james16 Chart Thread | Page 6782 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #135,621
  • Jul 3, 2015 1:14pm Jul 3, 2015 1:14pm
Quoting Bladerunn3r
{quote} I was stopped out on my trade UJ trade at break even, although a small pin has just formed on AUD/JPY, its at support and a BRN on the H4. Don't feel left out, I am demoing so its all ethereal money at the moment. The Ferrari is on hold for a while but to make myself feel better i make car noises whilst riding around on my BMX
Haha dude you just made my day. You have a sense of humour, nice!

Just a little heads up, treat your demo account as if it was real money. What I mean is, don't take trades you wouldn't put real money on. Because it's a world of difference when you go live, trust me. The advantage is that you can gain a lot of screen time and experience executing your edge without losing a cent. Just don't do what I did when I was paper trading. I just wasted my time and had to learn the hard way losing real hard earned money. So don't mess around with it.

And thanks for making me laugh.
  • #135,622
  • Jul 3, 2015 2:18pm Jul 3, 2015 2:18pm
Quoting Bladerunn3r
{quote} I was stopped out on my trade UJ trade at break even, although a small pin has just formed on AUD/JPY, its at support and a BRN on the H4. Don't feel left out, I am demoing so its all ethereal money at the moment. The Ferrari is on hold for a while but to make myself feel better i make car noises whilst riding around on my BMX
blade, incognito,
I also didn't took any trade today, I try to stay calm and not worry much.
Incognito is right, we should treat our demo account as it were real.

By the way, I just called Lamborghini, they have booked one Aventador for me, to be picked in a few years. Now I shall go with my diesel citroen c4

Have a great weekend people!
Had to be me. Someone else might have gotten it wrong.
  • #135,623
  • Jul 3, 2015 3:29pm Jul 3, 2015 3:29pm
Quoting incognito517
{quote} Haha dude you just made my day. You have a sense of humour, nice! Just a little heads up, treat your demo account as if it was real money. What I mean is, don't take trades you wouldn't put real money on. Because it's a world of difference when you go live, trust me. The advantage is that you can gain a lot of screen time and experience executing your edge without losing a cent. Just don't do what I did when I was paper trading. I just wasted my time and had to learn the hard way losing real hard earned money. So don't mess around...


Sound advise, I do struggle to take my demo seriously sometimes and trade like a moron, but this has been really helped by shifting to the daily. Sorry to hear that you had to learn the hard way but seems that you have it nailed down now so i would like to congratulate that with another thumbs up smiley guy
  • #135,624
  • Jul 3, 2015 3:40pm Jul 3, 2015 3:40pm
Quoting mordin
{quote} blade, incognito, I also didn't took any trade today, I try to stay calm and not worry much. Incognito is right, we should treat our demo account as it were real. By the way, I just called Lamborghini, they have booked one Aventador for me, to be picked in a few years. Now I shall go with my diesel citroen c4 Have a great weekend people!
Haha, drive smooth man............ although just be thankful you don't have to drive a Citroen 2CV.
  • #135,625
  • Jul 3, 2015 6:12pm Jul 3, 2015 6:12pm
I'm not regularly profitable yet. I still take silly trades. e.g. I tried to go long on the AUD/USD and of course, that was like catching a falling knife. The good news is that I know what to do to make money. I have the basic knowledge and strategies. The greatest enemy is myself. Discipline, patience. Have a gr8 weekend everyone. Happy 4th july to our friends in the U.S.A. GB
'Fail to plan, plan to fail'
  • #135,626
  • Jul 4, 2015 1:33am Jul 4, 2015 1:33am
Quoting Guitarbloke
I'm not regularly profitable yet. I still take silly trades. e.g. I tried to go long on the AUD/USD and of course, that was like catching a falling knife. The good news is that I know what to do to make money. I have the basic knowledge and strategies. The greatest enemy is myself. Discipline, patience. Have a gr8 weekend everyone. Happy 4th july to our friends in the U.S.A. GB
Agreed GB, sticking to your trading method religiously with patience and disciple is key. Loses are inevitable and part of the business, but taking a loss while executing your edge flawlessly is a lot easier to bare emotionally than taking a compromising trade and failing.

Sorry about the AUDUSD trade. I saw the bait on the daily chart but didn't take it. It will be interesting to see what this week unfolds on the Aussie as price closed below major support. I guess the RBA are getting their desired level of 0.75 after all.

Have an awesome weekend.


Edit:
@Mordin: Be original, thanks.
  • #135,627
  • Jul 4, 2015 1:42am Jul 4, 2015 1:42am
Quoting Guitarbloke
I'm not regularly profitable yet. I still take silly trades. e.g. I tried to go long on the AUD/USD and of course, that was like catching a falling knife. The good news is that I know what to do to make money. I have the basic knowledge and strategies. The greatest enemy is myself. Discipline, patience. Have a gr8 weekend everyone. Happy 4th july to our friends in the U.S.A. GB
Super important words those mate and the most difficult skills to master. You are excellent at spotting trades, I can see this from the frequency you post active and potential setups, I guess getting over the fear of missing an A trade and therefore over-trading is key to consistency. I need to get into the habit of walking away from the charts at times, to go and feed the ducks or something or go and drink some beer in the sun rather than screaming at computerised candles to change from red to green.
  • #135,628
  • Jul 4, 2015 1:52am Jul 4, 2015 1:52am
Quoting Bladerunn3r
{quote} Super important words those mate and the most difficult skills to master. You are excellent at spotting trades, I can see this from the frequency you post active and potential setups, I guess getting over the fear of missing an A trade and therefore over-trading is key to consistency. I need to get into the habit of walking away from the charts at times, to go and feed the ducks or something or go and drink some beer in the sun rather than screaming at computerised candles to change from red to green.
LOL Blade, it's a pity you're so far away. I could use a funny buddy in my life. I like beers too, I'm hardcore like that. I also over-trade at times, but then if you think about it, you only get 4-8 potent trades a month and unless you have a million dollar account that isn't enough to finance your alcoholism.
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-07-04-090028.jpg Size: 71 KB
GLUG GLUG GLUG
  • #135,629
  • Jul 4, 2015 2:13am Jul 4, 2015 2:13am
Quoting incognito517
{quote} Agreed GB, sticking to your trading method religiously with patience and disciple is key. Loses are inevitable and part of the business, but taking a loss while executing your edge flawlessly is a lot easier to bare emotionally than taking a compromising trade and failing. Sorry about the AUDUSD trade. I saw the bait on the daily chart but didn't take it. It will be interesting to see what this week unfolds on the Aussie as price closed below major support. I guess the RBA are getting their desired level of 0.75 after all. Have an awesome...
Indeed Inco. Taking the emotion out of trading and detaching from the result is my goal. I know the trading game can stress people out to the point of wanting to end it all, as emotion and 'revenge' trading kicks in like a novice gambler in a casino. One of my worst trading habits is trying to pick a top or a bottom of a trend and get in early on a reversal. This is where I lose money, not on trading a regular simple set up. Good thing is I'm aware of it and well....once bitten twice shy. It's funny, when I started to learn about trading (around 2011 and I'm still happily a student) everything I read told you to have your head game right, your psychology and emotions in check. I remember thinking 'yeah yeah....just show me some set ups that make me money will ya?!'.....Now that I know a couple of simple set-ups that work, I see they were right. Profitable strategies are all over this thread, site, internet for all to learn. Of course where folks fail is self discipline and patience, and I'm right in there. You've got me raving now! Pardon my waffling.

Thanks Blade. You soon learn to see the set ups quickly. But to filter out the ordinary/costly ones that will whip our arse, a written trading plan I think is crucial, and very useful.
'Fail to plan, plan to fail'
  • #135,630
  • Jul 4, 2015 2:15am Jul 4, 2015 2:15am
Quoting incognito517
{quote} LOL Blade, it's a pity you're so far away. I could use a funny buddy in my life. I like beers too, I'm hardcore like that. I also over-trade at times, but then if you think about it, you only get 4-8 potent trades a month and unless you have a million dollar account that isn't enough to finance your alcoholism.{image} GLUG GLUG GLUG
Hey............... you might be on to something there... www.funnybuddy.com................ yeah.... it could work.... who needs forex.

"Are you bored?" "Need a buddy?" "Got more money than sense?" "just click on one of the pictures below and we will ship you your buddy within 30 minutes"

Ok we split everything right down the middle (small print - 60/40%)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Shiny-Happy-People-Ugly-Guys-Around-The-World.jpg Size: 182 KB
Click to Enlarge Name: ugly_men_m1001.jpg Size: 48 KB
Attached Image
  • #135,631
  • Jul 4, 2015 2:20am Jul 4, 2015 2:20am
But on a more serious note, picking the trades seems to be so so important in general but especially for the james16 approach to be successful. I have to say it is the thing that i am struggling with the most, staying out of the market, but i've one been trading the daily a couple of weeks.

It is a great community here, the help is genuine and considered, previously i was frequenting the Eur/USD thread and its just a different world. Here there are no ego's, no one shouting about how great they are just real traders (new and old) trying to traverse this Forex world.... and whats not to respect about that.

Ok guys off to work, have a great weekend.

  • #135,632
  • Jul 4, 2015 8:46am Jul 4, 2015 8:46am
Hi Traders,been reading with interest to James , just a copule of things , only ever put in your demo (which I believe are waste of time , due to the lack of emotional input) the same amount as you would put in a real account. I only trade hourly or 15 minute and find using a colored 50LWMA reminds me on any time frame which direction I should be trading in .IF you go back and analyse your losing trades there is a fair bet you're trading AGAINST the 50LWMA .Cheers SP
Attached Image (click to enlarge)
Click to Enlarge Name: 50ma.jpg Size: 74 KB
  • #135,633
  • Jul 4, 2015 11:05am Jul 4, 2015 11:05am
Quoting zamfir
{quote} Good job GB. My AUD trades on daily, almost there. {image} {image}
Hi Zamfir, great trades as always!! But i still have a question though, reg. AUDUSD when you took that BEOB, didnt you worry about the several lines of support at 7600 - 7550? Moreover, wasnt this BEOB in the so-called "traffic"? Maybe you could enlighten me reg. your decision process

thanks,
Market can stay irrational longer than you can stay solvent.
  • #135,634
  • Jul 4, 2015 11:31am Jul 4, 2015 11:31am
Quoting FXBat
{quote} Hi Zamfir, great trades as always!! But i still have a question though, reg. AUDUSD when you took that BEOB, didnt you worry about the several lines of support at 7600 - 7550? Moreover, wasnt this BEOB in the so-called "traffic"? Maybe you could enlighten me reg. your decision process thanks,
Ahhh Fxbat, see this the an issue i used to struggle a lot with earlier. Remember S/Rs are not set in stone. They can break or hold , you never know when you enter if the FTA is going to break or hold. now if you convince yourself that the trouble area will always hold , then you cannot put on a trade. This would also mean that you are conditioning yourself to think that S/Rs are something certain in markets. But the reality is far from it. Nothing is certain , you must trade in terms of probabilities.

Read my earlier posts on this topic. Most people are looking to always win so they want to pick the best A+ setups , but remember nothing is certain even if you a A+ setup it can fail.

Don't worry about how the trade is going to work out, you will never know this. When you see a good PA bar , all you can do is take it and try to reduce your risk and that is the absolute best you can do.

Bottom line - don't look for certainty in markets. Trade the PROBABILITIES and manage your risk.
  • #135,635
  • Jul 4, 2015 1:37pm Jul 4, 2015 1:37pm
Hey GB no worries bud, you can waffle all you want. In fact I think I’ll have a go too.
Every trader has flaws and weaknesses that they have to overcome. You’re prone to revengeful trading after a loss and I chicken out completely, meaning, I’m too afraid to pull the trigger on the next trade.

What James is teaching works (from what I’ve learned thus far), there’s no doubting it. The sooner you realise that, the sooner you’ll stop questioning your edge. I’ve met professional technical traders with humongous accounts, one of them being my mentor. They’ve all started small, and the other thing they have in common is that they’re disciplined and they follow their trading plan down to the T. It’s of paramount importance that you have a plan and a rule-set written down. This is a business! Any business without a business plan is doomed to failure, even if you know what you’re doing. This is the only antidote to curbing emotions after a loss: Trusting in your business plan.

Have you noticed that I have completely stopped trading the 4 hour time frame? And that on Friday I didn’t make a single trade? The reason is that I’ve got caught up in this thread and disserted my trading rules. I’ve spent Friday studying James’ charts instead. My point is this, GB: Follow your rules to the T. And I am confident that you will be a consistently profitable trader. This post is not just for you but more especially for myself. In fact we all need to do this:

1. Rule-set: Write down your rules for each and every price action setup. Tweak these rules as you learn more and gain more experience.
2. Journal [EXTREMELY IMPORTANT): Keep a trading journal! (You see me make statements like “this setup has an 80% expectancy” I know this because I was taught to keep a journal). The trader that says all trades have an equal chance of working out or failing obviously doesn't keep a journal. There’s a lot of know-it-alls that need to be ignored (ask them to show you how many withdrawals they've made thus far and you’ll have more than enough reason to ignore them). Yes, that one single trade does have an equal chance of failing at that moment in time. Hell, the most potent setup in the world of price action is the Inside Bar False Breakout, it has about an 85% expectancy on the daily chart and is thee A trade of A trades but each and every time you encounter the setup (which isn’t often) you should know that you have 50% chance of losing the trade at that point in time. But an A-Trade depending on your rule-set may yield 70% wins, 20% BE’s and 10% losses. So you know that you can confidently trade it in the midst of losses because overall it’s a proven winner.
3. Checklist: Have a checklist for each setup and check that list before you pull the trigger on the trade. Does it meet your conditions? If the answer is YES then you can confidently pull the trigger. If the answer is NO, then even if the rest of us here are taking that particular trade, you don’t.

You may think that this is childish but a lot of professional traders do just this. And it’s been taught to me by a very successful Australian trader. Stick to your rules. You’re an intelligent trader and I believe in you. You’re passionate about trading and a very intelligent person but you need to be strict, GB. This is not a game or a hobby, it’s the MOST LUCRATIVE BUSINESS ON THE PLANET.

Sorry for the really long post, but I think that you and I, and a lot of us here need to do just this. If you’re going to trade the J16 way then you may as well do it religiously. Get a pen and a page and write down your rules. Get serious, because the moment I started doing this I stopped making deposits and started making withdrawals for a change. It works and I need to get back to it after backsliding for a bit. I like this place because there are a lot of intelligent traders here that I watch closely yet quietly everyday: you, Zamfir and Kershey just to name a few. Plus we have Mike who is always willing to help. Hell, the odds are in our favour. Just be disciplined!

More importantly I now have an Aussie bud to taunt when the Springboks smash the Wallabies to smithereens on the 18th of July. (Don’t you dare mention the cricket world cup!!!). SA is a rugby nation!
  • #135,636
  • Jul 4, 2015 1:50pm Jul 4, 2015 1:50pm
Quoting Bladerunn3r
{quote} Hey............... you might be on to something there... www.funnybuddy.com................ yeah.... it could work.... who needs forex. "Are you bored?" "Need a buddy?" "Got more money than sense?" "just click on one of the pictures below and we will ship you your buddy within 30 minutes" Ok we split everything right down the middle (small print - 60/40%) {image} {image} {image}
Hey funny bud. That's a good way to get yourself banned from this thread. I was at the Vodacom Durban July, a massive horse racing event (more about clothing fashion than horse racing though) that's hosted the first weekend in July each year, and I saw this dude with a fake Hitler mustache, I though of you for some reason, HAHA.
  • #135,637
  • Jul 4, 2015 4:28pm Jul 4, 2015 4:28pm
Hi Mike, what's up with the new site? Is it running anytime soon?
  • #135,638
  • Jul 4, 2015 6:03pm Jul 4, 2015 6:03pm
Quoting zamfir
{quote} Ahhh Fxbat, see this the an issue i used to struggle a lot with earlier. Remember S/Rs are not set in stone. They can break or hold , you never know when you enter if the FTA is going to break or hold. now if you convince yourself that the trouble area will always hold , then you cannot put on a trade. This would also mean that you are conditioning yourself to think that S/Rs are something certain in markets. But the reality is far from it. Nothing is certain , you must trade in terms of probabilities. Read my earlier posts on this topic....
Thanks for sharing your insight Z. Makes a lot of sense. GB.
'Fail to plan, plan to fail'
  • #135,639
  • Jul 4, 2015 6:10pm Jul 4, 2015 6:10pm
Quoting incognito517
Hey GB no worries bud, you can waffle all you want. In fact I think Ill have a go too. Every trader has flaws and weaknesses that they have to overcome. Youre prone to revengeful trading after a loss and I chicken out completely, meaning, Im too afraid to pull the trigger on the next trade. What James is teaching works (from what Ive learned thus far), theres no doubting it. The sooner you realise that, the sooner youll stop questioning your edge. Ive met professional technical traders with humongous accounts, one of them being my mentor. Theyve...
Thanks for your post and encouraging words Inco. The checklist is the game changer for me. Just having a written out plan of trading conditions/ setups I will and won't trade stapled to my computer helps keep emotions at bay and mind on the job. Sticking to a plan for me, is much easier when it is written out and stuck to my trading screen. My trading has turned around for the better these last 9 months or so as a couple of things have clicked. It is upwards from here, and I love it. But without patience and discipline, it is just gambling. C'mon the Wallabies! GB.
'Fail to plan, plan to fail'
  • #135,640
  • Jul 5, 2015 4:10am Jul 5, 2015 4:10am
I stumbled upon this while glancing through an ebook on the pin bar. You'd have to admit, it's quite difficult NOT to see the male anatomy in this. Another reason for choosing candlesticks over bar charts I guess.
Attached Image
28 traders viewing now