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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

  • #63,721
  • May 13, 2010 6:36pm May 13, 2010 6:36pm
Well the Cad had its chance to go for the 1.0. Let's see what this bullish PB will bring.
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Indicators show the past. Price Action "Indicates" the future.
  • #63,722
  • May 13, 2010 6:40pm May 13, 2010 6:40pm
Quoting jarroo
Yes Mauzz. I couldn't have said it any better.

Now it doesn't mean that BEOB may fail or invalidate itself. It means for me that I would not take a full bar loss because its not the best BEOB in terms of location.
Full bar loss? I thought you too were a fan of reduced stops. I try to place my stops behind some logical points (such as BRNs, PPZs). In this case I placed my stop at 83.15 relying on the strength of the 83.00 level which seems to be holding fairly well right now. But I guess it will be only when London opens that we'll really find out how this setup turns out.
  • #63,723
  • May 13, 2010 6:40pm May 13, 2010 6:40pm
Quoting Mauzzz
Full bar loss? I thought you too were a fan of reduced stops. I try to place my stops behind some logical points (such as BRNs, PPZs). In this case I placed my stop at 83.15 relying on the strength of the 83.00 level which seems to be holding fairly well right now. But I guess it will be only when London opens that we'll really find out how this setup turns out.
Sorry that was a typo. I would not take a full bar loss.
Indicators show the past. Price Action "Indicates" the future.
  • #63,724
  • May 13, 2010 6:46pm May 13, 2010 6:46pm
Quoting Mauzzz
Full bar loss? I thought you too were a fan of reduced stops. I try to place my stops behind some logical points (such as BRNs, PPZs). In this case I placed my stop at 83.15 relying on the strength of the 83.00 level which seems to be holding fairly well right now. But I guess it will be only when London opens that we'll really find out how this setup turns out.
I like that stop loss placement muazz. I'm still would like to see a hard break asian session or no asain session.
Indicators show the past. Price Action "Indicates" the future.
  • #63,725
  • May 13, 2010 6:56pm May 13, 2010 6:56pm
I am entering the CHF/JPY(S) and USD/CAD(L) Based off my daily candles. The TA has actually already been discussed here.
Dr. C
  • #63,726
  • May 13, 2010 7:07pm May 13, 2010 7:07pm
The USD/CAD daily entry also includes a rejection at the 78.6% Fib of the up move off of 0.99297. I'm declining the CHF/JPY entry for now.

The USD/CAD is additionally coming off the Weekly S1 Pivot Point, in addition to some 4HR support back from May 4th. Some weakness in Oil will help, as this would indicate some further USD strength.
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Live to trade another day...
  • #63,727
  • May 13, 2010 7:20pm May 13, 2010 7:20pm
Quoting FX Raider
The USD/CAD daily entry also includes a rejection at the 78.6% Fib of the up move off of 0.99297. I'm declining the CHF/JPY entry for now.

The USD/CAD is additionally coming off the Weekly S1 Pivot Point, in addition to some 4HR support back from May 4th. Some weakness in Oil will help, as this would indicate some further USD strength.

I saw that exact spot when I shorted the daily I4B, yet my manager missed it by 1 friggin pip (to move the stop to b/e) and I had to manually shut it for a 1% loss. Pretty lame.
Many choose unhappiness over uncertainty.
  • #63,728
  • May 13, 2010 7:37pm May 13, 2010 7:37pm
The only thing standing between success and failure in Trading is yourself. Get Mental.

Mental Fitness for Traders by Norman Hallet

http://www.scribd.com/doc/6478934/Me...-Norman-Hallet

Afterwards, quite a few techniques exist to help re-program your mind to think correctly and successfully, Hypnosis, EMO, NLP, Suggestive awareness and more.
Live to trade another day...
  • #63,729
  • May 13, 2010 7:41pm May 13, 2010 7:41pm
The only thing standing between success and failure in Trading is yourself. Get Mental.

Audio Interviews with Mark Douglas (Author of "The Disciplined Trader" and "Trading in the Zone")

June 2005 - http://woodiescciclub.com/Lectures/m...glas/index.htm

August 2005 - http://woodiescciclub.com/Lectures/m...ugust-2005.htm
Live to trade another day...
  • #63,730
  • May 13, 2010 8:47pm May 13, 2010 8:47pm
I think the best book in terms of trading psychology is Reminiscences of a Stock Operator. The book really lays out the path to failure and the reasons why some of the smartest traders still fail. READ IT.
Many choose unhappiness over uncertainty.
  • #63,731
  • May 13, 2010 8:53pm May 13, 2010 8:53pm
Quoting Dan Gilbert
I think the best book in terms of trading psychology is Reminiscences of a Stock Operator. The book really lays out the path to failure and the reasons why some of the smartest traders still fail. READ IT.
+1 on that....essential reading along with Pring on Price Patterns & Tharp's TYWTFF
  • #63,732
  • May 13, 2010 9:00pm May 13, 2010 9:00pm
Quoting FX Raider
The only thing standing between success and failure in Trading is yourself. Get Mental.

Mental Fitness for Traders by Norman Hallet.
"90% of our mind's power is housed in the subconscious mind and is responsible for our behaviors, habits, and performance. That 90% can work for you or against you. Our subconscious training software will make sure that the 90% is working for you."

lol. No one has believed that for at least twenty years, Norm.

Stick to internet marketing

Quoting Dan Gilbert
I think the best book in terms of trading psychology is Reminiscences of a Stock Operator. The book really lays out the path to failure and the reasons why some of the smartest traders still fail. READ IT.
ROASO is my favourite guide on how to be a degen gambler and make squillions on pork belly futures. I love it

Quoting tehuringa
+1 on that....essential reading along with Pring on Price Patterns & Tharp's TYWTFF
Give Al Brooks' new book a read if you like Pring on Price. It's really, really good.



he uses small words, so even a kiwi can read it
When you have to shoot, shoot. Dont talk.
  • #63,733
  • May 13, 2010 9:05pm May 13, 2010 9:05pm


Thanks Joel....I think
  • #63,734
  • May 13, 2010 9:35pm May 13, 2010 9:35pm
Quoting joelcf
ROASO is my favourite guide on how to be a degen gambler and make squillions on pork belly futures. I love it

I don't think reminiscences highlights his success nearly as much as his failure. Its more about the reasons he failed, than the reasons he succeeded.
Many choose unhappiness over uncertainty.
  • #63,735
  • May 13, 2010 9:44pm May 13, 2010 9:44pm
Price failed at 19.5 twice back in time. Price has been floating around this level for the past 3 days, and a bearish PB has formed yesterday. If it drops, the 1st trouble area will be 19.00.

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  • #63,736
  • May 13, 2010 9:55pm May 13, 2010 9:55pm
I don't have enough money on my paypal for all these books.....
Many choose unhappiness over uncertainty.
  • #63,737
  • May 13, 2010 10:04pm May 13, 2010 10:04pm
Quoting Dan Gilbert
I don't have enough money on my paypal for all these books.....
Dude, I recently sat down and added up all the money I've spent on Forex in the last 2 years and I was really surprised how much I spent on books...
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #63,738
  • May 13, 2010 10:04pm May 13, 2010 10:04pm
I see now,superb

Quoting jarroo
Look at the 4 hour BEOB on the Eur/Jpy from yesterday.

The 1st green line (previous bar low) I would consider the First Trouble Area the 2nd green line (previous bar low) as the Target to either take profit or adjust my position.
  • #63,739
  • May 13, 2010 10:08pm May 13, 2010 10:08pm
Quoting Dan Gilbert
I don't have enough money on my paypal for all these books.....
tax deduction - its practically a 40% off sale!

I pick up alot of mine used - at least the older stuff. Suprising amount out there, between eBay, Amazon and betterworldbooks.

I think alot of people out there see a title, buy a book, and then never read it. I assume that knowledge magically transports into people's brains as soon as they purchase goods or services, I guess.
When you have to shoot, shoot. Dont talk.
  • #63,740
  • May 13, 2010 10:11pm May 13, 2010 10:11pm
Quoting joelcf
tax deduction - its practically a 40% off sale!

I pick up alot of mine used - at least the older stuff. Suprising amount out there, between eBay, Amazon and betterworldbooks.

I think alot of people out there see a title, buy a book, and then never read it. I assume that knowledge magically transports into people's brains as soon as they purchase goods or services, I guess.
LOL, I'm looking at a stack of 5 books I haven't even touched yet. But to my credit I've read close to 12 books fully and 3 partially. Not including any PDF books or whitepapers. (specific to Forex, doesn't include books on economics or commodities then it's closer to 40).

I have no idea if it has helped me or just turned my brain into mush with information overload. I lean towards mush.
Don't wish it were easier, wish you were better. ~ Jim Rohn
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