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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

  • #661
  • Feb 3, 2006 1:41pm Feb 3, 2006 1:41pm
Quoting humphrey_g
James

Buddy, I cant figure out your system, even tough I have read yout back post. Souns like symmetry for me. Would you please post intraday charts of 15 ot 5 timeframes, especially on the GBPUSD.

I am trading mainly the GBPUSD in our forex boiler room of www.rodelsimon.com - chat - and want to look for strategies to complement my bollinger bandit strategy.

thanx.
hello, first and foremost price action is not a system. its a way of reading near term market direction based on what price is telling you now. if you dont know now, you will soon figure out that systems dont work. at least very very few do. even if you find one that does most people do not have the discipline to follow it anyway. this fact is what drove me years ago to search for something that was not lagging and could help me refine the systems that i did/do work with to finally find some success. it takes practice and dedication but once mastered it can finally be the key to consistent success and not just blind hope. thanks, jim
  • #662
  • Feb 3, 2006 1:42pm Feb 3, 2006 1:42pm
Quoting vishalshan
Hi James,

I starting following this thread recently. Thanks for your great efforts..

I'm not very clear about the details of the training your giving now/supposed to start soon.

Would appreciate if anyone give me more details on that..like how the training is being conducted, how the payment is being done etc.,

Thanks,
Shan
hello Shan, go here to find out more. www.james16group.com. thanks
  • #663
  • Feb 3, 2006 3:23pm Feb 3, 2006 3:23pm
Quoting humphrey_g
James

Buddy, I cant figure out your system, even tough I have read yout back post. Souns like symmetry for me. Would you please post intraday charts of 15 ot 5 timeframes, especially on the GBPUSD.

I am trading mainly the GBPUSD in our forex boiler room of www.rodelsimon.com - chat - and want to look for strategies to complement my bollinger bandit strategy.

thanx.
one other thought for you my friend and anyone else willing to listen is this. they say that 95 percent of traders lose and give up. for new traders that trade anything less than 4 hour charts its almost 100 percent. they lose everything within a year and most of the time much sooner. any new trader ( and i am not assuming you are as i dont know) that wants to treat this like a business and take future success seriously should follow the following at a minimum.

1. whatever/however you trade should be done on daily charts or higher and certainly not under 4 hour. 2. to start it should be a demo account. it should stay a demo account until you show a profit three months in a row. 3. after demoing open a small practice account with pocket change. you do this also for a minimum of three profitable months in a row. 4. you open a normal account and never trade more than 2 to 3 percent per trade. if after three months you have a combined loss you go back to step 2,3. if you get past step 4 you continue to refine what you are doing by never stopping the demo process. you continue to bring up/in refinements/additions to your normal account after they have proven themselves on demo and practice first.

after you have found solid succes after following this progression you then go back to step two and start all over with your intraday trading. this is how you treat it as a business with long term goals and success in mind. now lets be honest. almost no one does this and there you have your 95% that give thier money to the 5% that do. i have been trading for almost 22 years and demoing is as big a part of my trading business as live trading. jim
  • #664
  • Feb 3, 2006 4:37pm Feb 3, 2006 4:37pm
Quoting james16

1. whatever/however you trade should be done on daily charts or higher and certainly not under 4 hour. 2. to start it should be a demo account. it should stay a demo account until you show a profit three months in a row. 3. after demoing open a small practice account with pocket change. you do this also for a minimum of three profitable months in a row. 4. you open a normal account and never trade more than 2 to 3 percent per trade. if after three months you have a combined loss you go back to step 2,3. if you get past step 4 you continue to refine what you are doing by never stopping the demo process. you continue to bring up/in refinements/additions to your normal account after they have proven themselves on demo and practice first.

after you have found solid succes after following this progression you then go back to step two and start all over with your intraday trading. this is how you treat it as a business with long term goals and success in mind. now lets be honest. almost no one does this and there you have your 95% that give thier money to the 5% that do. i have been trading for almost 22 years and demoing is as big a part of my trading business as live trading. jim
I know there is the possibilty of "Oh No, Not Him." but relax,please.

Jim, my question is...
at what point in your 22 year career did you {at least mentally} implement the above?
  • #665
  • Feb 3, 2006 5:31pm Feb 3, 2006 5:31pm
Quoting Bemac
I know there is the possibilty of "Oh No, Not Him." but relax,please.

Jim, my question is...
at what point in your 22 year career did you {at least mentally} implement the above?
huh, you dont bug me at all bemac. at least not yet. you have to understand that when i started trading there was no internet. around 1992-4 i stopped gambling and started trading. it was in a daytrading room in dallas in the mid nineties where one guy commited suicide among the many other horrors i observed as a result of day tading that caused me to change how i was trying to do things.
  • #666
  • Edited 7:42am Feb 4, 2006 7:31am | Edited 7:42am
Would this qualify as a valid Weekly AUD/USD Pin?

It has a lower close (by 2 pips,) and seems to have bounced off the top pivot, near the trend line.
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  • #667
  • Feb 4, 2006 3:56pm Feb 4, 2006 3:56pm
Quoting james16
... i have been trading for almost 22 years and demoing is as big a part of my trading business as live trading. jim
Thanks Jim, that was a nugget worth digging for.

Some of my FX-acquaintences told me as long as i've got my "training wheels" (demo account trading) on i'm not really learning anything for longterm success. I had mentioned to them i'm now back in "demo" mode after a 50% drawdown during intraday-trading off 10m/60m charts, and now learning to trade off longer 4hr/daily charts and plan to always demo at least on monday's and fridays, and most likely keep my main "live" trades for T/W/Th unless a good set up presents itself on M/F. Their statement kind of bumed me out as i could not see how advancement (additional trading-strategy testing) was possible without first trying it out in demo. . . Your response above tells me that Real-Men-Do-Demo ; - )

Cheers,
Thom
  • #668
  • Feb 4, 2006 5:41pm Feb 4, 2006 5:41pm
Quoting accrete
Thanks Jim, that was a nugget worth digging for.

Some of my FX-acquaintences told me as long as i've got my "training wheels" (demo account trading) on i'm not really learning anything for longterm success. I had mentioned to them i'm now back in "demo" mode after a 50% drawdown during intraday-trading off 10m/60m charts, and now learning to trade off longer 4hr/daily charts and plan to always demo at least on monday's and fridays, and most likely keep my main "live" trades for T/W/Th unless a good set up presents itself on M/F. Their statement kind of bumed me out as i could not see how advancement (additional trading-strategy testing) was possible without first trying it out in demo. . . Your response above tells me that Real-Men-Do-Demo ; - )

Cheers,
Thom
yes they do. demo trading to me is the same as research and developement.
  • #669
  • Feb 4, 2006 7:33pm Feb 4, 2006 7:33pm
Demo'ing is a crucial (and necessary) part in becoming a successful trader as long as you take your demo trades serious. Sometimes, I have found myself trading less-than-optimum setups (that I wouldnt have taken had it been real money) because "it's just a demo account".

If you wanna learn from your demo experience, trade that demo account as seriously as it was real money. Otherwise it's useless.
  • #670
  • Feb 6, 2006 9:52pm Feb 6, 2006 9:52pm
chart example
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  • #671
  • Feb 6, 2006 10:59pm Feb 6, 2006 10:59pm
chart
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  • #672
  • Feb 7, 2006 8:37am Feb 7, 2006 8:37am
James, your coffee chart looks just like a bearish butterfly. I dont trade this commodity so i cant post a chart. but i bet the price of 125 looks pretty spot on to a 127 ext of your point 1 to the low between sept and oct. Also, this is set up with what looks like a 78.6 retracement at your point 3 of your # 1 to the low between sept and oct. Just my 2 cents.
  • #673
  • Feb 7, 2006 12:58pm Feb 7, 2006 12:58pm
I am very new in trading. James16 other experienced people here give me a good advice. No matter how good is the system with no discipline your still broke or below average. Thank you guys and took me forever to post a thread because I have zero base knowledge in Internet.

James16 you have mentoring program or anyone? Before I invest i need to be educated first. there are so many information out there they found the secret of the Market. OMG... this is my third day in Forex Factory and reading post thread no one here found the "holy grail the call it"
  • #674
  • Feb 7, 2006 1:27pm Feb 7, 2006 1:27pm
Quoting SurfingWave
I am very new in trading. James16 other experienced people here give me a good advice. No matter how good is the system with no discipline your still broke or below average. Thank you guys and took me forever to post a thread because I have zero base knowledge in Internet.

James16 you have mentoring program or anyone? Before I invest i need to be educated first. there are so many information out there they found the secret of the Market. OMG... this is my third day in Forex Factory and reading post thread no one here found the "holy grail the call it"
Hi SurfingWave,
check this link out www.james16group.com
Keeping it Simple
  • #675
  • Feb 7, 2006 8:00pm Feb 7, 2006 8:00pm
hi, everyone
I understand that a pin bar is made up of 3 bars, with 2 on each side.
Do we enter a trade on the third bar, or do we enter the trade on the 4th bar?
  • #676
  • Feb 7, 2006 8:06pm Feb 7, 2006 8:06pm
Welcome, Jotty

From Jim's Course: "this bar is when the open and close are within the prior bar and the body is long/protrudes. coined by martin pring it is lying to you. its telling you one thing and going to do the opposite. best played at swing highs and lows or at support/resistance. [For good
P BAR C NOT NEC < O for Sell, or C > O for Buy].

Be careful with the pin bars inside another bar. remember i like to see them at swing highs and lows or at confluence points."

It is wise to wait for price to equal or just pass the end of the PB before entering.

Trinity
  • #677
  • Edited 11:26pm Feb 7, 2006 11:17pm | Edited 11:26pm
Quoting jotty
hi, everyone
I understand that a pin bar is made up of 3 bars, with 2 on each side.
Do we enter a trade on the third bar, or do we enter the trade on the 4th bar?
Practice both ways and see which way you're more comfortable with. Everyone (that I know of) has opted to enter on the 3rd bar. The Pin Bar is the middle bar.
Keeping it Simple
  • #678
  • Feb 8, 2006 5:23am Feb 8, 2006 5:23am
I personally prefer to enter on the breakout of the pin bar itself, it feels safer to me. In order to deal with the larger stop loss, I reduze lot size accordingly.
  • #679
  • Feb 8, 2006 9:24pm Feb 8, 2006 9:24pm
Chart Example
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  • #680
  • Feb 10, 2006 12:03am Feb 10, 2006 12:03am
hi, does this qualify as a pin bar
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