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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

  • #51,741
  • Jan 15, 2010 7:04pm Jan 15, 2010 7:04pm
Quoting Dan Gilbert
fundamentally (aka, trend) speaking?
Are you asking why I am not taking this trade? If so, it is because of the strong downtrend. I have to see some really good PA and other factors before I buy the Euro vs the Cad and I will need to see it on a longer timeframe than daily. Give me a nice engulfing bar or the like on weekly with some divergence and I'll consider some A+ long set ups from that point.

K.I.S.S.
  • #51,742
  • Jan 15, 2010 7:07pm Jan 15, 2010 7:07pm
Quoting relict07
wth KISS what happened to your picture?

I was confused for a bit from getting confused at the pic and kiss

Thanks for the advice. I'm probably going to take the trade at the break, but this definitely isn't the best setup especially if you look at the weekly chart.

Cheers!
Just trying this out for a while. I havent changed my avatar since I joined. Change can be good. The stays with the signature always!

K.I.S.S.
  • #51,743
  • Jan 15, 2010 7:08pm Jan 15, 2010 7:08pm
Quoting Dan Gilbert
When I first began learning to trade, reading my first books, I always thought "why do they keep mentioning 'psychology'? If I can read a chart, I can trade..." Well I have learned that doubt is a part of trading psychology that sometimes even when a setup makes absolute sense, I'm just gun-shy.... Or I'm too focused on other, more complex setups - when the plain-as-day (key word, 'DAY'-ly) are sitting right there. Always good stuff.

Reminds me how James was teaching his young son to trade and his son grasped it pretty easily.... A child can...
I know the feeling very well. For me it was the sheer repetition of trading high quality setups (and not so great setups) that gave me the confidence to place a trade and walk away. But the high quailty trades don't come around to often, so it takes time for that repetition to build.

Complex setups are a red flag to me. If I start complicating a trade I'm either forcing a trade or becoming impatient. I catch myself most of the time. lol.
Indicators show the past. Price Action "Indicates" the future.
  • #51,744
  • Jan 15, 2010 7:11pm Jan 15, 2010 7:11pm
Quoting jarroo
Complex setups are a red flag to me. If I start complicating a trade I'm either forcing a trade or becoming impatient. I catch myself most of the time. lol.
I guess I don't mean "complex" necessarily, but lower TF trades...
Many choose unhappiness over uncertainty.
  • #51,745
  • Jan 15, 2010 7:22pm Jan 15, 2010 7:22pm
Quoting EdoR
Well today I made my first trade ever.... it was really fun learning experience.
Awesome first post & first trade

i made a quick glance...
this pinbar is in a congestion/traffic zone (look to the immediate left) & not in an extreme swing high.
what went in your favor? price got rejected off TWO round numbers (149 & 150) & 150ema; price made a hard break south (pin bar break) confirming downside momentum, then you had a (realistic) TP objective which got hit.

Strive to be pickier & slowly the 'A-Ha' moments & profits will sink in....

Welcome in behalf of all here & hope to see more posts from u.. Good luck!
  • #51,746
  • Jan 15, 2010 7:24pm Jan 15, 2010 7:24pm
Quoting Dan Gilbert
I guess I don't mean "complex" necessarily, but lower TF trades...

Yeah I understand. The "forcing a trade or becoming impatient" still applies.

Lower time frames are very tradable, I find them to be better played off Daily and Weekly PPZs, Fibs, and other higher time frame confluenced levels.
Indicators show the past. Price Action "Indicates" the future.
  • #51,747
  • Jan 15, 2010 7:59pm Jan 15, 2010 7:59pm
My youthfull education;
Included some Profs that I really liked, perhaps because they were nice to me.
It also included those Acid As$, never good enough because I know you can do better (what should I call them) back then, it begins with an A and ends with E.


Now it begins with; Thankyou to the Acid Profs because when the Soft stuff fell, the acid took over.
I am beginning to understand.
  • #51,748
  • Jan 15, 2010 8:09pm Jan 15, 2010 8:09pm
Quoting Bemac
My youthfull education;
Included some Profs that I really liked, perhaps because they were nice to me.
It also included those Acid As$, never good enough because I know you can do better (what should I call them) back then, it begins with an A and ends with E.


Now it begins with; Thankyou to the Acid Profs because when the Soft stuff fell, the acid took over.
I am beginning to understand.
Thoses A-hole Profs (and Coaches) that pushed me the most are the only ones I remember. (fondly now, but not then)
Indicators show the past. Price Action "Indicates" the future.
  • #51,749
  • Jan 15, 2010 8:51pm Jan 15, 2010 8:51pm
Quoting jarroo
I know the feeling very well. For me it was the sheer repetition of trading high quality setups (and not so great setups) that gave me the confidence to place a trade and walk away. But the high quailty trades don't come around to often, so it takes time for that repetition to build.

Complex setups are a red flag to me. If I start complicating a trade I'm either forcing a trade or becoming impatient. I catch myself most of the time. lol.

Hello Jaroo,

Good point! I find the same here when I am about to take a trade and feeling I need to watch so many too many possible highs and lows of the bars around that might cause the resistance or support, or concerning some possible pattern forming, etc.

This kind of complicate trade it is just forcing to trade. After few months of live trading, I really really realized that we just need to be super patient to only take those obvious and simple trade like the "Weekly Gold" pinbar. It is so obvious and simple so you don't have to have a second thought, that's the trade!

Anyway, good to see you back! All the best to you~


PM
  • #51,750
  • Jan 15, 2010 10:07pm Jan 15, 2010 10:07pm
Quoting PippingMama
Hello Jaroo,

Good point! I find the same here when I am about to take a trade and feeling I need to watch so many too many possible highs and lows of the bars around that might cause the resistance or support, or concerning some possible pattern forming, etc.

This kind of complicate trade it is just forcing to trade. After few months of live trading, I really really realized that we just need to be super patient to only take those obvious and simple trade like the "Weekly Gold" pinbar. It is so obvious and simple so you don't have to have...
Good to see you too, PM.

Patience pays. That weekly Gold PB was a beauty. You know there's another one coming soon . . . they always do.

“Patience is bitter, but its fruit is sweet.”


Indicators show the past. Price Action "Indicates" the future.
  • #51,751
  • Jan 15, 2010 10:52pm Jan 15, 2010 10:52pm
Quoting supremeChaos
ghous?
he's busy watching the solar eclipse....
...i mean busy studying (& preparing for his birthday, next week)
The Eclipse was cool!

and Chaos guessed it right, I gotta get this last economics exam out of the way of my clean charts and trading...coincidentally or not i get my freedom on the day I landed on earth.

g.
I believe . . .
  • #51,752
  • Jan 15, 2010 11:08pm Jan 15, 2010 11:08pm
Quoting nasir.khan
lucky!!!!!!! yea right.
It's amazing what hatred can do to you.

The difference between terrorists and those looking to prevent it has shrunk down to the clothing only,

Does one always have to step into a terrorist's shoes to stop terrorism? A solution...maybe. The most optimal one?...probably not.

g.
I believe . . .
  • #51,753
  • Jan 15, 2010 11:16pm Jan 15, 2010 11:16pm
Quoting dobe_r_man
I stumbled across this site while actually searching on google for the J16 site (I have not been there in a long time since I was a member before and was going to check out the free videos). It is by Nial Fuller and looks identical to J16 price action trading.

Was this person a member of J16? It is one thing to have a similar method but this was beyond fishy.

Maybe this was covered before in the thread..........just strange to see a clone site like that.

Nathan
wow... it is strange... I'm glad I'm with Jim's group and not him though.
  • #51,754
  • Jan 15, 2010 11:20pm Jan 15, 2010 11:20pm
Quoting ghous
The Eclipse was cool!

and Chaos guessed it right, I gotta get this last economics exam out of the way of my clean charts and trading...coincidentally or not i get my freedom on the day I landed on earth.

g.
Wow... are there gonna be cakes?
  • #51,755
  • Jan 15, 2010 11:23pm Jan 15, 2010 11:23pm
Hi there.

A bit ago I decided to get involved in this thread as part of a New Year's resolution to take my trading to the next level this year.

In the past couple weeks, I've been consciously studying and applying the knowledge I've learned from everyone involved in the james16 group.

The other day I posted a daily GBP/USD chart in the thread.

Here's a link to the post.

Fast forward a week later. Today's close on GBP/USD was a bearish outside bar, with what I believe is fairly strong confluence, i.e. 50% fibs, trendline, round numbers, good location. I plan on entering a short trade when the market opens up.

In the past couple weeks since I started intensely studying the methods taught here and keeping to weekly and daily charts, I've spent FAR LESS time staring at my charts. So much of my time has been freed up from staring at M5 charts or 4365937 billion combinations of MAs or stochs or MACDs or this or that and everything in between.

So, to my question.

You're all telling me that these sort of setups occur on these higher timeframes at a high enough frequency and with a high enough accuracy that, if I were so inclined, I could watch and profitably trade only D1 and W1 charts and never have to spend hours staring at a M5 chart ever again? http://www.james16group.us/forums/im...odern/ohmy.gif

Sorry, that was all a bit verbose. I just feel like I've been smacked in the face with an ultimate truth about trading... And I'm pretty sure that's a good thing. http://www.james16group.us/forums/im...lies/smile.gif

Regards,
Adam

P.S. - Top chart is from 01-15-10, bottom is from 01-09-10. Any comments on/constructive criticisms of the charts would be extremely appreciated. http://www.james16group.us/forums/im...lies/smile.gif
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  • #51,756
  • Jan 15, 2010 11:58pm Jan 15, 2010 11:58pm
Quoting marcelnyo
Wow... are there gonna be cakes?
Lots of 'em

g.
I believe . . .
  • #51,757
  • Jan 16, 2010 12:15am Jan 16, 2010 12:15am
Quoting XNAdam
Hi there.

A bit ago I decided to get involved in this thread as part of a New Year's resolution to take my trading to the next level this year.

In the past couple weeks, I've been consciously studying and applying the knowledge I've learned from everyone involved in the james16 group.

The other day I posted a daily GBP/USD chart in the thread.

Here's a link to the post.

Fast forward a week later. Today's close on GBP/USD was a bearish...
Hi Adam,

You're all telling me that these sort of setups occur on these higher timeframes at a high enough frequency and with a high enough accuracy that, if I were so inclined, I could watch and profitably trade only D1 and W1 charts and never have to spend hours staring at a M5 chart ever again?

Precisely.

Not that you'll get a 100 great setups every month, but that you'll learn to be patient and learn to dissociate XXXX number of pips with consistent account growth.

What we (and higher time frame charts) emphasize upon is that you don't need to sit in front of your charts day in and day out trying to scalp the hell out of a 5 pip pin bar thinking it has the potential to give you 5%,

The thing that get's most new traders is this:

"Gee, I wait 10 days for a setup, risk 200 pips for a 50 pip gain and move my stop to BE once it goes 25 pips in my favor. Is this what James16 is proud of teaching?"

and you know what? Nobody can help these unfortunate ppl...unfortunate because they're still unaware that 2000 pips a month can be far more detrimental to your long term survival than 100 consistently and safely earned pips.

When trading the dailies and weeklies you can come very close to that 100% win rate mark...and I can bet my ass the pickiest of traders can't come anywhere close to that on intra day...

Intra day has it's pros (I am intra day) but the fruit is best plucked when ripe...and it' ripe when you've spent enough time on the higher time frames realizing that winning comes before making money and making money comes before making pips.

cheers.
Ghous.
I believe . . .
  • #51,758
  • Jan 16, 2010 12:40am Jan 16, 2010 12:40am
Quoting XNAdam
Hi there.

A bit ago I decided to get involved in this thread as part of a New Year's resolution to take my trading to the next level this year.

In the past couple weeks, I've been consciously studying and applying the knowledge I've learned from everyone involved in the james16 group.

The other day I posted a daily GBP/USD chart in the thread.

Here's a link to the post.

Fast forward a week later. Today's close on GBP/USD...
Here is my plan.
.
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  • #51,759
  • Jan 16, 2010 12:45am Jan 16, 2010 12:45am
Quoting ghous

"Gee, I wait 10 days for a setup, risk 200 pips for a 50 pip gain and move my stop to BE once it goes 25 pips in my favor. Is this what James16 is proud of teaching?"
I knew something special was coming.

I joined FF in April-09 and this line was holding me back for 2 months and now i long for those two moths.
  • #51,760
  • Jan 16, 2010 1:21am Jan 16, 2010 1:21am
Quoting ghous
When trading the dailies and weeklies you can come very close to that 100% win rate mark...and I can bet my ass the pickiest of traders can't come anywhere close to that on intra day...
You're absolutely right, my trading (intrady) was horrible before discovering this thread and the knowledge within.

Now i only trade 2 diff. accounts, one daily PA and one weekly. (demo)
In one month now, on daily i got a win rate about 75% (still not picki enough!)
and on weekly, with only 12 trades ( 100% wins ) im up 10% on the account with another ~10% floating (all stop's @ BE)

The last 2 month completely changed the way i trade...i cant even believe it.


edit: anyone looking @ oil (weekly) ? theres a BEOB and i'd like to take it
Never whishing, always trading.
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