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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

  • #31,221
  • May 27, 2009 11:23am May 27, 2009 11:23am
Quoting markmm
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.
won't argue that point. I enjoy not having to stare at the screens for minutes at a time. It reminds me too much of my online poker days
  • #31,222
  • May 27, 2009 11:26am May 27, 2009 11:26am
Quoting mbqb11
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.
But as is said the lower the time frame the less significant PA bars become surley there is a point where they are meaningless, I would say anything under 5 mins is at that point, and anything under 1 hour you need to be picking great bars.
Economists have forecast 9 out of the last 5 recessions
  • #31,223
  • May 27, 2009 11:28am May 27, 2009 11:28am
Quoting mbqb11
won't argue that point. I enjoy not having to stare at the screens for minutes at a time. It reminds me too much of my online poker days
lol I woulndt mind being in Vegas staring at the poker table and driking beer all day though.
Economists have forecast 9 out of the last 5 recessions
  • #31,224
  • May 27, 2009 11:29am May 27, 2009 11:29am
Quoting markmm
But as is said the lower the time frame the less significant PA bars become surley there is a point where they are meaningless, I would say anything under 5 mins is at that point, and anything under 1 hour you need to be picking great bars.
The same rules apply. Picking great bars. Being conservative with your entries. Understanding location, and understanding trade management. Most new traders come, open up the 5min, and just start firing off left and right. Lose a few, revenge trade a lot, and their account is 50% gone. Come on I know someone is reading this and doing that.

James' advice on page 1, is GOLDEN. And this is a good time to say read post 1 for those that are reading this !
  • #31,225
  • May 27, 2009 11:30am May 27, 2009 11:30am
Quoting markmm
lol I woulndt mind being in Vegas staring at the poker table and driking beer all day though.
yeah vegas playing for fun drinking with friends can't beat that. When I played online I had 4-8 tables open at once, and i swear I didn't blink for 5-10hours LOL
  • #31,226
  • May 27, 2009 11:33am May 27, 2009 11:33am
Quoting mbqb11
yeah vegas playing for fun drinking with friends can't beat that. When I played online I had 4-8 tables open at once, and i swear I didn't blink for 5-10hours LOL
Yeah for fun of course, I would lose my shirt otherwise. Anyway time to watch the Champions League Final with a beer, Come on Man Utd.
Economists have forecast 9 out of the last 5 recessions
  • #31,227
  • Edited 11:59am May 27, 2009 11:42am | Edited 11:59am
Just entered long new pair fcb/manu, 100% portfolio, no SL, TP 2-0 and the glory.
Wish me luck!

Update: 1st target hit!
Attached Image
Trading: the skill of avoiding trades
  • #31,228
  • May 27, 2009 11:54am May 27, 2009 11:54am
Quoting eswap0
Just entered long new pair fcb/manu, 100% portfolio, no SL, TP 2-0 and the glory.
Wish me luck!
Be carefull going against the trend
  • #31,229
  • Edited 12:08pm May 27, 2009 11:55am | Edited 12:08pm
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...
For those thinking of jumping on Ryan for his trading of 3 minute charts it's well worth checking out his post history. He is the real deal, incredibly experienced and James16 has said publicly on the thread what a great and experienced guy he is. Mike's spent a little time on the phone with him too. (Look at who vouched for him)

The key is that he found a style of trading that suits his personality. If any of us tried it it would probably slaughter us. Ryan is definitely unique.

Took him a while, as he said (there are more pieces of his story in his post history) but boy was it rewarding when he got there. He's one of the few who prints money from doing this (his ROI is in his post history). During the four years that it took him to be profitable, he had a mentor who was guiding him the whole time, but still couldn't get it. But he reduced his outgoings to the bare minimum and gave himself all the time in the world to learn.

I was really inspired by Ryan's story and postings. At first when he showed up I privately thought the same (here's another guy hawking some crazy 5M system that'll never work) but I learnt through the responses of the seniors not to be so quick to judge. Was a real lesson for me.

He has the discipline to look at a 5M chart all week and not take a single trade. That takes a special kind of skill.

I think the way these guys (the seniors) trade is completely reachable for us new folk, as long as we give ourselves a chance to stay in the game while we learn. Most blow out their accounts by jumping in too early, risking too much, handing over their money to cowboys to trade for them. I've been there believe me. I'm lucky to still be in the game. But I am. And if I follow James' instructions there is no need to lose another penny while I learn.
  • #31,230
  • May 27, 2009 12:12pm May 27, 2009 12:12pm
I just wanted to put that out in the open about the time thing. I think longer times are good for most but you are always going to have freaks like myself that can not do it, I am ADD and cant sit still and I know this and deal with it. I do not freak out in a trade ever I just don't like the wait, it's not a money issue at all that's why I wanted to trade the longer TF's because I can and make good money with less time.

Today I took 4 trades, 3 made money 1 stopped out and it was sideways, good markets I do better but what I am trying to say is that one thing you may want to do is look at all time frames and see what fits your style of trade and then run with it. Most see a end goal of being able to trade the 3/5min stuff and I was the oppiset.
Keep taking CT trades, I need more money
  • #31,231
  • May 27, 2009 12:20pm May 27, 2009 12:20pm
what all of you have to see in this is that Ryan earned his stripes. the fact that he is better at lower time frames than larger is no mysterious thing. im better at a 2000 tick dow chart than i am a daily forex chart. in my case its not really the time frames its the markets. i know the dow from years of trading it.

i swear when ryan talks its like im talking to myself on the phone or something. its very strange actually. there are only 2 or 3 people here over the years that have made me feel like that.

its really very simple.

Ryan has traveled down this road further than where most ARE WILLING to go.

look at the statements in his post and how they mirror mine from over the years. lets look at a couple.

1. "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."

this is me. took him 5, took me 8. All i did was sit and stare at charts for years. the level that he and i took this would be deemed mentally unstable by most people. dont laugh my wifes family said that more than once over the years about me. ITS ABOUT DESIRE AND LEARNING FOLKS.

2. "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."

This statement says it all and a long time ago when i saw Ryan post this i knew he was different. He is dead on with this statement but i will add one thing. The people that make it usually have two things. a simple method and a love for learning.

3. "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."

How many thousands of times have i stared at an email crying out for help and felt sick inside because i couldnt help them. This statement says it all.

4. "Also I have read 40+ books maybe 3-4 are good the rest are the same crap over and over or some BS system."

LOLOLOL. WORDS MEAN THINGS TO ME and ryans words tell me he has travelled the same lonely road i have. a road where you can go months or years and never see another soul.

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...
  • #31,232
  • May 27, 2009 12:24pm May 27, 2009 12:24pm
Quoting mbqb11
won't argue that point. I enjoy not having to stare at the screens for minutes at a time. It reminds me too much of my online poker days

I hear ya lol, at least I have a 42" screen to watch chats on Also Mike you still play cards online?
Keep taking CT trades, I need more money
  • #31,233
  • May 27, 2009 12:37pm May 27, 2009 12:37pm
Quoting Ryanmcd
I hear ya lol, at least I have a 42" screen to watch chats on Also Mike you still play cards online?
Not since sportsbook site owes me over a grand since last year lol
  • #31,234
  • May 27, 2009 12:40pm May 27, 2009 12:40pm
Quoting mbqb11
Not since sportsbook site owes me over a grand since last year lol

LOL, I have a friend that his job is betting sports and he has over 100k that is owed to him for shady sites, I will say he put up 5k on Adam in American Idol and lost it, thought he was a shoe in on that.
Keep taking CT trades, I need more money
  • #31,235
  • May 27, 2009 12:51pm May 27, 2009 12:51pm
I was burned trading the 1 second chart, I would never advise anyone to trade it, I admire Ryan for his persistance and determination to succeed, but also wonder if time was wasted when the longer TF would have been so much easier and just as profitable.
Economists have forecast 9 out of the last 5 recessions
  • #31,236
  • May 27, 2009 12:58pm May 27, 2009 12:58pm
Quoting eswap0
Just entered long new pair fcb/manu, 100% portfolio, no SL, TP 2-0 and the glory.
Wish me luck!

Update: 1st target hit!
I think there will be a retrace 2-1 to Man U, after it hits resistance at Ferdinand, it will go to Ronanldo who will provide support.
Economists have forecast 9 out of the last 5 recessions
  • #31,237
  • May 27, 2009 1:01pm May 27, 2009 1:01pm
Quoting markmm
But as is said the lower the time frame the less significant PA bars become surley there is a point where they are meaningless, I would say anything under 5 mins is at that point, and anything under 1 hour you need to be picking great bars.
In forex mostly yeah. James pointed it out a little later though... depends on the market.

Some futures charts you can't even trade below daily , and on a couple you have to use the weekly!

In many markets , at times, you can trade down to the "count the fingers on one hand" tick charts at the right time of day in the right location and the bars are TOTALLY tradable/usable.

When you understand the underlying price movements , trading even the bare price movement chart tick-by-tick is possible. And lot's of fun! (When all the right conditions line up.)
Bundy's status today: "Waiting..."
  • #31,238
  • May 27, 2009 1:03pm May 27, 2009 1:03pm
Quoting Ryanmcd
I just wanted to put that out in the open about the time thing. I think longer times are good for most but you are always going to have freaks like myself that can not do it, I am ADD and cant sit still and I know this and deal with it. I do not freak out in a trade ever I just don't like the wait, it's not a money issue at all that's why I wanted to trade the longer TF's because I can and make good money with less time.

Today I took 4 trades, 3 made money 1 stopped out and it was sideways, good markets I do better but what I am trying to say...
Good on you, I was too quick to judge, if thats what suits then thats the timeframe you probably could only succeed at. I come from 1 second to daily/4hr. I am more of a laidback trader so it suit me.
Economists have forecast 9 out of the last 5 recessions
  • #31,239
  • May 27, 2009 1:05pm May 27, 2009 1:05pm
Quoting bundyraider
In forex mostly yeah....
I was assuming we were talking about forex, sorry if that wasnt clear, just with this being forex factory, no offence bundy.
Economists have forecast 9 out of the last 5 recessions
  • #31,240
  • May 27, 2009 1:12pm May 27, 2009 1:12pm
Quoting markmm
I was assuming we were talking about forex, sorry if that wasnt clear, just with this being forex factory, no offence bundy.
Still applies. During saner sessions even certain forex pairs allow it.
Bundy's status today: "Waiting..."
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