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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

  • #20,321
  • Feb 3, 2009 5:52pm Feb 3, 2009 5:52pm
Quoting Jduester
As I'm catching up on this thread, I sporadically come across little stories of people... Just read about Wizard getting struck by lightning!
I remember that story when I was trying to get through the thread and it had only 500 something pages. Did you find the story about the first time James16 took a drink? These stories are the surprises hidden in the cracker jack box that make it worth getting through the whole thread.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #20,322
  • Feb 3, 2009 6:06pm Feb 3, 2009 6:06pm
Quoting Thexder
I remember that story when I was trying to get through the thread and it had only 500 something pages. Did you find the story about the first time James16 took a drink? These stories are the surprises hidden in the cracker jack box that make it worth getting through the whole thread.
Haven't ran into that one yet. Will look forward to it. Found Mike's picture playing beer pong though.

I'm up to post 6810, page 455.

Gonna get a little sleep before we get back to it...

Josh
  • #20,323
  • Feb 3, 2009 7:23pm Feb 3, 2009 7:23pm
i have a question for the members of james16 website

i spent countless hours studying price action and am still not that good at it...i heared james16 is the best place to learn pa

i wanted to ask "newbies" who joined...did you learn pa from the site ?

do i have to know bar chart to learn about pa in james16 site? (i saw in the guest video only bar charts...AND I HATE BAR CHARTS !!)

thank you for reading my post
  • #20,324
  • Feb 3, 2009 7:35pm Feb 3, 2009 7:35pm
Quoting koolo
i have a question for the members of james16 website

i spent countless hours studying price action and am still not that good at it...i heared james16 is the best place to learn pa

i wanted to ask "newbies" who joined...did you learn pa from the site ?

do i have to know bar chart to learn about pa in james16 site? (i saw in the guest video only bar charts...AND I HATE BAR CHARTS !!)

thank you for reading my post
Though I'm not members of J16 PF (assuming this what you mean). I learned a lot from J16 PA, even though I'm still not good at it. But, even Rome was not built in one day. Same apply to trading, you get good at it by time and the right practices. BTW, this public forum is good enough before you venture into PF. I'm also thinking of going into PF, but must prove to myself first that I'm good at this. If not, PF would not bring any help if I don't understand plain stuff.

About the bar charts, it really doesn't matter. Candle and bar chart is the same just candle has filled bar (body) between the open and the close. Bar chart, just represented by small line on the left and right. It's the same. Seriously the same LOL the only chart that has different is line chart.
  • #20,325
  • Feb 3, 2009 7:58pm Feb 3, 2009 7:58pm
koolo let me be honest with you. the only way you could spend countless hours at pa and not be good at it is because your trying to learn/understand more than is necessary.

you can practice one or two pa set ups with just a simple understanding of s/r for one month and apply that knowledge with a super picky entry attitude on longer term charts and be a better trader than most.

saying you hate bar charts confuses me.

you like candles i suppose. they are the exact same thing they just look different. they are providing the same exact information and bar charts WILL ALWAYS be better than candles when it comes to simplicity.

if you dont mind me saying so your trying to do what all traders do.

your trying to make something inherently simple complicated.

jim





Quoting koolo
i have a question for the members of james16 website

i spent countless hours studying price action and am still not that good at it...i heared james16 is the best place to learn pa

i wanted to ask "newbies" who joined...did you learn pa from the site ?

do i have to know bar chart to learn about pa in james16 site? (i saw in the guest video only bar charts...AND I HATE BAR CHARTS !!)

thank you for reading my post
  • #20,326
  • Feb 3, 2009 8:05pm Feb 3, 2009 8:05pm
Quoting koolo
i spent countless hours studying price action and am still not that good at it...
Hours won't cut it. You'll need to put in months/years. Just like any other skillful profession.

If you're not comfortable with bar charts, and this is holding you back, it does sound like you need to put the time in.

I don't even really notice difference now between candles/bars, i've got bigger things to worry about. Bars vs Candles should not be something that worries you.

A fantastic place to start though is this thread, and the help that resides within. Read it, re-read it. Lap it up.
  • #20,327
  • Feb 3, 2009 8:07pm Feb 3, 2009 8:07pm
Quoting arcus
Though I'm not members of J16 PF (assuming this what you mean). I learned a lot from J16 PA, even though I'm still not good at it. But, even Rome was not built in one day. Same apply to trading, you get good at it by time and the right practices. BTW, this public forum is good enough before you venture into PF. I'm also thinking of going into PF, but must prove to myself first that I'm good at this. If not, PF would not bring any help if I don't understand plain stuff.

About the bar charts, it really doesn't matter. Candle and bar chart...
I agree with you here Arcus. I'm also concidering joining the PF but haven't done so yet for similar reasons.
As regards learning PA, I think you can spend countless hours staring at charts without actually knowing what it is you are looking at. And this thread has helped/is helping me to better understand that and as a result I am finding it a lot easier to identify the higher probability setups which inturn leads to successful trades, and to filter out all the crap.
I still have a long way to go but I feel my trading has really improved since I comitted myself to the teachings of this thread.
If you are serious about trading PA you could do a lot worse than starting at page 1 and keep going.
Oh and I don't like bar charts either - candles are much prettier.

Steve.
"The more I practice, the luckier I get." (Gary Player)
  • #20,328
  • Feb 3, 2009 8:36pm Feb 3, 2009 8:36pm
Quoting james16
koolo let me be honest with you. the only way you could spend countless hours at pa and not be good at it is because your trying to learn/understand more than is necessary.

you can practice one or two pa set ups with just a simple understanding of s/r for one month and apply that knowledge with a super picky entry attitude on longer term charts and be a better trader than most.

saying you hate bar charts confuses me.

you like candles i suppose....
James,
would I be correct in saying that 95% of traders KNOW trading is difficult. But the 5% who are successful have realized it doesn't have to be.

Steve.
"The more I practice, the luckier I get." (Gary Player)
  • #20,329
  • Feb 3, 2009 8:40pm Feb 3, 2009 8:40pm
Quoting mrsingha
James,
would I be correct in saying that 95% of traders KNOW trading is difficult. But the 5% who are successful have realized it doesn't have to be.

Steve.
It sounds like something Jim would say. lol

Nice one Steve.
Indicators show the past. Price Action "Indicates" the future.
  • #20,330
  • Feb 3, 2009 9:03pm Feb 3, 2009 9:03pm
Quoting koolo
i have a question for the members of james16 website

i spent countless hours studying price action and am still not that good at it...i heared james16 is the best place to learn pa

i wanted to ask "newbies" who joined...did you learn pa from the site ?

do i have to know bar chart to learn about pa in james16 site? (i saw in the guest video only bar charts...AND I HATE BAR CHARTS !!)

thank you for reading my post

I've been a member for over 7mths at J16. I didn't learn PA from the site but I did refine how I look at PA there. What I mean is that PA is only part of the puzzle. Location, money management, stops, Take profit, psychology (the list goes on and on) are the rest of the puzzle of making you a successful trader. You learn all that at J16 and you almost have you hand held as you learn the process with the help of the senior members.

This is not a plug you will either join and then wonder why you put it off for so long(me after 3 other different pay sites) or you don't and you'll look somewhere else.

As for the bar charts I don't use them either I prefer candle sticks. Its a visual thing but they both have the same information. A lot of members at J16 use one or the other or both so its never really a problem.

good luck with your progression in trading whatever path you follow
  • #20,331
  • Feb 3, 2009 9:06pm Feb 3, 2009 9:06pm
Quoting jarroo
It sounds like something Jim would say. lol

Nice one Steve.
You humble me sir.
"The more I practice, the luckier I get." (Gary Player)
  • #20,332
  • Feb 3, 2009 9:09pm Feb 3, 2009 9:09pm
James, you've been recently explaining pin bars, what's your opinion on this one. Could you apply your grade scale to it?
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  • #20,333
  • Feb 3, 2009 9:49pm Feb 3, 2009 9:49pm
Quoting laromanell
James, you've been recently explaining pin bars, what's your opinion on this one. Could you apply your grade scale to it?
from newbie's point of view , i think it's in a traffic. IB in my chart, but I keep out

http://clip2net.com/clip/m11384/1233726496-clip-8kb.png
  • #20,334
  • Feb 3, 2009 9:49pm Feb 3, 2009 9:49pm
wow one of those posts that could get my juices flowing.

everyone thought the world was flat until they sailed over the "edge".

you would be correct mr sing.

let me ask all of you something.

is a real trader someone that takes 2 or 3 trades a month and goes months without a loss?

is a real trader someone that trades 1 hour and sits up all day and night losing all of there money over and over?

is a real trader someone that takes 20 trades a day trying to eek out a living after taxes and commissions?

being a real trader does not mean a thing to me. i am only interested in one thing. am i succesful trader? is how im trading producing consistent positive results and making money AND is it working in all market conditions. sideways and trending?

am i consistently taking money out pf the market and does my method allow me to ignore market condition or movement?

im not interested personally in trying to win 60 percent of the time and using good MM to make it work.

im interested in going months without a loss and days if not weeks if im daytrading.

markets change and if you dont use a method that can ignore market changes and win a very high percentage of the time your going to lose EXPECIALLY if your daytrading.

trading is hard for those of you with small accounts and a lack of dicipline. dont feel bad ive been there.

trading is not hard for those with large accounts because when 2 or 3 trades a month makes you 200 pips total and its worth more than what your regualar job pays in a year waiting and being diciplined is easy.

i heard rob booker say one time that virtually every system ever developed could be succesful if an ultra disciplined approach was used and only 2 or 3 of the best set ups a month were taken. i agree but with one addition.

lets go back to the 2 or 3 trades a month statement i made earlier. YOU MUST UNDERSTAND BEING STOPPED OUT AT BREAKEVEN IS NOT A BAD THING.

i rarely let a trade run off of a DAILY chart more than 30 or so pips without moving my stop to breakeven and taking some profit. because i am ultra ultra picky its almost a 100% garuntee that im rarely going to lose trading like that.

whats going to happen is this. im going to get stopped out a lot but when that 1 in 5 runs for a 100 pips or more im going to bank 10 or 20 grand.

i took 3 trades in january and all were winners. 1 of them i posted here. they were dirt simple high odds trades. 2 of the 3 i took partial profit at roughly 30 to 40 pips and was stopped on the rest. 1 of them ran i think about 100 pips to a strong s/r area and i got out.

i daytrade the mini dow with the same thought process. where most are taking 15 trades a day im taking 1 or 2 if that.

it is VERY VERY difficult for a small account holder to trade like this. I
KNOW FROM EXPERIENCE.

very very few people trade like i do.

im not worried about ratios or winning percentages.

im focused on not losing.

not losing is not hard if your focus is directed with common sense and refusing to let a winner turn into a loser. trading just to trade is not common sense and hoping for more is how you let winners turn into losers.

i will take my 2 or 3 forex trades a month along with my other ultra careful trading and keep waking up every morning with the freedom to do what i want.

jim







Quoting mrsingha
James,
would I be correct in saying that 95% of traders KNOW trading is difficult. But the 5% who are successful have realized it doesn't have to be.

Steve.
  • #20,335
  • Feb 3, 2009 10:05pm Feb 3, 2009 10:05pm
Wise words James.
It don't matter how many pips you take. It's what you've got on 'em that counts!

Steve.
"The more I practice, the luckier I get." (Gary Player)
  • #20,336
  • Feb 3, 2009 10:07pm Feb 3, 2009 10:07pm
Quoting james16
wow one of those posts that could get my juices flowing.

everyone thought the world was flat until they sailed over the "edge".

you would be correct mr sing.

let me ask all of you something.

is a real trader someone that takes 2 or 3 trades a month and goes months without a loss?

is a real trader someone that trades 1 hour and sits up all day and night losing all of there money over and over?

is a real trader someone that takes 20 trades a day trying to eek out a living after taxes and commissions?

being a real trader does not mean...
There you go Jarroo, you seem to know Jim well...lol!

Well said James

Regards,
Ghous.
I believe . . .
  • #20,337
  • Feb 3, 2009 10:17pm Feb 3, 2009 10:17pm
yes he does. lol.

Quoting ghous
There you go Jarroo, you seem to know Jim well...lol!

Well said James

Regards,
Ghous.
  • #20,338
  • Edited 11:21pm Feb 3, 2009 10:32pm | Edited 11:21pm
Quoting ghous
There you go Jarroo, you seem to know Jim well...lol!

Well said James

Regards,
Ghous.
Let me tell you something, we are all lured into this business of thinking it is easy money, fast money, riches over night and all the freedom that would bring. It is these characteristics that doom us. The characteristics one needs to trade sussessfully is just the opposite.

It's a marathon not a sprint, it doesn't happen over night and it takes time, practise and patience. And the understand of the many posts like this brilliant one from Jim that has to hammer home into your brain.

Yeah after reading all of Jim's and Mike's post it starts to sink in. lol
I think a lot people understand them as well. But remember, what they say means nothing if you don't apply it. Once you start applying what he is hammering in us, you'll understand Jim even better. Yes this business gets easier.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #20,339
  • Feb 3, 2009 10:57pm Feb 3, 2009 10:57pm
Anyone see any good trades?
  • #20,340
  • Feb 3, 2009 10:58pm Feb 3, 2009 10:58pm
Quoting Pirabuji
Anyone see any good trades?

With all due respect, but this is not a signal service...
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
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