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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

  • #64,201
  • May 19, 2010 2:30am May 19, 2010 2:30am
Quoting ghous
This illusion alone will drag you into a still deeper hole. As far as you're after price action, higher time frames will always rule...but then again your approach here seems to be the culprit.

You're not talking about consistency, or number of wins over losses, or the time since you haven't had a loss or a win...you're talking about money and it's making.

At this stage, all that should matter to you is consistency which is best obtained on the higher time frames via sniping largely obvious A+ setups...sure that would mean less money than...
Thanks ghous. I think part of the problem is I'm trying to learn more than one system at the same time. I've been following James for the higher time frames (which clearly I'm not very good at yet) and Kenneth Lee / eohater for the lower time frames.

I've always been a fast learner, but a lot of that learning was done through making mistakes and teaching myself. Taking that approach with a live account seems like a terrible idea.

The number of trades I've taken isn't high enough to produce any meaningful statistics about my performance, but the fact is I'm often far from confident (highly unusual for me generally) when I enter a trade, and I think that needs to change before I return to a live account.
  • #64,202
  • May 19, 2010 2:33am May 19, 2010 2:33am
Quoting ghous
According to my experience (which isn't a shit load) and trading style, this isn't a setup worth trading.

I never really fell in love with continuation PA bars as in ones that lie dead in the middle of a trend. For them to fall into my radar they almost certainly have to be at some sort of pull back to the trend.

Looking at the weekly a fear of reversal in my opinion isn't illegitimate. Another thing I am looking at is how buyers rushed in at the 111 and caught the falling knife, price has since somewhat regained it's downward persistence but...

Thanks Ghous!
  • #64,203
  • May 19, 2010 2:43am May 19, 2010 2:43am
Quoting Daneel
Well, going live so soon due to my arrogance and impatience has proved not to be a good idea. My account balance is on a clear downward slope (that trend I can read!) and equally clear is that I don't really know what I'm doing yet!....
Quote
...The strange thing is, I seem to be doing much better on shorter time frames, making money on H1 and M15, whereas H4 and Daily are killing me.
ask yourself:
if i clearly dont know what i'm doing, yet i'm making money... is the money i'm making based on luck perhaps??
i bet the answer is very clear. (unless u are deluding yourself)

perhaps u are making money on lower TFs because u are exiting quickly - i.e., making quick profits. whereas in higher TFs, u have to spend more time sitting than trading.

if u are doing everything via the 'natural process' (demo trading daily & up; lpotting good PPZs, S/Rs; applying patience & discretion in taking trades {A+ trades} ), then i believe the natural effect is that u will improve your lower TF trading + u will increase pickiness & patience. wouldn't u benefit from that?

try demo. it wont hurt you.
  • #64,204
  • May 19, 2010 2:48am May 19, 2010 2:48am
Quoting Daneel
...I think part of the problem is I'm trying to learn more than one system at the same time. I've been following James for the higher time frames (which clearly I'm not very good at yet) and Kenneth Lee / eohater for the lower time frames....
but the fact is I'm often far from confident (highly unusual for me generally)..
i believe the two systems u mentioned are pretty similar, in that they both use MAs.

in your 2 posts, looks like u are clearly aware & stated the possible issues u are facing with. are u aware of that?
i guess u just have to deal with them now.... ASAP. (u already now the problem/s ... take action!)
Good luck!
  • #64,205
  • May 19, 2010 2:56am May 19, 2010 2:56am
Quoting Daneel
Thanks ghous....
It sounds like a hoax but is very very true that:

"going slow and steady is the quickest way to make it in this business"

It does appear at first that trying out diff systems simultaneously should shorten your learning process but that isn't so...the reason being that successful forex trading is more a matter of mental stability than getting hands at a holy grail.

Doncha worry about loosing real money, consider it part of the fees of your learning, get back to demo and maintain your focus on winning consistently, needless to mention we're always here if you need anything.



g.
I believe . . .
  • #64,206
  • Edited 4:35am May 19, 2010 3:07am | Edited 4:35am
Quoting ghous
It sounds like a hoax but is very very true that:
"going slow and steady is the quickest way to make it in this business"
It does appear at first that trying out diff systems simultaneously should shorten your learning process but that isn't so...the reason being that successful forex trading is more a matter of mental stability than getting hands at a holy grail.
...
lol...
i did the opposite before:
was aggressive & overconfident, tried to run before learning how to crawl, went live early.... it was indeed the quickest way.... to fail in this business.

Daneel,
i had a similar experience with u.
i was like in a fast food store.
i look at the menu (trading systems) to see which tastes good.
i buy 2-4 items or more (2-4trading systems) & eat them simultaneously.
i did not order a certain 'meal' (thats james16 method) because it had certain 'ingredients' which i didnt like (that is, higher timeframes -- only because i had a very small account & was trading H1 & below, realized late that i can use the material here in lower TFs)

to everyone reading (new readers), i can tell u this:
u are here in the james16 thread. learn as much as u can. if u do well with this method, u can opt to branch out to several other methods/systems that u like (or have been using).

james16 thread teaches S/R trading - IMHO, this is the bedrock, the root of a tree if u will ---- u can branch out from here.
  • #64,207
  • May 19, 2010 4:17am May 19, 2010 4:17am
Quoting jarroo
Look at Price just testing that left eye ball and Daily Low. Unreal . . but no surprise.
Hi jaroo, Mike and other, i placed a buy on GU when i saw that pin bar yesterday, but the game went against me. pls what did i do wrongly, the nose was long enough and close within the last bar,is there any other thing i suppose to see or take note of that i fail to note. pls teach me.
kdee
  • #64,208
  • May 19, 2010 4:19am May 19, 2010 4:19am
I'm currently on page 58 (!) of this thread, with an honest intention to read through the dang thing, no matter how long it'll take (and it will!!!).

Anyway, just wanted to ask if any of u are/were members of J16G PF, and if it's still active? Hope it is...

Thanks
  • #64,209
  • May 19, 2010 4:56am May 19, 2010 4:56am
Quoting Rahman
I'm currently on page 58 (!) of this thread, with an honest intention to read through the dang thing, no matter how long it'll take (and it will!!!).

Anyway, just wanted to ask if any of u are/were members of J16G PF, and if it's still active? Hope it is...

Thanks
Hi Rahman....keep it up mate...this thread is gold

PF is still going strong....very active, lot's of questions, videos, webinars, chat sessions, senoir member contributor sections and it is great to see so many trading journals.

There's a few sneaky tidbits you won't find mentioned around this forum also but keep that to yourself

Cheers

Dave
  • #64,210
  • May 19, 2010 5:06am May 19, 2010 5:06am
Quoting kdee1
..i placed a buy on GU when i saw that pin bar yesterday, but the game went against me. pls what did i do wrongly, the nose was long enough and close within the last bar,...
Hello kdee.
do u have a chart? (so the seniors can reply much better)
each broker can have different-looking PA setup.

here's my post yesterday.
i was replying to a gbpjpy post but i mistakenly replied with a gbpusd view.
trend, location & PA shape are important.
downtrend is strong, u should've considered that too.
  • #64,211
  • May 19, 2010 5:41am May 19, 2010 5:41am
Quoting supremeChaos
Hello kdee.
do u have a chart? (so the seniors can reply much better)
each broker can have different-looking PA setup.

here's my post yesterday.
i was replying to a gbpjpy post but i mistakenly replied with a gbpusd view.
trend, location & PA shape are important.
downtrend is strong, u should've considered that too.
Hi bro
This my post yesterday
http://www.forexfactory.com/showpost...ostcount=64110
http://www.forexfactory.com/showpost...ostcount=64156
http://www.forexfactory.com/showpost...ostcount=64167
  • #64,212
  • May 19, 2010 5:51am May 19, 2010 5:51am
egkid,
still bearish, bro?
nice trades
  • #64,213
  • May 19, 2010 5:56am May 19, 2010 5:56am
Quoting supremeChaos
egkid,
still bearish, bro?
nice trades
Yep :-)
Now we reach Yearly pvt could be bouncing from here or retrace some.
  • #64,214
  • May 19, 2010 6:08am May 19, 2010 6:08am
Thanks for all the advice people.

I am obviously making some mistakes, maybe psychologically I am blocking myself from seeing PPZ.
It is funny, sometimes I find it easy to spot them but the more I look the less I seem to see or rather maybe I find myself focusing on a certain area too much then sort of block out the big picture.

Maybe last weeks enormous candles are preventing me from getting a clear handle on what is going on with PA as it is hard to look at a weekly Giant red tree type candle then break it down into manageable areas.

I think I shall try the system simulator again and run through some trades to try to ground myself for the next couple of days.

Once again, I appreciate the help.
  • #64,215
  • May 19, 2010 6:17am May 19, 2010 6:17am
Well
Yesterday i give a brief about my view with comdolls
Anyone interested to share and talk about his view with u/cad and aud/u ?
  • #64,216
  • May 19, 2010 6:29am May 19, 2010 6:29am
Hi guys

Got burned yesterday on UsChf pin, and this is a bit of a setback as its my 2nd loser in a row on J16 basics month2 - now down about 3% on the month! This and my previous(losing) trade were both CT so I think I will change my strategy from now on to take only those setups which are trading with the trend. Have seen Mikes analysis and it is spot-on. This trade was not an A+ trade and had no real confluence. I don't mind losing on this one as long as I learn from it and dont repeat the same mistakes again and again. It is a setback but not a dime lost as I am still on demo.
PA is where its at!!
  • #64,217
  • May 19, 2010 6:40am May 19, 2010 6:40am
Quoting egkid
Well
Yesterday i give a brief about my view with comdolls
Anyone interested to share and talk about his view with u/cad and aud/u ?
i think i havent traded these pairs for a few weeks now.
do u see usdcad going to 1.0600 - 1.1000?
audusd into sub 0.8000?
looking at the charts, looks like aud is much weaker than cad.

btw, in fxdd demo, (no charts but), on monthly, it formed a small bullish pin which broke upward (500pips)!
[pinbar OHLC: open1.0151, high1.0214, Low0.9929, close1.0155]
  • #64,218
  • May 19, 2010 6:41am May 19, 2010 6:41am
Quoting bertie123
.... This and my previous(losing) trade were both CT so I think I will change my strategy from now on to take only those setups which are trading with the trend...
i think that's a good solution:
try only trading A+ trend trade setups for now

Keep at it, bertie
  • #64,219
  • May 19, 2010 6:48am May 19, 2010 6:48am
Quoting supremeChaos
i think that's a good solution:
try only trading A+ trend trade setups for now

Keep at it, bertie
Hey supremo

Thanks for your encouragement, its much appreciated. I must admit I have neither the skill or experience to fight trends at the moment so as you say I will stick to good A+ PA trades with the trend for the time being. Maybe return to CT trades in the future when I am doing better and my confidence has improved.
PA is where its at!!
  • #64,220
  • May 19, 2010 7:06am May 19, 2010 7:06am
Quoting Dan Gilbert
natural gas is the absolute best, gold (tied for absolute best), EURJPY, NZDJPY

ALL TREND CONTINUATION BARS, MY ABSOLUTE FAVORITE KIND
stupid EURJPY out at B/E.... I hate this because I am so confident that thing is headed for 110.....
Many choose unhappiness over uncertainty.
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