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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

  • #56,701
  • Mar 1, 2010 1:43pm Mar 1, 2010 1:43pm
Quoting SeekingLight
The first would have saved many a blown account, the latter is basically a must to enable people to..well, anything in life, really.




And a small personal note on gaps - not touching them with a 1000 ft pole anymore until PA shows pointing towards them(in EG's case, the mentioned 2h PB would be a valid example of how trading PA pays out vs just chucking money into the market).

I can tell you that gaps have cost many people more than you would think and accordingly are just not worth it.
They represent "easy money" and...
Of course Patrick,I think you should use it. I didn't traded just blindly risking 20% on every trade.
It took me 10 days to do it. I took several PA setups, breakouts, some touch trades and trend trading. But just 1 trade undid all of it.
  • #56,702
  • Mar 1, 2010 1:45pm Mar 1, 2010 1:45pm
Quoting Ryanmcd
Yep that is true, I bet 90% of the people think in yesterday or tomorrow and what they are going to do but not many people think in the NOW what is going on and what they are doing. As I said this changed my life and they way I think about everything and it's fun talking about it because I am sure other are at some of the stages I was at in the past so they can relate. Not many people I know can talk about this kinda stuff without being the "strange" guy
Have you ever read any ofG. I. Gurdjieff works? I've only read "In Search of the Miraculous" which is about Gurdjieff written by someone else. Interesting character, you might like him.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #56,703
  • Mar 1, 2010 1:53pm Mar 1, 2010 1:53pm
Quoting LasVahGoose
Have you ever read any ofG. I. Gurdjieff works? I've only read "In Search of the Miraculous" which is about Gurdjieff written by someone else. Interesting character, you might like him.
Nope never heard of them. I will check it out though and thanks for the info!
Keep taking CT trades, I need more money
  • #56,704
  • Mar 1, 2010 2:06pm Mar 1, 2010 2:06pm
Quoting Ryanmcd
Nope never heard of them. I will check it out though and thanks for the info!

G. I. Gurdjieff

Some of his "followers" have formed some weird cults which is scary, but the basics of what he had to say are interesting. I'm not into any of the "4th way" stuff at all. Just wanted to put that disclaimer out there so folks don't get the wrong idea.

The stuff I like was more about how people can be very robotic and automated and not realize their our own self. Stuff like that which other people have touched on as well.

Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #56,705
  • Mar 1, 2010 2:32pm Mar 1, 2010 2:32pm
Quoting Ryanmcd
Yep that is true, I bet 90% of the people think in yesterday or tomorrow and what they are going to do but not many people think in the NOW what is going on and what they are doing. As I said this changed my life and they way I think about everything and it's fun talking about it because I am sure other are at some of the stages I was at in the past so they can relate. Not many people I know can talk about this kinda stuff without being the "strange" guy
Perhaps it is fear that makes people not address the NOW. In order to do so, you have to be willing to accept the unacceptable. That is a dangerous place for most. No one wants to be ugly

In reading some of your comments over the past few days, it made me smile. You've had some breakthroughs. I know how that is, and yes, it makes you the 'strange guy' in the room. It is an extraordinarily personal journey, one I would not trade anything for.
I'm pretty much done with all this ...
  • #56,706
  • Edited 3:17pm Mar 1, 2010 2:42pm | Edited 3:17pm
Quoting StoragePro
Perhaps it is fear that makes people not address the NOW.
Maybe it is fear. I think most people don't even realize they are alive. When something happens to shake them up a bit they 'wake up' and then the fear sets in because now all of sudden they are aware of themselves and their mortality and want nothing more but to go back to go back into their little fantasy world. TV is great for these people since they can enter a hypnotic state and 'lose themselves'.

They want to have 'things' and they identify themselves with their 'things'. The movie "Fight Club" actually touched on this subject and if you really look under the hood and see what the movie was really about, it's a trip.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #56,707
  • Mar 1, 2010 3:32pm Mar 1, 2010 3:32pm
SILVER SPOT

4h BEOB trigger, 4h macd divergence, trend line breakout and return on the daily also off the monster 16.75 PPZ AND solid 50% retrace.
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May all your fits be loose.
  • #56,708
  • Mar 1, 2010 3:45pm Mar 1, 2010 3:45pm
Hi all. After reading several forums I eventually found this post. I read the about the first 50 pages of posts, and then read a few of the last pages to get an idea of where this has gone. Out of all that I have read about forex trading online, the way people are discussing the aspects of trading on this post are the closest to the way that I can say I want to trade. The way people here have discussed risk management, discipline, and the way they evaluate a potential trade are the closest I can imagine to the way I would want to trade.

Having said that, I am completely new to trading in general. I did some work on foreign currency in college and have read though some of the stuff at babypips.com, but ultimately I still know nothing about actually trading. I do not even have a demo account yet because I dont want to just get the account and "play around" with it. I want to go into trading with a purpose so that I can attempt to limit the bad habits that I might develop.

For someone who is completely new to trading, is the James 16 group a good place to start to gain the knowledge that I need to know? besides practice is there anything else I should look at to prepare myself for trading? Also, where is a good place to get a demo account?

one final thing. I read James 16 say that his methods are just to be used as a part of one's trading system. would one of you guys be willing to lay out the full system that you use so that I can get an idea of what all needs to be addressed in that system? the reason I ask this is that I am a little confused as to what a trading system really is and what it all encompasses.

Hope this post doesnt bore too many of the pro traders out there. I am more interested in learning now rather than trading. just want to learn the correct things to begin with.

Thanks for your time.
  • #56,709
  • Mar 1, 2010 3:53pm Mar 1, 2010 3:53pm
Quoting jrg24
Having said that, I am completely new to trading in general. I did some work on foreign currency in college and have read though some of the stuff at babypips.com, but ultimately I still know nothing about actually trading. I do not even have a demo account yet because I dont want to just get the account and "play around" with it. I want to go into trading with a purpose so that I can attempt to limit the bad habits that I might develop.
My canned answer:

Free Stuff:

Go through Babypips school
Read this page in the rookie section: http://www.forexfactory.com/showthread.php?t=39514

Buy Stuff:

Two books to get: Van Tharp "Trade your way to financial Freedom" and Martin Pring "Pring on Price Patterns".
That should keep you busy for a month or two.

.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #56,710
  • Mar 1, 2010 3:59pm Mar 1, 2010 3:59pm
Hello,

I am considering subscription to the PF. I am trying hard to find any reasonable info about what can I expect to find inside. Bad luck. I have not found any real information about the content.

Can anyone help me before I spend my bucks? I would like to see something like .. there is 5 trading systems described in about 20 PDF files, 10 videos and a forum ...

Thank you in advance!
  • #56,711
  • Mar 1, 2010 4:07pm Mar 1, 2010 4:07pm
Missed this trade urrrrrrrrrrrrrgh
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  • #56,712
  • Mar 1, 2010 4:09pm Mar 1, 2010 4:09pm
Quoting Riskee
Missed this trade urrrrrrrrrrrrrgh
Assuming you meant for a short entry, you've put the fibs upside down.
  • #56,713
  • Mar 1, 2010 4:25pm Mar 1, 2010 4:25pm
Quoting jrg24
Hi all.

Thanks for your time.
Hi Jrg24!

I hope someday you realize how lucky you are to find the Jame16 thread so early in your trading career. You are doing all the right things, and if you continue seeking to learn and then implement the things you are learning (on demo, I'm sure you read James' requirements in the first post. Please stick to them to continue your growth as a trader without incurring unnecessary losses and wasted time) you will really be able to learn to be a successful trader.

This is a great place for you to start, and I would suggest (after finishing the babypips school if you haven't finished it yet) reading the whole thread from the first post. It is very long, but after about 500 pages you'll know who's posts to focus on (hint: James16 and mbqb11, there are other great traders here as well, but for basics focus on theirs first) and I can promise as someone who has done this it will change the way you look at trading and the way you look at charts.

There is a premium James16 group website as well (I just joined today! It has more information than you can imagine.), but I would recommend demoing the methods and reading the thread first. Make sure it is something that fits with your personality, as the paid group will always be there later. And you can trade profitably without it.

The requirements on the first page will help you more than anything. Feel free to ask questions as you go, we are all here to help each other along the way. And the more effort you show, the more people are willing to help in my experience.

Welcome!

Cory
  • #56,714
  • Mar 1, 2010 4:56pm Mar 1, 2010 4:56pm
Quoting o990l6mh
Assuming you meant for a short entry, you've put the fibs upside down.
Yes buddy , I meant it for a short trade , But I didn't put the Fibs for entering the trade , just to mark the problem areas to the downside
  • #56,715
  • Mar 1, 2010 4:58pm Mar 1, 2010 4:58pm
Quoting jarroo
Shuans your doing great.

Never feel bad about taking a full profit or 2nd half profit at a predetermined logical target. Even if its before the target. Sure you will find that letting them run will yield a potential higher gain but that will come over time when you feel more confidence in your trade management style.

Your risk looks fine. Maybe reducing your risk to 1% or lower, would that help your "pull the trigger" problem? Try taking it on demo instead of live if you can't pull the trigger on a setup. What was making...

Thanks Jim that's really reassuring. What I have taken from this is that I should have more confidence in my set ups. They have worked to turn a consistent profit on demo. You're right about getting pickier because if I can turn a profit with B+ trades upwards that can only improve with just trading A++. Having had a few hours to think this through I'm feeling a lot more relaxed and I'm putting it down to a fleeting crisi of confidence!

I guess I'm a bit like James16, I hate draw down and always get my stop to breakeven as soon as possible. Looking back on my demos I do get stopped out quite a lot, sometimes with trades that then take off, but it does mean I rarely take a loss and when I do it is often half a bar or less. When trades really break I'm then almost immediately into a free trade. If not I'm stopped out at BE. But then as Jim says "BE's are winners folks. Put em in yor win column."

Thanks for the encouragement. I have enormous respect for you guys here. I don't have the usual profile of having a load of busted accounts behind me. Up to a year ago my trading / investment experience was almost zero. I got into this after talking to a guy who plays poker for a living. When he told me what he did I said "Oh so you're a professional gambler then?" He turned on me in an instant and said he was not a "gambler". He went to explain that his system is purely based on probability. He plays each hand by calculating the probability of a win or loss and has a limit that he doesnt cross eg if the cards dont have the right probability of producing a winner he stacks. Sounds simple and in some ways it is. He makes a very good living "trading" poker! He has an edge and takes money from "gamblers". There's a great parallel I think?

Anyways he talked to me about the basics of Forex and thats how I got interested. Little did I know then what I was getting myself into. It has been like opening a door into a new world and then starting something equivalent to a Masters degree in terms of the commitment. I have spent about 30 hours a week researching, reading, studying, demoing. I was lucky to come across this thread at an early stage, where I lurked fora long time. I've read the entire thread twice and recently joined the James16 pay site which is excellent.

I have learnt a lot, but it has taken that commitment and sheer hard work and thousands of hours to get where I am now. I resisted the temptation to open any accounts until last week and have stuck purely to demo until I had three profitable months. Initially I was identifying multiple set ups every day mainly less than B trades, but now even limiting myself to what I would class as a B+ setup I rarely see more than a couple of setups a week that I would commit to trading. I think that number is likely to fall as I gain more experience and become more picky. I only trade day trades because I have a job that i enjoy and don't have time during the day. Weekly trades I find more difficult because of the length of time they can take to produce results, but they are on my list to master. Because I live in the UK I am spread betting which remains tax free here .

I'm only a beginner and I know I have lots to learn. My dad always told me that there is no such thing as a free lunch and anything worth anything in this world requires hard work and thats really true of trading I think.

I guess most people come into it lured by what they see as easy money, but actually nothing could be further from the truth. There are no short cuts. To be successful you have to put in the work and treat this as an education and business. It's my view that the 90 - 95% who fail don't really understand this. You've only got to see all the crap out there that promises yachts and sports cars from a "simple system" that only takes "minutes a day to implement" and all for just a couple of thousand bucks. But these guys are only in business because people actually buy into that rubbish.

I think Jim has come as close as anyone to the "Holy Grail" with PA, PPZ etc. Sharing with us his knowledge and experience says so much about him as a person. Thanks James and Jim and all you other experienced guys who give so much of your time to us newbys
  • #56,716
  • Mar 1, 2010 5:10pm Mar 1, 2010 5:10pm
I joined a couple of weeks ago. Best money I havbe spent, some excellent stuff in there. Have you taken the free guest tour? There's lots of good freeby's in there. James says he wants the free guest area to be better than most pay sites and I think he has suceeded!

Quoting trendist
Hello,

I am considering subscription to the PF. I am trying hard to find any reasonable info about what can I expect to find inside. Bad luck. I have not found any real information about the content.

Can anyone help me before I spend my bucks? I would like to see something like .. there is 5 trading systems described in about 20 PDF files, 10 videos and a forum ...

Thank you in advance!
  • #56,717
  • Mar 1, 2010 5:22pm Mar 1, 2010 5:22pm
Quoting Riskee
Yes buddy , I meant it for a short trade , But I didn't put the Fibs for entering the trade , just to mark the problem areas to the downside
They're the right way around for a short trade anyway. lol
Bundy's status today: "Waiting..."
  • #56,718
  • Mar 1, 2010 5:49pm Mar 1, 2010 5:49pm
Fib Expansions

Someone asked me about whether I still use fib expansions the other day and I intended to answer the post the next day. Anyone?? Sorry about that anyway.

Anyway. I don't use them very often. It's taken me until last night to use one again and be reminded, if that gives you an idea. lol

For me , they're more to find targets in long trends into "space" ,but most of the time I'm only trading to range targets , swing highs/lows, etc where I have no use for them.

They're also handy when a move just looks like it has a LOOOOng way to go before my expected target. I can get an idea of where the first major pullback/exhaustion may happen. I'm more likely to close the trade at that level then to 'wait-and-see' what PA brings.

Same as all the classic patterns. ...Pretty is best.
They are good to use when you have a neat, obvious and pretty 1-2-3 pattern starting off the trend to base it on, which isn't always the case. It's also good to have them line up with one of your PPZ's and so on in the path ahead of the trade (As with everything. ). Once again, that's the target I'm more likely to just close the whole trade at ,rather than wait for confirmation of the end of the move through PA .

I could probably use them more, but get away without it, so no point adding more work.

,B
Bundy's status today: "Waiting..."
  • #56,719
  • Mar 1, 2010 5:50pm Mar 1, 2010 5:50pm
Quoting endo77
SILVER SPOT

4h BEOB trigger, 4h macd divergence, trend line breakout and return on the daily also off the monster 16.75 PPZ AND solid 50% retrace.
Hi

I have been looking at this myself. location is good, confluence with 50% fib is good but bar is quite small and there is traffic below.

If this had occured on the first push up to this area (around 22/02) it may have looked better but I think the main thing for me is the bar size so I am going to pass on this one.
  • #56,720
  • Mar 1, 2010 6:08pm Mar 1, 2010 6:08pm
Hi Ryanmcd,

Thanks for sample of the trade you take on M5. I have several question based on the chart you post :
1. do you take the yellow line as your trend direction ? if the price above the line you open buy position and vice versa for the sell.
2. while trade the M5. Do you see higher time frame to ensure the trend ?
since mostly I get confuse if I see M5 and H1 in the same time.

sorry if this is a repeating question.


Thanks,

Quoting Ryanmcd
Short 7 positions just close it all out, yes I do get whipped sometimes when it's sideways but starting with 2% risk for about about 25% gain is worth it. Or you can be smart and play with the 1 position and CT stuff

P.S. Sign up my to Rymacdaddy's billions of pips system! only 3k a seat, seating limitied to 150 and the 1st 50 people get a free stuffed bunny!
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