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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

  • #74,821
  • Sep 15, 2010 12:23am Sep 15, 2010 12:23am
Quoting cprao
It was a good decision.

Jarroo, helped a great deal with that decision.

I was talking myself into it.
  • #74,822
  • Sep 15, 2010 12:25am Sep 15, 2010 12:25am
Quoting aserbfx
a pinbar is forming on daily gbp/jpy.
this pair is still in a sideways market. bad location. only pro is macd-divergence. check for yourself, but i will give it a miss.
well, i shouldn't gave it a miss.
but nobody knows...
meine augen sind die sterne
  • #74,823
  • Sep 15, 2010 12:30am Sep 15, 2010 12:30am
Quoting Pinbar
From my Humble newbie point of view, I am not sure about that.

Is it possible that the LO is going to see this turnaround and bite the BOJ in the butt? I mean, could the BOJ action be construed as clasping at straws?

By which time Jarroo has already cashed in his chips and is probably done for the month.

Still a lot of trading days left in this month, Pb.
Indicators show the past. Price Action "Indicates" the future.
  • #74,824
  • Sep 15, 2010 12:33am Sep 15, 2010 12:33am
Quoting jarroo
Still a lot of trading days left in this month, Pb.


I hear you.


I signed up as Pinbar.
  • #74,825
  • Sep 15, 2010 12:38am Sep 15, 2010 12:38am
Quoting Pinbar
I hear you.


I signed up as Pinbar.

Good for you Pinbar . .

There's a ton of videos and webinars there for you to go through . .great stuff.
Indicators show the past. Price Action "Indicates" the future.
  • #74,826
  • Sep 15, 2010 12:42am Sep 15, 2010 12:42am
Quoting jarroo
Good for you Pinbar . .

There's a ton of videos and webinars there for you to go through . .great stuff.

I know....LOL

Can't remember if there is a newbie place to post a short intro?
  • #74,827
  • Sep 15, 2010 12:56am Sep 15, 2010 12:56am
Quoting joelcf
It's an interesting question, and not a straightforward one.
Thank you for your comments, Joel. I really appreciate them. You seem to think along the ways I do. I especially like this comment:

Quoting joelcf
I'm not a fan of wilfully ignoring information, especially when it is information used by the majority of the market. Charts are just a way of aggregating it.
If you don't risk, you don't ever have to lose.
  • #74,828
  • Edited 1:10am Sep 15, 2010 12:57am | Edited 1:10am
Quoting aserbfx
well, i shouldn't gave it a miss.
but nobody knows...

You made a good decision aser with the reasons you gave. So-so setups will do this from time to time. But don't lose that pickiness, because the next time you see a similar setup like this . .trust me, there will be another one like this one . . you my take it thinking it may re-act like this one. But only to fall flat for a loss.

One way that I have found to trade these type of setup is to see if they break hard and use a tight stop loss. Make sure your in the London and /or New York sessions. If they don't break hard to cover your risk then kill it for a small profit or loss. You will get alot of break even trades. They're fun to demo.


(also look at these on the Hourly to see the hard break)
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Indicators show the past. Price Action "Indicates" the future.
  • #74,829
  • Sep 15, 2010 1:05am Sep 15, 2010 1:05am
Hi,

I'm a newbie learning forex for past 6 months. I have been following this thread for past one month.

James, Mike and Jaroo, I don't have words to thank you for your great and tireless effort.

Megha from Sri Lanka
  • #74,830
  • Sep 15, 2010 1:25am Sep 15, 2010 1:25am
Quoting meghasl
Hi,

I'm a newbie learning forex for past 6 months. I have been following this thread for past one month.

James, Mike and Jaroo, I don't have words to thank you for your great and tireless effort.

Megha from Sri Lanka

Thanks Megha and welcome.
Indicators show the past. Price Action "Indicates" the future.
  • #74,831
  • Sep 15, 2010 1:31am Sep 15, 2010 1:31am
Quoting meghasl
Hi,

I'm a newbie learning forex for past 6 months. I have been following this thread for past one month.

James, Mike and Jaroo, I don't have words to thank you for your great and tireless effort.

Megha from Sri Lanka
Ghous will be very angry.
  • #74,832
  • Sep 15, 2010 1:36am Sep 15, 2010 1:36am
Quoting meghasl
Hi,... I have been following this thread for past one month. ..
Hello fellow Asian,
here are a 'few' links to keep u busy
http://www.forexfactory.com/showpost...ostcount=74684
  • #74,833
  • Sep 15, 2010 1:39am Sep 15, 2010 1:39am
Hi guys/gals,

Question for the experienced/successful PA traders on here:

How many pairs do you scan and trade on day-in, day-out basis?

1, 5, 20, 50?

Cheers,

D
  • #74,834
  • Sep 15, 2010 1:42am Sep 15, 2010 1:42am
Quoting The Lord
Ghous will be very angry.

Oh! I'm so sorry! So many seniors have contributed to this thread so I want to thank them all including Ghous!


Quoting supremeChaos
Hello fellow Asian,
here are a 'few' links to keep u busy
http://www.forexfactory.com/showpost...ostcount=74684
Thanks a lot!
  • #74,835
  • Sep 15, 2010 2:15am Sep 15, 2010 2:15am
Quoting dabbledave
....
How many pairs do you scan and trade on day-in, day-out basis?
.....
Hello Dave,
it differs.
it's a matter of personality, experience, preference &/or comfort.

for one, mbqb11 suggests u look at as many pairs (or instruments) as u can & pick the very best setups.
some concentrate on 1 or a few pairs for several reasons (example, some only trade eurusd because of its high liquidity &/or tight spread; while others trade a certain or a few pairs because they are very familiar with its/their movement/s)
  • #74,836
  • Sep 15, 2010 2:24am Sep 15, 2010 2:24am
Quoting supremeChaos
Hello lallous.
check out the links i posted about 9 posts above.
they will get u up to super speed.


i see.
so that's why u highlighted that bar.
interesting.
Hello SC,

Yes will do

Thanks
  • #74,837
  • Sep 15, 2010 2:41am Sep 15, 2010 2:41am
Quoting dabbledave
Hi guys/gals,

Question for the experienced/successful PA traders on here:

How many pairs do you scan and trade on day-in, day-out basis?

1, 5, 20, 50?

Cheers,

D
Hi Dabbledave,

I currently look at 13 pairs. I do not know how some people start with only one.. If you only trade one pair you will go mad just waiting for setups, more so if you are only trading longer term timeframes. If you are starting out I would like to suggest you look at 5 or so pairs, and then look at more as you get more experienced. You will also quickly notice some pairs doesn't fit your style, for example I have been finding chf/jpy very difficult to trade this last month but aud/usd has been wonderful.

Hope this helps
Thank you j16!
  • #74,838
  • Edited 3:09am Sep 15, 2010 2:57am | Edited 3:09am
I have been reading a book called "stock market wizards, interviews with america's top stock traders". Great book, anyhow, I would like to hear your thoughts about an idea I have.

In this book they interview Stephen Cohen of SAC, (just google his name if you don't know who he is). He currently manages around 16Billion. Stephen has a psychologist(Ari Kiev MD) on staff to work with his traders. Ari implements this strategy of all the traders having responsibility towards one another by forcing them to state their monthly goals in terms of a percentage or monetary value etc.

This forces the traders to take responsibilty and trade more disciplined because they don't want to look stupid in front of their colleagues.

I think we should implement something like that here on the j-16 thread, all the regulars should on sunday evening state their goal for the week in pip, percentage or whatever value you want. The goals should not be monetary of nature please.

Examples could be- This week I will follow my trading rules exactly without any deviation from my trading plan.

-I will my make 3% return this week.

-I will make 150 pips this week.

-I will end the week with a profit, even if it is $1

You catch the drift.. In doing this you put positive pressure on yourself to perform and not disappoint. This is a very powerful way of learning about yourself and I have been implementing this for very long now. I can say with absolute confidence it will help everyone here regardless of where you are at in your forex journey.

We could then report on our goals and set new ones for the next week every sunday.

What do you guys think?

I will be doing this around 8pm gmt every sunday from now on.

EDIT: we can find a time that suits everyone to set their goals, thus it would all be together in the thread..
Thank you j16!
  • #74,839
  • Sep 15, 2010 3:32am Sep 15, 2010 3:32am
Quoting anderou
I will be doing this around 8pm gmt every sunday from now on.
Training the subconscious!
Afterall, its mind that does everything. If you can convince it to believe something, that turns into reality.

There are lots of books written in the topic. But, the truth is, it requires much more practice and patience than forex.. lol.
  • #74,840
  • Sep 15, 2010 3:47am Sep 15, 2010 3:47am
Anderou,
I understand the need for positive objectives and goals to achieve, but I think that aiming for a weekly (or daily) target can work against a trader too.
It can make you take trades that you may otherwise pass in order to try to meet targets.
One thing to get used to with trading is that some weeks will give few opportunities other weeks will give you many big winners.
Personally, I've found that accepting what the market is offering on any given occasion to be the best policy.
Often this might only be a break even, sometimes a day's move worth of pips, occasionally a good runner for a few days....but I'm still working on maximising these through trade management.




Quoting anderou

Examples could be- This week I will follow my trading rules exactly without any deviation from my trading plan.

-I will my make 3% return this week.

-I will make 150 pips this week.

-I will end the week with a profit, even if it is $1

.
If you can wait and not be tired by waiting...
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