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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

  • #30,921
  • May 25, 2009 5:50am May 25, 2009 5:50am
Quoting markmm
I would be wary of playing straight into such a round number and counter trend as well as the H&S pattern. I would like to see this is as a breakout pull back to the 95 and then get a pin bar or outside bar to go short off of 95.
Hi Mark, thanks for your observations.
I would often agree re round numbers etc, but, looking back to March, and before that into the tail end of last year, price seems to have 'disrespected' the '95 on numerous occasions.
IMO, round numbers are often a target for bored city traders, but when respected should then leave some kind of a footprint behind them when it happens, otherwise each movement towards a psyche number becomes a coin toss. I tend to think that historical s & r at round numbers is to be expected, but when it's notable by it's absence then it's heads or tails.
Just my thoughts.
  • #30,922
  • May 25, 2009 6:01am May 25, 2009 6:01am
Quoting albchr
Great post Razor and very much the way I see things. I've been demo trading since Sept. I always started with a 5k account because I needed to keep it as real as possible to my actual situation. In that time I've more than doubled some in a month and blew some in a week...LOL

In trying all sorts of things, my best month turned a 5k into a 21k and my worst (can't call it a month) lost 11k in a week!! Since starting a 5k account IS a matter of making a living for me, I was very serious about approaching them as "real" money and honestly felt the...
The ultimate factor is that these markets are here today, will here tomorrow and in a year from now still be here. That gives everyone time. Time to learn, time to trial and time to unify themselves with a method that has yielded personal results that the trader fells comfortable with.

Trading is BORING when it is done correctly. Success in this game is about longevity. The longer you are here, more often that not the more successful you will be (not always but more often). The longer you doing anything the same the more boring it gets. If boredom is the price you have to pay to live a more comfortable life them baby boredom me up. Usually the ones that look for the rush, the adrenlin are the ones that experience the pain of loosing more often.

Thanks for the reply m8

Razor

PS sorry if these post are of topic, say so and ill shut my mouth lol
  • #30,923
  • May 25, 2009 6:32am May 25, 2009 6:32am
Quoting Razor_trader
Thanks for the reply m8

Razor

PS sorry if these post are of topic, say so and ill shut my mouth lol
I don't think they are off topic at all (at least I hope not). This thread is all about saving new traders from the pain of failing with real money. On that note, I can't stress enough that NOBODY attempt what I'm about to. This why I don't post about it much. I don't want new traders (or any trader for that matter) to think it's OK to do this. IT'S NOT!! Pure and simple!! If I had any other choice at all, I'd take it in a heart beat.

And Oh, I finally figured out what m8 means....LOL...Mate!...
Ghost Rider - WWTBMD?
  • #30,924
  • May 25, 2009 6:42am May 25, 2009 6:42am
Quoting lddd
thanks. i will do so. itīs actually becomming more and more clearify to me while reading and writing with you guys here. itīs a great place to be

regarding to "supporting factors", well i understand it needs some more factors to confirm entering in a trade. So if it comes to creating a detailed trading plan, are there rules WHICH of these "supporting factors" i should use to ascertain situations or should i just learn some and decide for the one i feel most comfortable with?
Fibonacci is a tool you can use it for many things and in all the time frames :

 

  1. Support and resistance areas
  2. Retracment areas as support for taking posetions
  3. you can decide your risk reward if you have an open trade you can make your fib on the swing and see how much you are apple to give back from your trade looking for new target
  4. You can use fibonacci extensian to know where is your target


And its from the best tools you can use for analyzing the market

Im attaching some pic explaining how to use fibs

Hope this helps

Attached Image(s) (click to enlarge)
Click to Enlarge Name: fib extension.gif Size: 21 KB
Click to Enlarge Name: Fib retracment.jpg Size: 97 KB
Click to Enlarge Name: rrfib.gif Size: 30 KB
The million dollar man Alkhatarey
  • #30,925
  • May 25, 2009 8:11am May 25, 2009 8:11am
Quoting mbqb11
hey you're giving all my tricks out !
Hey Mic could you please send me ling or explaination for the A+ setup , A and B setup ?

thanks for your help
The million dollar man Alkhatarey
  • #30,926
  • May 25, 2009 8:18am May 25, 2009 8:18am
alkhatarey,
Greetings....

Better read back on previous posts. That's the best way.
& like he & others have said several times, categorizing a trade as A+ , B-, or C is a subjective thing.
  • #30,927
  • May 25, 2009 8:28am May 25, 2009 8:28am
man im searching since yesterday about them it could be nice from you to send me the link if you know it if you dont know it thanks for your help
The million dollar man Alkhatarey
  • #30,928
  • May 25, 2009 8:36am May 25, 2009 8:36am
Quoting alkhatarey
man im searching since yesterday about them it could be nice from you to send me the link if you know it if you dont know it thanks for your help
There is simply no definition.


It's as simple as this - the best setup you can think of (personally) is an A+

For me thats something like -


Pinbar - long nose, close inside previous bar, protrudes from surrounding price.

Pierced by a round number

Pierced by a fib retracement

Is at a PPZ

Is in space and has space to move into.


A "A" setup is practically the same except with maybe one or two less elements, B has less going for it, it's a subjective thing as Mike himself said before, what I think is A+ somebody else might not trade, simple as that.

Regards,
Jig
  • #30,929
  • May 25, 2009 9:10am May 25, 2009 9:10am
Quoting Jigsaw
There is simply no definition.


It's as simple as this - the best setup you can think of (personally) is an A+

For me thats something like -


Pinbar - long nose, close inside previous bar, protrudes from surrounding price.

Pierced by a round number

Pierced by a fib retracement

Is at a PPZ


Thanks for your help

Is in space and has space to move into.


A "A" setup is practically the same except with maybe one or two less elements, B has less going for it, it's a subjective thing as Mike himself said before, what...


Thanks for your help

But does anybody knows what is the A+ setup for james?

Thanks
The million dollar man Alkhatarey
  • #30,930
  • May 25, 2009 9:45am May 25, 2009 9:45am
Quoting alkhatarey
Thanks for your help

But does anybody knows what is the A+ setup for james?

Thanks
Read the thread all the answers are there. If you can't read the thread then join the Private Forum forum all your answers are there also. If you can't do either then you have to ask yourself if you really want to trade.
Economists have forecast 9 out of the last 5 recessions
  • #30,931
  • May 25, 2009 10:11am May 25, 2009 10:11am
Quoting alkhatarey
Thanks for your help

But does anybody knows what is the A+ setup for james?

Thanks
Maybe you can pm him, but I'm sure you'll got an answer much like Jigsaw's

For me, an A+ Trade is something I'll put money on, anything less than that is an overtrade and whenever I put money on them, I tend to lost money because of fear and uncertainty of the setup, in the end it's always down to something you want to risk your money on and what you don't want to risk your money on, any fishy feelings is a no trade for me, you'll get it overtime with practice and demoing for a few months, and then you'll get your own categories of graded trades.

For your information, I see a lot of veteran traders here that does grade trade in A+ A, or B, or maybe C and ends up only trading the A+ setup with real money and traded the rest on demo.
Some others took every setup with a reduced risk tolerance, for example 1% for an A+ setup, 0.5% for a B, and so on.
Some others went to a mere yes or no question, whether you put money on a setup or you don't, I belong to this category of traders.

Hope that helps.

Marcel
  • #30,932
  • May 25, 2009 10:20am May 25, 2009 10:20am
Quoting alkhatarey
Hey Mic could you please send me ling or explaination for the A+ setup , A and B setup ?

thanks for your help
Hey Alkhatarey

Jigsaw is correct. Everyone has a different view of an A setup. And mine also changes from timeframe/style, and is just not as clean cut as posting one chart. If you work your way through this thread you will see what I mean by this. I do have a video called pinbar introduction on the guest section, where I give a more basic idea of the difference b/w an A trade, B trade etc. That might be more for what you need at this time.

Best of luck
Mike


Also just want to pay my respects and thanks to all the soldiers/veterans and those that we have lost. You have my deepest respect and thanks for everything you do and my prayers are with those still serving to come back safe.
  • #30,933
  • May 25, 2009 10:23am May 25, 2009 10:23am
Quoting albchr
Great post Razor and very much the way I see things. I've been demo trading since Sept. I always started with a 5k account because I needed to keep it as real as possible to my actual situation. In that time I've more than doubled some in a month and blew some in a week...LOL

In trying all sorts of things, my best month turned a 5k into a 21k and my worst (can't call it a month) lost 11k in a week!! Since starting a 5k account IS a matter of making a living for me, I was very serious about approaching them as "real" money and honestly felt the...
well ok, youīre all right and sure i will demo some moth before going live with any money again So you think itīs nor possible to make a living of a quite small amount of money when trading only the 2-4 a++ setups a month? With "living" i donīt mean to make thousands of dollars within every month. Letīs say you trade quite well after some time, how much is possible to make on ROI every month for a 5k when only trading this super fancy nancy A++ Setups with proper moneymanagement incalculated losses? 5%, 10%, 20% ?

Actually i am not a greedy person and i do not want to overtrade or expect getting rich within a month, i know that all. The question was, if you can do a living from a small account without bringing it to 10 years of trading without having any profit you could payout your self a month. I mean with allready a 500 bucks you live verry verry well in thailand
  • #30,934
  • May 25, 2009 10:30am May 25, 2009 10:30am
Quoting lddd
well ok, youīre all right and sure i will demo some moth before going live with any money again So you think itīs nor possible to make a living of a quite small amount of money when trading only the 2-4 a++ setups a month? With "living"...
Hey LD

It is impossible to tell you what you will make in ROI. These are all the questions that a new trader wants to hear as clean and cut answers. But as you progress along the curve realize what they actually mean.

Check out these posts though
http://www.forexfactory.com/showpost...ostcount=25755
http://www.forexfactory.com/showthre...69#post2645769

Enjoy the day all back later tonight!

Mike
  • #30,935
  • May 25, 2009 10:36am May 25, 2009 10:36am
Quoting lddd
well ok, youīre all right and sure i will demo some moth before going live with any money again So you think itīs nor possible to make a living of a quite small amount of money when trading only the 2-4 a++ setups a month? With "living"...
Hi lddd,

I think it is possible to make on average 5% a month, taking the best setups, say risking 1% per trade, however you need to do this on demo or with a small account to practice and prove you can do it, over 3-6 months. That way you will see what kind of returns you can make. Remember you could also lose 5% or worse if you go straight in without practice or reading the material.

Once you have done that then you could move down time frames to get a few more A+ trades a month and maybe push your return higher but that would be after a year say of consistent profits.

I would for now forget about how much you can make and focus on getting good at trading this method, the money will take care of itself, and you will be less likely to get over emotional when in drawdown etc.

Also to aim for a monthly % can be counter productive, just aim at spotting good entries and milking the trade for a much as you can.

Regards

Mark
Economists have forecast 9 out of the last 5 recessions
  • #30,936
  • May 25, 2009 10:38am May 25, 2009 10:38am
Quoting markmm

I would for now forget about how much you can make and focus on getting good at trading this method, the money will take care of itself,

Mark
yes yes yes
  • #30,937
  • May 25, 2009 10:42am May 25, 2009 10:42am
Quoting TiaForex
I can make a few suggestions based on James' first post on this thread.

Firstly, put away the four hour chart and focus on the dailies and the weeklies. It's what James suggests. The signals are more reliable and it's a much better place to learn the method.

James doesn't use floor trader pivots in this type of trading. Although there are many different variants of this method, I would suggest sticking to the basics of how James trades and keeping them off your charts for now. Having said that, many people use what James teaches to enhance...
I appreciate your input tiaforex i though i saw a bullish outside bar on the weekly chart gbp/usd.......so i guess i should be looking for buy signal at a fib. ext. on a retracement seen that we are in a uptrend.
  • #30,938
  • May 25, 2009 10:46am May 25, 2009 10:46am
Quoting markmm
Hi lddd,

I think it is possible to make on average 5% a month, taking the best setups, say risking 1% per trade, however you need to do this on demo or with a small account to practice and prove you can do it, over 3-6 months....

yeah youīre right.
  • #30,939
  • May 25, 2009 10:46am May 25, 2009 10:46am
Quoting lddd
well ok, youīre all right and sure i will demo some moth before going live with any money again So you think itīs nor possible to make a living of a quite small amount of money when trading only the 2-4 a++ setups a month? With "living"...
I feel you lddd, I live in indonesia where with only 500 bucks you can live a family quite well too, I've only a few thousand dollars which makes it quite impossible atm, but I'm getting to the amount I'm targeting by opening another business which will be the family income for the moment I'm training to trade, with my ROI in the few months I've been studying this method - remember, only a few months, mike's been trading for years!- I think I can make about 2-3% with extra cautious moves, but that's me and I only risk 1% per trade (when I risk more than that I'm sweating bullets through the whole trade, and ends up losing it), I'm going to need an account as large as $25.000 to make a good living, and that's the amount of a house mortgage here, I think I'll let another 2 years pass before I'd be comfortable enough psychologically to trade with that amount of money, or to make a sole living income through trading for that matter.

For now-I quote this from the pros-I will have to learn how to trade right before worrying about the dollars gained or lost.
Mike's answer might not be easily edible, but he' has been the best mentor for me throughout my experience as a J16 fanboy, I suggest you listen to the New Yorker for he only cares for our best interests as begginers, and that is to trade right, not mere make money.

Oh yeah, and please do read the whole thread, twice if you can, after all, we believe this is the best business in the whole world, and all the best things in this live don't come fast and easy, now does it?

Hope that helps

Btw, I live in Pekanbaru, Indonesia, only 1 ferry trip from Mellaca, I'm planning to go to thai in a year might see you there.
  • #30,940
  • May 25, 2009 11:02am May 25, 2009 11:02am
Quoting lddd
I mean with allready a 500 bucks you live verry verry well in thailand
WOW...lol. Maybe I should move to Thailand then. I need $6000 a month just to cover my bills here in the USA...LOL

Oh well. Have a GREAT day folks! I'm going to roll myself out on the deck and enjoy the beautiful weather we have today here in NE PA!
Ghost Rider - WWTBMD?
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