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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

  • #57,441
  • Mar 7, 2010 11:15am Mar 7, 2010 11:15am
Quoting triger88990
I don't know how you can do it with your eyes closed........
Lol…That’s where dragon naturally speaking technology comes to play…


and when you follow Jim long enough, especially watching (several times) videos he placed in the pf, it all falls into place 'naturally'. You can do it even with your 'ears' closed…, most of the time.
Ok, enough of wizdom for next week... got a run, enjoy the weather.
  • #57,442
  • Mar 7, 2010 11:25am Mar 7, 2010 11:25am
Here is an interesting DBLHC setup in the NZDCAD daily. Also off 0.71 support and weekly 50 fib retracement. Only concern, is that there does not appear to be any MACD divergence. I would also prefer the close of the second bar to be even higher
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  • #57,443
  • Mar 7, 2010 11:28am Mar 7, 2010 11:28am
Here is the weekly chart highlighting the 0.71 level
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  • #57,444
  • Mar 7, 2010 1:06pm Mar 7, 2010 1:06pm
Quoting benem
Just noticed this on Usd/Cad...price is at the bottom of a congestion on a daily time frame and on the 4h tf as formed a Pin Bar with a bullish div on rsi.....i think it worth to have a look on how price behave on the openig hours...
hey benem , be careful here
a lot of things going against this so so pin
minute size, traffic, downtrend .... just just assume because it has divergence and a crappy pin ,its worth a trade .....this are the kind that when i see i close my charts and go play games or watch tv or something
theres no need to even test it on demo , cos the outcome might be deceiving if it actually does what u thought it would do...
anyways, im just pouring out my heart as to scream to myself to for being a ddumbass for thinking these kind of trades where worth a look back then
cheers
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Simplicity is the key to success
  • #57,445
  • Mar 7, 2010 1:28pm Mar 7, 2010 1:28pm
Quoting Pinnocchio_S
Here is an interesting DBLHC setup in the NZDCAD daily. Also off 0.71 support and weekly 50 fib retracement. Only concern, is that there does not appear to be any MACD divergence. I would also prefer the close of the second bar to be even higher
gosh! i really like it whenever ryan comes around, good wake up call .... i need that from time to time
ive being doing a lot of watching and reading lately and letting the trade come to me, still making mistakes but they r reducing because im not jumping on every trade that might work, looking for those that WILL have a high prob of working
again, sorry im talking to myself here, and hope it sinks into my head
just viewed ur nzdcad chart and this is another easy pass for me .... actually had it on my watchlist but will wait for my plan to develop if it develops then ill post it up here
hey, guys ..btw being enjoying the chat on psychology, by tia, ben, sto, seeking and a lot more
please please please, hope you guys would post up the videos/audio with fiji, and if not no problem.....
im feeling kind of good lately, i think because ive been sitting on my hands a lot....which in turn has made me eat better, sleep better and just be in a good mental state of mind
gosh! im out
need to go play madden, bejeweled or something lol
cheers
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Simplicity is the key to success
  • #57,446
  • Mar 7, 2010 1:42pm Mar 7, 2010 1:42pm
Very good observation, squeezy, mentioned something similar on a different thread..............i like what you call them....SO SO PINs......they might work but does anyone want to fight the trend.....major trend.....cheers

Quoting squeezy
gosh! i really like it whenever ryan comes around, good wake up call .... i need that from time to time
ive being doing a lot of watching and reading lately and letting the trade come to me, still making mistakes but they r reducing because im not jumping on every trade that might work, looking for those that WILL have a high prob of working
again, sorry im talking to myself here, and hope it sinks into my head
just viewed ur nzdcad chart and this is another easy pass for me .... actually had it on my watchlist but will wait for my plan to develop...
  • #57,447
  • Mar 7, 2010 2:42pm Mar 7, 2010 2:42pm
Quoting Danku
Very good observation, squeezy, mentioned something similar on a different thread..............i like what you call them....SO SO PINs......they might work but does anyone want to fight the trend.....major trend.....cheers
the truth generally speaking is this, look at those that are reaping the mkt apart and ask urself why are they doing that and you are not....they dont have 2 heads do they (cant remember who used to say this to me whenever i brought back rubbish results from sch, " the person who came first, does he have 2 heads" lol)
at the end of the day, the mkt is available for us to get a piece
i remember middle last yr when i was on a role and letting the mkt come to me and was kicking ass, Jim said something to me which i understood but didnt pay that much attention to ..... it came back to hunt me
i simply let my mind play tricks on me and had a slow 6months of up and down after that .... recently went to dig up the post and aha.... i totally understood all what he said that he didnt say ( i read in btw the lines)
now im trying to kill bad habits which shldnt be there by doing a lot of sitting on my hands( still in the works but getting there)
i tend to go off point whenever i start to talk to much ... not sure whether what im saying is even making sense to me now ,
i think ill just halt right now, right now i say lol
ill leave the preaching to the experienced,(ryan where r u?)
cheers

Quoting james16
me also.

remember that its early in the game squeeze.

the fight now will be almost totally between your ears.

the thought process now should be to tighten things down as much as possible.

the norm is to loosen them up.

DONT DO THAT.
Simplicity is the key to success
  • #57,448
  • Mar 7, 2010 3:13pm Mar 7, 2010 3:13pm
Quoting squeezy
hey benem , be careful here
a lot of things going against this so so pin
minute size, traffic, downtrend .... just just assume because it has divergence and a crappy pin ,its worth a trade .....this are the kind that when i see i close my charts and go play games or watch tv or something
theres no need to even test it on demo , cos the outcome might be deceiving if it actually does what u thought it would do...
anyways, im just pouring out my heart as to scream to myself to for being a ddumbass for thinking these kind of trades where worth a look...
Thank you Squeezy....nice analisys on Usd/Cad....i agree with you about the bad quality of the Pin..... i just liked the location because on my opinion is at the bottom of a consolidation pattern....but as you told me we need not only a div and a pin to be an A trade.

See you....
Patience is essential
  • #57,449
  • Mar 7, 2010 3:15pm Mar 7, 2010 3:15pm
Thanks for that, TBH lack of divergence & less pronounced PA made this CT trade iffy for me aswell. For my still untrained eye, it was very much border line however.

I guess the previous bearish weekly candle should have sealed the deal.
In any event I really appreciate your input!




Quoting squeezy
gosh! i really like it whenever ryan comes around, good wake up call .... i need that from time to time
ive being doing a lot of watching and reading lately and letting the trade come to me, still making mistakes but they r reducing because im not jumping on every trade that might work, looking for those that WILL have a high prob of working
again, sorry im talking to myself here, and hope it sinks into my head
just viewed ur nzdcad chart and this is another easy pass for me .... actually had it on my watchlist but will wait for my plan to develop...
  • #57,450
  • Mar 7, 2010 3:18pm Mar 7, 2010 3:18pm
Quoting Cbh123
Hey Benji,

I think you and Trig are of the same opinion, and it is just the use of the word "random" that makes it seem like you disagree with each other....
This is tricky.
random = lack of predictability. outcomes follow no describable deterministic pattern.

People move the market. People have behavior patterns which repeat themselves. Therefore the outcome is a market which repeats itself by creating the same price patterns over and over again. Therefore, The way that the market moves is not random. If this is what you mean, I completely agree.

These repetitive patterns also bring to a certain outcome more times than an other certain outcome. That simply means that by identifying these certain patterns, you know that a certain outcome has a higher probability than another outcome to occur = Your edge.
But...the order of the different outcomes of the repetitive patterns to occur, is not constant at all, regardless the probabilities of what it indicates.
This is the key sentence of what I have been trying to say.

For example, you have 70% of winning probability every time your edge appears. Even if the pattern is not random, and even that the probabilities it indicates are not random - what is random is the order of the winners and losers you would get. So even if you know you will eventually win 70 trades out of 100 - you don't know which would be what and when. it can be 12 winners in a row, than 6 losers, and 1 winner etc. The order of these occurring is random. You sinly have no way of knowing what would happen next.

Many traders understand it. Actually...who doesn't? anybody, lol. 5 years old stuff...eh..
Very very few ACCEPT it though. Accepting this has nothing to do with understanding this.

Accepting this would cover, not all, but a major part of the process of accepting risk. Again, every trader understands that he is a risk tarter, but very few accept it.

Those that accept this are the same those that have zero thinking, zero hesitating, zero hoping, zero fearing, and zero caring of what would be the result of the next SINGLE EDGE. Why? because they know it doesn't matter. They know the results of their single trades are completely RANDOM - but on the bottom line, the outcome of their total trades is CONSTANT. But even more importantly - THEY COMPLETELY BELIEVE AND TRUST THIS TO BE TRUE. WITH 100% OF THEIR HEART. That's the different way of thinking I'm talking about.

The trades who accept risk, are the traders who know to put their expectations in line with the way the markets works. Traders who accept the way the market works, do not care if their single next trade is going to work or not. They know that it will in bottom line. What they do is define and accept the risk involved instead of it. Traders which do not truly accept their risk, are hoping, fearing and thinking about the result of the next trade, and they expect it to do what they know it does most of the time, but in every single trade. And when their expectations are not filled, they go broke and ruin their edge by letting their emotions control themselves.

If you know that IF you will follow your edge exactly according to the plan, and not trade in a random way like your emotions can bring you to do so - and therefore going to get results in total at bottom line - so there is no reason in the world you need to hesitate, fear, hope, think or anything else before pulling the trigger and after it. If you do that, you probably do not believe in the above.

To be able to shift your thinking in this way, I believe you need to train your mind. That takes many time and experience. Mastering this mental skill is probably the hardest but most benefiting thig in trading. I'm not yet there either.

Hope it is now clear what I mean by random.

Ben
  • #57,451
  • Mar 7, 2010 3:26pm Mar 7, 2010 3:26pm
Quoting squeezy
just viewed ur nzdcad chart and this is another easy pass for me .... actually had it on my watchlist but will wait for my plan to develop if it develops then ill post it up here
I agree. For me it's simply lack of confluence. If that bar was a bit bigger and bouncing off the 0.7000 BRN I would like it much more.

Ben
  • #57,452
  • Mar 7, 2010 3:39pm Mar 7, 2010 3:39pm
Quoting benji533
I agree. For me it's simply lack of confluence. If that bar was a bit bigger and bouncing off the 0.7000 BRN I would like it much more.

Ben

yup, well said Ben .... i know how much u luv ur big round nos, i luv them too(thnx to Mike)
btw what is the topic for this week.....lol
hope its still on psychology, dealing with emotions etc .... thats what we all need, learning size of bars + location can be nailed within a short period but the psych takes a whole of time, if not careful one might not achieve this
Simplicity is the key to success
  • #57,453
  • Mar 7, 2010 3:42pm Mar 7, 2010 3:42pm
Quoting printer69
Ciao Mike

I asked for some advice a few weeks ago...now studying this thread and reading Pring on Chart reading as suggested from you and some other guy, many thanks for help to all of you

I am sorry it might seems stupid but I was unable to find any result in google search for you abbreviation "b/e stage of a trader.... and b/c..."

Those posts selected by Mr James are something I am starting believing trading is more a mental attitude and "respect" for the market rather then the ability of reading charts, wich of course important but...
Hey Andrea

b/e = breakeven and b/c = becuase

Sorry I just get so used to all these abbreviations, probably is sloppy of me!

Best
Mike
  • #57,454
  • Mar 7, 2010 3:47pm Mar 7, 2010 3:47pm
Quoting miracle16
Mike just wanted to get your opinion on this especially since this post came up.

How'd you deal psychologically w CT pinbars at all time highs with no past data to refer to.

I'm really not a CT trader especially at all time highs which Ryan refers to as jumping in front of a freight train. the only ones i'll take are at strong PPZs or monthly support/resistances that were respected w past data

No doubt its a weekly chart which does carry more weight vs a daily but it seems to me you've a special knack of catching the ones that work. Especially...
Hey Miracle,

Was such a nice day here had to enjoy it sorry for taking a bit to get back to you.

Basically the number 1 thing I am looking for if I had to say would be size of a bar. Their is this thing where people say "don't pick a top or a bottom". And generally this is some sound advice if you try to jump in front of a train with any old sloppy bar. You will get CRUSHED(you as in the trader). What I am looking for in these areas you ask are just really beautiful big bars. These bars will have the power to reverse a move(for however temporary). People know I am really picky and maybe too picky sometimes, but it keeps me in line. The gold also had divergence, but anyone could really see without that anyway that that huge pin was going to create some down movement. Go through your charts and Look at the biggest size bars visually, then look at what happens after them when they are pins, outisdebars etc. Add in some other factors when you can and you have something that 99% of the people out there don't touch with a stick.

Hope that helps
Mike
  • #57,455
  • Mar 7, 2010 5:06pm Mar 7, 2010 5:06pm
Quoting g_j_hook@yah
hi guys, has anyone had any problems with using mt4 indis on mt5?? half of mine dont seem to be recognized!!?? does anyone have the spaced lines indi workin ?? my templates wont cross over either!!?? is this normal??

cheers

jon
Mt4 used to allow indicators to do things that Expert Advisors are designed for. They've tightened it all up now. There will be quite a few inds. and experts that will not work in MT5.
Bundy's status today: "Waiting..."
  • #57,456
  • Mar 7, 2010 5:09pm Mar 7, 2010 5:09pm
Quoting benem
http://www.youtube.com/watch?v=P7DygPsJ_sA

Just be careful during your flight.....look out.....


Go to 3:30 and enjoy......
Was the pilot playing his iPhone while chatting over the radio or something??

Sure ATC stuffed up too, but you could see that coming ages away!
Bundy's status today: "Waiting..."
  • #57,457
  • Mar 7, 2010 5:35pm Mar 7, 2010 5:35pm
thanks SC and Bundyraider,
i guess i will jus have to keep them both and switch whenever nescesary. a bit of a pain but no problem.

cheers

jon
PATIENCE... DISCIPLINE
  • #57,458
  • Mar 7, 2010 5:36pm Mar 7, 2010 5:36pm
Quoting benem
Just noticed this on Usd/Cad...price is at the bottom of a congestion on a daily time frame and on the 4h tf as formed a Pin Bar with a bullish div on rsi.....i think it worth to have a look on how price behave on the openig hours...
Quoting squeezy
hey benem , be careful here
a lot of things going against this so so pin
minute size, traffic, downtrend .... just just assume because it has divergence and a crappy pin ,its worth a trade .....this are the kind that
Yep crappy little PB of the 4 hour. . . . but it worked. It hit its target on the Friday. Alot of "soso" less quailty setups will fullfill themsevles but they lack the punch we like in the A catagory setups.
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Indicators show the past. Price Action "Indicates" the future.
  • #57,459
  • Mar 7, 2010 5:42pm Mar 7, 2010 5:42pm
Quoting squeezy
gosh! i really like it whenever ryan comes around, good wake up call .... i need that from time to time
ive being doing a lot of watching and reading lately and letting the trade come to me, still making mistakes but they r reducing because im not jumping on every trade that might work, looking for those that WILL have a high prob of working
again, sorry im talking to myself here, and hope it sinks into my head
just viewed ur nzdcad chart and this is another easy pass for me ....
cheers
I do like this one but I don't love it. As ben has said, the BRN of 0.7000 would be a better location for this type of PB. It would add more supportive strength.

Price is in a down trend with its eye on that .7000. Price sure likes run to and hanging around with . . these BRNs.
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Indicators show the past. Price Action "Indicates" the future.
  • #57,460
  • Mar 7, 2010 6:27pm Mar 7, 2010 6:27pm
Quoting squeezy
gosh!....
im feeling kind of good lately, i think because ive been sitting on my hands a lot....which in turn has made me eat better, sleep better and just be in a good mental state of mind...
these are of paramount importance in trading
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