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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

  • #18,901
  • Jan 16, 2009 3:25pm Jan 16, 2009 3:25pm
Quoting james16
This is an update to the first post of this thread on 1/14/09. This thread was started long ago when Forex Factory was a much smaller place. It was unusual at that time to see more than 20 people online at any given time. My how times have changed.

This thread has changed my life in many many ways and it has changed many others as well if my email inbox is any indication. This thread is about helping people learn to trade with a simple method BUT MORE IMPORTANTLY its about providing a kind and non-threatening place for beginners. There is literally...
Goodday Sir, this the first time i am ever going to post anything on forex factory ( i guess you could say i was afraid of embarassing myself by saying something dumb infront of everybody) but i dont care about anymore because you have made me realize this is MY business and its success or failure depends totally on me, so as from this year, i will ask the most "STUPID" questions, so far as i can get answers. i have been trading forex actively now for about a year with a little bit of sucess. i still cant place my hand on any particular method that i use to trade but i have imbibed the fundamentals rules laid down by traders such as you and PeterFM (who i'll forever be indebted to cos he changed the way i viewed forex) and im proud to say that i havent blown any of my accounts (live and demo) , even though i havent also made any tangible profits (i know it sounds funny)
I honestly dont know why im posting this article but i know i have so many questions that need answers, the problem is i dont quite know how to put these questions in my head on paper but im sure with time, it'll begint to flow naturally. One thing i do want to say though is this, i have an unquenchable thirst to succeed in Forex, i want to be the best. i know its gonna take a long time and the road is gonna be an ardous one but i am ready to do whatever it takes. i wud like to quote you "The ultimate goal of any trader is to build an account to a size where just a few good trades a month produces a staggering income. Hardly anyone ever gets there because they don't treat it as a business. They do stupid things that they would never do in any other area of their life and it's because of the money that can be made. If it takes you a couple of years or even five or ten to reach the level of a staggering income, is it worth it? The choice is yours." i have made my choice and my answer is YES.
  • #18,902
  • Jan 16, 2009 3:50pm Jan 16, 2009 3:50pm
Welcome Samwise!

No one in this thread will think or call you or anyone stupid for asking any question. When someone comes in and does treat people like that we kick their butt. They are NOT tolerated.

So ask away!

Quoting samwise
Goodday Sir, this the first time i am ever going to post anything on forex factory ( i guess you could say i was afraid of embarassing myself by saying something dumb infront of everybody) but i dont care about anymore because you have made me realize this is MY business and its success or failure depends totally on me, so as from this year, i will ask the most "STUPID" questions, so far as i can get answers. i have been trading forex actively now for about a year with a little bit of sucess. i still cant place my hand on any particular method...
Bundy's status today: "Waiting..."
  • #18,903
  • Jan 16, 2009 3:50pm Jan 16, 2009 3:50pm
Quoting senorsam21
As it is, I started my three months Jan 1. I'm up 5% so far. Hope to make it to 10%. I've been demoing for about 9 months so far. Not one of them was profitable. But I started using the James16 method this time... so far so good.
i live to see these posts. here is yet another person that is serious about his new business and desperatly wants it to succeed.

WHO CARES ABOUT THE NON SERIOUS PEOPLE? I DONT.
THATS WHO WE MAKE OUR MONEY FROM AND THEY DONT DESERVE SUCCESS ANYWAY .

that may sound harsh but thats life baby.


jim
  • #18,904
  • Jan 16, 2009 3:50pm Jan 16, 2009 3:50pm
Quoting Interceptor
Hi Sam
The indicator box is a hangover from a previous trading regime.
It's called the 'Probability Meter', and it gives you a reading off a basket of indicators(MACD, stochs, RSI etc) for the pair in question. Also, it displays the indice strength against a basket of currencies, and the currency pair range. I've found it to be strongest as a momentum indicator-when it hits 90%+ launch all missiles!.
I'm weaning myself off it at the moment.
Interesting... I really want it... it looks so pretty and shiny. Don't give it to me. I beg you.
  • #18,905
  • Jan 16, 2009 3:55pm Jan 16, 2009 3:55pm
Quoting james16
i live to see these posts. here is yet another person that is serious about his new business and desperatly wants it to succeed.

WE DONT WANT THE NON SERIOUS PEOPLE TO SUCCEED. THATS WHO WE MAKE OUR MONEY FROM.

that may sound harsh but hey thats life baby.

jim
Hey Jim... how did you know I was desperate? A mind-reader this one. That's why he's so good right? No.

I've got three years left as of yesterday in the Air Force. I'd like to be done with it then and spend some time with my family. I'd like to do it as a trader. Time will tell.
  • #18,906
  • Jan 16, 2009 4:03pm Jan 16, 2009 4:03pm
i can always feel that in people because i have known desperation in this business beyond comprehension. you guys are my heroes because you keep me and my family free and safe. if we dont have freedom and safety then we have nothing.

thank you sir,

jim

Quoting senorsam21
Hey Jim... how did you know I was desperate? A mind-reader this one. That's why he's so good right? No.

I've got three years left as of yesterday in the Air Force. I'd like to be done with it then and spend some time with my family. I'd like to do it as a trader. Time will tell.
  • #18,907
  • Jan 16, 2009 4:06pm Jan 16, 2009 4:06pm
lol see im human also. my first thought was ooohhh i want to play with it!!!!

indicatoirs are not evil you just have to learn how to use them as confirmation of bar analysis and location.

jim

Quoting senorsam21
Interesting... I really want it... it looks so pretty and shiny. Don't give it to me. I beg you.
  • #18,908
  • Jan 16, 2009 4:10pm Jan 16, 2009 4:10pm
WELCOME HOME SAM!!! LOL.

YOU WILL FIND HELP HERE SAM AND THERE ARE NO DUMB QUESTIONS.

JIM

Quoting samwise
Goodday Sir, this the first time i am ever going to post anything on forex factory ( i guess you could say i was afraid of embarassing myself by saying something dumb infront of everybody) but i dont care about anymore because you have made me realize this is MY business and its success or failure depends totally on me, so as from this year, i will ask the most "STUPID" questions, so far as i can get answers. i have been trading forex actively now for about a year with a little bit of sucess. i still cant place my hand on any particular method...
  • #18,909
  • Jan 16, 2009 4:12pm Jan 16, 2009 4:12pm
I havnt spent this much time in this thread in years and MB aint no where to be seen.

Must have a new girlfriend or something.

  • #18,910
  • Jan 16, 2009 4:16pm Jan 16, 2009 4:16pm
Quoting james16
I havnt spent this much time in this thread in years and MB aint no where to be seen.

Must have a new girlfriend or something.

lol never far, don't want to steal your spotlight
  • #18,911
  • Jan 16, 2009 4:16pm Jan 16, 2009 4:16pm
For the newer people out there, let me introduce myself. I am clockwork71 (Chris), a Senior Member of the James16 group. In a nutshell, it means I have joined the group, understand the material, and was given my own forum in the private area. I make videos, etc.

Think of me as middle management!

Ok, now that's out of the way....

I would highly recommend something to you newer guys/girls out there. There is a "mystique" surrounding Forex trading. Those guys that make all the money are "superhuman" or something. You get bombarded with all the hyped-up stats and "results". But to be honest, we have one friend in the end: Plain, boring, old-fashioned compound interest.

One non-trading exercise that I started to work on in the beginning of my J16 tenure was to work with spreadsheets. Fijitrader, (a mysterious guru-guy in our group who actually traded his way to living in Fiji...) has a lot of information about this very topic. As I began to "tinker" with them, a few minor things hit me.

1) Compound Interest tends to have a point that is "critical mass" - at a point, it tends to "explode". This is our dream.

2) Normal working-class idiots like myself can obtain large amounts of money from seemingly small amounts, with time, interest, and reinvestment.

What I mean by this is that if you are a normal person, and can only start with something like $2000, it's alright. But this means you might need help to get along. Perhaps you get 3 months profitable in a row. Great! You are now up $300. (an example.) Why not add another $300 to your account out of your pocket to compound your principal?

With a little creative spreadsheet working, you can see how much this little "bump" can help. The truth is it's going to be very hard to make $2000 turn into $20 Million. But if you add to the pool of money getting compounded, it becomes a little more obtainable. (20 million is a stretch, but you get my point.)

As for some of the crazy claims out there on returns.....let me put it this way:

If your managed retirement account gets 20% a year, you are very, very, happy. And those guys are professionals. Some out there have actually given me grief about "only" getting 4% a month.

A quick example.....$500 turns into $54,000 in 10 years at 4% a month. Not a bad return. Imagine what it does with a larger amount of money. Remember this the next time you are reading someone that gets "15% a week." There are plenty of those guys that post on forums. Those people are who I refer to as liquidity. Their testosterone is what will cost them money and accounts in the end. It's about keeping a calm, cool head. (This is coming from someone who actually lead the entire state in penalty minutes in Ice Hockey at the High School level. 2 years in a row.)

I know you have heard it before, but trading really isn't an exciting endeavor. It's not a contact sport. In fact, if you are trading daily or 4 hour charts, (LIKE MOST OF YOU SHOULD BE.) you should be able to put on a trade - set your stops, and leave the house.

My opinion is that you can do nothing but screw up a trade if you watch it. Trust me, Murphy's Law.

Ok, off the soapbox. Sorry gang!

Clockwork71
  • #18,912
  • Jan 16, 2009 4:16pm Jan 16, 2009 4:16pm
WANT A GOOD LAUGH? SECOND PICTURE IS MADONNA

http://www.foxnews.com/story/0,2933,480043,00.html
  • #18,913
  • Jan 16, 2009 4:17pm Jan 16, 2009 4:17pm
Quoting james16
I havnt spent this much time in this thread in years and MB aint no where to be seen.

Must have a new girlfriend or something.

Mikey likes girls?

  • #18,914
  • Jan 16, 2009 4:19pm Jan 16, 2009 4:19pm
Quoting scott087
It's live and I'm only risking between 1-2% per trade. I saw the nice bullish pin that formed on the 4 hour this morning which gave me some confidence.

Also, why do you say that he would have chosen a different pair than this one (which he did..he took NZD/JPY rather than NZD/USD)

Thanks!
No that was just a pure coincidence that he did. lol

I only gave that comment because I'm super picky. I just expected that there would be another pair at the same time that suited that pickiness.
I don't want to make you question yourself because of that.

All the pairs have some kind of correlation or another. ...As you know... As an example: Often all the yen pairs will show a bullish sign, or a bearish sign together.
...You trade the pair that gives the best placement and has the most confluences and has the most room to move to that TP. ....see what I mean??

I wouldn't get yourself in too much of a twist over your selection this time. There wasn't that much wrong with it.

Chart showing fib line that has so far stopped it (We probably should have watched that one) .....
Attached Image
Bundy's status today: "Waiting..."
  • #18,915
  • Jan 16, 2009 4:19pm Jan 16, 2009 4:19pm
Quoting james16
I havnt spent this much time in this thread in years and MB aint no where to be seen.

Must have a new girlfriend or something.

LOLOLOL
didnīt he say he wanted to delay that for some time..?
oh well, they always appear when least expected.

Enjoy Mike!
RM
  • #18,916
  • Jan 16, 2009 4:20pm Jan 16, 2009 4:20pm
i know its always a risk to judge that but ive seen pictures of mikey. he just looks like a ladies man.

Quoting clockwork71
Mikey likes girls?

  • #18,917
  • Jan 16, 2009 4:21pm Jan 16, 2009 4:21pm
Quoting Rainmaker
LOLOLOL
didnīt he say he wanted to delay that for some time..?
oh well, they always appear when least expected.

Enjoy Mike!
RM
jeez I'm only 25 not getting married in my prime
  • #18,918
  • Jan 16, 2009 4:24pm Jan 16, 2009 4:24pm
Quoting mbqb11
jeez I'm only 25 not getting married in my prime
...You just KNOW how much your going to be worth when that 50-50 split comes along. That's all. lol
Bundy's status today: "Waiting..."
  • #18,919
  • Jan 16, 2009 4:26pm Jan 16, 2009 4:26pm
Quoting james16
i know its always a risk to judge that but ive seen pictures of mikey. he just looks like a ladies man.
wow J16 thread turning into compliment mikey thread. Now were talking
  • #18,920
  • Jan 16, 2009 4:26pm Jan 16, 2009 4:26pm
Quoting bundyraider
...You just KNOW how much your going to be worth when that 50-50 split comes along. That's all. lol
Mike: " Hmmmm.... that's a potential %50 draw down. ...Better not marry..."
Bundy's status today: "Waiting..."
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