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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

  • #23,581
  • Mar 12, 2009 11:15am Mar 12, 2009 11:15am
Quoting scott087
I'm following the minimum requirements that james has outlined for traders new to these methods. I have been trading this method for 4 months being ultra picky on daily charts. I have taken only 3 setups and they have all been winners. I know James requires 3 profitable months in a row to move to the next step. Do you guys think that I should keep trading for a few months until I move to the next step since I have only taken 3 daily setups?
way to go scott, that shows some true discipline and dedication, exactly what it takes to make it.

If you still feel the need to keep at it on demo, by all means go for it. If not you could up a very small account say a few hundred and continue to do what you are doing.

Continued success

Mike
  • #23,582
  • Edited 12:19pm Mar 12, 2009 11:18am | Edited 12:19pm
Quoting bundyraider
.
Gorgeous looking G/J pin. Closing on the right side of good confluence.
.

yes so true LOL

Even I couldn't resist trading this one off a feed I barely watch. Markets have plain sucked for a bit lately but patience to wait for these bad boys is where it is at
  • #23,583
  • Mar 12, 2009 11:18am Mar 12, 2009 11:18am
Quoting scott087
I only trade daily, I saw one or two setups on weekly and passed on them. I was feeling that I needed more results to draw a conclusion. Also, in January I missed one setup that I was planning on taking. I'm mostly sticking with pins and outside bars, I'm not trading inside bars or double high/low bars yet.

- Scott
Scott,
I think part of the learning curve and one of the important reasons to wait for three months to start trading live is to learn patience. New traders struggle with overtrading, feeling they have to trade. This causes them to take setups that are not ideal/perfect. In your case, it seems you have become comfortable with being patient and only taking the setups that are perfect according to your plan. Everyone's view of perfect is different, but 3/3 is always 100% winners.
Also, James16 has commented on what makes a trader a trader. Is it making 20 trades per year? per month? per day? OR... Is a trader someone who can consistently pull money out of the market, following a trading plan, using good money management with acceptable risk.
If you are comfortable after three months, I would feel no hesitation to start with a small live account, provided that you'll continue to be as stringent on your setups as you have been the last three months.

I applaud you for sticking to James16 minimum requirements, as that is what I am doing (about 1.5 months completed). I have placed more trades, but my record is not 100% either...Keep it up, it sounds like you are off to a terrific start!

Josh
  • #23,584
  • Mar 12, 2009 11:30am Mar 12, 2009 11:30am
Quoting Jduester
Scott,
I think part of the learning curve and one of the important reasons to wait for three months to start trading live is to learn patience....
I've traded other methods before and I had to work much harder and it was extremely stressful just to stay above breakeven. After becoming impatient, feeling like I was getting nowhere, and stressed out I began to experience fairly large drawdown on a very small live account. I decided that it wasn't worth it anymore, and since I'm pretty young I can afford to wait for the best setups, even if they only come once a month. As it turns out it has been well worth the wait.

If anyone feels like they aren't seeing any substantial dollar gains with this method, take a look at the percentage returns and compare them with other systems or even stocks. Even 1-2% a month beats the market--and while it seems small, over time the compounding and consistency will be have a huge impact on your account.
  • #23,585
  • Mar 12, 2009 11:31am Mar 12, 2009 11:31am
Quoting johnnyonspot
I display one chart at a time since I am doing this on a laptop. And I move up and down the TFs, weekly, daily, 4hr. I don't look at the daily too much, until the daily closes. Same with weekly.

Alright, make sense. Thanks Johnnyonspt and ChrisP for your screenshot. Its helped me to put some things in perspective.

BWise
  • #23,586
  • Mar 12, 2009 11:44am Mar 12, 2009 11:44am
Quote
........I can afford to wait for the best setups, even if they only come once a month. As it turns out it has been well worth the wait.....
excellent scott.... 3/3 is ALL profitable trades, be it 4 months or 6months.
Maybe this is a simple thought to ponder about:
"Can i adhere to my rules/criteria & patiently wait for the best setups every time/month?" In short, are u disciplined enough? if u can confidently answer "Yes!", then by all means, go Live. Trade your best setups on this live account, while at the same time, practice further on H4, daily & weekly on a demo.

Good luck & more pips to you


PS. U can use the above quote as your Affirmation from now on
  • #23,587
  • Mar 12, 2009 12:09pm Mar 12, 2009 12:09pm
Quoting mbqb11
yes so true LOL

Even I couldn't resist trading this one off a feed I barely watch. Markets have plane sucked for a bit lately but patience to wait for these bad boys is where it is at
geez, and I thought I was the only one that thought the market has sucked lately. And of course I missed this pin . . . slept in. you notice the pin geppy is sporting on the daily?
"Don't trade to trade . . . trade to win." - James16
  • #23,588
  • Mar 12, 2009 12:20pm Mar 12, 2009 12:20pm
Quoting pizdun
anyone keeping an eyee on this?
Yes, but it was just a short intraday trade for me (lack of time lately). I'll check tomorrow how the weekly closes.....
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  • #23,589
  • Mar 12, 2009 12:20pm Mar 12, 2009 12:20pm
Quoting Flem26
geez, and I thought I was the only one that thought the market has sucked lately. And of course I missed this pin . . . slept in. you notice the pin geppy is sporting on the daily?

yes might make me hold this, we'll see. And i Meant PLAIN not plane....geez I am usually pretty good with that
  • #23,590
  • Mar 12, 2009 12:28pm Mar 12, 2009 12:28pm
Just a few random thoughts...

Lately, I have been more picky. Thinking about Mike being a former Poker player combined with Clockwork's thread, it has really pounded home the idea of patience.

So, I agree, lately the market has sucked. I missed a very good BEOB on the USDJPY daily last week, outside of this I have not seen much.

I have two time MT4 charts (one is GMT, the other is GMT +1). Neither showed a pin on the GBPJPY 4H chart, but I can look at the 4 hour charts and see where this pin would have been nice.

I did sleep through a very nice EURJPY pin bar trade. I gotta get my rear in bed earlier.

Thanks for all the help here. We may have a nice pin bar form on the GBPJPY daily chart, so I may still get to play some of this trade.

T.J.
  • #23,591
  • Mar 12, 2009 12:45pm Mar 12, 2009 12:45pm
Quoting mbqb11
yes might make me hold this, we'll see. And i Meant PLAIN not plane....geez I am usually pretty good with that
Mike,

I took this BEOB on USD/JPY last week. I took half off at 97.00 for around 65 pips profit. I set my stop to BE on the second half and I got stopped out at BE. After I was taken out at BE, if I held I would have been in decent drawdown, but then it started to move in my favor. Also, after I got taken out I saw that large pin form in the opposite direction and I was glad I got out, especially since I set my stop to BE before NFP came out.

How would you have traded this setup (if you even took it in the first place)?

Thanks,

Scott
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  • #23,592
  • Mar 12, 2009 12:51pm Mar 12, 2009 12:51pm
Quoting scott087
Mike,

I took this BEOB on USD/JPY last week. I took half off at 97.00 for around 65 pips profit. I set my stop to BE on the second half and I got stopped out at BE. After I was taken out at BE, if I held I would have been in decent drawdown, but then it started to move in my favor. Also, after I got taken out I saw that large pin form in the opposite direction and I was glad I got out, especially since I set my stop to BE before NFP came out.

How would you have traded this setup (if you even took it in the first place)?

Thanks,

Scott
Hey Scott,

I was waiting to see what happened a bit higher at the 100 mark. So I passed on this trade. But being that we have been in a strong move up and the close support where you marked I think you played it perfectly to be honest. We have to take what the market gives in those types of situations.

Keep at it

Mike
  • #23,593
  • Mar 12, 2009 1:00pm Mar 12, 2009 1:00pm
You guys watching the Strong resistance at 126.00 on EURJPY ?

Even had the hammer stopped
100% of traders are losers. Just that some win more than they lose!
  • #23,594
  • Mar 12, 2009 1:09pm Mar 12, 2009 1:09pm
Hi Guys

Just wondering if anyone took this 4h pin on GJ? EAsily over 200 pips in a few hours
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PA is where its at!!
  • #23,595
  • Mar 12, 2009 1:10pm Mar 12, 2009 1:10pm
Quoting johnnyonspot
Thanks again, ghous!

It looks like we were well positioned to take advantage of the Swiss intervention....
Patience pays Johnny
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I believe . . .
  • #23,596
  • Mar 12, 2009 1:21pm Mar 12, 2009 1:21pm
Is this a sign of coming GBP strength?

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  • #23,597
  • Mar 12, 2009 1:23pm Mar 12, 2009 1:23pm
DAMN I FREAKIN LOVED THIS MAN.

Scott nothing can stop you if you continue like this and i mean nothing. VERY VERY VERY few people actually do what you have done and im damned proud of you. They say only 5 percent make it for more than a year or two in this business but im here to tell all of you sdomething.

IF you will do this like Scott has and KEEP that picky attitude for several years while you fund and build a large account the mountain top will be in view. those last few feet to the top will happen when the large account is combined with an ultra picky attitude and good risk profiles.

when a guy like scott can go 3 for 3 and do it with the ultimate in patience it should show you all something very valuable. how good do you think scott will be in a couple of years with this attitude and what do you think his account might look like?

jim

Quoting scott087
I'm following the minimum requirements that james has outlined for traders new to these methods. I have been trading this method for 4 months being ultra picky on daily charts. I have taken only 3 setups and they have all been winners. I know James requires 3 profitable months in a row to move to the next step. Do you guys think that I should keep trading for a few months until I move to the next step since I have only taken 3 daily setups?
  • #23,598
  • Mar 12, 2009 1:25pm Mar 12, 2009 1:25pm
Quoting osceiv2
Is this a sign of coming GBP strength?

Attachment
Could be...

IF the daily closes as a BEOB below the 50 fib we may restest 0.91 - 0.9 again.
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I believe . . .
  • #23,599
  • Mar 12, 2009 1:30pm Mar 12, 2009 1:30pm
Quoting james16
DAMN I FREAKIN LOVED THIS MAN.

Scott nothing can stop you if you continue like this and i mean nothing. VERY VERY VERY few people actually do what you have done and im damned proud of you. They say only 5 percent make it for more than a year or two in this business but im here to tell all of you sdomething.

IF you will do this like Scott has and KEEP that picky attitude for several years while you fund and build a large account the mountain top will be in view. [b]those last few feet to the top will happen when the large account is combined...
Sure Jim!

Your hard work has paid off

We have a bunch of ppl along the same lines as Scott,

Congratulations

Regards,
Ghous.
I believe . . .
  • #23,600
  • Mar 12, 2009 1:38pm Mar 12, 2009 1:38pm
Anybody still on the Eur/Nzd 2 day pin bar?

I got stopped out for BE after today's bar wished to pullback slightly, it has shaped nicely and has headed straight to where one would expect
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I believe . . .
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