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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

  • #56,641
  • Mar 1, 2010 8:13am Mar 1, 2010 8:13am
Quoting bluetrader
U/CHF half off at first area. Will take off remaining lots at second area of traffic (aqua). Moved stop just above right eye.
Stop hit on USD/CHF (netted BE on this one).

Short USD/CAD on 2 bar pin. First trouble area highlighted. Anyone else in this?

-- Danny
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  • #56,642
  • Mar 1, 2010 8:15am Mar 1, 2010 8:15am
Quoting Ryanmcd
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...
Great post Ryan.

All you need from a system is two things:

1) To be a statistically profitable technical system on the long run. Really giving you an edge of the odds in your favor.

2) Providing you CONFIDANCE. That's why 10000 people can trade the same "system" and only one would be consistently profitable. If you do not have confidace it your "system", you do not trust it, you fear, you let the fear ruin you and avoid you from keep trading this very SIMPLE "system". Then you think that the system does not work anymore instead of realising that it's your mental walls that are creating the gap between the results that the system could give you and your actual results.
Then you keep jumping from one system to another, searching for the holy grail, thinking that the key is keep seeking for that special system that is somewhere there waiting for you to find it. But the trough is that the only thing you must find is in your mind. Or I should call it "whats between you ears"(J16). You are trying to find another technical system to approach the market instead of finding your mental walls and weaknesses and fight them down until you gain control. Man...is it that simple..how is it I never thought about it that way before.
  • #56,643
  • Mar 1, 2010 8:24am Mar 1, 2010 8:24am
Quoting benji533
Great post Ryan.
...
Then you keep jumping from one system to another, searching for the holy grail, thinking that the key is keep seeking for that special system that is somewhere there waiting for you to find it. But the trough is that the only thing you must find is in your mind. Or I should call it "whats between you ears"(J16). You are trying to find another technical system to approach the market instead of finding your mental walls and weaknesses and fight them down until you gain control. Man...is it that simple..how is it I never thought...
Great post Ben. This reminds me of the following quote by Ryan a while back. It's the same concept...

-- Danny

Quoting Ryanmcd
100's of ways to make money, 1000's of way's to lose it. Also remember it all works and none of it works, depends who's looking at it. I trade from the 4hr down to the 1min just depends on how I feel that day. After 10 years of doing this nothing really has changed, from stocks to options to the S&P e-mini it's all just charts. Take the time to learn it and as everyone else said find something that works for you and the biggest thing of all is don't blow out a account trade small and keep it small. Also I hate to say this but a lot of people...
  • #56,644
  • Mar 1, 2010 8:58am Mar 1, 2010 8:58am
Quoting jarroo
Dude . . .you turn $10,000 (demo) into over $100,000 in 10 days.

Share the wealth brother . . . how did you do that?
Nothing special Jarroo,

You know how powerful this stuff (PPZ's) is so i just mixed some stuff from ROASO and Rac's charts really got me going. I am having huge amount of success and i am glad that i have found my own thing that suits my personalty.

This is all in testing stage and i would like to demo it further. After i'll gain confidence i'll let you guys know more.
.
  • #56,645
  • Mar 1, 2010 8:59am Mar 1, 2010 8:59am
CHART

maybe its time?
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Keeping it simple stupid.
  • #56,646
  • Mar 1, 2010 9:06am Mar 1, 2010 9:06am
Quoting Stockwalker
CHART

maybe its time?
Not sure what it's based off of?

g.
I believe . . .
  • #56,647
  • Mar 1, 2010 9:13am Mar 1, 2010 9:13am
Quoting nasir.khan
Nothing special Jarroo,

You know how powerful this stuff (PPZ's) is so i just mixed some stuff from ROASO and Rac's charts really got me going. I am having huge amount of success and i am glad that i have found my own thing that suits my personalty.

This is all in testing stage and i would like to demo it further. After i'll gain confidence i'll let you guys know more.
.

Cool. Bring home the Gold buddy.
Indicators show the past. Price Action "Indicates" the future.
  • #56,648
  • Mar 1, 2010 9:20am Mar 1, 2010 9:20am
Quoting nasir.khan
Nothing special Jarroo,

You know how powerful this stuff (PPZ's) is so i just mixed some stuff from ROASO and Rac's charts really got me going. I am having huge amount of success and i am glad that i have found my own thing that suits my personalty.

This is all in testing stage and i would like to demo it further. After i'll gain confidence i'll let you guys know more.
.
Hey Nasir,

Whats ROASO?
  • #56,649
  • Mar 1, 2010 9:22am Mar 1, 2010 9:22am
So some of you will be curios why i am not in the contest list.

Well EG have blown me.

From the past 2 months i was having a huge success and i was gaining confidence. But i didn't knew when this confidence was developed into
overconfidence.

So i saw the EG pin got in and was stoped out. When it reached .9000 i went short again and it kept on going up. Then i shorted again at 9024 and 9060. It kept on going up and up i was adding to my shorts. When it reached 9100 i said ok thats enough and i added a bit more and then it hit 9150. I made 10,000$ into 100,000$ by trading trends whenever i made mistakes the trend took care of it. But "can't be wrong" attitude got me blind and i turned against my friend.

Now here i am with 5,000$ in my account.

"A loss troubles you the most when you least expect it" (Ghous)

Well From a traders point of view i am not messed up or sad or anything like that. cause i wont let a single loosing trade mess around my mind. Actually i am relaxed that it happened to me on a Demo account. You can call it a minor retracement in a great trend so the trend could continue again with more strength.

From the money point of view, Yep it's hurting cause i missed a sure chance to get 2000$ (that's how much i make in 6 months from my JOB). Which would have a nice sum for a start.

Anyways have to move on.
.
  • #56,650
  • Mar 1, 2010 9:30am Mar 1, 2010 9:30am
Quoting tormo
Mike, isn't it past you bed time in NY already, when do you sleep, lol
As you may or may not know, Mike is also a Ninja. He able to command to his mind many things that he learned through his Ninja studies.
Indicators show the past. Price Action "Indicates" the future.
  • #56,651
  • Mar 1, 2010 9:35am Mar 1, 2010 9:35am
Quoting nasir.khan

Well EG have blown me.
.
I'm sure you are in good company! On a seperate note I set some small limit orders all the way up to 9060 with stops at 9070. All blown away. Real money. Real price action came with the 2 hour pin bar off resistance at 9140

This proves to me price action rules.

Question is are we now bullish this pair? Will .9000 be support?
Gone to a better place
  • #56,652
  • Mar 1, 2010 9:39am Mar 1, 2010 9:39am
Quoting Ghettobuddha
Hey Nasir,

Whats ROASO?
Reminiscences of a Stock Operator.
  • #56,653
  • Mar 1, 2010 9:43am Mar 1, 2010 9:43am
Quoting smikester
I'm sure you are in good company! On a seperate note I set some small limit orders all the way up to 9060 with stops at 9070. All blown away. Real money. Real price action came with the 2 hour pin bar off resistance at 9140

This proves to me price action rules.

Question is are we now bullish this pair? Will .9000 be support?
Wait and see if daily closes a PIN.
.
  • #56,654
  • Mar 1, 2010 9:44am Mar 1, 2010 9:44am
Quoting Stockwalker
CHART

maybe its time?
I'm wondering where support will come from for GBP. With an election due in May and serious flaws in both contenders, and a double dip recession looming - that leaves us with technicals. Technical support? There is none on the chart above 130. Correct me if I'm wrong, somebody, please.
Gone to a better place
  • #56,655
  • Mar 1, 2010 9:54am Mar 1, 2010 9:54am
Hi Benji,

I agree with you that we really are in a probability game here.
And if I may say this that the setups quality we take is proportional to the winning edge that comes with it.

A hypothetical (and simplistic) relation between these parameters would be :
Setup Winning edge (%)
A+ 80~90
A 70~80
B+ 60~70
B 50~60

This means for B setups, in 100 trades, you win 50 ~ 6o times. Anything less than B would mean loosing more than winning.
So why do people still find it difficult in this game even they are okay with identifying good setups (let's assume they do)? I believe this is due to the emotions involved like u said that is difficult to rid of a person as it involves money (especially large account). Imagine if this person has 4 or 5 consecutive losses ; even risking 2% per trade would mean losing 10% of his account and if it is a big account, we can imagine what he would probably lose faith in his methods or face emotinoal stress when in reality this is 'normal' as the odds will still tip in his favour in the long run.

Just my thoughts

CY

Quoting benji533
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. indset from doing the exact same thing in the future, nor hesitating in the future. There is nothing to think about.
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...
  • #56,656
  • Mar 1, 2010 9:55am Mar 1, 2010 9:55am
Quoting nasir.khan
Reminiscences of a Stock Operator.
Ahh the book... kk gotcha
  • #56,657
  • Mar 1, 2010 9:58am Mar 1, 2010 9:58am
Heres for you ROB!

+90 on my cad/jpy

+35 on UJ

+25 USD/CHF.
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lowest draw down possible please.
  • #56,658
  • Mar 1, 2010 9:59am Mar 1, 2010 9:59am
Quoting nasir.khan
So some of you will be curios why i am not in the contest list...
Thanks for sharing this story Nasir... I know it's a contest, but the money was not insignificant.
  • #56,659
  • Mar 1, 2010 10:06am Mar 1, 2010 10:06am
2X2 is not always 4 in this business.

Calm down David, and go on, go on and on and on.

Man I thought it could turn out a nice profit, but who cares what i think lol.
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  • #56,660
  • Mar 1, 2010 10:12am Mar 1, 2010 10:12am
This pin worked out well for me. On average 1,9R. Trade closed @ PPZ.

There was definately some momentum building going on after the break.
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