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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

  • #31,781
  • Jun 1, 2009 10:24am Jun 1, 2009 10:24am
Quoting alter
Person who makes 25% on wall street is king because he trades 74 millions USD account. I'm not sure if he would be the king with 10-20 000USD account as well. Would he be?
king or not

It is just reality. If the top wall street guys are trading on huge accounts they also are trading with a lot less risk. So the individual trader has more risk per trade, which means bigger drawdowns and larger ROI. But no one is making 100% a month consistently and those that are shooting for those pipe dreams are going to come up ridiculously short in the long run. The basic idea is to be reasonable and realistic about trading. It is not the casino to those of us that respect it for the business it is

Best
Mike
  • #31,782
  • Edited 12:41pm Jun 1, 2009 10:46am | Edited 12:41pm
Realizing the fact that 50-50 outcome of winner and loser trades may be very profitable if treated with proper money management was an eureka moment in my trading and worked quite well last year, but later when I found J16 thread my trading became more profitable and less stressing. This stuff really generates 80% - 90% winners and this percentage mostly depends on traders patience and position management.

If 15 markets that I'll be trading this year generate 50 trades that I'll consider worth risking 2% of my account, than I'm expecting to have 80% annual growth with 20% drow down and that's 60% overall annual growth, I'd be greatfull even for 40%. The point for me is to be consistent winner all the rest is random I think.

If I'm risking 20 pip then my first target is in 40 pips, if the market doesn't give such an opportunity I'm not taking a trade. At the first target I'm always taking half of my profits and moving the stoploss to BE. This kind of position management makes me open to some extra profits that may come if my first target is broken and the market keeps moving in my dirrection, but it happens very seldom.

I think increasing risk in dollar perspective should be stupid from me, I'm trying to decrease pips risked but to have the same 80% winning outcome.

I'm so happy that finaly I'm getting there where I wanted to be, slowly but surely and would be more exited if my eureka stuff help others too.

David
  • #31,783
  • Jun 1, 2009 10:48am Jun 1, 2009 10:48am
Here is the other pair I am hawking to see clear price action...we are at the 50 percent fibb from all of last years move down as well as the upper channel ...will be looking to sell this puppy during tomorrow session if the price action comes along...we should 1.4050 area to then start looking to buy the dips...

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  • #31,784
  • Jun 1, 2009 10:57am Jun 1, 2009 10:57am
datogio,
how have u incorporated j16 into your trading? are u using other systems/methods with it? or pure j16?

Congratulations to u ,david.
  • #31,785
  • Jun 1, 2009 11:01am Jun 1, 2009 11:01am
Quoting Shermenator
Here is the other pair I am hawking to see clear price action...we are at the 50 percent fibb from all of last years move down as well as the upper channel ...will be looking to sell this puppy during tomorrow session if the price action comes along...we should 1.4050 area to then start looking to buy the dips...

Attachment
I agree, I have a similar outlook on the euro
  • #31,786
  • Jun 1, 2009 11:06am Jun 1, 2009 11:06am
Quoting supremeChaos
datogio,
how have u incorporated j16 into your trading? are u using other systems/methods with it? or pure j16?

Congratulations to u ,david.
Thanks mate!
Yes my trading now is pure J16 stuff.
  • #31,787
  • Jun 1, 2009 11:31am Jun 1, 2009 11:31am
More than 5 hours till the close of the day, but promising PB in CADCHF, just behind FIB 61 and EMA 365.
For those taking 4H, third PB waiting for confirmation.
Short term countertrend though...(not weekly, must say).
Thinking about getting in @9765, TP @9650
Any thoughts?
Thanks!
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Trading: the skill of avoiding trades
  • #31,788
  • Jun 1, 2009 11:53am Jun 1, 2009 11:53am
sweet just got back to my pc to see lovely GJ break i was expecting. Locking in 300pips on remaining half of my long from 152.

J16 weekly chart for u. BUOVB break with retracement to 38.2fib before making new high. I also posted this last week together with the tripple bar high on the daily.

Quoting ephisi
Closed out half of my long for 300pips. Letting the rest ride.. i so love the daily TF, so much less stress trading and i can do other things

Quoting ephisi
GM news is already being priced in. Watch out what happens to GJ when UJ recovers from the GM effect. Hoping GU cushions the effect of UJ even if it gets as low as 90/92 then recovers to join the bull party.
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  • #31,789
  • Jun 1, 2009 12:46pm Jun 1, 2009 12:46pm
I agree with the profits to expect, I would think the first worry is not how much I can make per year, rather, can I make a profit at all? Get there first, and consistently then look at improving your ROI. The guys who are getting 500% a year have obviously spent years getting their system / methods fine tuned and have many years of experience and knowledge i.e. Darkstar.

I want to also apologise to RyanMcd about the lower time frame comments, its obvious you are a talented trader with way more experience than me, I just had a bad day. Your comments about printing off charts and studying them has inspired me also.

Regards

Mark
Economists have forecast 9 out of the last 5 recessions
  • #31,790
  • Jun 1, 2009 1:23pm Jun 1, 2009 1:23pm
Quoting markmm
I agree with the profits to expect, I would think the first worry is not how much I can make per year, rather, can I make a profit at all? Get there first, and consistently then look at improving your ROI.

Mark
That's an important point, especially for newer traders. Some people lose the game before they even start playing. They lose by either setting unrealistic goals, or getting too disappointed/discouraged when they hear some truth coming their way about what to expect as far as profit goes.

If you're in the black instead of red, you're miles ahead of almost everyone else. Do that consistently and take it from there. You will then succeed.

Tom
  • #31,791
  • Jun 1, 2009 1:29pm Jun 1, 2009 1:29pm
Quoting moneybags
That's an important point, especially for newer traders. Some people lose the game before they even start playing. They lose by either setting unrealistic goals, or getting too disappointed/discouraged when they hear some truth coming their way about what to expect as far as profit goes.

If you're in the black instead of red, you're miles ahead of almost everyone else. Do that consistently and take it from there. You will then succeed.

Tom
Yeah, if you can profit consistently you can compound after each trade. Over 5-10 years it can yield a good bank roll. I plan to add to my account if I am profitable each year, thereby accelerating the compounding process.
Economists have forecast 9 out of the last 5 recessions
  • #31,792
  • Jun 1, 2009 1:36pm Jun 1, 2009 1:36pm
Quoting moneybags
That's an important point, especially for newer traders. Some people lose the game before they even start playing. They lose by either setting unrealistic goals, or getting too disappointed/discouraged when they hear some truth coming their way about what to expect as far as profit goes.

If you're in the black instead of red, you're miles ahead of almost everyone else. Do that consistently and take it from there. You will then succeed.

Tom
for tom
  • #31,793
  • Jun 1, 2009 1:38pm Jun 1, 2009 1:38pm
Quoting markmm
I agree with the profits to expect, I would think the first worry is not how much I can make per year, rather, can I make a profit at all? Get there first, and consistently then look at improving your ROI. The guys who are getting 500% a year have obviously spent years getting their system / methods fine tuned and have many years of experience and knowledge i.e. Darkstar.

I want to also apologise to RyanMcd about the lower time frame comments, its obvious you are a talented trader with way more experience than me, I just had a bad day. Your comments...

I understand, I used to get pissed off too seeing everyone "saying" that they made this and that and the only thing I could do was lose 90% of the time lol. Again I say forget everyone else and do your own thing and work works for you.

Like today, market was sideways so I started CT the 1min chart against the BB, I lost about 40% of the time but my R:R was 3 to 1 so I ended up doing pretty well lol.

It all boils down to R:R really, if you find something that works 50% and the R:R is good then you will make money, if it only works 30% your R:R needs to be better. Now when I trade I don't even think about it I just hit the button, I don't hope, I don't wish, I really do not care. Once you understand that you will lose and lose a lot and you have no pain that goes with the loss and it's part of winning and it's going to happen again and lots and that the market should cause you no pain because it's just PA then it makes it a lot easier to trade.

Let me know if I can be of anymore help, I really want to see people make it but most of them are too caught up in charts and not what really matters RISK. I am by far the best at looking at charts, hell I did not even know support and resistance a year ago lol, it did not matter to me and I was making money. Lots of people get all caught up in charts and that's all they think about, they look for this perfect setup when all 3498249 indicators line up on a full moon when it's high tide, then the trade comes, they freak out, lock up and miss the trade OR they take the trade and keep telling themselfs that they are right they have to be right, it's worked before because they backtested it for 9000 years...... Then they get stopped out and it pisses them off for the rest of the day

P.S. I know risk and know it well so that is how I make money.
Keep taking CT trades, I need more money
  • #31,794
  • Jun 1, 2009 1:50pm Jun 1, 2009 1:50pm
And only took 15 lol, stopped for 5 before that.

When doing the 1min, stop is 5 TP is 15 w/ about 60% wins.












P.S. That song was just for Mike lolrof!
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Keep taking CT trades, I need more money
  • #31,795
  • Edited 2:20pm Jun 1, 2009 2:07pm | Edited 2:20pm
closed remaining half of my GJ long for 653pips. Its a very long daily candle, i feel it needs to breathe, so i expect a retracement to start here, asia may take us to 160though. But between here and 160/161 we have a lot of axe to grind. Based on my system all timeframes from 15mins to daily are overbought, i have seen dis happen over andd over again. Not comfortable with the long anymore. Now its back to the drawing board to construct a new trade.


Thanks guys for your opinions on Alexander elders excerpts i posted.in my opinion its not about making 500% in one year and not being consistent the next year. what you make is about how conservative or aggressive you are. Some risk 1% others 2% others 3% and others 5% per trade.

Someone who makes 80% anually risking 1% per trade may also likely make 400% risking 3/5% anually. But remember the more agressive you get the more your trading psychology is affected. A lot of us here say 500% anually is normal. Well i hope you try it out and see how "easy it is". Its a popular saying that only 5% traders make it to the promise land, can you imagine how many % of this 5% make astronomical profits. They are very few. Thats evidence that its not as easy as people make it seem.

Someone said somtin about a wallstreet trader not being king trading a small account of say 10000/20000dollars as against the large 74million dollars. well what i will tell you is tht these gusy who traded 74million accounts definitely started like us for many years trading small accounts, so its not about the account size.

Dnt bother yourself about the amount of money, Bother about the quality of your trades and the money comes as a natural consequence of good trading.
peace





Quoting ephisi
sweet just got back to my pc to see lovely GJ break i was expecting. Locking in 300pips on remaining half of my long from 152.

J16 weekly chart for u. BUOVB break with retracement to 38.2fib before making new high. I also posted this last week together with the tripple bar high on the daily.
  • #31,796
  • Jun 1, 2009 2:08pm Jun 1, 2009 2:08pm
Quoting Ryanmcd
I understand, I used to get pissed off too seeing everyone "saying" that they made this and that and the only thing I could do was lose 90% of the time lol. Again I say forget everyone else and do your own thing and work works for you.

Like today, market was sideways so I started CT the 1min chart against the BB, I lost about 40% of the time but my R:R was 3 to 1 so I ended up doing pretty well lol.

It all boils down to R:R really, if you find something that works 50% and the R:R is good then you will make money, if it only works 30%...
Thanks Ryan,

I hear you, you need to accept making a loss, realise you are just going for probabilies and some sort of edge, that will make you a profit over a number of trades. It all ties in with mm, you need to be able to survive a string of losses without, not only blowing your account but losing such a big percentage of it that it affects your psychology.

I dont have any indicators at all on my charts at the moment, not even trendlines. I have printed out from 2002 till now daily charts for the EURO, with nothing on them, just to study price action. Let me know if anyone wants the word doc its 22 pages.

Regards

Mark
Economists have forecast 9 out of the last 5 recessions
  • #31,797
  • Jun 1, 2009 2:33pm Jun 1, 2009 2:33pm
Quoting markmm
Thanks Ryan,

I hear you, you need to accept making a loss, realise you are just going for probabilies and some sort of edge, that will make you a profit over a number of trades....
Ok im putting the word doc up as someone has PM'ed me for it, hope its ok, its candlesticks white background, black outlines and black body for bearsish ones. Hope its useful to someone.
Attached File(s)
File Type: doc All.doc   463 KB | 1,349 downloads
Economists have forecast 9 out of the last 5 recessions
  • #31,798
  • Jun 1, 2009 2:45pm Jun 1, 2009 2:45pm
Hello again,
that last uj trade ended very fast, but little profit is still profit

Now there are two things. Gold and usdcad. Gold is little under 1000, size enought but ct.
UsdCad is rly Counter, but very very nice level. Aboutu 150 pips, that is little less than 20day average, but still that level... 2 hours to close, what do you think?

I am already in the gold as some of my research shos now a rly big downtrend should occur (seasonal analysis), but who knows.

The way I see it falling gold is strenghtening usd so that UC has a good chances. UJ 2day hammer did not make it far, so I thing the Usd might be underevaluated, even though it does not seemed so, so far. Have a good trades
  • #31,799
  • Jun 1, 2009 2:48pm Jun 1, 2009 2:48pm
Quoting markmm
Thanks Ryan,
Let me know if anyone wants the word doc its 22 pages.

Mark
Send please Is it allowed to post emails here?
  • #31,800
  • Jun 1, 2009 2:49pm Jun 1, 2009 2:49pm
Quoting Schneeule
Send please Is it allowed to post emails here?
Check above Ive attached it to a post.
Economists have forecast 9 out of the last 5 recessions
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