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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

  • #14,521
  • Edited 3:52am Oct 17, 2008 3:42am | Edited 3:52am
With this material, you can 100% ignore fundies if you like, it still works just as well, it really makes no difference whether you know why the market is moving one way or another, as long as you take the safe setups like J teaches, all is good, pips will flow, as far as I know James totally ignores the news.

EDIT: As far as stop hunting etc, the nature of larger time frame trading, this is usually never an issue.
  • #14,522
  • Oct 17, 2008 3:51am Oct 17, 2008 3:51am
Quoting Interceptor
A friend of mine joined James' group a couple of months ago, and he loves it. From what he's mentioned to me it sounds as though he's really benefiting from the experience, both on his immediate trading discipline, and his increasing knowledge of s + r etc.
However, one thing he's related to me causes me some concern.
Apparently, he's been told that he should utterly disregard all fundamental information. Now my own belief, and that of many others, revolves around the principle of \"Trade the technicals, but know the fundamentals\". As he has been told to 'forget' about fundamentals, he's subsequently got no interest in learning about the structure of the fx market, avoiding 'red flag' trades, stop-hunting sweeps, what s + r really is or any of the other 'basics'. This to me seems like trading with one eye closed, if you know what I mean.
I struggle to reconcile what, on the one hand, is obviously a very highly regarded mentor and teaching programme, with, on the other hand, an almost nonchalant approach to what the actual 'thing' is which we are all doing.
Any comments?
Ur friend joined J16 commerial/paid group??? If he is making money consistently, then let him be...That is the main reason of trading ..right? Why bother...abt pure fundies or pure TA or both...

Sonic
P>S I am not rich enough to pay become J16 memeber..
  • #14,523
  • Oct 17, 2008 4:21am Oct 17, 2008 4:21am
Quoting Interceptor
A friend of mine joined James' group a couple of months ago, and he loves it. From what he's mentioned to me it sounds as though he's really benefiting from the experience, both on his immediate trading discipline, and his increasing knowledge of s + r etc.
However, one thing he's related to me causes me some concern.
Apparently, he's been told that he should utterly disregard all fundamental information. Now my own belief, and that of many others, revolves around the principle of \"Trade the technicals, but know the fundamentals\". As he has been told to 'forget' about fundamentals, he's subsequently got no interest in learning about the structure of the fx market, avoiding 'red flag' trades, stop-hunting sweeps, what s + r really is or any of the other 'basics'. This to me seems like trading with one eye closed, if you know what I mean.
I struggle to reconcile what, on the one hand, is obviously a very highly regarded mentor and teaching programme, with, on the other hand, an almost nonchalant approach to what the actual 'thing' is which we are all doing.
Any comments?
News is Price and Price is News.
Except for the 1st Friday of the Month and Interest Annoucement.

That's what I go by and it's working very well.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #14,524
  • Edited 4:40am Oct 17, 2008 4:28am | Edited 4:40am
Quoting sonicdeejay
Ur friend joined J16 commerial/paid group??? If he is making money consistently, then let him be...That is the main reason of trading ..right? Why bother...abt pure fundies or pure TA or both...

Sonic
P>S I am not rich enough to pay become J16 memeber..
u can disgard fundamentals purely cause price action is leading indicator for the fundamantals and its taken into account already.....the pound falling like it has i think can be seen as a bank intervention....banks buying there own currency when it weak to set a trend in motion

Im part of j16 and thou i not really using his teaching in practice, my head is very hardi have no problem paying every month. i reckon he saving me a fortune its definately worth the money and the contribution from other member senior included make it a gold mine
  • #14,525
  • Oct 17, 2008 4:42am Oct 17, 2008 4:42am
Quoting Interceptor
A friend of mine joined James' group a couple of months ago, and he loves it. From what he's mentioned to me it sounds as though he's really benefiting from the experience, both on his immediate trading discipline, and his increasing knowledge of s + r etc.
However, one thing he's related to me causes me some concern.
Apparently, he's been told that he should utterly disregard all fundamental information. Now my own belief, and that of many others, revolves around the principle of \"Trade the technicals, but know the fundamentals\". As he has been told to 'forget' about fundamentals, he's subsequently got no interest in learning about the structure of the fx market, avoiding 'red flag' trades, stop-hunting sweeps, what s + r really is or any of the other 'basics'. This to me seems like trading with one eye closed, if you know what I mean.
I struggle to reconcile what, on the one hand, is obviously a very highly regarded mentor and teaching programme, with, on the other hand, an almost nonchalant approach to what the actual 'thing' is which we are all doing.
Any comments?
I think there's a mix up here between structure of the market, it's dynamics and technical trading versus trading by fundamentals and so on.

Your friend should learn about the why's of the market. It's good to know. If he's doing well without knowing, that's ok too I s'pose. My guess is you are misinterpreting what he means by fundamentals.

You don't need to know the (true) fundamental factors to make money. By fundamentals, we are talking about news, statistics speeches by heads of state and reserve banks etc, and keeping an eye on all that brain numbing information that 'roughly' drives the market. ...most here believe that most of that information is built into the price anyway. (...Including inside information. )

Mike or someone more qualified can speak about the current goals of the group, I doubt there'd be a senior member who'd tell you to ignore the basics of how forex works though. (or any market for that matter) . I think that's a misunderstanding.

Just to point out that, if you joined for one month, you'd be very happy. Believe me. If you have the time to spend on soaking in the information, that first payment is an absolute bargain. Ask your friend!

.
Bundy's status today: "Waiting..."
  • #14,526
  • Oct 17, 2008 4:48am Oct 17, 2008 4:48am
Quoting nAVIN2007
u can disgard fundamentals purely cause price action is leading indicator for the fundamantals and its taken into account already.....the pound falling like it has i think can be seen as a bank intervention....banks buying there own currency when it weak to set a trend in motion
Everything is falling against the U.S. dollar for one very powerful reason. ......There is a shortage of U.S. dollars.

Normally strong technical levels were blown away by this, even up until recently.

Think about it. Who cares about the charts or what bernanke and co say when some entity just needs their cash. You just want your cash. Right now!. ...There has been a lot of that.

And don't take it for granted that things are going to turn around ' just because they should'.
Bundy's status today: "Waiting..."
  • #14,527
  • Oct 17, 2008 4:52am Oct 17, 2008 4:52am
Quoting nAVIN2007
Im part of j16 and thou i not really using his teaching in practice, my head is very hardi have no problem paying every month. i reckon he saving me a fortune its definately worth the money and the contribution from other member senior included make it a gold mine
Paid service == private forum?? webminar and learning material ??

I am interested... I never have attend/purchase anything before regarding abt trading...
Sonic
  • #14,528
  • Oct 17, 2008 4:57am Oct 17, 2008 4:57am
Quoting sonicdeejay
Paid service == private forum?? webminar and learning material ??

Sonic
Yes...private forum, many videos, weekly webinars by various senior contributors and enough educational resources to keep you going for years. . Groups of us chat via Skype and use Yugma to share charts and talk via VOIP.

I highly recommend it also....
  • #14,529
  • Oct 17, 2008 5:01am Oct 17, 2008 5:01am
Quoting sonicdeejay
Paid service == private forum?? webminar and learning material ??

I am interested... I never have attend/purchase anything before regarding abt trading...
Sonic
trust me bro ....i never recommend anything unless i believe in it....u cant go wrong...if i didnt enter the group i reckon id have blown my account already infact i kick myself for not doing it earlier.....

looking at cable and those pins on monthly, my god way back in early part of the year.....if only i had this knowledge then .....hindsight is a wonderfull thing ....lol
but if it ever happens again i will be hot on it....and that will be thanks to the group.....if u want my advise do it! ..and u wont look back

actually i decided i will remain a member for life...i believe this says it all...
  • #14,530
  • Oct 17, 2008 5:07am Oct 17, 2008 5:07am
Quoting sonicdeejay
Paid service == private forum?? webminar and learning material ??

I am interested... I never have attend/purchase anything before regarding abt trading...
Sonic
Sounds like you aren't a believer Sonic.

I know from the outside it looks over valued sometimes. A lot of what is taught is freely available if you looked hard enough. ...and filtered out the crap.( the hard part)

Understand that a subscriber is also receiving powerful access to support. The idea of the payed service was to allow James and co to spend time and make it easier for them to justify that time spent on support and making videos etc.

The reason for James posting here less often these days isn't because he's spending quality time with his family and budds on a private island somewhere. I can't imagine the emails , phone calls etc he (and others) spend time on not to mention PMs and emails from non paying members. It must be phenomenal at times.

The group isn't about time released information. ALL material is available straight up. Save up and pay the sub once as a feeler, and be converted. Seriously.

Hopefully this has come off as just a rant and not a ravenous defense of the James16 Group. lol

You've got some good posts here Sonic by the way. Good to to have you here.

, Bundy
Bundy's status today: "Waiting..."
  • #14,531
  • Oct 17, 2008 5:08am Oct 17, 2008 5:08am
Quoting bundyraider
Everything is falling against the U.S. dollar for one very powerful reason. ......There is a shortage of U.S. dollars.

Normally strong technical levels were blown away by this, even up until recently.

Think about it. Who cares about the charts or what bernanke and co say when some entity just needs their cash. You just want your cash. Right now!. ...There has been a lot of that.

And don't take it for granted that things are going to turn around ' just because they should'.
i wont ....
  • #14,532
  • Oct 17, 2008 5:13am Oct 17, 2008 5:13am
BTW Sonic, I think I mixed up the tone of your two posts. lol
Bundy's status today: "Waiting..."
  • #14,533
  • Oct 17, 2008 5:43am Oct 17, 2008 5:43am
Quoting bundyraider
I think there's a mix up here between structure of the market, it's dynamics and technical trading versus trading by fundamentals and so on.

Your friend should learn about the why's of the market. It's good to know. If he's doing well without knowing, that's ok too I s'pose. My guess is you are misinterpreting what he means by fundamentals.

You don't need to know the (true) fundamental factors to make money. By fundamentals, we are talking about news, statistics speeches by heads of state and reserve banks etc, and keeping an eye on all that brain numbing information that 'roughly' drives the market. ...most here believe that most of that information is built into the price anyway. (...Including inside information. )

Mike or someone more qualified can speak about the current goals of the group, I doubt there'd be a senior member who'd tell you to ignore the basics of how forex works though. (or any market for that matter) . I think that's a misunderstanding.

Just to point out that, if you joined for one month, you'd be very happy. Believe me. If you have the time to spend on soaking in the information, that first payment is an absolute bargain. Ask your friend!

.
I think that is my friends misunderstanding.
He's taking the advice to 'ignore the fundamentals' at it's broadest and most literal meaning!
  • #14,534
  • Oct 17, 2008 9:25am Oct 17, 2008 9:25am
Quoting bundyraider
BTW Sonic, I think I mixed up the tone of your two posts. lol
Monthly USD$100+..kinda steep for me..at the moment..

Sonic
  • #14,535
  • Oct 17, 2008 10:15am Oct 17, 2008 10:15am
I used J16 for 2 months and it was great, can never learn too much, and yes I was making money before I signed up to it. Also if $100 if too much I bet you lost 10x that before trying to learn what you are doing wrong
Keep taking CT trades, I need more money
  • #14,536
  • Oct 17, 2008 11:00am Oct 17, 2008 11:00am
Quoting mbqb11
As for getting the quoted price if you are using market order , which you are by the wording then you are telling your broker to give me any price out there in the world, that all you want to do is get in. Protect yourself with bounds or LIMIT orders.
Thank you for the reply, Mike. I tend to enter via Limit or Stop order, and exit the same way too. But sometimes, when I want to "flatten" my position, I simply use "Close part of position" feature offered by MB Trading. Usually it works fine.

On that occasion, although the quoted price was still there on the screen, they filled me at a price that was 14pips higher. As that was a quick scalp (I was 8pips in profit, as before they hit me with a 24-pip spread which was not there when I placed an order), I ended up with a 6-pip loss. Position was larger than usual, and that really pissed me off (pardon my French

I now use the opposite order to close part of my position, i.e. if I am 10 lots LONG, I would place a LIMIT order for 5 lots SHORT.

Have a nice trip!
One Chart is Worth Ten Thousand Words.
  • #14,537
  • Oct 17, 2008 11:01am Oct 17, 2008 11:01am
Quoting moneybags
Charts present an average price. Actually, on some chart platforms there is an option to display the max/min orders. Sometimes there is quite a difference between the price shown on the bar/candle chart and the actual orders.
Tom, I was referring to the price QUOTED by the broker's trading terminal. Those price, by their virtue, are EXECUTABLE.
One Chart is Worth Ten Thousand Words.
  • #14,538
  • Oct 17, 2008 11:10am Oct 17, 2008 11:10am
Quoting sonicdeejay
My money works harder while I asleep...
Sometimes, letting the market take care of your trade IS the best way to go. Sometimes, it pays to keep an eye on how things develop. But it's always nice to wake and see some money made whilst you slept (the best job in the world )
One Chart is Worth Ten Thousand Words.
  • #14,539
  • Oct 17, 2008 11:20am Oct 17, 2008 11:20am
Quoting Ryanmcd
I used J16 for 2 months and it was great, can never learn too much, and yes I was making money before I signed up to it. Also if $100 if too much I bet you lost 10x that before trying to learn what you are doing wrong
Sonic, you can try it for a months or two and then cancel if you are not happy. I agree with Ryan - I don't know what a/c you are trading with, but if you ever lost a few hundred bucks in a row, you were better of spending them at James16
One Chart is Worth Ten Thousand Words.
  • #14,540
  • Oct 17, 2008 11:51am Oct 17, 2008 11:51am
Quoting Forex007
Sonic, you can try it for a months or two and then cancel if you are not happy. I agree with Ryan - I don't know what a/c you are trading with, but if you ever lost a few hundred bucks in a row, you were better of spending them at James16
the way i justify the cost is...one way or other u have to pay for this education and seeing jim and mike webseminar really helps and u also get to see their thought process behind taking trades.

i am very thankfull for this opportunity

anyways im rambling to much now...stupid cable dont want to give a direction...
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