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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

  • #114,181
  • Jul 11, 2012 11:02am Jul 11, 2012 11:02am
Nice buob on important lvl on nzdjpy...
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  • #114,182
  • Jul 11, 2012 12:03pm Jul 11, 2012 12:03pm
Quoting rafstraszek
Nice buob on important lvl on nzdjpy...
Hi rafstraszek.
Bullish outside bars are only worth trading when located at a swing low.
This is not the case here
  • #114,183
  • Jul 11, 2012 12:48pm Jul 11, 2012 12:48pm
I apologize in advance for the length this post is likely to achieve. Hopefully it will be worth reading to some, but I know that it will be worth it to me to share and put these thoughts to the group.

I’ve heard edicts like “someday isn’t a day of the week” all my life, and I have thought that I took that sort of advice to heart. However, I look out on the world now, and my place in it, and I realize that I have always lived with the mythical notion that someday I will have everything that I want and have always imagined for myself. I have applied that mythical perspective to trading up to this point.

I want to achieve a level of success that will afford me the ability to exist in a way that gives me complete freedom to interact with the world. I know that given that freedom I will achieve great things, and help a great many people in the world. I have always seen that freedom coming “someday”, but I have never sat down in the moment and dedicated myself to the process of getting there.

Getting to that point is an incremental endeavor, it’s not one giant leap, and this thread has made me understand that truth in my heart. In trying to become a great trader, I have tried to find that one thing, that system, that bridges the gap between my current life and that mythical "someday" life; hoping for a rainbow bridge to appear and deliver me that freedom without doing the work.

Prior to finding the James16 thread I didn’t even know what the building blocks were when it came to trading. I didn’t have the notion of treating this endeavor like a business, let alone the framework for how to put the blocks together to provide a foundation on which to build my own bridge. I cannot thank the people in the James group enough for giving me an idea of how to begin building, today, for the eventual someday that I have always imagined.

I don’t have any delusions about how arduous the task before me is likely to be. I come from no money, I certainly can’t afford the paid forum at this point, and it will likely take years for me to be trading a large enough account to be able to make a great living through trading. But...It doesn't matter.

The most amazing gift that the James Group has given me is the knowledge that none of those handicaps matter in the long run. With dedication to this as a business, I will get there. I am only seeing the tip of the iceberg at this point as far as the methodology is concerned, but the feeling I have inside of me is completely different, not only in my brief trading career, but in my life in general. In reading through the thread a vision has formed in mind of how to get to where I want to be, and the steps that I need to take in order to be successful in this business. Each of those steps is tangible and achievable in my mind.

I admit freely that I came to Forex thinking that it would shoot me across the gap between my current life and the life of my dreams. I saw that potential from the very beginning, and still believe utterly that trading can be that tool for me. However it wasn’t until finding this group that I stopped looking at trading as a magic bullet and started seeing it as a path I must create for myself through the forest. I don’t have the knowledge yet to win at his game; however I now have the tools and the support that I need to create that path.

I know that I am still lost deep in the forest, but prior to James16 I was simply standing there, surrounded by underbrush, wishing that I could fly in order to get myself out of the darkness. James, and the others here, have come along, given me a machete, a compass, and told me to start hacking away. It’s going to be awhile before I can even see the light of day, and years before I find my way out of the woods completely and enter the Garden of Eden, but for the first time ever I know that I’m at least making progress towards that ultimate goal.

I have no doubts that there will be times when I feel beaten, tired, and will not want to go on. But treating this like a business, and following James’ plan, when those times come I will stop and look around and be able to see the progress I’ve made instead of simply opening my eyes and becoming disheartened because my wishes to fly have not yet worked and I’m still standing in the same darkness that I’ve always been surrounded by.

“Trade demo until you are profitable for three consecutive months”. That sounds like such simple advice, and I’m sure it is ignored by many, but it is profound and concise guidance to someone who has never looked at trading from the standpoint of a true business before. It’s a tangible and clear directive and gives me a concrete target to aim for and a way to gauge my progress. I know exactly what I need to focus on and a way to know when I have gained enough knowledge and experience to move onto the next phase of the business.

Trade demo until I am profitable for three consecutive months: that is my goal right now, and instead of being some mythical and intangible task, it is a clearly defined and achievable target. While I work towards achieving that first step, I will be saving as much money as I can into a trading account. It still will not amount to much, and for reasons that James has outlined many times, I will need to be more focused and determined than someone who can start out trading a large account. But, you know what, I will be as focused as I need to be in order to get where I want to go. If I experience a setback, I will return to the business plan that James has shared with us, and know exactly where I am on the path. If it takes me three months, that's great. If it takes me 30 months, that will only give me more time to build a larger live account to start with. Whatever it takes, I know I will get there.

This is going to be the most difficult thing I have ever done in my life, but I have not a single doubt that it is also going to be the most rewarding. I have attempted to avoid the personal investment that is required to become successful in any endeavor, but finding this thread has destroyed all the illusions around the idea that trading is easy and that I can achieve my goals through mythical pursuits.

If trading was easy, everyone would do it, and it wouldn’t yield the rewards, both monetary and otherwise, that it does to those few who dedicate themselves to the personal growth required to get to the rewards that every trader dreams of. With this thread, and the help and support of the people here, I know I will get there; I have a plan, and for the first time ever a path to follow.

I cannot thank James enough for putting this thread together, nor the others who have made it what it is today. Thank You all.
  • #114,184
  • Jul 11, 2012 12:53pm Jul 11, 2012 12:53pm
Quoting greenpath
[font=Arial]I apologize in advance for the length this post is likely to achieve. Hopefully it will be worth reading to some, but I know that it will be worth it to me to share and put these thoughts to the group.

[color=#000000][font=Arial]I’ve heard edicts like “someday isn’t a day of the week” all my life, and I have thought that I took that sort of advice to heart. However, I look out on the world now, and my place in it, and I realize that I have always lived with the mythical notion that someday I will have everything...

bravo dude, that put the biggest smile on my face today hands down
  • #114,185
  • Jul 11, 2012 1:20pm Jul 11, 2012 1:20pm
Quoting mbqb11
took me awhile to dig up this post, been almost a year and 1800+ pips later

I've finally set my official take profit just a hundred pips shy of Parity(1.0)

I will even look to tighten my stop up more as we move past the swing high

That's a runner

Mike
tightened my stop up under the lows from this week. Take profit is close so this one is coming to an end almost a year later very soon
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  • #114,186
  • Jul 11, 2012 1:29pm Jul 11, 2012 1:29pm
Quoting ts63
Hi rafstraszek.
Bullish outside bars are only worth trading when located at a swing low.
This is not the case here
Well, I disagree. For me it is a swing low. Mid term (or short term - if you like) trend, but still.

But there is a lot of ways looking at charts - there is no one and only true way
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  • #114,187
  • Jul 11, 2012 2:06pm Jul 11, 2012 2:06pm
Quoting mbqb11
tightened my stop up under the lows from this week. Take profit is close so this one is coming to an end almost a year later very soon
Wow, that's huge! Where did you set your stop loss at the beginning? That one red bar in septembre is pretty low
  • #114,188
  • Jul 11, 2012 2:08pm Jul 11, 2012 2:08pm
Quoting mbqb11
tightened my stop up under the lows from this week. Take profit is close so this one is coming to an end almost a year later very soon
Hi Mike,
Just wondering where to put initial stop loss for trade like this, which start with a very big pin bar. If put the stop loss below the pin bar, then the trade size would be very very small.

Thanks,
Tim
  • #114,189
  • Jul 11, 2012 3:10pm Jul 11, 2012 3:10pm
Quoting carbwb6
Hi Mike,
Just wondering where to put initial stop loss for trade like this, which start with a very big pin bar. If put the stop loss below the pin bar, then the trade size would be very very small.

Thanks,
Tim
Hey Tim and SP

Like most of my trades my initial stop goes below the trigger bar. The pinbar in this case. Remember our RISK does not change what changes is our position sizing(if you use %R MM ). So in this case my risk was 3% on the trade with most of my risk reduced very quickly(not position size reduced stop loss reduced). Everything is relative. So the trade size in comparison to the type of move is just relative to the weekly timeframe in this case. Being up around 8% I don't consider small. I could have also ended up with a small loss or less profit too like any other trade it will play out differently

Hope this helps
Mike
  • #114,190
  • Jul 11, 2012 4:12pm Jul 11, 2012 4:12pm
Daily pinbar at EURGBP? or is it too small?
also GBPCHF?
  • #114,191
  • Edited Jul 12, 2012 2:13am Jul 11, 2012 5:19pm | Edited Jul 12, 2012 2:13am
Quote
Stick with the Usd pairs and the low volatility pairs should be a great place to start and end with . .
Hi Jarroo. I was just wondering what your thoughts/opinions are on trading highly correlated pairs (USD pairs) like EU and GU. How do you factor correlation into your trading ? e.g. would you take two long/buy setups on EU and GU at the same time ? I’m trying to come up with a 'watch list' of around 8-12 pairs. You mentioned low volatility pairs as well. Any ones in particular you would recommend for beginners ?

Cheers
Dan
  • #114,192
  • Jul 11, 2012 5:27pm Jul 11, 2012 5:27pm
Nial Fuller setup isnt it?
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all is eternal - this is good news for people who loves bad news
  • #114,193
  • Jul 11, 2012 6:31pm Jul 11, 2012 6:31pm
Quoting balloontree
Daily pinbar at EURGBP? or is it too small?
also GBPCHF?
Hey B

Yep these are VERY tiny fighting strong trends. They could work but you gotta be extra careful and diligent if you are going to play these. These for me are easy passes though. FTA become very very important. Can you identify them?

Best
Mike
  • #114,194
  • Jul 11, 2012 6:58pm Jul 11, 2012 6:58pm
I am keeping an eye on this 4HR Pinbar on the S&P500. It looks interesting but I am not much of a 4HR guy. Anybody with thoughts on it? :-)
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Price is beautiful. A repetitive method is a competitive method.
  • #114,195
  • Jul 11, 2012 6:58pm Jul 11, 2012 6:58pm
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Nice pin at swinghigh....????
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  • #114,196
  • Jul 11, 2012 7:56pm Jul 11, 2012 7:56pm
Quoting Nake
Attachment
Nice pin at swinghigh....????
Hey Nake

Did you see my post just above?

http://www.forexfactory.com/showthre...71#post5833371

Best
Mike
  • #114,197
  • Jul 11, 2012 8:03pm Jul 11, 2012 8:03pm
Quoting mbqb11
Hey B

Yep these are VERY tiny fighting strong trends. They could work but you gotta be extra careful and diligent if you are going to play these. These for me are easy passes though. FTA become very very important. Can you identify them?

Best
Mike
For EURGBP, FTA roughly at 0.79471, correct? For GBPCHF, FTA roughly at 1.51058, correct? Sorry to answer on behalf. I was looking at the same pair and the same pinbar. Too excited to learn

By the way, the reason you pass is due to the pinbar too tiny or the trade is against the trend?
  • #114,198
  • Jul 11, 2012 11:01pm Jul 11, 2012 11:01pm
Dear Greenpath,

I can feel your words are sincere and valuable. I've burned several live accounts worth over USD 10,000 in 3 years and restarting now with Demo Account because I did not follow James on his statement of the first post in this thread. It's a really painful lesson to forget and a big barrier to overcome in future. I share this with a hope that poor newbies can save this kind of expensive learning fees.

Sorry to disturb the thread.

Quoting greenpath

I have no doubts that there will be times when I feel beaten, tired, and will not want to go on. But treating this like a business, and following James’ plan, when those times come I will stop and look around and be able to see the progress I’ve made instead of simply opening my eyes and becoming disheartened because my wishes to fly have not yet worked and I’m still standing in the same darkness that I’ve always been surrounded by.

“Trade demo until you are profitable...
Accept as it is being!
  • #114,199
  • Jul 11, 2012 11:17pm Jul 11, 2012 11:17pm
Quoting anyremote
For EURGBP, FTA roughly at 0.79471, correct? For GBPCHF, FTA roughly at 1.51058, correct? Sorry to answer on behalf. I was looking at the same pair and the same pinbar. Too excited to learn

By the way, the reason you pass is due to the pinbar too tiny or the trade is against the trend?
Hey AR

That's great you want to jump in and learn!

The FTA are actually much closer. Remember F stands for FIRST. This is often an overlooked close bar high(s)/low(s). The smaller a bar like this with little confluence the MORE I would worry about VERY close areas.

I marked them both, how I see it. This doesn't mean price can't break these areas, but I too often see new traders get killed by them too.

This is why it's so tricky to play such small bars with little confluence. Doesn't mean you can't if you are careful, but for me it's tough.

Hope that helps!
Mike
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  • #114,200
  • Jul 11, 2012 11:18pm Jul 11, 2012 11:18pm
Quoting Vnfx
Dear Greenpath,

I can feel your words are sincere and valuable. I've burned several live accounts worth over USD 10,000 in 3 years and restarting now with Demo Account because I did not follow James on his statement of the first post in this thread. It's a really painful lesson to forget and a big barrier to overcome in future. I share this with a hope that poor newbies can save this kind of expensive learning fees.

Sorry to disturb the thread.
This is NOT a disturbance. Thank you for sharing VnFX. Your words will likely help many if not at least just ONE person. It's tough to go through bad losses but thank you for sharing!

This can be a very expensive business to learn from if not treating right from the start. Your words will help someone

Thanks
Mike
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