

I do like the location and Price maybe tighting up, consolidating around this level. We shall see if we can get some solid PA or breakout with PA at this level.
Indicators show the past. Price Action "Indicates" the future.
  • #56,571
  • Feb 28, 2010 12:51pm Feb 28, 2010 12:51pm
Quoting jarroo
That may look like a PB or IPB on the Weekly but it's an Inside Bar. An I8B.

I do like the location and Price maybe tighting up, consolidating around this level. We shall see if we can get some solid PA or breakout with PA at this level.

Thanks Jarroo, I've not really read much about the IPB.
  • #56,572
  • Feb 28, 2010 12:59pm Feb 28, 2010 12:59pm
Quoting chatzi
Thanks Jarroo, I've not really read much about the IPB.
Check ghous posts on them. He's done some great reseach on their trading potential. They provide a low risk, high profit trade. But again, this does not qualify as one.

Check 'em out.
Indicators show the past. Price Action "Indicates" the future.
  • #56,573
  • Feb 28, 2010 1:16pm Feb 28, 2010 1:16pm
Quoting oromek
i'm looking for possible setup before starting new week, and i found such 2D PB on USDCAD. It's rather not a special place, the only one confluence that i see is pivot line. Also very close to first trouble area.
I'm very curious how other people would rate this?

Hi Oromek

I have this on my list too. Found a bit confluence see if you agree:

pierces 61.8 fib
nose pierces 150 EMA
not only on daily ppz but also a monthly ppz

First trouble zone only 10 points below possible entry but if it breaks through this it should make 10.470 (23 fibo on my chart) and then major ppx at 10.400.

Don't know if this analysis is any good - its my first!!! Let's see what Mike or some of the more experienced guys think!
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  • #56,574
  • Feb 28, 2010 1:34pm Feb 28, 2010 1:34pm
LOL - I told you he was the guy to ask... Thanks Tia.

Quoting TiaForex
It's such a tough question to answer Ben because these things are so individual. I have over 200 books on my shelf to do with personal development and 'psychology' and all were valuable at different stages in life for different goals. There isn't really a "try this" book. What I will say is that whenever you get a recommendation from someone, bear in mind that they are telling you what worked for them, when they were at a particular stage of their life. It may be meaningless to you. I would always try and read the first few pages of the book (if...
I'm pretty much done with all this ...
  • #56,575
  • Feb 28, 2010 2:07pm Feb 28, 2010 2:07pm
Is anyone gonna take the Daily PinBar formed this weekend on the AUDNZD?
Tell me guys how you are gonna deal this one =)
Is it a good set? A bad one?
Tell me tell me ^^
  • #56,576
  • Feb 28, 2010 2:21pm Feb 28, 2010 2:21pm
Thanks to all of you who took the time to reply on my request. I have done some PMs.
  • #56,577
  • Feb 28, 2010 2:52pm Feb 28, 2010 2:52pm
about recent subjects that have been depate here in latest posts.

just to put some few words about it,another perspective which can lead you to another dimension seeing things.

In talking about greed, there is a problem: What exactly is it? Its subjective nature makes its meaning different to different people thats way I have another perspective

I'll start from Michael Douglas who said in Wall Street that greed is good and I'm advocate of it.

The full statement:

"Greed, for lack of a better word, is good! Greed is right! Greed works! Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms.”

Greed is good and may be the one thing that can save you,thats a fact,I don't know way everyone else find greed a bug nobody wants to catch.

I like the story of character Gordon Gekko and I can't wait for the second part. I Know that it may be just an hollywood movie but I'm in love with that story

Don't forget that Gekko's greed took to pay a price for it,he went to jail,don't do the same mistake(just to make fun of it)

We can dream about all this stuff(successful trader) but isn't it better BE IT,DOING IT insted of just dreaming it.At the end we may look like those TV news guys who's insights are just some poetry,and talk about this stuff in a nicely way all the day,your account statements(P/L) could talk about where are you more than anything

Ps: Don't forget KEEP IT SIMPLE isn't it the philosophy of the game

all the best!!
  • #56,578
  • Feb 28, 2010 3:04pm Feb 28, 2010 3:04pm
you mite like this vid Benji. Mind over Market by Mark Douglas

http://www.4shared.com/file/96740657...er_Market.html
  • #56,579
  • Feb 28, 2010 3:28pm Feb 28, 2010 3:28pm
Quoting triger88990
"Greed, for lack of a better word, is good! Greed is right! Greed works! Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms.”

Greed is good and may be the one thing that can save you,thats a fact,I don't know way everyone else find greed a bug nobody wants to catch.
I'd like to replace the word greed with passion. Greed leads to despair. If you're greedy and nitpicky about your cashflow and possessions, then you're completely missing the greatness of life. A greedy person will not give to another and feel that amazing feeling, whereas a giving person will. Who's better off? Feeling greedy or feeling great? I'll take the latter any day. "When you give to others, your cup will overflow."
I dream, therefore I become.
  • #56,580
  • Feb 28, 2010 3:31pm Feb 28, 2010 3:31pm
Quoting triger88990
I'll start from Michael Douglas who said in Wall Street that greed is good and I'm advocate of it.

The full statement:

"Greed, for lack of a better word, is good! Greed is right! Greed works! Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms.”

Greed is good and may be the one thing that can save you,thats a fact,I don't know way everyone else find greed a bug nobody wants to catch.
Hey trig,

Thanks for posting.
Can you please explain how do you see positive in greed as for a trader psych?
For me greed is seeing money as valuable source more than it really is. Loving money, being a materialist. Love is an emotion. When something close to you is in danger your emotional responses trigger and steer your mind and thoughts, leaving fear in you.
I see grid and fear as a reason for not acting as you know you should, or leave your mind unfocused. In trading is can either lead you to break your rules, destroy your confidence, kill trades early, not be able to pull the triger, etc.

How do you personally see grid as a good thing for you as a trader? I think it is interesting. Thanks for sharing.

Ben

Quoting Auspip
you mite like this vid Benji. Mind over Market by Mark Douglas

http://www.4shared.com/file/96740657...er_Market.html
Thanks Auspip. I remember watching this movie.
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