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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

  • #68,341
  • Jul 11, 2010 8:41am Jul 11, 2010 8:41am
Quoting Pinbar
Bemac, may I ask a question about your charts?


I noticed you seem to be using some time based grid, maybe a Gann grid.

Do you find adding this time dimension to trading or perhaps rather a sporren cycle type trading aspect, has many benefits? LoL

Thanks in advance.
Not Gann. I'm not that smart. it's just a little diddy I've been working on over the years.

The ind. is posted over here somewhere. I called it ICCE
http://www.forexfactory.com/showpost.php?p=3860537&postcount=1185
If you click on The above link then click on the Link in the top right corner of the window it opens, it will take you to that point in the thread.

  • #68,342
  • Jul 11, 2010 8:58am Jul 11, 2010 8:58am
Quoting Bemac
Not Gann. I'm not that smart. it's just a little diddy I've been working on over the years.

The ind. is posted over here somewhere. I called it ICCE
http://www.forexfactory.com/showpost.php?p=3860537&postcount=1185
If you click on The above link then click on the Link in the top right corner of the window it opens, it will take you to that point in the thread.


Many thanks, I will have a look at it.
  • #68,343
  • Jul 11, 2010 9:18am Jul 11, 2010 9:18am
Quoting Pipage
CAD employment figures came out on Friday. Thats what strenghthened the CAD. Big news like that i would play safe. Either Breakeven and/or cash in or just HOPE the news is in your favour.

Pippage
Pippage,
Totaly agree with you. The figures were 5 times better than forecasted figures, therefore, immediately after the news CAD rallied. EUR CAD moved down considerably as did other CAD pairs.
Figures released close to forecasted numbers do not move the market, but a variation of 300% e.g AUD figures earlier in the week and 500% CAD figures will definitely move the currency.


Cheers
Novice 198
  • #68,344
  • Jul 11, 2010 9:46am Jul 11, 2010 9:46am
Quoting everydayguid
Hi All,

I am an old member of ForexFactory. I don't even remember my old nick. I used to trade between (end of) 2005 and (mid) 2007.

I lost $50,000 to the forex market. Sucka. Wife says "wish you had a bought a nice house for us". Hmmm.

I was so disgusted with what happened, that I decided to completely quit this area, and got myself a job.

It has been 3 years now. I did various things to support myself and family in these 3 years.

In the last 3 weeks, I have been having this strange "calling back" to the markets. I even had a...

You are one of the very few people who has the courage to confess your loss in public.


ALL THE BEST in your trading. May god with you !!! I wish you will recover your loss as early as possible.
  • #68,345
  • Jul 11, 2010 10:30am Jul 11, 2010 10:30am
Quoting Bemac
That's no Lace laddie. That's ma Sporren.
My ignorance and humble apologies
  • #68,346
  • Jul 11, 2010 11:04am Jul 11, 2010 11:04am
Quoting everydayguid
Hi All,

I am an old member of ForexFactory. I don't even remember my old nick. I used to trade between (end of) 2005 and (mid) 2007.

I lost $50,000 to the forex market. Sucka. Wife says "wish you had a bought a nice house for us". Hmmm.

I was so disgusted with what happened, that I decided to completely quit this area, and got myself a job.

It has been 3 years now. I did various things to support myself and family in these 3 years.

In the last 3 weeks, I have been having this strange "calling back" to the markets. I even had a couple...
Welcome back Every, the markets can be a brutal place and firstly I am glad you went and did what you had to do for you and your family. That is always number 1.

I would really like to see you stick to demo as if you can't treat a demo as live and beat that the likelihood to beat any real money is the same. The good thing is that if you do go live just to have a real environment that it should be peanuts money. One should still follow the 3month demo mindset James has laid out. Do not go back to that dark place, but by reading your emotions I don't think you are ever going to do that.

Welcome
Mike
  • #68,347
  • Jul 11, 2010 11:10am Jul 11, 2010 11:10am
GBPCHF daily.. lows matching..
  • #68,348
  • Jul 11, 2010 11:42am Jul 11, 2010 11:42am
Quoting Roversfan
I use Sierra Charts for Forex, they aren't free, about £12 a month but they are fine for my needs, just gotta figure out what all that squiggly line nonsense really means
Many thanks Rover, will check it out.
  • #68,349
  • Jul 11, 2010 11:44am Jul 11, 2010 11:44am
Quoting ghous
This one's probably the neatest in quite some time...

g.
Thanks for the prompt reply, like I said i have only just started looking into IPB after getting the basics under reasonable control. This one just stood out to me!
  • #68,350
  • Jul 11, 2010 11:47am Jul 11, 2010 11:47am
Quoting mistersimple
GBPCHF daily.. lows matching..
And a nice IPB but please read the Seniors posts on trading IPB, i.e. I am not advocating even thinking about them unless you have mastered the basics! (that seems to be the go from what I have read on here)
  • #68,351
  • Jul 11, 2010 11:58am Jul 11, 2010 11:58am
Quoting Grousman
And a nice IPB but please read the Seniors posts on trading IPB, i.e. I am not advocating even thinking about them unless you have mastered the basics! (that seems to be the go from what I have read on here)
like this one http://www.forexfactory.com/showpost...ostcount=37119

?
  • #68,352
  • Jul 11, 2010 12:04pm Jul 11, 2010 12:04pm
Quoting mistersimple
like this one http://www.forexfactory.com/showpost...ostcount=37119

?

BINGO!
  • #68,353
  • Jul 11, 2010 12:33pm Jul 11, 2010 12:33pm
Sorry for the supid question, but how do you make a rectangle color filled like this in MT4? Mine would always be transparent and not help much to highlight the area...


Quoting jarroo
I would agree with you too on #9 Atc.

Also I would say the these bars highs, I called it "Z", played a role along with his analysis. But you got to like how Price can be read like a book as Ben illustrated pertfectly.
http://www.forexfactory.com/attachme...4&d=1278658434
  • #68,354
  • Jul 11, 2010 2:02pm Jul 11, 2010 2:02pm
Quoting supremeChaos
unable to read the two, can u share what the two lists say?
The list on the left is the beliefs which I got from the psychology chapter in Market Wizards. It's an NLP exercise that's helping me form these beliefs by daily repetition. Some of them are taken straight from the book and some I've formed myself:

Quote
Trading beliefs
Money is NOT important
It is OK to lose in the market
It is OK to miss out on a large market move
Trading IS a game
I’ve already won the game in the long term
Mental rehearsal is important for success
All trades that follow the rules are winners regardless of the outcome
All trades that do not follow the rules are losers regardless of the outcome
I read my trading rules at the beginning of every trading day
I follow my checklist before putting on ANY trade
On the left side of the screen on the wall I have the trade plan which I read second and looks like this (split into 3 quotes as I can't get it all in one quote for some reason):

Quote
Trading Plan & Rules
Mission Statement:

To accumulate substantial wealth and total freedom with minimal time spent trading, minimal stress and minimal impact on my other business activities and life.

System – Price action signal confirmation around clearly defined pivot point zones.

Risk Rules - 2% risk of capital per trade
Quote
Trading Rules (part 1) :

Do not take ANY trades without going through the checklist
Do not take ANY trades on a whim to catch a market move
After 2 straight losses reduce position size by ½
After 4 straight wins reduce position size by ½
Never move stops further back – if a trade idea is wrong, accept it take the loss and move on.
Document every trade
Review the journal every weekend
Only add money to the account after a winning month
You are in this to build wealth and freedom – not take risks and trade for the sake of trading.
Quote
Trading Rules (part 2):
Every trade you take is risking your capital.
Move stop to B/E+1 at ½ way to the T/P
Don’t sit and watch trades
Always check the news due out
Always check the COT
Never stop learning
You are not cleverer than these rules.
The 3rd is a checklist which is the smaller piece of paper on the right screen which Ghous pointed out. If I see a nice bar I'll check the following:

Quote

  1. Location
  2. Traffic/Space
  3. Swing High or Low?
  4. Where is the FTA?
  5. What is the R:R?
  6. What's the higher timeframe doing?
  7. What are the primary, intermediate and short term trend direction?
  8. What news is due out in the next 2 days?
  9. What does the COT report say about these pairs/instruments?

Those are what are on my bits of paper stuck to my screens and on the wall.
Anything can happen.
  • #68,355
  • Jul 11, 2010 2:16pm Jul 11, 2010 2:16pm
ddinov this is great. You got me some good ideas in your post.
  • #68,356
  • Jul 11, 2010 3:55pm Jul 11, 2010 3:55pm
Quoting ddinnov
The list on the left is the beliefs which I got from the psychology chapter in Market Wizards. It's an NLP exercise that's helping me form these beliefs by daily repetition. Some of them are taken straight from the book and some I've formed myself:

On the left side of the screen on the wall I have the trade plan which I read second and looks like this (split into 3 quotes as I can't get it all in one quote for some reason):

The 3rd is a checklist which is the smaller piece of paper on the right screen which Ghous pointed out. If I see a nice...

Great !! Very good.
One quick question though:
Quote
"After 4 straight wins reduce position size by ½" ?
why reducing 1/2 after consecutive wins ?
  • #68,357
  • Jul 11, 2010 4:21pm Jul 11, 2010 4:21pm
Quoting ddinnov

Those are what are on my bits of paper stuck to my screens and on the wall.
Nice ddinnov, thanks for sharing. It's so clear and well laid out, can't see how you'd not be happy with those sort of rules and beliefs behind your trading. I've always had a little struggle, felt silly putting those sort of things on paper, but it is vitally important in order to avoid being one of the 95 - 99%.

And everydayguid: good on you for getting back to it - all the best!
  • #68,358
  • Jul 11, 2010 4:49pm Jul 11, 2010 4:49pm
Quoting Adilius07
Sorry for the supid question, but how do you make a rectangle color filled like this in MT4...
right click on the rectangle, go to the rectangle's properties.
on the Common tab, put a check on "Draw object as background"


for anyone else learning about MT4 usage, go to "Help" by pressing the F1 key on your keyboard. the MT4 Help Guide has its own search tool (just like what we have here on FF), use it as much as necessary.



Quoting cprao
...
why reducing 1/2 after consecutive wins ?
hey cprao, i didnt see that in his list.
anyway, ddinov must have a 'ritual'...
or that's just his risk management style.

Thanks for sharing, ddinov!
  • #68,359
  • Jul 11, 2010 5:08pm Jul 11, 2010 5:08pm
Great list dd. The only one I wonder about is saying Forex is a game. Can you explain the reasoning behind that?
  • #68,360
  • Jul 11, 2010 5:11pm Jul 11, 2010 5:11pm
Quoting supremeChaos
right click on the rectangle, go to the rectangle's properties.
on the Common tab, put a check on "Draw object as background"


for anyone else learning about MT4 usage, go to "Help" by pressing the F1 key on your keyboard. the MT4 Help Guide has its own search tool (just like what we have here on FF), use it as much as necessary.




hey cprao, i didnt see that in his list.
anyway, ddinov must have a 'ritual'...
or that's just his risk management style.

Thanks for sharing, ddinov!


Thank you SupremeChaos for reply, of course I tried this as a first thing; however, all it does for me is it makes the whole rectangle just disappear. (Goes to the backgroud I guess)...
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