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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

  • #50,101
  • Dec 19, 2009 7:56am Dec 19, 2009 7:56am
Bonjour Pinnochio,

Not sure, but try this link : http://www.forextester.com/

Regarding your BreakEven EA request, this is below...........with a FF courtesy.

Have a good day all

Cheers

Angel
Attached File(s)
File Type: ex4 BreakEvenExpert_v1-10.ex4   3 KB | 365 downloads
File Type: mq4 BreakEvenExpert_v1-10.mq4   3 KB | 448 downloads
  • #50,102
  • Dec 19, 2009 8:05am Dec 19, 2009 8:05am
Quoting TiaForex
I second this. Do what I did, paste all of Rac's posts into a word file, take it to the printers and have them print it out and bind it.

Then read and note, again and again.

I did it for James16 and for Rac. (I didn't do it for Mike because the first thing I did with this thread was read all his posts 5 or 6 times). It's great to have a physical copy to carry around with you (it runs to many volumes, trust me... )

FOMC ahoy! And anti-GBP bars printing too. It's going to be an interesting 24 hours.
Hi All,

I've been popping in and out of this thread for the past 6 months getting a feel for it but have only just made the time to read from the beginning and print off the recommended reading list and follow the instructions etc, so I've just gone back to demo to start a fresh!

TiaForex - I'm just wondering if you by any chance could email me those word docs? I know it's probably a long shot and you may have deleted but if not I would be eternally grateful.

I have the good fortune to be able to do most of my reading on a beach these days but getting all these posts into a word doc (to cart to the printers) is taking wayyyyy too much time....... I'll be doing it anyway but it would be so much nicer to shortcut!

Thanks in advance,

Angela
  • #50,103
  • Dec 19, 2009 8:18am Dec 19, 2009 8:18am
Just wanted to thank jim for this GEM.

I will thank him by joining his P-forum.

Man, it hit me like a ROCK.
Attached Image (click to enlarge)
Click to Enlarge Name: m15.jpg Size: 59 KB
Starting to see instead of just looking.
  • #50,104
  • Dec 19, 2009 8:32am Dec 19, 2009 8:32am
Quoting Rastaman
Just wanted to thank jim for this GEM.

I will thank him by joining his P-forum.

Man, it hit me like a ROCK.
Good for you.

Which pair and time frame is it?
I believe . . .
  • #50,105
  • Dec 19, 2009 9:40am Dec 19, 2009 9:40am
Quoting ghous
You're over complicating things Nasir, I had to read through the entire thing twice to get an idea of what you're trying to do. Using higher tfs to find trades and then fine tuning off of lower tfs is a good idea but when it comes along with touch trades and pure s/r trades and J16 trades all together + trades that are only off intraday and then there are trades based on J16 pa on only the higher tfs...you're really more messed up than it seems - Been there and done that, hence a frank advice that keep it simple, neat and tidy.

Keep you head...
Hi ghous,

I read your post 2-3 times but i was leaving for home from office and i was thinking about it all my way.

I was saying that when i was trading 4H and lower down to 5M i was not being able to keep up with taking decisions regarding trade management, Marking my PPZ's, some times they proved to be to many and some times i did missed them.

But the biggest reason i know of failure is that i started right from the 4H downward and having a Job at the same time made things more difficult.

To be honest i never traded daily or weekly time frames ever before,I never spent/practiced more then two months with one method or system ever, I never traded a demo account more then 1-2 months before. To make this long story short I never treated it like a business .I always wanted some quick money.

I am always telling myself that it's easy and simple, I can do it without Doing 3 months demo, I can do it without practice higher TF. I love to hear/listen when some senior says you can do it on lower TF BUT i scroll my eyes over (like motion blur in racing video games) when someone is emphasizing on higher TF's. But i know i am just fooling myself wasting my hard earned money, time and energy.

The FEAR of failure is so frightening that i can't stop trying. Forex is the only way i can make it BIG in my life. But now i am starting to think that will i only be a PRETENDER that post charts on FF but can't make any money?????


So i started to change the way i have been SEEING and DOING thing ever since i came to FOREX.

I will trade demo for next 3 months, I will save money that i would've burned in this period, I will stick with one method and will try my best to keep it on Daily and Weekly.

So i am trying to stick with above and i know that my chart's are mostly on 1H-4H but my main TF are weekly and Daily, I still not can't wait for the best PA setups cause i don't have such patience level maybe i will never have and maybe i will never succeed. But on the other hand i can see that TWO thing's have improve dramatically because of higher TF. FIRST i don't have the same number of trades like before it was 12-18 in one day now they are 4-8. SECOND price is really doing what expect now.

But your post here really confused me and i am trying to put pieces together now, i know you always do keep an eye on me and i am very thankful for that.

I don't care what people will think of me after telling the truth cause i Don't need some special respect, I don't need Vouchers, I don't have ego for that. I am here to make money, chase my dreams and if i succeed i would love to help and give back.
  • #50,106
  • Dec 19, 2009 9:54am Dec 19, 2009 9:54am
Quoting ghous
Good for you.

Which pair and time frame is it?

Sorry, I trashed the screenshot and have been practicing while watching Jim's video, so I can't remember which pair it was.

Very interesting chap it seems.

I am really excited at the thought of studying with them after I was studying M15 tf which always confused me as to trend.

You know, the strange thing is watching the video, the daily tf even when ranging seems to give more opportunities for an entry and shows you more or less where you can expect to tp or at least go BE+, much clearer than the M15. Maybe this is just one of those things where Jim can makle it look easy, and we go, "Sure , I can do that". LoL
But there again, we probably can if we are prepared to put in the hard work.

I always avoided longer tf but it seems it is the only real way to trade.


Thanks for the reply.
Starting to see instead of just looking.
  • #50,107
  • Dec 19, 2009 11:52am Dec 19, 2009 11:52am
Quoting Pinnocchio_S
First of all, I would like to thank James and all the other seniors for making the thread what it is!

I have been a breakeven trader at best until I started to apply the techniques outlined here....
Hey Stef

Glad to hear you are making some headway towards profitablity. 2 months isn't a lot like you said, but it sure is a start. In a year from now imagine where you can be

I use BO+ pullback in 98% of my breakout trading as you will probably begin to see if you go through my posts. It really helps the confidence level when you identify a pattern and watch price perform exactly as you expect.

As for moving stop to b/e I know their are a few EAs out there,

This might do the trick

http://www.forexfactory.com/showpost...ostcount=47845

Best
Mike
  • #50,108
  • Dec 19, 2009 12:02pm Dec 19, 2009 12:02pm
I've been messing around with my forextester program. I love it when I find a trend, and I can hit so many winning touch trades (or break even at the worst), then when the trend reverses (on 4hr, or more often, 1hr charts) I get my ass handed to me everytime I place something.

still learning...
Many choose unhappiness over uncertainty.
  • #50,109
  • Dec 19, 2009 1:05pm Dec 19, 2009 1:05pm
Merci Angel, I have just downloaded the forextester trial package, but have had some trouble importing the historical data (I'll try calling technical support on Monday)

Mike, thanks for the link, I have just downloaded it. Yeah the breakout pullback set up seems to work a treat .... however to get the best low risk entries does require chart monitoring. An automated approach will probably need to take account of pullbacks. I have found that after 20 - 30 pips gain, I get stopped out of the remaining position at break even levels.



Stef
  • #50,110
  • Dec 19, 2009 1:14pm Dec 19, 2009 1:14pm
Well Dan I'm sure you know touch without PA is going to have lower win % but higher potential return. I assume to look for PA on 15M cuz you can still have SL as low as 5-7 pips at times. Looking at my trades over the past month I noticed I try to trade counter trend too much. I want to start to focus on pullbacks with the trend. Also the time frame when I take trades can make a huge difference. The hour preceding market openings can provide the smallest SL when the PA presents itself. You only really need to catch one of these runners to make your week. I'm not trying to persuade you from your touch quest ofcourse. Rather than a pure touch, I like to let the 5M or 15M bar finish and then enter using the low/ high of that bar as my SL. For all intent that can still be a very small SL.

Good to see I'm not the only guy obsessively studying while the market is closed.
"Whether you think you can or can't, you're right." Henry Ford
  • #50,111
  • Dec 19, 2009 1:33pm Dec 19, 2009 1:33pm
Quoting Scot Pippin'
Well Dan I'm sure you know touch without PA is going to have lower win % but higher potential return. I assume to look for PA on 15M cuz you can still have SL as low as 5-7 pips at times. Looking at my trades over the past month I noticed I try to trade counter trend too much. I want to start to focus on pullbacks with the trend. Also the time frame when I take trades can make a huge difference. The hour preceding market openings can provide the smallest SL when the PA presents itself. You only really need to catch one of these runners to make your...
The thing I like about the touch trades is that you can place the trade on a weekly ppz line, and it starts working almost immediately (more times than not), and you are able to move your S/L to break even within 30-40 pips, and you should still be fairly safe in the trade. Lots of breakevens, a few big runners, and a few more losses than big runners
Many choose unhappiness over uncertainty.
  • #50,112
  • Dec 19, 2009 2:43pm Dec 19, 2009 2:43pm
While we're discussing different timeframes... I have been testing both in demo. This has been my observation:

4 Hour:
Great chance to see many bars in a given week. If you're following 10-15 pairs, that's 300-450 bars per week. That's a crap load of bars to really absorb. For newbies like myself, it's information overload. I'm not really looking at the shape of each bar, the location, preceding bars, long-term trend, minor ppz's, major ppz's, etc. Not to mention, thinking about the "opportunities" I missed while I was asleep!

Daily/Weekly:
Not as many bars... following 10-15 pairs, that's 50-75 daily bars per week -- not many. But what does it allow me to do? It allows me to easily measure each bar's shape, location, preceding bar, long-term trend, minor ppz's, major ppz's, etc.

I'm not saying I won't ever trade 4 hour bars, but it's clear to me why I need to stick to longer time frames. When doing manual backtesting, it's nice to be able to press the "pause" button to review where I'm at. When trading live prices, there is no pause button. Longer time frames afford us that opportunity to stop and breath... and absorb what is going on.

Just my thoughts... but I'm just a newbie.

-- Danny
  • #50,113
  • Dec 19, 2009 3:00pm Dec 19, 2009 3:00pm
Quoting nasir.khan
...
I've been reading Rac's posts for 1.5 months and watched that rant's and charts video several times also....
Nasir, where can I find that video?
  • #50,114
  • Dec 19, 2009 3:06pm Dec 19, 2009 3:06pm
Quoting MattW
Nasir, where can I find that video?
The video is on james16 website, in the guest section.
http://www.james16group.us/
You got to know when to hold them, and know when to fold them.
  • #50,115
  • Edited 8:49pm Dec 19, 2009 8:33pm | Edited 8:49pm
Just reading the posts while I am waiting to hear back from J16.

I imagine a lot of people were trading lower tf like M15 before they got into this method. It must be hard after using such lower tf to adjust but I suppose this is the only way to learn the patience to wait for a trade to come to us and not chase them.

Sounds just like what the doctor ordered. loL

PS: I heard jim in the video say, he will only let a trade go against him for 30 pips on the daily!
I am sure this is exactly as he says but, 30 pips on D1 must make for a lot of hit SL, probably works out in the long run with the trades that he lets run?
Is this the case for many in this thread? I mean the 30 pip SL seems awfully tight.
Starting to see instead of just looking.
  • #50,116
  • Dec 19, 2009 9:46pm Dec 19, 2009 9:46pm
Quoting Rastaman
PS: I heard jim in the video say, he will only let a trade go against him for 30 pips on the daily!
I am sure this is exactly as he says but, 30 pips on D1 must make for a lot of hit...
Jim is playing with a substantial roll. I think In one of his videos/posts he said a full bar loss for him is $30k, and that playing price action is playing MOMENTUM, so if a trade stalls, the momentum isn't there, and he kills the trade asap.
Many choose unhappiness over uncertainty.
  • #50,117
  • Dec 19, 2009 10:37pm Dec 19, 2009 10:37pm
DAN,

At the bookstore to thumb through Carolyn Boroden's book Fibonacci Trading this evening, you might want to take a gander. She shows how to draw different Fib retrace, extentions, and projections to build price clusters. These levels seem to be great locations to touch trade. I mainly wanted to see how she uses the Fib progressions for profit targets. After that she gets into Fib timing but I didn't have the time to really digest any of that.
"Whether you think you can or can't, you're right." Henry Ford
  • #50,118
  • Dec 19, 2009 11:28pm Dec 19, 2009 11:28pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hey Nasir

Pardon me to break into your conversation, if you don't mind??

actually, I sent ghous a private message concerning his post that responded to yours. I asked him to make his points with more clarity, I see quite a few of good points in his post, the pity thing is that I could not understand these good points in a logical manner due to mostly I guess my poor English comprehension ability. The funny thing is that I could not tide things up if I got lost in grammer complex. A lot other experienced traders also tend to lay out their thinking in a way that I could not fully appreciate mostly because of the complexity of grammer if I may say so. this is really a very big loss to me.

But, Nasir, his post has very good points in technical aspect.





Quoting nasir.khan
Hi ghous,

I read your post 2-3 times but i was leaving for home from office and i was thinking about it all my way.

I was saying that when i was trading 4H and lower down to 5M i was not being able to keep up with taking decisions regarding trade management, Marking my PPZ's, some times they proved to be to many and some times i did missed them.

But the biggest reason i know of failure is that i started right from the 4H downward and having a Job at the same time made things more difficult.

To be honest i never traded daily or weekly...
  • #50,119
  • Dec 20, 2009 12:03am Dec 20, 2009 12:03am
Quoting Rastaman
Sorry, I trashed the screenshot and have been practicing while watching Jim's video, so I can't remember which pair it was.

Very interesting chap it seems.

I am really excited at the thought of studying with them after I was studying M15 tf which always confused me as to trend.

You know, the strange thing is watching the video, the daily tf even when ranging seems to give more opportunities for an entry and shows you more or less where you can expect to tp or at least go BE+, much clearer than the M15. Maybe this is just one of those things...
Quote
I always avoided longer tf but it seems it is the only real way to trade.

not the only real way to trade but definitely the easiest way to trade and learn.

Good to have you with the group Rastaman.

g.
I believe . . .
  • #50,120
  • Dec 20, 2009 12:31am Dec 20, 2009 12:31am
Quoting krue
Hey Nasir

Pardon me to break into your conversation, if you don't mind??

actually, I sent ghous a private message concerning his post that responded to yours. I asked him to make his points with more clarity, I see quite a few of good points in his post, the pity thing is that I could not understand these good points in a logical manner due to mostly I guess my poor English comprehension ability. The funny thing is that I could not tide things up if I got lost in grammer complex. A lot other experienced traders also tend to lay out their thinking...
I am sorry, I was in a hurry and just cramped my points in that post, your grammar and english is fine Krue, that was just - my bad.

Let me elaborate on my view points a bit more.

This is what Nasir wrote:



Hi ghous,

I read your post 2-3 times but i was leaving for home from office and i was thinking about it all my way.

I was saying that when i was trading 4H and lower down to 5M i was not being able to keep up with taking decisions regarding trade management, Marking my PPZ's, some times they proved to be to many and some times i did missed them.

But the biggest reason i know of failure is that i started right from the 4H downward and having a Job at the same time made things more difficult.

To be honest i never traded daily or weekly time frames ever before,I never spent/practiced more then two months with one method or system ever, I never traded a demo account more then 1-2 months before. To make this long story short I never treated it like a business .I always wanted some quick money.

I am always telling myself that it's easy and simple, I can do it without Doing 3 months demo, I can do it without practice higher TF. I love to hear/listen when some senior says you can do it on lower TF BUT i scroll my eyes over (like motion blur in racing video games) when someone is emphasizing on higher TF's. But i know i am just fooling myself wasting my hard earned money, time and energy.

The FEAR of failure is so frightening that i can't stop trying. Forex is the only way i can make it BIG in my life. But now i am starting to think that will i only be a PRETENDER that post charts on FF but can't make any money?????


So i started to change the way i have been SEEING and DOING thing ever since i came to FOREX.

I will trade demo for next 3 months, I will save money that i would've burned in this period, I will stick with one method and will try my best to keep it on Daily and Weekly.

So i am trying to stick with above and i know that my chart's are mostly on 1H-4H but my main TF are weekly and Daily, I still not can't wait for the best PA setups cause i don't have such patience level maybe i will never have and maybe i will never succeed. But on the other hand i can see that TWO thing's have improve dramatically because of higher TF. FIRST i don't have the same number of trades like before it was 12-18 in one day now they are 4-8. SECOND price is really doing what expect now.

But your post here really confused me and i am trying to put pieces together now, i know you always do keep an eye on me and i am very thankful for that.http://cdn.forexfactory.com/images/s...ove_struck.gif

I don't care what people will think of me after telling the truth cause i Don't need some special respect, I don't need Vouchers, I don't have ego for that. I am here to make money, chase my dreams and if i succeed i would love to help and give back.

-------------------------------------

This is exactly what I was pointing at. Like he mentiond I like to follow ppl's progress here at the thread and his (Nasir's) was among the first in the list simply because his charts, posts, trades all delineated that he was getting it. Now since I've been there myself I understand that this IMO is the most fragile moment for a prospective pro trader.

It's the time when things start to come together and when we're very likely to take things for granted.

Let me share with you what happened to me: (the seniors here and my early posts will prove this)

For the first few months I was lost. Questions like "Why do I wait for a setup for 8 days that'll barely give me 1:1 risk reward? J16 is probably a hyped thingie nothing more." gripped me and made me loose my way, and was it not for the seniors intervening to set me right, I would still have had my charts cramped up with indicators of all sorts trying to decipher the famous holy grail code.

following my determination was the sweet reward in the form of things starting to make sense to me. I started to say "fine I have to wait for a good 8 days for a setup for only a 1:1 but if it's the safest 1% I can ever get what's the issue? And of coarse once I have me feet wet I can always graduate to lower tfs and find more opps - Ok man, I've found my thing"

IMO Nasir is standing at this very stage. His charts make a hell lot of sense, you can derive from his posts that he knows what he is saying, and he's taking all the good setups around.

However as I mentioned before this is IMO is the most fragile stage for a could be successful trader.

What's more, in the hype of the events and my boosted confidence, trades from Rac suddenly appeared more tempting than ever. I can still remeber a long that I took on Gbp/Chf daily chart exactly where Mark did and for exactly the same reasons, and even more clear in my head is my jumping around for having to trade and think like Mark.

But guess what? That trade was the beginning of a regretful loss. Not that Mark had never warned us against taking his strategy up at the noob stage, it's just that we as humans like to take things for granted and that's not about to change - for any of us.

Following this I was lost for a good six months fishing around and juggling with the two methods which BTW are like the north and the south pole of the same earth.

Nasir's been doing the exact same thing and so is Benji, I can literally trace my earlier steps with Benji's current ones. The two have been doing great except that they are in a big hurry, either to make money or see themselves alongside Jim or any other pro trader ignoring the very core fact that the pros been doing this for the last XX years!

That is the bottom line which I quite casually tried to get across in that previous post of mine.

Although it seems like a paradoxical statement it is absolutely true that - "going slow and steady is the fastest way to make it in this business"

g.
I believe . . .
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