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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

  • #133,361
  • Dec 12, 2014 10:55am Dec 12, 2014 10:55am
Quoting Tin-soldier
{quote} Thank you very much for your extensive answer. You are very popular among traders in Ukraine. Almost every blog on Price Action quotes you and spreads your ideas. I respect you very much for your work. You help traders around the world on their tough road to success. James16group became somewhat like a subculture.
Hey Tin

Thanks for the nice words. I've been contacted by a lot of people from the ukraine over the years. Apparently someone tries to translate a lot of our posts here from english to the native language. We even have a few members of the private forum who have learned english just to join our group! Amazing!

Mike
  • #133,362
  • Dec 12, 2014 10:57am Dec 12, 2014 10:57am
Quoting Berserker
Hello all, Have been away from the forum since around May - dipped in and out, but not been posting or reading as much. Glad to see everything still as it was Well, November I finished positive for the third month in row ( was actually 5 months out of the past 6 positive, but a screwy August got me ). So, time to go live! Given December seems notorious for being a bit funny with low liquidity, the fact that it's Christmas, and that my wife is about to give birth to our first child any day now, I've decided to wait until January before starting...
Hey B

So great to hear buddy way to go!

Just keep building small and keep your focus on your trades and being logical and you'll be ok

Keep us posted!
Mike
  • #133,363
  • Dec 12, 2014 11:04am Dec 12, 2014 11:04am
Quoting Berserker
{quote} Great discussion! There was a series I caught here in the UK where a trader took your average Joe of the streets and tried to train them to trade - similar to the Turtles I guess. Out of the very mixed group, there was a an old guy was a computer programmer, and an ex-army Major. I suspected the computer programmer would be among the first to go, and that the soldier would succeed, and exactly that happened. I'm a computer programmer, so I know how difficult it is to suddenly find that x+y = z doesn't work any more! And I guess the army...
yep the number one struggle people have is coming from structured environments where they think of trading is the same

Which is either. What is the route to success. Meaning is their and ABDC outline and then once you go through those steps you are there. THat's how people think of many things in life or school. Trading is not like that.

The other is people who want to make trading like their jobs which is that their is a "solution" that you can put down on paper. I get a lot of people who I try to convince to stop taking tons of trades a week/month/year. I say listen take 2-3 trades a month just so you can see what that can do.

The response is ALWAYS "but how can I know i'm successful statistically with 2 trades a month". Believe me I understand that thought but it's just a bunch of BS. Someone who knows and trusts their methods will understand exactly why you don't need 10000 trades to prove your method is valid. A statistics person might disagree till they are blue in the face but then I always ask that person, is what you are doing working?? If not give it a shot. Too many people are chasing the wrong things in trading and that's why you have so many failures. Their are common traits in successful traders and many more in unsuccessful traders. Once you see what those are you can easily work and remove those from your own trading.

Believe me it's a lot easier to look back and say that now. But most people are killing themselves because they can't get out of their own ways. Not because they can't learn to read a chart

I love these discussions but they can often get people fired up too

Mike
  • #133,364
  • Dec 12, 2014 11:24am Dec 12, 2014 11:24am
Quoting Berserker
{quote} Great discussion! There was a series I caught here in the UK where a trader took your average Joe of the streets and tried to train them to trade - similar to the Turtles I guess. Out of the very mixed group, there was a an old guy was a computer programmer, and an ex-army Major. I suspected the computer programmer would be amongst the first to go, and that the soldier would succeed, and exactly that happened. I'm a computer programmer, so I know how difficult it is to suddenly find that x+y = z doesn't work any more! And I guess the army...
Thanks for your thoughts and insights into your trading and experiences made. I wish you all the best going live (and of course getting a wonderful and healthy baby). Keep us informed about your experiences and tell us the differences between demo and live then.
Have a nice day
  • #133,365
  • Dec 12, 2014 11:34am Dec 12, 2014 11:34am
I guess conversations like the above bring out a lot of different opinions, I am going to humbly put in my two cents if it helps anybody.

When I first started exploring Forex I was fortunate to find "Price Action" before any magic indicator system and it remains the really only profitable, high probability method I have encountered ( I am not saying other methods don't work, this is the only way I have been able to find an edge).

Anyway, I "back tested" Forex Daily Price Action Set-Ups from , which I had deemed A+ only, meaning very clean signals from strong s/r. I used only pin,beeb,bueb,2br and it was surprising what my account did especially with compounding.

Anyway, using 2% risk; here's what my Pure PA trading has found....

2011: +44%
2012: +32%
2013: +22%
2014: +13.2%

Now remember, this is just me, a donkey, I am sure there are many good set-ups I am passing on, but I am very happy.. also, a lot of you that are better traders would of managed trades differently and could of beat my results. These aren't the results of the trades posted in this thread either, these were mine. I find it interesting that over the past two years where market volatility has been lower so have my results... hopefully the market wakes up again!


My biggest mental block is that like a lot of you, my account is not that large, it's not small, but if I can somehow save/trade my way to a large account, which for people could be different, for me it would be 100k + but for someone else maybe a large account is $5,000.

Anyway, I am not defending Mike and the group, truth be told I have not joined the PF, just what I have learned from this thread and other rip off J16 threads.

There is another popular "system" that you all would recognize from the systems thread, I have had success with that as well, but its only because I made it PA based (I am not going to state the name out of respect for mike/thread).

Quoting mbqb11
{quote} yep the number one struggle people have is coming from structured environments where they think of trading is the same Which is either. What is the route to success. Meaning is their and ABDC outline and then once you go through those steps you are there. THat's how people think of many things in life or school. Trading is not like that. The other is people who want to make trading like their jobs which is that their is a "solution" that you can put down on paper. I get a lot of people who I try to convince to stop taking tons of trades...
  • #133,366
  • Dec 12, 2014 11:41am Dec 12, 2014 11:41am
Quoting mbqb11
{quote} Hey V This sort of blends from my previous rant. So read that first and then read this response. First and foremost is the extensive confluence at this area. It's got a ton going for it. With that aside the ONLY entry that makes sense is on a pullback to my confluence area because I know my stop will be tight. If I am wrong. And I can be(that's what I was getting at in my previous post) I know how to get out with a very insignificant loss. So you put yourself into a great spot. THis one got stopped out at b/e. Now imagine the trader how...
closed this out for a nice profit today

have a great weekend all
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  • #133,367
  • Dec 12, 2014 3:23pm Dec 12, 2014 3:23pm
Quoting Berserker
Hello all, Have been away from the forum since around May - dipped in and out, but not been posting or reading as much. Glad to see everything still as it was Well, November I finished positive for the third month in row ( was actually 5 months out of the past 6 positive, but a screwy August got me ). So, time to go live! Given December seems notorious for being a bit funny with low liquidity, the fact that it's Christmas, and that my wife is about to give birth to our first child any day now, I've decided to wait until January before starting...
Hey Berserker,

nice seeing you back

All the best with your baby, very nice Christmas present
(our second daughter is just one year old today!)

- and all the best with your trading !
Slow & steady
  • #133,368
  • Dec 13, 2014 4:33am Dec 13, 2014 4:33am
Quoting tlindle
{quote} Congratulations Your biggest challenge when switching to live will be trade management--have a plan
Thanks Tlindle!

I journal every trade - entry points, a copy of the chart, the reasons I am entering, my R:R and where I plan to get out ( partial profit, where to move stops etc ). But sticking to the plan will be hard when it's real cash - I realise this. I am starting with such a small account though, hoping that will go towards negating panics during drawdowns and profit grabbing in runs.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,369
  • Dec 13, 2014 4:34am Dec 13, 2014 4:34am
Quoting mbqb11
{quote} Hey B So great to hear buddy way to go! Just keep building small and keep your focus on your trades and being logical and you'll be ok Keep us posted! Mike
Thanks Mike, and special thanks to yourself for all the hard work you do in keeping this thread going, and for the priceless advice you give out for free.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,370
  • Dec 13, 2014 4:46am Dec 13, 2014 4:46am
Quoting mbqb11
{quote} yep the number one struggle people have is coming from structured environments where they think of trading is the same Which is either. What is the route to success. Meaning is their and ABDC outline and then once you go through those steps you are there. THat's how people think of many things in life or school. Trading is not like that.
I was speaking to a friend the other day and told him about my trading. His first thoughts where that because I was a programmer with a physics degree I would be good at it - "All numbers and analysis innit". I wish it was!

I have come to understand trading is like starting a business - There is no correct path, no roadmap, it's more than just learning X Y and Z. Everyone's journey will be different. People like yourself, Mike, can give out the tools ( chart reading, signals, etc ), but taking those tools and using them effectively is entirely dependant on the person trying to wield them. The application is so dependant on a person's understanding of themselves along with an unshakable faith in their own ability and methods.

I guess this is why so many people give up. And I also guess that is why the rewards of success are so great compared to other professions - because it's like nothing else one can do... and dare I say harder than many other professions? A trader has SOLE responsibility for the outcome. He can't blame clients, suppliers, the boss etc. because he is all those things and more.

Anyway, that's just my thoughts - I'm still just a middling to fair demo trader!
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,371
  • Dec 13, 2014 4:48am Dec 13, 2014 4:48am
Quoting doerpn
{quote} Thanks for your thoughts and insights into your trading and experiences made. I wish you all the best going live (and of course getting a wonderful and healthy baby). Keep us informed about your experiences and tell us the differences between demo and live then.
Thanks Doerpn! Much appreciated. I will do my best to be brave enough to post my live trades and let you know how the experience differs from demo
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,372
  • Dec 13, 2014 4:54am Dec 13, 2014 4:54am
Quoting Andyvix833
I guess conversations like the above bring out a lot of different opinions, I am going to humbly put in my two cents if it helps anybody. When I first started exploring Forex I was fortunate to find "Price Action" before any magic indicator system and it remains the really only profitable, high probability method I have encountered
Those are good numbers there, well done! Gives hope to those starting out like myself.

Also, I was very lucky in that exploring FX I found James16 thread about 3 weeks into my journey. I have tried other methods on different demo accounts recently and they have all been disasters ( this could be due to my not applying the same time to them as I have to PA, so not to be taken as a definitive study ).

For me patience os one of the hardest aspects of PA. There is no promise of quick riches here, just a slow and steady slog to a strong account. I think James16 himself has said many times - one is prepared to study 10 years to be a Doctor, but not put in ten years to learn to trade, which will earn you ten times as much... I hope
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,373
  • Dec 13, 2014 4:58am Dec 13, 2014 4:58am
Quoting patapouer
{quote} Hey Berserker, nice seeing you back All the best with your baby, very nice Christmas present (our second daughter is just one year old today!) - and all the best with your trading !
Thanks Patapouer! Good to see you still around! Happy birthday to your daughter - We are having a daughter too - can't wait. Although, my wife still wont go for the name 'Pinbarella'...

All the best to you too in your trading, how has it been going?

Anyway, I've realised I've just completely taken over the thread with my replies! Have a good weekend everyone.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,374
  • Dec 13, 2014 7:41am Dec 13, 2014 7:41am
Quoting Berserker
, and that my wife is about to give birth to our first child any day now, I've decided to wait until January before starting my first live account. But can't wait!
Congrats man. Best wishes to your wife too.
Personally, I'd suggest delaying going live a bit longer. Probably for another 3 - 4 months. Your life is going to be turned upside down when your new
bundle-of-joy arrives. But I won't spoil the surprise for you.
Sleep while you can

Everything of the best.
Keeping it Simple
  • #133,375
  • Dec 14, 2014 6:01am Dec 14, 2014 6:01am
Quoting mbqb11
{quote} Hey Tin Thanks for the nice words. I've been contacted by a lot of people from the ukraine over the years. Apparently someone tries to translate a lot of our posts here from english to the native language. We even have a few members of the private forum who have learned english just to join our group! Amazing! Mike
Hi Mike, I'm also from Ukraine). I want to personally thank you and all those who help us in learning. I am trading for 4 years and realized on this forum have found what I was looking. Once again thank you very much and good luck!)
  • #133,376
  • Dec 14, 2014 12:16pm Dec 14, 2014 12:16pm
Quoting encore
{quote} Hi Mike, I'm also from Ukraine). I want to personally thank you and all those who help us in learning. I am trading for 4 years and realized on this forum have found what I was looking. Once again thank you very much and good luck!)
thanks for the nice comments encore! You are quite welcome and that makes me very happy

Stop by more often
Mike
  • #133,377
  • Dec 14, 2014 1:18pm Dec 14, 2014 1:18pm
MXNJPY - Daily chart.

Hard bounce with a good pinbar off an upward trend line and weekly PPZ. Bit of a juggernaut fall last week ( as yen seemed to strengthen across the board ). Abe has won the Japanese election, so guessing that will be bad for Yen strength. Never traded this pair though. Spread is a bit crazy. May look for PA on another yen pair for any entries.

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We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,378
  • Dec 14, 2014 1:24pm Dec 14, 2014 1:24pm
USDJPY - Daily Chart.

Resistance around the 23.6% retracement held for the last few days of last week's strong uptrend correction. We now have an inside doji/(weak)pin bar. May be good for long on break of parent candle. Target of last weeks high and SL at bottom of parent bar would give R:R of 1:1.25.

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We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,379
  • Dec 14, 2014 1:26pm Dec 14, 2014 1:26pm
Quoting habeeb
{quote} Congrats man. Best wishes to your wife too. Personally, I'd suggest delaying going live a bit longer. Probably for another 3 - 4 months. Your life is going to be turned upside down when your new bundle-of-joy arrives. But I won't spoil the surprise for you. Sleep while you can Everything of the best.
Thanks Habeeb! I did consider postponing going live, but in the end decided to pull the trigger. I'm sure I'll always be able to find an excuse not to go live.

Sleep, eh... At least I'll be able to watch the Asian markets now

Cheers
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,380
  • Dec 14, 2014 5:05pm Dec 14, 2014 5:05pm
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