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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

  • #69,741
  • Jul 26, 2010 5:59pm Jul 26, 2010 5:59pm
Quoting Adilius07
Caeser, may I please ask. 4+ years trading this method still not enough no leave day job?

Not for me yet. Just do not have the initial capital to make enough to live off of with a wife, mortgage, car payments, etc. Right now the plan is not to live off forex but to suppliment the income while saving to one day live the dream....
  • #69,742
  • Jul 26, 2010 7:00pm Jul 26, 2010 7:00pm
For awhile I've been trying to apply J16 principles to my trading, and while it's taken longer than I thought, I've seen some improvement. I really wanted to trade less and go to higher time frames, but kept getting sucked down. I finally decided to go back to demo after some advice from Mike.
This month I decided to experiment and trade only the Daily and only look at the charts every 24 hours.

Here are the results from past few months:
March: 42 trades: 24 win, 18 loss
April: 91 trades: 43 win, 48 loss
May: 56 trades: 39 win, 17 loss
June: 22 trades: 8 win, 14 loss
July: 15 trades: 12 win, 3 loss

The month isn't over, but this is quite a dramatic change. If I can keep this up for 2 more months, I'll move to real money. I don't post often but I read a lot and want to thank everyone here for the help. (Hoping this month isn't a fluke haha)
  • #69,743
  • Jul 26, 2010 7:16pm Jul 26, 2010 7:16pm
Quoting mbqb11
well done, it's up to the market now, any lower and we will hit some solid areas.

Nice catch Fx13.

I have a question for mike or Jarroo about this feed on FXDD.

I know each brokers bar open time is different and that it all plays out in the long run. However, recently I have noticed that this feed in general across the board seems to not be inline with many feeds I see charts here.

Just wondering if this feed is really not very good at all. I also realize, I am missing many PA setups and that the feed is not the main problem.


Thanks in advance
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  • #69,744
  • Jul 26, 2010 7:17pm Jul 26, 2010 7:17pm
Quoting Pinbar
Nice catch Fx13.

I have a question for mike or Jarroo about this feed on FXDD.

I know each brokers bar open time is different and that it all plays out in the long run. However, recently I have noticed that this feed in general across the board seems to not be inline with many feeds I see charts here.

Just wondering if this feed is really not very good at all. I also realize, I am missing many PA setups and that the feed is not the main problem.


Thanks in advance
I use FXDD as one of my feeds pinbar

Mike
  • #69,745
  • Jul 26, 2010 8:35pm Jul 26, 2010 8:35pm
Quoting Adilius07
If you are running a business for 4+ years and it gives you no profit.... It is not a business it is just a game or hobby.
Consider those 3+ years of "preparation"...This is defenitely not being a business then...
You know who the biggest no hopers are? Doctors! I mean, 4 years of undergrad and then 4 years of med school? And then another 2 years of interning before they start turning a profit?!

They should totally have just given up after they werent millionaire surgeons after 2 years. Clearly, they just arent cut out for it and the whole 'medicine' thing is just a hobby..

When you have to shoot, shoot. Dont talk.
  • #69,746
  • Jul 26, 2010 8:42pm Jul 26, 2010 8:42pm
Quoting Adilius07
Caesar, may I please ask. 4+ years trading this method still not enough to leave day job?
i know Caesar already replied....& many awesome replies too.

it is very easy to make conclusions with very little information at hand.
each person is unique (with a unique personality & circumstance), so in a way there is no 'standard'.

Quoting Adilius07
If you are running a business for 4+ years and it gives you no profit.... It is not a business it is just a game or hobby. ...
this is subject to (individual) perspective.
from the onset, many businesses consider the first +/- 2-5years as their 'breakeven phase'. i believe, that is applicable to trading too.


Quoting jdl
I'm wondering...
another long time member posting
  • #69,747
  • Jul 26, 2010 8:49pm Jul 26, 2010 8:49pm
Quoting joelcf
You know who the biggest no hopers are? Doctors! I mean, 4 years of undergrad and then 4 years of med school? And then another 2 years of interning before they start turning a profit?!
....
dont forget they specialize too (for a few more years)...

WAIT THERE'S MORE!!
here, Doctors/specialists take up nursing/caregiver courses (brought about by international demand/global aging population).
Egos crumble, sustenance reign supreme


i think we just had an intelligent, metacognitive discussion here
  • #69,748
  • Jul 26, 2010 8:51pm Jul 26, 2010 8:51pm
Quoting mbqb11
I use FXDD as one of my feeds pinbar

Mike
Thanks Mike.

But do you trade that feed or is it just another demo feed you look at?
  • #69,749
  • Jul 26, 2010 8:54pm Jul 26, 2010 8:54pm
Quoting supremeChaos
like we often say...
trading is a personal thing.

u may take trades many will take,
u may take trades some will take,
u may take trades ONLY you will take.

u will miss A LOT of trades that others here take -- that is perfectly normal.
the questions to ask yourself are:
"am i comfortable taking those trades as well?"
"do those trades fit the criteria in my personal system/method?"

Dont forget, we are here to learn, not necessarily to copy/trade others' trades. there is a big difference.
Hope this helps
Hi SC,
Thanks for reminding that Trading is personal and one system cannot fit all. I was wondering whether I had really missed the whole point of PB size and location and as such I was looking for some validation by the seniors regarding my views on the PB and same were provided by Mike.
Thanks Mike, now I feel better.

Cheers
Novice 198
  • #69,750
  • Jul 26, 2010 8:57pm Jul 26, 2010 8:57pm
Quoting Pinbar
Thanks Mike.

But do you trade that feed or is it just another demo feed you look at?
I don't use any of my charting feeds to trade off directly. I transfer my orders to my broker. it does not matter what the feed shows since it is simply an aggregation of price. I use those feeds for charting to do my TA

Best
Mike
  • #69,751
  • Jul 26, 2010 8:57pm Jul 26, 2010 8:57pm
Quoting PenguinTrade
For awhile I've been trying to apply J16 principles to my trading, and while it's taken longer than I thought, I've seen some improvement. I really wanted to trade less and go to higher time frames, but kept getting sucked down. I finally decided to go back to demo after some advice from Mike.
This month I decided to experiment and trade only the Daily and only look at the charts every 24 hours.

Here are the results from past few months:
March: 42 trades: 24 win, 18 loss
April: 91 trades: 43 win, 48 loss
May: 56 trades: 39 win, 17 loss
June: 22...
Hi Penguin,
Im pretty much a newbie here myself, and clearly need to learn a lot more. But that seems like alot of trades per month. Are they on the 30 min chart etc ? As an example, I look at the 4 hrly predominately and Im averaging about 8 - 10 trades a month since March. Have had some sucess and its getting better every month. In fact, even in this short time when I look back a few months , I cringe at some of the earlier trades I took (Demo of Course ) LOL. Thanks for sharing. Cheers

SR
  • #69,752
  • Jul 26, 2010 8:58pm Jul 26, 2010 8:58pm
Quoting PenguinTrade
For awhile I've been trying to apply J16 principles to my trading, and while it's taken longer than I thought, I've seen some improvement. I really wanted to trade less and go to higher time frames, but kept getting sucked down. I finally decided to go back to demo after some advice from Mike.
This month I decided to experiment and trade only the Daily and only look at the charts every 24 hours.

Here are the results from past few months:
March: 42 trades: 24 win, 18 loss
April: 91 trades: 43 win, 48 loss
May: 56 trades: 39 win, 17 loss
June: 22...
Keep up the good work Penguin, seems you are building some important traits we need for trading and hope you continue with your success and see where you are in a few months from now

Best
Mike
  • #69,753
  • Jul 26, 2010 8:59pm Jul 26, 2010 8:59pm
Quoting Sjr
Hi Penguin,
Im pretty much a newbie here myself, and clearly need to learn a lot more. But that seems like alot of trades per month. Are they on the 30 min chart etc ? As an example, I look at the 4 hrly predominately and Im averaging about 8 - 10 trades a month since March. Have had some sucess and its getting better every month. In fact, even in this short time when I look back a few months , I cringe at some of the earlier trades I took (Demo of Course ) LOL. Thanks for sharing. Cheers

SR
Hey SR

Yep exactly, his point was he went to the daily only in july and his results had drastically changed. My guess was the overtrading on the lower timeframes the hurt most people that are on them.

Mike
  • #69,754
  • Jul 26, 2010 9:17pm Jul 26, 2010 9:17pm
Quoting novice198
.......I was wondering whether I had really missed the whole point of PB size and location....
yes, gotcha.
being choosy/picky is great. so keep it up!


---------
to be honest, i thought u were talking about a different setup, but i was almost finish writing my post (i think it's relevant), so i posted it anyway.

Quoting novice198
...Am i missing something or trying to be too choosy??..
  • #69,755
  • Jul 26, 2010 9:23pm Jul 26, 2010 9:23pm
Quoting PenguinTrade
For awhile I've been trying to apply J16 principles to my trading...
July: 15 trades: 12 win, 3 loss
The month isn't over, but this is quite a dramatic change.
(Hoping this month isn't a fluke haha)
that aint a fluke
'dramatic' is an understatement. u drastically made fewer trades & fewer losses. win-loss ratio has widened/wider gap too!

Keep it up
  • #69,756
  • Jul 26, 2010 9:28pm Jul 26, 2010 9:28pm
Quoting Location
I was really inspired by one of Kesh's posts, so I decided to create my on list of rules. This is my synthesis of what I've learned over the last three weeks. Because I am on summer break from school, I have really been able to devote 6-10 hours to studying the material daily. I must admit that I did not have a clue what I was doing until well past my 60th hour of reading.

Now, I am going to open a demo account on July 1. I am planning to get my "Game Plan" printed out, blown up, and laminated. Before I do so, I would love to get some feedback....
After reading this post again I was wondering if any Senior traders had a checklist that they follow and wouldn't mind sharing?
  • #69,757
  • Jul 26, 2010 10:02pm Jul 26, 2010 10:02pm
Quoting joelcf
You know who the biggest no hopers are? Doctors! I mean, 4 years of undergrad and then 4 years of med school? And then another 2 years of interning before they start turning a profit?!

They should totally have just given up after they werent millionaire surgeons after 2 years. Clearly, they just arent cut out for it and the whole 'medicine' thing is just a hobby..


lol, I love when people make this comparison^


Becoming an exceptional professional at anything takes a long time. Sure there are exceptions who can get the training wheels off within 4 years, good for them. I'm coming up on the end of my first year of study, and I can say that my initial knowledge on the subject was nothing. I can see what I'm doing now, compared to before, I had no clue.

After my first year, I can say the most important things are:

1. Money management
2. Understanding risk
3. trading in a way that fits you


^all three of these are in the same category, and have nothing to do with a system, not even J16.
Many choose unhappiness over uncertainty.
  • #69,758
  • Jul 26, 2010 10:21pm Jul 26, 2010 10:21pm
possible short?
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  • #69,759
  • Jul 26, 2010 10:24pm Jul 26, 2010 10:24pm
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting PenguinTrade
For awhile I've been trying to apply J16 principles to my trading, and while it's taken longer than I thought, I've seen some improvement. I really wanted to trade less and go to higher time frames, but kept getting sucked down. I finally decided to go back to demo after some advice from Mike.
This month I decided to experiment and trade only the Daily and only look at the charts every 24 hours.

Here are the results from past few months:
March: 42 trades: 24 win, 18 loss
April: 91 trades: 43 win, 48 loss
May: 56 trades: 39 win, 17 loss
June:...
WoWsers!! Is it possible to get so many trades like above in Daily TF?
How many pairs do you watch?
I have seen the enemy, and it is me.
  • #69,760
  • Jul 26, 2010 10:27pm Jul 26, 2010 10:27pm
Quoting spookie94
After reading this post again I was wondering if any Senior traders had a checklist that they follow and wouldn't mind sharing?
I'd say they don't have the checklist on papers.. they have this checklist on their head..
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