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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

  • #361
  • Sep 29, 2005 2:43am Sep 29, 2005 2:43am
Quote
I read this thread and could not find any occasion where you posted, or was asked to post, any backtest results. Did you dump TradeStation? Did you ever develop an indicator to identify potential chart setups (showme study)? I have yet to meet someone who traded so many instruments on so many time frames and had time to keep up with a bulletin board. I have no doubt you intentions are honorable. I am certainly not questioning that but I am a little surprised that people are lining up to learn from you and have never asked for results.

Hi philmcgrew,

since these setups has worked for Jim over the many many years gone by, I don't think that he's gonna backtest them now. Jim, did however, mention that you (the readers) should test it yourself first.

Quote
but I am a little surprised that people are lining up to learn from you and have never asked for results.

Everybody who has tried/used what Jim has taught in this thread, has seen results for themselves. If this is only the tip of the iceberg, then our trading can only get much more better.

Best of luck
Habeeb
Keeping it Simple
  • #362
  • Sep 29, 2005 3:33am Sep 29, 2005 3:33am
Jim, and others...,

Thanks for taking the high road and giving fair answers. You had 2 choices: 1) say something derrogatory and, 2) give fair answers to reasonable questions. Thank you for chosing the latter. I have no doubt that your intentions are most honorable. You have every right to be compensated for your time and efforts. I applaud you for that.

The reason I asked if you still had TradeStation is because your more recent charts were from another platform. With TradeStation you could write a simple indicator to identify every occurence of a setup that you trade. In my humble opinion it's important to point out why you didn't like a setup as opposed to only pointing a situation that did like. Merlin offered to write the code on page 2 or something like that. I never saw any indication that you took him up on the offer. I was just curious.

Lastly, again just my opinion, when you cross the line from being nice guy to charging someone you do owe them some kind of idea of how your ideas can improve their trading. Not charging much, which is relative, does not relieve anyone from that responsibility. Saying "hey, I'm only charging "X" dollars" for my services is the equivelant of "well, sorry it didn't work out, but hey, you didn't lose much by signing up". I'm convinced you want people to succeed regardless of what you charge.

Thanks to your loyal fans for defending you and, thank you for answering personally. I'm not picking on you. It was just an observation that there were 16 pages of love and no one asked about results.

Phil
  • #363
  • Sep 29, 2005 4:27am Sep 29, 2005 4:27am
Hi Jim,
Quoting james16
Quoting Kosta Berj
Hi Jim,
I'm curious as to how you are going to implement the live tuition sessions.
Are you going to have group conference call using Skype or Gizmo (cheap and easy) or will you have your own EChat (ventrilo?) type server (as per ensignsoftware)?

Regards, Kosta
wow, wasnt planning on anything like that. just daily updates on potential set ups and teaching. this is not going to be an alert service or anything at least not yet. i was going to use something like camtasia but its not workable. i am limited in what i can do here on the forum due to the infrastructure limitations. if all goes well getting my feet wet we will see what the next step will be. what it will be is a place where new traders can get an excellent education for the money. jim
I must admit that when you were talking about trading the systems live that I thought you was going to have some kind of live chat system. I've seen over at moneytec they often have a chat room running 24hrs/day, people log in and out, and then at the end of the day, they copy and paste the whole chat as a forum post so people can read what happened that day.

That could be another great teaching resource for people afterwards to follow on historical data and learn it at their leisure. e.g for people at work during the day. If your course has progressed to a trading system like "MuddBhudda 1", then everyone could be trying that system for that week. Novices will probably stick to the basic system on one currency and ask questions about potential 'gray' areas whereas more experienced people can try different currencies and timeframes. Something for everyone and you don't have to be there all the time.

Another free chat program to consider is http://www.freejavachat.com/setup.html. I used it recently and it seems to work quite well. No infrastructure required!

A legal point to note though, I'm not sure on the legalities of giving calls or recommendations, as someone in the other chatroom no longer gives trade calls because they said they were wanted in several states for giving calls Anyway, some sort of disclaimer would probably be a good idea.

You can definitely develop quite a good community of people if they are all trying out the same strategies/techniques.

Best regards
Alan
  • #364
  • Sep 29, 2005 4:45am Sep 29, 2005 4:45am
The problem with many trading chat rooms, definately Money Tec, is that it is full of wannabees getting high by calling trades, minutes late and always in profit. On Moneytec you seldom get calls, which are in the negative, by the time they are called.

So a newbie arrives and can get fixated by Joe Trader, who always seems to be spot on.

Important to also call where the stop and target are, otherwise it is somewhat a meaningless exercise, apart from the getting high aspect.

To avoid this, calls should be restricted to those that are still within their spread, when called. A moderator needed.
  • #365
  • Sep 29, 2005 4:55am Sep 29, 2005 4:55am
Hi,
Quoting philmcgrew
With TradeStation you could write a simple indicator to identify every occurence of a setup that you trade. In my humble opinion it's important to point out why you didn't like a setup as opposed to only pointing a situation that did like. Merlin offered to write the code on page 2 or something like that. I never saw any indication that you took him up on the offer. I was just curious.
This is an interesting point. I do note that Jim has said it will take at least 3 months of hard work to become proficient at following his methods using price action and other techniques, so I believe there is a large discretionary element which may be difficult to program in.
Quoting philmcgrew
Lastly, again just my opinion, when you cross the line from being nice guy to charging someone you do owe them some kind of idea of how your ideas can improve their trading.
I believe he has already given examples of some of the elements of how he trades in this thread and many people have already found them to improve their trading, so in my opinion that should give people who have taken the time to read the thread an idea of how he can improve their trading. There will always be people for whom trading will not come naturally, but I believe with the support Jim has lined up, the vast majority will be able to find something to make them profitable.

Best regards
Alan
  • #366
  • Sep 29, 2005 5:08am Sep 29, 2005 5:08am
Hi,
Quoting hagadol
The problem with many trading chat rooms, definately Money Tec, is that it is full of wannabees getting high by calling trades, minutes late and always in profit. On Moneytec you seldom get calls, which are in the negative, by the time they are called.

So a newbie arrives and can get fixated by Joe Trader, who always seems to be spot on.
As Forexfactory has been a pleasant place to hang out, I hope that 'if' a chatroom is setup by Jim then it will retain the same atmosphere. Plus, I believe the focus will be on 'education' and not on making calls. As there will be a common strategy behind the 'entries', other people can question and test to see if it fulfils the critera laid out in the course. So it should not be random 'calls' made by wannabees
Quoting hagadol
Important to also call where the stop and target are, otherwise it is somewhat a meaningless exercise, apart from the getting high aspect.
I believe this will be taught as a part of the course so each person would need to make their own decision on this based on the course material.

Best regards
Alan
  • #367
  • Sep 29, 2005 7:47am Sep 29, 2005 7:47am
Bring it on Jim, I have been trading equites for many years, the index futures about 3 years and the forex for less than a year and can say that this thread and your charts have inproved my trading considerably. Thanks for all that you have done for us.

Lee
  • #368
  • Sep 29, 2005 8:05am Sep 29, 2005 8:05am
you definitely CANNOT give any calls without getting into trouble with the law or SEC/etc ...

all james16 can theoretically say is what he is doing, and he would do etc ... he can never tell you what to do, because it'd get him into trouble...


Ken
Trade what you see, not what you believe.....
  • #369
  • Sep 29, 2005 12:27pm Sep 29, 2005 12:27pm
Quoting khoong25
you definitely CANNOT give any calls without getting into trouble with the law or SEC/etc ...

all james16 can theoretically say is what he is doing, and he would do etc ... he can never tell you what to do, because it'd get him into trouble...


Ken
this is correct and i dont want to get into trouble. its going to be a teaching forum with updated potential areas to trade should it meet the criteria bieng taught. a bunch of links and stuff for new traders. great stuff by fij on mm and psychology and system trading/teaching with mudd. i will add stuff and it will grow over time. it may or may not be what you hoped for at least at first but you will get your moneys worth regardless. this is all new to me guys i will be in it for the long haul. over time i will learn how to provide bigger and better things. things like a live chat room would be great at some point. this and other things are planned but for now im just trying to get it up and running and worth more than the fee. my concern is that it wont be what you hoped for. however the more i look at whats already there and coming and compare it to what i have paid to learn the same stuff its not even debatable.
  • #370
  • Sep 29, 2005 8:32pm Sep 29, 2005 8:32pm
Quoting firehorse
A legal point to note though, I'm not sure on the legalities of giving calls or recommendations, as someone in the other chatroom no longer gives trade calls because they said they were wanted in several states for giving calls
Typical of the baloney you find in chat rooms. LOL I can't believe the kind of muck that people will say in these chat rooms.

Buy USD CAD at 1.1717 or better, stop at 1.1685 target 1.1775.

FT
  • #371
  • Sep 29, 2005 10:45pm Sep 29, 2005 10:45pm
is it just me or has the last 2 or 3 days been tough to trade. when i trade pin bars at the right time i rarely lose on three in a row. in fact if i trade smart two in a row does not happen often. if i didnt have the habit of moving my stops to BE quickly it would have been real tough. anyone else had it tough the last couple of days. jim
  • #372
  • Sep 30, 2005 12:25am Sep 30, 2005 12:25am
Quoting james16
this is correct and i dont want to get into trouble. its going to be a teaching forum with updated potential areas to trade should it meet the criteria bieng taught. a bunch of links and stuff for new traders. great stuff by fij on mm and psychology and system trading/teaching with mudd. i will add stuff and it will grow over time. it may or may not be what you hoped for at least at first but you will get your moneys worth regardless. this is all new to me guys i will be in it for the long haul. over time i will learn how to provide bigger and better things. things like a live chat room would be great at some point. this and other things are planned but for now im just trying to get it up and running and worth more than the fee. my concern is that it wont be what you hoped for. however the more i look at whats already there and coming and compare it to what i have paid to learn the same stuff its not even debatable.
Jim,

The problem with teaching forum will be a lot of people may see it as holy grail as there are many newbies in FF. This has become more evident after people read your chart thread. And as you reminded people many times, price action requires hard work, study, study, and experience. It is not like black box systems. I am afraid some people will complain for not being profitable after attending this teaching forum since everyone can apply price actions differently as you said before. But don't worry about them, what you are trying to do is to add another dimension to trading and everybody should adopt the teachings to their trading style. If the ones who will participate this special teaching forum understand and accept this fact, nobody will be disappointed.
  • #373
  • Sep 30, 2005 12:47am Sep 30, 2005 12:47am
Quoting james16
is it just me or has the last 2 or 3 days been tough to trade. when i trade pin bars at the right time i rarely lose on three in a row. in fact if i trade smart two in a row does not happen often. if i didnt have the habit of moving my stops to BE quickly it would have been real tough. anyone else had it tough the last couple of days. jim
EUR's been a bitch to trade these past few days. I've taken to lowering my TP's so its kept me in the black. Cable X's has done OK.
If you look at a monthly ATR you can see many of the currencies are at the same low level as this time last year or earlier. Hopefully, like past few years, the run up into Xmas sees USD weakening.
  • #374
  • Sep 30, 2005 1:04am Sep 30, 2005 1:04am
Quoting Blackeagle
Jim,

The problem with teaching forum will be a lot of people may see it as holy grail as there are many newbies in FF. This has become more evident after people read your chart thread. And as you reminded people many times, price action requires hard work, study, study, and experience. It is not like black box systems. I am afraid some people will complain for not being profitable after attending this teaching forum since everyone can apply price actions differently as you said before. But don't worry about them, what you are trying to do is to add another dimension to trading and everybody should adopt the teachings to their trading style. If the ones who will participate this special teaching forum understand and accept this fact, nobody will be disappointed.
this made my day, thank you. let me briefly give some core info. moving average systems are tough because by the time you enter price can be anywhere. show me any moving average system that makes any trader not pucker up like a lemon. there are none. what i will teach you is how to actually take moving average crossover trades with trailing entries that will allow you to use a 20 to 30 pip stop on a 30 min chart. a sensible entry technique that will give you peace of mind for a change. now i havnt even talked about price action analysis TO FURTHER ADD to a sensible entry. you know what i worry way to much. i know of no one else anywhere teaching exactly what i do. i am going to share a long held moving average system that i must admit i am worried about revealing. i just today decided to go ahead and share it, its not even in the pf yet. if someone goes off and posts it on moneytech or something im gonna be pissed. now i aint dumb and i know its gonna happen but with the trillions traded in forex i assume it wont matter. i just cant stress enough how hard i have worked for twenty frickin years to develope my trading skills. most of you who know me know I TRY to stay humble. 99 dollars and you can take off with everything i have fought so hard for. please understand if thats what you decide to do thats perfectly fine. its the new traders i want to see smile and i get a real kick out of it. do any of you know the stinking garbage out there selling for thousands of dollars. i honestly wonder if these people keep bodygaurds at thier house. fij and me have discussed several we have actually purchased for 5 to 10 grand. i mean holy shit for 99 dollars the stuff in this little forum is insanely cheap. thats not a sales pitch its the truth. the only damn reason i worry is because i am a nice guy and there is about 30 or 40 of you i consider my friends and i dont screw my friends. i dont want even 1 of you to be dissapointed. you wont. just be patient with me during the developement stage and after it opens. i have plans to continue to make it better over time. my problem is guys i dont have computer skills. i spent two solid weeks trying to figure out how to put live streaming charts on camtasia. i worked my ass off and im so computer stupid i finally gave up. during all of this i still have to make a living, i do that by trading and my other business. when it opens whether you stay for a month or a year you will be glad you did. i promise. jim
  • #375
  • Sep 30, 2005 1:15am Sep 30, 2005 1:15am
Quoting james16
i spent two solid weeks trying to figure out how to put live streaming charts on camtasia.
Will this link help?
http://www.trinity.edu/rjensen/HelpersVideos.htm
  • #376
  • Sep 30, 2005 1:54am Sep 30, 2005 1:54am
Quoting Beachie41
Will this link help?
http://www.trinity.edu/rjensen/HelpersVideos.htm
thanks beachie. when i get time the folks at camtasia are going to walk me through it. i will figure all these neat little tools out its just going to take me a little time. thanks again. jim
  • #377
  • Edited 2:51am Sep 30, 2005 2:33am | Edited 2:51am
Quoting firehorse
Hi Jim,I must admit that when you were talking about trading the systems live that I thought you was going to have some kind of live chat system. I've seen over at moneytec they often have a chat room running 24hrs/day, people log in and out, and then at the end of the day, they copy and paste the whole chat as a forum post so people can read what happened that day.

That could be another great teaching resource for people afterwards to follow on historical data and learn it at their leisure. e.g for people at work during the day. If your course has progressed to a trading system like "MuddBhudda 1", then everyone could be trying that system for that week. Novices will probably stick to the basic system on one currency and ask questions about potential 'gray' areas whereas more experienced people can try different currencies and timeframes. Something for everyone and you don't have to be there all the time.

Another free chat program to consider is http://www.freejavachat.com/setup.html. I used it recently and it seems to work quite well. No infrastructure required!

A legal point to note though, I'm not sure on the legalities of giving calls or recommendations, as someone in the other chatroom no longer gives trade calls because they said they were wanted in several states for giving calls Anyway, some sort of disclaimer would probably be a good idea.

You can definitely develop quite a good community of people if they are all trying out the same strategies/techniques.

Best regards
Alan
Hi Alan,
I've visited Buffy's Room at the free Ensignsoftware chat room and Woodie's Room (the free trial only) I never heard any recommendations given intentionally.
The "call" was always: "There appears to be a setup here if you choose to take it." Good Luck if you do!

Oh, and I bet Merlin could setup a live java chat room quite easily on this site.
http://www.freewarejava.com/applets/chat.shtml

Actually, here's a link to the Google search results in full.
http://www.google.com.au/search?hl=e...le+Search&meta=

Cheers, Kosta.
  • #378
  • Sep 30, 2005 4:14am Sep 30, 2005 4:14am
Quote
is it just me or has the last 2 or 3 days been tough to trade. when i trade pin bars at the right time i rarely lose on three in a row. in fact if i trade smart two in a row does not happen often. if i didnt have the habit of moving my stops to BE quickly it would have been real tough. anyone else had it tough the last couple of days. jim

Been really boring too. Finally started using MB's MA system with your price action setups. Just collecting the small pips at the moment.

Thanx again Jim for everything you're doing. I'm eagerly awaiting the launch of the PF.

regards
Habeeb

http://www.forexfactory.com/forexfor...tid=1047&stc=1
Attached Image
Keeping it Simple
  • #379
  • Oct 2, 2005 7:43am Oct 2, 2005 7:43am
Hello James,

I just registered to this forum to thank you for your time and efforts teaching people your trading methods. I am relatively new to forex (few months) and while I pay no attention to bar/candle formations, I also base my trading on fibs, pivots and trendlines (no indicators used).

Looking forward your private forum!
  • #380
  • Oct 2, 2005 2:52pm Oct 2, 2005 2:52pm
Quoting WTB
Hello James,

I just registered to this forum to thank you for your time and efforts teaching people your trading methods. I am relatively new to forex (few months) and while I pay no attention to bar/candle formations, I also base my trading on fibs, pivots and trendlines (no indicators used).

Looking forward your private forum!
thank you sir/maam? if you base your trades like you say you really are going to like the pf. all indicators have ever done for me is lose money. diversion excluded. dont worry indicator users mudd will use them in his section. i respect mudd so i will personally be watching what he is up to. jim
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