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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

  • #129,621
  • Jan 25, 2014 12:52pm Jan 25, 2014 12:52pm
Quoting deltatrade
here is an idea. why don't james16 and mike publish the number of people that have "learned" the method and are succeding with it and the number of people that were not meant for it?
Hey D

I wouldn't even know what those numbers are. We get a ton of people who come through here. Some succeed and many more wont. That's just by the nature of the markets most people will not make it. We just are here to show you all things that work for us and hope and try to help others get there. I've known people who have been with us for a long time and not turned the corner and others with us for a short time and have become profitable. I prefer to think of what I do is showing what works for me and if it helps others that makes me so happy. Most people who learn from us never even contact me for better or worse. We have much more lurkers in the group then we do active day to day. Just cause everyones life is different with different time constraints.
Wish I could give you a better answer but that's just the truth

hope that helps
Mike
  • #129,622
  • Jan 25, 2014 12:55pm Jan 25, 2014 12:55pm
Quoting Beserker
Hi all, This is my first post. I've spent the past month reading the first 300 pages in detail, after finding this thread from reading the trader_dante pinbar thread over on trade2win. First off, as a newcomer to forex and trading ( since about Nov last year ), the things I have learnt from this forum are amazing. I am currently running my first demo account and am 219 pips up this month( just closed a nice 127 pip long on cable long this morning ). This is all from strictly following the rules I have learnt in the first 300 pages of this forum....
Hey B

Welcome glad to have you

You got some great advice. I would go through as you did the first few hundred pages then go and track down and read all of James16 posts. This will get you caught up to the basics and more pretty quick. Many old timers are still around a lot preferring to post just in the private side these days like Seek. James will be back very shortly as we are almost ready to launch the new site. Others stop in time to time, some have moved on and chosen to do their own thig etc. Just life


Again welcome and if you have questions let us know!
Mike
  • #129,623
  • Jan 25, 2014 2:33pm Jan 25, 2014 2:33pm
Quoting mbqb11
{quote} Hey D I wouldn't even know what those numbers are. We get a ton of people who come through here. Some succeed and many more wont. That's just by the nature of the markets most people will not make it. We just are here to show you all things that work for us and hope and try to help others get there. I've known people who have been with us for a long time and not turned the corner and others with us for a short time and have become profitable. I prefer to think of what I do is showing what works for me and if it helps others that makes me...
mike i don't want to be rude but i know for a fact that people don't succede in this business. the general consensus should be 1% but i think james and you provide better results but not that great . price action works since the begining of the rice market in japan in 1600. history repeats itself but never in the same way. you are better traders than the mathematicians in the hedge funds but you should tell people that the method is subjective not objective and nothing it written in stone . backtesting is the single greatest asset for a future trader. why don't you and james start a hedge fund and all the people who did not succede can use you as a profit enhancer? it is far better and onest if you don't try to teach but you try to actively manage money. if many fail to be traders they should be given the chance to invest in a successful trader. james16 and you stated that 10% monthly roi can be achieved. well that you make you the biggest hedge fund in the world in 5 years from now.
  • #129,624
  • Jan 25, 2014 2:49pm Jan 25, 2014 2:49pm
Quoting deltatrade
{quote} mike i don't want to be rude but i know for a fact that people don't succede in this business. the general consensus should be 1% but i think james and you provide better results but not that great . price action works since the begining of the rice market in japan in 1600. history repeats itself but never in the same way. you are better traders than the mathematicians in the hedge funds but you should tell people that the method is subjective not objective and nothing it written in stone . backtesting is the single greatest asset for a...
I've never heard Mike state 10% monthly ROI can be achieved. Maybe Jim somewhere but I don't remember reading that either. There are already managed FOREX funds out there with successful track records. The problem is most of them have a minimum investment requirement above most. Trading OPM changes the ball game completely for any trader no matter how successful they are. Probably more profitable traders are just happy being that,..... profitable....for themselves
  • #129,625
  • Jan 25, 2014 3:02pm Jan 25, 2014 3:02pm
Quoting deltatrade
{quote} mike i don't want to be rude but i know for a fact that people don't succede in this business. the general consensus should be 1% but i think james and you provide better results but not that great . price action works since the begining of the rice market in japan in 1600. history repeats itself but never in the same way. you are better traders than the mathematicians in the hedge funds but you should tell people that the method is subjective not objective and nothing it written in stone . backtesting is the single greatest asset for a...
Hey D

I agree with you most will fail. It's the nature of ANY business. We just try to show people stuff that actually DOES work. Then through years of experience and time spent you can succeed at this business. We don't make any false promises or guarantees, it's just not realistic. We just try to be the anti BS that is out there. What people get from what we do will vary. People trade differently and I make no claims that we are the only way or anything like that. I just know what I do works and it took a lot of time and refining and I simply share that. I don't ever make claims of what one can make. In fact I do quite the opposite. Is 10% a month possible, sure. I don't think anyone who is not profitable should even be focused on that though. I tell people to focus on learning to trade right and then see where that takes them. No doubt people do way better than me with my own material. We all have different goals and risk tolerances and desire from the market. I spent most of january NOT trading. This would drive many people mad. This week I had a great week and it took only a few trades to do that. It's just what it is. As for a fund, one can never say never. It's not something I am actively pursuing at this time but I have no idea where things will go. I am quite happy not answering to anybody at this stage of my life. Where that leads who knows. Sounds cheesy but I just do what makes me happy and move from there. I like being my own boss, working from home and answering to just me. Obviously I have bigger goals and where that goes I won't pretend to know at this point.

Those that follow me both here and more so in the PF know that I am 100% available, very open about my trades and very much forward about the idea that this is a TOUGH business and that their are no shortcuts. I don't feed BS and I agree that this stuff must be learned and it is subjective in many ways and have definitely never said else-wise. Other wise everyone can do it over night. But I do believe putting in the time, learning to refine the tools. Gain experience through trial and error it can be done. I'm on my 11th year and am still growing and learning. But it's here for those who are willing to put in the hard hard work and also realize their is no guarantee. Trading is a very unique and interesting business we all choose to dive into.

Hope this helps!
Mike
  • #129,626
  • Jan 25, 2014 3:06pm Jan 25, 2014 3:06pm
Quoting Winston Reed
{quote} I've never heard Mike state 10% monthly ROI can be achieved. Maybe Jim somewhere but I don't remember reading that either. There are already managed FOREX funds out there with successful track records. The problem is most of them have a minimum investment requirement above most. Trading OPM changes the ball game completely for any trader no matter how successful they are. Probably more profitable traders are just happy being that,..... profitable....for themselves
in an international environment you can find a jurisdiction without minimum investment. if you can get out of the us things change. the profesional investor with net worth of over 1 mil is sick in my opinion. if you want to protect investors give them access to a free market and be transparent in the hedge fund market. it is also sick to hide the results of current hedge funds and not make them public and in the same time allowing something like casinos and tv prizes that have the chance of winning of a talking pig.
paranthesis( it is also sick to only alow certain banks to give loans. free market works by respecting other people's money. risks are always to be taken but free market and free knowledge is always the best course of action. )
  • #129,627
  • Jan 25, 2014 3:34pm Jan 25, 2014 3:34pm
Looks like you're in the wrong thread. If you want signals, comment on the financial system or someone to trade your money, then go elsewhere since this thread is about teaching people to fish. Meaning you acquire skills by studying the approach of others here and practice applying what you learn over a period of time on Demo (you can post your trades up for informed criticism from the experienced thread members) before going live. Read the first post- the whole ethos of this thread is there. Comments on Hedge funds etc are not relevant to this thread since we trade our own money or aspire to eventually. Mike is right - some people here learn faster than others before succeeding. Unfortunately, many more will fail as traders through lack of patience, ability, cash, mental make up or other reason. So go to page one and begin your studies or leave this thread and invest with a saving trust etc or try another thread more in tune with your wants. Sorry to be blunt but your comments indicate that this thread is not a suitable home for your trading aspirations.
every Saint has a past. Every Sinner has a Future
  • #129,628
  • Jan 25, 2014 3:43pm Jan 25, 2014 3:43pm
Quoting turnip15
Looks like you're in the wrong thread. If you want signals, comment on the financial system or someone to trade your money, then go elsewhere since this thread is about teaching people to fish. Meaning you acquire skills by studying the approach of others here and practice applying what you learn over a period of time on Demo (you can post your trades up for informed criticism from the experienced thread members) before going live. Read the first post- the whole ethos of this thread is there. Comments on Hedge funds etc are not relevant to this...

Tell 'em how you really feel Turnip
  • #129,629
  • Edited 9:08pm Jan 25, 2014 5:22pm | Edited 9:08pm
I for one have seen amazing personal results in my understanding of the speculation of price movements.
Although, I am a relatively new trader. I witness members of the group be consistantly profitable. Many businesses fail.
For me this is something I have been working really hard at for the past year. If you can't see that the J16
material does work, you are blind and have not found much success yourself. Mike and Patrick are both pimps
on the charts and I respect the knowledge they share. I am having fun with it. And see a lot of potential in myself
and the knowledge these guys share.
  • #129,630
  • Jan 26, 2014 1:25am Jan 26, 2014 1:25am
Quoting deltatrade
{quote} mike i don't want to be rude but i know for a fact that people don't succede in this business. the general consensus should be 1% but i think james and you provide better results but not that great . price action works since the begining of the rice market in japan in 1600. history repeats itself but never in the same way. you are better traders than the mathematicians in the hedge funds but you should tell people that the method is subjective not objective and nothing it written in stone . backtesting is the single greatest asset for a...
I didn't quite understand what it meant when it was first quoted but now I know that its the most blatant form of truth related to trading that could have ever existed which is:

"You trade your beliefs in the market. Nothing more and nothing less."

I feel for you if you were dragged into it, with claims of "free money" or "easy money". I really do, because that's what got me into it for the first time as well. I would laugh out loud at stupid comments at FF from wannabe professionals that it takes 3-5 years to get going. I was obviously too preoccupied with the 20% return I had accumulated on my first week of demo trading.

There shouldn't be any holds barred in explicitly stating that this business is "tough" and I can't remember of a single time that it has been done here in the 5-6 years that I have been with the group. We don't make it easier but prevent people from going astray and ensure they are at least on the right track which would, given a few years from their start, realistically get them to find that consistency in growing their accounts. We see countless new faces come and go, trolls come and go, people who hop in and are amazed with the material and our efforts here, and also people who drop in to critique the method and the followers. Its just part of life and part of existing as part of such a major chunk of the most busy FX forum on the web.

Point is, if you want to succeed at trading (or anything in life) then you, sooner or later, most definitely will. The percentage of people who make it in this business as as useless a number as can get. If you want it bad enough, than you are looking only for reasons and excuses to move forward. Not justifying your failures or worse still convincing yourself i.e "believing" that it can't be done.

This group has, for 7+ years looked straight into the eyes of aspiring traders and helped them nourish their passions. People who love trading for the heck of it first before the monetary aspect of it.

As has been said earlier, there are obviously quite a few hedge funds out there that you can choose if its all about making money for you. Because with that kind of an attitude, I'd dare say, that you are pretty much have failed by default as a trader.

You just simply have to love what you do. That's at the heart of every effort persevered. If you love money then you're hopping from one opportunity to make money to another. If you want to be a trader, then that's what you either are, or are striving day and night to be. How many made it and how many didn't is irrelevant. What matters is, did YOU make it? And that depends more on your beliefs and attitude than anything else.

Hope this helps.

g.
I believe . . .
  • #129,631
  • Jan 26, 2014 2:48am Jan 26, 2014 2:48am
  •  BlazG
  • | Joined Jul 2012 | Status: Trading with Family Savings | 19 Posts
What do you guys think about friday's pinbar on EUR/USD?
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  • #129,632
  • Jan 26, 2014 3:09am Jan 26, 2014 3:09am
Quoting mbqb11
{quote} Hey B Welcome glad to have you You got some great advice.... Again welcome and if you have questions let us know! Mike
Thanks for the welcome Mike, looking forward to my next stage in forex education.

So, that's Sunday planned. On the couch with my laptop, cup ( or several ) of coffee, wife moaning about me 'looking at charts at all day'

Cheers,
Steve
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,633
  • Jan 26, 2014 3:18am Jan 26, 2014 3:18am
Quoting ghous
{quote}Point is, if you want to succeed at trading (or anything in life) then you, sooner or later, most definitely will. The percentage of people who make it in this business as as useless a number as can get. If you want it bad enough, than you are looking only for reasons and excuses to move forward. Not justifying your failures or worse still convincing yourself i.e "believing" that it can't be done..
Trading aside, it has taken me a few years of serious self study and difficult ( and painful at times ) realisations to understand that we are ultimately responsible for every outcome in our lives. It's much easier to pass responsibility for one's failings onto a third party, whatever that be. To accept ultimate responsibility for one's position in life is difficult. It's been a very hard position for me to take, but I'm getting there.

I was pleasantly surprised when I found that belief and complete responsibility was a prerequisite for trading - all that personal struggle to understand myself over the past few years hadn't been in vain
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,634
  • Jan 26, 2014 3:56am Jan 26, 2014 3:56am
Quoting BlazG
What do you guys think about friday's pinbar on EUR/USD? {image}
BlazG, i think the PB is small aside from that its sitting on a major PPZ and trading against the wedge pattern. Besides it happened on a friday which would suggests some profit taking. I would wait for further confirmation on this as i'm biased on the bulls side for now.

Al.
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  • #129,635
  • Jan 26, 2014 6:56am Jan 26, 2014 6:56am
You should leave this thread Delta. Your words are ignorant, I am appreciative of the help this group has given to me.
No one here states that this is easy and free money. It is hard work to become proficient, and I am still early on my road.
But, I see things in the charts that I believe most don't, because of what I have learned with the group. It has given me my edge,
I have said it to myself before. " Without this group, I would be soo far lost in this venture." The material DOES work and is valid.
It is up to the individual to put it to use and become a success. That is when it becomes hard. It takes time.
  • #129,636
  • Jan 26, 2014 7:10am Jan 26, 2014 7:10am
What do you thing about GOLD ?? On D1 location is good in my opinion, but we have pinbars on W1.
http://charts.mql5.com/3/690/gold-d1...markets-as.png
  • #129,637
  • Jan 26, 2014 8:10am Jan 26, 2014 8:10am
Quoting deltatrade
{quote} mike i don't want to be rude but i know for a fact that people don't succede in this business. the general consensus should be 1% but i think james and you provide better results but not that great . price action works since the begining of the rice market in japan in 1600. history repeats itself but never in the same way. you are better traders than the mathematicians in the hedge funds but you should tell people that the method is subjective not objective and nothing it written in stone . backtesting is the single greatest asset for a...
I don't think there are many profitable traders but if you're a winning trader I don't understand why would you be interested in other's results.
I'm only interested in my results.

I've backtested some methods on daily/weekly charts based on what I have learned from this thread. I still have my own trading style but it was inspired by what I learned here. For example I look for major swing points or major PPZ. Then I start looking for pin bars or outside bars that are also fake outs of the major swing or of the PPZ (this is very important for me, if the pin isn't also a fake out I won't trade it). I enter at the break of the pin bar. In the past I entered at the close but I found this is not so good in my results since the stop loss should be quite big. If I enter at the break of the pin I put my stop loss at the high/low of the current bar instead of the high/low of the pin bar which results in a small stop loss (my initial stop loss is usually at the middle of the pin bar and after it breaks I move it at the H/L of the current bar). Usually if price breaks and then comes back to my stop loss this is really bad news for the trade and more often than not the trade will fail so it's not point for having a higher stop loss. What surprised me is this strategy works good even if the fake out is small and even if the pin closes far from the source. I think this is because if it closes as a pin there are many traders who trade the pin. The pin bar strategy is very popular due to this thread and due to other price action courses that teaches the pin bar strategy. I also play big fake outs even if it doesn't close like a pin or outside bar. Not only 1 bar fake out but also multiple bar fake outs. I only play minor fake outs only if it's a pin or an outside bar. What I look for is space for the trade. A minor FTA is acceptable but a more major FTA is not good. So in many cases I pass the trades. I've found touch trading doesn't work for me so I don't touch trade. I didn't have good results playing trend lines breakouts so I stick to playing only horizontal levels. Only on daily and weekly since I didn't backtest the intraday charts.

Almost all of what I know for forex trading was learned from this thread and from Ghous' thread about fake outs. I never joined the j16 group since I felt that all I want to learn can be found in this free thread. And I don't think it's a coincidence that this thread has the biggest traffic from forex factory.
  • #129,638
  • Jan 26, 2014 9:07am Jan 26, 2014 9:07am
Quoting michosz
What do you thing about GOLD ?? On D1 location is good in my opinion, but we have pinbars on W1. http://charts.mql5.com/3/690/gold-d1...markets-as.png

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Best,
Jonas
Hero calls followed by margin calls...
  • #129,639
  • Jan 26, 2014 9:15am Jan 26, 2014 9:15am
Quoting BlazG
What do you guys think about friday's pinbar on EUR/USD? {image}
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Best,
Jonas
Hero calls followed by margin calls...
  • #129,640
  • Jan 26, 2014 10:08am Jan 26, 2014 10:08am
Quoting str8
{quote} I don't think there are many profitable traders but if you're a winning trader I don't understand why would you be interested in other's results. I'm only interested in my results.
Hey mate,

Well in my opinion (and from past experience) when a struggling trader asks for proof of results, that person is not really asking for a successful trader to PROVE his results but to provide confidence and reassurance that trading successfully can be done.

It’s that reassurance that gives a struggling trader the motivation to continue practising and getting better. The actual results are irrelevant it’s what the results provide psychologically.

Delta just wants some reassurance that FX trading CAN be done. Telling him to 'F*** Off' from this thread (not saying that you are ) isn’t really helping him or anyone else. There are tons of traders that are in his situation and have been there before.

Just my opinion mate

Take care
Dan
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