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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

  • #104,461
  • Nov 16, 2011 8:34am Nov 16, 2011 8:34am
Quoting Hiten123
I can imagine it being different psychologically, but I'm treating each trade as if it was real. Psychologically I already feel a huge amount of pressure. Not to make x amount of money per week, but to consistently make profits each week on demo. The reason there is so much pressure is because unless I do well on demo, I can't start trading for real, so everything is riding on me doing well in demo. I quit my job for this, so the pressure to make it work is huge.

When I start trading for real, for the first 2 years or so, I'll just be happy to...
I have to reiterate what pinbar is telling you and the importance of the minimum requirements he's copied here.

The amounts of time involved are important because it's very easy to have early success, excellent demo results then go live and blow account after account. Everyone (even me) goes in initially thinking "not me I'm different" but I promise you nobody is different.

Then again, despite all the warnings and above advice many people (myself included) still have to learn this the hard and expensive way. I don't think it's wise to pin everything on this venture until you have an account that can fund your living from 2-3 trades a month as well as a solid financial foundation and emergency fund as well.

No one is doubting your ability to become a successful trader BTW. But please give it some thought before putting all your eggs in this highly volatile basket. Trying to turn a small account into a big account in a short space of time while under pressure to make a living from it will be your undoing regardless of how good a trader you are.
Anything can happen.
  • #104,462
  • Nov 16, 2011 8:52am Nov 16, 2011 8:52am
I would like to introduce my self. I go by the name ladifx. I am 33 years of age married male with beautifull 3 yr old daughter.I am new to J16 and this is my first posting. I believe there is a reason why people end up here at J16. From the website I visited and the thread and some additional research I believe this is whats been missimg in my trading. Self controled disciplined educational commitment. The need to learn and be disciplined and succesfull. I always wanted to be involved in bussiness. I know this is MY BUSSINESS. However not having a lot of experience in/with the bussiness I have a few questions.
1. How does one go about a bussiness plan? What should be realistic bussiness and financial goals? What should be the HIGHLIGHTS of this bussiness plan?
2. Does anyone have a template of tracking your results? I have seen few website that do that but I am a little skeptical about those things.Or what should I be tracking the most?
3. Which platform are you guys recomending to DEMO on? I have been with GFT FOREX for about 3 years and i ve managed to blow the account twice. $2500 each time. Can anyone recomend maybe a better broker?
I know that loosing my money is my fault.
I am ready to close the old book of my gambling style trading and learn something new every day. I will do my best to succeed in this bussiness and will build it from bottom up. Someone once told me LEARN AS MUCH AS YOU CAN AND TEACH AS MUCH AS YOU CAN. I hope to find some interesting folks here to share and learn new tricks. Good luck to everyone.
  • #104,463
  • Nov 16, 2011 9:07am Nov 16, 2011 9:07am
Hi Hitten,
I have been trading for a few a while , but am new to this group., so I'm still a newby on this group.

Be very careful, theses guys know what they are doing,

Read the first page (10 times or more ), trade James 16 's rules, daily and weekly , only. 3 months profit.
go to the pf forum and explore the visitors page. there are lots of links and very worthwhile video's
sure the trades don't come every hour, but waiting is part of the discipline, and trading the daily and weekly will help build the required discipline.

people often trade short term because they are board, be very careful and realize that only the a++ trades are taken and listen to the old guys , you'll quickly see who they are.

and remember trades are not this http://www.xtranormal.com/watch/12631896/finding-trades as posted by james 16 himself.

trade well

mike
  • #104,464
  • Nov 16, 2011 9:07am Nov 16, 2011 9:07am
I don't do this ever but I could really use everyone's prayers out there. My friend who is a cop was struck by a car late last night while doing a routine traffic stop. He is in very critical condition. Please pray for him

Thanks
Mike
  • #104,465
  • Nov 16, 2011 9:18am Nov 16, 2011 9:18am
Quoting Pinbar
Did you even read the J16 post, I put up.

Doesn't sound like it.

You won't build your account slowly on H1, you will lose all your money quickly.

That is the point J16 is making.

You are now on the important demo phase but, you are ignoring the Man's advice so, you are not treating this as a business.

Ok, you won't listen to reason. I shall cease for trying to get you to.

PS: You just answered the question as to why this is not the correct manner to go about things.

[color=DarkOrange]"I quit my job for this, so the pressure...

I have read that post many times, before I read any other post in this thread. I'm not jumping into live trading straight away, and as I said, I will only go live if I'm profitable for 3 months consistently. I may not be following James16's advice 100%, but I'm going to be following it 90%. Everything else he says I'm following, apart from time frames, because way before I even started demo trading, when I was just watching the charts, I always watched the hour charts and that is where I feel most comfortable.

As for losing money quickly, I don't see why I HAVE to blow my account if I use stop losses and only risk 2% per trade. If I was that bad a trader and my account went down to 50% or less I would just stop trading. Like I said, I don't have bills to pay and live at home. I'll go in with a £2000 account. If I blow that, I can still survive. Not that I'm going to be careless about it, but all I'm saying is I'm single, I don't have a mortgage or bills to pay, a family to look after. Yes there is pressure to succeed, but this is different from the pressure to pay bills or look after family.

"This was not a good position to put yourself in & is a major concern!"

What's done is done, I want to make this work, I have to make this work, and I'm in it for the long haul.


"Ok, you won't listen to reason. I shall cease for trying to get you to."

Any advice is always welcome. I will always listen, but won't always follow. That does not mean I will never follow.
  • #104,466
  • Nov 16, 2011 9:27am Nov 16, 2011 9:27am

I can absolutely vouch for what these guys are saying. I've been trading for about a year and a half...

I started off trading on 5min charts with 'in house' strategies and the result was pretty consistent for 6 months... slowly build up over a few weeks then crash back down to evens. I was lucky because I was taught risk management above everything - but there is too much noise in these low timeframes.

This thread has literally turned around my trading and there is no doubt that it is working off daily charts as minimum.

I have to be honest, I do still place trades off 1h and 4h even though I know I shouldn't - I do get some winners, but if I look back over my last 3 months... I'd be more profitable if I didn't.

The message here is not 'You can't day trade'. Because you can use that time for your education and analysis.

I'm sure this has been said a thousand times here but trading isn’t get rich quick, it's get rich slow.

It's the curse of being clever, because clever people naturally think of ways to improve on a system to suit themselves.

It is what clever people always say when they see a system
"Ah that won't work for me. I'll be the exception and improve on the system."

I believe a strong point of the J16 way of trading is to establish a consistent and stable base to provide a platform of profit and learning - then you can start to develop your own style based on what works for you better.

1 - Get consistent profit from PROVEN EFFECTIVE METHODS
2 - Find distinctions that work to your personal preferences AFTER you have consistent results

When I was struggling to get to grips with a slow and steady learning process, a friend of mine sent me this quote -

Ask yourself the question "how many years would you go to college if you knew for a fact that there was a million dollars a year job at the end of it?"
  • #104,467
  • Nov 16, 2011 9:33am Nov 16, 2011 9:33am
[quote]
Quoting ladifx
I would like to introduce my self. I go by the name ladifx. I am 33 years of age married male with beautifull 3 yr old daughter.I am new to J16 and this is my first posting. I believe there is a reason why people end up here at J16. From the website I visited and the thread and some additional research I believe this is whats been missimg in my trading. Self controled disciplined educational commitment. The need to learn and be disciplined and succesfull. I always wanted to be involved in bussiness. I know this is MY BUSSINESS....
Welcome Ladifx I put my answers below

Quote
1. How does one go about a bussiness plan? What should be realistic bussiness and financial goals? What should be the HIGHLIGHTS of this bussiness plan?
This is largely going to be very personal. Right now being so new, what you should be looking to do is learn concepts like (money mgmt, demoing , support/resistance etc). It's hard to set goals etc when you are so new because you have no idea where you will or won't be. This is why James outlines in post 1 what he calls the minimum requirements. This will keep you on a path that is appropriate as you learn and acquire new information, which over time will begin to formulate your plan. This plan will constantly evolve over time. Where you are now verse 6months, a year , 2 years etc will be VERY different. THis is part of the learning curve. Start diving into the posts, asking questions etc.

Quote
2. Does anyone have a template of tracking your results? I have seen few website that do that but I am a little skeptical about those things.Or what should I be tracking the most?
You can keep it pretty basic. Most people have a spreadsheet, just tracking their trades. Some are more detailed then others. Taking screenshots of your trades, recording your thoughts during your trades, any information that you can come back and review. Many even record videos of their trades these days so they can come back and hear their thought process.

Quote
3. Which platform are you guys recomending to DEMO on? I have been with GFT FOREX for about 3 years and i ve managed to blow the account twice. $2500 each time. Can anyone recomend maybe a better broker?
I know that loosing my money is my fault.
I am ready to close the old book of my gambling style trading and learn something new every day. I will do my best to succeed in this bussiness and will build it from bottom up. Someone once told me LEARN AS MUCH AS YOU CAN AND TEACH AS MUCH AS YOU CAN. I hope to find some interesting folks here to share...
You can really pick any demo account, you don't have to go LIVE with the same broker you demo with. I would consider a demo broker like FXpro since they have a ton of pairs to watch and it is a reliable platform in terms of a demo feed.

Again welcome and best of luck!
mike
  • #104,468
  • Nov 16, 2011 9:39am Nov 16, 2011 9:39am
Quoting mbqb11
I don't do this ever but I could really use everyone's prayers out there. My friend who is a cop was struck by a car late last night while doing a routine traffic stop. He is in very critical condition. Please pray for him

Thanks
Mike
First post here..

I'm a Buddhist, sincerely pray for your friend ..

Amitabha 阿弥陀佛

Bill
  • #104,469
  • Nov 16, 2011 9:40am Nov 16, 2011 9:40am
Quoting Pinbar
MINIMUM REQUIREMENTS / THIS IS A BUSINESS

WHATEVER / WHICHEVER WAY YOU DECIDE TO TRADE YOU MUST (AT A MINIMUM):

  1. ON DAILY AND WEEKLY TIME-FRAMES, YOU ONLY DEMO-TRADE FOR THREE CONSECUTIVE PROFITABLE MONTHS IN A ROW. YOU DO NOT PROCEED TO STEP TWO UNTIL COMPLETED..

how about weekly--daily---hours---5mins? whenever i find a chance on weekly chart ,i will turn chart to daily ,wait for better trigger chance on daily chart ,when i find a good chance on daily chart ,i will turn chart to hours chart for better trigger chance ,,,,,,,and so on . the reasult ,i find chance on weekly chart ,and trigger on 5 mins chart . just my opinion.
A chart helps those who can read it.
  • #104,470
  • Nov 16, 2011 9:48am Nov 16, 2011 9:48am
Hello Mike SIr,

Which broker do you use for trading . I am currently using fxprimus for live and fxpro demo for price action trading
  • #104,471
  • Nov 16, 2011 10:06am Nov 16, 2011 10:06am
Quoting mbqb11
I don't do this ever but I could really use everyone's prayers out there. My friend who is a cop was struck by a car late last night while doing a routine traffic stop. He is in very critical condition. Please pray for him

Thanks
Mike
Done
Anything can happen.
  • #104,472
  • Nov 16, 2011 10:06am Nov 16, 2011 10:06am
Quoting geniusztc
[/list]how about weekly--daily---hours---5mins? whenever i find a chance on weekly chart ,i will turn chart to daily ,wait for better trigger chance on daily chart ,when i find a good chance on daily chart ,i will turn chart to hours chart for better trigger chance ,,,,,,,and so on . the reasult ,i find chance on weekly chart ,and trigger on 5 mins chart . just my opinion.
I like to do the exact same thing - very powerful indeed.
  • #104,473
  • Nov 16, 2011 10:11am Nov 16, 2011 10:11am
Quoting mbqb11
I don't do this ever but I could really use everyone's prayers out there. My friend who is a cop was struck by a car late last night while doing a routine traffic stop. He is in very critical condition. Please pray for him

Thanks
Mike
Hey Mike ,
sorry to hear that . I know what it is to fight for your own life , and that there is nothing more important than health . But that's a big story and not for here . So I really hope your friend to be fine !
  • #104,474
  • Nov 16, 2011 10:47am Nov 16, 2011 10:47am
Quoting mbqb11
I don't do this ever but I could really use everyone's prayers out there. My friend who is a cop was struck by a car late last night while doing a routine traffic stop. He is in very critical condition. Please pray for him

Thanks
Mike
I'm praying
skype: ststroud. let's talk trading.
  • #104,475
  • Nov 16, 2011 10:58am Nov 16, 2011 10:58am
Quoting Hiten123
I know, and I appreciate your concern, and it is great to know that there are people out there who care, but I think what will help me is that I'm still living at home so I don't have the pressure to pay bills or anything. This is my 3rd week demoing. The first week I made a profit of £5.00, the second week £50, and this week I've made £100 so far. I think I'm slowly improving. I never risk more than 2% of my account on one trade and make sure my expected reward is at least double that. I'm only going to start trading for real if I have another...
Hello

I have to try help Mike and PinBar explain you the right way to do this thing, and everyone else should do it the same way. This people knows what they are doing, know why they write what they write, but if you are like me, you need hard evidence to believe it.

This is something would convince me if I were you.

Trading 1 hour tf on 10 pairs for 3 weeks, you should have a good amount of trades, like 20? 30?. I think this is enough evidence.

I advise you to do the following. Look for a good trade, like the one that you posted. This is a 1hr chart on cad jpy. A tiny pinbar, supported by fib level, that did the work to move the price down for a good profit.

OK, lets zoom out the chart. You can see that this level acted as support on three moves down, and rejected price. Once price passed through that level, price retested the level, and of course, rejected it again, acting now as resistance.

Now lets change the TF of your chart. Lets look at this level on 4Hr, this level bounced price 6 times before. This seems to be a good level, an interesting level, where price gets rejected once it gets there.

Now lets change the TF again and go to the Daily. Price was recently rejected all three days before, and even a month ago was rejected too, when price retested that level after it breaks through.

If you saw all of this before you pulled the trigger, then it is kind of OK, (I dont know, lets read the experts opinion). But if you are only watching 1 Hr TF, probabilityes are that you get that kind of luck only..... 10% of the trades you take?. And this is getting lucky. Instead of doing that, give it your money to a lottery, because the chances you have on the lottery are higher than doing this.

The exercise that I advise you to do, is watch every trade you already took, and zoom out your charts, go to higher TF, and demonstrate yourself that the good trades you took have what the experts call "confluence" in many factors: Fib Levels, PA formations, Trendlines, Formations like wedges, flags, Divergence, and so on.... all the things you have read before, and all you need to do is put them together in a "story", like Mike calls it.

Believe me, dont think this excercise is a waste of time, and you will loose opportunities to take a good trade that puts you in your goal of 80% profit loss ratio.

In the loosing trades, you wont find anything on the higher tf, so why dont you look first at those tf, to filter those bad trades, and focus on the important levels, and trade your favourite method?

This is something you wont regret, tell the difference between the lucky trades, and the real good ones.

Hope this helps

Best trading

Hector
Attached Image(s) (click to enlarge)
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  • #104,476
  • Nov 16, 2011 11:28am Nov 16, 2011 11:28am
Quoting Hiten123
I know, and I appreciate your concern, and it is great to know that there are people out there who care, but I think what will help me is that I'm still living at home so I don't have the pressure to pay bills or anything. This is my 3rd week demoing. The first week I made a profit of £5.00, the second week £50, and this week I've made £100 so far. I think I'm slowly improving. I never risk more than 2% of my account on one trade and make sure my expected reward is at least double that. I'm only going to start trading for real if I have another...

At the very least I would advice to trade off daily, weekly and monthly ppz levels and entry on 1 hour..
Trading is a test match not a Twenty20.
  • #104,477
  • Nov 16, 2011 11:30am Nov 16, 2011 11:30am
Most of my family are cops and had been injured while crowd control, raid on illegal places..

All my prayers with Mike's friend..
Trading is a test match not a Twenty20.
  • #104,478
  • Nov 16, 2011 12:00pm Nov 16, 2011 12:00pm
I would like to get some opinions. Firstable I would like someone to explain me how you guys define a PIN BAR. In this attachment a highlighted what I believe is a few PIN BARS. Also I woould like to learn how to enter into position using the PIN BAR and where to set up stop loss and profit levels. Somehow I would like to learn how to input Fibonacci in to this.
Attached Image (click to enlarge)
Click to Enlarge Name: EUR-USD 11-16-11 11am.png Size: 130 KB
  • #104,479
  • Nov 16, 2011 12:05pm Nov 16, 2011 12:05pm
Quoting mbqb11
I don't do this ever but I could really use everyone's prayers out there. My friend who is a cop was struck by a car late last night while doing a routine traffic stop. He is in very critical condition. Please pray for him

Thanks
Mike
I am very sorry for your friend Mike.....I'll pray for him like he would be a friend of mine.

All the best.

Luca
Patience is essential
  • #104,480
  • Nov 16, 2011 12:11pm Nov 16, 2011 12:11pm
thanks guys, I know your prayers would mean so much to him
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