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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

  • #29,281
  • May 6, 2009 9:10am May 6, 2009 9:10am
Quoting zimdonks
Athan, buddy, dont give up now.....if i could say there was a finish line in becoming a trader, James16 thread would be it. By just posting in this thread you have your hands on a block of cyber gold .
You are in the presence here of some truly superb traders, and i couldn't explain how helpful and friendly everyone is in here.

As many before you have done, start at the beginning of this thread you will never regret it. It will change your life!!

im 23 mate, have left my job in UK to become a full time trader. i had moments when i thought...
I second that, 3 years I've been trading with futures and equities with no success whatsoever, ever since december last year I've found James16 and everything starts to fall into place.

You've said yourself athan00 that you have been struggling with trading fx for months, and you should ask yourself why do you keep searching for something that works after all that, only you can answer that, but to my opinion, was reading only about 1800 pages of thread worth it compared to all those years of fraud and nothingness of trading gurus? you bet.

Once you completed the 3 months demo, You'll never go below Daily again, ever.

Bottom line : James16 made me profitable
  • #29,282
  • May 6, 2009 9:11am May 6, 2009 9:11am
Start from page one and read all the way through, or subscribe to the Private group where it is all condensed down. You aren't going to learn this business overnight, but if you stick around here you will learn a great deal. Also, for those who mentioned that they are trading the lower timeframes as in under the 4h as a newbie. You're headed for disaster. Start with the weekly and dailies. Then work your way down. It is next to impossible to trade lower timeframes if you can't trade the slower larger ones. Good Luck and Keep at it. I'm still new at this, but since I have come here just in the past couple months my trading has been turning around a lot.

Patience and Dicipline are key.

best,

Jim

Edit: Just refreshed my page to see this has been responed to already. So, I guess this is just reinforcing it.
"Luck favors the prepared mind"
  • #29,283
  • May 6, 2009 9:15am May 6, 2009 9:15am
Quoting dmc
Had 5 winners in a row, and now this AudUSD garbage, missed my TP and break even level by 2 pips!!!!!. Wasnt A+looking back on it... Just airing this one out. Sorry to rant.. I know some of you understand...maybe just maybe it will turn around but not counting on it at all.

Now I just need to be patient and wait for the next trade.
Hey dmc/4fun,

just my thoughts on your audusd...

I didn't take this as i couldn't see enough confluence to be honest - it was short of the 0.75 rnd number and the 38 fib that kind of lined up wasn't convincing. Plus if you compare that bar to previous bars - it just wasn't big enough. AUD is getting stronger at the mo and is still in an upward channel. I would be looking for it to be closer to the top of the channel for a retrace of any worth.

plus - it was just before their rate announcement - they chose not to drop their rates so Aud will keep on marching on for now. In the grand scheme of things they are about 6 months behind the US and Europe in the economical cycle, and so their economy is much better placed, hence not cuting rates (foolish- imo) Their banks haven't had the exposure to bad debt that the US had (Macquaire and Babcock aside) ooops off on my funnymentals tangent again..

As Bundy mentioned above there is often going to be a better place to enter right round the corner. This is also something i am trying to teach myself.

cheers

Simon
Attached Image (click to enlarge)
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  • #29,284
  • May 6, 2009 9:17am May 6, 2009 9:17am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Thanks, bundy, for the great tips. I will be looking at them too

Quoting bundyraider
Location, Location, Location!!

I notice a lot of people taking trades at locations that are 'OK'. And often with 'OK' confluence even.
'OK' locations just aren't good enough when the market is caught amongst tight flip zones.

When you see a really good set up at a really good location, make mental note of what would make it even better.
You might find that the 'even better' situation requires just a little bit more waiting on your behalf. Often just above or below your current focus area, for example.
You might miss out on a trade...
  • #29,285
  • May 6, 2009 9:21am May 6, 2009 9:21am
I'll be watching.....

Quoting raczekfx
will this become a continuation pin ?

Off course not if dow shoots past 8500 and ecb raises interest rates tomorrow...
.
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #29,286
  • May 6, 2009 9:21am May 6, 2009 9:21am
For starters stop trading with real money!!! Youve found a place with the tools to make u profitable. Truth is there is no shortcut start at page 1 and read the whole deal if u think thats too much ask your self how bad do u want to win??? really I cant stand to lose cant stand it to me reading this whole thread was a small price to pay.15mn chart bet u cant see the big daddy weekly pip monster with a billy club poised to club ya! Pop a top take the day off and start fresh youve found gold!!!
  • #29,287
  • May 6, 2009 9:24am May 6, 2009 9:24am
Quoting raczekfx
will this become a continuation pin ?

Off course not if dow shoots past 8500 and ecb raises interest rates tomorrow...
.

haha - and it would be just like the arrogant tits to do that too.
  • #29,288
  • May 6, 2009 9:30am May 6, 2009 9:30am
Quoting simoncs
Hey dmc/4fun,

just my thoughts on your audusd...

I didn't take this as i couldn't see enough confluence to be honest - it was short of the 0.75 rnd number and the 38 fib that kind of lined up wasn't convincing. Plus if you compare that bar to previous bars - it just wasn't big enough. AUD is getting stronger at the mo and is still in an upward channel. I would be looking for it to be closer to the top of the channel for a retrace of any worth.

plus - it was just before their rate announcement - they chose not to drop their rates so Aud will...
Yes I am with ya, just been watchin this pair, lookin @ 7450 level there is some room north just have to have patience
  • #29,289
  • May 6, 2009 9:31am May 6, 2009 9:31am
Quoting raczekfx
Watching,....where where you when fiber hit 3360, rac's fav ?

hey rac, what you thik of the H&S on 4H EU?
Attached Image (click to enlarge)
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  • #29,290
  • May 6, 2009 9:36am May 6, 2009 9:36am
Quoting zimdonks
hey rac, what you thik of the H&S on 4H EU?
It looks ok, but at this moment, It doesn't really matter. If it breaks, that's great.
If not, I might be stopped out for +40
  • #29,291
  • May 6, 2009 9:44am May 6, 2009 9:44am
Good point on this one Mike. The labor day holiday made everything slower.

Quoting mbqb11
yeah careful here, this doesn't really jump out as much. It is an inside bar. Today is a slow day, and pushing it to be a 2bar pin is a bit of a stretch. Be patient something will tip its hand

Mike
  • #29,292
  • May 6, 2009 10:00am May 6, 2009 10:00am
Quoting 4fun
Yes I am with ya, just been watchin this pair, lookin @ 7450 level there is some room north just have to have patience

I see that space up there, and just angry with myself for being impatient after all this progress.
  • #29,293
  • May 6, 2009 10:09am May 6, 2009 10:09am
If this break...
Attached Image (click to enlarge)
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #29,294
  • May 6, 2009 10:17am May 6, 2009 10:17am
Quoting raczekfx
It looks ok, but at this moment, It doesn't really matter. If it breaks, that's great.
If not, I might be stopped out for +40
Hello raczek
Why did you take fiber at 1.3360 which is 61.8 fib ret + solid resistance.
I thought you like 50% ret which would be at 1.3340 level + it is also kind resistance area.
In fact it has bounced from this level and went for about 60 pips before it went back up to your entry.
Thank you
alter
  • #29,295
  • May 6, 2009 11:05am May 6, 2009 11:05am
You have to look like zones, becauste the S/R aren't lines. Look how flips S/R. So maybe you can put pending order around 50. fib or last resistence and put your stoploss 10 pips above 61.8 fib. Also raczekfx, almost sure looked a bounce very close 8500 in equities. So at this point, he's waiting a "green lights" in equities+fiber+cable for his medium-long trades. IMHO


Quoting alter
Hello raczek
Why did you take fiber at 1.3360 which is 61.8 fib ret + solid resistance.
I thought you like 50% ret which would be at 1.3340 level + it is also kind resistance area.
In fact it has bounced from this level and went for about 60 pips before it went back up to your entry.
Thank you
alter
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 24 KB
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #29,296
  • May 6, 2009 11:07am May 6, 2009 11:07am
Quoting athan00
Hi!

I m also trading for almost 16 months now! First time I learned about forex is more than 18 months! Guess what... I m still loosing!!! I ve read books, ebooks, watched videos, tutorials, signed in educationals and signal services etc! And so far I m only loosing! I m actually almost ready to quit! Every trade I place is turning against me! I m starting thinking if I should start trading the other way of what I think!!!
Maybe is my psychology. Whenever I see loosing too many pips I exit the trade. I only trade small timeframes up to 15M.

So...
Hey Athan

Many before have given great advice especially Racezfx post. The mindset of what it needs has to change. What if I told you it is going to take you 5 years before you become profitable? If you think that is too long of a time then maybe this isn't right for you. I am NOT trying to tell you off here, believe me what I am trying to stress is that aspiring traders can't look at this in terms of I have spent X amount of years, I should be profitable now. It is a LONG journey and even longer for some. I know very few people that are fully profitable after just 18months of trading. The majority of us spend our first couple years wandering around. Yes the information in this thread can be put together to make you a profitable trader, and there are many here that do it based on this material. Think if it as a long process a business that you are learning. Forget how long you have been at it, or how long it might take. Simply do whatever it takes to get to that finish line. Read and re-read the FIRST post of this thread, and follow everything James has outlined there. You might have to change everything you ever learned about trading in that first 18 months, and that is OK. Start on page 1 and just start working your way through this whole thread(it is huge but will be worth the effort).

Just know one thing. We have all been right where you are right now. It is what you do at the times of feeling like you are failure that will make you succesful(life and trading).

We are here to help you if you need anything and good luck!

Mike
  • #29,297
  • May 6, 2009 11:29am May 6, 2009 11:29am
This is one of the many reasons why this thread is so powerful. Mike and others are so incredibly willing to help anyone at any time. It's humbling to be around good people in a chaotically-spiraling world.

Thanks.
  • #29,298
  • May 6, 2009 11:38am May 6, 2009 11:38am
Quoting hans356
This is one of the many reasons why this thread is so powerful. Mike and others are so incredibly willing to help anyone at any time. It's humbling to be around good people in a chaotically-spiraling world.

Thanks.
Second that! Can I just say that only a couple of months ago I was in that same position having tried to scalp for about 18 months. Now I'm well on the road to 'recovery' thanks to you guys...
When in doubt, sit on your hands...
  • #29,299
  • May 6, 2009 11:43am May 6, 2009 11:43am
Hello Family
Still Hold my long since last week 1.3250 and 1.3330, I like working in big time frame if i wasn't i would be lost alot now and mental mess.

This way i made less trade and see better also as i learn Fundamental and Technical Both important.
I have been in this business 20 months since i start i lose 1 and win 1 and some time lose 2 win 1 but i enjoy learn new thing everyday and always enhancing my system and my way and that's Fun.

I don't care to win much but most important not lose my capital and keep learning and be in race to be real good and i start to feel that but of course in same time know there are still much to know and learn.

Most my time at work about 12 Houre out side home but always when have time i use it.

AS James says Long Time Frame and take you decision.
PS: Thanks for all family here i learn from u all
  • #29,300
  • May 6, 2009 11:56am May 6, 2009 11:56am
Quoting raczekfx
I don't tell people what to do..., everyone creates its own future/destiny (besides, I don't want to make politicians unemployed)
Sask?, no thanks.
Fiji, NZ, Aussie, Singapore, yes, but -40C is too much of a good thing for me.

ps. aud/usd
.
Hi raczekfx
looks to me this turned into a loser ?

May I ask which MAs you use.
ty
mea
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