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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

Hi James,

Thanks for this interesting chart thread and to please - do continue!
I'm posting a link to a useful free FX trading lesson by the trader Mark Macrae - perhaps you or others on the board already know this method or is listed elsewhere on the forum He has other free lessons online but I've found this one lesson to be most valuable in my own experience to date. I've literally found this one method alone quite fairly fool-proof.
I am only a relative beginner also, but I see my ablities improving naturally with the help of people like yourself.

I combine Mark Macrae's method and other traditional titbits together with Woodie's CCI.


Congratulations and best regards,

Kosta

http://www.tradeology.com/lessons/ch.../channels.html

http://www.nqoos.com/woodie1ccisystem.htm
Quoting Kosta Berj
Hi James,

Thanks for this interesting chart thread and to please - do continue!
I'm posting a link to a useful free FX trading lesson by the trader Mark Macrae - perhaps you or others on the board already know this method or is listed elsewhere on the forum He has other free lessons online but I've found this one lesson to be most valuable in my own experience to date. I've literally found this one method alone quite fairly fool-proof.
I am only a relative beginner also, but I see my ablities improving naturally with the help of people like yourself.

I combine Mark Macrae's method and other traditional titbits together with Woodie's CCI.


Congratulations and best regards,

Kosta

http://www.tradeology.com/lessons/ch.../channels.html

http://www.nqoos.com/woodie1ccisystem.htm
i took a look, i will be taking a closer look. thank you. the learning curve never stops.
hello everyone, after speaking with merlin i have decided to put together a course. it will take some time as i have only shared bits and pieces of all that i do. i want to gear it toward the beginning trader which will be difficult. i am certainly no guru, but my participation on this forum has convinced me that i can help people take thier trading to a level obtained by very few if they will put in the time and effort to master it. my lifestyle is perfectly fine thank you, so when i say i am going to do this more for the satisfaction of helping others than for the money i mean it. stay tuned. jim
Quoting james16
hello everyone, after speaking with merlin i have decided to put together a course. it will take some time as i have only shared bits and pieces of all that i do. i want to gear it toward the beginning trader which will be difficult. i am certainly no guru, but my participation on this forum has convinced me that i can help people take thier trading to a level obtained by very few if they will put in the time and effort to master it. my lifestyle is perfectly fine thank you, so when i say i am going to do this more for the satisfaction of helping others than for the money i mean it. stay tuned. jim
Jim,

That is outstanding news! Your wit and wisdom, combined with your ability to teach as demonstrated in this forum will result in an outstanding course that will be in great demand by many. I'm first in line for an autographed copy please!

Thanks Jim!

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
Quoting diallist
Jim,

That is outstanding news! Your wit and wisdom, combined with your ability to teach as demonstrated in this forum will result in an outstanding course that will be in great demand by many. I'm first in line for an autographed copy please!

Thanks Jim!

Dial
you humble me sir. my goal is to put something out that will be ridiculously cheap and contain more and better info than a ten thousand dollar course. it may take a while but i believe i can do it.
Quoting james16
hello everyone, after speaking with merlin i have decided to put together a course. it will take some time as i have only shared bits and pieces of all that i do. i want to gear it toward the beginning trader which will be difficult. i am certainly no guru, but my participation on this forum has convinced me that i can help people take thier trading to a level obtained by very few if they will put in the time and effort to master it. my lifestyle is perfectly fine thank you, so when i say i am going to do this more for the satisfaction of helping others than for the money i mean it. stay tuned. jim
Fantastic Jim! I'm glad you decided to do it. Now I just need to be patient and wait for you to actually create it. I will be anxiously awaiting the course!

tek
Quoting james16
you humble me sir. my goal is to put something out that will be ridiculously cheap and contain more and better info than a ten thousand dollar course. it may take a while but i believe i can do it.
Jim,

From your ability to trade and to make money demonstrated here, I will be the next in line for your course.

I have paid thousands and thousands on courses and losses from following 'gurus'. Though I have always promised myself that the last course was to be the last time I would pay for a course, I kept breaking my own promise. I will break my promise again .

Any idea yet what format your course will be in? E-book? CD?


Regards,

Matsu
Quoting Matsu
Jim,

From your ability to trade and to make money demonstrated here, I will be the next in line for your course.

I have paid thousands and thousands on courses and losses from following 'gurus'. Though I have always promised myself that the last course was to be the last time I would pay for a course, I kept breaking my own promise. I will break my promise again .

Any idea yet what format your course will be in? E-book? CD?


Regards,

Matsu
i dont think an e book could hold it or do it justice. what ebooks have always said to me is throw me fifty bucks and i will give you something to try. if i am going to do this i want to do it right. i am considering a complete manual with 5 to 10 strategies all with dvd's to accompany the manual. there is going to need to be a websight to go with it. this could take some time. if i get into it and change my mind i guess i could do 4 or 5 ebooks.
Quoting james16
i dont think an e book could hold it or do it justice. what ebooks have always said to me is throw me fifty bucks and i will give you something to try. if i am going to do this i want to do it right. i am considering a complete manual with 5 to 10 strategies all with dvd's to accompany the manual. there is going to need to be a websight to go with it. this could take some time. if i get into it and change my mind i guess i could do 4 or 5 ebooks.
Behind every great author is a great proofreader! I volunteer for that job. When will you have the first chapter ready for my "review"?

Seriously, If I can help in any way, it will be my pleasure.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
Quoting james16
i dont think an e book could hold it or do it justice. what ebooks have always said to me is throw me fifty bucks and i will give you something to try. if i am going to do this i want to do it right. i am considering a complete manual with 5 to 10 strategies all with dvd's to accompany the manual. there is going to need to be a websight to go with it. this could take some time. if i get into it and change my mind i guess i could do 4 or 5 ebooks.
Dvd + manual + website combination will be good. I am looking forward to it. But surely it will take some time. Hope you will continue to share your wisdom here in the meantime.


Regards,
Matsu
Thanks Jim. Total newbie here, but here is my first trade using your method. Stop was set at 1/2 15 period atr . My setup could be entirely wrong, I hope it's not.

Maybe we can post some of our trades as we wait for Jim's Course.
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Quoting james16
i dont think an e book could hold it or do it justice. what ebooks have always said to me is throw me fifty bucks and i will give you something to try. if i am going to do this i want to do it right. i am considering a complete manual with 5 to 10 strategies all with dvd's to accompany the manual. there is going to need to be a websight to go with it. this could take some time. if i get into it and change my mind i guess i could do 4 or 5 ebooks.
it's not up to me and i don't know very much but i think having a website is a great idea because you can update it as you wish and then we would be able to access the information without you having to update an e book or constantly send out emails. it would all be on the website. i also offer to help out in anyway if needed.
thanks,
tek
Quoting Anpar
Thanks Jim. Total newbie here, but here is my first trade using your method. Stop was set at 1/2 15 period atr . My setup could be entirely wrong, I hope it's not.

Maybe we can post some of our trades as we wait for Jim's Course.
my heart skipped a beat when i first saw this post, thats why i wonder if i am cut out for giving trading advice. my first thought was oh God someone has lost money on what i have said. everyone needs to pay close attention to what i am about to say. THIS DOES WORK,BUTTTT,its all about timing, timing comes from experience. anpar, whether he realises it or not took this trade at the perfect time, right on a 50 ret. THIS IS HOW YOU DO IT. the next thing is this, my chart did not show a pin bar, we all know data is slightly different between charting software. in the long run i dont think it maskes a huge difference but i cant be sure of that. i have traded these on several charting programs and my results have pretty much been consistent. here is the most important thing. i have given you some things to start with but i havnt given you all of it. to do that on this forum would be suicide to my business and my own trading time. please everyone take these setups at oppurtune times such as swing highs and lows. AND PLEASE USE FIB RET FOR CONFIRMATION. i dont mean to sound worried but the fact is that i am. anpar, you made my day. jim
Quoting diallist
Jim,

That is outstanding news! Your wit and wisdom, combined with your ability to teach as demonstrated in this forum will result in an outstanding course that will be in great demand by many. I'm first in line for an autographed copy please!

Thanks Jim!

Dial

You got me hooked Jimmy boy
Can't wait for it, you have done nothing but add a huge amount of time, effort and smarts for us all, since you arrived here.

Quinn
I started out with nothing, and I've got most of it left!
nice pick-up Anpar! that would have been a really tight entry ticket for my money.
Note the DBLHC trigger on the 1H chart also.

Well done.
Quoting Anpar
Thanks Jim. Total newbie here, but here is my first trade using your method. Stop was set at 1/2 15 period atr . My setup could be entirely wrong, I hope it's not.

Maybe we can post some of our trades as we wait for Jim's Course.
HI,

I didn't get the double bar set up or pinochio my pricing, running on GMT+1 datafeed.

Retrace also didn't quite reach 50% 106.49 low, 109.69 high, 50% retrace would have been 108.09, and my low price was 108.14 so it missed 50% retrace by 5 points. So a question is where to 'enter' the trade?

However, on the hourly, I do get a double bar low higher close, but the next bar does not retrace 50% so the trade would not have been entered if 'playing the retracement' at 50%.

So as James rightly says, a dose of experience is required is use the patterns successfully.

I have been using Amibroker to backtest some of the ideas but missing 'final' details like entry pricing (playing retracement) and exit strategy.

James, if you need another person to proof read/test from a simpleton point of view then you know where to find me

Regards
Alan
new chart
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Hi Jim,

Thanks for the review of my chart as well as your words of caution, you also made my day.

Being a newb, I'm only trading mini lots based on 2% or less risk and the Turtle's ATR lot size rules. I won't even look at any time frames less than 4 hrs. I typically will only trade in the direction of the major trend, or based on channel highs/lows trying to catch 30% of any given channel. I do not expect to make a trade every day.

With all that being said, you have given me some basic tools that if followed correctly using fibs, support and resistance allows me to stay in the game based on my trading style. I currently work full-time and live in Canada, thus I do not have time to trade Forex during the best hours (London or New York), I have to look for high probability trades based on 4hr and daily charts.

I have given myself 5 years to become a profitable trader, I expect to lose money due to mistakes, fear and greed, but at the end of the journey I plan to have a solid trading system. Jim, if at some point you decide that you cannot afford the time to finish your course, you have already added another piece to my system, just like Dr. Elder, Bruce Babcock, John Murphy, Steve Nison, the turtles and Jack Schwager.

As for the trade, it was based on a 50% ret, but I decided to remove them from the pic due to clutter. 50% ret. would have occurred at 108.10, nose of Pinocchio got to a low of 108.13. No close in the 3 bar Pinocchio pattern closed below the 79 sma or the lower keltner band, support here imo. I was looking to catch 30% of the move back up to the middle keltner bar, but got greed and decided to go for a full 50 pip. hehe

Entry was just to get in; I just followed the price movement on the 4hr chart and entered. After seeing Jim's new chart I can now see how I can use fibs to time my entry, for now I'm just worried the price may never come back.

Again thanks for sharing.

Drew
Quoting Anpar
Hi Jim,

Thanks for the review of my chart as well as your words of caution, you also made my day.

Being a newb, I'm only trading mini lots based on 2% or less risk and the Turtle's ATR lot size rules. I won't even look at any time frames less than 4 hrs. I typically will only trade in the direction of the major trend, or based on channel highs/lows trying to catch 30% of any given channel. I do not expect to make a trade every day.

With all that being said, you have given me some basic tools that if followed correctly using fibs, support and resistance allows me to stay in the game based on my trading style. I currently work full-time and live in Canada, thus I do not have time to trade Forex during the best hours (London or New York), I have to look for high probability trades based on 4hr and daily charts.

I have given myself 5 years to become a profitable trader, I expect to lose money due to mistakes, fear and greed, but at the end of the journey I plan to have a solid trading system. Jim, if at some point you decide that you cannot afford the time to finish your course, you have already added another piece to my system, just like Dr. Elder, Bruce Babcock, John Murphy, Steve Nison, the turtles and Jack Schwager.

As for the trade, it was based on a 50% ret, but I decided to remove them from the pic due to clutter. 50% ret. would have occurred at 108.10, nose of Pinocchio got to a low of 108.13. No close in the 3 bar Pinocchio pattern closed below the 79 sma or the lower keltner band, support here imo. I was looking to catch 30% of the move back up to the middle keltner bar, but got greed and decided to go for a full 50 pip. hehe

Entry was just to get in; I just followed the price movement on the 4hr chart and entered. After seeing Jim's new chart I can now see how I can use fibs to time my entry, for now I'm just worried the price may never come back.

Again thanks for sharing.

Drew
this is what i am hoping people will do with this, only take the A trades.trade swing low or high with fib ret, hopefully ret confluence, then wait for price action to confirm. there are way to many good trades to bother with the b or c trades until you fully understand. jim
new chart
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