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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

  • #83,501
  • Dec 23, 2010 3:41am Dec 23, 2010 3:41am
Quoting T2Twell
4hr USDCHF looking like a good setup here.

1.) macd divergence
2.) -23.6 extension hit (target)
3.) possible BUOB could form if this candle close above 0.9525

risk on trade only 30pip. to gain a possible +100
this pair is in a severe downtrend. the next resistance is where you draw your 0% fib at about 0.9550 and therefore very near to the entry...
meine augen sind die sterne
  • #83,502
  • Dec 23, 2010 3:41am Dec 23, 2010 3:41am
Quoting bluetrader
Hi Adi, I think you are doing great. I think your enthusiasm is contagious and a great asset to this forum.

I can tell you my personal J16 story if it helps you (or anyone else) in any way. I started demoing using price action this time last year. My attempt from day one was to follow James' rules to treat trading as a business. So I demoed... and I demoed... and I demoed.

In what seems like an eternity (12 months), I can say 100% that I have turned the corner. I have found a method that works for me without the psychological setbacks of using...
I can argue with that all the day long if time permits.

I can't agree with that kind of statement, in fact I'm not allways in agreement with what james says, that's just because I have another perspective about this, and that doesn't mean that I'm more right than he is.

Don't get me wrong but I did demo trade more than 6 months myself when I've started in this business and befor going life, but that was just for learning the price behavior,backtesting and other stuff, so is a good start

It's very dangerous to make that kind of statements, as far as I'm concern, because you can instil the false assumption that is mandatory if you make money on a demo you can transfom the consistency from demo to live.

You are still on a demo so you say this as an "outsider" but once you start doing this with real money, you for sure will have another perspective.

It's very easy to say "..if you can't do it on demo, you can't do it on a real account" but you need among onther things, discipline which is something you need to work on in the face of real consequences.

It is always very easy to be disciplined when there are either no consequences for a lack of discipline, or when the consequences are relatively mild.
That only works with a life account because if you are using a demo, there is no pain when you lose, no pain when you not taking the winners too early..etc.etc

Hope you do get the point how this can be drastically a change between demo and live trading.

Found this paragraph's they are really an enlightening readespecially in our context here):

"If you go teaching others before your own practice is up to standard, you do more harm than good."

- this one hit me hard, doing that and giving advice when in reality I didn't know what I've talking about

And this one:

"If a teacher praises a student to his face, it's a sign that that's as far as the student will go — he probably won't be able to practice to any greater heights in this lifetime. The reason the teacher praises him is so that he'll be able to take pride in the fact that at least he's made it this far. His heart will have something good to hold on to when he needs it at death."

And this one, is one I like very much:

"You can't plan the way your practice is going to go. The mind has its own steps and stages, and you have to let the practice follow in line with them. That's the only way you'll get genuine results. Otherwise you'll turn into a half-baked arahant."

all the best.
  • #83,503
  • Dec 23, 2010 3:46am Dec 23, 2010 3:46am
Wasted 1/2 year of trading intraday on low TFs just to see if they work, well they dont, at least for me.
Got back on track with James16 method and my statistics are up again.

Just to say thank you to James and the seniors here teaching and offcourse to all contributors.

Marry Christmas everyone and many pips in 2011
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  • #83,504
  • Dec 23, 2010 4:01am Dec 23, 2010 4:01am
This may be a nice area to keep an eye on for some bullish PA.
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  • #83,505
  • Dec 23, 2010 4:15am Dec 23, 2010 4:15am
Quoting aserbfx
this pair is in a severe downtrend. the next resistance is where you draw your 0% fib at about 0.9550 and therefore very near to the entry...
I agree completely that the trend is in a heavy downwards slope, if we get to 0% fib ,the stop will be moved to BE and forgotten that the trade was ever taken.
  • #83,506
  • Dec 23, 2010 4:16am Dec 23, 2010 4:16am
Quoting triger88990
I can argue with that all the day long if time permits.

I can't agree with that kind of statement, in fact I'm not allways in agreement with what james says, that's just because I have another perspective about this, and that doesn't mean that I'm more right than he is.

Don't get me wrong but I did demo trade more than 6 months myself when I've started in this business and befor going life, but that was just for learning the price behavior,backtesting and other stuff, so is a good start...
Ok, what is the main point here? To go live as soon as possible?
  • #83,507
  • Dec 23, 2010 4:25am Dec 23, 2010 4:25am
Quoting T2Twell
I agree completely that the trend is in a heavy downwards slope, if we get to 0% fib ,the stop will be moved to BE and forgotten that the trade was ever taken.
yes, this sounds like a good plan.
meine augen sind die sterne
  • #83,508
  • Dec 23, 2010 4:30am Dec 23, 2010 4:30am
Quoting triger88990
I can argue with that all the day long if time permits.
I can't agree with that kind of statement, in fact I'm not always in agreement with what james says, that's just because I have another perspective about this, and that doesn't mean that I'm more right than he is.
......
both of you made valid points.

the key here, imho, is the trader: his/her trading personality/perspective, & perhaps to some extent, his/her current financial circumstance. the answer to the question (to demo or go live with a small/average account?) lies in these factors. how one acts should be coherent with his/her personality.

personally, i didnt get to demo much, but i practice as much as i can & have tons of screen time.
risk taking is just part of my blood... i have been burnt many times BUT im fully aware & ready for consequences.

i think James16's advice 'to demo' is a very good general advice, applicable to most people. demoing/practicing before going live builds confidence, & has no capital risk.
  • #83,509
  • Dec 23, 2010 4:35am Dec 23, 2010 4:35am
Quoting Adilius07
Ok, what is the main point here? To go live as soon as possible?
Hey adilius,

Nop I didn't said that, just read one more time my post......and read it as a whole in the context of the conversation, I have just another opinion regarding this subject.

Again I don't want to prove to anybody anything, just that as a human beings we can't be in agreement on everyting, we are different and we certainly see things differently.

Is just another opinion, just reflect on it and maybe in some certain aspect you will see some lights......

wish you all the best!
  • #83,510
  • Dec 23, 2010 4:39am Dec 23, 2010 4:39am
My personal believe that sufficient demo time is a must. 3-6-12 months depends on a trader. But then he must go live. Must try! Even if his results were not as good as he wished.

The mistake will be not to go live ever. I have a friend who spent 12 months demoing daily. He never made any success so he never went live, and gave up for good. Just quit forever. Well, he is proud of himself that he did not loose a $1. I think that's just stupid. Loosing whole YEAR of his life for what? Without even trying waa what a joke. Just killed a year of his life...
  • #83,511
  • Dec 23, 2010 4:42am Dec 23, 2010 4:42am
Quoting Adilius07
My..
The mistake will be not to go live ever. I have a friend who spent 12 months demoing daily. He never made any success so he never went live, and gave up for good. Just quit forever. Well, he is proud of himself that he did not loose a $1. I think that's just stupid. Loosing whole YEAR of his life for what? Without even trying waa what a joke. Just killed a year of his life...
maybe trading is just a fad or minor hobby for him.
  • #83,512
  • Dec 23, 2010 4:45am Dec 23, 2010 4:45am
Quoting supremeChaos
both of you made valid points.

.........
it's very generous of you to say that

Supreme, you are truly inspirational

all the best buddy
  • #83,513
  • Dec 23, 2010 4:46am Dec 23, 2010 4:46am
Quoting supremeChaos
maybe trading is just a fad or minor hobby for him.
He thinks he's "liberated, saved" from this "casino" thing. And he is really sorry for me that I got so hooked on this addiction
For more than 4 years I have nothing to prove him or anyone otherwise...yet..
  • #83,514
  • Dec 23, 2010 4:50am Dec 23, 2010 4:50am
I agree that trading your own money on a live account can be different emotionally than trading on demo. However, I personally feel it should not be so because, we should be trading the same capital on a demo that we intend to go live with and also using money management exactly as we would with the live account.

If demo is treated exactly as our live account, I do not see the difference as MM is going to take the pain and greed factor out of it.

This is my approach to both live and demo.
  • #83,515
  • Dec 23, 2010 4:52am Dec 23, 2010 4:52am
Quoting Adilius07
He thinks he's "liberated, saved" from this "casino" thing. And he is really sorry for me that I got so hooked on this addiction
For more than 4 years I have nothing to prove him or anyone otherwise...yet..
hahah..
whatever he says/does has no bearing on you & your future.
so, never mind him & all negative people. let him talk & yap all he want.

insulate, but dont isolate.


as has been mentioned recently, trading is a VERY difficult business/endeavor.
it is not for everyone.... only the best/non-quitters will survive & reap the rewards
  • #83,516
  • Dec 23, 2010 4:59am Dec 23, 2010 4:59am
demo defintely the way to go initially but if there is a way to trade 0.01 mini lots. i would say rather go for that..there is defintely a difference psychologically when even a little bit of real money is put on the line of a trade. at least if your profitable that could pay for the internet connection charges
  • #83,517
  • Dec 23, 2010 5:13am Dec 23, 2010 5:13am
Quoting T2Twell
demo defintely the way to go initially but if there is a way to trade 0.01 mini lots. i would say rather go for that..there is defintely a difference psychologically when even a little bit of real money is put on the line of a trade. at least if your profitable that could pay for the internet connection charges
I think you are right. That's what I am going to do. Will open Oanda account and trade like 0.5%. I spent 5 months here (all negative) and still I will go for it...
  • #83,518
  • Dec 23, 2010 5:27am Dec 23, 2010 5:27am
Quoting Adilius07
I think you are right. That's what I am going to do. Will open Oanda account and trade like 0.5%. I spent 5 months here (all negative) and still I will go for it...

Did you look over the trades and work out where the problem was?
  • #83,519
  • Dec 23, 2010 5:28am Dec 23, 2010 5:28am
Quoting Adilius07
My personal believe that sufficient demo time is a must. 3-6-12 months depends on a trader. But then he must go live. Must try! Even if his results were not as good as he wished.

The mistake will be not to go live ever. I have a friend who spent 12 months demoing daily. He never made any success so he never went live, and gave up for good. Just quit forever. Well, he is proud of himself that he did not loose a $1. I think that's just stupid. Loosing whole YEAR of his life for what? Without even trying waa what a joke. Just killed a year of his...
hey adi

there is no guarantee for any success. i spent 3 years and i don't know if i will success or fail. what if i fail ? i will kill my 5-6 years in my life and also pay money for that. this is also taking risk
  • #83,520
  • Dec 23, 2010 5:32am Dec 23, 2010 5:32am
Quoting Pinbar
Did you look over the trades and work out where the problem was?
Yes. First trades were really dumb, not being picky enough (however they were both profitable) lol. When I went to "being more picky" philosophy I since experience a loosing streak...

I just don't know. Maybe I need to have a few bucks on the line, so my brain will pick differently (somehow).
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