james16 Chart Thread

send me an email [email protected] and you can pick the two. I think it's a great thing what you are offering to do for an aspiring trader


Best
Mike

*raises a hand as a volunteer*

I'll be able to write my monthly opinion and how much value it really is, since I think I've already read a huge portion of information about PA from Al Brooks' , PATs, S.Nison, J.Pring, Bulkowski books to many information sources like non-paid sites and countless videos of famous traders like Dante, ChaosTrader63, Chris Capre and others (of course all the free james16 material).

Jeremy, that’s so silly. It doesn’t cost J16 a cent to give someone free membership but it will cost you more than a grand. If you don’t know what to do with all your filthy lucre, just wire it to me! You want to do a charitable deed this Christmas? Replenish my bloody trading account why don’t you.

I want to be the lucky one))

Mike, I have a queston that bother me, it is not about bloody accounts or your evil commercial intentions)))
It is again about innocent boxes)) Are there any rules that describe the size of box? Should it fit some conditions (besides midpoint=PPZ) or it should be drawn approximately, by eye?

HaHa, I think there's likely to be dozens if not hundreds following this thread that would like to be the lucky ones anti (me included btw - just saying).

This is like Charlie and the Chocolate Factory. "I've got a golden ticket, I've got a golden ticket".


NZD/CAD moving up nicely. 50+ pips profit locked.
Have an awesome Friday and Weekend all.

Bill, nothing is lost for asking)))
Good trade!

I agree (on both counts)

I marked the EURCAD chart eons ago as a potential buy zone. Lo and behold, a sharp reversal! I was away and missed this move unfortunately. Hope I get a retrace to 1.45 with some strong bullish PA.

Why not everyone who made post on page 6893 ?
I think it is fair

I know I said I wouldn't post again for a while, but I cannot stay away.

I wanted to back up Mike here on this, even though it is needless. He has 23,792 posts on the J16 website. That does not even include probably over 300 webinars. (I have watched 188 of his as of this morning.)

There is a lot of organized material on the website, and I agree that someone should be compensated to organize it. That organization has probably saved me YEARS of confusion.

Hey, antisystem. I know this question was for Mike, and I definitely defer to him. However, what I would say is that it is more of an approximation. I definitely believe it is a bit of a minor art form. Boxes are not always delineated right on the nose by the highs/lows that outline the edges. Therefore, it is, in my opinion, a lot of doing the following:
1. Practice locating PPZs, to the point where you can instantly see them without drawing them.
2. When looking at a blocky consolidation, eyeball the PPZ.
3. Build the framework of the box from the PPZ.

I am not sure if that is the best method, per se. However, it is my best off-the-cuff explanation.

Here is a DX chart I threw together yesterday that shows some of the boxing right now on the trade-weighted dollar index.

Oops, wrong chart. Let me find it.

Here we are: DX - trade-weighted dollar index:

Intro
Even if I did not post, I do look in from time to time. I am very happy that some of my more central posts still get quoted to this day.
I am very proud that some of what I have written and shared has helped some people get along. A lot has evolved and happened since.

You may wonder why I stopped posting and the core reason is time constraints and focus on the individual trading education through the J16 group itself.
I hold a weekly webinar just like Mike and deal with a bit more complicated and advanced topics (such as small stop size, high reward trades and some Elliott Wave basics) and follow up with a weekly summary and outlook with the FXNotes, which some may still know from the text-only version way back when I did them on FF.

Quite frankly, the other reason I stopped involving myself in the public forum was because I am not someone who is great at being completely emotionally oblivious to personal attacks (which attacks on this thread, the people involved and the James16 Group are for me).
Put plainly, public forums are just that. Public. Often fairly unregulated, open to anyone with an email address and accordingly, almost anything goes. And the internet predominantly reverberates negativity and overwhelmingly so. You can see rage and hate in youtube comments, steam forum posts and of course other forums, including this one.

Especially once money is involved, emotional repercussions are a huge issue (which is also why I will never stop reiterating that psychological issues and self-preservation are a huge factor for people developing towards professional trading and frequently put a very large emphasis on this topic in my webinars).

Emotionality in general often means that rational discussion and two-sided viewpoints fly out the window and that the purging of emotions is at the center.
I understand this. Originally, this was fine as in the real world. You vent, you feel better, everyone moves on. Nobody was going to cast that moment in stone. With forums, you will have the posts stick around, and things written in anger or emotional outburst may only reflect a fraction of what you really want to say or even feel generally.
Still we do it, and I can relate. Again: It is one of the reasons why I retreated. Reducing stress/stressors is an important factor in trading as in life.



Main reply

Now, just to pick up one example, because it is representative of something that has been with both the forum and this group and thread since its inception.
And Jscathey has been pretty scathing recently. I want to put this into perspective a bit.

The accusation, the way I read it, basically boils down to: "How dare you ask money for a service or education?"

First: If I read correctly, you are from America.
Since when was the basic tenet "Money for nothing and the chicks for free" as opposed to "There's no such thing as a free lunch"? Considering your job revolves around the food industry, it seems a weird demand to put forward.
But more to the core: Even if one expects to get paid for a job and find an income for time spent, how many years do most people do charity work on top for completely free? How much of a % of your life is dedicated to that?
I can with certainty say many years and quite a large % of time has gone into J16 contributions by not just me, but thread contributors, members, former members, etc pp. Both in the group as well as the free thread.
However, demanding of people to spend their entire time to do everything for free forever is not how you can survive in a society that has chosen capitalism and money based income as a logic for its state and economy.

It is simply an unrealistic demand to tell someone who has a very limited resource (= lifetime and work time required to generate survival income) to spend to dedicate it to you for nothing in return. That just translates to "I don't care if you threaten your survival, I demand you serve me regardless".

Do keep in mind the "competition" of free work for others is: Spending time with friends, family and loved ones. Making the money needed to pay rent. Eat, sleep and stay healthy. And so on. I think we all realize that we have 24 hours in a day and a mortality that means our lifespan has a hard limit to it.

So I do not understand why this is something people repeatedly put forward as an grievance when all it is about is a reflection of the same reality they already live in.
Or put differently: If your boss/customers/clients told you they want you to keep providing your time, goods and services while they refuse to give you anything, would you say that is no problem at all and how it should be? If not, how can you assume this is normal for people just because you are encountering them online rather than in real life?
That is such an absurd position to take and oddly ironic given that it very often comes from people living in systems that are also based on capitalistic economies.

Now, more perspective.
If your computer has an issue, virus or otherwise, it will cost you 60 EUR an hour to have it fixed. Most of the time, your bill will run in excess of 100 EUR. A friend of mine who freelanced in IT charged 100 EUR per hour. Per hour, guys. One. Hour.

The equivalent of a PC repair store spending two hours to clean up your PC, from which you yourself learn nothing, amounts to the same as a full month of J16 membership. People readily bring in computers to fix their OS, but they don't want to pay someone to fix their trading?

That is quite disproportionate, given the next piece of the puzzle:
If you refuse to see your education as an investment, the market will teach you instead. Lifetime membership is under 2000$. Here 15000$ were lost instead, because of an organized, structured and disciplined approach the choice instead was made to sooner trust the market than the people that have learned to deal with it already. This is a bit like directly going on racing courses with risk of crashing at 150+++ miles per hour rather than paying a driving instructor first.

Quite frankly, if someone offered you an education that was long term, high quality and organized for 2000$ vs an uncertain outcome risk of 5-15000$, would you really rather take the second option?
Again, I know this frequently comes up, but people really have to take perspective there into account.

And now to round it out, since a lot of the attacks are also often attacks on character and integrity:

Making attacks on othe people's integrity and approach when yours is "bootlegging" does not help your argument. From everything I have read about you, jscathey11, you are a very, very, very hard working family man(which I respect enormously) that understands what work, effort and having to slowly grind towards something means. You also obviously have to have a solid work ethic and honesty to your customers, because otherwise you simply wouldn't get work and customers.
Why then would you turn around and say "But you don't deserve anything for your work and time."?
And again I have to repeat on top of this: It is work that can save people blowing out 15000$.

Take it from someone you trust:
If you don't like what I wrote, at least consider his advice:

TL;DR: Paying 2000$ for an education is better than blowing through several multiples of that while not knowing how trading and markets work. In capitalism, work hours require compensation in order for the people involved to be able to survive. Charging for work time is not meant as a personal offense, but as a means to survive in this kind of world.

Hi Mike,

I appreciate all the hard work you have put in and cannot wait to subscribe to the new site. If I may ask a small question, Is this a tradable wick?
I am asking, because it did not quite test the highest high.

Thanks.

Hey Crane

yes that can be a tradeable wick through to the downside. Notice how price creates a clustering of highs and then the wick bar closes under all the closes of that area. This can give us a tight stop and look to trade through that wick

Now the most ideal for me would be if you shifted that entire area up towards the last swing high point because that would be a more major failure

The idea behind wicks is absorption of orderflow and path of least resistance. So here we have buyers being absorbed, but sellers maintain control(close) and thus the path of least resistance is down.

Hope that helps
Mike

Hi Mike another quick question, Below is the daily Silver chart and on the daily chart bullish divergence is very visible snd the market is at a very strong level and there is BRN in play. Also on 1H chart there is a clear, validated TL bulding confluence with BRN.

I know that you trade every TF in its own. But can we use the divergence on Daily chart and use it as a confluence for a possible break an retest of TL and BRN on 1H chart? I am asking this because such a trade is against a strong bearish trend.

If it is unclear please let me know, English is not my native language.

Thanks.

This is no joke, from my personal experience. I probably lost $40K in my 7 years of exploration (all before learning James16 basics). I am quickly making that back now. It only took about 6-8 months of education, and after that, my first full year of trading was in profit. This year, I have probably tripled my profit percentage from that first year. Now, everyone is different, of course. Some people are profitable in a short amount of time and, others, it takes longer. Does it matter though how long it takes? I firmly believe the group is not judgmental, and the overall effort is to help all tides rise. At least, that is the way I see it. 7 years of wandering helped prepare me, in some ways. However, I have learned WAY MORE in the last 2.5 years than all 7 of those aimless years, wandering around.

I never paid anyone for a trading service or anything. I always thought that was absurd. I read forum posts here (mostly Fijitrader) and on another stock trading website called iHub or books. To me, the free information was always enough (and books). Yet, over 2012, I lurked and read all of Fijitrader's posts here at FF (every single one). Fijitrader's posts seemed very real to me, and reading them gave me confidence in James16's techniques. After hesitating to pull the trigger for 1.5 years, I finally decided, for the first time in my life, to pay for a higher grade of information and join the James16 group to learn to trade. Best decision in my life. I cannot think of any better secular decisions that I have made. It really has been a pivotal moment in my life.