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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

  • #98,041
  • Jul 7, 2011 4:13pm Jul 7, 2011 4:13pm
Quoting Adilius07
Yeah, it was one of the first ones I read. Usually this is the first book people recommend after Rem. of Stock Operator.
Very nice book indeed.

Ha ha did not realize that you had already read it That was about it for psychology for me. I also picked up all of the Market Wizards books as they seemed to contain quite a bit of psychology wisdom.
  • #98,042
  • Jul 7, 2011 4:13pm Jul 7, 2011 4:13pm
Quoting Adilius07
Yeah, it was one of the first ones I read. Usually this is the first book people recommend after Rem. of Stock Operator.
Very nice book indeed.
I heard about this one "Your Brain Your Money" do you know anything about it?
  • #98,043
  • Jul 7, 2011 4:15pm Jul 7, 2011 4:15pm
Quoting gungriffin
Ha ha did not realize that you had already read it That was about it for psychology for me. I also picked up all of the Market Wizards books as they seemed to contain quite a bit of psychology wisdom.
Market Wizards and Market Wizards II
And that other one Diciplined Trader by M Douglas. Also was ok
  • #98,044
  • Jul 7, 2011 4:24pm Jul 7, 2011 4:24pm
Quote
Market Wizards and Market Wizards II
And that other one Diciplined Trader by M Douglas.

Hey Adi,

Van Tharp's Super trader has a great first section on it for self work, there is a lot of work to do. I can help you out with an e-copy, PM me.

Other books I liked were All three of Brett Steenbargers books, particularly his last as a reference material. His website traderfeed is also very good.

The Intuitive Trader was good too.

Hope this helps,
Cory
  • #98,045
  • Jul 7, 2011 4:29pm Jul 7, 2011 4:29pm
Quoting redsox326
Hey Adi,

Van Tharp's Super trader has a great first section on it for self work, there is a lot of work to do. I can help you out with an e-copy, PM me.

Other books I liked were All three of Brett Steenbargers books, particularly his last as a reference material. His website traderfeed is also very good.

The Intuitive Trader was good too.

Hope this helps,
Cory
Sent PM
  • #98,046
  • Jul 7, 2011 4:31pm Jul 7, 2011 4:31pm
Quoting Adilius07
Can anyone recommend something really good on psychology of trading?

Some book or thread? Something advanced, I have read millions of those googled articles too... maybe there is some author particularly good at this subject?

Thanks for any help!
Have you read any Van Tharp stuff? Trade your way to Financial Freedom and if you've got a bit of cash the peak performance course is really really good. I bought it and am working through it. His website is here:

http://www.iitm.com/
Anything can happen.
  • #98,047
  • Jul 7, 2011 4:32pm Jul 7, 2011 4:32pm
Quoting Adilius07
I heard about this one "Your Brain Your Money" do you know anything about it?
I have not heard of that one. Will have to look it up online and see if I can buy it used on the cheap. For the most part I found that most of my best trading mindset help has come from help from a life coach. One of the best things that he has me do is envision what I view to be a perfect day of trading. It is an exercise where I close my eyes and just envision in great detail everything about the day starting from waking up and then moving into the day of trading. I use a physical trigger while doing so to tie the exercise into something my mind can recognize. IE while doing the vision I put my left thumb and pinky finger together the entire time I am envisioning the day. I aim to do this at least once a day and make it a goal to go into more detail in the vision every subsequent day. When I may become stressed about trading I perform the physical trigger and it actually helps me calm down and recenter.

Other things that I do are writing out an affirmation that I read every day. The affirmation is written as though what I am looking to obtain has already been achieved. It is of a great help to train my subconcious to accept and believe that what I want is happening. I will see if I can find some good links for affirmations as I feel they are incredibly helpful.

Ryan
  • #98,048
  • Jul 7, 2011 4:38pm Jul 7, 2011 4:38pm
Quoting ddinnov
Have you read any Van Tharp stuff? Trade your way to Financial Freedom and if you've got a bit of cash the peak performance course is really really good. I bought it and am working through it. His website is here:

http://www.iitm.com/
I heard about it, never really studied it. Just that R (risk concept) will bookmark this now for weekend read! Thank you very much!
  • #98,049
  • Jul 7, 2011 4:47pm Jul 7, 2011 4:47pm
Quoting gungriffin
I have not heard of that one. Will have to look it up online and see if I can buy it used on the cheap. For the most part I found that most of my best trading mindset help has come from help from a life coach. One of the best things that he has me do is envision what I view to be a perfect day of trading. It is an exercise where I close my eyes and just envision in great detail everything about the day starting from waking up and then moving into the day of trading. I use a physical trigger while doing so to tie the exercise into something my mind...
Ryan,

wow I think this is a great idea to envision the perfect trading day and setup! Yes! Maybe that coould help me to become more picky and patiently wait for the A+ only. I have a list of rules for A+ of course, but I never really thought of using visualization to train myself. Great idea. This might work, and is really easy to implement too

In regards to that book, I don't even know if it is good or not. It was recommended by someone long time ago, I already forgot who the author of the book is, but the recommendation was positive (like there is something very new about the way we think, something like this)

Thank you very much!
  • #98,050
  • Jul 7, 2011 6:02pm Jul 7, 2011 6:02pm
wondering what you guys think : )
Attached Image (click to enlarge)
Click to Enlarge Name: EurGbp.png Size: 38 KB
  • #98,051
  • Jul 7, 2011 6:08pm Jul 7, 2011 6:08pm
Quoting ddinnov
Have you read any Van Tharp stuff? Trade your way to Financial Freedom and if you've got a bit of cash the peak performance course is really really good. I bought it and am working through it. His website is here:

http://www.iitm.com/
I completed Peak Performance course 2 times, it is a pure magic to be able to know yourself and change yourself.
IMHO NLP Rocks in human Psychology.
Hey ddinnov, don't you love Van Tharp's hypnotic tapes
Anything can happen - You never know
  • #98,052
  • Jul 7, 2011 6:30pm Jul 7, 2011 6:30pm
Quoting halfstep
wondering what you guys think : )

http://www.forexfactory.com/attachme...1&d=1310079706
Thanks for placing the chart up to take a look at.

I was watching this one earlier today, but with that way it closed it is a very simple pass for me. Technically we are looking for PA and this does not qualify as such for me. This is not a Pin (Open is too low, looking for it to be in the top 1/3 of the bar) nor is it a Bullish Outside Bar (does not encompass the previous bar). The other issue that I have with this is the FTA is right smack on top of the bar. That would be the .9000 BRN. Will very likely be a very well respected BRN.

This is my chart exactly as it appears:
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp 7-8-11 daily.gif Size: 37 KB


To give you an idea of my current thought process I am currently looking not at this bar anylonger, but instead at what the reaction will be off of the .9000 BRN. Might be a decent bearish reaction off of it and with proper PA I would be game. The other option is a more advanced entry that I would not recommend without some serious pratice on demo. That is a breakthrough with a retrace and some sort of bullish PA signaling an opportunity to buy. My reaction to the afore mentioned would depend on the quality of the PA like always The interesting thing is due to the area I am still very interested in the chart, but at the moment I do not see enough decisiveness to warrant me to put up any of my hard earned $...

Ryan
  • #98,053
  • Jul 7, 2011 7:01pm Jul 7, 2011 7:01pm
Quoting Adilius07
Can anyone recommend something really good on psychology of trading?

Some book or thread? Something advanced, I have read millions of those googled articles too... maybe there is some author particularly good at this subject?

Thanks for any help!
Try Van Tharp. His Peak Performance Course will definitely change your mind.
  • #98,054
  • Jul 7, 2011 7:12pm Jul 7, 2011 7:12pm
On IBFX EURUSD shows a beautiful Pin on D1.
Trade would be in trend direction off a minor swing low.
FTA area around 1.4425

Cheers
Andreas
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 20 KB
  • #98,055
  • Jul 7, 2011 7:25pm Jul 7, 2011 7:25pm
Quoting AndreasF
On IBFX EURUSD shows a beautiful Pin on D1.
Trade would be in trend direction off a minor swing low.
FTA area around 1.4425

Cheers
Andreas
i am long on this one, but also beware of the triangle squeeze shown in my pic. if we break upwards out of that triangle, nice and lets ride it, but i will be taking profit IF it moves up due to FTA and triangle

http://i51.tinypic.com/25gchno.jpg
  • #98,056
  • Jul 7, 2011 8:41pm Jul 7, 2011 8:41pm
Long eu off the pinbar close at the confluences of two fib lines and PPZ. FTA at the 38.2 fib of the most current swing

http://www.hotstockmarket.com/image/...t/500/flags/LL
  • #98,057
  • Jul 7, 2011 9:06pm Jul 7, 2011 9:06pm
Quoting g_j_hook@yah
My approach would be to simply follow each of the PA trigger bars that you use and moniter the results jon
Thanks Jon, that gives me alot to think about and work with. I'v started siming my way through 2010. Its tick by tick, so its going to take me some time.

For 2011 I ran 28 pairs week by week. I opened each pair for that week and recorded the trade results on a spreadsheet. I don't really understand the correlations between the pairs so thats where I might be overtrading. I guess it would be like taking a double position. Can you suggest the specific pairs I should backtest or should I run them all for the experience? When working through all 28 I was starting to get a feel for some of the the correlations.

Thanks
  • #98,058
  • Jul 7, 2011 9:41pm Jul 7, 2011 9:41pm
Quoting gungriffin
I have not heard of that one. Will have to look it up online and see if I can buy it used on the cheap. For the most part I found that most of my best trading mindset help has come from help from a life coach. One of the best things that he has me do is envision what I view to be a perfect day of trading. It is an exercise where I close my eyes and just envision in great detail everything about the day starting from waking up and then moving into the day of trading. I use a physical trigger while doing so to tie the exercise into something my mind...
This is amazing, thank you for sharing GG.
Price is beautiful. A repetitive method is a competitive method.
  • #98,059
  • Jul 7, 2011 11:03pm Jul 7, 2011 11:03pm
Quoting Knight Rider
Great posts Mike.

What a day it has been today!

Could you elaborate on:

"R:R doesn't mean anything to me I pay no attention to it"

Does this mean you get to breakeven and let your trade ride as a free trade, or something else (e.g. you trade up to a trouble area and get out)?

I tried asking Bemac something similar to this, but got no response. I asked Bemac (in particular) as he implied small stop losses were a waste of time. I could mention a few things about how I got my stop losses to the absolute minimum (over time) but I suppose...
My apologies KR. There is no explanation as to Why I wouldn't have responded to your Q.

My answer, if I had replied, would have been something like this.

I never Take a Trade without a Min Target in mind.
I never Take a Trade without a Risk To Price in mind.

Problem is; That MinTarget:Risk Ratio is Never the same.
It's not something I can include in a "Bankable" method.

When I see a Potential Trade, I do a number of things Before I pull the Trigger. (more rthan 2)
1) Using methodologies very similar to Mikes, I determine what the 'Max Expected Pip Loss' could be.

2) Using methodologies very similar to Mikes, I determine what the 'Min Expected Pip Gain' could be.

From there, it is pretty simple...

You see, It's more important to me to understand how much I Could Lose than How Much I could Gain.

My Stops are (usually) set at points of R/S. That might be 30P or could be 230P. Depends on the Trade.

Sorry I missed responding before. Really. I am!

Thanks Mike.

Bill
  • #98,060
  • Jul 7, 2011 11:09pm Jul 7, 2011 11:09pm
Quoting gungriffin
Have you picked up Trading in the Zone yet like I suggested? If your mind is ready to conquer your psychological aspects then the book will speak volumes to you. If not, then it will at least get you started in the right direction. I bought the book off of several other people who recommended it and the reviews of it are very good too. I bought it from Amazon, but I am not sure where you might be able to get it in Khazakstan
I think it's possible. This book is translated into russian, I saw the russian version. It can be sold in Kazakstan.
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