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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

  • #25,721
  • Apr 1, 2009 7:29pm Apr 1, 2009 7:29pm
Quoting fishoutawata
Just noticed a nice 2 day pin on the EUR/CHF. Location looks good with price closing above 1.5150. Entry would be around 1.5205 for me.
Apart from the pb on U/C this one looks very promising imo. Possible retrace to 1.5140 area could give a good price action on h1.
  • #25,722
  • Apr 1, 2009 7:34pm Apr 1, 2009 7:34pm
Quoting arcus
Thanks Rac. Thought you was in since the retest of the break (studied your past charts and one of your method is retest entry like Mike). I am myself waiting for yen crosses breakout. I have few questions actually mostly about stop loss placement but I'll PM you later if you don't mind Thanks again!
hey arcus,

you wont' be able to pm me for some time (appol). I have to catch up with PMs and emails first and I don't have much time to do that right now.
Stops are easy.
Scenarios:
1. pin breaks and retraces. plan is to go in short as close to the left eye as possible with stops just above it. It would be fair size position.
2. pin breaks and I'm in on a break. smaller position stops still above left eye.
3. pin doesn't break and retraces back to rac's favorite. It'll be good size position with stops above it.

TC
  • #25,723
  • Apr 1, 2009 7:36pm Apr 1, 2009 7:36pm
PB on the daily charts of the USA/CAD in case it isn't known already.

First post here. I've been following this thread for a few weeks and really like it here.James16 and Jacko's thread are the best here at FF in my opinion.
"Luck favors the prepared mind"
  • #25,724
  • Apr 1, 2009 7:45pm Apr 1, 2009 7:45pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hey, thanks for pointing this out, especially for mike's comment which led me into this post. I took a trade on this pair a couple of days ago. I realised I made big mistake on this one, when I took the two bar pin, I simply refuse to see certain things which is in conflict to my view. how stupid it was ! now, I realise the serious of this problem.

I won't say this is my aha moment, but, I think I am willing to narrowing my eyeball into the area which deserves my attention. this still request a lot practise, I knew. but, I think it won't take very long to sharpen my sensory( did I say the correct spelling? or meaning?). this isn't different than one start learning driving, certain sensory nerve didn't develop well, when experience accumulate, those nerves got sufficient trained, and the both lines besides the car really start to serve the clear guideline, the same applies to ppz, I think I feel this now. I hope I am getting a point here. correct me, if I were still incorrect on this direction. thank you

Quoting jlmac27
Hello Alter,
I see where you came from on this trade.Look at the area you were trading into though.It had no room to run.You were aiming for the bar highs....but don't forget about the bar lows.
  • #25,725
  • Apr 1, 2009 7:48pm Apr 1, 2009 7:48pm
Quoting jpa0827
PB on the daily charts of the USA/CAD in case it isn't known already.

First post here. I've been following this thread for a few weeks and really like it here.James16 and Jacko's thread are the best here at FF in my opinion.
Hey Jim glad to see you jump in and post here welcome

I posted my thoughts on the usd/cad over here if you are interested

http://www.forexfactory.com/showthre...21#post2645321

Take care
Mike
  • #25,726
  • Apr 1, 2009 7:59pm Apr 1, 2009 7:59pm
Quoting raczekfx
hey arcus,

you wont' be able to pm me for some time (appol). I have to catch up with PMs and emails first and I don't have much time to do that right now.
Stops are easy.
Scenarios:
1. pin breaks and retraces. plan is to go in short as close to the left eye as possible with stops just above it. It would be fair size position.
2. pin breaks and I'm in on a break. smaller position stops still above left eye.
3. pin doesn't break and retraces back to rac's favorite. It'll be good size position with stops above it.

TC
No worries Rac. You'd actually answers some of it. I'll PM other Q later when you have time. Thanks!
  • #25,727
  • Apr 1, 2009 8:02pm Apr 1, 2009 8:02pm
in time this approach will pay off with a very good chance at making that so much talked about 5 percent that make it in this business.

i dont know what else i can say to someone that is following a path that i walked myself.

its the only path that i personally ever found that worked.

i guess there could be others but i only know of one.

when or if jd's account balance reaches half a million or so you wont see him taking more than several trades a month.

at least thats my bet.

very nice sir,

jim






Quoting Jduester
Gotta go out for a few hours, but wanted to post my March results.
As most of you know, I'm trying to follow the James16 minimum requirements to a 'T'. Trading only Day/Weekly. Doing my best to only take A setups. Getting better at that.

Feb: 13/16 winners, 8+% account gain
Mar: 13/15 winners, 2+% account gain (different exit strategy, more like J16's)
April: ...
May: Live with small account if April is positive.

I'll be giving an update to my testing of exit strategies later this week or maybe on the weekend. I'm also done backtesting, but...
  • #25,728
  • Apr 1, 2009 8:05pm Apr 1, 2009 8:05pm
i love reading these "stories"

they are pure gold for newbies if they take the time to read them.

jim

Quoting NotoriousFAT
Hi all.

[color=black]I just wanted to share with you that I learned a good lesson last night, and luckily didn’t lose any money. The euro dropped like a rock right to the support trendline that I was looking for, and it rejected hard off it, and I was afraid it wouldn’t come back around and re-test it. So I saw it start to move down towards it again, but it was struggling. I figured I would just get in long, in case it couldn’t push lower and took off north, even though we were about 50 pips above the trendline, and I set...
  • #25,729
  • Apr 1, 2009 8:06pm Apr 1, 2009 8:06pm
Jim,
You mentioned in your earlier posts on the thread to have a sufficient account to go live with. Could you say what you might consider that to be? I haven't run across it yet going through the thread.
Appreciate the wisdom here.




Quoting james16
in time this approach will pay off with a very good chance at making that so much talked about 5 percent that make it in this business.

i dont know what else i can say to someone that is following a path that i walked myself.

its the only path that i personally ever found that worked.

i guess there could be others but i only know of one.

when or if jd's account balance reaches half a million or so you wont see him taking more than several trades a month.

at least thats my bet.


very nice sir,

jim
  • #25,730
  • Apr 1, 2009 8:11pm Apr 1, 2009 8:11pm
wow thats a can of worms. old timers here would know what i mean.

i will just say this and if someone can dig up one of my rants about how account sizes have everything to do with who you will be as a trader then post it. actually i think some of it might be in post 1.

i will do some looking.

jim

Quoting Nanook438
Jim,
You mentioned in your earlier posts on the thread to have a sufficient account to go live with. Could you say what you might consider that to be? I haven't run across it yet going through the thread.
Appreciate the wisdom here.
  • #25,731
  • Apr 1, 2009 8:15pm Apr 1, 2009 8:15pm
yes i talk about it in post 1.

it is very hard to stay patient with a very small account.

in my honest opinion the larger the account the easier it is to trade succesfully.

why?

you dont need more than 2 or 3 good trades a month so your not over trading.

how much money that is to you i dont know.

its one of the basic "truths" of this business.

jim



Quoting Nanook438
Jim,
You mentioned in your earlier posts on the thread to have a sufficient account to go live with. Could you say what you might consider that to be? I haven't run across it yet going through the thread.
Appreciate the wisdom here.
  • #25,732
  • Apr 1, 2009 8:23pm Apr 1, 2009 8:23pm
Quoting Nanook438
Jim,
You mentioned in your earlier posts on the thread to have a sufficient account to go live with. Could you say what you might consider that to be? I haven't run across it yet going through the thread.
Appreciate the wisdom here.
From what I've learned so far, it has to be FAR BIGGER than mine. I'm still reading my butt off and learning all I can but it's becoming pretty obvious that this won't put the butter & eggs on the table for me (near term).
Ghost Rider - WWTBMD?
  • #25,733
  • Apr 1, 2009 8:26pm Apr 1, 2009 8:26pm
Quoting james16
wow thats a can of worms. old timers here would know what i mean.

i will just say this and if someone can dig up one of my rants about how account sizes have everything to do with who you will be as a trader then post it. actually i think some of it might be in post 1.

i will do some looking.

jim
Hope you don't mind if I throw in some thoughts on this one...

Anything below $10000 is certainly 'demo' like to me.

$30000 to $50000 is "Build Account" territory

You can't get away from the fact that anything less than $200000 is making this a big psychological challenge if you are wanting to start to make a living.

...Keyword being "Start".
.....Anything less puts too much pressure on you to earn just to pay the rent/bills and eat. That's too much stress which places you on a highly probable road to failure.

Sure you could 'beat the norm' with excellent returns, but who wants that pressure to have results?? ...Not me!
Bundy's status today: "Waiting..."
  • #25,734
  • Apr 1, 2009 8:33pm Apr 1, 2009 8:33pm
Quoting bundyraider
Hope you don't mind if I throw in some thoughts on this one...

Anything below $10000 is certainly 'demo' like to me.

$30000 to $50000 is "Build Account" territory

You can't get away from the fact that anything less than $200000 is making this a big psychological challenge if you are wanting to start to make a living.

...Keyword being "Start"....
This really puts it in perspective and goes back to James idea of treating this as a business. Who would start a restaurant with 5k? I better keep saving my money and demoing... by the time I have enough capital I'll be ready Thanks J and Bundy!
  • #25,735
  • Apr 1, 2009 8:35pm Apr 1, 2009 8:35pm
Quote
You can't get away from the fact that anything less than $200000 is making this a big psychological challenge if you are wanting to start to make a living.

I think this figure is a bit big and you can make a decent, heck a good living off an account far less than 200K with the proper MM and patience
Don't chase the market, Let the market come to you
  • #25,736
  • Apr 1, 2009 8:44pm Apr 1, 2009 8:44pm
always remember this and its in this thread somewhere.

i personally blew more accounts than i can remember over an 8 year period.

a 6 figure amount total.

things turned around for me when several things happened.

1. i quit trading and saved for over 2 years. i knew i couldnt be patient with small accounts. i had proven that over and over and over.

2. i took all my years of learning and spent those two years demoing and refining until i could go month after month after month making the demo account grow.

3. when the time to go live came i had a large enough account that if i was ultra ultra picky blowing the account would have been almost hard. my account was large enough that i only needed a couple of great set ups a month to bug my eyes out with joy.

i doubt seriously if any of you have been, or ever would go thru the hell i went thru.

i dont say that with pride im just saying it was much harder in those days.

the only thing that is preventing any of you from getting where you want to be is a mental issue with not wanting to spend several years following a proper plan.

im gonna keep telling you the truth as i see it until FF kicks me out or i die.

lol

jim







Quoting albchr
From what I've learned so far, it has to be FAR BIGGER than mine. I'm still reading my butt off and learning all I can but it's becoming pretty obvious that this won't put the butter & eggs on the table for me (near term).
  • #25,737
  • Apr 1, 2009 8:45pm Apr 1, 2009 8:45pm
Quoting bundyraider
Hope you don't mind if I throw in some thoughts on this one...
is this in aud $'s? one should look at the smallest amount of pips that they know for sure that they can make in a wk/month and then how much they need those pips to be worth...
  • #25,738
  • Apr 1, 2009 8:49pm Apr 1, 2009 8:49pm
My 2 pips on the Ucad....

When I see a setup like this one, i like to drill down to lower timeframes just to get a feel for "where i am in the world." This helps me decide wether to wait for a retrace or to enter based on higher tfs with guidance from the lower tfs. It can also mean giving me the chance to book a little profit, get out and re-enter at a better price, and at the same time lowers my SL to a degree.

H4 was coming down off a pinbar 4 bars ago, and had an IB the previous bar that got broken to the short side.

H1 also broke the IB from a couple bars back to the low side. Even M15 was coming off a bearish pinbar, price retraced almost to the high of the first eye and continued downwards.

This is just how I get a better feel for what I'm getting into. Good luck everyone, I'll be watching this one very closely.
Just focus on the pips. The rest is insignificant.
  • #25,739
  • Apr 1, 2009 8:52pm Apr 1, 2009 8:52pm
Quoting Tmac
I think this figure is a bit big and you can make a decent, heck a good living off an account far less than 200K with the proper MM and patience
Hi Tmac. I agree. You can.

Would you want someone to quit their job with just $50000 savings and throw that directly into a trading account to make a living off ? No you wouldn't.

You would have to have good experience, a proven record and ....let's face it... if there was another $50000 to $100000 sitting on the sidelines that you knew was there to cover family expenses etc you'd have much easier trading life where you could wait for good trades to come along.
Bundy's status today: "Waiting..."
  • #25,740
  • Apr 1, 2009 8:56pm Apr 1, 2009 8:56pm
Quoting raczekfx
Imho, we'll see a retrace to about 2630/40 before it breaks tomorrow... (or small break and retrace to area mentioned and then hard break to 2450)

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