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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

  • #55,941
  • Feb 23, 2010 5:52pm Feb 23, 2010 5:52pm
I hope people who have posted trade ideas the last few pages will not be offended by Ryan or Joel's bluntness. Please know that they are both very respected here, and have each contributed a lot of wisdom to the thread.

Thanks guys.

The thing is, they are trying to help you, so please learn from what they are saying. The honest thing is, major trends only change once in a blue moon, so if a pair is plummeting down or shooting up, why do you think the day you decide to look for trades happens to be the end of a trend that has lasted for months? It is so much easier to wait for retraces to fib/ppz/ema/etc. confluence levels and then take an obvious (<--- this is key) pin bar or BEOB than to take a counter(huge)trend trade just because it's the only formation (pinbar, outside bar, etc.) that shows up that day on the charts.

Of course, eventually trends do change, but I think if you'll look over your charts there is typically either a giant pinbar or engulfing bar, or, a period of consolidation followed by a breakout at the top or bottom of trends. It is worth missing a trade if a weak-sauce bar happens to signal the start of a new trend! It will retrace, and you can get in there and join in on the fun. 90% of small bars (or more) will not reverse the trend, so why fight it?!

Be patient, and you will be rewarded. This has been such a hard lesson for me, I hope this helps at least one person to make the decision to be ultra-picky now and save themself the trouble of losing over and over again getting hit by bullet trains.

/end rant

Cory
  • #55,942
  • Feb 23, 2010 5:57pm Feb 23, 2010 5:57pm
Quoting Cbh123
I hope people who have posted trade ideas the last few pages will not be offended by Ryan or Joel's bluntness....

Well said, some might want to read Jackos first few pages (but come back here) his advice is excellent.

Trying to swim up a waterfall is a bad idea.
  • #55,943
  • Feb 23, 2010 6:27pm Feb 23, 2010 6:27pm
Does this makes sense to anyone else?

- Rejection of PPZ
- Swing High
- Double top
- Divergence
- big BEOB
- With the trend

How would you rate this one? A (managed tightly)?
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  • #55,944
  • Feb 23, 2010 6:39pm Feb 23, 2010 6:39pm
Quoting NosferatuMan
Does this makes sense to anyone else?

- Rejection of PPZ
- Swing High
- Double top
- Divergence
- big BEOB
- With the trend

How would you rate this one? A (managed tightly)?
Hi NosferatuMan,

I was looking at this today as well. For me it was a pass, because I don't like the traffic it is heading into. Just doesn't seem to be a lot of space there.

As far as location, and confluences, seems like a strong location, so there is a good chance it'll go down to the blue area you have marked. For me I'm using this trade as an educational opportunity by skipping it, then watching where it goes and marking areas I think might give it trouble.

Like I said, this is just my opinion, and I'm not trying to dissuade you from taking the trade. If there is a strong break, or it breaks then retraces and gives a nice signal on a lower time-frame it could work out really well.

Good luck!

Cory

Edit: PS, no divergence on my RSI(6)
  • #55,945
  • Feb 23, 2010 6:44pm Feb 23, 2010 6:44pm
I realize the original post answers this question to some extent (but not fully), but I'd like confirmation from real traders. If i subscribe for, say, 2 months to the official James16 website, would i be able to print everything I need within that time frame? I realize after the 2 months there would be continuous updates which i'd miss out on, but that aside, is this option viable?

edit: been going through the posts on this thread, very interesting so far but got a lot to read (which is good its fun)
  • #55,946
  • Feb 23, 2010 6:47pm Feb 23, 2010 6:47pm
Quoting Cbh123
Hi NosferatuMan,

I was looking at this today as well. For me it was a pass, because I don't like the traffic it is heading into. Just doesn't seem to be a lot of space there.

As far as location, and confluences, seems like a strong location, so there is a good chance it'll go down to the blue area you have marked. For me I'm using this trade as an educational opportunity by skipping it, then watching where it goes and marking areas I think might give it trouble.

Like I said, this is just my opinion, and I'm not trying to dissuade you from...
Thanks for the input. I understand your point of view and I have the same concerns (that's why I think tight management is needed).

The difference in RSI must be the configuration set to close or medium price or whatever.
Here is a good chance to ask the senior that use RSI, what is the best configuration?
  • #55,947
  • Feb 23, 2010 7:09pm Feb 23, 2010 7:09pm
Quoting NosferatuMan
Does this makes sense to anyone else?

- Rejection of PPZ
- Swing High
- Double top
- Divergence
- big BEOB
- With the trend

How would you rate this one? A (managed tightly)?
Zone marked in blue is a strong support, see the strength of the bar with arrow while it broke through that zone. I'm not saying the zone cannot be broken back down, but the odds are not in your favor.
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  • #55,948
  • Feb 23, 2010 7:23pm Feb 23, 2010 7:23pm
Quoting Cbh123
I hope people who have posted trade ideas the last few pages will not be offended by Ryan or Joel's bluntness.

Please know that they are both very respected here, and have each contributed a lot of wisdom to the thread.

Cory
I'm quite fortunate to know quite a number of accomplished traders in Singapore where I live; My close buddies trade full time for a living as well.

I'd just like to mention that this "bluntness" is actually 'normal' amongst people who know what they're talking about. It might not be what you like to hear, but the thing about the market is that it doesn't give a rip about what you think, say or feel.

Bluntness is more uncommon in our society where being politically correct or social engineering can help us get further in our jobs/relationships/etc. But you can't socially engineer price action.

If the blunt, un-sugarcoated truth hurts, it is worth asking yourself why, cause as Aaron (Tia) and Fiji have mentioned, the market is a neigh perfect mirror for our minds/our worldview.

It's also a good gauge of what we value more: The truth that will help us, even though it's not what we like to hear (that is helpful for speculation), or human pride... which is usually THE biggest stumbling block on the path toward profitable speculation.
The best part is that we get to choose. The truth does liberate, but pride goes before a fall. Ryan & Joel do know their stuff pretty well.

That said, this thread is prob THE nicest and friendliest place I've ever seen.
One Mind, Any Market
  • #55,949
  • Feb 23, 2010 7:37pm Feb 23, 2010 7:37pm
Quoting Asmodeus8
Hi Guys.

I'm lurking and reading this thread over and over. I'm planning to join James 16 page soon. You are doing great job in here, and the patience, support and time that you are giving to novice traders is awesome.

I'm demoing at the moment, and saving cash for account.

I have a quick question at the moment, how do you draw you Fibbs in the down trend? Is it 0.0 at the high and 100 at the low?
Hey Asmodeus

100 is at the high and zero is the low, since you are retracing 100% of the move

Here is a chart


Best
Mike
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  • #55,950
  • Feb 23, 2010 7:38pm Feb 23, 2010 7:38pm
Quoting benji533
Seems like I am the only taker
Nah bro. You ain't walkin' alone. =)
One Mind, Any Market
  • #55,951
  • Edited 8:13pm Feb 23, 2010 7:45pm | Edited 8:13pm
Quoting Cyrus
That said, this thread is prob THE nicest and friendliest place I've ever seen.
Hey, I figure that people have a choice between me telling them that they are looking at taking a bad trade, or their account balance telling them the same thing... I know which I would prefer


Quoting Cbh123
I hope people who have posted trade ideas the last few pages will not be offended by Ryan or Joel's bluntness.
Wanting people to listen, you can't just tap them on the shoulder anymore. You have to hit them with a sledgehammer...and *then*, you'll notice you've got their strict attention.
When you have to shoot, shoot. Dont talk.
  • #55,952
  • Feb 23, 2010 7:45pm Feb 23, 2010 7:45pm
Quoting chatzi
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.
I'm quite the tech retard... there's a trading simulator that shows you how price was reacting in the past??
One Mind, Any Market
  • #55,953
  • Feb 23, 2010 7:48pm Feb 23, 2010 7:48pm
Quoting joelcf
Hey, I figure that people have a choice between me telling them that they are looking at taking a bad trade, or their account balance telling them the same thing... I know which I would prefer
I think it's like... I think Dial said or posted.. sometimes we are like teenagers who think we're right, even when we're not. I'm not sure what it takes to put that aside, it's something about human nature's interaction with the markets that I'm still very curious about. =)
One Mind, Any Market
  • #55,954
  • Feb 23, 2010 7:59pm Feb 23, 2010 7:59pm
I have downloaded the J16 Manager following all the instructions for the settings. Have checked the Expert Advisors box to green. The smiley face is not smiling although it is on the screen and the EA is not working. Does anyone have any ideas how to fix it?
  • #55,955
  • Feb 23, 2010 8:03pm Feb 23, 2010 8:03pm
Quoting Ryanmcd
Here is the daily, HOW CAN YOU LOSE? yellow line = buy/sell you can throw all the other BS out the window, you dont even need any fib's, cycles, EW counts, PB's, voodoo, or any other crap. Look at price and trade it.
Ryan is one of the people here who really helped to turn my game around. He knows his shit and talks real straight so that it's really free from BS. He just gives you the stuff that works. Some people might not like it cause he throws it in your face almost all the time.

I'd gladly let a furry bunny throw gold pellets @ my face the whole day...even if it did come out of its rear end.

Do I get a stuffed bunny ryan?
One Mind, Any Market
  • #55,956
  • Feb 23, 2010 8:12pm Feb 23, 2010 8:12pm
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?
No.
I'm pretty much done with all this ...
  • #55,957
  • Feb 23, 2010 8:22pm Feb 23, 2010 8:22pm
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...
I'm late to this...

In each of those professions, the ability to socially engineer an outcome is valued. (Even engineers). So people play all kinds of games to get an outcome they feel is advantageous to them.

So what are they going to do in the market? Apply the skill set they have - the one that has brought them success. And it will fail. It has to, because the only person you are working against is yourself. (How this is attempted in the market is fascinating)

So is it really that these people are doomed because of what they do? Of course not. There are successful traders on this forum today and in the past who did these jobs, and some cases still do.

The difference is Psychological. The way they think and develop a relationship with the market and themselves is what turns the key.

Much of the mechanical aspects of identifying high probability trades is not very hard. The mind of a successful trader is hard to obtain. And I surmise is harder to keep. That is why the vast hoards fail in the attempt. Simple mechanical concepts. Very challenging psychology.

It can take a long time to make the adjustments. Most people arrive here with decades of developing ht wrong stuff.
I'm pretty much done with all this ...
  • #55,958
  • Feb 23, 2010 8:54pm Feb 23, 2010 8:54pm
Quoting trendytrader
I have downloaded the J16 Manager following all the instructions for the settings. Have checked the Expert Advisors box to green. The smiley face is not smiling although it is on the screen and the EA is not working. Does anyone have any ideas how to fix it?
Did you tick the 'Allow live trading' and 'Allow DLL imports' boxes in the J16 Manager settings?

Steve.
"The more I practice, the luckier I get." (Gary Player)
  • #55,959
  • Feb 23, 2010 9:26pm Feb 23, 2010 9:26pm
Quoting triger88990
I submitted...
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 why for me is working to be a trader,maybe because I'm a funny guy,but what have this to do with trading...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....
although definition #3 here ("the customary or normal circumstance.....") fits, the word rule sounds 'harsh.'
generalization would sound better.
yes, i believe u are an outlier ("exception to the rule"). Good for you!

Quoting triger88990
LOL
maybe is because I'm in my beginning stage of my career as engineer,and I remember that back when I was a student I had some issues with my teachers because of the way I think,although I was a good student....
this is the key for you triger --- u think differently (u are not part of the crowd).



Quoting StoragePro
I'm late to this...
In each of those professions....
So what are they going to do in the market? Apply the skill set they have - the one that has brought them success.....
The difference is Psychological. The way they think and develop a relationship with the market and themselves is what turns the key
......
Excellent post Sir.
the key word/switch is Psychology. or Paradigm/Paradigm Shift. or (Proper) Mindset.

Quote
..It can take a long time to make the adjustments. Most people arrive here with decades of developing the wrong stuff..
I agree. in general, here is where the younger people (20 - 30y.o. & younger) are lucky. in general, fewer wrong stuff are ingrained in their brains.
Having an open mind, too, definitely helps... tremendously.
  • #55,960
  • Feb 23, 2010 9:27pm Feb 23, 2010 9:27pm
Quoting trendytrader
I have downloaded the J16 Manager following all the instructions for the settings. Have checked the Expert Advisors box to green. The smiley face is not smiling although it is on the screen and the EA is not working. Does anyone have any ideas how to fix it?
new to thread. Where can i find the j16 manager post?
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