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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

  • #98,521
  • Jul 14, 2011 5:51pm Jul 14, 2011 5:51pm
Quoting gungriffin
My understanding from Mike is that Jim uses a 150 and 365 EMA set to the close. Don't want to put words in Jim's mouth though

Yes . .they are 150 and 365 EMAs set at the Close. .
Indicators show the past. Price Action "Indicates" the future.
  • #98,522
  • Jul 14, 2011 5:53pm Jul 14, 2011 5:53pm
Quoting gungriffin
Hey partner, just want to clarify that I was not trying to be a smart butt with my post. We all want to help. I was just confused as to what you were looking to accomplish when I posted my first reply and that did not seem to answer your question. We all try to be very helpful and sometimes I come across a bit brash, but I am working on fixing that.

Thanks for posting,

Ryan
Thanks for this post Ryan . .
Indicators show the past. Price Action "Indicates" the future.
  • #98,523
  • Jul 14, 2011 6:09pm Jul 14, 2011 6:09pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting james16
CHART
Thanks, Jim, great chart. How do you trade off this type of set up? You had good reason to believe 9500 would be strong resistance. The green bar came close but failed. The red bar made another weak attempt and failed. At what point would you decide it is time to short? Break of the green bar or before that? Thanks again.
  • #98,524
  • Jul 14, 2011 6:19pm Jul 14, 2011 6:19pm
Not sure if my post is entirely moral and I don't want to fill anyone here with false hope but... As of June 21 after 6months of following, practicing and demoing, I decided to start afresh on a 500GBP DEMO account. In little over 3.5 weeks, that 500GBP stands at 1,011.88GBP. Double the original amount.

Will I be trading the same % on my live account. No.

I checked my charts twice daily, and only followed the daily timeframe.

I have nothing more to say other than a big thank you to Jim, his band of merry men and all those asking questions.

I hope this continues on my somewhat smaller live account
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  • #98,525
  • Jul 14, 2011 6:28pm Jul 14, 2011 6:28pm
Quoting 5.25
Not sure if my post is entirely moral and I don't want to fill anyone here with false hope but... As of June 21 after 6months of following, practicing and demoing, I decided to start afresh on a 500GBP DEMO account. In little over 3.5 weeks, that 500GBP stands at 1,011.88GBP. Double the original amount.

Will I be trading the same % on my live account. No.

I checked my charts twice daily, and only followed the daily timeframe.

I have nothing more to say other than a big thank you to Jim, his band of merry men and all those asking questions....
That's sweet . . 5.25 . .

Very Nice.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #98,526
  • Jul 14, 2011 6:32pm Jul 14, 2011 6:32pm
Quoting jdl
Thanks, Jim, great chart. How do you trade off this type of set up? You had good reason to believe 9500 would be strong resistance. The green bar came close but failed. The red bar made another weak attempt and failed. At what point would you decide it is time to short? Break of the green bar or before that? Thanks again.
It has more to do with a confluence of levels . . the 9500 BRN and a trendline lining up to an almost extract point and with the down trend.

Now throw in some big bearish PA at this exact level and we're talking A+ setup time . .

Multiple confluences Rule . .
Indicators show the past. Price Action "Indicates" the future.
  • #98,527
  • Jul 14, 2011 6:36pm Jul 14, 2011 6:36pm
Quoting jarroo
Thanks for this post Ryan . .

Yeah, perhaps I should have resisted the temptation to laugh.

I am learning, slowly.
  • #98,528
  • Jul 14, 2011 6:36pm Jul 14, 2011 6:36pm
Quoting jarroo
Now throw in some big bearish PA at this exact level and we're talking A+ setup time . .
Awwww yeeaahhhh.... That is the stuff that dreams are made of! Only a few a year, but as with all good things- They don't appear often, but they are well worth the wait.
  • #98,529
  • Jul 14, 2011 6:40pm Jul 14, 2011 6:40pm
Quoting Pinbar
Yeah, perhaps I should have resisted the temptation to laugh.

I am learning, slowly.
Nothing wrong with a little laugh, Pinbar . . . just throw in a little help with it . .. and everyone will laugh with you. . .


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #98,530
  • Jul 14, 2011 6:52pm Jul 14, 2011 6:52pm
Quoting jarroo
Nothing wrong with a little laugh, Pinbar . . . just throw in a little help with it . .. and everyone will laugh with you. . .


Jim
I hear you my friend.

Perhaps we should mention that j16 is not about an MA cross as such but, the EMAs are used more as floating resistance and that, by the time an MA crosses price is already doing something else.
Thus, J16 is using price as the indicator and not the EMA itself, price does not lag, unlike the MA cross.
  • #98,531
  • Jul 14, 2011 6:53pm Jul 14, 2011 6:53pm
Quoting gungriffin
Awwww yeeaahhhh.... That is the stuff that dreams are made of! Only a few a year, but as with all good things- They don't appear often, but they are well worth the wait.

You would be surprised that they happen more often then a few times a year . .maybe not the same pair but that's why we look at many different pairs along with other different confluences like swing High/Lows, size of the PA, fib levels, MAs, etc. . .oh did I mention PPZ levels too . . .
Indicators show the past. Price Action "Indicates" the future.
  • #98,532
  • Jul 14, 2011 7:00pm Jul 14, 2011 7:00pm
Quoting Pinbar
I hear you my friend.

Perhaps we should mention that j16 is not about an MA cross as such but, the EMAs are used more as floating support/resistance and that, by the time an MA crosses price is already doing something else.
Thus, J16 is using price as the indicator and not the EMA itself, price does not lag, unlike the MA cross.

Well said Pinbar . . .. .I'm sure that would have been his next question and you just answered it for him . .nice.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #98,533
  • Jul 14, 2011 7:02pm Jul 14, 2011 7:02pm
Quoting jarroo
If you're using a MT4 Plat, this pic should help.

Let me know if you need more help . .

Jim
thank you Jarroo

This is why I love you and this thread

Mike
  • #98,534
  • Jul 14, 2011 7:04pm Jul 14, 2011 7:04pm
Quoting mbqb11
thank you Jarroo

This is why I love you and this thread

Mike
Please Mike . .I told you not to talk like that to me in public .. (geesh) . . .
Indicators show the past. Price Action "Indicates" the future.
  • #98,535
  • Jul 14, 2011 7:07pm Jul 14, 2011 7:07pm
Quoting mbqb11
Hey SG

I am watching the .50 area now, and will consider closing it if we close around there. Just watching how we are reacting here

Best
Mike
in case anyone was wondering I closed this one out
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  • #98,536
  • Jul 14, 2011 7:08pm Jul 14, 2011 7:08pm
Quoting 5.25
Not sure if my post is entirely moral and I don't want to fill anyone here with false hope but... As of June 21 after 6months of following, practicing and demoing, I decided to start afresh on a 500GBP DEMO account. In little over 3.5 weeks, that 500GBP stands at 1,011.88GBP. Double the original amount.

Will I be trading the same % on my live account. No.

I checked my charts twice daily, and only followed the daily timeframe.

I have nothing more to say other than a big thank you to Jim, his band of merry men and all those asking questions....
Congrats to Floppy. I'm Olde enough to understand 5.25...
Do you have any idea how good that post made a bunch of us feel?
I don't often comment on the PinBar side. There are far more astute players there than I would consider contesting but this one cracks the nut.
It Works. Yes it does.

Cool...

B
  • #98,537
  • Jul 14, 2011 7:19pm Jul 14, 2011 7:19pm
Quoting jarroo
Please Mike . .I told you not to talk like that to me in public .. (geesh) . . .

Who am I kidding . .I have a pretty deep Man-crush on you Mike .. . .
Indicators show the past. Price Action "Indicates" the future.
  • #98,538
  • Jul 14, 2011 7:19pm Jul 14, 2011 7:19pm
Quoting gungriffin
It is possible and will only be as difficult as the commitment of our mind to accept it as possible

That last statement is a pillar to how I feel about trading success. We cannot achieve anything until our minds TRUELY at a subconscious level believe that they can and also that we deserve to be successful. If our minds do not believe that we deserve success then our mings will direct our attention to destructive activities in our accounts (over trading, not taking proper trades, over confidence etc...)
This isn't directed at you, more a general comment on something I see a lot (here and elsewhere). People love thinking that the only thing holding them back is 'psychology', and if they just work on 'the mental game' then they would suddenly be bathing in money.

Unfortunately, that just aint the case.

While it works for Tony Robbins (ie, get rich selling seminars), in the real world... well. Having a -EV trading system is a losing proposition. You cant use your mind's subconscious power to magically turn your losing system into a winning system. Despite what people selling crap on the internet will tell you, winning isn't all in the mind. It's on the account statement. It's in your research. It's in your execution of a +EV methodology.

If I had to take a guess (which I dont, but whatever), I'd say it is because it easy for people to say 'gee, im a kickass trader, if only I could stop mentally self-sabotaging my kickass trading I would make kickass money and be a kickass zillionaire!' and then go and read some poorly written 'mental game' book full of vague claims and parroted motherhood statements. BELIEVE AND ACHIEVE! It is a hell of alot less palatable to say 'gee, I might be losing money because my methodology is rubbish and I have no actual evidence that it is profitable'. Because then you might have to do some real work.

(the third option is even less palatable. some people are just bad at some things.)

Most traders arent net negative at the end of the year because they havent read Mark Douglas or The Secret. They are net negative because they have shitty entries, shitty exits and use shitty risk management.

On the other hand, plenty of people make a ton of money and dont give a second thought to 'truly wanting success at a subconcious level'. They just know what they are doing, have a winning methodology and apply it. And they will make money, regardless of whether they are 'in the zone' or drunk off their ass.

Math > pop-psychology

Can trading psych help some people improve their results? Sure. But it's like a pair of new golf gloves - if you cant hit the damn ball, new gloves aren't going to magically make you Tiger Woods (or get you the money and women )
When you have to shoot, shoot. Dont talk.
  • #98,539
  • Jul 14, 2011 7:21pm Jul 14, 2011 7:21pm
Quoting Adilius07
No this is not what I meant. Not trading 3K to 100K, is impossible, how many % would that be?
Quoting thermobee
I disagree with the notion that 3k cannot be turned into 100k. If you have positive trades, while always keeping at 2% risk (which means an increase in lots as you grow your account) this can be done for sure.
This is true. It will just take a longass time. And, since time has a value, most people are actually losing money, even if they are marginally ahead.

There was a story in some trading magazine about some woman who managed to turn $1000 into $25,000 last year. Big feature on 'look at how successful you can be at the tradings, housewives!'. And she talked about how much work it was, how she worked 50 hours a week and was really dedicated and blah blah. That's awesome, except she could have made twice as much at an entry level job.


Quoting Knight Rider
If people win over 90% of the time on these trades, then that's fantastic.
If people win over 90%, they need to double check their calculations.
When you have to shoot, shoot. Dont talk.
  • #98,540
  • Jul 14, 2011 7:22pm Jul 14, 2011 7:22pm
Quoting jarroo
Who am I kidding . .I have a pretty deep Man-crush on you Mike .. . .
lolololol
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