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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

  • #56,581
  • Feb 28, 2010 3:35pm Feb 28, 2010 3:35pm
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...

One thing I will add is when I first started trading my mentor told me to goto a psychologist and let him run a bunch of things by you and see what time works for you, this is huge and if you read my stuff you know that I can not trade the longer stuff because I am ADHD as hell and can not sit still and have more energy then a 10 year old LOL. But if you goto a doc they can help find what TIME works for you and everyone is different, in fact I goto a doc monthly to help me work on my trading as well as 4-5 other ppl that help make my life better, personal trainer, chiropractor, masseuse, and nutritionist. For me the longer I am in a trade the more I get sick of it "ADD" and start to find ways to get out. I am good for about 4-5 hours as long as I can add into the trade, for me when I add into a position I did something thus it satisfys my "ADD", ya call me strange but it works for me lol
Keep taking CT trades, I need more money
  • #56,582
  • Feb 28, 2010 3:49pm Feb 28, 2010 3:49pm
So what thoughts do you have -
A) about the trade
B) about the long term turn south?

*FIRST NOTE - monthly charts show extreme trend up - So I don't expect anything different - -
But I noticed

Chart 1 - super long term divergence - and it seems the past few weeks have been pretty weak

Chart 2 - retrace just past 61.8 fib of the daily BEOB

Chart 3 - a 2 hr pin - - -brown lines are entry and when to move to BE and or take partial Profit and move to break even.
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  • #56,583
  • Feb 28, 2010 4:02pm Feb 28, 2010 4:02pm
Just wondering what everyone's thoughts are on posting public journals of your trades. Does it help or hinder? Part of me thinks it may hinder by causing unneeded emotion and pressure to perform. On the other hand it could hold you accountable for your actions and possibly force discipline. I guess it depend on the intentions.
  • #56,584
  • Feb 28, 2010 4:04pm Feb 28, 2010 4:04pm
Pros:
off trendline
at retracement of smaller move
on top of big round number
very close to a minor ppz.

Cons:
Near the top of a monthly range at 1.2935
weekly - nonpin -but neutral bar
a 4 hr pin tried last week, but 4hr chart showing more consolidation than anything

order long at 1.2840 with moving to BE by 1.2870
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  • #56,585
  • Feb 28, 2010 4:10pm Feb 28, 2010 4:10pm
Quoting Jcp
Just wondering what everyone's thoughts are on posting public journals of your trades. Does it help or hinder? Part of me thinks it may hinder by causing unneeded emotion and pressure to perform. On the other hand it could hold you accountable for your actions and possibly force discipline. I guess it depend on the intentions.

I think it's almost a personal choice - as you can see by my last couple of posts, I am public with these.

I am finding myself actually waffling on this topic - I need the constructive thoughts of others to learn this biz. It speeds up the learning curve if you can ask and get invaluable input.

At the same time - I am doing things privately, on my own - to prove it to myself - call it confidence I guess.
  • #56,586
  • Feb 28, 2010 4:20pm Feb 28, 2010 4:20pm
Quoting mike w
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."
Quoting benji533
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...

I have to emphasis this statement to get to the point where I would like you to be.
Quoting triger88990
..........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

just read it again

You maybe misunderstanding my words,just that you can use word greed for others activities from your daylife.

Just to give some few exemples, it will be a fair way to put my thoughts and to clarify things

Missionaries are greedy in their quest to spread their religious beliefs. You just need to get greedy. You need to focus so intently on what it is you want that your desire seeps out of your pores.

But not all greed is created equal.The greed that led to millions of hardworking people around the world losing their jobs is not “good greed.” You can (and must!) be greedy without exploiting others.

Now to continue-James has a "good greed" - to share from his knowledge and his wisdom with a lot of people,changing so many lives that he don't even know.James had enough greed to not let people repeat the same mistake that will lead them destroying their accounts.All the "benefits" of such a person will receive are priceless,only James could tell us what feel being a blessing person because he had enough "good greed".

Quoting mike w
I'd like to replace the word greed with passion.
I will say better greed= excessive desire. Our problem is that we are plagued by not caring, wanting, enough in the pursuit of our own goals.The solution? Stop putting yourself last and stop sacrificing your goals and dreams. Any successful entrepreneur is greedy. They have an insatiable desire to see their product come to market. They want to see their invention in the hands of as many people as possible.

hope this time I was more understandable,Is about the perspective of how each of us can see things differently

all the best!!
  • #56,587
  • Feb 28, 2010 4:21pm Feb 28, 2010 4:21pm
So guys, what do you think about the audnzd daily pinbar?
Perch told his thoughts, what about the others?
I know i'm pressing you a lot with this, but i started today to demo trade pin bars, so i want to know how to find a++ setups

waiting for answers
many thanks
  • #56,588
  • Feb 28, 2010 4:57pm Feb 28, 2010 4:57pm
Quoting Jcp
Just wondering what everyone's thoughts are on posting public journals of your trades. Does it help or hinder? Part of me thinks it may hinder by causing unneeded emotion and pressure to perform. On the other hand it could hold you accountable for your actions and possibly force discipline. I guess it depend on the intentions.
As long as you have good people to give feedback and discuss trades, it helps more than anything else. By a long shot.

Easily the best part of the PF, for me anyways.
When you have to shoot, shoot. Dont talk.
  • #56,589
  • Feb 28, 2010 5:25pm Feb 28, 2010 5:25pm
Quoting triger88990
I have to emphasis this statement to get to the point where I would like you to be.



just read it again

You maybe misunderstanding my words,just that you can use word greed for others activities from your daylife.

Just to give some few exemples, it will be a fair way to put my thoughts and to clarify things

Missionaries are greedy in their quest to spread their religious beliefs. You just need to get greedy. You need to focus so intently on what it is you want that your desire seeps out of your pores.

But not all greed is created equal.The...
The definition of greed is: greed in psychology is an inordinate desire to acquire or possess more than one needs or deserves, especially with respect to material wealth. Is the desire for material, wealth, or gain, ignoring the realm of the spiritual.

What you are describing is more like Passion: Passion is an emotion applied to a very strong feeling about a person or thing. Passion is an intense emotion desire for something. compelling feeling, enthusiasm, or desire for something.


You say: "stop sacrificing your goals and dreams". I do not think that greed is a solution. Greed is more related to materialism. You are talking about dreams, goal and desire in life. You talk about what you believe you have the right for. You are talking about your right to have freedom to make your dreams come true. You believe it's your right to do so.
Greed is about desire to have more than you need or deserve. Do you feel being a successful trader is beyond your rights? beyond what you deserve as a human?

Also, when I asked about how you determine greed as apositive thing, I meant directly trading. imo by wanting more than you deserve or need, you are going to break your rules in some way in order to try and get more out of your trades. It can darn blind you. Then hope kicks in when you are breaking your rules and leaning on a non proved way to approach the market. hope replaced instead of confidence and knowledge would kill you. I honestly can't see how greed is a positive thing in trading.

Thanks for letting me share my thoughts buddy.
Ben

Quote
greed= excessive desire
Excessive desire for what? It depends on how you look at it.
  • #56,590
  • Feb 28, 2010 6:17pm Feb 28, 2010 6:17pm
Quoting scott89
So guys, what do you think about the audnzd daily pinbar?
Perch told his thoughts, what about the others?
I know i'm pressing you a lot with this, but i started today to demo trade pin bars, so i want to know how to find a++ setups

waiting for answers
many thanks
Hey Scott

We want to look for pins at the appropriate swing levels, especially when starting out. This is a pinbar at a swing high where we would want this at a swing low. Mine also barely closed as a pin. I have marked where price is likely to go, but all in all not a prime location in my book

Hope that helps
Mike
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  • #56,591
  • Feb 28, 2010 6:23pm Feb 28, 2010 6:23pm
Quoting Jcp
Just wondering what everyone's thoughts are on posting public journals of your trades. Does it help or hinder? Part of me thinks it may hinder by causing unneeded emotion and pressure to perform. On the other hand it could hold you accountable for your actions and possibly force discipline. I guess it depend on the intentions.

I used to post charts and trades but it does NOTHING to help me, all it does it tie you to that trade because it's like standing outside and yelling I AM A LOSER when you lose, but again most people dont post losses and that is why. Also you trade the way YOU trade, it may work for you and no one else so posting it will only skew the way YOU need to trade and the way that works for yourself. I can post a chart and some will say "looks good" others will say "I would not take it" so then it just adds more confusion.


What I would do is find a style that works for you and a time that works for you and build on that. Find bars / indicators / traders that work with yourself. It's like Mike and I, he trades the long term stuff and knows I suck wtih it, I even tried some stuff he was doing and it worked but I hated it and I don't want to hate what I am doing when a different style works better and I look forward too it.


So to sum it up I can see 0000 benifit to posting charts unless you just want to get a mixed bag or to see if they bar form fits a standard, as far as taking the trade and asking should you or should you not well that is upto you and should ALWAYS be upto you unless you want to blame someone else for your loss
Keep taking CT trades, I need more money
  • #56,592
  • Feb 28, 2010 6:26pm Feb 28, 2010 6:26pm
Quoting benji533
The definition of greed is: greed in psychology is an inordinate desire to acquire or possess more than one needs or deserves, especially with respect to material wealth. Is the desire for material, wealth, or gain, ignoring the realm of the spiritual.

What you are describing is more like Passion: [url="http://en.wikipedia.org/wiki/Passion_%28emotion%29"]Passion is an emotion applied to a very strong feeling about a person or thing. Passion is an intense emotion desire for something. compelling...

I like this stuff, also you will only make what you feel you desirve. After that your other side of your brain will take over and make you fail because it likes to play too
Keep taking CT trades, I need more money
  • #56,593
  • Feb 28, 2010 6:32pm Feb 28, 2010 6:32pm
Lots of talk about psychology here lately, which leads me to the following question: what kind of psych stuff can one find in the PF, i.e., what kind of subjects are being tackled over there?

I've read a lot of praise about this section of the PF earlier in this thread, but after watching all of the movies in the PF guest section and all of the guest tour videos, I only seem to remember bird sounds and images from a resort in Fiji...

B.
It's not about how much you make, it's about how much you don't lose.
  • #56,594
  • Feb 28, 2010 6:32pm Feb 28, 2010 6:32pm
BOOOYEAH CANADA! What a great game.
lowest draw down possible please.
  • #56,595
  • Feb 28, 2010 6:55pm Feb 28, 2010 6:55pm
Quoting Ryanmcd
I like this stuff, also you will only make what you feel you deserve. After that your other side of your brain will take over and make you fail because it likes to play too
Ah yes, ones 'financial thermostat". I hate that term it is so over used, but it really does apply in money aspects of life.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #56,596
  • Feb 28, 2010 7:06pm Feb 28, 2010 7:06pm
Quoting Auspip
you mite like this vid Benji. Mind over Market by Mark Douglas

http://www.4shared.com/file/96740657...er_Market.html
Well having a second watch of this video after growing a bit more as a trader, it actually does clear a few important issues.

As a perfectionist, or a person which tends to be and reach the best in anything, it is hard to accept the concept that trading is about possibilities. We do have an edge that is proved to work based on past facts. But it is still random in it's way of forming.

The method I am trading is proved to provide me the odds of being profitable in the long run. But this is in one condition: that I will be able to execute my method exactly like I used it when back testing it on past formations. The real hard thing is to be able to execute it without letting your emotions and fears control your decisions.

For a perfectionist person it is hard. Extremely hard. It requires changing his personality and way of thinking. Especially when this perfectionist person has some ego on top of it.

Like the example in the video. Let's say you flip a non balanced coin, and you know for a fact that 75% off the time the odds are for it falling on the first side, and only 25% on the other side. So in 100 flips you will get 75:25 ratio. But the thing is no can never know which flips would provide which result by viewing them as singles. You know the number of times the coin would fall on a certain side, but not which flips between the 100 these would will be.

When a perfectionist takes a trade, he looks at the trade as a one single trade. His expectations from this very single trade is to be a winner. But when it revealed to be a loser, he looks at the loser trade and see himself in the trade. Therefore he sees himself as a looser, instead of accepting that this is nothing more than an odds game and that a single loser doesn't mean that he himself is a loser as well. And for a perfectionist and an egoist person, loosing withoout being a loser is maybe the hardest thing to accept. Feeling like a looser hurts your ego and triggers revenge.

All these triggered emotions steer the mind of the trader from focusing on his very only mission: executing his edge method in the way it has proved to work in the past, without letting the emotions to ruin his decisions.

I know, this sounds like BS. This sounds like simple stuff. Yea, it is actually easy when it comes to a pure mechanical method of doing things like a robot without having humans emotions and weaknesses.
This stuff is extremely simple, but not easy. I believe the only way to get over it is by changing the way you think about it. Looking at it as an odds game, accepting the risk, spotting your emotional weaknesses and trying to deal with them instead of hiding from them while gaining more and more experience which comes out as confidence in the long run.

You know you have ego? find a way to let it down. I found trading as a reflections of me as a human in real life. I am learning things on myself I never thought about before. All my positives and negatives come out when I trade. Therefore, controlling these emotions requires a change in your personality as a person.

Ben
  • #56,597
  • Feb 28, 2010 7:10pm Feb 28, 2010 7:10pm
Here is something I've been watching. Eur/Aud 4 hour. I'd like to get in on the huge downtrend and this little pattern formed and it broke lower. If this makes a clean pullback to the 1.52 area and retests the pattern with some nice PA I would short.

I'd love to see it drop to the bottom 1.51 and then pull back, then we'd have a nice 50% retrace lining up right with the break/ppz 1.52 area.
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  • #56,598
  • Feb 28, 2010 8:27pm Feb 28, 2010 8:27pm
Quoting Jcp
Just wondering what everyone's thoughts are on posting public journals of your trades. Does it help or hinder? Part of me thinks it may hinder by causing unneeded emotion and pressure to perform. On the other hand it could hold you accountable for your actions and possibly force discipline. I guess it depend on the intentions.
As you can see, a simple question like this elicits multiple answers, some of which conflict with others.

If you are looking to learn the basics, as taught in the first part of thread, then go ahead and post a chart and ask the specific question. Eventually you'll get around to figuring out you own way, but that takes time - for the majority that time is not measured in months, but years or dozens of months. It is not that anyone is stupid, just that most people have lives to live - and it takes time to absorb and assimilate into something you can take action on. And trading is not what most people would make it out to be - or imagine.

As far as ego and pressure posting a chart - I'm sure you are trading on demo, first off. If you are tempted to lie and only post winners here, then you will do this in your attempt to trade the market and get clobbered.

If you find yourself doing this, that is a very strong indication that you have an issue to overcome. Be the real you, not some fraudulent fakir. (spelling intentional)

You know who the good traders are here - and if you do not, just pay attention for a few weeks, it will become fairly obvious.

Everyone wants to learn, so please take advantage of the good people here.
I'm pretty much done with all this ...
  • #56,599
  • Feb 28, 2010 8:37pm Feb 28, 2010 8:37pm
I am long as I see accumulation going on - looking for a move to 152.30 area-----


However I am wrong most of the time so we shall see...
  • #56,600
  • Feb 28, 2010 8:40pm Feb 28, 2010 8:40pm
Quoting Jcp
Just wondering what everyone's thoughts are on posting public journals of your trades. Does it help or hinder? Part of me thinks it may hinder by causing unneeded emotion and pressure to perform. On the other hand it could hold you accountable for your actions and possibly force discipline. I guess it depend on the intentions.
Ah synchronicity strikes again. This blog post came out Today, lucky you.
http://traderfeed.blogspot.com/2010/...-is-right.html

I think journals should be private for the most part or at least only shared with understanding peers. Nothing worse than putting a personal thought in a journal and have someone attack you. There was a good trader here at FF that posted it all (good and bad with full statements) and eventually was attacked and he no longer posts publicly. When you're winning you're a hero and when you start losing you're a zero in the public's view.
Don't wish it were easier, wish you were better. ~ Jim Rohn
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