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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

  • #741
  • Mar 9, 2006 12:31pm Mar 9, 2006 12:31pm
Quoting james16
thanks joe, the best advertising the group will ever get will be this kind. the more members talk about it and the less i do the better.

jim

There are hundreds out there who advertised. The difference is -yours is the "real thing " Jim. You could have kept this holy grail only for yourself. But instead you gave it almost free. I have constantly told others to come to you before they blow their account.
You are a special person; not only in Forex but also in your heart. With all my respect JIM
Highway
  • #742
  • Mar 9, 2006 12:58pm Mar 9, 2006 12:58pm
To Nutmg12 and Highway3000,

Not to be too personal, but how much money have you made since signing up for the PF? How much difference has it made in your accounts?

Not trying to be mean, just careful.

Thanks,

Carl
  • #743
  • Mar 9, 2006 1:32pm Mar 9, 2006 1:32pm
Hi Carl,
I'm going to have a shot at answering all of these questions at once.

I traded very conservatively using some of the price action setups taught by Jim. Trade size was risking 0.5% of the account and often had large stops. I wound up with $200 after about 2.5 weeks (very happy with that, even though they are small returns). This involved checking the charts every day (at the close of the daily bar) and every now and then (keeping an eye on the 4H charts). It has made a difference in my account size but it's also given me the ability to understand what price is doing, what it is likely to do and this can help augment other systems as well. Finally, if I was risking a larger % of the account, the returns would have gone up nicely as well.

When you see a pin bar forming the safe thing to do is wait until it has formed. The eyes should be covered by the range of the previous bar and the nose should stick out a lot. It's also important to see where the pin has formed. After that bar has finished and the next bar starts you should look to enter a trade 10 pips away from the end of the bar, away from the eyes (in the case of the pin bar image I posted, 10 pips below the bottom of the bar, going short). Near the end of the pin bar forming you can usually see that it will look like a pin bar so you could begin to get ready to look for a signal.

Jim's already said that you get better and more reliable signals on longer time frames. Monthly > weekly > daily > Hourly. I wouldn't touch anything below 1H personally although I believe some members (habeeb I think does it) will use a daily or 4H to set a trend then enter off a lower time frame (such as 15m).
Personally, I've played 1 weekly pin off the bottom of the USCAD. Mostly I've looked at weekly (2 or 3 I think) and daily (more) and 4H (some).

How reliable is the trend? How long is the trade going to last? I wish I knew. Sometimes a daily pin bar might only be good for 1 day, or half a day. Sometimes if you can catch them at the right time (on a good swing high or swing low) the trade could probably run for weeks. That's the difficult part: closing your trade. Setting stop losses and managing the risks during the trade is where Jim says you need to experience the trades yourself and learn what will suit you.

I hope this helps.
Cheers,
Linc.

Quoting carlmalden

Not to be too personal, but how much money have you made since signing up for the PF? How much difference has it made in your accounts?

Do you look for a signal before the pin has formed, or after a pin has formed?

Are Day pins better than Minute, Hour, Week, Month, etc....

How reliable is a trend? How long will minute, hour, day, week, month trends usually trend out?

Thanks,

Carl
  • #744
  • Mar 9, 2006 1:54pm Mar 9, 2006 1:54pm
I joined the PF in a " different " way last year. It was more difficult than the present PF and took more time. I then practiced what I learnt. Being in the PC business, I got my employees together and tackle the mql -MT4 programing.
Since 3 weeks ago, I completed putting Jim's bar to make a sound - a musical alert in the Daily, 4 hourly and hourly charts. Thus now all the pairs I want to trade gives a signal when a good formation is in place. I do not need to switch from different pairs and time frames anymore. Upon hearing the alert, I check the closest s/r and Fib lines and decide the risk and profits and watch if I should wait to enter at another better price.
I have also modified 2 indicators to give additional informations.
For the last 2 weeks, I have only one non profitable day from my 3 real running accounts.
Highway
  • #745
  • Mar 9, 2006 2:07pm Mar 9, 2006 2:07pm
Quoting carlmalden
To Nutmg12 and Highway3000,

Not to be too personal, but how much money have you made since signing up for the PF? How much difference has it made in your accounts?

Not trying to be mean, just careful.

Thanks,

Carl

Keep up your guard. Like I said earlier I've lost thousands. 3000 trading and 2000 in courses, materials and signals.



Don't take this the wrong way but you have more to learn than you know.



I set a goal for myself to be trading live again by the end of this year. I started trading on a demo with the concepts and systems in the PF and currently am up over 800 pips since March 1st.



Obviously if I was trading 1 standard lot this past week and a half I would have made all of my money back from last year as well as paid for my one month 99 PF dues and have 3000 extra.



Or paid for over 6 years of the PF.... Joke. It truly does pay for itself. It’s addicting to have access to so much information.



Not too bad!!!!!!!!!!!!!!



The course covers everything you need to know for the next couple years of your trading life.

  • #746
  • Mar 9, 2006 2:15pm Mar 9, 2006 2:15pm
nutmg12,

Thanks for the insight. I have a question for you ... again ......

When you say 800 pips up what size lots do you trade?

or do you simply trade percentage, ie .01, .04, etc...

What things do you feel make it so difficult for you to stay out of
real trading until the end of the year?

Thanks,

Carl
  • #747
  • Mar 9, 2006 2:53pm Mar 9, 2006 2:53pm
Quoting carlmalden
nutmg12,

Thanks for the insight. I have a question for you ... again ......

When you say 800 pips up what size lots do you trade?

or do you simply trade percentage, ie .01, .04, etc...

What things do you feel make it so difficult for you to stay out of
real trading until the end of the year?

Thanks,

Carl
These are the exact question that are answered in the forum.



The PF is broken into 3 sections.



Price Action taught by James16, How to enter and exit trades without any indicators. This section will change the way you look at Charts forever. It’s almost like reading music when you get the hang of it.



Sundial Systems taught by Dialist, Knife and VWB systems. These are actual proven mechanical systems that can be traded with discretion and when combined with James16 price action can be deadly.



Money Management and Trading Psychology taught by Fijitrader. He would be the man to answer your questions above about position size and risk management. Until you've watched live money go out the door on consecutive loosing trades it’s hard to appreciate all of the things Fiji brings to the table.



From 1 to 3 % risk is the suggested amount to risk per trade.



Are you using stops?
  • #748
  • Mar 9, 2006 3:17pm Mar 9, 2006 3:17pm
With only today's trade alone you can pay the PF fee.

Convert the candles to bars to understand.

see here for proofs . Read the thread. Text and sound alert are on chart automatically. Each different formation and alert can beturned on and of individually
http://www.forexfactory.com/forexfor...6&page=2&pp=15
Attached Image
  • #749
  • Mar 9, 2006 5:39pm Mar 9, 2006 5:39pm
Quoting highway3000
There are hundreds out there who advertised. The difference is -yours is the "real thing " Jim. You could have kept this holy grail only for yourself. But instead you gave it almost free. I have constantly told others to come to you before they blow their account.
You are a special person; not only in Forex but also in your heart. With all my respect JIM
Highway
geez highway thanks. i dont know about holy grail but i do know with some practice it can really help. you honor me sir with your kind words. i respect you a great deal also for several reasons.
  • #750
  • Mar 9, 2006 6:54pm Mar 9, 2006 6:54pm
I can definitely vouch for the PF!!!
After joining the PF for month, I have stopped, due to some personal issues Everytime I run into trouble, I think of what Jim has said..

I had a horrible Feb trading due to choppy markets. But I've been doing pretty well for March.. keeping the losses small and always moving s/l to b/e asap.

The 365 EMA is quite amazing Jim..

Did you catch the pin bounce off the 365 EMA at 1.1550 (4hour chart)? I'm up 50 pips atm.

I'll be back to join the pf later this year, once i get some personal stuff sorted.


Ken
Trade what you see, not what you believe.....
  • #751
  • Mar 10, 2006 12:15am Mar 10, 2006 12:15am
Quoting khoong25
I can definitely vouch for the PF!!!
After joining the PF for month, I have stopped, due to some personal issues Everytime I run into trouble, I think of what Jim has said..

I had a horrible Feb trading due to choppy markets. But I've been doing pretty well for March.. keeping the losses small and always moving s/l to b/e asap.

The 365 EMA is quite amazing Jim..

Did you catch the pin bounce off the 365 EMA at 1.1550 (4hour chart)? I'm up 50 pips atm.

I'll be back to join the pf later this year, once i get some personal stuff sorted.


Ken
thanks ken, yeah the 365 is pretty cool. it can be used so many ways. i wish i still had time to watch 4 hr charts. i have managed to get back to daytrading a few futures markets and its honestly my first love. i think the natural progression of the pf will be interesting over the next year. with my long association with futures and charles obvious knack for forex it really could be something special. when your ready we look forward to your return.
  • #752
  • Edited 9:50am Mar 10, 2006 9:47am | Edited 9:50am
Hi Jim,

First - I'm a newbie. I've read Vegas I and II (3+ times each) and I've also read your (this) chart thread at least twice. I have a demo account. For the last week I've been looking for pins and dhlc/dlhc every day. My problem is that I work full time and don't get home till 6:30 each day. I can not trade during my office hours.

So my question is - is there a way for me to make money in forex with this limitation? Do you have anything in your PF that specifically addresses folks like me who are looking to supplement a primary full time income?

Also - Each day this week I get home and look for a pin or dbhlc on the daily chart. I have been looking at the 6 main pairs (Strategy FX version of MetaTrader) but I aint seen narry a one this week. Am I just missing them? Granted I didn't look last night. How often do these patterns occur?

Thanks for the great thread and the stuff I've learned so far.
cm

PS - I prolly should note that I live on the east coast USA.
  • #753
  • Mar 10, 2006 12:54pm Mar 10, 2006 12:54pm
Quoting chartmonkey
Hi Jim,

First - I'm a newbie. I've read Vegas I and II (3+ times each) and I've also read your (this) chart thread at least twice. I have a demo account. For the last week I've been looking for pins and dhlc/dlhc every day. My problem is that I work full time and don't get home till 6:30 each day. I can not trade during my office hours.

So my question is - is there a way for me to make money in forex with this limitation? Do you have anything in your PF that specifically addresses folks like me who are looking to supplement a primary full time income?

Also - Each day this week I get home and look for a pin or dbhlc on the daily chart. I have been looking at the 6 main pairs (Strategy FX version of MetaTrader) but I aint seen narry a one this week. Am I just missing them? Granted I didn't look last night. How often do these patterns occur?

Thanks for the great thread and the stuff I've learned so far.
cm

PS - I prolly should note that I live on the east coast USA.
great questions chart. yeah its tough when your working a regular job. stick with the daily bars and dont neglect the weekly or even the monthly bars. i think one of the best ways to trade for people like you is on weekly bars. lests face it for now you pretty much need to be a part time trader. the weekly bars are great for this. dont trade just to trade, be patient and wait for the good ones. let me post some charts of recent daily and weekly potential trades.
  • #754
  • Mar 10, 2006 1:00pm Mar 10, 2006 1:00pm
examples
Quoting chartmonkey
Hi Jim,

First - I'm a newbie. I've read Vegas I and II (3+ times each) and I've also read your (this) chart thread at least twice. I have a demo account. For the last week I've been looking for pins and dhlc/dlhc every day. My problem is that I work full time and don't get home till 6:30 each day. I can not trade during my office hours.

So my question is - is there a way for me to make money in forex with this limitation? Do you have anything in your PF that specifically addresses folks like me who are looking to supplement a primary full time income?

Also - Each day this week I get home and look for a pin or dbhlc on the daily chart. I have been looking at the 6 main pairs (Strategy FX version of MetaTrader) but I aint seen narry a one this week. Am I just missing them? Granted I didn't look last night. How often do these patterns occur?

Thanks for the great thread and the stuff I've learned so far.
cm

PS - I prolly should note that I live on the east coast USA.
Attached Image
  • #755
  • Mar 10, 2006 1:05pm Mar 10, 2006 1:05pm
example
Quoting james16
great questions chart. yeah its tough when your working a regular job. stick with the daily bars and dont neglect the weekly or even the monthly bars. i think one of the best ways to trade for people like you is on weekly bars. lests face it for now you pretty much need to be a part time trader. the weekly bars are great for this. dont trade just to trade, be patient and wait for the good ones. let me post some charts of recent daily and weekly potential trades.
Attached Image
  • #756
  • Mar 10, 2006 1:13pm Mar 10, 2006 1:13pm
example
Quoting james16
great questions chart. yeah its tough when your working a regular job. stick with the daily bars and dont neglect the weekly or even the monthly bars. i think one of the best ways to trade for people like you is on weekly bars. lests face it for now you pretty much need to be a part time trader. the weekly bars are great for this. dont trade just to trade, be patient and wait for the good ones. let me post some charts of recent daily and weekly potential trades.
Attached Image
  • #757
  • Mar 10, 2006 1:20pm Mar 10, 2006 1:20pm
Quoting chartmonkey
Hi Jim,

First - I'm a newbie. I've read Vegas I and II (3+ times each) and I've also read your (this) chart thread at least twice. I have a demo account. For the last week I've been looking for pins and dhlc/dlhc every day. My problem is that I work full time and don't get home till 6:30 each day. I can not trade during my office hours.

So my question is - is there a way for me to make money in forex with this limitation? Do you have anything in your PF that specifically addresses folks like me who are looking to supplement a primary full time income?

Also - Each day this week I get home and look for a pin or dbhlc on the daily chart. I have been looking at the 6 main pairs (Strategy FX version of MetaTrader) but I aint seen narry a one this week. Am I just missing them? Granted I didn't look last night. How often do these patterns occur?

Thanks for the great thread and the stuff I've learned so far.
cm

PS - I prolly should note that I live on the east coast USA.
Hi Chart,

I'm also sailing in the same boat like you. I too have a full time job. Here is what I do..

1. I look for price action entries on Daily, Weekly charts on 9 pairs.
2. I look for VWB daily on 9 pairs.
3. I also do a long term swing trade based on monthly charts.

Even 4H chart is too much for me since I do not have time to follow it up for so many currencies. I would spend 2 or 3 hours daily on this. You will not see the results overnight. It takes time and after a while you will see that you are in middle of lots of potential entries with better edge.

I'm also a PF member and read a lot from there which helps me think straight !! Jim/Dial/Fiji are doing a great job there and have opened lots of new doors for me..

Shan
  • #758
  • Mar 10, 2006 2:33pm Mar 10, 2006 2:33pm
Jim - Thanks for the info and for posting those charts. Maybe now I will start looking forward to Mondays a little more since it will give me a new bar to look at on the weekly chart. Also as vishalshan pointed out I think looking at more than 6 pairs would help too.

Question. In your post #757 (the one with the 365 ma) would you really consider that to be a pin bar that breaks the 365? I ask because I notice that the close is below the previous bar's low. Or is this a different technique?

Thanks again guys!
cm
  • #759
  • Mar 10, 2006 3:08pm Mar 10, 2006 3:08pm
Quoting chartmonkey
Jim - Thanks for the info and for posting those charts. Maybe now I will start looking forward to Mondays a little more since it will give me a new bar to look at on the weekly chart. Also as vishalshan pointed out I think looking at more than 6 pairs would help too.

Question. In your post #757 (the one with the 365 ma) would you really consider that to be a pin bar that breaks the 365? I ask because I notice that the close is below the previous bar's low. Or is this a different technique?

Thanks again guys!
cm
Hi CM,
As Jim notes on the image it's the first time back to the 365 (a different technique he goes over in the PF). It is not a pin bar (you are right that the close is below the previous bars low, well spotted!!!). If it HAD been a pin bar it would have been a REALLY awesome setup!
Jim's got several techniques that he goes over in the PF. Pin bars are one of them, this '365' trade is another one, which I haven't really tried to trade myself yet.
Cheers,
Linc.
  • #760
  • Mar 10, 2006 5:45pm Mar 10, 2006 5:45pm
Quoting vishalshan
Hi Chart,

I'm also sailing in the same boat like you. I too have a full time job. Here is what I do..

1. I look for price action entries on Daily, Weekly charts on 9 pairs.
2. I look for VWB daily on 9 pairs.
3. I also do a long term swing trade based on monthly charts.

Even 4H chart is too much for me since I do not have time to follow it up for so many currencies. I would spend 2 or 3 hours daily on this. You will not see the results overnight. It takes time and after a while you will see that you are in middle of lots of potential entries with better edge.

I'm also a PF member and read a lot from there which helps me think straight !! Jim/Dial/Fiji are doing a great job there and have opened lots of new doors for me..

Shan
Chartmonkey and Vishalshan

For some of us in Australia, your inability to trade during the EST active hours is akin to our problem which is that those hours correspond to overnight for us. In Brisbane at present 11pm to 8am next morning.

It is vital especially for the older folk like me to be able to place limit or stop entries -- preferably several on one pair -- and review in the morning; or to set alerts when necessary to which we can respond. A baby alarm enables this when the PC is not in the bedroom.

This is where the pin bar and other candle or bar techniques on the daily charts at the end of the NY period are so valuable. The multiple orders are facilitated by the use of VantagePoint (or similar software?) using the predicted highs and lows for the next day plus the 2 and 4 day predicted trend. This also helps to better gauge the exit as the trade entries progress.

The best charting should be capable of an alert when a high or low touches, or approaches an EMA like 150 or 365, or a VWB FIB level. Occasionally there is real action and volatility in the Asian session but this is unusual.
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