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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

  • #136,081
  • Jul 25, 2015 7:46am Jul 25, 2015 7:46am
Quoting antisystem
{quote} Hi Inco. Why is your chart differ so much? I was waiting for break of a PB, but it didn't happen. Open is lower close of my NZDUSD PB & there is no break/down movement. I checked different live charts in internet, and everywhere there is no break & price stopped at 0.6571, and PB's close is higher than open. My chart: {image} {image}
Hi, different brokers close their daily candles at different times (different server time): different server times lead to different charts for TF above 1H. You may trade what you see, at the end of the day no one is beer than another. Some says a 5.00 pm close New York time is a non official market close as both London and New York sessions are closed. Others monitor different chart feeds....
Slow & steady
  • #136,082
  • Jul 25, 2015 7:47am Jul 25, 2015 7:47am
Quoting antisystem
{quote} After surfing internet for a while, I've found:The difference occured, cause we have different providers of quotes (fxcm & idc), don't know how it is better to explain & I don't exactly understand the reason, but, as it said, it's normal. So I hope me price will fall like yours on Monday)
well it took me a while to write a few lines on a tiny screen
Slow & steady
  • #136,083
  • Jul 25, 2015 7:52am Jul 25, 2015 7:52am
Quoting incognito517
{quote} Yeah well, I've got to try something new. I like the daily TF, I find them easier to trade but like a few have pointed out, getting a good RR can sometimes be difficult to do on them unless there's a strong trend. I'm going to try and use the 4 hour and 1 hour TF for entry and stop placement next week and see how it goes.
I've started trading H4 lately. It gives me more opportunities so I find it easier to pass the so so ones than on the D1. Well to be honest it's also a lot easier to lose patience
Slow & steady
  • #136,084
  • Jul 25, 2015 12:18pm Jul 25, 2015 12:18pm
Quoting incognito517
{quote} Yeah well, I've got to try something new. I like the daily TF, I find them easier to trade but like a few have pointed out, getting a good RR can sometimes be difficult to do on them unless there's a strong trend. I'm going to try and use the 4 hour and 1 hour TF for entry and stop placement next week and see how it goes.
i have the same issue here. I love the daily, it makes sense to me, much more than 4H and 1H, but in the same time im struggling to get 1R or 1.5R for my trades, unless as you said, there is a very strong trend.
On the other hand, entering on lower TFs seems to be the key to success, since one can achieve a great RR and not worry so much about the number of lost trades, but this requires much more screen time and i dont have it
Market can stay irrational longer than you can stay solvent.
  • #136,085
  • Jul 25, 2015 5:26pm Jul 25, 2015 5:26pm
Ok lets dive deeper into this wonderful land of lower time frame entries!! Here are 3 basic charts, fairly simple to get your trade direction.
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  • #136,086
  • Edited 8:10pm Jul 25, 2015 5:45pm | Edited 8:10pm
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Why is it important to learn to trade from monthly weekly daily time frames first? If anyone remembers jan 15th 2015 it was a weird bizarre day. Nearly 19000 pips in maybe an hour!? This was just one of the CHF's, they all moved similar that day. If you looked ONLY at daily chart and lower then you either made a pile of money or went into negative balance. Wait? What? YES negative balance. Many traders that was long the USD/CHF that had SL's were ingonred simply because this move happened so quickly. Many brokers actually had to shut down and yes the traders with negative balances were sued for their balance. I really could care less what time frame a trader trades from. In my opinion its based on your trade plan that is demoed and back tested. But at least get through RULE 1 of James16 chart thread before you lower your time frame. And understand why RULE 4 is there.....If this was harsh I will go ahead and apologize now
  • #136,087
  • Jul 26, 2015 1:49am Jul 26, 2015 1:49am
Quoting jscathey11
...or went into negative balance. Wait? What? YES negative balance. Many traders that was long the USD/CHF that had SL's were ingonred simply because this move happened so quickly. Many brokers actually had to shut down and yes the traders with negative balances were sued for their balance.
You know, you guys shouldn't have to worry about negative balances and getting sued by your broker; I don't.

When the SNB scrapped the euro peg, FxPro kindly wiped out all negative balances for their clients, and it was business as usual the next day. I didn't get hit luckily, but even if I did, worst case scenario I would have blown my account.
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  • #136,088
  • Jul 26, 2015 11:37am Jul 26, 2015 11:37am
Alright guys , holiday over , burnt to a crisp , hope you all did well in the week just past and are prepared for the week to come
  • #136,089
  • Jul 26, 2015 11:45am Jul 26, 2015 11:45am
incognito517, you are right some brokers were gracious enough not to let accounts go into negative balance and some even erased negative balance. But the point I was making was traders need to always be aware of the bigger picture.

But I'm not here to really discuss that or any particular trade setup or chart. I'm not here to discuss why or why not lower time frames are bad for some some but better for others. I'm not here to prove to anyone why James16 trading material is better or worse then other trading material. There are other good and genuine teachers/mentors out there. I will also agree and say demoing a system is boring. What can someone actually learn from trading fake money? Before my first demo account I thought trading was like what you see on TV. Pit traders yelling back and forth their trades, wearing $3000 suits dating models and driving Ferrari's. I started trading to become rich!! I didn't sign up for this to watch monthly candles!! Reading book after book about risk management. Back testing system after system. Trading fake money! I wanted the real stuff! Truth is trading is a very very boring lonely way to make a living.

Now we can all agree I'm not the teacher type!! I don't have the patience for it and I don't mind saying whats on my mind regardless if it hurts someones feelings. Lets be honest, I don't care if I take the last $20 out of your account and leave someone flat broke. I trade to make money. Mike has the patience of 100 grandmothers when it comes to teaching!! The only reason I ever posted here was to give a different perspective. How does anyone actually know a system works? How is a trade plan written if you don't actual know where your entry SL TP is? How are money management skills developed?

Alright I have said what I wanted. I will say goodbye now and hope every person understands you are your own holy grail. Just have to have the determination to find it.
  • #136,090
  • Jul 26, 2015 12:00pm Jul 26, 2015 12:00pm
Quoting jscathey11
incognito517, you are right some brokers were gracious enough not to let accounts go into negative balance and some even erased negative balance. But the point I was making was traders need to always be aware of the bigger picture. But I'm not here to really discuss that or any particular trade setup or chart. I'm not here to discuss why or why not lower time frames are bad for some some but better for others. I'm not here to prove to anyone why James16 trading material is better or worse then other trading material. There are other good and genuine...
  • #136,091
  • Jul 26, 2015 2:49pm Jul 26, 2015 2:49pm
Any thoughts on the Daily pin on GBP/USD? its not the biggest of tails but its got the 61 fib as confluence, brn of 1.5500 and its with the trend.
  • #136,092
  • Edited 3:53pm Jul 26, 2015 3:31pm | Edited 3:53pm
Quoting jscathey11
I'm not here to discuss why or why not lower time frames.... Now we can all agree I'm not the teacher type!! I don't have the patience for it and I don't mind saying whats on my mind regardless if it hurts someones feelings. Lets be honest, I don't care if I take the last $20 out of your account and leave someone flat broke.
Can't say I'm surprised hey. Every time I say something, you're in here attacking me for it. I'm like, "Hey, this week I'm going to attempt the lower timeframes but I'm skipping the demo phase." And here you are bashing me for breaking the commandments. You obviously hate me and have issues with me posting in here. Hell, you even blatantly asked me to stop posting until I "got it." You wanna be rude? Alright!

In your previous post you implied that one could not only have avoided the Swissy bomb but could have made a killing on it too if they had only paid attention to the monthly chart. Are you kidding me? Do you honestly think that Thomas Jordan was waiting for your little trend line over there to get hit before pulling the trigger? Wow, you know, for someone who is so highly esteemed in here to be spewing out such rubbish is beyond me. Just because you're vaguely competent trading technically doesn't mean you should usurp an authoritative role and bash newbies for every little post. I come here to learn and discuss trades with the friends I have made in here. If you don't like me or the way I trade, thats fine. But stop attacking me!
  • #136,093
  • Jul 26, 2015 3:49pm Jul 26, 2015 3:49pm
Good to see you back Blade. That GBPUSD PB/doji looks a bit suspect after Thursday's BEOB. I'll be watching it closely though.
  • #136,094
  • Jul 26, 2015 4:26pm Jul 26, 2015 4:26pm
Quoting incognito517
Good to see you back Blade. That GBPUSD PB/doji looks a bit suspect after Thursday's BEOB. I'll be watching it closely though.
Hey there. nice to see you again too, sorry to hear that you are getting grief though.

Stay positive, I can vouch for the fact that you are a good positive influence in this thread not just in a trading sense but as someone who adds colour to this two tone forex world. Hopefully it can be worked out .
  • #136,095
  • Jul 26, 2015 4:39pm Jul 26, 2015 4:39pm
Quoting Bladerunn3r
Any thoughts on the Daily pin on GBP/USD? its not the biggest of tails but its got the 61 fib as confluence, brn of 1.5500 and its with the trend.
The size of it would certainly bother me, and the support just above above it before the OB.

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  • #136,096
  • Jul 26, 2015 5:18pm Jul 26, 2015 5:18pm
If you really think this whole thing was about you then I'm sorry. But do your self a favor and look back 30 posts from my first post and tell me how many people were breaking these so called "commandants".
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So as an technical trader what can we learn from this chart????? Thomas Jordan just randomly picked a spot for the Eur and Chf to become unpegged?? Yup he sure did!! This comes from a trader that lived James 16 commandants!
If anyone would like to start a thread on lower time frames then sure I'm interested in swapping ideas. BUT this is a damn page dedicated to long term success AND belongs to traders that actually believed/believes in what Jim had to say. You don't want to demo? fine! you want to add live money to the market before you know how to trade? fine! money management is stupid and boring? fine!! I doesn't bother me a bit taking your money!! Come to the live markets unprepared and people like me exist and we thrive on the 90% of traders that are not prepared ! If you want to skip the pain of loosing again we can just set up an account and you can wire the money straight to me! Incognito I have no personal problems with you but I need you to me me a favor. Look back a year on this thread. now two years and three years. notice how most those people aren't around anymore? Want to know why? They were smarter then most traders and decided they knew how to trade!

I actually agreed with you on the gbp/usd daily chart.
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now if you really think this was all about you maybe its time to look within or look where you're at
  • #136,097
  • Jul 26, 2015 5:24pm Jul 26, 2015 5:24pm
Quoting Bladerunn3r
Any thoughts on the Daily pin on GBP/USD? its not the biggest of tails but its got the 61 fib as confluence, brn of 1.5500 and its with the trend.
Welcome back Blade. I agree with some other observations. You would be trading back into some serious selling with that BEOVB closing strongly. There's also some resistance above. Not a lot of space and a small PB with bearish close on my feed. It may well go north, but I reckon there are better trades around the corner. At an area of interest though, so I would wait. I'm already short on this trade from last week (profit locked) so I'm liking the look of that BEOVB!

On a side note as I was scanning the weekly thinking of your question, I noticed the PA around 2008, the time of the crash. You can see the bearish PA/breakout on the chart. I can see a PA trader would've profited well, or with decent risk management at least got out early. As for the Swissy......sheesh, that dropped in a few seconds.

We get a few keyboard warriors dropping in gasbagging and rehashing the tried and true formula of page 1 from time to time, and that's often a good reminder. Anyone can read from a manual and start yakking lol. But when those words are accompanied by live trade charts, or trades just taken and in profit consistently, then that's a trader I'd be listening to.
'Fail to plan, plan to fail'
  • #136,098
  • Jul 26, 2015 5:33pm Jul 26, 2015 5:33pm
If you have a better way then page one please inform us guitarbloke
  • #136,099
  • Jul 26, 2015 5:46pm Jul 26, 2015 5:46pm
Quoting jscathey11
If you have a better way then page one please inform us guitarbloke
No, Page 1 is def the way JS. I would add that the free videos in the guest area of J16 and you tube are essential viewing. You will find no bigger fan of Jim's work than me. Most people here are on this thread because of page 1. Active posting, sharing talking is what it's about. Some like me, are slow learner's, and that's ok. Jim instills confidence in people. He shows us that we can do it. Instilling and nurturing confidence and giving encouragement are 2 things that I love about Jim and J16.

I thank you for your posts, as they raise the importance once again of reading and re-reading page 1, post 1.

Back to trading, GB.
'Fail to plan, plan to fail'
  • #136,100
  • Jul 26, 2015 6:02pm Jul 26, 2015 6:02pm
Because i've seen this before i'm gonna jump in here to slow things down

Guys we are ALL here trying to do the same things. In this thread we are about helping and especially trying to save people from losing their shirt. Go to post 1 for you new folks. Take to heart Jim's words. They aren't to hurt but to help. I know at the end of the day each person is going to go on their own journey. Our hope is to help you guys avoid some of those monster pitfalls and especially from burning through your hard earned money. You might take some things we teach and might not some others. That's ok just take responsibility for your own trading.

Remember folks we have a LOT of personalities that come to this thread. People are people and the market brings these personalities out. Hang around and learn from those before you because it can help cut down some of the learning time. Nothing replaces time and experience that comes from winning and losing.

Most of all RESPECT each other. It's a person on the other side of these screen names. You can do a lot more in life with the help of others and being kind to one another. This thread has done that for ten years.

Just trying to prevent things from getting off track. The funny thing is you are all tryign to do the same thing which is share what you know and what works and doesn't for you. That's a good thing

Best
Mike
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