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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

  • #55,441
  • Feb 19, 2010 7:46am Feb 19, 2010 7:46am
Quoting benji533
lol, thanks buddy.
In the first place I thought I would just make a video which would be much more easier. But English isn't my strong side lol (speaking is no where like my writing. Never really needed to speak English here, but I guess one months in America would sort me out).

I really think, like you said, armed with these principals, and the right mindset, nothing can stop you. I only needed one shot of Jame16's "rants and charts" video to realize that whats going on in this thread is far from what he teaches. I lost direction too early,...
Hey Benji , thanks for your time an effort to post these charts . Great

work, always enjoy your posts , cheers my friend , Gary
  • #55,442
  • Feb 19, 2010 7:51am Feb 19, 2010 7:51am
I haven't said that what anyone sais i will ignore it. Its simply an untrue remark with what goal i don't know. Stick to the facts please.! I will read more about the james16 method before i continue in this conversation.

Quoting TiaForex
The problem here longshot is that this is the James16 chart thread and a particular method is taught here. Price action, at PPZs, with sound money management. You have every right to trade how you will, but if you are trading against the main principles of this thread then there is no real way that anyone can offer constructive criticism.

You may be better served in another thread, because the view of most people on the James16 chart thread will be that you're going about this all wrong. You're perfectly entitled to trade your own way of course,...
  • #55,443
  • Feb 19, 2010 7:55am Feb 19, 2010 7:55am
Quoting gjworley1952
Hey Benji , thanks for your time an effort to post these charts . Great

work, always enjoy your posts , cheers my friend , Gary
Thanks Gary,
You're welcome my friend.
  • #55,444
  • Feb 19, 2010 7:57am Feb 19, 2010 7:57am
Quoting benji533
I only needed one shot of Jame16's "rants and charts" video to realize that whats going on in this thread is far from what he teaches.

Ben
That's my feeling too. It's been pushing my buttons recently, but maybe I am getting more crochety in my old age

General thoughts follow. Not directed at Benji at all, but sparked by his post.

I think 'advanced techniques' are fine if you've been doing them for years and are consistently profitable at them. But if you haven't even proved yourself on demo with these supposed 'advanced techniques' then why are you posting them?

I use the term 'advanced techniques' very loosely because too often I think it's just a fancy way of saying 'overtrading'. It's only an 'advanced technique' when it's profitable.

If someone is posting charts of their one winner in five on these variant methods then they are not helping the newcomer because they are presenting the cherry picked highlights of an unprofitable method. It gives a false impression.

I think if you have been profitable for three months on demo then three months live with a variant method, then by all means post charts. Until then, stick to classic J16 setups which anyone at any stage of the learning curve is welcome to post here.

Until you've proven themselves for 3-6 months at touch trading or whatever, it's no use posting posting a chart saying 'this is an advanced technique and not for newcomers'.

Because until you have 3-6 months under your belt, dude, you are the newcomer.
  • #55,445
  • Feb 19, 2010 8:06am Feb 19, 2010 8:06am
Quoting longshot_nl
I haven't said that what anyone sais i will ignore it. Its simply an untrue remark with what goal i don't know. Stick to the facts please.!
These were the facts I based it on. Apologies if I misunderstood your intention but it seems from these quotes that you are intent on ignoring the most basic advice this thread and its founder have to offer.

Quoting longshot_nl
To me this is a game not a business, no matter what others say how i should look at it.
Quoting longshot_nl
Hi i got asked to join this thread.
I read james16 introduction.
I am not going to get a demo account for 3 months though and i am not going to play with 2% of my account doing only 3 trades a month.
I did play with 2 demo accounts in one month and i had profit on both.
  • #55,446
  • Edited 8:39am Feb 19, 2010 8:20am | Edited 8:39am
Quoting TiaForex
That's my feeling too. It's been pushing my buttons recently, but maybe I am getting more crochety in my old age

General thoughts follow. Not directed at Benji at all, but sparked by his post.

I think 'advanced techniques' are fine if you've been doing them for years and are consistently profitable at them. But if you haven't even proved yourself on demo with these supposed 'advanced techniques' then why are you posting them?

I use the term 'advanced techniques' very loosely because too often I think it's just a fancy way of saying 'overtrading'....
So by that reasoning no one should post a chart until they are successful in their chosen j16 style on demo whether it be basic PA or touch or breakouts. How then will they get comments from the "seniors"? Is there an advanced thread? Or will you suggest joining the PF?

All this preaching is offputting, there is lots of ways to trade with PA/SR and it is a method not a system, so you need to build your own system based on that. Just because they differ slightly shouldn't matter, as long as they are based on the principles of J16 longer timeframes, demo until consistently profitable, ppz and confluence.

When Jim talks about demoing he is talking about timeframes not systems.
  • #55,447
  • Feb 19, 2010 8:38am Feb 19, 2010 8:38am
Quoting TiaForex
That's my feeling too. It's been pushing my buttons recently, but maybe I am getting more crochety in my old age

General thoughts follow. Not directed at Benji at all, but sparked by his post.

I think 'advanced techniques' are fine if you've been doing them for years and are consistently profitable at them. But if you haven't even proved yourself on demo with these supposed 'advanced techniques' then why are you posting them?

I use the term 'advanced techniques' very loosely because too often I think it's just a fancy way of saying 'overtrading'....
Completely agree ,

I have been demoing the Advance techniques for 4 months and this is my 3 consecutive month with success (after demoing the core basics for 3-4 months). On the other hand i also know that markets are trending hard and anyone can make money in these conditions.

And i also did not have traded with real money with this style so i can't say what would happen to me with a Real money account.

So there is no Damn reason to show off with something that i don't know that will work out (for me) in the future or not.

So i have stopped posting after the fact winners.

But i think If i see some nice location like this . Or some PA at a trade able location like this and this.

I think it's no harm.
.
  • #55,448
  • Feb 19, 2010 8:45am Feb 19, 2010 8:45am
Quoting benji533
Ok I did not go through all possible pairs, and there are more A++ setups of the past year I won't post, but I have done my best to make you understand what we are looking for.

In general, for me A+++ trades mean A+++ bars at A+++ locations, and A+++ management skills.
You must first understand that A+ trades are different from one trader to another, based on the different management method they are using, account size, psych, and comfort zone. Not ALL my A+ trades, or jarroo's A+ trades would be Mike's A+ trades, simply because we are managing...
Awesome examples Benji. THIS is what this thread is about. Continuous examples with money and entry/exit management suggestions/ideas. Great educational tool here. Keep it up bud. - Josh
  • #55,449
  • Edited 9:05am Feb 19, 2010 8:48am | Edited 9:05am
Quoting chatzi
So by that reasoning no one should post a chart until they are successful in their chosen j16 style on demo whether it be basic PA or touch or breakouts. How then will they get comments from the "seniors"? Is there an advanced thread? Or will you suggest joining the PF?
Fair point Chatzi, and you're right. (Edit: I also see that you have amended your original post and added a paragraph. My response below was to the original unamended version)

I didn't express myself too clearly. It's always okay to throw up a chart and ask for help. But recently there have been a ton of charts that aren't asking for help or comments at all. Just 'woohoo look at this trade I took'. And they aren't based on J16 methods at all.

Breakouts, intraday, daily etc are all J16 styles. As for touches, Mike doesn't trade em, Jarroo doesn't trade em, SP doesn't, I am pretty sure bundy doesn't. Jim only occasionally trades them and hardly comments on them. And Rac, when once asked about 'touches' said 'if I told you I'd blown two large accounts from trading touches then would that affect your decision' (direct quote). So I don't really know which James16 senior a touch trader would expect advice from.

One of the enshrined basic principles that James lays out in the first post, is to start at the basics and work your way up. The way things are taught here is not 'come on in, pick your style whether it be touches or classic J16 PA and then learn'. The big guy makes clear that if you don't start with price action at higher timeframes get profitable there first then move down then you're doomed. His exact quote is "YOU MUST FOLLOW THIS APPROACH IF YOU DON'T WANT BLOWN ACCOUNT AFTER BLOWN ACCOUNT." His caps not mine. I feel this message is being lost in all the noise.

I don't for a moment want to discourage anyone from posting a chart and asking for help. However if I can discourage one person from touch trading before they've mastered price action then I'll be very very happy indeed.
  • #55,450
  • Feb 19, 2010 8:48am Feb 19, 2010 8:48am
Quoting benji533
Great post Aaron..

I can say it from experience. I was playing the 5min like a video game and was on my way to double my demo account. But when shifting to real money, man, that's a very different story. The runners I tended to hold, i just closed before they made their first real significant move. I saw a positive $$ on the table...and became emotional and greedy. The losers...They had no effect on me while trading demo. But losing real money, an amount that was a few hours of work for me, seeing it disappear just in less than 5 min, opened...

So true. Been there, done that. Guess we do have very similar stories
  • #55,451
  • Feb 19, 2010 8:53am Feb 19, 2010 8:53am
Quoting benji533
Ok I did not go through all possible pairs, and there are more A++ setups of the past year I won't post, but I have done my best to make you understand what we are looking for.

In general, for me A+++ trades mean A+++ bars at A+++ locations, and A+++ management skills.
You must first understand that A+ trades are different from one trader to another, based on the different management method they are using, account size, psych, and comfort zone. Not ALL my A+ trades, or jarroo's A+ trades would be Mike's A+ trades, simply because we are managing...
hi benji
great examples, very clearly shown how A+ setups should looks like.
But i'm pondering on other thing - on moving SL to BE at first trouble area. On your examples it doesnt help anything, moreover in some situation it stops your trade before going in profit.
Dont get me wrong, i dont want to question such approach, it saved me from decent loses during my demo trading PA. But for the time being i didnt spot such clear A+ trade, and i'm thinking how to manage trade in such situation. I'm thinking on leaving much more room for such trades and not to move SL such quick.
Do you have examples when moving SL on first trouble area saved you from loses (during such obvious A+ trades)?
thanks a lot
oromek
  • #55,452
  • Feb 19, 2010 8:53am Feb 19, 2010 8:53am
Quoting nasir.khan
But i think If i see some nice location like this . Or some PA at a trade able location like this and this.

I think it's no harm.
.
Posting potential locations to watch out for, and posting PA based charts is always great IMO. And I love your charts Nasir.

My worry, like Patrick's, is that this descends into another Cable thread. So I was taking the opportunity to vent a little...
  • #55,453
  • Feb 19, 2010 8:58am Feb 19, 2010 8:58am
Quoting TiaForex
Fair point Chatzi, and you're right.

I didn't express myself too clearly. It's always okay to throw up a chart and ask for help. But recently there have been a ton of charts that aren't asking for help or comments at all. Just 'woohoo look at this trade I took'. And they aren't based on J16 methods at all.

Breakouts, intraday, daily etc are all J16 styles. As for tocuhes, Mike doesn't trade em, Jarroo doesn't trade em, SP doesn't, I am pretty sure bundy doesn't. Jim only occasionally trades them and hardly comments on them. And Rac, when...
I was just thinking about this yesterday,

Why i can't see a single SUCCESSFUL TOUCH trader here in thread (other then Rac off course).????????????
.
Who is been around more then 4-6 months.

Btw i don't know if there is anyone posting in a Journal etc.
.
  • #55,454
  • Feb 19, 2010 9:03am Feb 19, 2010 9:03am
Quoting TiaForex
Fair point Chatzi, and you're right.

I didn't express myself too clearly. It's always okay to throw up a chart and ask for help. But recently there have been a ton of charts that aren't asking for help or comments at all. Just 'woohoo look at this trade I took'. And they aren't based on J16 methods at all.

Breakouts, intraday, daily etc are all J16 styles. As for tocuhes, Mike doesn't trade em, Jarroo doesn't trade em, SP doesn't, I am pretty sure bundy doesn't. Jim only occasionally trades them and hardly comments on them. And Rac, when...
HI Tia,

Thanks for your reply, I agree no one should try advanced techniques before practising the basics, I did the basics last year and joined the PF watched Jims/Mikes/Seekings/CW videos/webinars etc, I lived and breathed J16. However I am now moving on and want to try touch trading on demo. It would be good if rac came out and said touch trading is impossible to profit from, as he has posts throughout the thread proving otherwise, even a statement showing 80% win rate. (I know there is more to his system that touches of PPZ).
  • #55,455
  • Feb 19, 2010 9:05am Feb 19, 2010 9:05am
so, leaving touch trades, and going back to PA - what you think about this PB on GU. Maybe not the best in shape, but it's going through 50% Fib line.
I took this trade on demo, and i plan to move SL to BE after 30-40 pips (i dont see any trouble area that i could use) and TP set to 1.55.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 20 KB
  • #55,456
  • Feb 19, 2010 9:09am Feb 19, 2010 9:09am
Quoting chatzi
HI Tia,

Thanks for your reply, I agree no one should try advanced techniques before practising the basics, I did the basics last year and joined the PF watched Jims/Mikes/Seekings/CW videos/webinars etc, I lived and breathed J16. However I am now moving on and want to try touch trading on demo. It would be good if rac came out and said touch trading is impossible to profit from, as he has posts throughout the thread proving otherwise, even a statement showing 80% win rate. (I know there is more to his system that touches of PPZ).
I see you amended the original post that I replied to. Just for clarity, I added that to my reply otherwise it looks like I am making points you already answered.

As for Rac, I won't say too much because I know that he doesn't like people to talk about this a lot, but a lot of times it only looks like he's touch trading.

Anyway, I made my points. I fully understand that you find 'all this preaching offputting' and so I am done for now.
  • #55,457
  • Feb 19, 2010 9:11am Feb 19, 2010 9:11am
Quoting nasir.khan
I was just thinking about this yesterday,

Why i can't see a single SUCCESSFUL TOUCH trader here in thread (other then Rac off course).????????????
.
Who is been around more then 4-6 months.

Btw i don't know if there is anyone posting in a Journal etc.
.
Its a bit annoying when you spend time studying someones posts, then you are told they blew 2 accounts using it, although I think Tia's quote may be from when before he used J16. Tia?

Regards

Chatzi
  • #55,458
  • Edited 9:34am Feb 19, 2010 9:13am | Edited 9:34am
Quoting TiaForex
I see you amended the original post that I replied to. Just for clarity, I added that to my reply otherwise it looks like I am making points you already answered.

As for Rac, I won't say too much because I know that he doesn't like people to talk about this a lot, but a lot of times it only looks like he's touch trading.

Anyway, I made my points. I fully understand that you find 'all this preaching offputting' and so I am done for now.
I apologise for my post I appreciate your posts, I just took this one personally for some reason.

Regards

Chatzi
  • #55,459
  • Feb 19, 2010 9:22am Feb 19, 2010 9:22am
Quoting benji533
Ok I did not go through all possible pairs, and there are more A++ setups of the past year I won't post, but I have done my best to make you understand what we are looking for.


Let me know if you need anything else.

Oh benji you never give up by surprising me

tremendous work done by the next J16 prodigy

Don't tell anybody about your age bc you may risk nobody would believe it.

I would need only a cup of coffee and more time to spend in front of the charts

cheers!
  • #55,460
  • Feb 19, 2010 9:32am Feb 19, 2010 9:32am
Quoting oromek
hi benji
great examples, very clearly shown how A+ setups should looks like.
But i'm pondering on other thing - on moving SL to BE at first trouble area. On your examples it doesnt help anything, moreover in some situation it stops your trade before going in profit.
Dont get me wrong, i dont want to question such approach, it saved me from decent loses during my demo trading PA. But for the time being i didn't spot such clear A+ trade, and i'm thinking how to manage trade in such situation. I'm thinking on leaving much more room for such trades...
Well, again, it depends on your comfort zone and psych. Nothing wrong with leaving more room. I know Mike does it, but he picks his trades accordingly.

This is the exact reason I decided not posting "how I would manage these trades if I would be in them by that time". Trade management is a very personal thing, and the only way of figuring out what would be best for you, is putting some time and work into it. There isn't only one way of managing trades right, but you must know what you are doing. Please understand this.

Another thing. It isn't always about what could eventually happen if you gave more room for your A+ trades. Even if 90% of them eventually do go farther than the first trouble area, there is a possible darwdown period. And here your comfort zone and psych kick in again. If you have a supper huge account, and your risk per trade is 3% - the final profit won't be worth the pressure of seeing your trade going into the red after it gone "exactly where it should", and it may push you to cut the trade early, like James does many times. I know it sounds stupid. It is stupid if this was a video game, but it isn't. Just try to think what would go through your mind when you see 30,000$ in the red, after it went where it should.

On the other hand, if you have a small account, risking 1% per trade, and have no problems suffer the draw down time, go for it.
I have a small account, but I am going to treat it exactly like I will treat my future huge account that would bring me the money to support my future family.
An no, I am not going to grow my tiny account to be huge, and only then shift my trading style. I will work hard to earn money from the side, and un the meantime get extremely good at what I do. This is real business.

Can you imagine the feeling of taking a 30K worth trade on daily, and within only 1-4 hours make it risk free, with no pressure what so ever, leaving the option of HUGE money in the bank tomorrow, or a BE at worst, which means nothing happened? Or going months after months with no loses?

Again, none of us are right or wrong. There is not only one way of doing things. It is personal. You know yourself better than anyone else.

And by the way, what do you mean by this: " moreover in some situation it stops your trade before going in profit." ?
If you are trading a huge account, that first trouble area, being 0.1R-1.2R is defiantly money.

Ben
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