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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

  • #90,421
  • Mar 1, 2011 12:54am Mar 1, 2011 12:54am
Quoting Donkey
Great charts PB . Here us what I was drawing up on this pair earlier. I'm liking 1.5400 area. Be nice to catch the right shoulder of a HNS at the top, eh?
The 1.5400 looks even better .. lol . . Nice charts, D. .
Indicators show the past. Price Action "Indicates" the future.
  • #90,422
  • Mar 1, 2011 1:00am Mar 1, 2011 1:00am
USD/JPY looking interesting
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  • #90,423
  • Mar 1, 2011 1:02am Mar 1, 2011 1:02am
Quoting jarroo
The Monthly PB looks OK but its not at a swing High . .if it was any lower it would be an IPB .. lol. The 1.5400 does look good on the Monthly.

Yes, that is a concern.
  • #90,424
  • Edited 1:58am Mar 1, 2011 1:25am | Edited 1:58am
Quoting vasmiza
WOW Jim,

You just explained the fallacy I've been falling into for the past few weeks. I now realise where I am, I am definitely the second category you described above, and the AUD/JPY is a great example of why I am in this category. Jim please give me some advice here.

What to do???

Harry

Hey Harry . .welcome to the club.

Many, if not all traders go through this self doubt or lack of confidence in a methodology or "System" of trading and with ones that don't even work.

Maybe its because they have lost so much money or so many live accounts that whenever they enter a live trade its stressful as hell. They seen it work, they hear it works, but all they really hear and see is the red light of a losing trade once they enter a setup.

Best way to steer through this mindset is to Demo, practise, Demo, backtest, Demo, study . .repeat. Closeout your Live account and Demo until is not stressful any more. Get Picky as Hell and only take the best setups over and over again. Some people "get it" right away . .alot of people don't. It takes time to convince yourself that it works.

There's is only one person you have to prove this to . . .Yourself. I understand that some people have to use a Live account to "feel it" . .well, do it until you don't feel it any more. Do it until its not a big deal . .meaning you see a setup . .one you've seen a 1000 times . .you place your limit and your S/L and enter and then . . forget it.

I don't understand why peple don't use a Demo account . .guess when traders lose the most money? .. In the beginning of their trading career, why not have those big losses be Demo dollars. Makes sense to me.

Sorry I guess I got on a bit of a rant here .
..
Indicators show the past. Price Action "Indicates" the future.
  • #90,425
  • Mar 1, 2011 1:38am Mar 1, 2011 1:38am
Quoting Pinbar
That is a great post by Jarroo, Harry.
Thanks for bumping it.

I can relate to that & indeed it points out how we should be demoing these PA, not just for demoing sake but to build our trust in our own analysis & the PA.

Makes you wonder if these guys are really shrinks & do they have hidden cameras watching us on our PCs.

Here again .Pb, this is a better one . .well said.
Indicators show the past. Price Action "Indicates" the future.
  • #90,426
  • Mar 1, 2011 1:39am Mar 1, 2011 1:39am
Quoting jarroo
Hey Harry . .welcome to the club.

Many, if not all traders go through this self doubt or lack of confidence in a methologly or "System" of trading and with ones that don't even work.

Maybe its because they have lost so much money or so many live accounts that when ever they enter a live trade its stressful as hell. They seen it work, they hear it works, but all they really hear and see is the red light of a losing trade once they enter a setup.

Best way to steer through this mindset is to Demo, practise, Demo, backtest, Demo, study ....

Great post Jarroo. one that a lot of people need to hear, including me.

Rant all you like Jarroo, I am sure a lot of people will appreciate it.
  • #90,427
  • Mar 1, 2011 1:40am Mar 1, 2011 1:40am
Quoting poncho1
Or maybe it will go down and give us another A++++ setup like Nov. 07
lol. . .I has waiting for that one . . good one poncho.
Indicators show the past. Price Action "Indicates" the future.
  • #90,428
  • Mar 1, 2011 1:42am Mar 1, 2011 1:42am
Quoting Pinbar
Great post Jarroo. one that a lot of people need to hear, including me.

Rant all you like Jarroo, I am sure a lot of people will appreciate it.

Thanks Steve.
Indicators show the past. Price Action "Indicates" the future.
  • #90,429
  • Mar 1, 2011 1:50am Mar 1, 2011 1:50am
Quoting spookie94
It already broke on IBFX, wasn't at my computer. But isn't trading into a PPZ?

This was just me being cute to my previous post refering to SR2's great analysis on the PA setups.

Interesting . .looks like that BUOB on the A/J is getting close to its target . ..go figure . .(me being "cute" again.)
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Indicators show the past. Price Action "Indicates" the future.
  • #90,430
  • Mar 1, 2011 1:51am Mar 1, 2011 1:51am
Quoting jarroo
Hey Harry . .welcome to the club.

Many, if not all traders go through this self doubt or lack of confidence in a methologly or "System" of trading and with ones that don't even work.

Maybe its because they have loss so much money or so many live accounts that when ever they enter a live trade its stressful as hell. They seen it work, they hear it works, but all they really hear and see is the red light of a losing trade once they enter a setup.

Best way to steer through this mindset is to Demo, practise, Demo, backtest. Demo, study ....
I guess I need to practice until I perfect it, until it becomes second nature. I will need to build the confidence with time and practice. BTW this dilemma I am facing is on demo. Even in demo I find a setup, articulate over it. Then for some reason I bailout or it BE just before the run.

By no means will I be risking any real money, as I've stated earlier I will perfect this and build a reasonable account size before going live; no matter how long it takes. I will be strictly following J16 "minimum requirements". Believe me I've been there and done that with live accounts.

The only live account I've been playing around is with one of my previous blown accounts which only has like 10USD, i don't see anything wrong with playing around with that as I do with demo, its like another demo account to me.

It's about building trust in myself, my method and having the confidence to hold on. It doesn't stress me out or anything just really agitates me. I'm working on it.
  • #90,431
  • Mar 1, 2011 2:05am Mar 1, 2011 2:05am
Quoting vasmiza
I guess I need to practice until I perfect it, until it becomes second nature. I will need to build the confidence with time and practice. BTW this dilemma I am facing is on demo. Even in demo I find a setup, articulate over it. Then for some reason I bailout or it BE just before the run.

By no means will I be risking any real money, as I've stated earlier I will perfect this and build a reasonable account size before going live; no matter how long it takes. I will be strictly following J16 "minimum requirements". Believe me I've been there...
That's great to hear Harry . .I sounds to me like you're well on your way. Keep at it, brother. . .it does get easier.

I didn't me to rant at you directly . .my mind drifted away a bit.

Sorry about that.

Jim
.
Indicators show the past. Price Action "Indicates" the future.
  • #90,432
  • Mar 1, 2011 2:07am Mar 1, 2011 2:07am
Yet to put my hands on DBHLC or DBLHC..i was jus watching these setups...can any1 tellme y these setups couldnt really work out?any strong reason?
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  • #90,433
  • Mar 1, 2011 2:08am Mar 1, 2011 2:08am
Any thoughts on this EUR/CHF daily BUEOB?

Too weak a close I suppose at it couldn't make it above the PPZ.

Have to go out soon anyway, so I am out of all of them today.
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  • #90,434
  • Mar 1, 2011 2:20am Mar 1, 2011 2:20am
Quoting AvanishDemo
Yet to put my hands on DBHLC or DBLHC..i was jus watching these setups...can any1 tellme y these setups couldnt really work out?any strong reason?
Well the Eur/Jpy 4 Hour DBHLC was not at a swing High and small in size. The Eur/Usd hasn't failed yet.
Indicators show the past. Price Action "Indicates" the future.
  • #90,435
  • Mar 1, 2011 2:26am Mar 1, 2011 2:26am
Quoting Pinbar
Any thoughts on this EUR/CHF daily BUEOB?

Too weak a close I suppose at it couldn't make it above the PPZ.

Have to go out soon anyway, so I am out of all of them today.
It doesnt look to bad, Pb. . .Off of a good level. .the low could have been deeper, meaning having the lowest low of the swing low, which would have made it bigger. Its got a good shot to the 1.2900.
Indicators show the past. Price Action "Indicates" the future.
  • #90,436
  • Mar 1, 2011 2:47am Mar 1, 2011 2:47am
Quoting jarroo
It doesnt look to bad, Pb. . .Off of a good level. .the low could have been deeper, meaning having the lowest low of the swing low, which would have made it bigger. Its got a good shot to the 1.2900.

Yes, that is the problem, the FTA is too close.

Thanks jarroo

Got to run.
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  • #90,437
  • Mar 1, 2011 2:47am Mar 1, 2011 2:47am
Quoting AvanishDemo
Yet to put my hands on DBHLC or DBLHC..i was jus watching these setups...can any1 tellme y these setups couldnt really work out?any strong reason?
Maybe another thing to consider is what time of day are these bars closing........late NY session? Therefore, could some of their formation be attributed to some late day profit taking? And then if you enter, afterwards, you are subjected to lower volume Asian session movement.
  • #90,438
  • Mar 1, 2011 2:56am Mar 1, 2011 2:56am
Quoting Pinbar
Yes, that is the problem, the FTA is too close.

Thanks jarroo

Got to run.

40 pip is too close? What if it breaks through the 1.2900 and finds Support there?

Just some thoughts.
Indicators show the past. Price Action "Indicates" the future.
  • #90,439
  • Mar 1, 2011 2:57am Mar 1, 2011 2:57am
Quoting john225
Nice trade mike Are you mbqb11 with an new account? xD
And all these years we've been searching for the holy grail on the charts.

Sheesh it's in the name



g.
I believe . . .
  • #90,440
  • Mar 1, 2011 3:01am Mar 1, 2011 3:01am
Quoting johoma
Maybe another thing to consider is what time of day are these bars closing........late NY session? Therefore, could some of their formation be attributed to some late day profit taking? And then if you enter, afterwards, you are subjected to lower volume Asian session movement.

Great points John . .I missed that.
Indicators show the past. Price Action "Indicates" the future.
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