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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

  • #118,501
  • Sep 16, 2012 1:31pm Sep 16, 2012 1:31pm
Quoting mbqb11
Hey Dan

Subjective is really experience. That's all. It's why you can't just learn to be profitable over night. That doesn't exist in trading and is what hurts most people.

Just takes time, most people it takes a long time. It's a business a tough one like all businesses gotta just stick with it

Keep at it
Mike
Hi Mike, Im fully aware that I cannot expect to become profitable overnight, I've never told myself that - infact I knew it was something that would take time. But after 3 years (not something I would call 'overnight') of trying and still no success its becoming extremely frustrating. I've been getting a number of PM's reccommending me to sign up for the paid membership to the PF and I've been thinking about it myself because im obvouisly doing something seriously wrong to not have any form of consistant profits after a long time trying ..

Thanks
Dan
  • #118,502
  • Sep 16, 2012 1:58pm Sep 16, 2012 1:58pm
Quoting dan89
Hi Mike, Im fully aware that I cannot expect to become profitable overnight, I've never told myself that - infact I knew it was something that would take time. But after 3 years (not something I would call 'overnight') of trying and still no success its becoming extremely frustrating. I've been getting a number of PM's reccommending me to sign up for the paid membership to the PF and I've been thinking about it myself because im obvouisly doing something seriously wrong to not have any form of consistant profits after a long time trying ..

Thanks...
Hey Dan

Everyone's journey is different. The reality is most people simply will not be successful at this business. That's simply the stats of all businesses. Is it frustrating? Of course, most people it does take years and the stages vary. Losing to a breakeven trader, to slightly positive etc.

Don't forget though it took james some 20 odd years to get there. It's certainly not a set recipe for success. I really think someone who is struggling needs to strip their trading down to the simplest form possible.

I always say this to people, but few liste. Can you tell me that you can't find just ONE super A+++ bar a month. Watching a ton of markets. JUST one. Risk 2-3% on that one bar. You would be amazed at what learning to be patient and picky in that manner can do for a trader. Most can, it's just that they cant resist everything else in between.

Start small, and simple and grow from there thats what I would do if I could start all over

Best
Mike
  • #118,503
  • Sep 16, 2012 2:19pm Sep 16, 2012 2:19pm
Quoting mbqb11
Hey Dan

Everyone's journey is different. The reality is most people simply will not be successful at this business. That's simply the stats of all businesses. Is it frustrating? Of course, most people it does take years and the stages vary. Losing to a breakeven trader, to slightly positive etc.

Don't forget though it took james some 20 odd years to get there. It's certainly not a set recipe for success. I really think someone who is struggling needs to strip their trading down to the simplest form possible.

I always say this to people,...
Hi Mike, You mentioned watching a ton of pairs. Ive only got about 60 ish FX pairs. Can you recommend what other pairs I should be watching (obviously not individual pairs).

To answer your question... finding one A+ setup is easy in hindsight but for me finding that one setup is extremly difficult in real time - so im not sure if I could find a super A+++ setup in a month, I havnt be able to achieve that for the past several years ...
  • #118,504
  • Sep 16, 2012 2:21pm Sep 16, 2012 2:21pm
Quoting dan89
Hi Mike, You mentioned watching a ton of pairs. Ive only got about 60 ish FX pairs. Can you recommend what other pairs I should be watching (obviously not individual pairs).

To answer your question... finding one A+ setup is easy in hindsight but for me finding that one setup is extremly difficult in real time - so im not sure if I could find a super A+++ setup in a month, I havnt be able to achieve that for the past several years ...
Hey Dan

Have you considered watching other markets? equities? Futures? etc?


Best
Mike
  • #118,505
  • Sep 16, 2012 2:25pm Sep 16, 2012 2:25pm
Quoting dan89
Hi Mike, You mentioned watching a ton of pairs. Ive only got about 60 ish FX pairs. Can you recommend what other pairs I should be watching (obviously not individual pairs).

To answer your question... finding one A+ setup is easy in hindsight but for me finding that one setup is extremly difficult in real time - so im not sure if I could find a super A+++ setup in a month, I havnt be able to achieve that for the past several years ...
also Dan have you posted some trades you have taken so we can help see where you are going wrong. Is it on the entry, the mgmt, both etc. If you are having trouble even seeing an A+ setup now there are probably a bunch of things we could start to help point out.

Best
Mike
  • #118,506
  • Sep 16, 2012 2:26pm Sep 16, 2012 2:26pm
Quoting mbqb11
Hey Dan

Have you considered watching other markets? equities? Futures? etc?


Best
Mike
Not really. Dont know to much about what they are how to access them etc. Any help/advice on what pairs to watch from those ?

Cheers
Dan
  • #118,507
  • Sep 16, 2012 2:29pm Sep 16, 2012 2:29pm
Quoting mbqb11
also Dan have you posted some trades you have taken so we can help see where you are going wrong. Is it on the entry, the mgmt, both etc. If you are having trouble even seeing an A+ setup now there are probably a bunch of things we could start to help point out.

Best
Mike
Hey Mike, I don't really bother posting most of my trades because most of them are loosers so its kinda embarasing. Entry is a problem for me. Quite often I will take a trade and price wil go in the opposite direction almost immediately.
  • #118,508
  • Sep 16, 2012 2:36pm Sep 16, 2012 2:36pm
Quoting dan89
Hi Mike, Im fully aware that I cannot expect to become profitable overnight, I've never told myself that - infact I knew it was something that would take time. But after 3 years (not something I would call 'overnight') of trying and still no success its becoming extremely frustrating. I've been getting a number of PM's reccommending me to sign up for the paid membership to the PF and I've been thinking about it myself because im obvouisly doing something seriously wrong to not have any form of consistant profits after a long time trying ..

Thanks...
I feel you I couldn't either - not that I was loosing, but still and still breakeven was...irritating But I knew my problems - impatience...I just couldn't stay on daily...I was profitable for few weeks and bamm - I was going to lower tf or taking worse trades...and be again...with pbt method there is no place for boring, so far is good - but we'll see after few more months...
  • #118,509
  • Sep 16, 2012 2:37pm Sep 16, 2012 2:37pm
Quoting dan89
Hey Mike, I don't really bother posting most of my trades because most of them are loosers so its kinda embarasing. Entry is a problem for me. Quite often I will take a trade and price wil go in the opposite direction almost immediately.
What's to be embarrassed about? We all have to learn and how can you learn if no one is there to help correct you. Of course you can learn from your own mistakes but perhaps some of us have made the same errors and can point out some obvious tings to help you start to make some more progress.

Don't let your ego(that word is what James always speaks about) prevent you from making that progress.

Try posting a few and maybe even from there you'll begin to see things different

Best
Mike
  • #118,510
  • Sep 16, 2012 2:38pm Sep 16, 2012 2:38pm
Quoting dan89
Not really. Dont know to much about what they are how to access them etc. Any help/advice on what pairs to watch from those ?

Cheers
Dan
Hey Dan

Depends on how much time you have. I scan the russell 2000 or 3000 every week(or try too). You do do a smaller group like the S&P 500, 100 etc. But might as well give yourself some extra things to look at

If you need some free charts try freestockcharts.com I use thinkorswim

Best
Mike
  • #118,511
  • Sep 16, 2012 2:38pm Sep 16, 2012 2:38pm
Quoting dan89
Hey Mike, I don't really bother posting most of my trades because most of them are loosers so its kinda embarasing. Entry is a problem for me. Quite often I will take a trade and price wil go in the opposite direction almost immediately.
So post chart after entry, not after closing it

And remember - from the losing ones we learn the most...
  • #118,512
  • Sep 16, 2012 2:49pm Sep 16, 2012 2:49pm
Quoting dan89
Not really. Dont know to much about what they are how to access them etc. Any help/advice on what pairs to watch from those ?

Cheers
Dan
some of futures and stocks are in mt4 (depends of broker) - like corn, wheat, soybean etc. and the biggest companies - like google or apple...



And my gold trade on HUGE buob...800 pips for now...of course sl was big too (below red ppz, more than 200 pips)...I sometimes take classic j16 trades on demo - I still try to learn it...first j16 trade from weeks
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  • #118,513
  • Sep 16, 2012 2:54pm Sep 16, 2012 2:54pm
Hi Everyone..!

Just happy to share and announce

Have completed my reading of first 100 pages of this forum .. still 100 to go for target of first 200 pages ..as per what specified by seniors/mike to go atleast 200 pages minimum.

Had been in demo account since last week but couldn't trade any setup.. hope will get some setups to my eye this week to trade.

Training the eye ( mind behind it as you know ) to recognise the setups.
Success is 1 % intelligence and 99% perseverance - Edison
  • #118,514
  • Sep 16, 2012 2:59pm Sep 16, 2012 2:59pm
Quoting ritesh_fx
Hi Everyone..!

Just happy to share and announce

Have completed my reading of first 100 pages of this forum .. still 100 to go for target of first 200 pages ..as per what specified by seniors/mike to go atleast 200 pages minimum.

Had been in demo account since last week but couldn't trade any setup.. hope will get some setups to my eye this week to trade.

Training the eye ( mind behind it as you know ) to recognise the setups.
Wow - good for you

I didn't have strength for it - after maybe 10 pages I give up...of course I read tons of post in the middle (J16, Mike, Jarroo, Ghous and others big guys)
  • #118,515
  • Sep 16, 2012 3:11pm Sep 16, 2012 3:11pm
Quoting mbqb11
Hey Dan

Depends on how much time you have. I scan the russell 2000 or 3000 every week(or try too). You do do a smaller group like the S&P 500, 100 etc. But might as well give yourself some extra things to look at

If you need some free charts try freestockcharts.com I use thinkorswim

Best
Mike
Do you recommend beginners (guess im still one) looking at stocks ? I thought I read someone (think it was one of your posts) that trading stocks is very difficult ? Scanning the 500 individual stocks of the S&P sounds like a lot of work but i will give it a try. Do you know of any platforms that have these pairs ?
  • #118,516
  • Sep 16, 2012 3:20pm Sep 16, 2012 3:20pm
Also, how do you even go about scanning so many pairs without it taking all day long ? What do you first look for when you open a chart. Certain PA bar ? Any thing you can recommend me starting off with to keep things as simple as possible ?
  • #118,517
  • Sep 16, 2012 3:24pm Sep 16, 2012 3:24pm
Quoting dan89
Also, how do you even go about scanning so many pairs without it taking all day long ? What do you first look for when you open a chart. Certain PA bar ? Any thing you can recommend me starting off with to keep things as simple as possible ?
Hey Dan

Well it does take time to scan charts, that's part of the business. It's up to you how many charts and time you want to spend on your business. I scan my stock charts once a week only. I simply go through charts like I do fx one at a time

Here is a post about your above question

http://www.forexfactory.com/showthre...06#post6009806

To keep things simple why not just scan for clear clean outside bars or pinbars at good swing points? Maybe look for double tops, double bottoms some simple confluence. Something to get you started.

Best
Mike
  • #118,518
  • Sep 16, 2012 3:29pm Sep 16, 2012 3:29pm
Quoting mbqb11
Hey Dan

Well it does take time to scan charts, that's part of the business. It's up to you how many charts and time you want to spend on your business. I scan my stock charts once a week only. I simply go through charts like I do fx one at a time

Here is a post about your above question

http://www.forexfactory.com/showthre...06#post6009806

To keep things simple why not just scan for clear clean outside bars or pinbars at good swing points? Maybe look for double tops, double bottoms some simple confluence. Something...
Ok I will give it a try . Just looking through S&P 500 now ... This one seemed to jump out at me. Pinbar at Swing High...What do you think ?

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  • #118,519
  • Sep 16, 2012 3:32pm Sep 16, 2012 3:32pm
Quoting dan89
Ok I will give it a try . Just looking through S&P 500 now ... This one seemed to jump out at me. Pinbar at Swing High...What do you think ?

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One thing - for stock I think better is weekly, not daily...
  • #118,520
  • Sep 16, 2012 3:34pm Sep 16, 2012 3:34pm
Quoting dan89
Ok I will give it a try . Just looking through S&P 500 now ... This one seemed to jump out at me. Pinbar at Swing High...What do you think ?

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Don't like bullish gap and going short after bullish breakout from consolidation isn't good idea either - I think it will fill gap and maybe touch top of consolidation, and then go up...I think that we can also see momentum loss of bearish trend...maybe trend change?
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