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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

  • #31,201
  • May 27, 2009 10:38am May 27, 2009 10:38am
kk007,
not yet consistently profitable.
i am past the "learning phase" of james16 method, i am now in the "implementation phase." The latter phase was fairly difficult as it entails TONS of practice, patience & discipline.
i have an ultra unique situation: i have a very small account, trading the james16 way. i'm relying less & less on indicators (i started as a "regular" trader, with 5-15+ indicators all over my charts), trading demo & live. the distinct help this thread gave me were patience (my patience immensely improved as i was a highly very impatient type of person; note the double adjectives) & knowledge of the when's & why's of trade entries & exits (as opposed to blind/haphazard entries and blind, haphazard, &/or poor exits).

& no exact answer to your "when" question. but the straight answer is: profitability depends on your learning curve. mastery will take a little longer than that probably.
  • #31,202
  • May 27, 2009 10:41am May 27, 2009 10:41am
Quoting mbqb11
How long to become profitable? What if I told you it will take you a year? You would probably still keep at it. But the real question to ask yourself, what if it takes you 2, 3, 4, 5, 6? 7+ years?

Again the focus has to shift from the questions like: How long? How much can I make? etc. Those thoughts are what really distract the mind from just learning. If you are serious, and this is something you want to learn. It shouldn't matter how long.

This post might be a huge buzz kill for some, but the reality check will serve you(a general you),...
Dear Mike,

Thanks a lot for your sharing. Sometimes, I really don't understand why senior thread members here are so nice and selflessly to teach people they don't know without making any profit. More than that is they have to occasionally handle some unreasonable complains made by unreasonable people...

I don't think it will take me years really. For every failed trade I've made, I can to some extent try to explain them.

Before long I have spent months on a bunch of indicators and trading algorithm based on these indicators, but all failed unquestionably.

S/R and price action make much better sense for me. Anyway, everyone has their own story.

Best wishes for all here,
  • #31,203
  • May 27, 2009 10:42am May 27, 2009 10:42am
Quoting mbqb11
How long to become profitable?...
I'll be printing this one out and posting it above my monitors..."If you are serious, and this is something you want to learn, then it shouldn't matter how long it takes."

Good reminder Mike...

Josh
  • #31,204
  • May 27, 2009 11:08am May 27, 2009 11:08am
sorry haven't posted in a while, been reading for my msc qualifying exams...
can see u guys have been growing, nice
been reading a lot of deep comments from mike, thnx
cnt say it hasnt hit hard on some of us including myself
hoping to change my name from newbie to professional trader soon, hopefully wit diligence and hardwork
here are some trades im curently in ( sorry some are blind entries im working on ,they seem to be working but need to still get alot of experience under my belt)
euraud daily is beob
cheers guys
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Simplicity is the key to success
  • #31,205
  • May 27, 2009 11:15am May 27, 2009 11:15am
Quote
How long to become profitable? What if I told you it will take you a year? You would probably still keep at it. But the real question to ask yourself, what if it takes you 2, 3, 4, 5, 6? 7+ years?
Again the focus has to shift from the questions like: How long? How much can I make? etc. Those thoughts are what really distract the mind from just learning. If you are serious, and this is something you want to learn. It shouldn't matter how long............

just read your post after i posted mine, Mike.
Awesome post, as always!

just a little background......
Like what i've told ephisi yesterday, i'm a J16 blastocyst as compared to his being a J16 toddler. i seriously took a look at J16 just this year (Jan or Feb; not sure, got mild amnesia). I quickly dismissed the james16 method (, i think) last year as i deemed it's impossible for usage in lower TFs (i started as a "regular" trader like i said) as the method entails usage in higher TFs (H4 up; where it was intended for) which i sort of abhor & /or keep away from at that time. BUT, via reading the thread from the start (& most of the latest post during that time) i learned/deduced that it was not prohibited to trade, & it was possible to trade, j16 on lower TFs. only, the HUGE reminder was that u have to be proficient/experienced in trading the j16 method on higher TFs, so as to avoid getting whipsawed around in the lower TFs.

I always had a unique learning curve (& learning style), plus i had a very unique (personal & financial) situation too. so, i went ahead with j16, incorporating it in all my trades now. & i am very happy, trade & money management-wise.

Mike's question does not bother me at all. quitting is not part of my dictionary. I'll do whatever it takes, for how long it takes
because of your post, i was inspired to ramble now. & u made the "California & Australia" combo-hybrid wildfire blaze even further within me.. Thanks a lot!

I'll pass the question to the newer ones: can u keep up? your zeal & passion for knowledge & success must either be equal or greater than mine.... (this is meant to challenge & inspire, not for ire)

Mike, u are contagious... thank you Sir
  • #31,206
  • May 27, 2009 11:17am May 27, 2009 11:17am
Just wanted to thank everyone for their support and harsh brutality (just joking). I'll get through this and hope to be a better trader because of it. Thanks again. I'll have to post more often with charts. Don't do that enough.
"Don't trade to trade . . . trade to win." - James16
  • #31,207
  • May 27, 2009 11:25am May 27, 2009 11:25am
squeezy,
looks good.
u reminded me of the eurgbp short, i monitored that earlier today, along with $jpy, eur$ & gbp$. i forgot about the eurgbp short (as i rarely trade it).
i have never traded euraud & gbpchf though.



Flem26,
yes, do post more often. Good luck


i'm (12.28AM, Manila, Philippines)
  • #31,208
  • May 27, 2009 11:31am May 27, 2009 11:31am
Quoting supremeChaos
just read your post after i posted mine, Mike.
Awesome post, as always!

just a little background......
Like what i've told ephisi yesterday, i'm a J16 blastocyst as compared to his being a J16 toddler. i seriously took a look at J16 just this year (Jan or Feb; not sure, got mild amnesia). I quickly dismissed the james16 method (, i think) last year as i deemed it's impossible for usage in lower TFs (i started as a "regular"...
[/color][/b]

hey chaos,
enjoy ur posts, enlightening as usual
also the colouring is catchy....lol
definately be paying attention to more of ur post

ps: im with u on MIKE been contagious
Simplicity is the key to success
  • #31,209
  • May 27, 2009 11:42am May 27, 2009 11:42am
Quoting Life of Pi_p
For most of them, the market will drain their accounts until all that's left is demo trading
Now that is funny. I have a few trades left in my account and I maybe back to demo. What is interesting now that the account is low is that I'm totally hanging back and waiting for the A++ trades. Funny how that works, but it's kind of cool being a sniper waiting for the shot.

Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #31,210
  • May 27, 2009 11:43am May 27, 2009 11:43am
Took me about 4-5 years before I could BE but all I did was read charts and learn, printed out 7ish years of 3 min charts and filled a closet with them, would go over the charts 3min bar at a time and learn how it moved and just PA really. I will say this is by far the hardest thing I have done and also some people will NEVER be able to do it, I know people 15+ years that are unreal at reading the market but they just cant trade and yes there is a difference.

I wish I could instill in people the mental part of it but you really cant, they have to do that on their own and learn about what works. Also something kind of funny I think is I can NOT trade the 4hr to save my life, I tried and that is why I am here, not sure if it's too slow or because my mentor years ago showed me the 3min and thats all I really knew. To me anything over 1-2 hours is a investment lol.

Also I read a book a week ago that was great, Mark Douglas trading in the zone. I really enjoyed this because what he said I have been through and it was funny now, I wish I had this book 5+ years ago though but then I would not of understood 1/2 of what he was saying. Also I have read 40+ books maybe 3-4 are good the rest are the same crap over and over or some BS system.
Keep taking CT trades, I need more money
  • #31,211
  • May 27, 2009 12:15pm May 27, 2009 12:15pm
Woww.. 4-5 years to breakeven? It is not possible to do it as a full time work, or you are rich enough to not get hired.
I am hesitated to say but I agree that not everyone can trade Daily. I really don't see a problem that I can keep demo trade in a Lower TF. Either finally I get skilful enough or I can't start trading money. Yes, it is more difficult to trade Lower TF, and it is easy to keep making mistake. But we learn from mistakes.
I used to use a system that will generate 1-3 good trades per week, I can spot the signal afterwards. But each time when the signal appear it is so much so much serious that I cannot cope with it.
I really don't see a problem to take a trade that is about 60-70% winning rate with 1:1 R/R. This is already better than hosting a casino.
  • #31,212
  • May 27, 2009 12:38pm May 27, 2009 12:38pm
Quoting Ryanmcd
Took me about 4-5 years before I could BE but all I did was read charts and learn, printed out 7ish years of 3 min charts and filled a closet with them, would go over the charts 3min bar at a time and learn how it moved and just PA really. I will say this is by far the hardest thing I have done and also some people will NEVER be able to do it, I know people 15+ years that are unreal at reading the market but they just cant trade and yes there is a difference.

I wish I could instill in people the mental part of it but you really cant, they have...
Trading on 3 min, no wonder it took you 5 years to break even, anything below 1 hour is gambling you may get lucky for a while but over the long term you wont be profitable.

Trading is easy, people make it hard. I understand the need to advise people they are not going to go make a million in a few months, but don't go the other way totally. You can make lots of money if you find a profitable way of trading and use leverage while keeping your risk low. Just be sensible. Some people may take longer than others but if you aint got it after a year or two then somethings wrong.
Economists have forecast 9 out of the last 5 recessions
  • #31,213
  • May 27, 2009 12:52pm May 27, 2009 12:52pm
Quoting markmm
Trading on 3 min, no wonder it took you 5 years to break even, anything below 1 hour is gambling you may get lucky for a while but over the long term you wont be profitable....
There a quite a few traders (Ryan definitely included) that are quite successful on the lower time frames. One in particular is Malcomb over on the Auslanco thread. It's not my cup of tea but to each his own.

I admire the heck out of James, Ryan, Malcomb, Jank, and others that can trade those time frames for consistent profits. I tried on demo with mixed results. Back to just daily and weekly for me. 4 hour has pissed me off for the last time.
"Don't trade to trade . . . trade to win." - James16
  • #31,214
  • May 27, 2009 12:53pm May 27, 2009 12:53pm
Quoting markmm
Trading on 3 min, no wonder it took you 5 years to break even, anything below 1 hour is gambling you may get lucky for a while but over the long term you wont be profitable.
Careful, this is far from true. It's just most people that start on the lower timeframes have not a clue what they are doing, and it will chop you down very very quickly.

It is all about learning/experience/practice

Best
Mike
  • #31,215
  • May 27, 2009 1:00pm May 27, 2009 1:00pm
Quoting mbqb11
Careful, this is far from true. It's just most people that start on the lower timeframes have not a clue what they are doing, and it will chop you down very very quickly.

It is all about learning/experience/practice

Best
Mike
word. for a guy so young, you are wise beyond years my friend.
"Don't trade to trade . . . trade to win." - James16
  • #31,216
  • May 27, 2009 1:09pm May 27, 2009 1:09pm
Quoting mbqb11
Careful, this is far from true. It's just most people that start on the lower timeframes have not a clue what they are doing, and it will chop you down very very quickly.

It is all about learning/experience/practice

Best
Mike

Im not sure I agree with you Mike, your stop is going to be much smaller and spread becomes a much bigger part of your trade, a simple 20 pip spike and your out.
Economists have forecast 9 out of the last 5 recessions
  • #31,217
  • May 27, 2009 1:13pm May 27, 2009 1:13pm
Quoting markmm
Im not sure I agree with you Mike, your stop is going to be much smaller and spread becomes a much bigger part of your trade, a simple 20 pip spike and your out.
Really trading is no different on the lower timeframes. You are still using the same concepts. You just have to be able to go through the decision making process faster. I have successfully traded the 5/15 for awhile. I simply stopped b/c it is too much chart watching for my liking. Once you get good at daily/weekly and 4hr/1hr etc, you can use all the same concepts if one chooses. Price isn't as erratic as people make it out to be. It is all relative to the timeframe you are on. Same with MM, If you have a 25 pt stop, and price moves say 28 pips to cover spread and commissions you now made 1%(if that was your risk). I am not promoting new traders do this. Just debunking another myth.

Again this is just from watching thousands of hours of charts.

Best
Mike
  • #31,218
  • May 27, 2009 1:16pm May 27, 2009 1:16pm
Price action rules. still in this trade i called earlier 2day
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  • #31,219
  • May 27, 2009 1:20pm May 27, 2009 1:20pm
here is an example.

95 mark on usd/jpy is PPZ. On the 15min this zone is still clearly confirmed. We can see two price action bars right off this flip. Had I covered up the timeframe, it could be a h1 etc

The reality also is a good method should be able to work under different conditions like timeframes.
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  • #31,220
  • May 27, 2009 1:21pm May 27, 2009 1:21pm
Quoting mbqb11
Really trading is no different on the lower timeframes....
I bow to your experience but as you say you need to be in front of the screen for long hours, over the long term I think it would be difficult to be on the ball all the time. Why do it, as you say you can make 1% on anytime frame.
Economists have forecast 9 out of the last 5 recessions
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