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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

  • #56,621
  • Mar 1, 2010 2:34am Mar 1, 2010 2:34am
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 know what are you trying to point me out,but if you would read what I have highlighted in my post you should have make a view off my points.
You should view my post as undiminished because if you substract only a statement from the overall view you will get my point wrong

It is more likely that I'm worse to explain my thoughts understandable enough,my fault it happens from time to time

But if it doesen't help either way you my approach,why should even bother with it,leave it there and move ahead.

I should try next time to be more careful with my thoughts

all the best!!
  • #56,622
  • Mar 1, 2010 2:54am Mar 1, 2010 2:54am
Quoting mbqb11
Gaps are very discretionary( I once ran nearly 60 min webinar just talking over them cause it is really open) and I only trade large clear ones and often ones that only show up on Oanda as well(usually it is a few pips there)

here are some posts I made about it
GAPS-probably the best setup in the world. If you think that PB are some frenzy just look for gaps,but not any crappy gap

great post Mike

If you don't know nothing about them mike's post is a huge start for you

all the best!
  • #56,623
  • Mar 1, 2010 3:26am Mar 1, 2010 3:26am
Quoting triger88990
I know what are you trying to point me out...
It is more likely that I'm worse to explain my thoughts understandable enough,my fault it happens from time to time
...
it's ok triger...
language is an expected but minor barrier/problem in international forums like this.
English is not my main language too

from what i understand, u are giving your perspective/view about greed. u seem to be seeing 'the other ('good') side of greed'.
the same way several traders interpret the same chart differently.
  • #56,624
  • Mar 1, 2010 3:29am Mar 1, 2010 3:29am
Mike, isn't it past you bed time in NY already, when do you sleep, lol
  • #56,625
  • Mar 1, 2010 3:38am Mar 1, 2010 3:38am
Quoting triger88990
GAPS-probably the best setup in the world. If you think that PB are some frenzy just look for gaps,but not any crappy gap

great post Mike

If you don't know nothing about them mike's post is a huge start for you

all the best!
Alright, I will start studying GAPS too, but now i'm stuck on PinBars, I wanna learn how to trade them right.
So, on that AUDNZD PB, you Mike said that you expect that kind of PBs on a SwingLow, but couldn't it be just a retracement of the trend? you know, in an up trend you have those little downward moves... I'm new to this, i don't know if you get my point (actually it's the first time i use the english language to communicate with other people, i just used it in school... lol).


To antgal23, you might have solved the video problem, I can tell you that Windows Media Player is the only player i can use to watch PF's Guest Area videos (actually they are in .wmv extensions, which is windows media video, so I guess they use some kind of block for other players).

I noticed there's another Scott around here... uops, I'm sorry i didn't notice it earlier, so you can reference to me as scott89 so we don't get confused =P

Ok so, actually i entered in the marked with that pin bar ( 15PIPs spread q_q ), I'm now in a little gain, should i close it before it become a loss?
I accept suggestions and critics to learn more =)

Thanks again guys.
  • #56,626
  • Mar 1, 2010 3:55am Mar 1, 2010 3:55am
Quoting supremeChaos
it's ok triger...
language is an expected but minor barrier/problem in international forums like this.
English is not my main language too

from what i understand, u are giving your perspective/view about greed. u seem to be seeing 'the other ('good') side of greed'.
the same way several traders interpret the same chart differently.
thanks supreme for your thoughts

You are right I was trying to give another dimension/perspective of how you can turn a bad behaviour/habits in your advantage

all the best!!!
  • #56,627
  • Edited 6:36am Mar 1, 2010 3:59am | Edited 6:36am
I'm not a religious fanatic but a mystic who believes there is a Master of the Universe.

I quote from New International Version of the Bible:

"Don't be deceived, my dear brothers. Every good and perfect gift is from above, coming down from the father of the heavenly lights, who does not change like shifting shadows. He chose to give us birth through the word of truth, that we might be a kind of first fruits of all he created".

It is funny how certain things can correlate. I do not know if this was the true reason you gave yourself that nick but what I do know is that there is not just confluence on the charts but also off the charts. I like to brainstorm.

Sometimes when one thinks of what james16 has passed on to so many (including frustrated traders), one cannot fail to understand why he is often referred to as a gift. I'm not basically saying this guy is the first and only trader in the whole world to pioneer PA & S/R trading nor am I saying that this is the only way to trade but he sure contributed to a lot of people knowing about it today (plus a really conservative way about it) and in fact opened their eyes with the way he preached it. He has passed and still trying to pass on his experience to others. And the "others" are doing the same.

He's planted a seed here, and it's growing. A group of very strong traders indeed, like an army (even though many are called & few are chosen). A man's life would be worthless if at his death he is not missed or remembered for the good things he did. Well done J16, well done seniors!


Cheers
  • #56,628
  • Mar 1, 2010 4:06am Mar 1, 2010 4:06am
Quoting wh1zz0
I'm not a religious fanatic but a mystic who believes there is a Master of the Universe.

I quote from New International Version of the Bible:

"Don't be deceived, my dear brothers. Every good and perfect gift is from above, coming down from the father of the heavenly lights, who does not change like shifting shadows. He chose to give us birth through the word of truth, that we might be a kind of first fruits of all he created".

It is funny how certain things can correlate. I do not know if this was the true reason you gave yourself that...
Wow... Whether or not that was the intention, it does fit quite nicely. Excellent observation.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #56,629
  • Mar 1, 2010 4:14am Mar 1, 2010 4:14am
Quoting shauns1966
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
hi Shauns
i missed 150EMA, which gives some additional weigth to this setup. As a matter of fact i was rather unsure of this setup and decided not ot take this position on daily. But later i spot small PB on 4H touching 365 and 150 EMA's, and decided to trade here, i opened short at 1.0512 and decided to be extremly carefull here and move SL to BE after touching purple line on my chart (it was very close, only 15pips from opening price). It was happened like that, price hit first trouble area and reversed closing my trade at BE, so i'm happy as i treat BE as winning trade.
Any criticism will be highly apreciated.
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  • #56,630
  • Mar 1, 2010 4:18am Mar 1, 2010 4:18am
Quoting scott89
Alright, I will start studying GAPS too, but now i'm stuck on PinBars, I wanna learn how to trade them right.
So, on that AUDNZD PB, you Mike said that you expect that kind of PBs on a SwingLow, but couldn't it be just a retracement of the trend? you know, in an up trend you have those little downward moves... I'm new to this, i don't know if you get my point (actually it's the first time i use the english language to communicate with other people, i just used it in school... lol).


To antgal23, you might have solved the video problem,...

Is better for you so stick to the basic a go through them step by step,so leave the gaps for the moment and lets concentrate over PA.

On the AUDNZD chart you mentioned we do have a PB but we want those kind of bar at major swing high/low at location filled with confluence. here beside the PB we do not have any others major confluence,is not off major daily pivot. Althought we have some flips points at area marked with number 1 on my chart is not that heavy one.

Don't get me wrong here,I will be all over it and I do play this kind of PA at this location, ,applying strictly mm rules,and as you see it did work out till the first trouble spot are (number 2 on chart) but it may be confused to you if you will start playing everything you see on the charts.

And don't forget where we stand on the bigger picture, we are approaching multiple year high(2008)

look on the monthly chart

all the best!!

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  • #56,631
  • Edited 5:35am Mar 1, 2010 5:26am | Edited 5:35am
Quoting mbqb11
yeah it is the 09-08-08 webinar about 8 mins in

Best
Mike
Hi All,

Are there any quick methods to find gaps on all pairs?

Cheers

Rob
  • #56,632
  • Mar 1, 2010 5:29am Mar 1, 2010 5:29am
Quoting triger88990
Is better for you so stick to the basic a go through them step by step,so leave the gaps for the moment and lets concentrate over PA.

On the AUDNZD chart you mentioned we do have a PB but we want those kind of bar at major swing high/low at location filled with confluence. here beside the PB we do not have any others major confluence,is not off major daily pivot. Althought we have some flips points at area marked with number 1 on my chart is not that heavy one.

Don't get me wrong here,I will be all over it and I do play this kind of PA at this...
hi trigger although i agree with your analysis.... the pa looks better from the 1h tf , a nice pin from 1.2800 down to the 1.2750 res and back. This pin also came with some good div.

but my main point is, this trade would also be good for the same reasons you mentioned as being a problem (multi year high's) I would expect jaroo would probably agree (although he may not) but to establish a zero risk position before a test of these highs seems like a juicy proposition to me from a r/r perspective!?!

regards ic
  • #56,633
  • Mar 1, 2010 5:50am Mar 1, 2010 5:50am
All the psychology books out there are full of the same phrase of accepting loser trades and go on to the next one.

What is actually accepting a loser trade? Is it about accepting the risk evolved in trading? or it's about changing the way of thinking, the mindset. Accepting that it's about possibilities only. Trading is about possibilities. The trading system or method is just there to give the trader an edge. The edge is holding a greater possibility that one thing is going to happen, and a lower possibility that and other thing is likely to happen.

Accepting a loser is accepting that getting a winner or a loser is not under your control. The only control you have is using a method that would provide you with better odds. Therefor, a single trade means nothing. It doesn't matter if you win or lose a single trade. Accepting a loser and accepting the possibly game is not letting a single trade to steer your mindset from doing the exact same thing in the future, nor hesitating in the future. There is nothing to think about. No dilemma. A dilemma is a war between feelings and emotions inside you. The stronger feelings and emotions in the very certain moment depending on your mental situation will lead you to take action in place of your method - letting your emotions and feeling to take control over you.

Accepting losers is about taking control on your emotions and feelings. It is about letting your ego and perfection down and understand that trading is not a perfect thing and a loser trade shouldn't hurt your ego.
Accepting that trading random and not a perfect thing, is a way to deal with perfection and ego.
  • #56,634
  • Mar 1, 2010 6:16am Mar 1, 2010 6:16am
I am a bit tempted to participate in the psychological subjects discussion..

Quite frankly, and I think it's not bad to be a bit in a contrarian spirit with this, I feel that it's almost more important to at some point reduce the time spent with various interpretations and models and just plain attack whichever problem you DO have with action.

One risk I plainly see is that there is a gazillion of "old wisdoms" and explanatory mind-models, behavior-models and whatnot and an endless slew of tips, tricks and explanations.

Great.
Now I know what all the stuff that's wrong with me is CALLED.
I know what I SHOULD be.

But...

I have to actually WORK TOWARDS BECOMING DIFFERENT.
That's the hard part. And at some point the risk is that you will be reading another book, making another post or doing another discussion instead of saying "Ok, I get it, now I want to change it" and starting with laying out the here and now, the "where to and how" and then moving towards that in a focussed manner.

This isn't to say you should not get informed or know what you're doing, where you're at, where you want to go and how.
I am just becoming more and more aware that we as human beings are incredibly sophisticated in choosing ways to avoid displeasure and professionally procrastinate and avoid in general. And we're incredibly good at covering it up. After all, if you're doing so much reading and thinking, surely you are already doing something for it?

If it doesn't hurt, you're probably not changing..

Bottom line - this forum(and I'm sure various others and tons of websites etc) is so chock full with concentrations of "good advice" at times and in places, it's almost like a parallel to the thing with the trading systems.
You can find a near-infinity of great ideas and advice, but unless you stop reading about the next new system and simply sit down and work on improving yourself on this ONE concrete thing that is YOUR issue, you are simply going to keep roaming, roaming, roaming..and not progress.

That's the risk I see and I have a gut feeling that I am not completely off base with these thoughts.

--

That aside, I also like Brett Steenbarger and his work from what I can read in his blog a lot.
Trust price. Know yourself.
  • #56,635
  • Mar 1, 2010 6:21am Mar 1, 2010 6:21am
Quoting SeekingLight
I am a bit tempted to participate in the psychological subjects discussion..

Quite frankly, and I think it's not bad to be a bit in a contrarian spirit with this, I feel that it's almost more important to at some point reduce the time spent with various interpretations and models and just plain attack whichever problem you DO have with action.

One risk I plainly see is that there is a gazillion of "old wisdoms" and explanatory mind-models, behavior-models and whatnot and an endless slew of tips, tricks and explanations.

Great.
Now I know what...
Thanks a lot for sharing your thoughts Patrick.
Please do keep posting about this in the future.

Ben
  • #56,636
  • Mar 1, 2010 6:28am Mar 1, 2010 6:28am
Ryan, I wouldn't mind some "after the trade is closed" charts, either.
Jankone's thread would be a neat place to see more 5M examples in.

It doesn't matter whether other folks will love the bar shapes or sizes, I'd just be curious whether the setups were good to YOU and why.
If you feel you could do it so that it doesn't mess with you or your trading at all, I'd appreciate having some more examples in my collection for review eventually =)

-----------

And as a direct contrast to that and many other "touch trading insta-pleasure, insta-result" endeavours, a reminder that a slower pace of trading is also a possible option.

People already complain there's barely a setup on daily, let alone weekly.

Well have I got joy for you

Monthly!

Really liked this sequence and charted it out accordingly as I suspected this move would be a nice one coming.

Great reminder that you can also trade this market in ways that don't have you closing a trade after 20 pips, within the day, within the week, etc.

That you don't have to be at the charts 24/7, that you can approach this in a million ways, that you don't have to bother with news and that EVERYTHING is fair game as long as you take PA and s/r as your basis.

I really am starting to get a bigger and bigger liking for monthly charts over time.

I would also like to use this as a way to address a question of what one could do to ride trends longer. The most basic answer would be to use the higher timeframes to identify areas of interest and signs of "big changes"; once that has happened, you can look for a "small" entry on daily/weekly and then just follow with either one of many trailing techniques, or, something that can also be frowned upon, transform the trade into a different timeframe.
For example stick it out on weekly/monthly if you feel it is warranted, or, navigate the bigger boundaries through there, and then zoom back in to daily price action once on these boundaries and then make a new informed decision depending on the PA outcome there.

I don't have a clean and clear answer to the perfect trend trading technique, let alone trailing. It's actually the very thing that's plaguing me myself at the moment, i.e. the never ending search for a compromise between tight/lenient trailing(in itself already a one vs the other conflict) and target-trading.

But monthly charts have always been a help to simplify / clarify when looking for a general / broad idea about things. This was no different.

The trade in this case after all the bearish foreshadowing would have been the IB through 1.6, with one further out target in mind, with one trouble zone at the 50% being the interim "watch what happens" zone before the actual target.

Charts(used candles to make the engulfing bodies more visible):
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Trust price. Know yourself.
  • #56,637
  • Mar 1, 2010 7:15am Mar 1, 2010 7:15am
Quoting GotPips
Hi guys, I'm new to this forum and i must say, there's a lot of great advice. I've been reading this thread for a month now and have picked up a lot, yet it seems i've only scratched the surface!

like most, i have lost money in fx/trading (chasing that big win) and have decided to learn a system instead of guessing (my guessing used to be based on 'news' of cnbc).

I'm currently demo'ing while saving up for an account. My first 'demo' trade is shorting the BEOB on the cable weekly chart. I'm still reading about support/resistence and ppz,but...
Hi , just to update that i closed out on this for a nice profit . I'm currently learning and understanding ppz and s/r so hoping to manage the trades better so i can enter/exit at good levels.

Thanks to those who regularly contribute to this thread as it's invaluable!!
  • #56,638
  • Mar 1, 2010 7:37am Mar 1, 2010 7:37am
Anyone grab this mornings 'quick-eeee'

What a SPECTACULAR setup..A+ A+ A+ in my books.

1st TP hit.
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lowest draw down possible please.
  • #56,639
  • Mar 1, 2010 7:56am Mar 1, 2010 7:56am
Quoting SeekingLight
I am a bit tempted to participate in the psychological subjects discussion..

Quite frankly, and I think it's not bad to be a bit in a contrarian spirit with this, I feel that it's almost more important to at some point reduce the time spent with various interpretations and models and just plain attack whichever problem you DO have with action.

One risk I plainly see is that there is a gazillion of "old wisdoms" and explanatory mind-models, behavior-models and whatnot and an endless slew of tips, tricks and explanations.

Great.
Now I know...

Now you see why I only stay a few weeks at a time here and then gone for months. All forums do for me is start to think about doing something different because all you see is posts about winners, hell if I won 90% of the time like what is posted here I would have 100+ million in a few months, too bad I win about 55-60% of the time only.

I remember when on was on avidtrader in 2002 I watched someone post charts that made money, the problem is after he lost say 2-3 in a row that "system" did not work and he moved onto something else, it was funny because they all worked but he did not have the confidance to trade them and after a few losses it was onto something else. I say about 1000+ trades then you know if it works or not maybe more over several years, but if you don't know why you are taking the trades or fully understand what you are doing because you try to copy someone else well then you are never going to get that far and you are going to keep moving onto the latest greatest system.
Keep taking CT trades, I need more money
  • #56,640
  • Mar 1, 2010 8:00am Mar 1, 2010 8:00am
Quoting SeekingLight
Ryan, I wouldn't mind some "after the trade is closed" charts, either.
Jankone's thread would be a neat place to see more 5M examples in.

It doesn't matter whether other folks will love the bar shapes or sizes, I'd just be curious whether the setups were good to YOU and why.
If you feel you could do it so that it doesn't mess with you or your trading at all, I'd appreciate having some more examples in my collection for review eventually =)

-----------

And as a direct contrast to that and many other "touch trading insta-pleasure, insta-result"...

I will start to post my day in the PM, just been busy running around all day.
Keep taking CT trades, I need more money
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