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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

  • #59,001
  • Mar 24, 2010 11:54am Mar 24, 2010 11:54am
Quoting ertorque
Hi Danny,

For the USD/CHF, FTA is around 1.072ish on the 4H TF. Should this be looked at as First trouble area instead of the 1.08ish on your weekly chart?

Still learning......
CY
Personally I look at PPZ on the time frame I am trading on i.e. for this trade it is taken off a weekly PA thus I will only look at the weekly PPZ levels in terms of trouble areas...if you start scrolling down the time frames to look for problem areas then you'd exit a lot of trades too early for only a few pips...it might well stall there but as the trade is taken off the weekly this is essentially just noise as you dont expect price to just go straight up to the 1.08 area etc.
  • #59,002
  • Mar 24, 2010 11:55am Mar 24, 2010 11:55am
Quoting nasir.khan
It's 9.50 PM here.

And i am still in the office.

Thanks to Auditors.

Which leads me at this piont:

Why Aren't We Rich Daddy?
.
That's annoying. Around about the time of the day where patience goes downhill too, especially if you haven't eaten yet. lol
Bundy's status today: "Waiting..."
  • #59,003
  • Mar 24, 2010 11:59am Mar 24, 2010 11:59am
Quoting bundyraider
That's annoying. Around about the time of the day where patience goes downhill too, especially if you haven't eaten yet. lol
How about no lunch also.

Nice confluence for a breakout huh.
.
  • #59,004
  • Mar 24, 2010 12:02pm Mar 24, 2010 12:02pm
Quoting Dan Gilbert
I made a pic

Perfect, thanks Dan & Mike.
  • #59,005
  • Mar 24, 2010 12:24pm Mar 24, 2010 12:24pm
Quoting smikester
Squeezy and Nasir. The original chart posted by Squeezy was CHF/JPY. Now talking about USD/JPY? I am confused... (http://www.forexfactory.com/showpost...ostcount=58972)
oops, sorry smikester.
that chfjpy trade i took, closed out at 86 to be precise.
wasnt going to push my luck by waiting for it to break out of 86, instead took full profit there & if it bounces from 86 then cool but if it breaks out , it shld accelerate from 86 area & hopefully pullback to test 86 area, then i wait in the bushes to ambush price @ 86.
i believe buy orders, stop loss shld be just above 86, either way somebody is going to get sucked in
looking at my charts now, it seems it wants to breakout of 86, so just have to be patient to see how it plays out within the next 24hrs or so
cheers
Simplicity is the key to success
  • #59,006
  • Mar 24, 2010 12:37pm Mar 24, 2010 12:37pm
Quoting ertorque
Hi Danny,

For the USD/CHF, FTA is around 1.072ish on the 4H TF. Should this be looked at as First trouble area instead of the 1.08ish on your weekly chart?

Still learning......
CY
Ditto what lovejoy said . I stick to the timeframe I entered to manage my trade.

BTW, what is an "FTA"?

-- Danny
  • #59,007
  • Mar 24, 2010 12:42pm Mar 24, 2010 12:42pm
Quoting triger88990
His daughter came over to the computer and looked at the screen as he excitedly showed her where he had bought a Stock and then sold for a $13000 profit. She looked at him and said, “But daddy, it's still going up, why did you sell now?”

His daughter's simple, logical question 5 weeks earlier had been worth over $20000!

That was the last time he ever got out of a trade based on his emotions. His fear of the market was gone - thanks to some simple questions from a 7 year old...
What did I say about teaching a 5 years old kid to define certain patterns and let him trade ?
It is that simple. The 7 years old in your story have been taught a simple rule about the trend pattern. The dad invested his last 15 damn years of his life trying to figure out how to crack up the market and his 7 years old girl done it with zero effort.
Carefree mind and simplicity of a child was all the dad needed. These children do not have to avoid their fear and greed, or have courage, self control etc because they are care free. There is no threat or anything in their eyes, no risk. No internal conflict of emotions, and no reactions emotion based.

Quoting benji533
Someone really needs to try and teach a 5 years old kid that has an artist's eyes how to read the market and identify patterns without explaining anything further about money. Let him take a decision each day before going to bed based on his pure knowledge and care free mind of child. I bet he will make more money than most of these great analysists that know everything about orderflow etc.
  • #59,008
  • Mar 24, 2010 12:48pm Mar 24, 2010 12:48pm
Quoting squeezy
cheers
Gone to a better place
  • #59,009
  • Mar 24, 2010 1:03pm Mar 24, 2010 1:03pm
Quoting benji533
What did I say about teaching a 5 years old kid to define certain patterns and let him trade ?
It is that simple. The 7 years old in your story have been taught a simple rule about the trend pattern. The dad invested his last 15 damn years of his life trying to figure out how to crack up the market and his 7 years old girl done it with zero effort.
Carefree mind and simplicity of a child was all the dad needed. These children do not have to avoid their fear and greed, or have courage, self control etc because they are care free. There is no threat...
i think its time for me to start making babies.....lol
Simplicity is the key to success
  • #59,010
  • Mar 24, 2010 1:05pm Mar 24, 2010 1:05pm
Quoting benji533
What did I say about teaching a 5 years old kid to define certain patterns and let him trade ?
It is that simple. The 7 years old in your story have been taught a simple rule about the trend pattern. The dad invested his last 15 damn years of his life trying to figure out how to crack up the market and his 7 yeas old girl done it with zero effort.
Carefree mind and simplicity of a child was all the dad needed.
You nail down the core of the story in a pure forme, focusing only to the obvious which is the only think that matter = KISS

We as human being are by our nature minded to overcomplicate thinghs when the obvious is stare in our faces. We keep doing the same mistakes over and over. But one man can figure out not doing the same mistake twice but this will not save him not to do the "mother" and the "father" or all the "family" of that mistake.

The father has achieved financial freedom only because he had the humility to accept the truth spoken by a little girl. We can learn so many thinks from the children than only those who stop to listen them carefully could learn something.

all the best!!
  • #59,011
  • Mar 24, 2010 1:07pm Mar 24, 2010 1:07pm
Quoting squeezy
i think its time for me to start making babies.....lol
LOL

be careful what you wish....you never know what the future will bring

all the best!!
  • #59,012
  • Mar 24, 2010 1:10pm Mar 24, 2010 1:10pm
Quoting triger88990
LOL

be careful what you wish....you never know what the future will bring

all the best!!
if itll improve my trading, then im up for it .....lol
now the question is how many???
Simplicity is the key to success
  • #59,013
  • Mar 24, 2010 1:27pm Mar 24, 2010 1:27pm
Quoting triger88990
You nail down the core of the story in a pure forme, focusing only to the obvious which is the only think that matter = KISS

We as human being are by our nature minded to overcomplicate thinghs when the obvious is stare in our faces. We keep doing the same mistakes over and over. But one man can figure out not doing the same mistake twice but this will not save him not to do the "mother" and the "father" or all the "family" of that mistake.

The father has achieved financial freedom only because he had the humility to accept...
"We as human being are by our nature minded to overcomplicate thinghs"

Yep, indeed. But moreover than that we are controlled by our emotions. Fighting them and trying to avoid or control them is not the way to go because you are fighting your own natural mechanizem. Instead of fighting it and suffer, we need to neutralize it by truly accepting the risk.

The 7 yeas old girl doesn't truly understand the concept of the risk involved with trading. Therefore there is no threat for her natural mechanizem system to defend her from = no emotional reaction like fear from losing money. The girl could see things very clearly because she wasn't blinded by a reaction of her emotions.

Not knowing that their is risk/accepting the risk = no threat = no emotional mechanizem defense = to reason to fight or avoid fear, greed, self control, have courage ect because there is nothing to fight or avoid.

Accepting risk and becoming carefree is not something you can "try doing". There is no strict process that you have to go through. It's a mental shift that happens under certain circumstances when you aren't even aware of. Many times it's mental pain and suffer that push you to the edge. That can explain why people say that you need to at least blow several accounts before you can be consistently profitable...

Anyway, thanks for sharing that story brother. These always make me think..

Ben
  • #59,014
  • Mar 24, 2010 1:44pm Mar 24, 2010 1:44pm
Quoting benji533
Not knowing that their is risk/accepting the risk = no threat = no emotional mechanizem defense = to reason to fight or avoid fear, greed, self control, have courage ect because there is nothing to fight or avoid.

Accepting risk and becoming carefree is not something you can "try doing". There is no strict process that you have to go through. It's a mental shift that happens under certain circumstances when you aren't even aware of. Many times it's mental pain and suffer that push you to the edge. That can explain why people say that you need...
I think it takes a level of consistency before you overcome the fear of losing. If you know that you will win on 70%+ of your trades, then the 30% failures don't bother you much any more.

When you're first starting out, i think the lack of confidence in your method would make you have 2 losing trades in a row and you instantly go back to the drawing board - - not realizing you were 1 trade away from getting 7 winners in a row.

Back in my early online poker days I used to freak out when I would lose 10% of my account. Then when I would double my account in one night, that re-confirmed that my technique was sound, and I shouldn't let those small losses worry my so much. Usually after a big win like that, I had NO worry about taking a small loss - and that would send me into orbit winning more and more for the entire next week! Calmed nerves = more profit. That's all there is to it.
Many choose unhappiness over uncertainty.
  • #59,015
  • Mar 24, 2010 1:59pm Mar 24, 2010 1:59pm
Quoting bluetrader
Ditto what lovejoy said . I stick to the timeframe I entered to manage my trade.

BTW, what is an "FTA"?

-- Danny
a newer acronym for First Trouble Area

had to think about that one myself the other day
  • #59,016
  • Mar 24, 2010 2:04pm Mar 24, 2010 2:04pm
Quoting benji533
Carefree mind and simplicity of a child was all the dad needed. These children do not have to avoid their fear and greed, or have courage, self control etc because they are care free. There is no threat or anything in their eyes, no risk. No internal conflict of emotions, and no reactions emotion based.
A child has no concept of risk.

And a trader without a concept of risk is a liability.
  • #59,017
  • Mar 24, 2010 2:10pm Mar 24, 2010 2:10pm
Quoting Dan Gilbert
I think it takes a level of consistency before you overcome the fear of losing....
Yes, this is like "thinking in possibilities", which is a great tool for becoming closer to a carefree state of mind.

By the way, an example of what I have said in my last post - if you have a real great self control ability combined with great discipline and stone made nerves. You can manage to fight your emotions to some degree with trading a small account consistently profitable. But will you still be able to eliminate your fear when you will have a few millions sitting in your account? I do not think so. And if you do - what would be the rage of mental pain and suffer you would go through every once watching a few grads wash down the drain within a few hours/minuets/seconds?

Ho many times you have heard people being consistent winners on demo, and then blow a whole account once going live? Did the market stopped doing the same thing? no. What have changed is the actual true risk involved, actual threat and emotions involved around it.
One you do not care about the money, it's like there is no actual risk for your mind. That's the whole and only difference. If the market wasn't so random and changeable - all those forex trading robots would be really making money consistently. But reality is common sense and human touch is still necessary imo.

Ben
  • #59,018
  • Mar 24, 2010 2:11pm Mar 24, 2010 2:11pm
Quoting mbqb11
a newer acronym for First Trouble Area
I like it. I'll add it to your J16 acronym list. Thanks Mike.

Let's see ... the most incoherent J16 entry statement:

Long EU PB off a PPZ... FTA @1.4
or
Short EU BEOB w/50 FIB & PPZ confluence... FTA @1.3


-- Danny
  • #59,019
  • Mar 24, 2010 2:12pm Mar 24, 2010 2:12pm
Quoting the_wizard
A child has no concept of risk.

And a trader without a concept of risk is a liability.
That's the point. Is that a part of the reason 95% lose?
  • #59,020
  • Mar 24, 2010 2:15pm Mar 24, 2010 2:15pm
Quoting benji533
That's the point. Is that why 95% lose?
Do 95% lose?
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