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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

  • #58,501
  • Mar 17, 2010 3:20pm Mar 17, 2010 3:20pm
I've been practicing PA for several months now and have had limited success. Then, I happened upon the James16 thread and have read mostly everything (skipping over some of the individual chart questions/comments). I've even watched and read all of the guest material on the private site. I absolutely love everything about this site and everyone involved. Thanks for reaching out to us beginners.

My question: Has anyone used PA to trade the S&P emini's (ES)? I have been focusing my efforts on the ES and find it particularly difficult to catch any substantial swings. The PA bars/candles arent very clear. I understand that this is mainly a forex site/thread but I thought I'd check to see if anyone includes the ES in their trading plans. I read that James sometimes trades the YM - emini Dow on lower timeframes?

And, related to my above question: If anyone is trading the ES, what timeframes are you using? I know that this thread recommends beginners to start with the daily, 4-hour, and hourly...but since I've been trading the ES, it seems like these timeframes are too high. I've been practicing the methods on this thread, on the ES, on tick charts.

Thanks for much for your help. (I apologize if I am totally off base with my question above.)
  • #58,502
  • Mar 17, 2010 3:26pm Mar 17, 2010 3:26pm
I had a conversation with one of my friends.

He's an Affiliate Marketer and the basic concept of his business was to find a niche that's profitable and jam much money into it as possible until it dries up.

This is where the controversial part comes in. My friend doesn't have 1XXXXX Dollars like most Super Affiliates, so one thing he did was to sign up for 10 credit cards and dry them all up. I then asked if he was scared or not, but he wasn't because he was confident that his niche will profit. He ROI'ed 20%.

After my conversation, I started thinking of probably applying this same method to forex. Where if you've proven that you're profitable consistently with 100% confidence that you're profitable in the longrun, wouldn't it be good to then utilize a credit card or loans in order to boost your profit?

I'm by no means saying after 3 months of profitable demo (I don't think 3 months is enough) to do this but I was thinking more in the lines of Mike's Level of Skill and Confidence.
Going to go Hunt for some large pips
  • #58,503
  • Mar 17, 2010 3:34pm Mar 17, 2010 3:34pm
Quoting relict07
I had a conversation with one of my friends.

He's an Affiliate Marketer and the basic concept of his business was to find a niche that's profitable and jam much money into it as possible until it dries up.

This is where the controversial part comes in. My friend doesn't have 1XXXXX Dollars like most Super Affiliates, so one thing he did was to sign up for 10 credit cards and dry them all up. I then asked if he was scared or not, but he wasn't because he was confident that his niche will profit. He ROI'ed 20%.

After my conversation, I started...
whoa whoa whoa. I certainly can't give financial advice but this is crazy talk IMO. Borrowing money to trade and putting yourself into debt is one scary notion that can lead to some crazy psychological and financial issues.

Not my place, but certainly my beleif

Mike
  • #58,504
  • Mar 17, 2010 3:46pm Mar 17, 2010 3:46pm
Quoting relict07
I had a conversation with one of my friends.

He's an Affiliate Marketer and the basic concept of his business was to find a niche that's profitable and jam much money into it as possible until it dries up.

This is where the controversial part comes in. My friend doesn't have 1XXXXX Dollars like most Super Affiliates, so one thing he did was to sign up for 10 credit cards and dry them all up. I then asked if he was scared or not, but he wasn't because he was confident that his niche will profit. He ROI'ed 20%.

After my conversation, I started...
Listen to Mike, and hear my say:

About 3 years ago, I stumbled onto a forum. There was one guy there who seemed to know it all. He had a sense of the market that I had never seen. Thing is he didn't have any money.

So he figured: "If I know what I know and I can make money, why not take a loan for 15% per year, invest it, get 100%, pay it back, take my profit and I'm on my way". I tried to talk him out of it, countless discussions that ended in "you don't know anything, shut the f*ck up" (he was saying that). So I let it go.

One year later, he was down 50% or so. 50% with 115% to pay to the bank.

Don't play with the bank's money. The fear of losing what's not yours in the first place will make you lose. Start small, work your way up, it's the only viable, "easy, and not so psychologically straining for you...
  • #58,505
  • Edited 3:50pm Mar 17, 2010 3:48pm | Edited 3:50pm
Hi all,

Double inside bar appearing on the 4hr on the USD/GBP.

A break of 6,000 (which is coincidentally the low of the 1st BEOB) could be quite decisive. 6,000 also represents the open of the prior weeks bar.

Doesn't seem to be heading into any PPZ on the dailies and could have a nice run up to 5,900 in order to close the gap that opened up a couple of weeks ago?

Does anyone have any con's on this?

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  • #58,506
  • Mar 17, 2010 3:57pm Mar 17, 2010 3:57pm
AUDUSD is starting to look like a good candidate for short. I'll be watching this one close. Id love to see a run up to 9300 overnight with a sell-off back down and close below 9200.

K.I.S.S.
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  • #58,507
  • Mar 17, 2010 3:59pm Mar 17, 2010 3:59pm
Quoting mbqb11
whoa whoa whoa. I certainly can't give financial advice but this is crazy talk IMO. Borrowing money to trade and putting yourself into debt is one scary notion that can lead to some crazy psychological and financial issues.

Not my place, but certainly my beleif

Mike
Thanks for your opinion. I'm by no means in a rush, I recently took the LSATs and got a happy result.

It was only a thought because my friend's level of risk tolerance shocked me. I mean he spent 30,000 dollars a day on his credit card for his business and when I asked him about Forex, he said he wouldn't mind if he was skilled as he was as an affiliate.
Going to go Hunt for some large pips
  • #58,508
  • Mar 17, 2010 4:05pm Mar 17, 2010 4:05pm
Quoting neutro
Listen to Mike, and hear my say:

About 3 years ago, I stumbled onto a forum. There was one guy there who seemed to know it all. He had a sense of the market that I had never seen. Thing is he didn't have any money...
Thats a crazy story, man feel sorry for that guy. Well, I would only use loans/credit cards if I was successful with good reasons over a year with demo and real. I'm too risk adverse, especially now.

Man I have to say... Man... I'd be so depressed if that ever happened to me.

Thanks for the comment
Going to go Hunt for some large pips
  • #58,509
  • Mar 17, 2010 4:05pm Mar 17, 2010 4:05pm
Quoting m_cat12
I've been practicing PA for several months now and have had limited success. Then, I happened upon the James16 thread and have read mostly everything (skipping over some of the individual chart questions/comments). I've even watched and read all of the guest material on the private site. I absolutely love everything about this site and everyone involved. Thanks for reaching out to us beginners.

My question: Has anyone used PA to trade the S&P emini's (ES)? I have been focusing my efforts on the ES and find it particularly difficult to catch...

Some of James' earlier educational charts are using futures markets. From what I can remember about the charts he shows multiple levels of confluence using EMA fibs and possible PPZ before they were known as PPZ. You need to go look at the start of the thread to be sure, I recall it was 3 minute charts?

But reason for a minute.. starting out trading futures on a small time frame may not be the best thing for you, unless you have plenty of time and money to back you up. Then consider how much risk would be involved trading the daily chart on ES. On the e mini ES you are risking $12.5 per tick or $50 per point per mini lot, that market swings 10, 20 or more points in a day making the risk quite high for a learner. The ES is fun, I like it a lot, but I don't have time for it I use 10 minute time frame trading support and resistance. PA price patterns are used, but different ones than taught here.

Try out forex for a while, where you can take advantage of the 'finer' position sizing. You can position size less than 125,000 units (12.5 "mini lots").
  • #58,510
  • Mar 17, 2010 4:09pm Mar 17, 2010 4:09pm
Quoting relict07

Man I have to say... Man... I'd be so depressed if that ever happened to me.
Well look at Donald Trump too.... it depends on how you manage your bankruptcy's too lol (serious)
Many choose unhappiness over uncertainty.
  • #58,511
  • Mar 17, 2010 4:17pm Mar 17, 2010 4:17pm
Quoting relict07
I had a conversation with one of my friends.

He's an Affiliate Marketer and the basic concept of his business was to find a niche that's profitable and jam much money into it as possible until it dries up.

This is where the controversial part comes in. My friend doesn't have 1XXXXX Dollars like most Super Affiliates, so one thing he did was to sign up for 10 credit cards and dry them all up. I then asked if he was scared or not, but he wasn't because he was confident that his niche will profit. He ROI'ed 20%.

After my conversation, I...
With some businesses maybe, with forex no way.

i used to do affiliate marketing and then i switched to google advertising which made me 50,000 dollars before it stopped making. before that i had mild success with the online advertising business and eventually it petered out. i wanted to get back into it but wasnt very motivated to do so. then one day my bank offered me a CC, which I sat on not using for a few months until one day it clicked - AHA - I can use the CC to pay for trafic and make money, and I did exactly that. I would spend several hundred a month and get back twice as much or more. i was paying my debt back every month over and over month after month and it wasnt long before i was able to up the CC limit to 10k. Then one day i woke up to check my advertising account and i had made over a grand that morning by doing nothing but letting it work. next day, same thing and i got scared. i shut it down to make sure my website was following all guidlines because i didnt want the program to cancel on me before i got paid leaving me with a few grand in debt. i did get paid and things were ok until the money stopped coming in for various reasons as it does with internet traffic changing and markets changing, and then i was left with a 10k limit CC which i am now paying off !! lOL

but i had a great time in paris.

moral of the story, i think, is practice on demo get good with real money, and you will find a way to put more in if you need to. you know only a few hundred dollars can afford you 10,000 units which is $1 per pit and that is with 50:1 leverage.

but do it quick before the CFTC changes max leverage to 10:1 this summer ... KIDDING
  • #58,512
  • Mar 17, 2010 4:24pm Mar 17, 2010 4:24pm
Quoting relict07
Been a long time since my last post but from what I read if you "Short Cramer" your account size would've yielded 25% in a month.

Source:
http://online.barrons.com/article/SB...el_article%3D1
Barrons has a chip on their shoulder about JC. The cherry picked example month, using leveraged instruments to enhance returns (and ignoring the fact that the price of the underlying is only one factor in options pricing) is pretty poor work. And from 14 months ago. If you look from 2002 to present, his record is double the s&p. His hedge fund record is up there with George Soros - who, being an economist, I guess also cant make as much money as a five year old kid

Either way, only an idiot blindly trades what some guy on TV tells you - I was just making the point that railing against 'the man' by claiming that talking heads know nothing and never make money is ignorant at best.

Quoting relict07
I had a conversation with one of my friends.

He's an Affiliate Marketer and the basic concept of his business was to...
That's pretty much the worst idea ever. And pretty much what I would expect from an internet marketer. You think forex is a scammy business...

Borrowing to invest changes the entire game, significantly. You cant just wait in the bushes when you have interest bills to pay, you have to break out the scattergun. And putting more pressure on yourself while taking trades of lower quality isnt exactly a recipe for success.

And that's ignoring the fact that you are taking out a variable rate, compounding loan - on top of your already massive leverage. That's pretty much a perfect plan to go bankrupt.
When you have to shoot, shoot. Dont talk.
  • #58,513
  • Mar 17, 2010 4:28pm Mar 17, 2010 4:28pm
Quoting joelcf
You cant just wait in the bushes when you have interest bills to pay, you have to break out the scattergun.
HAHAHAH that made me laugh
  • #58,514
  • Mar 17, 2010 4:35pm Mar 17, 2010 4:35pm
Quoting relict07
I had a conversation with one of my friends.

He's an Affiliate Marketer and the basic concept of his business was to find a niche that's profitable and jam much money into it as possible until it dries up.

This is where the controversial part comes in. My friend doesn't have 1XXXXX Dollars like most Super Affiliates, so one thing he did was to sign up for 10 credit cards and dry them all up. I then asked if he was scared or not, but he wasn't because he was confident that his niche will profit. He ROI'ed 20%.

After my conversation, I started...
It only works if you are a big bank and have a central bank there to bail you out when you get in trouble so you can play again.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #58,515
  • Mar 17, 2010 4:37pm Mar 17, 2010 4:37pm
Quoting Bemac
Kudos to Mike & Jim Jarroo & all the others BUT;
"Some" of you appear to be glomming onto someone else to 'Call The Shot'.

I totally appreciate the "Nurturing Incubator" but, at some point in time, you have to fledge Your Wings.

I know & expect some hardship from this post but...
When it is time to Fly, (scarey, I know) Why should it be considered so different from...
When it is time to Study.

You will never know 'Who You Are' until you let 'You' fly.

MM is your Safety net. Get that in place and discover your apptitude.
Thanks for making me use a dictionary when you post.
I agree with you Mr. Bemac there comes a time to actually take action and do it with real money on the line.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #58,516
  • Mar 17, 2010 4:40pm Mar 17, 2010 4:40pm
Quoting LasVahGoose
It only works if you are a big bank and have a central bank there to bail you out when you get in trouble so you can play again.
LOL True ROFL
Going to go Hunt for some large pips
  • #58,517
  • Mar 17, 2010 5:09pm Mar 17, 2010 5:09pm
Quoting 4X=0
but do it quick before the CFTC changes max leverage to 10:1 this summer ... KIDDING
don't say that around here...

I can't stand to think I may have to tie up so much cash in a damn forex trading account

If they do reduce it to 10:1, we will just always be able to reminisce about how "back in the day, you only needed to deposit 30% of what you intended to trade because how nice our leverage was"
Many choose unhappiness over uncertainty.
  • #58,518
  • Mar 17, 2010 5:11pm Mar 17, 2010 5:11pm
Im really unsure about this small pin. Would really like to have seen a longer tail but I think im going to play it anyway with a quick move to break even if it breaks.

On the plus side. Off 50 fib and good ppz. Uptrend on the daily

see chart
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  • #58,519
  • Edited 5:17pm Mar 17, 2010 5:14pm | Edited 5:17pm
Quoting relict07
Well, I would only use loans/credit cards if I was successful with good reasons over a year with demo and real. I'm too risk adverse, especially now.
Hi Relict, I know you already have some responses to this, but please don't EVER use loans or credit cards. No matter how good you are at trading for one year, on demo or small accounts, it will not be the same when you NEED to make money. Don't put that kind of psychological pressure on yourself.

Honestly, on another note, if I were to do something like that I would know I was "getting greedy." Because with the returns you can make if you diligently learn to trade, no matter what your starting capital is you can eventually make a great amount of money. Why the rush? I would just focus on getting good at trading instead of focusing on what will happen "when you make it big." Your goal should be to learn to trade, and do it well, and the money will follow.

I didn't say this to offend anyone; I just don't want people thinking this is a smart idea. Your friend was very lucky, interest is much better when you're earning it than paying it.

Cory
  • #58,520
  • Mar 17, 2010 5:35pm Mar 17, 2010 5:35pm
Quoting Cbh123
Hi Relict, I know you already have some responses to this, but please don't EVER use loans or credit cards. No matter how good you are at trading for one year, on demo or small accounts, it will not be the same when you NEED to make money. Don't put that kind of psychological pressure on yourself.
Thanks for your concern, but I'm not planning to risk my credit for this especially when I have a smooth career ahead as a lawyer.

No worries my friend
Going to go Hunt for some large pips
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