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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

  • #59,361
  • Mar 27, 2010 9:21am Mar 27, 2010 9:21am
Quoting TiaForex
I know they are great for the forex markets but do you find them great for forex too Jim? Just curious as the jury's been out for me on that one.

I'm sure you meant to say . . . "I know they are great for the Mini Dow but do you find them great for forex too Jim? "

Jim may have mis-spoke. I don't think Jim uses floor pivots on the Euro.
Indicators show the past. Price Action "Indicates" the future.
  • #59,362
  • Mar 27, 2010 9:31am Mar 27, 2010 9:31am
Quoting triggerju
Nasir

Great post - I see PA for you is a bonus, the PPZ are what you trade, and THAT'S probably why you get more decent trades than the couple per month daily PA will give you over a few pairs... Chatzi, I think we both need to take note!

So ok you say the higher you go up frames the more reliable the setups get, that's cool.

JUST GO FORWARD AND DO IT. - lol yes best advice anyone can give, thank you.

I do believe tiny lots instead of demo will help you learn faster.

So I'm gonna just go and.... do it
yep go and practice with the money that has no effect on your trading no matter if it's demo or cents. Come back after 3 or 6 months and tell us how it went.
  • #59,363
  • Mar 27, 2010 9:39am Mar 27, 2010 9:39am
Quoting triggerju
Nasir

Great post - I see PA for you is a bonus, the PPZ are what you trade, and THAT'S probably why you get more decent trades than the couple per month daily PA will give you over a few pairs... Chatzi, I think we both need to take note!

So ok you say the higher you go up frames the more reliable the setups get, that's cool.

JUST GO FORWARD AND DO IT. - lol yes best advice anyone can give, thank you.

I do believe tiny lots instead of demo will help you learn faster.

So I'm gonna just go and.... do it
Yeah I was looking at making trades with no pa confirmation it gives a high R/R but the win rate will be lower I rekon than pa confirmed.

Dont post charts on it here, when i did I got told off.
  • #59,364
  • Mar 27, 2010 9:51am Mar 27, 2010 9:51am
Quoting chatzi
Yeah I was looking at making trades with no pa confirmation it gives a high R/R but the win rate will be lower I rekon than pa confirmed.

Dont post charts on it here, when i did I got told off.
You can post charts (trades) here that are locationally based. Please do.

I will assure you that you will not be "told off". If that was the case raczekfx and nasir would have been told off long ago. lol

Location is a key factor of a great PA setup. So post away brother.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #59,365
  • Mar 27, 2010 10:07am Mar 27, 2010 10:07am
Quoting triger88990
On the AUDNZD chart .......................

And don't forget where we stand on the bigger picture, we are approaching multiple year high(2008)

look on the monthly chart

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As we are closing to end of the month, thought to update this chart

I know there may by few days befor it close but is good to keep an eye to see how she would play

all the best!!

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  • #59,366
  • Mar 27, 2010 10:12am Mar 27, 2010 10:12am
have agreate weekend guys

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  • #59,367
  • Mar 27, 2010 10:20am Mar 27, 2010 10:20am
and here could be another opportunity for the next week.

Although this setup have been developed on friday,where we know that majority of people tend to take profits,this one may have my attention due to location

Setup: I3B

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  • #59,368
  • Mar 27, 2010 10:24am Mar 27, 2010 10:24am
Quoting TGpop
Jim, just personally, i think trading price and price only is a bit ignorant- you guys make money with just price and i guess i oughta shut up but i can't trade confidently without feeling i analysed the setup in every way possible: i want absolutely everything to line up with a trade- trend, retracement, and economics, economics is a killer confluence much better than a 50% fibo,imo.
................
Many choose unhappiness over uncertainty.
  • #59,369
  • Mar 27, 2010 10:54am Mar 27, 2010 10:54am
Quoting triger88990
have agreate weekend guys

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Just to add something on the location of that daily pin bar on the Dow...looking at a weekly chart you can see that we are touching a strong PPZ area (also divergence)...didnt get the strong break we ideally would have wanted on Friday, but nevertheless we could get some more stalling or a reversal here next week...which obviously has an impact on the USD.
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  • #59,370
  • Mar 27, 2010 11:43am Mar 27, 2010 11:43am
Quoting triger88990
have a great weekend guys
Nice charts trig. Is it the end of the month already? Wow . .time flys when your having fun.
Indicators show the past. Price Action "Indicates" the future.
  • #59,371
  • Mar 27, 2010 11:47am Mar 27, 2010 11:47am
Quoting benji533
Spending this Friday holiday in front of the computer I found a nice size pin at extreme low bouncing off a BRN with a wired kinda divergence going on on the 4H.

Too bad my broker doesn't offer this pair. I would like to ask if any of you guys use FXPro for your live trading? would you recommend them?
Does any of you know what is the lowest amount of $ they allow risking per pip? Can't find in on their website.

Thanks

Ben
They don't offer micro accounts, so mini is your smallest possible size. Also I find that their spread is not as good as some others i.e. Alpari
  • #59,372
  • Mar 27, 2010 11:53am Mar 27, 2010 11:53am
Quoting lovejoy80
Just to add something on the location of that daily pin bar on the Dow...looking at a weekly chart you can see that we are touching a strong PPZ area (also divergence)...didnt get the strong break we ideally would have wanted on Friday, but nevertheless we could get some more stalling or a reversal here next week...which obviously has an impact on the USD.
Thanks lovejoy80.

We are definitely at or near retracement levels . The 11000 PPZ is well noted lovejoy.
Indicators show the past. Price Action "Indicates" the future.
  • #59,373
  • Mar 27, 2010 12:01pm Mar 27, 2010 12:01pm
Quoting triggerju
thanks for your reply, so then for you it's about speed of price movements, not about statistically better setups.

This i what I'm trying to get to the bottom of: either J16 followers trade larger frames because they can't/wont trade speedy charts OR larger frames are statistically "better" setups.... I fail to believe it's both, it's one or the other. For you, it's the first reason, not the second, thanks for sharing.

Anyone else agree/disagree?
Hey T

The higher timeframes are NOT more accurate. It is all about good trades. If you take a bad trade on a higher timeframe its still a bad trade, if you take a good setup on a lower timeframe it is a good setup. Everything is about context of the trade. I am not going to repeat again why I still believe people should start on the higher timeframes. Just demo whatever is comfortable for you at the very least. That process is very important.

Hope that clears it up
Mike
  • #59,374
  • Mar 27, 2010 12:08pm Mar 27, 2010 12:08pm
As I said it befor,the more I spend in this business the more I understand why PSYCHOLOGICAL aspect is almost in every case everything.

At the begining for almost everyone the forex market it was the most fascinating game in the world,a get rich quick scheme.We had some sort of succes and we thought we are the king of the univers and we can easily conquest the entire universe withouth so much pain to go through.

But ask yourself how much have you spend in this? do you know how much time it took to a pro trader to achieve his goals?

This is not a road for the mentally lazy,and for the stupid you must doing your own thinking, and reaching your own conclusions.It is not with us it is about YOU. If you think that you can achieve your financial freedom with less effort you are wasting your time

But if you believe in yourself,have dedication and never quit,you will be a winner at the end,The price of victory is high,are you willing to pay it? but so are the rewards.

I don't know way but us as human beings always must pay a price befor to learn what not to do. And when you know what not to do in order not to lose money, you begin to learn what to do in order to win-----> you begin to learn.

Observation, experience, memory and maths ,these are what the successful trader must depend on. We must remember at all times what we have observed, we must aticipate the probabilities.

Years of practice at the game, of constant study, of always remembering, will enable a trader to act on itself.After years at the game it becomes a habit. He acts almost automatically. He acquires the professional attitude that enables him to beat the game.

That is how professional trader are made,you may accept it or not.

Do you guys have ever think way james require to spend some times on large TF?

Have you stop at that point to figure out --WHY? Have you found some reasons to go for it?

Why one man may have such a request mybe is something more on it,try to think for your best interest because if you would not do no one would do it for you.I heard many cliche along my journey one of them is "Left your brain behind the door" and I can't accept that,you must always use your brain in order to observe things and to act accordingly

when you would try to read between the lines and understand it you will never want to go down to a lower TF.

You must know yourself thoroughly if you want to make a good job out of trading in the markets.

Lets go a step further and bring in the equation your day to day life. If you are not living your life purpose, you know what it feels like. You may will go from feeling bored, anxious, resentful or even combination of several of these. You wish your life was different, but don't have a clue how to change it.

What missing is the soul-satisfying work of your destiny. An inner journey will put you through the process of creating a solid foundation on which to stand as you gain control of your life and begin to live your life purpose.

The same is with you gaining consistency.

I hear a texan man (many of you already know him) who simplfy all the above in a statement "what is stopping most people is what is in between their ears" now your job is to go beyond this words and find what matter for YOURSELF.

all the best!!

PS: enjoy the weekend
  • #59,375
  • Mar 27, 2010 12:12pm Mar 27, 2010 12:12pm
Quoting jarroo
Nice charts trig. Is it the end of the month already? Wow . .time flys when your having fun.

yep time is flying faster when you spend it with your friends even more.

you try to look back and barely notice how fast it goes

enjoy the weekend my friend
  • #59,376
  • Mar 27, 2010 12:15pm Mar 27, 2010 12:15pm
Quoting lovejoy80
Just to add something on the location of that daily pin bar on the Dow...looking at a weekly chart you can see that we are touching a strong PPZ area (also divergence)...didnt get the strong break we ideally would have wanted on Friday, but nevertheless we could get some more stalling or a reversal here next week...which obviously has an impact on the USD.

good spirit of observation

hope you know from what class are this kind of people

all the best!!
  • #59,377
  • Mar 27, 2010 12:38pm Mar 27, 2010 12:38pm
I want apologize ahead of time for the long post, but here it goes.

As I read all the recent posts about time frames and account sizes, it has made me think about my journey and what got me interested in this business. When I started trading stocks about 5 years ago, my intent was to just try and do better than 8-10% a year, which is a great return by any standards. I bought a few stocks and held for awhile and did just fine. Then I got anxious. I felt I could probably do better if I traded more often, so I did, and I started the process that most of us go through. I was testing countless systems, and before I new it I was losing consistently. Then, somehow in the middle of all of this I got it in my head that I could do this for a living someday. In fact, in three years I could build up an account that would be large enough to sustain my whole family! Meanwhile, I was still losing, trying new systems, convincing myself that this next system is the one. Eventually I lost enough money, not much, but enough to make me quit, at least for awhile.

About a year or so later I decided I'd give it another try. I came up with a solid plan, with a more conservative approach. This time it would take me a whopping five years to turn 10k into a million. Luckily I had remembered the pain I felt of losing the my hard earned money the first time and didn't get hit too hard. I got frustrated and was looking everywhere for a solution. I started reading about Forex trading, and figured I'd give it a shot. I thought I had found the holy grail, with all this leverage I could make my dream come true. I quickly learned that the opposite is true, at least for beginners, you can blow an account in a day. Again, I was lucky, didn't blow an entire account, but did enough damage to make me stop cold in my tracks. I think I went through this a couple of times in the last year and a half before I stumbled across support and resistance. I always knew about it, but was blinded by all the systems and indicators that I never paid much attention to it. I ended up developing my own system based on support and resistance, but it had major flaws, and I still had major flaws in my approach and psychology. This is when I stumbled across the J16 thread. To be honest, I wasn't thrilled at first. Not because of anything to do with the teaching of this thread, but because I realized for the first time that I really needed to take a serious step back on many levels. I fought it at first. I still felt I had to continually be trading, I liked it. But I took some of the advice given at the beginning of this thread and I slowed it way down, I actually stopped for awhile and spent the time I would normally spend trading and studied. I studied all the video's on the J16 guest section as well as all the charts I could download from this site. I build a nice little archive for myself that I have review several times.

As all of this started soaking in, I felt I was ready to get my feet wet again, so changed my existing account to a mini account, removing most of the funds, leaving a small amount. I know that Demo is preached here, but I have done that before, and I know myself, I will not take it seriously enough, I need real money on the line, even though it's not much. My intent is not to make money and not to lose money, but to gain experience with real emotions, I am happy to break even or go up 1 or 2%.

So what I am getting at is that I have gone full circle with this whole experience. But when I go around the next time I will have some serious arsenal. I'm not saying I have arrived, not even close, I am saying that I have a fresh new perspective. I have a well defined business plan, I have well defined trading rules, and I have a detailed money management strategy that fits my personality and my goals. This time around I plan on busting my ass at my current job while building my account. In fact, I'm not going to loath my job, I am actually one of the lucky few who really enjoys what I do, so what's the rush?

Thanks to all here who have contributed so much,

Sincerely,

Jacob
  • #59,378
  • Mar 27, 2010 12:45pm Mar 27, 2010 12:45pm
Quoting Jcp
In fact, I'm not going to loath my job, I am actually one of the lucky few who really enjoys what I do, so what's the rush?

Thanks to all here who have contributed so much,

Sincerely,

Jacob

Awesome Jacob thanks for sharing your story. You are right there is no rush and we have to let it take however it long it takes. Many people come into it wanting to trade for a living but realize it makes much more sense to trade and build a nice account while keeping your job and just building some more financial security into our lives that we don't want to give to some joker to try to trade for us.

Thanks again
Mike
  • #59,379
  • Mar 27, 2010 1:11pm Mar 27, 2010 1:11pm
Cadjpy daily with divergence and currently sitting near a round number with some distance to next support.
Playable IB?
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  • #59,380
  • Mar 27, 2010 1:18pm Mar 27, 2010 1:18pm
Quoting jarroo
You can post charts (trades) here that are locationally based. Please do.

I will assure you that you will not be "told off". If that was the case raczekfx and nasir would have been told off long ago. lol

Location is a key factor of a great PA setup. So post away brother.


Jim
You mentioned my name along with Rac.

That's a big one for me coming from you.

Thanks Jarroo.
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