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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

  • #55,461
  • Feb 19, 2010 9:35am Feb 19, 2010 9:35am
Quoting chatzi
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
I don't want to get too much into speaking for Rac, and he may even ask me to remove that remark because I know he keeps his cards close to his chest. The quote in question came when he was actively warning people away from touch trading. He wants you to do some digging through the charts and work out what he's doing, but very little of it is actually touch trading. So it's not that he's teaching a method that he blew up accounts on. It's that when people assume he's touch trading, that's not exactly what he's doing.

The way Jim does it, is to wait for a huge daily price action bar straddling a round number, then he plays a pullback within that bar to the round number (especially when confluent with a PPZ or an EMA) with a tight stop on daily only. As always, patience and pickiness apply. In this way, touch trading is not a dead end at all.

Also, most people go for touch trading to increase their opportunities and increase their R multiples. Sadly it often increases the account depletion process.

I know one guy on PF who trades pretty much dailies only with price action and makes an astronomical return a month. He's grown an account from $1000 to nearly $150,000. There are many approaches on the daily (like the touch trade scenario I outlined above) which can produce incredible results. It starts with waiting for the best setups, and then during the course of that, different ways of approaching things become very clear.

No apology needed. My post wasn't directed at you personally by any means. Just a general frustration with the flow here recently, and an echo of what Seeking Light picked up on.
  • #55,462
  • Feb 19, 2010 9:41am Feb 19, 2010 9:41am
Quoting Jduester
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
Quoting triger88990
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!
Thanks guys.

I don't give a heck on what other people post in this thread. If someone needs to go touch trading first, then ny all means, do it. I know I did.
I just know which posts I am going to read, and which I going into my ignore list.

If anyone here is really eager to learn the real method of this thread, then I will do the best to help him. I know that without James, Mike, jarroo, StprgePro, TiaForex, rustyjeff, Joel and many others, I would know nothing of this stuff today. And it was given for free. Not cost me a dime.

Ben
  • #55,463
  • Feb 19, 2010 9:43am Feb 19, 2010 9:43am
my only two trades of this week.

#1 USDJPY I4B weekly setup straddling 90.00 round number. (1/3 position closed, about to move S/L to 15 pips below this weeks bar low)

#2 GBPUSD flag breakout pattern. (S/L @ b/e, little red trendline draw is initial S/L, T/P shown)
Attached Images
Many choose unhappiness over uncertainty.
  • #55,464
  • Feb 19, 2010 9:48am Feb 19, 2010 9:48am
Quoting TiaForex
I don't want to get too much into speaking for Rac, and he may even ask me to remove that remark because I know he keeps his cards close to his chest. The quote in question came when he was actively warning people away from touch trading. He wants you to do some digging through the charts and work out what he's doing, but very little of it is actually touch trading. So it's not that he's teaching a method that he blew up accounts on. It's that when people assume he's touch trading, that's not exactly what he's doing.

The way Jim does it, is to...
Hey Tia,

Everything you said was exactly correct. I need to be honest with myself, I wanted to master something that would give me excellent returns. I have learned loads from studying racs posts, but he has many years more experience, I think its back to basics for me. Its good to know that just using pa on daily you can build an account to that size.

Regards
Chatzi
  • #55,465
  • Feb 19, 2010 9:51am Feb 19, 2010 9:51am
Quoting benji533
I don't give a heck on what other people post in this thread. If someone needs to go touch trading first, then ny all means, do it. I know I did.
I just know which posts I am going to read, and which I going into my ignore list.

Ben
Wise stuff Benji. It made me reconsider. I apologise for getting a bit preachy/ranty about things. Everyone is of course free to post what they want here and there is no 'thread police'. I too focus on certain posts more than others, but the learning curve is the learning curve and I have done crazy things along the way. So it is not very dignified of me to be judging anyone for where they are on the curve. My own journey is far from done and I am far from the finished article.
  • #55,466
  • Feb 19, 2010 9:54am Feb 19, 2010 9:54am
  •  Bam Fx
  • | Joined Apr 2009 | Status: Using Small Live Account as Demo | 28 Posts
Hey Ya'll
I'm new here so let me know if this has been tried, backtested, or demoed, and proven to not work... I was just reading Benji's message and I had a thought, Would it be worth it to push up the original max percentage loss a little (say if you normally risk 2%/trade max - then push it up to 3%, or if .4 lots is your norm push it to .6). Then, at first resistance zone close half the position.
In this way you could keep the original stop loss where it is and it becomes a breakeven point (if I did my math right), you also still have a position open that is 3/4 the size of your normal position with a little extra room to let it run compared to moving your stop... It seems like something that would be adventageous if the percentage of trades that go to the first resistance zone first is high enough. I suppose the question is how high does that percentage need to be? Do 90 percentage of these trades go to the first resistance zone before reversing to the typical stop loss area? Just some thoughts... Thanks for letting me ramble. By the way I just found this thread a couple weeks ago and I love reading all of your posts here!!!! Keep up the good work. I'll catch up and learn a lot more before I post much. Thanks again!
  • #55,467
  • Feb 19, 2010 9:54am Feb 19, 2010 9:54am
Quoting chatzi
Hey Tia,

Everything you said was exactly correct. I need to be honest with myself, I wanted to master something that would give me excellent returns. I have learned loads from studying racs posts, but he has many years more experience, I think its back to basics for me. Its good to know that just using pa on daily you can build an account to that size.

Regards
Chatzi
That's very decent of you Chatzi. As I mentioned to Ben, I probably have got a bit ranty/preachy and it isn't my place to do so. I apologise.

PM me your email and I'll send you a daily chart or two....
  • #55,468
  • Feb 19, 2010 9:59am Feb 19, 2010 9:59am
Quoting Dan Gilbert
my only two trades of this week.

#1 USDJPY I4B weekly setup straddling 90.00 round number. (1/3 position closed, about to move S/L to 15 pips below this weeks bar low)

#2 GBPUSD flag breakout pattern. (S/L @ b/e, little red trendline draw is initial S/L, T/P shown)
Very nice

I (annoyingly) missed the GU breakout after waiting all week for it!

This is another example to newbies of how being patient can be so rewarding. Why would you want to be in and out of the market all the time and suffer the stresses that goes with this when you can just chill, relax and wait for a few A+ setups on the longer time frames come to you
  • #55,469
  • Feb 19, 2010 10:00am Feb 19, 2010 10:00am
Quoting chatzi
I apologise for my post I appreciate your posts, I just took this one personally for some reason. I think im going to give up on touch trading and get back to PA, seems like its a dead end.

Regards

Chatzi

Man why give it up? If someone is telling you to not do a think because he never try it or maybe it doesn't work for him is not supposed that it wont work for you.

Why do you have the demo account, just study them,practice them as long as it takes for you unless you will see that it wont work,but without giving a shut....

is the same think you have done with the basics principles, you have gone through a lot of practice befor you begin to master it......,if you do master it

at the beginning when I first came here I was sceptical but I trusted james being a fair man not necesarely because the good thinks that I eared about him,it was bc I have taken from my time and putting in this stuff to figure out what it is about all he is teaching.

Is a long journey,is a marathon you must treat it seriously,there will be a lot of ups and downs,I'm telling you for my experience, and if you give up at the first obstacole you will never succeed in doing anything without a fight.

I have read all the conversation about this and I do understand TiaForex's point, because I feel it too that this thread is going chaotically nowhere.

hope I didn't hurt anyone's feelings

all the best!!
  • #55,470
  • Feb 19, 2010 10:04am Feb 19, 2010 10:04am
Great trades Dan

I missed that freakish cable movement !
lowest draw down possible please.
  • #55,471
  • Feb 19, 2010 10:08am Feb 19, 2010 10:08am
Quoting triger88990
Man why give it up? If someone is telling you to not do a think because he never try it or maybe it doesn't work for him is not supposed that it wont work for you.

Why do you have the demo account, just study them,practice them as long as it takes for you unless you will see that it wont work,but without giving a shut....

is the same think you have done with the basics principles, you have gone through a lot of practice befor you begin to master it......,if you do master it

at the beginning when I first came here I was sceptical...
Hi triger,

I will never give up, I just meant giving up trying to trade someone else's method that they have spend years getting good at. I need to trade PA and SR on demo as it was a year ago I did it before, so I still have the knowledge but im out of practice.

I want to apologise to anyone I offended and to Rac for dragging his name into this.

Regards

Chatzi
  • #55,472
  • Feb 19, 2010 10:12am Feb 19, 2010 10:12am
Quoting lovejoy80
Very nice

I (annoyingly) missed the GU breakout after waiting all week for it!

This is another example to newbies of how being patient can be so rewarding. Why would you want to be in and out of the market all the time and suffer the stresses that goes with this when you can just chill, relax and wait for a few A+ setups on the longer time frames come to you
Quoting ehrek
Great trades Dan http://cdn.forexfactory.com/images/s...im/winking.gif

I missed that freakish cable movement !

Thanks guys, I have been on vacation this past week, and I was just lucky enough to be on the computer when that GBPUSD breakout occured. the weekly U/J was set though . Good weekly stress free trade.
Many choose unhappiness over uncertainty.
  • #55,473
  • Feb 19, 2010 10:15am Feb 19, 2010 10:15am
Quoting Dan Gilbert
Thanks guys, I have been on vacation this past week, and I was just lucky enough to be on the computer when that GBPUSD breakout occured. the weekly U/J was set though . Good weekly stress free trade.
Are you somewhere warm?

If so.. Lucky SOB.
lowest draw down possible please.
  • #55,474
  • Feb 19, 2010 10:21am Feb 19, 2010 10:21am
Quoting ehrek
Are you somewhere warm?

If so.. Lucky SOB.
Arizona was very very warm. Shorts and t-shirt. mid 70's. Now I'm on Venice beach, CA. not as warm... but still a lot better than the mid-20's I'm used to
Many choose unhappiness over uncertainty.
  • #55,475
  • Edited 10:52am Feb 19, 2010 10:22am | Edited 10:52am
Quoting benji533
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.
I swear, everyone starting out should be forced to read over Ben's progress from square 1. Its like a 'How To' manual.

Good to see you back.
When you have to shoot, shoot. Dont talk.
  • #55,476
  • Feb 19, 2010 10:26am Feb 19, 2010 10:26am
Last chart I will be posting! I think I'm going to go with Nasir, and stop posting end results.. Perhaps i'll provide pre-analysis and create a journal of my own and give signals for fun.

TP's hit, I got what I wanted from the market today.
Attached Image (click to enlarge)
Click to Enlarge Name: gpbjpyfeb19.jpg Size: 113 KB
lowest draw down possible please.
  • #55,477
  • Feb 19, 2010 10:30am Feb 19, 2010 10:30am
Quoting Dan Gilbert
Arizona was very very warm. Shorts and t-shirt. mid 70's. Now I'm on Venice beach, CA. not as warm... but still a lot better than the mid-20's I'm used to
Nice, Venice beach. Isn't that the where the bodybuilders hangout??
lowest draw down possible please.
  • #55,478
  • Feb 19, 2010 10:36am Feb 19, 2010 10:36am
Quoting benji533
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.
...
Ben
thanks for your response, i was just curious if quickly moving SL can save you from loses after taking real A+ setup. I agree it is personal and requires training to find what's the best for you.
By saying that it stops your trade from reaching profit i meant that such approach will stop your trade at BE before going in your direction. Such situation could be possible on trade from first picture in your second post (EURAUD)
have a nice weekend
oromek
  • #55,479
  • Feb 19, 2010 10:36am Feb 19, 2010 10:36am
Quoting ehrek
Nice, Venice beach. Isn't that the where the bodybuilders hangout??
Everyone hangs out there. it has been pretty cool to see that people do actually hang outside and are physically active in this country.
Many choose unhappiness over uncertainty.
  • #55,480
  • Feb 19, 2010 10:44am Feb 19, 2010 10:44am
Quoting TiaForex
I know one guy on PF who trades pretty much dailies only with price action and makes an astronomical return a month. He's grown an account from $1000 to nearly $150,000.
That's quite an accomplishment. I don't suppose you would want to share with us the period of time it took this guy to accomplish this, would you Tia? We're not talking about Wizard here, are we?

Did this person only take PA setups à la J16, or did he/she also do "touch trading"?

Cheers,
Boy
It's not about how much you make, it's about how much you don't lose.
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