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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

  • #29,141
  • May 4, 2009 10:35am May 4, 2009 10:35am
Quoting mbqb11
Hey Frank

Few things....
Mike, I truly appreciate you taking time to open my head a bit... I started off with the daily's and I was less stressed out, patient, and made more money... for the past weeks I've dropped down to the 1H, and just took a loss on a 15M trade (not good!). I'm going to stop what I'm doing, take a breather, and go back to the beginning. This isn't a sprint, it's a marathon... I take your words to heart.

Thank you!
  • #29,142
  • May 4, 2009 10:39am May 4, 2009 10:39am
Quoting pakiestra
Your input always gonna be very valuable for me even if it messes up with my setups


Are you still in this trade raczek ? I mean short Aussie against Greenback ?
Not anymore, I moved stop too quickly and got 'kicked out of the market' an hour ago.
I didn't take any partial profit either..... It's time to take a break till I get my brain back together...

Now, that I'm out, just watch aussie breaking 7200 in the next few days....
I'm just watching silently bulls trap developing on equities ..... (for those who trade it, I have a good weekly resistance at 8420.. time to sell e/j....)
  • #29,143
  • May 4, 2009 11:21am May 4, 2009 11:21am
Quoting frankm7
Mike, I truly appreciate you taking time to open my head a bit... I started off with the daily's and I was less stressed out, patient, and made more money... for the past weeks I've dropped down to the 1H, and just took a loss on a 15M trade (not good!). I'm going to stop what I'm doing, take a breather, and go back to the beginning. This isn't a sprint, it's a marathon... I take your words to heart.

Thank you!
yep you got it Frank. The qualities that come from following the James16 timeline go far deeper then most can realize when they start it. It teaches you patience, discipline, and ability to follow rules. It goes a long way, and those that have been in your seat before, will tell you this over and over.

Keep at it

Mike
  • #29,144
  • May 4, 2009 11:47am May 4, 2009 11:47am
Quoting egkid
Everyone say eur/usd going down!! am i the only one says UP!!
It might go down not much and maybe deep down on 7 or 8 May but fasting will pullback and shooting high that my view.I think that because that what i read from my chart and analysis on long TF not because have long position!!

I think also button changed not 1.23 anymore but 1.28

Anyone sharing my view??
Hard work + Faith= +++ pip
  • #29,145
  • May 4, 2009 12:08pm May 4, 2009 12:08pm
Anyone like this potential daily PB trade
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  • #29,146
  • May 4, 2009 12:16pm May 4, 2009 12:16pm
Quoting pipaholic
Anyone like this potential daily PB trade
Damn, it seems quite good to me Let's see how it closes.
  • #29,147
  • Edited 12:56pm May 4, 2009 12:17pm | Edited 12:56pm
Quoting mbqb11
yep you got it Frank. The qualities that come from following the James16 timeline go far deeper then most can realize when they start it. It teaches you patience, discipline, and ability to follow rules. It goes a long way, and those that have been in your seat before, will tell you this over and over.

Keep at it

Mike
As someone who finally knuckled down to follow the minimum requirements I can completely echo this. I'm in the middle of them right now and there's something really reassuring about just surrendering to the rules.

Trading can be so emotional that it's great to have rules. I think it was Fiji who once said that one of the worst things that can happen to you is to be rewarded for breaking your rules. Because it reinforces the idea that going off the reservation is a good thing.

I believe we need rules simply because of the nature of what we do. I mean it's possible to click the mouse, put a stupidly large position on, and in under twenty minutes be very wealthy. Just like it's possible to leave the casino at the end of the night a rich man. But we're trying to develop a career as traders, and no matter how tempting that simple click of the mouse breaking our rules is, we will only succeed in this business if we can do this consistently over time. Otherwise we'll end up giving it all back and more.

There are plenty of refugees in this thread (including me) who have learned the hard way and lost a lot of money while doing it. And believe me there are some very creative ways to lose money in this business.... But we don't have to go through the pain of losses or a broken account to realise what we have to do to get on the right learning curve.

Whenever I am tempted to go off the reservation a little, I always think of James 16 and mbqb11's advice and then I ask myself "what do they want? what's their objective?". Well their objective is to see people succeed and become profitable traders. They are not coming down hard on us for any reason other than they want to see us make money. And after 26 years of experience from Jim and 7+ from Mike they believe this is the best way. As I've always said, the minimum requirements is the shortcut.

Sorry to jump on the back of what you're saying Mike. I get a little fanatic about minimum requirements, as much as anything to keep reminding myself why I am doing this and to stick with it.
  • #29,148
  • May 4, 2009 12:39pm May 4, 2009 12:39pm
Quoting TiaForex
As someone who finally knuckled down to follow the minimum requirements I can completely echo this. I'm in the middle of them right now and there's something really reassuring about just surrendering to the rules.

Trading can be so emotional that it's great to have rules. I think it was Fiji who once said that one of the worst things that can happen to you is to be rewarded for breaking your rules. Because it reinforces the idea that going off the reservation is a good thing.

I believe we need rules simply because of the nature of what we do....
Great post TF! I hate to say it, but maybe 'learning the hard way' is just a necessary part of the process... I really wish I hadn't had to, but then again perhaps I wouldn't be where I am now - on the right road - if I hadn't. Confused? Me too! But I think you know what I'm trying to say.
When in doubt, sit on your hands...
  • #29,149
  • May 4, 2009 12:43pm May 4, 2009 12:43pm
[quote=TiaForex;2712100]As someone who finally knuckled down to follow the minimum requirements........

I second that Tia. Good post
  • #29,150
  • May 4, 2009 12:52pm May 4, 2009 12:52pm
Quoting TiaForex
As someone who finally knuckled down to follow the minimum requirements I can completely echo this. I'm in the middle of them right now and there's something really reassuring about just surrendering to the rules.

Trading can be so emotional that it's great to have rules. I think it was Fiji who once said that one of the worst things that can happen to you is to be rewarded for breaking your rules. Because it reinforces the idea that going off the reservation is a good thing.

I believe we need rules simply because of the nature of what we do....

Well said Mike and TF. I'm reading that many traders are moving to lower timeframes for the wrong reasons.
1. They are bored.
2. They have a small account and their broker won't doesn't have position sizes that will allow proper risk management with big stops often necessary on higher timeframes.
3. They need to make money Now.
4. They started on daily/weekly timeframes and have mastered it in a few weeks.

As Mike and TF alluded to, starting on the higher timeframes is to train you psychologically as much as it is to train you to find good setups. Feelings of boredom, need money now, and have already become good at daily are not good reasons to move down to intraday trading.

This thread says to consider moving to lower timeframes only when the following conditions are met (starting with demo of course).
1. You have met the minimum requirements you set out for yourself in your trading plan and goals (based on J16 requirements).
2. You have proved that you can only take great trades and avoid good trades that don't fit into your plan. This means 3 or more consecutive profitable months.
3. You feel comfortable moving to lower timeframes, where things get much more complicated than on daily/weekly.

It's a business guys/gals, whether we like it or not. Have a business outlook. Write down some goals for yourself for the next week, month quarter, year, etc. Not just monetary goals, but what you hope to learn, study, master, etc...Sorry for the rant, I'm getting over a cold ... probably need a nap.

Josh
  • #29,151
  • May 4, 2009 1:16pm May 4, 2009 1:16pm
Quoting mbqb11
yep you got it Frank. The qualities that come from following the James16 timeline go far deeper then most can realize when they start it. It teaches you patience, discipline, and ability to follow rules. It goes a long way, and those that have been in your seat before, will tell you this over and over.

Keep at it

Mike
Amen to that brother
  • #29,152
  • May 4, 2009 1:38pm May 4, 2009 1:38pm
I'd love to be more eloquent, but quite simply, you guys are amazing! So inspiring and motivating... I'm so happy to have found this thread.

Thanks to each and every one of you... I mean that.
  • #29,153
  • May 4, 2009 1:44pm May 4, 2009 1:44pm
Quoting frankm7
I'd love to be more eloquent, but quite simply, you guys are amazing! So inspiring and motivating... I'm so happy to have found this thread.

Thanks to each and every one of you... I mean that.
Actually it is the new motivated and passionate traders like you( and the many others) that motivate me(and some of us older timers to this thread) more then you know.

Passion is infectious.

So thanks to you also
  • #29,154
  • May 4, 2009 1:47pm May 4, 2009 1:47pm
Quoting TexasforEX
Hey James Traders,

I, along with numerous other traders, am waiting to sell this rally big time. The trick of course will be not to be too early. The bullish sentiment in consumers, the national media and some instiutional traders is getting to the point again where the market will punish this irrational optimism. I think this usd/jpy chart shows that a top is near.

I have concerns about a BUOB on the usd/jpy weekly and the S&P closing above 875 (as CNBC has been pointing out daily now). I would love to see a double top at 101.50. I'm holding...

Well the last 24hrs price action has me buying yen. The absolute brick wall that appeared at 99.60(PPZ in J16 lingo) along with todays USD smashing in the face of a very nice equity rally....Too much evidence to wait IMO. I'm short from 99.40 stops over 100.
"Timing Is Everything. Really I Swear It Is"
  • #29,155
  • May 4, 2009 1:59pm May 4, 2009 1:59pm
Indeed, do you have any more for sale?
  • #29,156
  • May 4, 2009 2:32pm May 4, 2009 2:32pm
Quoting mbqb11
yep you got it Frank. The qualities that come from following the James16 timeline go far deeper then most can realize when they start it. It teaches you patience, discipline, and ability to follow rules. It goes a long way, and those that have been in your seat before, will tell you this over and over.

Keep at it

Mike
. . . . and over and over again.
Indicators show the past. Price Action "Indicates" the future.
  • #29,157
  • May 4, 2009 2:42pm May 4, 2009 2:42pm
Quoting Jduester
Well said Mike and TF. I'm reading that many traders are moving to lower timeframes for the wrong reasons.
1. They are bored.
2. They have a small account and their broker won't doesn't have position sizes that will allow proper risk management with big stops often necessary on higher timeframes.
3. They need to make money Now.
4. They started on daily/weekly timeframes and have mastered it in a few weeks.

As Mike and TF alluded to, starting on the higher timeframes is to train you psychologically as much as it is to train you to find good...

Always great stuff Josh.
Indicators show the past. Price Action "Indicates" the future.
  • #29,158
  • May 4, 2009 3:11pm May 4, 2009 3:11pm
Hi guys,

Nothing much out there on daily, a few pin bars on EUR/CAD AUD but in heavy traffic and looks like a plastic surgeon has performed on their noses. I see a BUOB on EUR/USD but as the previous bar is a Sunday bar and its at swing high Im not sure, therefore no trades for me tonight.
Attached Image (click to enlarge)
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Economists have forecast 9 out of the last 5 recessions
  • #29,159
  • May 4, 2009 4:16pm May 4, 2009 4:16pm
I see a nice 2-day Pin on USD/JPY which is also pierced the 61.8 Fib level and was rejected in favor of the down move. The break below of 98.50 (if it happens) will also coincide with the break of the 50 Fib level so this might make for a nice move to the downside.

I really like this trade, the only negatives I see is that it's not at a complete swing high and the first resistance area is not too far around the 38.2 Fib and multiple bar lows. I will be watching this one...

Any opinions?

Rubin.
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  • #29,160
  • May 4, 2009 4:24pm May 4, 2009 4:24pm
Anyone still short on the loony? It sliced through the 200 SMA and 38.2 Monthly Fib like they weren't even there, now pushing hard on the inner lower channel...oil is making highs and the $ index is making lows...I'm building longs.
Money & Pain Respect the market, protect your capital, be patient
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