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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

  • #501
  • Nov 10, 2005 2:09am Nov 10, 2005 2:09am
Quoting james16
hello trumpcard, here is as honest as i can get

1. backtesting on charles system was done manually by its inventors, the results are unbelievable so i wont post them. i have said before that its not my intention to overhype the pf so i wont here even though you have given me a golden oppurtunity. i will be presenting some personal systems but my main focus will be teaching price action. shoot charles ( dialist) a pm and he might send you the actual results. i believe they run the past couple of years.
Sure, anyone can PM me with their email address and I'll send them a summary of the backtest results done by the model developers.
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  • #502
  • Nov 10, 2005 6:54pm Nov 10, 2005 6:54pm
Quoting james16
hello ds, good questions,

1. i have personally talked with attorneys at the cftc and the nfa. giving real time trading advice is against the law. in the PF we still wont be giving specefic trading entry advice but the teaching should allow you to implerment some very good and proven systems. everyone who joins the PF must agree to a disclaimer given to me by the nfa. i want to be honest and there is no way in hell i am going to get myself and my family in trouble.
James,
The Forex market is financially unregulated AFAIK. Does real time examples in these markets still fall under the jurisprudence of the above authorities mentioned?


Cheers, Kosta.
  • #503
  • Nov 10, 2005 9:19pm Nov 10, 2005 9:19pm
Quoting Kosta Berj
James,
The Forex market is financially unregulated AFAIK. Does real time examples in these markets still fall under the jurisprudence of the above authorities mentioned?


Cheers, Kosta.
if you go to the cftc and nfa websights you will find they each have seperate sections devoted completly to forex. if you dig around it will take you about 10 minutes to see they take this stuff very seriously, at least in print. then if you go the extra step and you call the legal dept for forex, they actually have attorneys that handle and process forex complaints. when you talk to them they tell you its all spelled out in the websight. what you can and cant do and what you should and should not do. the whole process was enough to get my attention. the bottom line is do they care about people on public forums giving actual trading advice with no supporting documentation or disclosures? i really dont know, from outward appearances they do but whether or not they actually will do anything about it is open to debate. i remember one guy on money tec who said they made his life a living hell when they got him in thier sights for posting very specefic trading advice. i suppose the odds are against being singled out but i sure dont want to be one of the ones that are. once again i dont claim to be an expert but based on what i was told telling people when and where to take a trade without following the rules spelled out by them can get you into trouble. thats a good enough reason for me to be very careful about what i do. there have already been people in this forum that got a good laugh when i posted what i was told. well they can laugh all they want but two important points need to be made.

1. they wont be laughing when and if they come looking for them.

2. i will make sure that they will never have a reason to come looking for me.
  • #504
  • Nov 10, 2005 9:37pm Nov 10, 2005 9:37pm
example chart
Attached Image
  • #505
  • Nov 10, 2005 9:41pm Nov 10, 2005 9:41pm
Quoting james16
example chart
I'll go with "I'd like to learn how to trade first" rather than when to trade..
There will be a lot of "whens" but to know when the "when" is, learning to trade is obviously a MUST..

Did I use a lot of whens there?
  • #506
  • Nov 10, 2005 9:42pm Nov 10, 2005 9:42pm
Quoting james16
if you go to the cftc and nfa websights you will find they each have seperate sections devoted completly to forex. if you dig around it will take you about 10 minutes to see they take this stuff very seriously, at least in print. then if you go the extra step and you call the legal dept for forex, they actually have attorneys that handle and process forex complaints. when you talk to them they tell you its all spelled out in the websight. what you can and cant do and what you should and should not do. the whole process was enough to get my attention. the bottom line is do they care about people on public forums giving actual trading advice with no supporting documentation or disclosures? i really dont know, from outward appearances they do but whether or not they actually will do anything about it is open to debate. i remember one guy on money tec who said they made his life a living hell when they got him in thier sights for posting very specefic trading advice. i suppose the odds are against being singled out but i sure dont want to be one of the ones that are. once again i dont claim to be an expert but based on what i was told telling people when and where to take a trade without following the rules spelled out by them can get you into trouble. thats a good enough reason for me to be very careful about what i do. there have already been people in this forum that got a good laugh when i posted what i was told. well they can laugh all they want but two important points need to be made.

1. they wont be laughing when and if they come looking for them.

2. i will make sure that they will never have a reason to come looking for me.
ditto
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  • #507
  • Nov 10, 2005 10:46pm Nov 10, 2005 10:46pm
Quoting james16
example chart EUR/JPY Weekly Pin Bar


This is exactly why I and others fell in love with Jim's charts and teachings, way back at the start.
He was willing to show us rubes, the proper way IMHO about trading.

Price action + patience + a rifle (not a shotgun) is the way, to learn how to, if not tame this beast, we call forex, at least, be able to take a few bites out of it's ass!

Carry on James my friend, this is great stuff.

Quinn
Attached Image
I started out with nothing, and I've got most of it left!
  • #508
  • Nov 10, 2005 11:10pm Nov 10, 2005 11:10pm
Quoting james16's chart in post #506
You don't need to trade every day to be successful.
In fact, I say find something that works and trade sparingly.
Amen to that! And again I say Amen!

This is one of the gems I learned from Jim that significantly boosted my profits! This along with moving stops to break even as quickly as possible!

How is it that a man who can't type or spell can have such wisdom??!!

Love ya Jim!!
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  • #509
  • Nov 10, 2005 11:37pm Nov 10, 2005 11:37pm
Quoting diallist
Amen to that! And again I say Amen!

This is one of the gems I learned from Jim that significantly boosted my profits! This along with moving stops to break even as quickly as possible!

How is it that a man who can't type or spell can have such wisdom??!!

Love ya Jim!!
well it took 9 months for someone to finally take a shot at my typing and spelling. i am honored it was charles. what took you so long. let me guess succesful and sparingly, any more.

btw charles do you recognise the ma's, if so you also know if i did catch a trend change it is a great tool for the knife. jim
  • #510
  • Nov 10, 2005 11:45pm Nov 10, 2005 11:45pm
Quoting quinn
This is exactly why I and others fell in love with Jim's charts and teachings, way back at the start.
He was willing to show us rubes, the proper way IMHO about trading.

Price action + patience + a rifle (not a shotgun) is the way, to learn how to, if not tame this beast, we call forex, at least, be able to take a few bites out of it's ass!

Carry on James my friend, this is great stuff.

Quinn
thanks quinn, quinn is my canadian hero. he gave me faith that not everyone in canada thinks like michael moore. jim
  • #511
  • Nov 10, 2005 11:52pm Nov 10, 2005 11:52pm
we are now under 1000 views before this thread takes over first place in this forum. i fully admit i feel giddy and vain. wanna know the real reason i invited ES into the PF? take a guess.
  • #512
  • Nov 10, 2005 11:55pm Nov 10, 2005 11:55pm
Jim, don't let these things bother you so much. You're doing the right thing by not calling the trades. We're do that for you. If anyone wants to see your teachings working in real time, just direct them to the "GbpUsd" thread in the "charts" area. And if they want further proof, tell them to check out "777's trades" in the "journal" section. The guy's predicting pin bars before they even happen .

Anyway, with that out of the way, I've got a question regarding your weekly chart trade. Where did you place your stop. Usually it would be just above the nose. That would be about 160 pips, which is way too much for my liking. The maximium that I'm used to is 25 pips. On bigger time frames it's expected to have a bigger stop, but not 160. The only place I see where you could've entered was on the daily chart after the DBHLC, at the top of the retrace, then moved your stop to breakeven, and enjoy the ride.

Thanx a million
Habeeb
Keeping it Simple
  • #513
  • Nov 10, 2005 11:56pm Nov 10, 2005 11:56pm
Quoting james16
we are now under 1000 views before this thread takes over first place in this forum. i fully admit i feel giddy and vain. wanna know the real reason i invited ES into the PF? take a guess.
Ummm...'cause his posts multiply faster than rabbits?
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  • #514
  • Nov 11, 2005 12:22am Nov 11, 2005 12:22am
Quoting habeeb
Jim, don't let these things bother you so much. You're doing the right thing by not calling the trades. We're do that for you. If anyone wants to see your teachings working in real time, just direct them to the "GbpUsd" thread in the "charts" area. And if they want further proof, tell them to check out "777's trades" in the "journal" section. The guy's predicting pin bars before they even happen .

Anyway, with that out of the way, I've got a question regarding your weekly chart trade. Where did you place your stop. Usually it would be just above the nose. That would be about 160 pips, which is way too much for my liking. The maximium that I'm used to is 25 pips. On bigger time frames it's expected to have a bigger stop, but not 160. The only place I see where you could've entered was on the daily chart after the DBHLC, at the top of the retrace, then moved your stop to breakeven, and enjoy the ride.

Thanx a million
Habeeb
great question, i will play a stop that large from time to time on a longer term chart if i am confident in the outcome. it may not be many lots due to position sizing requirements but on longer term charts i am looking to make a bunch of pips so its ok. for this trade i did a fib ret of the pin bar itself. i placed my stop outside of the 61 fib of the bar. i think my original stop was around 125 to 150 pips. remember this is a weekly chart. i have an account that trades pin bars only, the account when i opened the trade was at 13,500. 13,500 x 3% = 405..... 405/125= 3.25.... i entered with 3 mini lots but i added 2 more as you can see on the chart. when i added the other two i pulled my original stop to be for the original 3. i now have the second position also at be. if it goes well at around 137 i will trail the stop for the original 3 down to the entry for the second position. the current weekly bar looks like it will finish the week as a nice bearish bar. if it does i will set another entry for 2 more lots just below this weeks bar as i expect this fall to continue. i hate giving away really big moves on longer term charts by trailing stops to close. i will give it some room to retrace part of this weeks bar but not enough to stop me out on a simple one bar correction. in the private forum in my section what i am doing here is what we will all be doing. what has me excited is charles and i are starting to see some very cool potential dovetails between price action and his knife system. with a little bit of time and work the two of us may develope something that will just be outstanding. jim
  • #515
  • Nov 11, 2005 1:19am Nov 11, 2005 1:19am
Quote
the account when i opened the trade was at 13,500. 13,500 x 3% = 405..... 405/125= 3.25.... i entered with 3 mini lots but i added 2 more as you can see on the chart
hmmmm.... money management/position sizing .... interesting. I've never used this yet.

Thanx for the reply Jim.

Keep well
Habeeb
Keeping it Simple
  • #516
  • Nov 11, 2005 1:38am Nov 11, 2005 1:38am
Quoting habeeb
hmmmm.... money management/position sizing .... interesting. I've never used this yet.
.:surprised.
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  • #517
  • Nov 11, 2005 1:47am Nov 11, 2005 1:47am
Hi diallist,

Have you made any changes to the 4Hr Vegas system along the way for "The Knife", or will you be teaching the original in greated depth.

Thanks
  • #518
  • Nov 11, 2005 2:47am Nov 11, 2005 2:47am
Don't worry Diallist, I've found your answer to the above in a related thread.

Regards
  • #519
  • Nov 11, 2005 3:15am Nov 11, 2005 3:15am
Quoting scorpion
Don't worry Diallist, I've found your answer to the above in a related thread.

Regards
What thread please?
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  • #520
  • Nov 11, 2005 4:08am Nov 11, 2005 4:08am
Sorry,

I meant your post #11 in the "Is the System" thread here http://www.forexfactory.com/forexfor...ead.php?t=3388
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