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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

  • #104,481
  • Nov 16, 2011 12:44pm Nov 16, 2011 12:44pm
Dear Mike, I am quite familiar with suffering & loss of loved ones, and from my heart pray for your friend's full recovery! I particularly pray for him because he is a cop who dedicates his life to protect and serve for others to be safe. My Very Best Wishes for him, and Strength to his Family & Friends!
t


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
"As Kids we believe Anything is Possible; the Trick is to never forget it!"
  • #104,482
  • Edited 1:46pm Nov 16, 2011 1:12pm | Edited 1:46pm
Pinwing, that's something I'm willing to try, thanks. I have demo accounts open with two brokers. FXpro and 4XP. I could have the 1 hour charts open on FXpro and the daily charts on 4xp.

Here's another trade I made a few hours ago. If you look at the circled area there is an evening star pattern. It's a good evening star pattern because there is a gap between the real bodies of the two spining tops and the candle before the first spinning top. There is also a gap between the second spinning top and the candle after it. This also happens to take place around a previous resistance area, the 50% fib retracement level AND the 150 period EMA (blue line). All of these things gave me the signal to go short so I entered at 1.0380 and closed at 1.0350. I closed it a little too early but I'm happy with the profit I made. My current win percentage on 1H is 12/18. 66% I'm not quite happy with it. Hopefully your idea of looking at daily TF's will help me reach the 80% win ratio I'm looking for. If not, then I guess I will have to give in and start trading daily TF's only.

Edited to add: If I take your advice and zoom out of the charts, this used to be a previous support area. Looking at the 4 hour charts, it was also resistance around that area, and it also provided some resistance around the same area on the daily. I see what you're saying.

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Mike, I hope your friend recovers soon, I know what it's like. Recently lost someone close.
  • #104,483
  • Nov 16, 2011 1:15pm Nov 16, 2011 1:15pm
Ladifx,
Hi
I started by reading the first page,
step two was to commit to reading ALL the posts, but the first 200 would be a good start.
go to the PF james16, and visit the visitors area, there's lots of info and great videos.
have fun
Mike
  • #104,484
  • Edited 1:33pm Nov 16, 2011 1:16pm | Edited 1:33pm
Quoting meshka
there is my USDCAD story with very profitable end I hope just need some patience.
I'm also watching this one and I'm not sure but I'm guessing ur looking at a long entry...

Fraid I see things slightly differently lol.

I see quite a lot of confluence - 365MA fibs and resistance. thats a 2 day pb BTW

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  • #104,485
  • Nov 16, 2011 1:26pm Nov 16, 2011 1:26pm
Sory to hear that Mike ... hope your friend gets well as soon as posible ... fingers crossed .
------------------------------------------------------------------------------------------------

By the way nice to see that older expirienced members are still here teaching and posting great charts ... need to get a grip and come here more often .
  • #104,486
  • Nov 16, 2011 1:42pm Nov 16, 2011 1:42pm
Quoting mbqb11
thanks guys, I know your prayers would mean so much to him

Add my voice to that Mike - send him my best wishes for a speedy recovery.
  • #104,487
  • Nov 16, 2011 2:06pm Nov 16, 2011 2:06pm
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
Praying for his quick recovery..
  • #104,488
  • Nov 16, 2011 2:10pm Nov 16, 2011 2:10pm
well sorry guys but to tell the truth i do hate cops and sorry for telling you the truth , but i will make it as exception and wish him quick recovery..,
  • #104,489
  • Nov 16, 2011 2:22pm Nov 16, 2011 2:22pm
Quoting extremerrage
well sorry guys but to tell the truth i do hate cops and sorry for telling you the truth , but i will make it as exception and wish him quick recovery..,
Nice guy! I think you should crawl back into your hole and stay there.
  • #104,490
  • Nov 16, 2011 2:29pm Nov 16, 2011 2:29pm
Quoting extremerrage
well sorry guys but to tell the truth i do hate cops and sorry for telling you the truth , but i will make it as exception and wish him quick recovery..,
i got caught by Cop once for not having license and driving the car..
but the guy left me without asking a bribe (it happens a lot here)

Speedy recovery for Mike's friend!
in all,Cops keeps us safe!
  • #104,491
  • Nov 16, 2011 2:36pm Nov 16, 2011 2:36pm
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
Prayers for him and his family.
  • #104,492
  • Nov 16, 2011 2:37pm Nov 16, 2011 2:37pm
eur/usd 1.3400 seems like a good place for some decent price action...
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meine augen sind die sterne
  • #104,493
  • Nov 16, 2011 2:48pm Nov 16, 2011 2:48pm
Thanx Mike...
It is quiet overwhelming to start with J16. I did check out the website and some videos. I just need to absorb all the info in. Hard to say where to start right now.I will be dedicating more time to studying and reading about trading here at J16. Thank you all for the help.
Quoting mmikemj
Ladifx,
Hi
I started by reading the first page,
step two was to commit to reading ALL the posts, but the first 200 would be a good start.
go to the PF james16, and visit the visitors area, there's lots of info and great videos.
have fun
Mike
  • #104,494
  • Nov 16, 2011 3:01pm Nov 16, 2011 3:01pm
Quoting mbqb11
thanks guys, I know your prayers would mean so much to him
Count on our prayers for your friend!!!

Hector
  • #104,495
  • Nov 16, 2011 3:14pm Nov 16, 2011 3:14pm
Quoting PinWing
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....
I never thought to look the market in this way.....but nice post indeed.
Patience is essential
  • #104,496
  • Edited 3:45pm Nov 16, 2011 3:16pm | Edited 3:45pm
Quoting extremerrage
well sorry guys but to tell the truth i do hate cops and sorry for telling you the truth , but i will make it as exception and wish him quick recovery..,

If i were you i would cancel this post.....it's a shame.
Patience is essential
  • #104,497
  • Nov 16, 2011 3:18pm Nov 16, 2011 3:18pm
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
Speedy, full recovery for Milkes friend please!!! My thoughts are with him/you m8....
  • #104,498
  • Nov 16, 2011 3:52pm Nov 16, 2011 3:52pm
Quoting Pinbar
MINIMUM REQUIREMENTS

If you are new to trading and/or you have had difficulty finding some consistent success, you must understand something. This is not a game and it's not a way to get rich quick. I suppose there is the odd exception of the person with a ton of money to play with, but if you approach this business without a business plan and the willingness to follow it, you are almost certainly doomed to failure. A doctor spends ten plus years in a grueling learning curve to be successful and earn a six figure income; anyone who thinks...
+1 No kidding on this one. Funny you use the adjective of a doctor. That is exactly what I use to remind myself how little time the ~3 years I have spent with J16 to get to where I am. If it takes another 7 I would still consider it to be a drop in the bucket for long term financial sucess. Funny part about J16 is one of the reasons I decided to join was the really long and ominous warning message to be able to login on the pf. Who does that? People who aren't here to blow more smoke up your a** and take your hard earned money. Unfortunately most people don't see that until after some real pain with trading. Jim only put these rules together because he saw them as the best way he had found to attain trading success. Who are we to call that into question?

Thanks PB,
Ryan
  • #104,499
  • Nov 16, 2011 4:04pm Nov 16, 2011 4:04pm
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 just wanted to say that I find your post deeply concerning personally. It is not meant to cause offense, but unless you are the very very very small exception this will not likely end well. Everyone who has stuck with this thread started off with the exact same thought process you presently have and it wasn't until various levels of pain were inflicted on us (by ourselves...) that we adjusted our expectations. No one is saying that you cannot do it, we just see ourselves in your timeline expectations. No matter what I wish you well on your endeavours. Please just keep posting with questions.

Ryan
  • #104,500
  • Nov 16, 2011 4:11pm Nov 16, 2011 4:11pm
Quoting ddinnov
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...
Ha ha when I was in real estate sales I used to very much dislike selling to people from cultures who were raised that every thing was open to negotiation. They were a pain to get to sign the contract, but I degress. One thing that most all of them did was ask the same question a hundred different ways to all 3 of us on the sales team. They did this for one easy reason though. It was to shake out all of the BS. If the answers were consistent no matter who answered or what the question was then they were truthful. These posts are the exact same. The OP of the question is posting in different way hoping for a different answer, but he should notice the answers are not changing. That is because everyone is speaking from personal experience and honesty....

Ryan
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