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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

  • #55,881
  • Feb 23, 2010 10:53am Feb 23, 2010 10:53am
Wow I got to say I thought my trading method was simple, (only price action with rsi sometimes)...this is some great stuff from what I've read. I don't get why you guys don't use candles though? To me, they show the same patterns you guys talk about yet make it more clear.
  • #55,882
  • Feb 23, 2010 10:56am Feb 23, 2010 10:56am
Quoting Piggleop
Wow I got to say I thought my trading method was simple, (only price action with rsi sometimes)...this is some great stuff from what I've read. I don't get why you guys don't use candles though? To me, they show the same patterns you guys talk about yet make it more clear.

I use candles but people can use whatever. I use a line on close too a lot to get a clear direction on price.
Keep taking CT trades, I need more money
  • #55,883
  • Feb 23, 2010 10:57am Feb 23, 2010 10:57am
It's nice to know everyone here is looking to help. As for me being lazy, quite the contrary I love trading. Not even for the money but rather just because it's fun to constantly improve. So yea im going to start form the beginning but I think I'm going to screen out a lot of hte posts that aren't james16 or don't have graphs. Do you think this is skimming over the material too much or would this method work well to learning all the content in here?
  • #55,884
  • Feb 23, 2010 10:59am Feb 23, 2010 10:59am
Another question I have. I've read that in the 70s/80s people started coming up with systems trading using computers. At the time these systems worked splendidly but when others started jumping on board, the broke down because the markets became more choppy.

Would you say that this trend is present today (not the system trading with computers but the price action trading like james16 method)? It seems like people have smartened up and are using less indicators but more price action. Does htis invalidate the james16 price action system today or is it still very profitable?
  • #55,885
  • Feb 23, 2010 11:05am Feb 23, 2010 11:05am
Quoting Piggleop
It's nice to know everyone here is looking to help. As for me being lazy, quite the contrary I love trading. Not even for the money but rather just because it's fun to constantly improve. So yea im going to start form the beginning but I think I'm going to screen out a lot of hte posts that aren't james16 or don't have graphs. Do you think this is skimming over the material too much or would this method work well to learning all the content in here?

I would read it all, I did a few years ago. What you have to watch out is people posting only winners after the fact, hell I can win the lotto everyday doing that too but it's not real. Get a feel if the person just likes to post trades or they do this to make money. Lots of people that post can not trade and then after they bomb out try to sell some system bullshit, if someone can trade why sell anything? It's like having a fat ass for a personal trainer or a broke financial advisor, if they can't do it how can they show someone else?

Find something that works for YOU, don't try to copy someone because what works for 1 person may not for someone else, I know I wasted a few years on that one Also find a time that works for you, if you do this fulltime like other trades I know most use the 3-5-15min stuff and daytrade. If that does not work use the 1h 4h daily stuff. I can not trade the daily 4hr stuff because I don't like to sit through the trades, I know what to do but I do not enjoy it.

Also this is a biggie, YOU ARE NOT SMARTER THEN THE MARKET, IF YOU CATCH A BOTTOM OR TOP YOU GOT LUCKY. Yes you can win a few and with good money management you can do okay playing a bottom / top picker when the market is sideways but what you dont see a lot of even in this thread is people going with the trend and ADDING into the position if it's winning.


Last thing, It takes time and some people NEVER can trade, they are just not wired for it and can master anything else just not the market.


p.s. the people that find trading the hardest are Teachers and engineers
Keep taking CT trades, I need more money
  • #55,886
  • Feb 23, 2010 11:08am Feb 23, 2010 11:08am
Quoting Ryanmcd
I would read it all, I did a few years ago. What you have to watch out is people posting only winners after the fact, hell I can win the lotto everyday doing that too but it's not real....
currently i'm only demo-trading on forex because I'm new to this market. So, I'm using very short time frames to analyze trades because I have a LOT of spare time (im in college). So I figure I may as well speed up the learning curve by trading shorter time frames and making more mistakes (I also realize shorter time frames are more choppy/harder to trade but I think the benefits outweight the negatives here)
  • #55,887
  • Feb 23, 2010 11:10am Feb 23, 2010 11:10am
Quoting Piggleop
Another question I have. I've read that in the 70s/80s people started coming up with systems trading using computers. At the time these systems worked splendidly but when others started jumping on board, the broke down because the markets became more choppy.

Would you say that this trend is present today (not the system trading with computers but the price action trading like james16 method)? It seems like people have smartened up and are using less indicators but more price action. Does htis invalidate the james16 price action system today or...
Do a simple google search on trading and you will still find fundamental traders, indicator extravaganza traders, elliot wavists, neural network and
many others I probably have never even heard off. To me, price doesn't lie so I think it will always work. In addition, there will always be support/resistance areas, breakouts and trends.

There are still many original turtles from the commodity world that became CTA's following the same basic trading principles of trend following that continue to make outrageous percentage gains. This style is definitely not for everyone (you will have large drawdowns and periods of choppiness which equals large equity swings), but it continues to work.

Nathan
  • #55,888
  • Edited 11:34am Feb 23, 2010 11:10am | Edited 11:34am
Quoting Riskee
A very good trade benji , I was in too , but I was out at 8930 .
Nice trade Riskee.
Yea, I saw that level as well, being a daily PPZ. I closed half of my position at 8920, and gonna trail the rest.
You can consider using partial profit in these kind of situations. Just an idea.

It was a long wait for me since the last live trade My initial stop was at 3940 (doted red line) right above the mass of old bar highs. Risking 3% of my account, I have 1.5% already banked, and another +2.25% on the line with zero risk.

The cool thing about this trade, is that I know I would do exactly the same with my future large account. This is my target.

Ben
  • #55,889
  • Feb 23, 2010 11:11am Feb 23, 2010 11:11am
Quoting Piggleop
currently i'm only demo-trading on forex because I'm new to this market. So, I'm using very short time frames to analyze trades because I have a LOT of spare time (im in college). So I figure I may as well speed up the learning curve by trading shorter time frames and making more mistakes (I also realize shorter time frames are more choppy/harder to trade but I think the benefits outweight the negatives here)

It all depends on how you look at it, yes you are going to have more spike / noise bars but it's around news most of the time and I just stay out then. Demo is good but you will make your 1st million on demo, then wonder why you lose 90% with real money. The only difference is emotion, once money does not mean anything is when you start winning again.
Keep taking CT trades, I need more money
  • #55,890
  • Feb 23, 2010 11:13am Feb 23, 2010 11:13am
Quoting benji533
Nice trade Riskee.


The cool thing about this trade, is that I know I would do exactly the same with my future large account.

Ben

Money = emotion, work on not thinking about money and it will make it easier. What if that trades was $2,000 a pip you think you would do the same?
Keep taking CT trades, I need more money
  • #55,891
  • Feb 23, 2010 11:13am Feb 23, 2010 11:13am
Quoting triger88990
think again Benji, I'll be where you expect less

all the best my friend

Attachment

Quoting jarroo
Man . . I love when they break like that. Why continue with a trade if they don't.

Nice ben.
Yea indeed. It's time I really do understand the meaning behind your phrases jarroo. It takes time and experience to realize. These are the easiest to manage.
  • #55,892
  • Feb 23, 2010 11:15am Feb 23, 2010 11:15am
thanks KissFan

works out the PBs body and range are too big

heres to the next one!

Anthony
  • #55,893
  • Feb 23, 2010 11:15am Feb 23, 2010 11:15am
Quoting Ryanmcd
It all depends on how you look at it, yes you are going to have more spike / noise bars but it's around news most of the time and I just stay out then. Demo is good but you will make your 1st million on demo, then wonder why you lose 90% with real money. The only difference is emotion, once money does not mean anything is when you start winning again.
Ah well I trade stocks so I'm aware of the emotional aspect of trading. I've found the best way for me to trade stocks is to almost pretend I'm trading demo instead of real money, but still taking it very seriously. To help integrate the emotional aspect I've been considering putting in a small sum for my training, say $1000 and doing micro lots. I think this would make it more fun but I' mready to lose that 1000 over time with good risk management so it lasts as long as possible. Think that's a better idea than demo account?
  • #55,894
  • Feb 23, 2010 11:19am Feb 23, 2010 11:19am
Quoting Piggleop
Wow I got to say I thought my trading method was simple, (only price action with rsi sometimes)...this is some great stuff from what I've read. I don't get why you guys don't use candles though? To me, they show the same patterns you guys talk about yet make it more clear.
I use both, just how I am feeling. OHLC bars and candles show the exact same information, so it really is a personal preference

Welcome piggleop catching up on your introduction. Hang around and ask questions we are all here to help

Mike
  • #55,895
  • Feb 23, 2010 11:20am Feb 23, 2010 11:20am
Quoting Piggleop
Ah well I trade stocks so I'm aware of the emotional aspect of trading. I've found the best way for me to trade stocks is to almost pretend I'm trading demo instead of real money, but still taking it very seriously. To help integrate the emotional aspect I've been considering putting in a small sum for my training, say $1000 and doing micro lots. I think this would make it more fun but I' mready to lose that 1000 over time with good risk management so it lasts as long as possible. Think that's a better idea than demo account?

I would use real money to be honest if you can, it does change the game.
Keep taking CT trades, I need more money
  • #55,896
  • Feb 23, 2010 11:21am Feb 23, 2010 11:21am
Quoting Ryanmcd


p.s. the people that find trading the hardest are Teachers and engineers

I submitted to your entire post

just that I heard about this issue that teachers,engineers,doctors,lawyers are from some reason not made for treading

I'm engineer and don't know whay for me is working to be a trader,maybe because I'm a funny guy,but what have this to do with treading...don't know.

The rule is that those jobs aren't made for being a trader.But in order to be a rule there must be something contrary to that rule.

So I'm the exception from the rule,simple math

and I'm telling you that are many successful traders despite their job being in that list

all the best!
  • #55,897
  • Feb 23, 2010 11:21am Feb 23, 2010 11:21am
Quoting mbqb11
I use both, just how I am feeling. OHLC bars and candles show the exact same information, so it really is a personal preference

Welcome piggleop catching up on your introduction. Hang around and ask questions we are all here to help

Mike

Mike when are we going to have a J16 yearly get-to-gether?
Keep taking CT trades, I need more money
  • #55,898
  • Feb 23, 2010 11:22am Feb 23, 2010 11:22am
The trading simulator for mt4 is really good, I can see daily bars developing and reacting with s/r etc. For backtesting it allows me to collect better data, thanks to the poster. Back to back testing.
  • #55,899
  • Feb 23, 2010 11:24am Feb 23, 2010 11:24am
Quoting triger88990
I submitted to your entire post

just that I heard about this issue that teachers,engineers,doctors,lawyers are from some reason not made for treading

I'm engineer and don't know whay for me is working to be a trader,maybe because I'm a funny guy,but what have this to do with treading...don't know.

The rule is that those jobs aren't made for being a trader.But in order to be a rule there must be something contrary to that rule.

So I'm the exception from the rule,simple math

and I'm telling you that are many successful...
The problem is the way they think, being a engineer you always have 1+2=3 over and over, the market is not like that the EXACT same trade can and will lose so it's screws them up, I know I am a Engineer as well and my mentor told me the market was going to kick my ass until I could stop thinking the way I was told, and also to stop thinking the market is some kind of beast that I have to battle with everyday. Now I think of the market as a furry bunny that drops pellets of gold LOL
Keep taking CT trades, I need more money
  • #55,900
  • Feb 23, 2010 11:25am Feb 23, 2010 11:25am
Quoting Ryanmcd
Money = emotion, work on not thinking about money and it will make it easier. What if that trades was $2,000 a pip you think you would do the same?
Yes. I think I would move my stop to BE at the first trouble area, which was 18 pips on a 4h chart. I won't mess with this.
I do realize that I am easy talking cause I do not have yest the experience of having that kind of account size. But that's the reason I try to do my best in terms of cutting risk to zero as fast as possible, being as picky as I can, and conservative as I can. I am practicing a method I believe will work for me on a huge account combined with a tremendous screen time, experience, burns, psych barriers and sweat before I reduce emotions to minimum as possible. Part of it is trading a growing account step by step.
At the day when my account would be large enough, I aim to have as much experience and practice of what I do under my belt. Looking forward to a long and difficult marathon that only a few will hit the finish line.
Just give me time, I am still young. I have a clear goal ahead of me. Nothing will stop me.

Ben
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