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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

  • #13,421
  • Sep 4, 2008 8:20pm Sep 4, 2008 8:20pm
Quoting gagiul
Im done trading pin bars! tried them for 2 months, 90% failed. They suck according to current market conditions. Please spare me of all the PPZ and long nose and bla bla BS. And mostly spare me of the different brokers feeds, thats the worst excuse ever.

Why isnt James posting charts of failed Pin bars? of course, he will always find an excuse. Different broker feeds. Or risk 150 pips but take profit very quickly at 50 pips. Great MM. Whatever. Im sorry for the angry message, Im just pissed off because Im trading pin bars instead of trading the obvious.

Going back to the basics which is S/R.
If anyone thinks that putting 2 months into this material, which is a hell of a lot more work then just picking out any old pinbar and thinks they will succeed, I will spare you the time, this is not the thread for you.

This thread is about learning multiple concepts including support and resistance, coupling that with understanding of price action bar analysis, putting the parts together with confluence of factors and taking high probability setups. From there it is about further understanding these concepts in order to develop an appropriate exit strategy that suits ones style of trading. This goes from the extremes of taking profit quicker getting your stop to b/e , to letting your trades run more. This is easier said then done.

James posted a video today on the failed Eur/Usd trade. What did he say? Well he said that this one failed, he took a loss on this trade, and he knows it doesn't happen often. Why would he go out posting a video to all his subscribers about a trade he lost if he was hiding something? Because it is simple, nothing NOTHING is fool proof in this business. It is a cost of doing business and James doesn't have to hide behind anything. Day after day he shows how this stuff works. So please don't go slurring yet again untrue remarks about a guy who has done so much for so many of us.

It is unfortunate for you that you believe you have spent and given this material that appropriate amount of time. But if you believe it doesn't work then please move on from this thread and allow those of us that use this material day in and day out to help others, and those that are here to learn and further their forex education because they know what it is going to take to learn this material.

Thank you,

Mike
  • #13,422
  • Sep 4, 2008 8:25pm Sep 4, 2008 8:25pm
  • #13,423
  • Sep 4, 2008 8:35pm Sep 4, 2008 8:35pm
Quoting mbqb11
If anyone thinks that putting 2 months into this material, which is a hell of a lot more work then just picking out any old pinbar and thinks they will succeed, I will spare you the time, this is not the thread for you.

This thread is about learning multiple concepts including support and resistance, coupling that with understanding of price action bar analysis, putting the parts together with confluence of factors and taking high probability setups. From there it is about further understanding these concepts in order to develop an appropriate exit strategy that suits ones style of trading. This goes from the extremes of taking profit quicker getting your stop to b/e , to letting your trades run more. This is easier said then done.

James posted a video today on the failed Eur/Usd trade. What did he say? Well he said that this one failed, he took a loss on this trade, and he knows it doesn't happen often. Why would he go out posting a video to all his subscribers about a trade he lost if he was hiding something? Because it is simple, nothing NOTHING is fool proof in this business. It is a cost of doing business and James doesn't have to hide behind anything. Day after day he shows how this stuff works. So please don't go slurring yet again untrue remarks about a guy who has done so much for so many of us.

It is unfortunate for you that you believe you have spent and given this material that appropriate amount of time. But if you believe it doesn't work then please move on from this thread and allow those of us that use this material day in and day out to help others, and those that are here to learn and further their forex education because they know what it is going to take to learn this material.

Thank you,

Mike
Couldn't of said it better myself. This stuff works but it is no holy grail. I demo price action formations daily and am amazed at the results. A lot of times, these formations even work when markets are going sideways.
"Don't trade to trade . . . trade to win." - James16
  • #13,424
  • Sep 4, 2008 9:04pm Sep 4, 2008 9:04pm
Quoting gagiul
Im done trading pin bars! tried them for 2 months, 90% failed. They suck according to current market conditions. Please spare me of all the PPZ and long nose and bla bla BS. And mostly spare me of the different brokers feeds, thats the worst excuse ever.

Why isnt James posting charts of failed Pin bars? of course, he will always find an excuse. Different broker feeds. Or risk 150 pips but take profit very quickly at 50 pips. Great MM. Whatever. Im sorry for the angry message, Im just pissed off because Im trading pin bars instead of trading the obvious.

Going back to the basics which is S/R.
hi gagiul, i understand your frustration to some extend, but believe me, this thread is as good as it gets in the forex world. maybe some pinbars failed, but this happens sometimes, otherwise we would all be millionaires before thirty...

i have been trading professionally for the last year and the only tools i use is found in this thread and in the PF... i have tried many "systems" before, nothing worked.....

im not trying to convince you to try this again, but what you said is unfair to say the least
  • #13,425
  • Edited Sep 5, 2008 6:44am Sep 4, 2008 9:25pm | Edited Sep 5, 2008 6:44am
Quoting gagiul
Im done trading pin bars!
You are probable unaware of the learning experience you have gain from these PBs. Trust me, you have.

I'm sure when another one presents itself, you'll take a look. And maybe even play it. But becareful, that one may go to the moon.
Indicators show the past. Price Action "Indicates" the future.
  • #13,426
  • Sep 4, 2008 9:52pm Sep 4, 2008 9:52pm
I just wanted to add the following.

With the strong trends, and the uncertainity this week due to Fridays big news, I only put in an order for the EURUSD and USDCHF pins, with 12.5% of the length of the pin above/below the pin respectively.

I never got in the EURUSD pin trade, because the pair never hit my entry point of 12.5% length of the pin above the pin.

I did get in the USDCHF trade, but I was stopped out. I know nothing is 100% or we would all be millionaires. I believe both were good trades, but the reason we use stop losses is because nothing is 100%.
  • #13,427
  • Sep 4, 2008 10:10pm Sep 4, 2008 10:10pm
Quoting unlv_tj
I just wanted to add the following.

With the strong trends, and the uncertainity this week due to Fridays big news, I only put in an order for the EURUSD and USDCHF pins, with 12.5% of the length of the pin above/below the pin respectively.

I never got in the EURUSD pin trade, because the pair never hit my entry point of 12.5% length of the pin above the pin.

I did get in the USDCHF trade, but I was stopped out. I know nothing is 100% or we would all be millionaires. I believe both were good trades, but the reason we use stop losses is because nothing is 100%.
"Believe nothing you hear and half of what you see." Proverb
  • #13,428
  • Sep 4, 2008 10:10pm Sep 4, 2008 10:10pm
finally being honest with myself many years ago was how i turned things around so my comments are not intended to be critical. your pissed for one reason and one reason only and its the same reason i used to get pissed. your trading with real money when you should not be.

are you actually saying that you just "tried something" with real money without ever testing and getting good at it with some sort of research as part of your trading business? i guess i cant say for sure this is the case g but it sure sounds like it.

this is the curse of this business that never ceases to blow my mind. smart people that throw everything they know about common sense and sound business principles out the window.

THIS WAS ME for over 8 years so im not pointing fingers. ive got a bunch of emails covering the last two months from people that have made great returns on there accounts. they tend to be the ones that demoed for months until they got damn good at it.

i will post some charts showing some of them and the moves they caught over the past 2 plus months. some of them are mind blowing huge moves. stay tuned.

if i can help you in any way g all you have to do is ask.

Jim

Quoting gagiul
Im done trading pin bars! tried them for 2 months, 90% failed. They suck according to current market conditions. Please spare me of all the PPZ and long nose and bla bla BS. And mostly spare me of the different brokers feeds, thats the worst excuse ever.

Why isnt James posting charts of failed Pin bars? of course, he will always find an excuse. Different broker feeds. Or risk 150 pips but take profit very quickly at 50 pips. Great MM. Whatever. Im sorry for the angry message, Im just pissed off because Im trading pin bars instead of trading the obvious.

Going back to the basics which is S/R.
  • #13,429
  • Sep 4, 2008 10:14pm Sep 4, 2008 10:14pm
Trade PB's that pull back on a trend and enjoy a winning 90%. CT trading is just stupid and a good way to blow out a account. Yes when I started doing PB's I CT traded them because that's when they show up 95% of the time. If I did not know what I was doing I would of been screwed many of the times.

Mike has a good point, think of playing the market like playing cards, only trade the rich deck's and dont screw with the 4-9 off-sute's. If you are going to CT something you better have your charts correct and know that it will not be a long term move. I went long off the 5min this am but if you read my chart I posted I knew I was against everything all trends on all times, BUT I had a setup with RSI divergence that I have traded over 2000 times and made a good living doing it for years so I did not even think about it when I jumped into it.

One thing you guys need to look at is trend, yes we do not trend all the time but we get some nice long month long+ trend moves, and this helps show what way we are going, sure you may have a day that is down when the long trend is up BUT you have to know that 80% of the time we are going to be going up.


Here is how I add it all up in my head, my trade soup.

Time = 20%
Long Term trend = 20%
PA = 50%
RSI = 10% *** Unless I am doing a CT trade then RSI is about 50%, price is 20% and TIME is 30%.


Take a piece of paper TAPE it on your screen and write down your rules, print out days you lost and go over them again and again, NEVER trade on emotion, if you get excited trading your doing it wrong.
Keep taking CT trades, I need more money
  • #13,430
  • Sep 4, 2008 10:30pm Sep 4, 2008 10:30pm
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  • #13,431
  • Sep 4, 2008 10:38pm Sep 4, 2008 10:38pm
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  • #13,432
  • Sep 4, 2008 10:47pm Sep 4, 2008 10:47pm
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  • #13,433
  • Sep 4, 2008 10:49pm Sep 4, 2008 10:49pm
as it seems that one learns more from failures than from success,
out of frustration gagiul made quite a good point.
it would be good to post as many as possible pinbar "traps", to help newbies understand what's difference between a high-probab trade, and ones wich likely will fail.
but accusing somebody else for your failures and lack of understanding is dull.
Once A Trader Always A Trader.
  • #13,434
  • Sep 4, 2008 10:56pm Sep 4, 2008 10:56pm
well said but the truth is this. it is very very rare for a good bar to "fail". failure is only determined by (as you said) a lack of understanding. ive given my heart and soul for years now to try and help stop this "lack of understanding" and i will carry on. more charts still to come and one that caught (failed) yours truly for 1.5 percent of my account.

jim

Quoting Liviu
as it seems that one learns more from failures than from success,
out of frustration gagiul made quite a good point.
it would be good to post as many as possible pinbar "traps", to help newbies understand what's difference between a high-probab trade, and ones wich likely will fail.
but accusing somebody else for your failures and lack of understanding is dull.
  • #13,435
  • Sep 4, 2008 11:04pm Sep 4, 2008 11:04pm
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  • #13,436
  • Sep 4, 2008 11:15pm Sep 4, 2008 11:15pm
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  • #13,437
  • Sep 4, 2008 11:28pm Sep 4, 2008 11:28pm
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  • #13,438
  • Sep 4, 2008 11:49pm Sep 4, 2008 11:49pm
Quoting stoli7188
Hey everyone, I've been a long time follower and reader on this thread. I've tested many pairs and have been trading live with 1% per trade in a small $300 dollar account since July. I have done many demo trades and backtesting before this. I've been a bit discourage lately as more and more pins seem to fail. Some days I have no trades and others its usually only 1 or 2. Back in August I had about 5 or 6 pins fail on me 8-12 - 8-15 that were all good looking trades and this put a little dent into my account. Here are a few failed pins I recently had. Maybe someone can offer some words of encouragement or advice. I take only good looking PA setups off S&R lines.
The first trade I stopped out at BE because the pin initially failed then my trade triggered and I moved it to BE the next day.

Thanks in advance.

i will try to give my opinion of the two charts u posted
plz bear thru my bad english ,notice al the info i am giving is from here
i.e u can learn it just from lurking here as i used to and still doing


first pair(Eur/USD)

the fibs drawn are the monthlies,weeklies,dalies (sometimes i darw the 4hrs also)
>>looking at the monthies and weeklies does give u a GREAT idea of whats going on ,i.e when u switch back to the daily u pretty much get an idea of where it WILL go

i will try to cover all the setups from the start of 2008



setups:

1)Excellent (DBLC at significant lvl ,double top,divergance) TP at the lower fib maybe? and let a small part run

2)hm..good looking pin at a fib level BUt its in traffic( not in a swing high/low)
no trade

3)No where PIn actually its not even a pin kinda like a Doji
no trade

4)Good looking PB at an important level but its in traffic... no trade

5)good looking PB.. its at a swing(no traffic) yes i will trade it

6)not so good PB,swing low(no traffic),imp Fib level yes i will trade it

7)there are actually 2 PBs bUt they are indicating that the price should Go upwards which is crazy coz i will be looking for a signal for down ..no trade

8)good looking PB,trafficy no trade

9,10,11) NO WHERE PBs no trade

12)excellent like number 1

13)Doji..no trade

14,15) traffic,not really testing anything

16)traffic..no trade

17)good pos,but traffic... no trade

18,19,20,21)no where setup no trade
  • #13,439
  • Sep 4, 2008 11:51pm Sep 4, 2008 11:51pm
Is the material i teach 100 percent all the time? of course not but IT IS simple and effective when mastered.

Several of the emails mentioned have already been posted to the testomonial page with the rest to be put up soon. You will rarely see these people speak here of specifics because THEY HAVE BEEN ASKED NOT TOO so i dont have to listen to all the whiners complain that i use this thread to push the group.

Nothing could be further from the truth and I have gone to great lengths to keep that from happening.

obviously i cant stop all of it.

please understand one thing.

this thread is a sincere and honest attempt to help people.

you new folks were not here when it was started.

when this thread began it was unusual to see 100 people in ONE DAY at forex factory. IN A MILLION YEARS I NEVER FORESAW WHAT WAS COMING.
  • #13,440
  • Sep 4, 2008 11:51pm Sep 4, 2008 11:51pm
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