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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

  • #26,081
  • Edited 5:00pm Apr 3, 2009 3:55pm | Edited 5:00pm
Quoting james16
THIS IS WHAT BLOWS MY MIND.

to believe that people follow that train of thought is to believe that most people are stupid as a freakin rock.

i just cant wrap my brain around it.
You just hit it right there Jim. Most people FOLLOW. They don't have a "Train of thought". Sadly, THAT'S the problem. And the radical liberal left has worked non stop for 50 years making it so.
Ghost Rider - WWTBMD?
  • #26,082
  • Apr 3, 2009 4:00pm Apr 3, 2009 4:00pm
Quoting flotodona
Thank you for the welcome, Jim, and the wonderful thread!

After I've posted my question, PA went up and bounced off of 38%.

Attachment

Attachment

All I see in your picture is that some buying took place ...but what I really see is that the buying strenght was only stong enought to make doji meaning that the buyers are not convinced enought yet since they did not dominate and show us a stronger pattern. So in conclusinon this tells you to step aside and wait for something that dominates.
  • #26,083
  • Apr 3, 2009 4:07pm Apr 3, 2009 4:07pm
Quarterly pinbar confirmed already...
Attached Image (click to enlarge)
Click to Enlarge Name: Picture 2.png Size: 59 KB
Money & Pain Respect the market, protect your capital, be patient
  • #26,084
  • Apr 3, 2009 4:08pm Apr 3, 2009 4:08pm
Quoting toyboy tramp
Quarterly pinbar confirmed already...

Can you tell me how big your stop loss is ...just curios haha ....nice timeframe
  • #26,085
  • Apr 3, 2009 4:35pm Apr 3, 2009 4:35pm
Quoting Shermenator
Can you tell me how big your stop loss is ...just curios haha ....nice timeframe
There are private forums for this kind of talk... come on now.
  • #26,086
  • Apr 3, 2009 4:36pm Apr 3, 2009 4:36pm
Quoting james16
I KNOW THIS IS HARD FOR YOU TO BELIEVE RIGHT NOW BUT ITS A GREAT DAY.

EVERYTHING IN THIS POST IS STRAIGHT OUT OF MY LIFE AT ONE TIME.

YOU HAVE WON HALF THE BATTLE BY JUST FULLY UNDERSTANDING WHAT YOU HAVE DONE AND WHERE YOU ARE AT.

YOUR VERY OWN WORDS PROVE YOU ARE IN TOTAL CONTROL OF WHETHER OR NOT THIS PROVES TO BE DOABLE FOR YOU.

THE VAST MAJORITY OF PEOPLE NEVER EVEN SNIFF THIS LEVEL.

JIM
Jim, thank you very much for your kind words. I've spent almost 5 months just watching this thread before I'v started to post.What attracted me here the most were two things:
1.no wonderful receipe (and no strict spoon feed) to become rich in a few months and throw your resignation on your idiot boss desk trading for live in Forex market
2.a HUUGE degree of support from senior members and lack of downtalking on newbies.
That rarely happens these days.
Anyway I'm going through the thread contents again, I'm back testing entry and exit strategies, checking divergencies on different time frames and just learning.
Your reply means a lot for me.
Kind regards Jim
  • #26,087
  • Apr 3, 2009 4:38pm Apr 3, 2009 4:38pm
Quoting pakiestra
Hi all,
That wasn't the best week for me, enough to say I've screw up BIG WAY (I know it's strong wording). BUt it's true, first I didn't take profits on eur/jpy of the table, I was hypnotised watching hundred pips turning into loser I'm sick when I think about it, then I have made worse, I overtraded in revenge loosing almost three weeks gains on the account and now profit/loss is as it was after first profitable setup.
This is demo but I feel like I've lost a real monies. Is so hard to win that battle with your ego, it pricks you...
Jim nails it again. The 1st step is Realization. Realizing what happened (honestly) and knowing how to deal with it is next. This is where Jim's insight and experience is so valuable. Many would continue on to the bitter end and fail in this business.

But we here have a secret weapon, the big guy (good 'ole James16), to steer us, guide us and to say, "Hey man, I've been there. If you want to get here, this is what I do." Its freaking awesome.
Indicators show the past. Price Action "Indicates" the future.
  • #26,088
  • Apr 3, 2009 4:41pm Apr 3, 2009 4:41pm
Quoting raczekfx
Ok. Why invent the wheel when there is a solution.

I was in the same boat few years back and no matter what I tried, it didn't work as expected. Too many losses on profitable setups, etc. It was sickening...
And then one day it hit me when I was watching James's video where he moved to BE on weekly setups once (i think) 30ps in profit.
Once I realized why he does that, it has changed my trading by 10 folds.

The issue was that having a small account I didn't care much about moving to BE to quick and I was getting stopped out for -50, -100ps...
Raczek this is freaking awesome. Almost my exact thoughts as well. A very big "ahha" moment for me. I think it was the same video too. lol.

I going to read this one many times because it's just great.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #26,089
  • Apr 3, 2009 4:45pm Apr 3, 2009 4:45pm
Quoting jarroo
But we here have a secret weapon, the big guy (good 'ole James16), to steer us, guide us and to say "Hey man, I've been there. If you want to get here, this is want I do." Its freaking awesome.
However I sound pompous and repeatedly writting this, it's freaking awsome indeed Jarroo.
  • #26,090
  • Apr 3, 2009 4:49pm Apr 3, 2009 4:49pm
Quoting james16
ahhh m knows his classic rock. just watching a bootleg from a 1992 show in seville spain. brian may, joe walsh, joe sattriani, steve vai, rick wakeman and paul rodgers. its unbelievable. i may be the only person in the usa who has it ( well maybe not). can you imagine may, walsh, sattrianni and vai all on guitar and wakeman on keyboards playing rocky mountain way. ive watched it a thousand times and i get chills every time.

Hi Jim,

Just had to say thanks for starting this thread all that time ago, nothing but pure gold. As you might tell from the age of the quote I'm up to page 66 and would be further on but you distracted me, just had to search youtube for that concert, WOW! what a concert, just watched them playing Hey Joe, now I have two things to thank you for. Whole weekend now planned, read, absorb, break for youtube, repeat until can't take anymore.

Have a great weekend

Neil
If it is to be - it's up to me
  • #26,091
  • Apr 3, 2009 4:49pm Apr 3, 2009 4:49pm
Thanks Mike - for the welcome and the info!
Will read through this probably more than once


Quoting mbqb11
Hey Leebar

Welcome glad you are enjoying this thread, spend some time here it will only help

Calculating your position size is real easy

Say your account size is $10,000 and you want to risk 1% per trade. Now no matter what size your stop is your position size chagnes based on the size of your stop

Example you want to enter a pinbar that has a 100 pip stop. So you want to risk 1% which equals $100 per trade. That means you can have a position size of 10,000 units(which equals 1$ per point).

Now say you want to take a trade that has a...
  • #26,092
  • Apr 3, 2009 4:54pm Apr 3, 2009 4:54pm
Quoting raczekfx
Ok. Why invent the wheel when there is a solution.

I was in the same boat few years back and no matter what I tried..
It's good to know that one may has to go through it and grow up to the task like you Rac and Jim and other senior members. Of course it doesn't guarantee anything for my case but that loss after hard earned profit is still driving me mad. I don't know, maybe it's because I've came across the method which works, managed to prove it with 15% of gain/2 months period and just in one go (coming back to old bad habits) turned that into cup of chickenshit.

P.S.
Raczek, would your nick be coming from Polish language meaning small crayfish ??
  • #26,093
  • Apr 3, 2009 4:58pm Apr 3, 2009 4:58pm
Quoting jarroo
Raczek this is freaking awesome. Almost my exact thoughts as well. A very big "ahha" moment for me. I think it was the same video too. lol.

I going to read this one many times because it's just great.

Jim
LOL... We have way too many things in common...
Just shout, next time you're in Toronto... the beer is on me...
  • #26,094
  • Apr 3, 2009 5:04pm Apr 3, 2009 5:04pm
Quoting pakiestra
On the charts side.
I've just noticed similar setups on most of the weekly JPY pairs, same pattern BUOB piercing through multiple S/R levels. But one BIG BUT: this BUOB are located at the swing high, this should disqualify them, am I right ?? Location wise. Hope everybody else enjoys a nice weekend, I'm going back under the stone.


Could James, Mike, Jaroo, Rac, Ghous have a look on this and share an expert opinion please.
You are correct sir. A higher probabilty trade for a BUOB is at a swing Low. So disqualifing this trade would be the right thing to do. Because we want only the "Best" trades to consider. ( You can post this to ghous. lol)

Is it a "Good" set up? Yes, if you think the uptrend is continuing. This BUOB would be an indication that this might be happening. Bullish Price Action in an uptrend, bearish Price Action in a downtrend.

Let's see how she breaks with a tight stop loss. (demo only, of course)

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #26,095
  • Apr 3, 2009 5:05pm Apr 3, 2009 5:05pm
Quoting raczekfx
LOL... We have way too many things in common...
Just shout, next time you're in Toronto... the beer is on me...
You got it Mark.
Indicators show the past. Price Action "Indicates" the future.
  • #26,096
  • Apr 3, 2009 5:07pm Apr 3, 2009 5:07pm
post one gets another good one.

jim




Quoting raczekfx
Ok. Why invent the wheel when there is a solution.

I was in the same boat few years back and no matter what I tried, it didn't work as expected. Too many losses on profitable setups, etc. It was sickening...
And then one day it hit me when I was watching James's video where he moved to BE on weekly setups once (i think) 30ps in profit.
Once I realized why he does that, it has changed my trading by 10 folds.

The issue was that having a small account I didn't care much about moving to BE to quick and I was getting stopped out for -50, -100ps...
  • #26,097
  • Apr 3, 2009 5:19pm Apr 3, 2009 5:19pm
here is what i want you to do.

for the next 3 months you are going to take no more than 5 trades a month.

i would prefer 3.

it would be nice to trade a large demo account so the "money means something to you".

they may all happen in week one, week four or spread out but we are not taking B trades.

your going to only take the best possible set ups and when you take them you are going to take half profit and move your stop to breakeven at the first support or resistance area.

if you arent sure where they are just ask.

lets see what those 3 months do for you.

dont do this for me do it for yourself

jim

Quoting pakiestra
Jim, thank you very much for your kind words. I've spent almost 5 months just watching this thread before I'v started to post.What attracted me here the most were two things:
1.no wonderful receipe (and no strict spoon feed) to become rich in a few months and throw your resignation on your idiot boss desk trading for live in Forex market
2.a HUUGE degree of support from senior members and lack of downtalking on newbies.
That rarely happens these days.
Anyway I'm going through the thread contents again, I'm back testing entry and exit strategies,...
  • #26,098
  • Apr 3, 2009 5:24pm Apr 3, 2009 5:24pm
dear james16

raczekfx was writing about some videos you made. where can i find them?

thanks in advance

p.s. great thread. so much information here ... never stop learning. thanks !
meine augen sind die sterne
  • #26,099
  • Apr 3, 2009 5:26pm Apr 3, 2009 5:26pm
Quoting pakiestra
It's good to know that one may has to go through it and grow up to the task like you Rac and Jim and other senior members. Of course it doesn't guarantee anything for my case but that loss after hard earned profit...

% gain is relative to your trades selection and discipline. I don't pressure myself to do 1 or 5% every month. Whatever comes, I'll welcome it. I don't necessary agree with some comments I've read in the past, what's good and what's not, but everyone is entitled to have an opinion. What's more important to me is: was I following my plan (you must to have a plan). anyways It's getting late and I got a run. Just keep doing what you doing with some extra emphasis on stops and profit targets and you'll do all right over the years. Just treat your demo like it was real account.
btw. here are some of my demo trades based on my j16 aggressive method project for the last 40 days or so...
have a good one.
ps.
yes, i was grew up on the banks vistula river.
Attached File(s)
File Type: pdf Racs aggressive J16 trades mid Feb-March 09.pdf   225 KB | 2,664 downloads
  • #26,100
  • Apr 3, 2009 5:36pm Apr 3, 2009 5:36pm
COULD I GET A LESSON PLEASE.




Quoting raczekfx
% gain is relative to your trades selection and discipline. I don't pressure myself to do 1 or 5% every month. Whatever comes, I'll welcome it. I don't necessary agree with some comments I've read in the past, what's good and what's not, but everyone is entitled to have an opinion. What's more important to me is: was I following my plan (you must to have a plan). anyways It's getting late and I got a run. Just keep doing what you doing with some extra emphasis on stops and profit targets and you'll do all right over the years. Just treat your demo...
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