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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

  • #17,481
  • Dec 23, 2008 7:57pm Dec 23, 2008 7:57pm
there is gold in this post and the one that rac posted that prompted it.

what is that gold?

simply this....

there is only one way to get to a point where things are working for you and its not by chasing down every nuance and different thought in this thread. its by simply taking the very simple methods taught here and spending several months demoing, refining and perfecting what works best for YOU.

YOU HAVE TO DO IT YOURSELF.

JIM

Quoting bundyraider
Amen!!

I personally approach it from an arrogant point of view and stubbornly hold to my own thoughts on set ups. LOL

It's always worth taking note of what others are saying though, because you often do find something you missed on a chart and there's also no end to the learning.
  • #17,482
  • Dec 23, 2008 8:13pm Dec 23, 2008 8:13pm
Thanks James, I can proudly say that because of what I have learned in the last few years here and in the private PF, I am now taking that next step in my business.
Merry Christmas and a Happy New Year to all of the James16 family!

Dion
  • #17,483
  • Dec 23, 2008 8:22pm Dec 23, 2008 8:22pm
Wish you all Safe Merry X'mas and Happy New Year
See ya all after holidays
Hope 20'09 will ROCK, Jim you are correct, even using your method some can lose money, but some will definitely bank huge sum, Thanks for this thread, you are a LEGEND!!

ALM
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #17,484
  • Dec 23, 2008 8:27pm Dec 23, 2008 8:27pm
Quoting james16
the thing to remember is that two people can take an identical entry and one will lose and the other will win. the variables to trading are endless. anyway what does everyone think. jim

Hi, folks.
Just mulling over the above statement and am wondering as newbies do, Wonder wonder hmmm. Is this because the EXIT and not the entry is where the trade is made or lost?

May your all your Xmas stockings be full of beautiful women.
Starting to see instead of just looking.
  • #17,485
  • Dec 23, 2008 9:17pm Dec 23, 2008 9:17pm
I recommend watching the latest video uploaded by James located in the Guest section of the James16 Group website. The video should clear things up.

Scott

Quoting Rastaman
Hi, folks.
Just mulling over the above statement and am wondering as newbies do, Wonder wonder hmmm. Is this because the EXIT and not the entry is where the trade is made or lost?

May your all your Xmas stockings be full of beautiful women.
  • #17,486
  • Dec 23, 2008 9:40pm Dec 23, 2008 9:40pm
Quoting Rastaman
Hi, folks.
Just mulling over the above statement and am wondering as newbies do, Wonder wonder hmmm. Is this because the EXIT and not the entry is where the trade is made or lost?

May your all your Xmas stockings be full of beautiful women.
I firmly believe that trade management and position size are far more important than ANY entry criteria. Dr. Van Tharp proved this with his coin experiment, where he set up criteria for position size and exiting. The entry was based on the flip of a coin, ex. heads long tails short, and every time he exited a position he had to flip the coin and re-enter. His experiment produced a positive expectancy.
  • #17,487
  • Dec 23, 2008 9:45pm Dec 23, 2008 9:45pm
Quoting HipsterPipster
I firmly believe that trade management and position size is far more important than ANY entry criteria. Dr. Van Tharp proved this with his coin experiment, where he set up criteria for position size and exiting. The entry was based on the flip of a coin, ex. heads long tails short, and every time he exited a position he had to flip the coin and re-enter. His experiment produced a positive expectancy.
do u know happen to know what his criteria for exiting/position size,ect was?
  • #17,488
  • Dec 23, 2008 9:51pm Dec 23, 2008 9:51pm
Have a merry Xmas and a great 2009 everbyody!
I believe . . .
  • #17,489
  • Dec 23, 2008 10:03pm Dec 23, 2008 10:03pm
Quoting Clouds
do u know happen to know what his criteria for exiting/position size,ect was?
Tharp worked with market wizard Tom Basso. "Our system was very simple. We determined the volatility of the market by a 10-day exponential moving average of the average true range. Our initial stop was three times that volatility reading. Once entry occurred by a coin flip, the same three-times-volatility stop was trailed from the close. However, the stop could move only in our favor. Thus, that stop moved closer whenever the markets moved in our favor or whenever volatility shrank. We also used a 1 percent risk model for our position-sizing system...", "The system was tried in 10 markets.... and had a reliability level of 38 percent, which is about average for a trend-following system."page 253-254,

Trade Your Way to Financial Freedom, by Van K. Tharp.
  • #17,490
  • Dec 24, 2008 1:01am Dec 24, 2008 1:01am
Hi peoples !!!

Ok I have a christmas present for you. Whilst the pips are away get into some backtesting.

Here is a really good trading simulator for all you Metatrader users. So go on, get into it, do some work and come back mid Jan with some of your own hard work behind you...I'll be doing the same....

Here is the link (thanks to Thunderwolf on another thread), it contains all the instructions for loading and getting started.

http://www.forexfactory.com/showthre...or#post2022904

Merry Christmas, ho ho ho

From Santa
  • #17,491
  • Dec 24, 2008 1:40am Dec 24, 2008 1:40am
Quoting GetSmart
Hi peoples !!!

Ok I have a christmas present for you. Whilst the pips are away get into some backtesting.

Here is a really good trading simulator for all you Metatrader users. So go on, get into it, do some work and come back mid Jan with some of your own hard work behind you...I'll be doing the same....

Here is the link (thanks to Thunderwolf on another thread), it contains all the instructions for loading and getting started.

http://www.forexfactory.com/showthre...or#post2022904

Merry...
What exatly is this? some kind of a record for your trades or what?
I believe . . .
  • #17,492
  • Dec 24, 2008 1:54am Dec 24, 2008 1:54am
Quoting ghous
What exatly is this? some kind of a record for your trades or what?
Hi Ghous,

No its a backtester for Metatrader. Its an Expert Advisor that can run on any timeframe on any pair. so you could set it for a eurusd chart, say daily and get it to run from 1st Jan 2001 to now at whatever speed you wish. So you could see a daily bar form in a minute or 5 minutes or whatever. When you run it, it will create another chart....hope this makes sense. Just follow the instructions and install it and play around with it...ask more questions after that...as it will become more obvious after you have some exposure to it..

Regards,

Joe

ps. It runs on historical price, it is not for live trading, just backtesting on historical price
  • #17,493
  • Dec 24, 2008 2:57am Dec 24, 2008 2:57am
Quoting GetSmart
Hi Ghous,

No its a backtester for Metatrader. Its an Expert Advisor that can run on any timeframe on any pair. so you could set it for a eurusd chart, say daily and get it to run from 1st Jan 2001 to now at whatever speed you wish. So you could see a daily bar form in a minute or 5 minutes or whatever. When you run it, it will create another chart....hope this makes sense. Just follow the instructions and install it and play around with it...ask more questions after that...as it will become more obvious after you have some exposure to it..

Regards,...
Ghous, you feel like trading live, but with price movement actually happened in the history. Can be used for training yourself! As you were so worried that all traders are doing everything except trading (that caused lack of volatility), when you want to trade fulltime

ALM
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #17,494
  • Dec 24, 2008 3:20am Dec 24, 2008 3:20am
Quoting biatche
TiaForex:
My goal is to earn money as fast as possible.

I have the whole day and so I'm more leaning towards 5-15min TF.

My purpose is then to obtain the important points of this method as soon as possible so that I can move on.

I'm growing old. I'm 26, and I can feel it.

all I dream of is living in a better place

Chances are, either I get myself going realllll fast.... or I'll be 40 by the time I get rich enough to move anywhere.
With this mindset, I give you 30 days. That's probably being generous. These are the famous last words of most traders...except for the "old at 26" comments... which reminds me of a little boy who once told his Dad that he saw this "old man" doing this and that, and his Dad asked him, "How old was this "old man?", and the little boy responded, "30."
Mr. Trend
  • #17,495
  • Dec 24, 2008 3:25am Dec 24, 2008 3:25am
Quoting jarroo
Here's an interesting point about checking higher time frame Price Action when playing on lower time frames, even on the Daily.

The Pin Bar on the Eur/Chf in blue (forget about the preceeding Price movement in purple).

Pin Bar looks good. Location is at a swing Low, at PPZ level, top of the PB is above a round number, etc. Price never broke the top of the Pin Bar so the trade would have never taken place. But what if Price did break the top? Let's look at the Weekly . .

The Weekly BEOB should have you thinking that the Daily Pin Bar may...
True. However, what if that precediing weekly BEOB was 800 pips long? You could easily play the daily (with levels of S&R) for a particular pair and still be in good shape. This is where the nuances of trading PA come into play and experience is important. Especially in this case when 60-70% of the time the bar following the engulfing bar pullsback to 50 or 61.8... (which is where I pull the trigger to go short)
Mr. Trend
  • #17,496
  • Dec 24, 2008 3:30am Dec 24, 2008 3:30am
Quoting raczekfx
My next swing positions are/will be on ... g/j ...
Loooooong....

At least that's where my money is going... well, I don't know yet, but I'm pretty confident...
Mr. Trend
  • #17,497
  • Dec 24, 2008 3:39am Dec 24, 2008 3:39am
Quoting Mr Trend
Loooooong....

At least that's where my money is going... well, I don't know yet, but I'm pretty confident...
Mr. Trend,

Ive question for you. Since there is no big move due to christmas, how you determine that there will be a move to the north.

Actually, im having a same tought with you but i need your explanation.

regards
  • #17,498
  • Dec 24, 2008 3:46am Dec 24, 2008 3:46am
Quoting Mr Trend
With this mindset, I give you 30 days. That's probably being generous. These are the famous last words of most traders...except for the "old at 26" comments... which reminds me of a little boy who once told his Dad that he saw this "old man" doing this and that, and his Dad asked him, "How old was this "old man?", and the little boy responded, "30."
lol. It's like when 7 YOs etc say " I remember when I was a little kid..."

Like they say 40 is the new 30. 50 is the new 40 etc etc.

...Or as I like to say "You're only as old as the women you feel!"
Bundy's status today: "Waiting..."
  • #17,499
  • Dec 24, 2008 4:00am Dec 24, 2008 4:00am
Me too wants to wish everyone and especially James16 & the oldtimers a wonderful christmas & new years eve!

This thread and the group is gold! absolutely!

Thank u all and have a great time!

All the best from the bottom of my heart!

Cya next year guys&gals !
  • #17,500
  • Dec 24, 2008 4:16am Dec 24, 2008 4:16am
A happy and safe Christmas & New Year to all my J16 brothers & sisters and everyone here on the forum.....hope you have a great and profitable 2009
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