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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

  • #36,061
  • Jul 3, 2009 10:14am Jul 3, 2009 10:14am
[quote=bobability;2849086]
Quoting g_j_hook@yah


Simply (I like to keep it simple) was the double touch support, and higher high from the support, see it's worked (about 0.5% move) even on low volume (you can see this from the candles), it's friday and it's holiday July 4th so I wouldn't expect anything different.

I love those double bottoms with PA formed on both ends. One of the few counter trend trades I have had a lot of success with (though still practicing). I also look for divergence in there too, do you use div at all?

And yes layton, what a joke huh? I'm switching to a UK broker, rather just avoid the hassle. Hopefully they retract it as a lot of brokers seem to be heavily fighting it.
  • #36,062
  • Jul 3, 2009 10:18am Jul 3, 2009 10:18am
Quoting layton
Have you guys heard about this? I received this from a friend of mine....

There's some rule changes that will affect anyone trading
Forex
Yep...here's my feelings on it....

http://www.forexfactory.com/showpost...stcount=142027
Ghost Rider - WWTBMD?
  • #36,063
  • Jul 3, 2009 10:18am Jul 3, 2009 10:18am
Quoting ghous
Hi Rich,

You're not complicating yourself,

That is a valid support and resistance level, Price made a positive move after hanging within the Pin bar for a while in that it burst through it and more importantly closed well beyond it

We know from knowledge (and/or experience) that prior resistance can serve as support and vice versa, and look how obedient price is to ppl who know it well.

Regards,
Ghous.
Ghous, do you use the re-test as confirmation for your trend as I assume from you subsequent response about blind entries that you enter on break of the pin rather the re-test?

Just trying to understand what you get from the re-test.

Thanks
Verno
  • #36,064
  • Jul 3, 2009 10:31am Jul 3, 2009 10:31am
Another question, is this PB still valid? The high was never broken until now. The low was but not significantly?

I appreciate the location may not be fantastic and its a friday on a US holiday so I am not about to trade it, I just wanted to check if the break of the low invalidated it?
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  • #36,065
  • Jul 3, 2009 10:34am Jul 3, 2009 10:34am
WOW! Getting way too heated in here (on both sides) for me.

Happy 4th everyone!! Drink some beer, BBQ some steaks and enjoy the weekend!!....

to all
Ghost Rider - WWTBMD?
  • #36,066
  • Jul 3, 2009 10:57am Jul 3, 2009 10:57am
Quoting ghous
..

James has done more than just teach us how to trade. He cares for every newbie that comes along here for help and every $ that he makes or looses.

He knows why the higher time frames are important for any newbie and we've all experienced it.

.
Let me add my 2c.

I have started on small TFs and saw the light after few years, but it was a psychological and physical nightmare. I then came across J16 thread and Jims approach for newbs like me was a gift from heavens. I learnt how to sit back, relax and trade in a more civil way. It was time of study, learning about my ego, building self-confidence and taking time to develop my own style. Few more years have passed and I’m comfortable with what I’m doing, but I do agree with a statement that it will take you forever to build your account if you stay on dailies forever. It’s perfect TF to learn and trade live with a small micro account (I don’t like demos), but when you’re ready, you better have a large account if you want to live off of trading.
As I got better, I moved down to 4 and 1hr and this is where I’m building my account, no doubt about it. I know that Jim’s is trading on small TFs (you can watch his videos), but it’s just not for everyone at the beginning of his/her own trading career. Some people learn new language in few months, others will take years, yet others will never learn it. The same goes with trading…
One thing I can say for sure, dailies allowed me to take a step back and trade in a more ‘trader friendly’ manners, but as I evolve, I find 1 & 4 being ideal for my style…
  • #36,067
  • Jul 3, 2009 10:59am Jul 3, 2009 10:59am
Quoting raczekfx
Let me add my 2c.

I have started on small TFs and saw the light after few years, but it was a psychological and physical nightmare. I then came across J16 thread and Jims approach for newbs like me was a gift from heavens. I learnt how to sit back, relax and trade in a more civil way. It was time of study, learning about my ego, building self-confidence and taking time to develop my own style. Few more years have passed and I’m comfortable with what I’m doing, but I do agree with a statement that it will take you forever to build your...
BINGO! This is 100% it.

Thanks

Mike

ps removed my posts as to not clutter this thread up otherwise I am no better
  • #36,068
  • Edited 11:16am Jul 3, 2009 11:03am | Edited 11:16am
Quoting raczekfx
Let me add my 2c...

One thing I can say for sure, dailies allowed me to take a step back and trade in a more ‘trader friendly’ manners, but as I evolve, I find 1 & 4 being ideal for my style…
This is it. Good post Mark! I feel the same way.
The important part is starting with Dailies.
  • #36,069
  • Jul 3, 2009 11:10am Jul 3, 2009 11:10am
Quoting verno
Bob, I tried to PM you but it didn't work. Not sure how best to contact you.
members need to have at least 50 posts in order for PM to work.
  • #36,070
  • Edited 11:31am Jul 3, 2009 11:18am | Edited 11:31am
I think trade by view of percentage ROI will req you accumulate a big enough acc...

it doesn't make sense to work so hard to trade 100$ into 10k$ and then fall back in a sudden.

work to fund a moderate big size acc and get a moderate stable, medium risk, non agressive ROI is key for consistent long term growth, this is my view of how you can build up the acc for 10yrs period.

I think it's what james mention in the 1st post...
we're not trading to get our acc big enough to start with... it is consistant depositing / while we learn to acquire the skills.

for example,
if you deposit 1k$ every month and target to get a 1% ROI every month at medium risk / less freq trading...
over 10 yrs your 1st 1k$ becomes 3k$...
and you get a total net deposit of 120k$ and after calc the ROI it should be around 200k$...

that's an okey size of acc to build up later...

I'm talking about you have other income to maintain your life and do not withdraw from the acc however.
more effort and focus may get more return at somehow more risk I don't doubt about it.

Quoting raczekfx
Let me add my 2c.

I have started on small TFs and saw the light after few years, but it was a psychological and physical nightmare. I then came across J16 thread and Jims approach for newbs like me was a gift from heavens. I learnt how to sit back, relax and trade in a more civil way. It was time of study, learning about my ego, building self-confidence and taking time to develop my own style. Few more years have passed and I’m comfortable with what I’m doing, but I do agree with a statement that it will take you forever to build your...
  • #36,071
  • Edited 11:34am Jul 3, 2009 11:23am | Edited 11:34am
Quoting raczekfx
Let me add my 2c.

I have started on small TFs and saw the light after few years, but it was a psychological and physical nightmare. I then came across J16 thread and Jims approach for newbs like me was a gift from heavens. I learnt how to sit back, relax and trade in a more civil way. It was time of study, learning about my ego, building self-confidence and taking time to develop my own style. Few more years have passed and I’m comfortable with what I’m doing, but I do agree with a statement that it will take you forever to build your...
What a great post Mark.

Nobody here is saying that we should stay on the dailies forever. It's just a great place to start and learn while protecting our capital.

As James has said time and again, if we can't do it on the dailies, there's no way we will ever be able do it on the lower time frames.

I'm just moving down to the 4H on demo and all that I have learnt on the dailies is making the learning curve much much quicker. It really does accelerate if we start in the right place.

And we haven't even begun to talk about the power of compound interest....
  • #36,072
  • Jul 3, 2009 11:24am Jul 3, 2009 11:24am
oh sorry I notice that you're very experienced. sorry to share my novice opinion... may not make sense to you then.

Quoting raczekfx
members need to have at least 50 posts in order for PM to work.
  • #36,073
  • Jul 3, 2009 11:25am Jul 3, 2009 11:25am
Quoting TiaForex

Of course you may be different. And you really need the money now. And it seems so simple. And it'll take you years to get rich on the dailies alone. And screw everyone, you'll show them. You'll come back in a year having made that million and you'll stick it right in James16's face and say "SEE? I TOLD YOU"

You may be.

In which case, come back and tell us all about it.

Because from where I'm standing, if you were a trade, you'd be a slam dunk short.
Aaron... Dude... You Rock!
  • #36,074
  • Jul 3, 2009 11:27am Jul 3, 2009 11:27am
TBH ,these charts look very much like the marking of trades after the event and unless shown to me live really not that much use.
I think the candle you mark is in the middle of immediate traffic and is preceded by a engulfing which closed towards the bottom so momentum was strongly down so without doubt a high risk buy on the next candle.
I am a PF member of just over a year and have been incredibly impressed with how hard Jim works within it.
Sure he says start trading the dailies and weeklies which is not very exiting like the H1 but it is great grounds to build on to drop time frames once mastered and to do it the other way will get most in trouble.
Personally I think this is the very best advice to non profitable traders as it is essential to know what is happening in the higher TF’S to effectively trade the lower ones.







Quoting DynamicFx
I'd first like to say that I've read this thread and was a PF member for a few months last year, different name though.

Anyway, I never felt comfortable with that method of trading, and this chart shows why. It's an amendment of the chart shown yesterday. The problem I have is, when does a bar become 'with trend'.

I've marked a bar that I believe is as much 'with trend' as any other, unless you have a directional bias. It triggers and is stopped out....

question.

I'd appreciate any comments.

Thanks.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #36,075
  • Jul 3, 2009 11:32am Jul 3, 2009 11:32am
Quoting Bones
[font=Calibri][size=3]TBH ,these...
I personally have done a lot better on the 5's, then I have on dailies. To much time for me on dailies to over think things, and make stupid mistakes. Then again, I did trade dailies for a few months before going lower, so I did have that experience. I think no matter what is being traded, it is verrrrrrrrry important to demo trade until you can say without a reasonable doubt that you will be profitable trading live. There really is no point whatsoever not demo trading, its just stupid in my opinion not to (and I've done it myself).
  • #36,076
  • Jul 3, 2009 11:38am Jul 3, 2009 11:38am
Quoting StoragePro


Not me Doctor!!! I'm in it for the money. Period the end. I see no other reason to work at all - except for the cash.

500 bucks? That bought me dinner - One Night at a nice place in NYC this week, and it could have been more, but I throttled back on the wine ...

6K of monthly expenses is not unusual. Buy a nice home at half a mil (or more). Add in a couple of nice cars, lawn crew and one expensive wife (aren't they all??) and 6K actually looks cheap to me!

But I'm just sayin'....
I hope I can meet you when I moved out to the states SP, I think I'd better start trading the 1H charts too
  • #36,077
  • Jul 3, 2009 11:47am Jul 3, 2009 11:47am
Quoting Jduester
Cut expenses. Get a bike. Get rid of cable tv. cut the gym membership and run outside. It all depends on how badly you want it. If you can live off $500 - 1K a month, then I would think it's possible... still takes some experience and practice though. Can't imagine having 6K of overhead a month albchr. wow.
If anyone could obtain that 500$ or 1000$ a month by average.... would be more or less a 100% return off those 10K account, am I right?....

Don't you think is it too much?
I don't know, I'm a newbie
  • #36,078
  • Jul 3, 2009 11:53am Jul 3, 2009 11:53am
Quoting bobability
You can boot me now if you want, I wont lose any sleep and will not return.
This place is different. We'd love to have you stick around and explain, without bashing anything else, what you do. There is plenty of room for divergent opinion, and ultimately, everyone is in charge of their own coin. The best anyone can do is simply share. No one objects to you showing off what you know. Everyone objects to pot-shots. Start over with us?

If you wish to share, then please share. We'd all enjoy hearing from you.

Being a real teacher on this forum is very hard. It is much harder than trading. In fact, most successful traders have no ability to impart what they know. Challenge yourself. Can you build this skill? It is not easy. And so far the 8-Ball says 'No'.

Remember - we are all like a man with his hand in a bucket of water. We can splash it around and make all kinds of noise. But when you pull it out, there is no hole left behind. It is as if you were never there.
I'm pretty much done with all this ...
  • #36,079
  • Jul 3, 2009 11:55am Jul 3, 2009 11:55am
Quoting ghous
You will have to accommodate some exceptions...

Difficult surely, but certainly not impossible
I wanna make clear, that this is not my real case....
It was only an example of what I've read many times.....
People who assure they make a life from a 3K, 5K or 10K accounts.....
For me, this looks like impossible, even asking for earning 2K, 3K a month....
  • #36,080
  • Jul 3, 2009 12:02pm Jul 3, 2009 12:02pm
hi guys.
see if someone could give me some assurance coz I'm not so sure if doing like this (below) is a proven way at least for most people to succeed.

1. trade with a leverage or without?
seems w/o leverage is safest... but how to combat the greedies?

2. trade on daily or H4?
seems daily S/R is more reliable, but seems trading daily could no move for many hours... except for volatile market.... so when I have time to watch charts, I zoom in to H4, is this over trading?

3. trade with a stop/loss or not?
because we're working on uncertainty, trade w/o a stop/loss could mean an unlimited loss to capital or time...
and if we're in loss with position=acc and don't want to s/l, if in loss then could lock our trading for a long time coz leverage >1 is not recommended.

so sounds like a s/l is still needed?
but on lower T/F we always have s/l hit when ranging which feels bad.
can we trade on high T/F w/o a stop/loss assuming that we have a bias to the pair like how we view stocks?

4. a following up question of 1/2/3 is
shall we trade multiple pair or markets using 1/10 acc size as position?
that will further decrease leverage and lower risk,
even it's possible to trade w/o a stop/loss and enter base on our bias on the pair plus some techA.
if we do not trade multiple pair, do we open a position=acc size? that seems big

5. how to set profit goal
if I'm working 4hr on trading...what shall I expect % return in a year? is 2%/month reasonable? is 5%/month unreasonable
if I'm trading 1h a week, 4h a month on it, what shall I expect? is 4%/year reasonable? if 12%/year reasonable?

because I am lacking data support above decisions, so it seems uncertain for me and sometimes fearful in trades hesitating what strategy to use.

sorry of this list is too long. thanks if you could share what you have experinced on above topics.
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