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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

  • #69,721
  • Jul 26, 2010 1:11pm Jul 26, 2010 1:11pm
for sure, ghous.
i was more refering to the "dating-comment":
"Trading a bar and forgetting the location is like dating someone because they look hot and completely ignoring the fact that they are a psychopath. "

Quoting ghous
Chart time, a business like approach and common sense is what builds healthy experience. Johnny knows it, and he sure is traveling at a decent velocity down the road of success.
meine augen sind die sterne
  • #69,722
  • Jul 26, 2010 1:13pm Jul 26, 2010 1:13pm
Quoting aserbfx
for sure, ghous.
i was more refering to the "dating-comment":
"Trading a bar and forgetting the location is like dating someone because they look hot and completely ignoring the fact that they are a psychopath. "
guilty as charged
  • #69,723
  • Jul 26, 2010 1:14pm Jul 26, 2010 1:14pm
Quoting mbqb11
what if it takes you 3 years to be profitable? what about 4? 5? how about 8? like it took Jim the man who started this thread.

Just something to ponder

Mike
I have some friends on facebook with 20+ years of experience.
Who live of a wellfare. And still trade! It does not dawn on them that the life will be pretty much over soon

I believe that if someone has not got it to be consistent in a some period of time ( one has to decide for himself 3-5-10) then it is better to quit.
Better quit after ten than after 20? Some people just don't get it. That's it.

Me? I am 3+ years in this. Full time (meaning I was working at the exchange, at the brokarage 24hr in the market, and still don't get it). If no results within 2 years. That's enough. I would rather teach to trade here in my city and make consistent living...lol

Because life in general has to be successful no matter what, some people just are not good enough to fly into space but are super businessmen and vice versa...
  • #69,724
  • Jul 26, 2010 1:15pm Jul 26, 2010 1:15pm
Quoting mbqb11
guilty as charged
  • #69,725
  • Jul 26, 2010 1:16pm Jul 26, 2010 1:16pm
Quoting aserbfx
for sure, ghous.
i was more refering to the "dating-comment":
"Trading a bar and forgetting the location is like dating someone because they look hot and completely ignoring the fact that they are a psychopath. "
damn I've dated some hot psycho's in my time and yep they suck your cash too......
In retrospect we learn. In perspective we earn.
  • #69,726
  • Jul 26, 2010 1:19pm Jul 26, 2010 1:19pm
Quoting Adilius07
I have some friends on facebook with 20+ years of experience.
Who live of a wellfare. And still trade! It does not dawn on them that the life will be pretty much over soon
Adilius07

Anybody who lives off wellfare and trades is not taking this seriously one bit I'm afraid....

Not a fair comparison
In retrospect we learn. In perspective we earn.
  • #69,727
  • Jul 26, 2010 1:24pm Jul 26, 2010 1:24pm
I think if you are on welfare you have other issues that one must take care of then trading. You can't be in a mentally healthy place(and I don't mean that in a bad way I mean it in the way you need to be able to eat, survive) to be trading.

Ad were all just giving our experience here(that is all anyone can speak from). You do of course have to decide what is best for you, that is the caveat of anything in life. Some people think they should be making 50-100% a month too . So everyone view point is out there, it is up to the individual to take in what they feel is relevant to them. When I set out on this I was in it for the long haul, I decided that from day 1. Others give themselves a certain time and they move on, others never get it(most). I just think giving people the best information that I have accumulated over the course of that time to get to where I can trade profitably now is the best I can give/do. Most will not get it and I have accepted that. But I still have to speak the truth as I see it.

I just wonder if James quit on year 7 how it would have changed so many lives here Phew twilight world if I think that.


Take care bud
Mike

Quoting Adilius07
I have some friends on facebook with 20+ years of experience.
Who live of a wellfare. And still trade! It does not dawn on them that the life will be pretty much over soon

I believe that if someone has not got it to be consistent in a some period of time ( one has to decide for himself 3-5-10) then it is better to quit.
Better quit after ten than after 20? Some people just don't get it. That's it.

Me? I am 3+ years in this. Full time (meaning I was working at the exchange, at the brokarage 24hr in the market, and still don't get it). If...
  • #69,728
  • Jul 26, 2010 1:33pm Jul 26, 2010 1:33pm
Hey Mike,

I thought the same..
A parallel dimension, wao!, that would be a real Chaos theory....

Quoting mbqb11
.........
I just wonder if James quit on year 7 how it would have changed so many lives here Phew twilight world if I think that.


Take care bud
Mike
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #69,729
  • Jul 26, 2010 1:38pm Jul 26, 2010 1:38pm
Quoting Adilius07
If you are running a business for 4+ years and it gives you no profit.... It is not a business it is just a game or hobby.
Consider those 3+ years of "preparation"...This is defenitely not being a business then...
No offence
Most people who are in business didn't just start out from day one... they prepared for at least a few years before working for somebody else, learning the trade. Perhaps they went to college/university and trained for years first.

Trading is a business but you have to be careful about comparing it to other businesses.

Regards,

Dan
  • #69,730
  • Jul 26, 2010 1:55pm Jul 26, 2010 1:55pm
Quoting ikki
Hey Mike,

I thought the same..
A parallel dimension, wao!, that would be a real Chaos theory....
http://bestsmileys.com/aliens/10.gif
  • #69,731
  • Jul 26, 2010 1:57pm Jul 26, 2010 1:57pm
i think putting a finite timeline for a trader to be successful is not relevant. some people are successful (consistently) in less than 6 months, and others take 6 years. there is no standard.

what works for you is all that matters.



Quoting DanUK
Most people who are in business didn't just start out from day one... they prepared for at least a few years before working for somebody else, learning the trade. Perhaps they went to college/university and trained for years first.

Trading is a business but you have to be careful about comparing it to other businesses.

Regards,

Dan
  • #69,732
  • Jul 26, 2010 1:59pm Jul 26, 2010 1:59pm
Quoting coolshades
i think putting a finite timeline for a trader to be successful is not relevant. some people are successful (consistently) in less than 6 months, and others take 6 years. there is no standard.

what works for you is all that matters.
yeah I have to say(speaking from all the time with other traders) I have seen it all. Some people who just get it so fast it blows my mind, and some who take a very long time. I guess it isn't how you get there but getting there

very much agree coolshades. Different strokes for different folks that is for sure!
  • #69,733
  • Jul 26, 2010 2:12pm Jul 26, 2010 2:12pm
Quoting mbqb11
yeah I have to say(speaking from all the time with other traders) I have seen it all. Some people who just get it so fast it blows my mind, and some who take a very long time. I guess it isn't how you get there but getting there

very much agree coolshades. Different strokes for different folks that is for sure!
I'll get there in a year just watch me Ok, just a joke.

But seriously, from this thread I see that EVERYTHING needed to be profitable is right here!!! All those years of Jim's experience + other seniors. If having all this info I still not able to make myself a trader then .. oh well I will, just watch me When Jim started he had to discover everything himself. But we are lucky to have this here in front of us!

Sorry for off topic but that is a very complecated issue for me. As when I started I (like most) thought "Ok 3 months demo and I'm ready"... and then the cruel reality came upon me...
  • #69,734
  • Jul 26, 2010 2:34pm Jul 26, 2010 2:34pm
Quoting Adilius07
I'll get there in a year just watch me ...
Thats the spirit!

The first problem we have as traders when starting from scratch is finding the most effective and reliable set of trading principals.

The second, is being disciplined to use them and that is what I think takes the time for people to learn as you are having to programme out old habits, change routines etc.

Persistence and dedication will win in the end.
In retrospect we learn. In perspective we earn.
  • #69,735
  • Jul 26, 2010 2:42pm Jul 26, 2010 2:42pm
Quoting mbqb11
I just wonder if James quit on year 7 how it would have changed so many lives here Phew twilight world if I think that.

Mike
Damn man, my life would be pretty dim right around now. That's not even a joke either. If it were even just for the search for self that this has brought me, it's made me a better Mike W than I could have ever dreamed to be at 16 and 17 (nevermind what I'm able to do with my life nowadays). I'd probably be selling pot out of a moped saddlebag right now if it weren't for that one chart. lol Ridiculous but true.

You always have a way of putting everything in perspective my man and thanks for that.

Have a good one ladies and gents
I dream, therefore I become.
  • #69,736
  • Jul 26, 2010 2:43pm Jul 26, 2010 2:43pm
Quoting fx_heaven
Thats the spirit!

The first problem we have as traders when starting from scratch is finding the most effective and reliable set of trading principals.

The second, is being disciplined to use them and that is what I think takes the time for people to learn as you are having to programme out old habits, change routines etc.

Persistence and dedication will win in the end.
Yes, personally for me I believe the toughest thing will be and still is to throw the "Daytrader thing out of my mind" I cannot make it profitable. Maybe sometime in the future, not now. Trying to fix this mental thing now.
  • #69,737
  • Jul 26, 2010 3:09pm Jul 26, 2010 3:09pm
Quoting mike w
Damn man, my life would be pretty dim right around now. That's not even a joke either. If it were even just for the search for self that this has brought me, it's made me a better Mike W than I could have ever dreamed to be at 16 and 17 (nevermind what I'm able to do with my life nowadays). I'd probably be selling pot out of a moped saddlebag right now if it weren't for that one chart. lol Ridiculous but true.

You always have a way of putting everything in perspective my man and thanks for that.

Have a good one ladies and gents
Yep, I have been learning to trade for 3 years.

I have learned more about myself, than doing anything else, and it isn't even close.

If I never successfully trade and make money, the journy would still be well worth while.
  • #69,738
  • Jul 26, 2010 3:12pm Jul 26, 2010 3:12pm
Quoting supremeChaos
like we often say...
trading is a personal thing.

u may take trades many will take,
u may take trades some will take,
u may take trades ONLY you will take.

u will miss A LOT of trades that others here take -- that is perfectly normal.
the questions to ask yourself are:
"am i comfortable taking those trades as well?"
"do those trades fit the criteria in my personal system/method?"

Dont forget, we are here to learn, not necessarily to copy/trade others' trades. there is a big difference.
Hope this helps
Thanks for the vouch supremeChaos!
In retrospect we learn. In perspective we earn.
  • #69,739
  • Jul 26, 2010 5:04pm Jul 26, 2010 5:04pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
I'm wondering how people feel about shorting gbp/chf based on this bar.

Pros:
Longish tail that pierces 150 EMA and then retreats.
It also fails to close above PPZ at 1.6290.
It fails to break through 38.2 Fib retracement.
Macro trend is downward.
If it drops, it looks like it can go to 1.6110 as FTA.


Cons:
Bar is very small compared to big green bar right before it, I'm not sure how that affects a setup like this.
The bar body is near the middle of bar, not at the lower end.

I wouldn't call it an A+ setup. What do those more experienced than me (that's pretty much everyone) think?
Attached Image (click to enlarge)
Click to Enlarge Name: 07_26_gbpchf.jpg Size: 59 KB
  • #69,740
  • Jul 26, 2010 5:22pm Jul 26, 2010 5:22pm
Quoting jdl
I'm wondering how people feel about shorting gbp/chf based on this bar.

Pros:
Longish tail that pierces 150 EMA and then retreats.
It also fails to close above PPZ at 1.6290.
It fails to break through 38.2 Fib retracement.
Macro trend is downward.
If it drops, it looks like it can go to 1.6110 as FTA.


Cons:
Bar is very small compared to big green bar right before it, I'm not sure how that affects a setup like this.
The bar body is near the middle of bar, not at the lower end.

I wouldn't call it an A+ setup. What do those more experienced...
Hey J

This one is more of a neutral bar then a pinbar. The open and close are near the middle of the bar with wicks of equal length about on each side. To me this is more indecision then a selling bar

Best
Mike
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