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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

  • #12,821
  • Aug 19, 2008 1:43pm Aug 19, 2008 1:43pm
Quoting permanentjaun
My point is, the J16 method isn't very difficult to understand.

It sounds to me like the 3 month demo period is more about getting the emotions under check primarily, cleaning up your skills in reading a chart with J16 methods, and getting used to the speed that the market produces signals.
I would hope not(difficult).

Maybe think of it like this:
I can "understand" instruments and scales, too, it's the actually playing coherent on beat music with the instrument handed to me that's the tough part when I do hold it/sit in front of it if it's the first time with it..

There are geniuses and highly adept people in every area of life, undoubtedly. But for the rest, it's usually a matter of learning and practice =)
Trust price. Know yourself.
  • #12,822
  • Aug 19, 2008 2:00pm Aug 19, 2008 2:00pm
Quoting SeekingLight
I would hope not(difficult).

Maybe think of it like this:
I can "understand" instruments and scales, too, it's the actually playing coherent on beat music with the instrument handed to me that's the tough part when I do hold it/sit in front of it if it's the first time with it..

There are geniuses and highly adept people in every area of life, undoubtedly. But for the rest, it's usually a matter of learning and practice =)
Very good analogy, although I would have to say I'm sure a lot more people understand the importance of price bouncing off of an MA line, fib, s/r, on a chart versus asking them to understand how to play 32nd notes over 2 bars with flams on the 8th and 16th notes that crescendo into a double paradiddle in the 3rd measure.

I think that can bring up another point that J16 aims to accomplish with his website though. My above stab at trying to sound like I know how to play the drums is still only a moderately difficult passage. There are harder and there are easier things to play on the drums. It's still playing the drums though. What James presents is a basic system, but it works. I'm sure a lot of people will do nothing more than trade daily's with basic PA. Eventually people will tweak the method to their own goals and sense of trading style.

IMO, learning the J16 method and trading it successfully, assuming your MM is in check to keep emotions down, is a very achievable task. I wouldn't be surprised if some people are profitable from Day 1 and it's just a matter of cleaning things up over time.
  • #12,823
  • Aug 19, 2008 2:05pm Aug 19, 2008 2:05pm
hi permanentjaun

IMHO it is much harder than most give it credit for.

This is not just from my personal experience I have seen traders who have been doing this (J16 style) for a long time still trying very hard to consistently win using the techniques you mentioned.

This way of trading looks to be better than most of the other indicator based methods out there though but still very hard to make consistent profits.

The demo period will help you make your own mind up though. If taking only the best trades you may struggle to take enough to prove anything after only 3 months

cheers

fxp


Quoting permanentjaun
My point is, the J16 method isn't very difficult to understand. It's not like someone trying to explain how to calculate and build a neural network. It sounds to me like the 3 month demo period is more about getting the emotions under check primarily, cleaning up your skills in reading a chart with J16 methods, and getting used to the speed that the market produces signals.
  • #12,824
  • Aug 19, 2008 2:15pm Aug 19, 2008 2:15pm
Quoting fxprocessor
This way of trading looks to be better than most of the other indicator based methods out there though but still very hard to make consistent profits.
It depends what we call "consistent". Trading without losses is NOT possible (with any system).

Applying the same rules in the exact way is NOT easy - it required a lot of discipline (which get a major task when the emotions - e.g. from a few large successful trades).

Also, discretion is part of the game. "A pinbar is a pinbar" is NOT the right approach (as many new traders assume).

Anyway, practice makes perfect (if one knows what to practice ). Read the "Market Wizards" book - all those mega-star traders blew SEVERAL of their a/cs (and were on the verge of quitting trading forever several times) before they learnt their lessons (and made millions).
One Chart is Worth Ten Thousand Words.
  • #12,825
  • Aug 19, 2008 2:26pm Aug 19, 2008 2:26pm
Quoting Forex007
It depends what we call "consistent". Trading without losses is NOT possible (with any system).
Yes obviously only a fool would think they could have a 100% win rate :-)

Consistently winning as a trader means making money over a long period of time in my eyes.

Quoting Forex007
Applying the same rules in the exact way is NOT easy - it required a lot of discipline (which get a major task when the emotions - e.g. from a few large successful trades).
You can be the most disciplined person in the world and still are not neccesarily going to make money doing this. It certainly helps though.

Quoting Forex007
Also, discretion is part of the game. "A pinbar is a pinbar" is NOT the right approach (as many new traders assume).
Absolutely agree

Quoting Forex007
Anyway, practice makes perfect (if one knows what to practice ). Read the "Market Wizards" book - all those mega-star traders blew SEVERAL of their a/cs (and were on the verge of quitting trading forever several times) before they learnt their lessons (and made millions).

Yes I have read it thanks. Probably due to read it again soon.

Unfortunately practice does not always make perfect. Everyone would be a multi millionaire forex trader after x years if that was the case :-)
  • #12,826
  • Aug 19, 2008 2:31pm Aug 19, 2008 2:31pm
Guys I'm wondering if this is the same james16 from babypips
  • #12,827
  • Aug 19, 2008 3:23pm Aug 19, 2008 3:23pm
Quoting fxprocessor
Yes obviously only a fool would think they could have a 100% win rate :-)

Consistently winning as a trader means making money over a long period of time in my eyes.



You can be the most disciplined person in the world and still are not neccesarily going to make money doing this. It certainly helps though.



Absolutely agree




Yes I have read it thanks. Probably due to read it again soon.

Unfortunately practice does not always make perfect. Everyone would be a multi millionaire forex trader after x years if that was the case :-)
Dude y0u depress me greatly ;'(
Altho u sound like someone wh0 spent yrz in forex
So i cant help but wonder how did y0u do in fx
  • #12,828
  • Aug 19, 2008 3:42pm Aug 19, 2008 3:42pm
Don't be depressed, life's too short :-)

Quoting ezz
Dude y0u depress me greatly ;'(
Altho u sound like someone wh0 spent yrz in forex
So i cant help but wonder how did y0u do in fx
  • #12,829
  • Aug 19, 2008 3:49pm Aug 19, 2008 3:49pm
here is my Pin Bar trade for today: EY, buy at break of PB at 162.50, stop at 160.80.

Reason: it closed above PPZ, and touched the 50% of the big wave up to the pip.

Anyone in?
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We leave no soldier behind.
  • #12,830
  • Aug 19, 2008 4:02pm Aug 19, 2008 4:02pm
Quoting permanentjaun
Very good analogy, although I would have to say I'm sure a lot more people understand the importance of price bouncing off of an MA line, fib, s/r, on a chart versus asking them to understand how to play 32nd notes over 2 bars with flams on the 8th and 16th notes that crescendo into a double paradiddle in the 3rd measure.

My above stab at trying to sound like I know how to play the drums
It's funny, because a friend of mine was a drummer in the school's marching band and actually had to learn those...I only play the drums (as in complete drumkit) a bit on the side and lately very sparingly, and boy, let me tell you, I'd rather attempt to trade pins than learn how to do wandering accents on the snare ;P


Quote
Eventually people will tweak the method to their own goals and sense of trading style.
Agree, that's part of what I meant in the last post, too
And that's also what's so cool about it. (Beachbum+Fozzy+PA was an example in this regard(also had him around in the thread for a while), off the top of my head)

Quote
IMO, learning the J16 method and trading it successfully, assuming your MM is in check to keep emotions down, is a very achievable task. I wouldn't be surprised if some people are profitable from Day 1 and it's just a matter of cleaning things up over time.
I don't doubt this is POSSIBLE(just as much as the other extreme can exist), I just haven't seen it happen for a majority of people yet. But sure, why not. It's an ideal.
Some will identify a lot more and quicker than others. This is why there's always so much emphasis on the inter-individual differences.

I don't think we're in much of a disagreement about all of these things
Trust price. Know yourself.
  • #12,831
  • Aug 19, 2008 4:11pm Aug 19, 2008 4:11pm
Quoting permanentjaun
Very good analogy, although I would have to say I'm sure a lot more people understand the importance of price bouncing off of an MA line, fib, s/r, on a chart versus asking them to understand how to play 32nd notes over 2 bars with flams on the 8th and 16th notes that crescendo into a double paradiddle in the 3rd measure.

I think that can bring up another point that J16 aims to accomplish with his website though. My above stab at trying to sound like I know how to play the drums is still only a moderately difficult passage. There are harder and there are easier things to play on the drums. It's still playing the drums though. What James presents is a basic system, but it works. I'm sure a lot of people will do nothing more than trade daily's with basic PA. Eventually people will tweak the method to their own goals and sense of trading style.

IMO, learning the J16 method and trading it successfully, assuming your MM is in check to keep emotions down, is a very achievable task. I wouldn't be surprised if some people are profitable from Day 1 and it's just a matter of cleaning things up over time.
I personally like the way you think, i dont know if your experienced or a newbie, but you re right in many things.
In "trading in the zone" by Mark Gouglas" he mentions that most times the carefree state of mind in which one first approaches the market is the most conducive to trading succesfully and it isnīt until one starts getting too emotionally involved that everything gets messed up.
So I would recomend everyone to keep that mindset, just dont get euphoric and careless on your MM
  • #12,832
  • Aug 19, 2008 4:50pm Aug 19, 2008 4:50pm
I'm waiting too. 13.8. I saw d1 pin bar too but failed. What's your profit target?

Quoting gagiul
here is my Pin Bar trade for today: EY, buy at break of PB at 162.50, stop at 160.80.

Reason: it closed above PPZ, and touched the 50% of the big wave up to the pip.

Anyone in?
  • #12,833
  • Aug 19, 2008 5:08pm Aug 19, 2008 5:08pm
Quoting judith
I personally like the way you think, i dont know if your experienced or a newbie, but you re right in many things.
In "trading in the zone" by Mark Gouglas" he mentions that most times the carefree state of mind in which one first approaches the market is the most conducive to trading succesfully and it isnīt until one starts getting too emotionally involved that everything gets messed up.
So I would recomend everyone to keep that mindset, just dont get euphoric and careless on your MM
Consider me a newbie although I have had my hand in trading various markets for years. That's why I feel comfortable with what has been presented in the J16 method. Beyond maybe certain bar formations, there is nothing in the J16 method that I haven't seen before. Even the bar formations I have seen in the form of candlestick training. It's just nice to see someone take the time to say, 'here is how to combine all of these aspects in to a system. This signal is more important than this signal. etc. etc. Look for this, that, and don't be stupid taking every trade. This isn't hard people."

I've been stubborn for quite some time trying to build an EA system, but I think I'm done with sitting out of the market trying to curve fit something and finally decided this is the way. I've had plenty of success in the past manual trading, and now I just need to sit down and grind it out. I've been too lazy to really see that building a chart doesn't take that much time and with experience it might only take 10-15 minutes looking over charts to see what trades are coming up.
  • #12,834
  • Aug 19, 2008 5:32pm Aug 19, 2008 5:32pm
Quoting permanentjaun
It's just nice to see someone take the time to say, 'here is how to combine all of these aspects in to a system. This signal is more important than this signal. etc. etc. Look for this, that, and don't be stupid taking every trade. This isn't hard people."
You come from the same place a lot of us successful J16 converts come from.

James has a knack for teaching and reaching.

Which makes sense. He's "been there" and knows how to communicate his empathy. And knows how to use that skill to help those who are prepared to put in the required patience and effort. ...Those willing to be serious business men and woman.

(added that last sentence to please 'da man!' ....and it's so true too.)

.
Bundy's status today: "Waiting..."
  • #12,835
  • Aug 19, 2008 6:44pm Aug 19, 2008 6:44pm
BEOB (or 3 day pin?) off of 365 EMA on EURUSD (failed pins previously highlighted on the 12th...think they were closer to neutral bars. funny how they look more like pins when you haven't traded in a week or two ) Excuse the messy fibs.

Pin off of support, 50% retrace of latest big move, and 365 EMA on EURJPY (failed pin previously, guess she wasn't ready just yet). Scared of it staying inside the pennant formation that formed over the past year though, marked by descending trend line.

Lots of stuff compressing into pennant formations over the last few days. If there are more pairs doing it than not, you would think maybe to stay out of the market. Guess that's what demo trading is for!
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Hindsight is 20/20
  • #12,836
  • Aug 19, 2008 6:53pm Aug 19, 2008 6:53pm
Quoting bundyraider
You come from the same place a lot of us successful J16 converts come from.


.
Yes and no. I think I gave the wrong impression in my previous post when I gave the impression I might have thought forex is hard. In fact, my problem was the exact obvious. I was trying to make it easier than possible. I think a lot of the EA programmers are doing just that. They think they can develop a system that will give them great wealth consistently for many years.

I'm not saying EA's can't do that for you, but there is still a level of upkeep that needs to be done on those EA's as markets adapt and develop. Considering my lack of knowledge in code writing I'd much rather actually trade the market and adapt my discretion.

So I've come to the realization that while the market isn't and doesn't have to be difficult to trade successfully, it does require at least a base understanding and willingness to input time to correctly read the environment. I wasn't willing to do that previously when I had the dreams of a profitable EA in my head, and now I'm ready to just go forth and conquer on my own.

I think if people spent half as much time on actually reading the market versus coming up with new EA ideas, they'd be successful traders.
  • #12,837
  • Aug 19, 2008 7:03pm Aug 19, 2008 7:03pm
BEOB on the Usd/Chf Daily. Will it have the power to break through a strong PPZ? We shall see.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #12,838
  • Aug 19, 2008 7:21pm Aug 19, 2008 7:21pm
Quoting cosgrove
BUOB (or 3 day pin?) off of 365 EMA on EURUSD (failed pins previously highlighted on the 12th...think they were closer to neutral bars. funny how they look more like pins when you haven't traded in a week or two ) Excuse the messy fibs.

Pin off of support, 50% retrace of latest big move, and 365 EMA on EURJPY (failed pin previously, guess she wasn't ready just yet). Scared of it staying inside the pennant formation that formed over the past year though, marked by descending trend line.

Lots of stuff compressing into pennant formations over the last few days. If there are more pairs doing it than not, you would think maybe to stay out of the market. Guess that's what demo trading is for!
Eur/Usd.

Yes its both, a BUOB and a 3 day PB.
Indicators show the past. Price Action "Indicates" the future.
  • #12,839
  • Edited 7:38pm Aug 19, 2008 7:23pm | Edited 7:38pm
Quoting Forex007
That's not always (or maybe even rarely) true - when I go long, it's not because the seller "screwed" up (e.g. covering his bad short position). It could be simply that seller is closing his (short or long) position which was open l-o-o-ng time ago. Or it could be, as Darkstar mentioned earlier, that Toyota simply needs to sell the currency - right there and then - which I need to buy.

So, I am not making money at somebody's expence. When it comes to closing my position, the above logic would apply - I will close position profitably and at the same time another trader would open his (which could become profitable too).
You've missed my point, one man's loss is another man's gain. The money has to come from somewhere, thus you are making money at someone's expense. There's no mysterious pool of cash floating around in thin air for the taking.

In your example, the seller may have initially had a $600 profit. His profit may have gone down to $400 and decided to get out of their position. Let's say you gained $200. Your profit may have come from that sellers loss. The seller who gained $400, has received this from another's loss.

As for the Mitsubishi conversion, this is completed through a bank/financial institution. So in the end, it's that institution's money. It does not end up in a pool for anyone's taking so-to-speak.
  • #12,840
  • Aug 19, 2008 7:30pm Aug 19, 2008 7:30pm
Quoting Jankone
I'm waiting too. 13.8. I saw d1 pin bar too but failed. What's your profit target?
my first TP is at 1:1 , 164.20. looking forward to it
We leave no soldier behind.
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