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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

  • #137,921
  • Dec 17, 2015 1:18am Dec 17, 2015 1:18am
Quoting zamfir
{quote} I do have losers , but they are due to my mistakes. some very obvious , some not so obvious. I keep a record of the losers and what mistakes i make in my journal and i try not to make those mistakes again. This is how i measure my progress. Also most losers come from experimental trades , which i know i should not be taking but do anyways. This has to do with my own psychological issues. Sometimes i deviate from my trading plans. if you want i can post losers too. Most of my losers come from silly mistakes and experimental trades. Its just...
Have you ever considered simply accepting a loss as it is?
I just talk from my own perspective: There was a time when I wanted to "improve" no matter what. So any time I lost, I wanted to at least learn from it. Technical Analysis is a wonderful thing and I have always found a reason why that trade was not good at that time. (And then added a note/rule/exception to my trading.) Instead of giving me edge, this process later kind of ruined the whole trading as I have had so many rules and stuff going on that I started to hesitate.

For me the hardest thing was really accepting that markets are usually random and thus no matter what strategy I have, I will have tons of unavoidable losses.

Im just saying all this as you kind of sound like you blame the losses on either "experimental" trades or "psychological" issues.

But maybe im wrong

Best,
Stephen
It's all psychology...
  • #137,922
  • Dec 17, 2015 1:24am Dec 17, 2015 1:24am
Quoting wellard
{quote} So you are combinng two S/R areas ... Trendline with Horizontal S/R. I was looking that you are in many times looking for Big Round numbers.
When you have clear uptrend , the BRNs acting as resistance will have to be broken and will then likely act as support. Just don't trade into BRN in a ranging market.

Again note that BRNs are another forms of S/Rs just like say a Fib S/R or just an ordinary non BRN PPZ. you have to ultimately factor in the context.

if the S/R makes proper sense within the context(Trend/Range) then you likely have a setup. This is why its good for beginners to use Fib/TLs as context support tools ,so you don't go against market.

One could go on and on about these..but its best one practices and studies these on their own for better understanding.
  • #137,923
  • Dec 17, 2015 1:25am Dec 17, 2015 1:25am
A little late on USDCAD , but BE now.

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  • #137,924
  • Dec 17, 2015 1:37am Dec 17, 2015 1:37am
Quoting LamerTrader
{quote} Have you ever considered simply accepting a loss as it is? I just talk from my own perspective: There was a time when I wanted to "improve" no matter what. So any time I lost, I wanted to at least learn from it. Technical Analysis is a wonderful thing and I have always found a reason why that trade was not good at that time. (And then added a note/rule/exception to my trading.) Instead of giving me edge, this process later kind of ruined the whole trading as I have had so many rules and stuff going on that I started to hesitate. For me the...

Agree, BUT when your losses show a pattern. What then? Will you then ignore them? This is why you keep a journal, its show many many hidden things that you wouldn't know otherwise.

I don't have many rules , just simple things to look out for.
  • #137,925
  • Dec 17, 2015 3:06am Dec 17, 2015 3:06am
Quoting zamfir
{quote}This is why you keep a journal, its show many many hidden things that you wouldn't know otherwise.
Speaking of trade journal. Guys, can you give me some advice or hint how to keep & organize trade journal? I tried to start it but it was inconvenient and instead of helping it only diverted my attention
  • #137,926
  • Dec 17, 2015 3:06am Dec 17, 2015 3:06am
Not bad, Zamfir ...i love to have simple ways to trade
beauty is in simplicity
  • #137,927
  • Dec 17, 2015 3:35am Dec 17, 2015 3:35am
Quoting antisystem
{quote} Speaking of trade journal. Guys, can you give me some advice or hint how to keep & organize trade journal? I tried to start it but it was inconvenient and instead of helping it only diverted my attention
take an excel sheet(very good of analytic s when you capture your trades).

record the following

1. trade date and time
2. instrument/market
3. Result of trade(win/loss)
4. Entry criteria(Why you entered the trade)(predefine the values , this will later help in analytics)
5. Exit criteria(Why you exited the trade)(predefine the values , this will later help in analytics)
6. Mistakes(if very obvious , note it. If not obvious it will become later..)
7. Notes( anything standing out, news events/unexpected events..etc, anything not ordinary or you failed to see before taking trades)

you do not want to capture unnecessary details like pips/dollars made. These will be available in the detailed sheet if required in MT4. only record what is not available on record.Try to keep it simple and not make it too complicated.


over a period of say 20-30 trades or a month, you can analyze them and review.

Do this for 2-3 years. Trust me on this , you will build the discipline and emotions will not trouble you as much.

The end result is your trading will improve immensely compared to not keeping a journal.

  • #137,928
  • Dec 17, 2015 3:40am Dec 17, 2015 3:40am
Quoting zamfir
{quote} take an excel sheet(very good of analytic s when you capture your trades). record the following 1. trade date and time 2. instrument/market 3. Result of trade(win/loss) 4. Entry criteria(Why you entered the trade)(predefine the values , this will later help in analytics) 5. Exit criteria(Why you exited the trade)(predefine the values , this will later help in analytics) 6. Mistakes(if very obvious , note it. If not obvious it will become later..) 7. Notes( anything standing out, news events/unexpected events..etc, anything not ordinary...
Thanks, Z.

"Predefined values" you mean: "PB on TL, PB on S/R with confulence of BR" etc?
  • #137,929
  • Dec 17, 2015 3:47am Dec 17, 2015 3:47am
Quoting wellard
{quote} Thanks, Z. "Predefined values" you mean: "PB on TL, PB on S/R with confulence of BR" etc?
yes. Again , keep it simple for e.g the AUDCAD trade we have PPZ & TL , so one predefined value would be PPZ/TL , if there was a BRN/RN , then PPZ/TL/BRN.
another e.g with say 50/61 Fib/ - PPZ/50FIB or PPZ/61FIB ..and so on..

There are not too many entry criteria however way you look at it. Most of them time it will be a PPZ, TL , FIB and BRN or any of the combination and ofcourse your fav pattern as signal.

you can then do all sorts of analytics to see which kind of setups give you the best win rate/R:R..etc.
  • #137,930
  • Dec 17, 2015 3:53am Dec 17, 2015 3:53am
Quoting zamfir
{quote} take an excel sheet(very good of analytic s when you capture your trades). record the following 1. trade date and time 2. instrument/market 3. Result of trade(win/loss) 4. Entry criteria(Why you entered the trade)(predefine the values , this will later help in analytics) 5. Exit criteria(Why you exited the trade)(predefine the values , this will later help in analytics) 6. Mistakes(if very obvious , note...
Thank you! Very useful as usual)
  • #137,931
  • Dec 17, 2015 3:56am Dec 17, 2015 3:56am
Quoting zamfir
{quote} yes. Again , keep it simple for e.g the AUDCAD trade we have PPZ & TL , so one predefined value would be PPZ/TL , if there was a BRN/RN , then PPZ/TL/BRN. another e.g with say 50/61 Fib/ - PPZ/50FIB or PPZ/61FIB ..and so on.. There are not too many entry criteria however way you look at it. Most of them time it will be a PPZ, TL , FIB and BRN or any of the combination and ofcourse your fav pattern as signal. you can then do all sorts of analytics to see which kind of setups give you the best win rate/R:R..etc.
Thanks again, very helpfull, my journal was over complicated I must say.

Looks like that majority of your consideration of trades are zones (TL,PPZ,BR,FIB) and PA (PB, OB,IB) itself is only trigger.
  • #137,932
  • Dec 17, 2015 3:56am Dec 17, 2015 3:56am
Zamfir, mate
I see UCAD - H 4 buob, you have pin....
Agree, levels - are main

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beauty is in simplicity
  • #137,933
  • Dec 17, 2015 3:58am Dec 17, 2015 3:58am
Something i don't post. Same stuff on stock futures. I closed the trade just now. you can see the trade confirmation.

not many of my trader friends believe me when i tell them i trade stocks/future on 1h/2h on intraday basis. So many of them go down to 3/5 min and have a tough time trading the index futures.

TCS Dec Futures.

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  • #137,934
  • Dec 17, 2015 4:02am Dec 17, 2015 4:02am
Quoting Kovalenko
Zamfir, mate I see UCAD - H 4 buob, you have pin.... Agree, levels - are main {image}
Kovalenko, yes PA will vary due to different Time zone and brokers , but the S/Rs zones should not.
  • #137,935
  • Dec 17, 2015 4:51am Dec 17, 2015 4:51am
Quoting zamfir
{quote} take an excel sheet(very good of analytic s when you capture your trades). record the following 1. trade date and time 2. instrument/market 3. Result of trade(win/loss) 4. Entry criteria(Why you entered the trade)(predefine the values , this will later help in analytics) 5. Exit criteria(Why you exited the trade)(predefine the values , this will later help in analytics) 6. Mistakes(if very obvious , note it. If not obvious it will become later..) 7. Notes( anything standing out, news events/unexpected events..etc, anything not ordinary...
yep cant agree more

One additional thing i add is my trade management, planned and done: when price will reach ... I will move my SL to BE etc, and then: SL moved to reduce risk by x% instead of BE because etc...

THere are a few things I may modify on my trading plan when into the trade and as I see price reacting to some levels.
Slow & steady
  • #137,936
  • Dec 17, 2015 6:25am Dec 17, 2015 6:25am
Quoting mbqb11
{quote} ....Say you have an account of 250k. Not small, not large. Now say you need 150k a year to live comfortably...
I think that by answering this question you also made clear picture of why you have paid site. Anyone who has concerns should read it.

Cheers.
  • #137,937
  • Dec 17, 2015 12:16pm Dec 17, 2015 12:16pm
Good work guys.
Real Time Discounts for IC Markets. Partner ID = 1695
  • #137,938
  • Dec 17, 2015 3:21pm Dec 17, 2015 3:21pm
Greetings all. I've been a bit quiet as my internet modem is stuffed. Be back posting charts soon. Hi Wellard. S/R levels and BRN's really rock. When I scan charts or even quotes and see price at say .74900 or 1.10160 I get interested. Then if a PPZ and good PA is there, I look at it more closely as a potential trade. Lots of opportunities this week. Can't post chart from phone but took BEOVB 3 days back on E/U short from 1.10000 BRN as confluence with long term downtrend momentum. (Kachiiing!) seasons greetings to all. AntiS, I'll see you in the PF next year friend. Typing to the relaxing sound at 8.am of some idiot with a leaf blower Whatever happened to the humble broom?
'Fail to plan, plan to fail'
  • #137,939
  • Dec 17, 2015 5:02pm Dec 17, 2015 5:02pm
Quoting Guitarbloke
Greetings all. I've been a bit quiet as my internet modem is stuffed. Be back posting charts soon. Hi Wellard. S/R levels and BRN's really rock. When I scan charts or even quotes and see price at say .74900 or 1.10160 I get interested. Then if a PPZ and good PA is there, I look at it more closely as a potential trade. Lots of opportunities this week. Can't post chart from phone but took BEOVB 3 days back on E/U short from 1.10000 BRN as confluence with long term downtrend momentum. (Kachiiing!) seasons greetings to all. AntiS, I'll see you in the...

Welcome back GB! :-)
  • #137,940
  • Dec 17, 2015 6:27pm Dec 17, 2015 6:27pm
Quoting robert076
{quote} Welcome back GB! :-)
Thanks Robert. Hope alls well.
'Fail to plan, plan to fail'
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