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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

  • #56,421
  • Feb 26, 2010 11:10am Feb 26, 2010 11:10am
Quoting bluetrader
Closed out E/U at target.

U/CHF half off at first area. Will take off remaining lots at second area of traffic (aqua). Moved stop just above right eye.

These are counter-trend trades, not trying to be a hero.

-- Danny

took the same usd chf trade. great minds think alike
  • #56,422
  • Feb 26, 2010 11:21am Feb 26, 2010 11:21am
Quoting benji533
I remember a few weeks back someone asked me if moving my stop to break even at the first trouble instead of letting it more space have saved me from a lose. He wanted an example.

Here is a recent example. I took this bar as a pure James16 trade. A nice pinbar size with close within the prior bar, extreme swing low in space (check Mike's pinbar video) and some supporting divergence.
It took a bit time, but eventually price went exactly where I knew it will go, and reserved. I came out with a break even. This will happen 95% of the time.

These...

You have no idea how long this simple thing took to register with me. Over a year in the PF. >smacks head<

people say it different ways - "Price has a memory"; "trouble areas", "Look to the left" etc etc.

It took me a freaking YEAR to get this, and when I did, I was highly embarrassed at myself.

most people never do understand this.
I'm pretty much done with all this ...
  • #56,423
  • Edited 1:31pm Feb 26, 2010 11:43am | Edited 1:31pm
Quoting StoragePro
most people never do understand this.
That's because no one watches James16's videos, following his principal, and trying to get inside his mindset as a trader. Or not letting this stuff sink in?
All I needed is a few shots of James "rants and charts" video. Man, that thing worth like 10,000$ + alone imo.
I know jarroo watches Jame16's videos again and again every few days/weeks. I can see it through his charts.
I do the same.

Man, it's around the 8 months since I know what forex or trading is. I can't believe people are doing it for 30+ years and I can get all this experience at this stage for free. This is insane.

Ben
  • #56,424
  • Feb 26, 2010 11:47am Feb 26, 2010 11:47am
Quoting nasir.khan
Haha thanks but there is still 17 days left you never know.
.
Thats awesome nas, you could potentially start your career with house money and never have to redeposit. That would be pretty sweet. You mind giving some heads up on future competitions I love those competitions, great R:R:grin:
  • #56,425
  • Feb 26, 2010 11:47am Feb 26, 2010 11:47am
Quoting benji533
That's because no one watches James16's videos, following his principal, and trying to get inside his mindset as a trader. Or not letting this stuff sink in?
All I needed is a few shots of James "rants and charts" video. Man, that thing worth like 10,000$ + alone imo.
I know jarroo watches Jame16's videos again and again every few days/weeks. I can see it through his charts.
I do the same.

Man, it's around the 8 moth since I know what forex or trading is. I can't believe people are doing it for 30+ years and I can get all this experience at...
I watch James16 videos at least once a week. I am always picking something new up. They are a great help.

Once I know I can do this, my personality, my pyschology, and I can dedicate enough time to it to take advantage, I will join the PF.
  • #56,426
  • Feb 26, 2010 11:48am Feb 26, 2010 11:48am
agreed that this is the most important principle james has stuck with me.

Trade not to loose money, not to win money
  • #56,427
  • Feb 26, 2010 11:55am Feb 26, 2010 11:55am
Quoting bluetrader
Closed out E/U at target.

U/CHF half off at first area. Will take off remaining lots at second area of traffic (aqua). Moved stop just above right eye.

These are counter-trend trades, not trying to be a hero.

-- Danny
I took these ones, and USDCHF was more profitable.
though i closed all my positions around the 1.0700 round number because i have the feeling price will bounce off that level.

i hope to jump in again if PA deals me a hand but all in all, its been a fairly good week for me.
  • #56,428
  • Feb 26, 2010 11:57am Feb 26, 2010 11:57am
Quoting benji533
That's because no one watches James16's videos, following his principal, and trying to get inside his mindset as a trader. Or not letting this stuff sink in?
All I needed is a few shots of James "rants and charts" video. Man, that thing worth like 10,000$ + alone imo.
I know jarroo watches Jame16's videos again and again every few days/weeks. I can see it through his charts.
I do the same.

Man, it's around the 8 moth since I know what forex or trading is. I can't believe people are doing it for 30+ years and I can get all this experience at this...
I know I'm one of the new guys over here, but for what it's worth, I can fully concur with what Benji just said. Study the Rants & Charts video and listen carefully to what James says as he discusses the various setups and how one could still trade them, even though most of them wouldn't be considered A+.

What has helped me tremendously as well, is the USDCHF video trilogy, which can be found below Rants & Charts. It's a great demonstration of how price usually acts, and I would recommend these videos to anyone who thinks price moves totally unpredictably.
It's not about how much you make, it's about how much you don't lose.
  • #56,429
  • Feb 26, 2010 12:07pm Feb 26, 2010 12:07pm
Quoting benji533
That's because no one watches James16's videos, following his principal, and trying to get inside his mindset as a trader. Or not letting this stuff sink in?
All I needed is a few shots of James "rants and charts" video. Man, that thing worth like 10,000$ + alone imo.
I know jarroo watches Jame16's videos again and again every few days/weeks. I can see it through his charts.
I do the same.

Man, it's around the 8 moth since I know what forex or trading is. I can't believe people are doing it for 30+ years and I can get all this experience at...

Most people are stupid and lazy that's why people that work at the market make money, it by "Work" at it it's not getting some bullshit system, or sitting in a class with a so-called "Pro". The ONLY class I sat was Bill Williams when he still used to teach it just to ask him questions and work on other things such as time.

Keep it easy because if it does not make you money you do not want it on your charts. Let the MIT engineers keep the 3 story computers and work on system, just keep on working on taking trades that work. You are at start 2 now of the 5 stages, next step is to work on getting emotion out of trading, that for me and everyone else I know was the hardest part of it. After that it's fun to trade and I enjoy it and would do it for free just to watch all the work I put in work over and over

I am very glad to see you doing well, keep it up and keep ego / emotion out of trading, I even took medation classes to learn how to relax better. Once you hit 4-5 stage of trading it will change the way you look at EVERYTHING not just the market, and I feel it will make you a better person as you will worry less about what others think / feel because you have learned to control your emotions and understand yourself.
Keep taking CT trades, I need more money
  • #56,430
  • Feb 26, 2010 12:26pm Feb 26, 2010 12:26pm
Hi guys,

Been following for quite a while, just wondering your thoughts on this chart? Nice looking pin at daily ppz, with good room to move. Next problem area I see is around 1.6589.
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  • #56,431
  • Feb 26, 2010 12:29pm Feb 26, 2010 12:29pm
Quoting Ryanmcd
Once you hit 4-5 stage of trading it will change the way you look at EVERYTHING not just the market, and I feel it will make you a better person as you will worry less about what others think / feel because you have learned to control your emotions and understand yourself.
Ryan, can I assume you are referring to Bill Williams 5 stages?

http://www.forexfactory.com/showpost...10&postcount=8
  • #56,432
  • Feb 26, 2010 12:29pm Feb 26, 2010 12:29pm
Quoting Ryanmcd
Most people are stupid and lazy that's why people that work at the market make money, it by "Work" at it it's not getting some bullshit system, or sitting in a class with a so-called "Pro". The ONLY class I sat was Bill Williams when he still used to teach it just to ask him questions and work on other things such as time....
Thanks Ryan. I appreciate it.
  • #56,433
  • Feb 26, 2010 12:32pm Feb 26, 2010 12:32pm
Quoting bluetrader
Ryan, can I assume you are referring to Bill Williams 5 stages?

http://www.forexfactory.com/showpost...10&postcount=8

Yep.
Keep taking CT trades, I need more money
  • #56,434
  • Feb 26, 2010 1:32pm Feb 26, 2010 1:32pm
Quoting Jlr
Thats awesome nas, you could potentially start your career with house money and never have to redeposit. That would be pretty sweet. You mind giving some heads up on future competitions I love those competitions, great R:R:grin:
Thank's man.

Hey nobody talking about this cherry.
.
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  • #56,435
  • Feb 26, 2010 1:51pm Feb 26, 2010 1:51pm
I have been studying this thread for awhile now, and I finally just want to chime in and say thanks. Reading this thread has completely changed my outlook and attitude towards trading. I have been studying technical trading for about 5 years now, all with demo and small accounts. Luckily, I haven't lost large sums of money, but I haven't made many profits either. The one thing I have learned on my own is the emotional discipline necessary to get started in the right direction. The level of clarity I now have is refreshing. My endless search for a flawless system has ended with the realization that this is really much more simple than I ever expected. No system will ever be flawless, but the closest thing to perfection that I will ever achieve will be the method and approach I take to applying the systems that I have learned. It is a combination of many things, which may appear complex, but in actuality is the essence of simplicity.

I really enjoying trading, but more than that I enjoy the learning and research process that is involved. I can honestly say that many aspects of this has changed the way I think in my daily life. This is why this thread is so successful. It was started by someone who has shared from the heart, and who seems to genuinely care about helping others. This is a breath of fresh air and it eliminates the greed and selfishness that one can so easily fall prey to in this business.

Thanks so much!

Jcp
  • #56,436
  • Feb 26, 2010 1:52pm Feb 26, 2010 1:52pm
Quoting nasir.khan
Thank's man.

Hey nobody talking about this cherry.
.
Juicy, very juicy.
Indicators show the past. Price Action "Indicates" the future.
  • #56,437
  • Edited 2:15pm Feb 26, 2010 2:05pm | Edited 2:15pm
Quoting benji533
I remember a few weeks back someone asked me if moving my stop to break even at the first trouble instead of letting it more space have saved me from a lose. He wanted an example.

Here is a recent example. I took this bar as a pure James16 trade. A nice pinbar size with close within the prior bar, extreme swing low in space (check Mike's pinbar video) and some supporting divergence.
It took a bit time, but eventually price went exactly where I knew it will go, and reserved. I came out with a break even. This will happen 95% of the time....
Quoting benji533
And here is another BE trade from a few days back. I moved my stop to break even at the first trouble area, 23 pips away, within 30 minuets.
Yes, I miss big moves sometimes. But does it make me thinking about my method? hell no. I won't change my mindset or start mess around funking up my psych because I see this happen. If it will happen again, I would do the exact same thing again.
Mike made money on this trade and I did not. Neither of us are right or wrong. But both of us are right by following our plan and knowing what we are doing.

This...
Great posts, Ben.

I think I see a small tear welling up in James16's eye.
Indicators show the past. Price Action "Indicates" the future.
  • #56,438
  • Feb 26, 2010 2:05pm Feb 26, 2010 2:05pm
Hello

you guys have referred to Jim's videos, where can I view them?

Cheers

Anthony
  • #56,439
  • Feb 26, 2010 2:06pm Feb 26, 2010 2:06pm
Quoting benji533

Man, it's around the 8 months since I know what forex or trading is. I can't believe people are doing it for 30+ years and I can get all this experience at this stage for free. This is insane.

Ben
Hey Ben you got it all wrong man.

The very First thing you did wrong was that you started with demo. When you first come in this business you need to throw in 100$-500$ and make some decent money to secure your future. So you could spend time on learning about this game.

Second you don't have any experience and skills of Top's and Bottom picking, Stochastic, MA crossover systems and many other tools that you have to master before thinking seriously about any kind of trading endeavor. You can't just simply just look at bar chart and make money.

Third you have become so much conservative in this age. What would be your risk when you will be like 50?? 0.00001% per trade????? gimme a brake huh.

You still have time dude.

Just fund a live account (or take a start on your current one) and find a nice broker with 1:500. Learn a system that will make you 50-70 pips per day, there are several system's lying out there for free you just need find the one that fits your financial needs. If you can't find it don't give up it is there out somewhere you just need to open your eye's. (and here's tip about the system "the best one is that have more analytic tools like MA's, RSI, CCI and Stochs etc")

After 1,5,10,20 years ( it depends on you, i'll again say it depends on you that how much time you would need to figure it out) come back and tell us about it all.

And we would be glad to help you learn PIN BARS.

this how it's supposed to be................. or perhaps it's just me.
.
  • #56,440
  • Feb 26, 2010 2:06pm Feb 26, 2010 2:06pm
Quoting nasir.khan
Thank's man.

Hey nobody talking about this cherry.
.
Looks good, you trading it that far down too? I see some trouble at .8895, what do you guys think?
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