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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

  • #16,441
  • Dec 8, 2008 12:07pm Dec 8, 2008 12:07pm
Quoting james16
. I know im being scrooge on a really good day but this is why i do what i do.
scrooge?! I think most of us think you are Santa Clause with this stuff!
  • #16,442
  • Dec 8, 2008 12:08pm Dec 8, 2008 12:08pm
Quoting mbqb11
scrooge?! I think most of us think you are Santa Clause with this stuff!
haha, I wonder what he has in his bag this year? I been good Santa.
  • #16,443
  • Dec 8, 2008 12:09pm Dec 8, 2008 12:09pm
Quoting james16
MINIMUM REQUIREMENTS / THIS IS A BUSINESS
WHATEVER / WHICHEVER WAY YOU DECIDE TO TRADE YOU MUST (AT A MINIMUM):
The sad thing is that some will read this, agree with it and chose to ignore it. Only after many losses and/or accounts will they say "Now what was that thing that James16 guy was talking about? Oh yeah, maybe I'll take this a little more seriously".

Ok maybe it was just me.

Thanks again Jim for all that you do.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #16,444
  • Dec 8, 2008 12:22pm Dec 8, 2008 12:22pm
Here's one for ya Rac..

This was a pure resistance play.. stop at be. lets see what happens.
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  • #16,445
  • Dec 8, 2008 12:29pm Dec 8, 2008 12:29pm
Quoting rustyjeff
Here's one for ya Rac..

This was a pure resistance play.. stop at be. lets see what happens.
Now..., that daily bar has potential of hitting 1.32 imho, but your short entry is where I would take some profit on long play. lol
stop at be is probably good idea.
Attached Image
  • #16,446
  • Dec 8, 2008 12:40pm Dec 8, 2008 12:40pm
Quoting HipsterPipster
haha, I wonder what he has in his bag this year? I been good Santa.
Yah Santa... I've been REAL good... Whatcha' got in that bag big boy?
Mr. Trend
  • #16,447
  • Dec 8, 2008 12:46pm Dec 8, 2008 12:46pm
Quoting raczekfx
Now..., that daily bar has potential of hitting 1.32 imho, but your short entry is where I would take some profit on long play. lol
stop at be is probably good idea.
Just stopped out by 1/2 pip & its now on its way back down,
oh well thats the way it goes
  • #16,448
  • Dec 8, 2008 12:47pm Dec 8, 2008 12:47pm
Quoting jarroo
Like to see a break then act as support at the .6600 level (1st TP).
Can someone post a 4 hour Aud/Usd chart with line at .6600. An 8 hour chart would be better. (sorry I can't post a chart).

Who said you can't trade the Weekly.
Indicators show the past. Price Action "Indicates" the future.
  • #16,449
  • Dec 8, 2008 1:05pm Dec 8, 2008 1:05pm
Here you go Jim..
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  • #16,450
  • Dec 8, 2008 1:07pm Dec 8, 2008 1:07pm
Quoting jarroo
The sad thing is that some will read this, agree with it and chose to ignore it. Only after many losses and/or accounts will they say "Now what was that thing that James16 guy was talking about? Oh yeah, maybe I'll take this a little more seriously".
Couldn´t agree more.
Keep them coming, James!

RM
  • #16,451
  • Dec 8, 2008 1:07pm Dec 8, 2008 1:07pm
Quoting rustyjeff
Here you go Jim..
Thanks. Looking good.
Indicators show the past. Price Action "Indicates" the future.
  • #16,452
  • Dec 8, 2008 1:16pm Dec 8, 2008 1:16pm
Pretty interesting article. Key summary - price tends to RISE after an inside day (IN on D1), especially if prior to IB there were 3-5 consecutive days with either HH/HC (higher close) or LL/LC.

Enjoy!
Attached File(s)
File Type: pdf Inside Days stats.pdf   969 KB | 1,994 downloads
One Chart is Worth Ten Thousand Words.
  • #16,453
  • Dec 8, 2008 1:23pm Dec 8, 2008 1:23pm
daily pin with a trend, time to close longs....
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  • #16,454
  • Dec 8, 2008 1:34pm Dec 8, 2008 1:34pm
LOL. You feeling better mike? my wife came down with it yesterday which usually means i am next.

Quoting mbqb11
scrooge?! I think most of us think you are Santa Clause with this stuff!
  • #16,455
  • Dec 8, 2008 1:49pm Dec 8, 2008 1:49pm
Quoting james16
LOL. You feeling better mike? my wife came down with it yesterday which usually means i am next.
uh oh, all my friends are sick now too

I still have it in the head but at least no more fever/sore throat.

Hope you don't get it and thanks for asking


Mike
  • #16,456
  • Dec 8, 2008 2:26pm Dec 8, 2008 2:26pm
i just always want people to know that i realise its hard. i lost almost 300 thousand dollars (somewhere in that range) in 8 years from around 1984 to 1993. There IS a reason why stats show a 95 percent failure rate in this business.

I came to the conclusion long ago that its not due to the inability to find a method that works. Its mainly a total mental disconnect with reality. Common sense just disappears. The fact that a person can learn this business without risking a dime makes that stat even more crazy.

The single biggest reason for failure IN MY OPINION IS overtrading and the single biggest reason for overtrading is a small account.

You can cure most people of overtrading by simply giving them a large account. Of course they have to get the large account themselves and its almost impossible for most people to save 50 grand while demoing.

Trading becomes infinitly easier when you no longer need to take more than 2 or 3 great set ups a month which nets you a large sum. trading is very difficult when you follow your rules and it nets you a hundred bucks a month or less.

You must make a decision.

1. I will demo for as long as it takes to save the sum for a large account.
2. I will somehow force myself to only take the best set ups even though it means almost nothing money wise.

The key to success by many in this thread over the years and also mine years ago was/is.

1. a large account.

2. day trading OFF OF A DAILY CHART (if necessary based on a possible retrace of an initial move) and if not working the move for a swing or position trade if we bust some early s/r.

3. learn to use side to side support and resistance ( j16 pivot zones if you wish) to manage your trades and allow them to be the basis for whether its a day/swing or position trade.

4. simple good common sense money management/risk profile.

Now im gonna make the kind of statement you very rarely ever see me make.


Take what i just posted and go watch the videos. (free ones if your not a member) and you now have a better chance of success than your ever going to find anywhere else and i dont give a rats ass what it costs.

Jim




Quoting jarroo
The sad thing is that some will read this, agree with it and chose to ignore it. Only after many losses and/or accounts will they say "Now what was that thing that James16 guy was talking about? Oh yeah, maybe I'll take this a little more seriously".

Ok maybe it was just me.

Thanks again Jim for all that you do.

Jim
  • #16,457
  • Dec 8, 2008 2:48pm Dec 8, 2008 2:48pm
Quoting jarroo
The sad thing is that some will read this, agree with it and chose to ignore it. Only after many losses and/or accounts will they say "Now what was that thing that James16 guy was talking about? Oh yeah, maybe I'll take this a little more seriously".

Ok maybe it was just me.

Thanks again Jim for all that you do.

Jim
A friend of mine started trading FX a few weeks ago. I told him about J16 thread and pointed to some key posts. Nevertheless, like all newbies, he was keen on action and jumped straight into... M1. After bad results (surprise, surprise), he moved to M5, then M15, now to H1. H4 is next. Some people get it sooner, some later, some never.

Sadly, by the time most new traders could have realised their mistake and understand what Jim was really trying to tell them with great pantience (well, not just trying, but spoon-feeding like a caring mother ), it's too late: they lose eother all their money or their interest in FX.

Maybe it's a good thing - it's the winner who takes it all (according to ABBA ). Loosers must somehow be "left behind". As for Jim, he's doing a terrific job, yet one can only lead a horse to water... Jim, don't get upset when some horses choose to die of thirst near the lake.
One Chart is Worth Ten Thousand Words.
  • #16,458
  • Dec 8, 2008 2:49pm Dec 8, 2008 2:49pm
Quoting james16
i just always want people to know that i realise its hard. i lost almost 300 thousand dollars (somewhere in that range) in 8 years from around 1984 to 1993.
That's one hell of an expensive learning curve !
  • #16,459
  • Dec 8, 2008 2:59pm Dec 8, 2008 2:59pm
Quoting willf
That's one hell of an expensive learning curve !
That's actually quite normal for successful traders. I've heard of stories of guys living in their cars... just to be successful at trading.

Jim isn't BS'ing you when he says that... I know I've spent a lot of money in education as well... I almost loss my marriage over it.

You either get it or you don't. Sooner or later you go through so much pain that you either ruin your life, or you become successful. I dropped 16K in two days one time. Even to this day I can still remember the feeling of my heart in my stomach... it'll never happen again.
Mr. Trend
  • #16,460
  • Dec 8, 2008 3:00pm Dec 8, 2008 3:00pm
YES!!!!!!!!!!!!!!!!!!. WELL PUT.

JIM

Quoting Forex007
A friend of mine started trading FX a few weeks ago. I told him about J16 thread and pointed to some key posts. Nevertheless, like all newbies, he was keen on action and jumped straight into... M1. After bad results (surprise, surprise), he moved to M5, then M15, now to H1. H4 is next. Some people get it sooner, some later, some never.

Sadly, by the time most new traders could have realised their mistake and understand what Jim was really trying to tell them with great pantience (well, not just trying, but spoon-feeding like a caring mother ...
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