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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

  • #130,081
  • Feb 25, 2014 6:16am Feb 25, 2014 6:16am
Quoting mbqb11
{quote} Bundy was one of the good ones we miss around these parts Glad to see you digging into everything B I have been reading many of your posts. You gotta just keep demoing and demoing and learning from each experience. It really doesn't matter what we think price is going to do if we can't develop a good trade plan(or story as I call it). Many many times I have a good idea where price is going and might even find a "decent" setup but it's still not worth it in my book. The only time I truly care is when I put my money into the market and...
Cheers Mike. I've been making detailed notes on all my trades ( screenshots, reasons for taking the trade, potential trouble spots, exits spots, the plan, etc ), and I review at the end of each month. It's a very worthwhile experience as I usually find myself face-palming a few of my decisions - all evidence that I'm improving!

The first book that got me really excited about trading was the Jesse Livermore story - and what I love about this thread is that one of it's core principles mirrors exactly what Livermore used to champion - Price is everything. One knows nothing about the market except what price is telling you. I loved the way that Livermore would exit a trade straight away if it didn't act in exactly the correct way - price was telling him a different story from what he needed to have a successful trade. He didn't hang around to see if it might chance direction. He didn't worry about 'being wrong', he simply cut it and moved on.

I'm sure you've said similar things in some of your posts - that if a pair doesn't show the correct momentum after a pinbar, for example, you will cut the trade? I'm afraid I still hang around, waiting to see if price will do what I hope it will do. And at that stage I have lost the edge, and am simply running on hope... Although I'm confident the right mindset and ability to execute trades correctly will come with practice and the many words of wisdom found here!

Cheers
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #130,082
  • Feb 25, 2014 6:30am Feb 25, 2014 6:30am
Quoting Berserker
{quote} Cheers Mike. I've been making detailed notes on all my trades ( screenshots, reasons for taking the trade, potential trouble spots, exits spots, the plan, etc ), and I review at the end of each month. It's a very worthwhile experience as I usually find myself face-palming a few of my decisions - all evidence that I'm improving! The first book that got me really excited about trading was the Jesse Livermore story - and what I love about this thread is that one of it's core principles mirrors exactly what Livermore used to champion - Price...
There is a big difference between:

1) Waiting to see if price will do what it should do.

and

2) waiting to see if price will do what I hope it will do.

Cutting the trade as soon as it shows signs of holding up isn't the only way of doing it. And doing it every time regardless of anything is surely not the way to do it. Stronger setups need to work hard, if they don't, well that's valuable information for you. Trading in a choppy market, and a non threatening holdup need to be accommodated into your trade plan.

Again nothing is totally set in stone in trading. You need to improvise and use the information as and when its available to you.

g.
I believe . . .
  • #130,083
  • Feb 25, 2014 6:41am Feb 25, 2014 6:41am
Quoting ghous
{quote} There is a big difference between: 1) Waiting to see if price will do what it should do. and 2) waiting to see if price will do what I hope it will do. Cutting the trade as soon as it shows signs of holding up isn't the only way of doing it. And doing it every time regardless of anything is surely not the way to do it. Stronger setups need to work hard, if they don't, well that's valuable information for you. Trading in a choppy market, and a non threatening holdup need to be accommodated into your trade plan. Again nothing is totally set...
So much finesse in this game

Cheers G
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #130,084
  • Feb 25, 2014 9:26am Feb 25, 2014 9:26am
Quoting Berserker
{quote}The first book that got me really excited about trading was the Jesse Livermore story
Reminiscences of a stock operator is the best trading book ever. Period. It's invaluable. I've read it several times and I always find something new. It's absolute gem.
Reading about Jesse's development from his 14 into one of the greatest traders teaches you a lot about trading and how it works. He made lot of mistakes, lot of bad mistakes but he learned from each and everyone of them.
It's not only about trading though. It's about psychology also. Jesse was very often doing deep self reflection to find what was wrong and to find about his mistakes and why he acted as he did. One can learn a lot about himself from this book.

It's amazing story and I'd recommend this book to everybody.
  • #130,085
  • Feb 25, 2014 9:41am Feb 25, 2014 9:41am
Anyone watching this?
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It's a sport, an artform and a science.
  • #130,086
  • Feb 25, 2014 10:08am Feb 25, 2014 10:08am
Blimey. I'm long on GBPUSD, and just after 3pm GMT I decided to have a look and see if I needed to move my stop up. Instead, I watched it crash about 60-70pips in about 10 minutes, threatening the stop I had moved up to the bottom of the daily candle only an hour or so before.

It's now pretty much back to were it was... There's a lot to be said though for not sitting watching charts all day! If that was real money I'm sure I would be needing a stiff whiskey by now...

What happened? A news event? I try not to get involved with Funnies at all - just price action - but can FA really be ignored?
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #130,087
  • Feb 25, 2014 10:38am Feb 25, 2014 10:38am
Quoting Berserker
Blimey. I'm long on GBPUSD, and just after 3pm GMT I decided to have a look and see if I needed to move my stop up. Instead, I watched it crash about 60-70pips in about 10 minutes, threatening the stop I had moved up to the bottom of the daily candle only an hour or so before. It's now pretty much back to were it was... There's a lot to be said though for not sitting watching charts all day! If that was real money I'm sure I would be needing a stiff whiskey by now... What happened? A news event? I try not to get involved with Funnies at all - just...
As I see it, the move wasn't so un-technical.
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It's a sport, an artform and a science.
  • #130,088
  • Feb 25, 2014 10:39am Feb 25, 2014 10:39am
GBP/USD is at a major area of interest on higher time frames than the daily and there is a lot of professional money positioning right now and it looks like quite a war going on between both well funded bulls and bears. Looking at the price action on lower time frames you can see the market has been extremely choppy and in my opinion any trade needs breathing room and longs need to exercise caution as we are at significant resistance on the monthly time frame. I'm also long GU with a small position and conservative target. I do see potential to the upside but it's somewhat common to see the market "flushed out" like this when big money is involved with orders being removed on both sides.

Just my take and the senior traders here may know the situation better.
  • #130,089
  • Feb 25, 2014 10:55am Feb 25, 2014 10:55am
Quoting mbqb11
{quote} This is one reason I stress ALL the time to people to watch as many markets as they can get their hands on. You will never get too bored with the markets and during slow times you tend to be able to find something(or the slow times don't last long) . The FX markets were CRAZy busy a few weeks ago and as one might suspect things need to settle a bit before it happens again. But equities have been great too here is my updated LTXC chart and stop http://www.forexfactory.com/showthre...60#post7185460 {image} as well as...
continuing to hold Kellogg's but this is a major trouble area. I like to see how we react here
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  • #130,090
  • Feb 25, 2014 10:56am Feb 25, 2014 10:56am
Cheers Donaciello - it was the speed of the move that gave me the heebies. Guess I still have a lot to learn about forex

Thanks for that explanation tlindle. Lucky I do have some breathing room on my trade, or I would have been taken out. And as you have said, I've noticed we're right on a strong monthly resistance point. So I shouldn't really expect smooth sailing...
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #130,091
  • Feb 25, 2014 11:36am Feb 25, 2014 11:36am
Quoting Donaciello
Anyone watching this? {image}
hello, is the trendline an indicator? i'd like to have it.. thankz
Allow the Market to get to your target entry...
  • #130,092
  • Edited 12:43pm Feb 25, 2014 12:03pm | Edited 12:43pm
Quoting sexypips
{quote} hello, is the trendline an indicator? i'd like to have it.. thankz
It's a manually drawn trendline (TL for further reference).

I try to find as many touches to my TL as I can.
It's quite a discretionary thing as I, in some cases, allow one or more spikes to poke trough the TL and in other cases I draw it on the extremes of a setup.

In the example of my recent A/N post, the upper TL has one wick poking through it and the lower TL has next to no exceeding periods.

I will re-define a setup's boundaries as it develops / information is presented and in some occasions discard them all together. (for example, when nothing really happens around the TL, this is a red flag, so I'll need to adjust it, or wipe it ).

Update: +Chart

Chart shows all kinds of ways I - and this thread in generally - try to define area's where price should interact with, rather than just slicing through.
It's another example of a manually drawn TL, which has one wick poking through, to fit it better into a 'story'*.

*The danger of it allowing wicks to poke through is 'curve fitting', so this is the discretionary part this needs to develop for everyone individually... through practice.




Hope it helps.
W
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It's a sport, an artform and a science.
  • #130,093
  • Feb 25, 2014 3:53pm Feb 25, 2014 3:53pm
He just bought 5 million worth of AUD, shorting usd.

Post chart up in 2 days when it hits 9250
lowest draw down possible please.
  • #130,094
  • Feb 25, 2014 4:40pm Feb 25, 2014 4:40pm
Quoting ehrek
He just bought 5 million worth of AUD, shorting usd. Post chart up in 2 days when it hits 9250
Who are you referring to?
It's a sport, an artform and a science.
  • #130,095
  • Feb 26, 2014 5:54am Feb 26, 2014 5:54am
Short sugar

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Lose small, win BIG
  • #130,096
  • Feb 26, 2014 6:53am Feb 26, 2014 6:53am
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Best,
Jonas
Hero calls followed by margin calls...
  • #130,097
  • Feb 26, 2014 6:57am Feb 26, 2014 6:57am
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Best,
Jonas
Hero calls followed by margin calls...
  • #130,098
  • Feb 26, 2014 7:04am Feb 26, 2014 7:04am
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Best,
Jonas
Hero calls followed by margin calls...
  • #130,099
  • Feb 26, 2014 7:07am Feb 26, 2014 7:07am
Quoting ProsteJa
Short sugar {image}
thank you buddy.... finally i can buy some more cakes
Hero calls followed by margin calls...
  • #130,100
  • Feb 26, 2014 7:11am Feb 26, 2014 7:11am
always search for ranges and boxes. Sell the highs, buy the lows. If price breaks out we trade the retests at the pole levels. So no matter where price go, we are pipping. Stops close below/above bottoms/tops.

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Best,
Jonas
Hero calls followed by margin calls...
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