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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

  • #137,861
  • Dec 12, 2015 10:14am Dec 12, 2015 10:14am
Quoting Crane80
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...
Hey Crane

Your English is fantastic

Yes you can certainly use confluence in this way. I'll do similar things but as long as you don't over complicate it you will be fine.

So as you said we can see price starting to round off on the daily chart at this level. so if we can find a strong story to support it even a lower timeframe it will help the
chances.

Often you could split the difference and make it easier too. If we jump to the 4hr(again price is price so it's still the same stuff) we can see that divergence and then add in that TL and watch that PPZ right at the $14 mark

Becomes a strong area to watch for PA. Now for me though where I try to be extra picky is really wait for that PA to tip you off. it's like the last final piece that helps you set up your trade

Of course if you are from the US they like to make our lives difficult trading spot gold/silver(and just banned my fantasy footbal too!) so i'll use an ETF like SLV

Hope that helps
Mike
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  • #137,862
  • Dec 13, 2015 2:45am Dec 13, 2015 2:45am
Hi Mike is that right what I looking for setup ?
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  • #137,863
  • Dec 13, 2015 12:21pm Dec 13, 2015 12:21pm
Quoting CapitalInves
Hi Mike is that right what I looking for setup ? {image}
Hey CI

Yep you got it that's a pattern that gives us a lot of information. Sitting just on top of the $35 mark it wouldn't surprise us with that divergence to see price peak down below fridays low and then hold there. Now if that's a long term hold or not remains to be seen. So game plan wise my favorite area it that top descending TL for a larger breakout.

Low risk opportunity is buying under fridays low with a tight stop under that TL. That's more aggressive though but makes sense too.

Nice clean chart CI just how I like em

Mike
  • #137,864
  • Dec 13, 2015 1:02pm Dec 13, 2015 1:02pm
Quoting mbqb11
{quote} Hey CI Yep you got it that's a pattern that gives us a lot of information. Sitting just on top of the $35 mark it wouldn't surprise us with that divergence to see price peak down below fridays low and then hold there. Now if that's a long term hold or not remains to be seen. So game plan wise my favorite area it that top descending TL for a larger breakout. Low risk opportunity is buying under fridays low with a tight stop under that TL. That's more aggressive though but makes sense too. Nice clean chart CI just how I like em Mike
Thanks for replay Mike :-) I think I will make order for WTI Buy at 34,80 sl, 34,30 and tp open.
What do you think about this nice USDCAD D1 TL short call ? If WTI go up CAD will go down If I understood market true.
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  • #137,865
  • Dec 13, 2015 1:33pm Dec 13, 2015 1:33pm
Quoting Gregory_
{quote} 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...
Thank you, Gregory Very useful
  • #137,866
  • Dec 13, 2015 1:58pm Dec 13, 2015 1:58pm
Quoting CapitalInves
{quote} Thanks for replay Mike :-) I think I will make order for WTI Buy at 34,80 sl, 34,30 and tp open. What do you think about this nice USDCAD D1 TL short call ? If WTI go up CAD will go down If I understood market true. {image}
Yep this is very true too with the CAD so be careful in understanding that you are sort of doubling your risk on the same scenario. Mean both will likely work or not work. I'm always cautious with doubling up on any one idea in the markets.

Best
Mike
  • #137,867
  • Dec 13, 2015 9:30pm Dec 13, 2015 9:30pm
​I'm totally jazzed about the new site!!!. But I can't help but comment on some recent controversy. Seekinglight's points are well said.

When obtaining an education from a certified/accredited educational institution one has some knowledge that his/her education has a reasonable chance of resulting in meaningful employment based on current demand. A good example is nursing. If you obtain a nursing degree and pass the NCLEX you are almost 100% assured to get a job. I'm sure there are others of a similar nature.

In the shady business of offering "education" to learn how to "trade" things are much more ambiguous or are they? There are formal educational achievements that one can obtain such as the series 3 to be a CTA (commodities trade advisor). In fact to be able to trade for a major institution you will need some type of certification. You don't necessarily need a degree but you do need a certification of some type. Then you will need to demonstrate to the institution you wish to trade for that you have the ability to trade. Yes you will need to show proof that you can trade. Interestingly some have already demonstrated the ability to trade before achieving certification. But the institution, if credible, will not allow an individual to trade for them without proper credentials.

So here at FF many ask for "proof" that one's claimed profitable trading strategy has a reasonable chance of being profitable. This request is often met with hostility and sometimes a "take it or leave it" attitude. If you invest in any regulated security such as a mutual fund you can obtain a prospectus describing it's past performance. Of course the fund will always tell you that "past performance does not guarantee future performance". But at least you know what you are getting into. Here at FF you most often really don't know.

One IS able to invest funds in regulated trading funds of all types whether it be FOREX or commodities. However the minimum requirements to do so are often beyond many of average or less means. The saying "the rich get richer" rings true. But these funds do publish their results and performance for all to see. But not here at FF.

So again here at FF some or perhaps many claim profitability but few demonstrate it in a verifiable manner that is regulated. The difference here at FF is most if not all want to trade for themselves so they come here lookin for a profitable trading strategy. Of course they come across many who make profitable claims but are often told to f--- off when they ask for performance data.


Should we get upset when someone asks for some kind of verifiable performance? Is this request so bad? I think not.

Now trading for oneself is definitely different than merely investing in a trading fund. But if someone says I have a profitable trading strategy then it doesn't seem unreasonable to prove it. Does it?

So here we are with James 16 launching a new site. Many of high expectations. Over the last several years in the absence of Jim, Mike has been the main dude keeping the site alive. He has devoted a great deal of time doing this. According to his claim he is a full time trader. And I have little to disbelieve him. But only because I have followed him for as long as I have been trading and I have faith that he is a profitable trader. No doubt he has shown many profitable trades. I could go on and on.

I believe J16 type trading works even though I apply it in my own way. But let's be completely honest. And I am prepared to take a lot of shit for this statement. As far as I know no one at James 16 has offered any verifiable performance data. And this is the root of people's beef with any claim of a strategy being profitable. Failure to legitimately verify even the possibility that a trading strategy is profitable, whether by demo or otherwise.

So it really is reasonable to understand why someone would question fees for a trading strategy with no "prospectus". They are told to study and trade on demo using high time frames until they get it. Would it be so unreasonable to minimally create even a demo acct and demonstrate profitablilty over a period of time? Ahhh such an endeavor would elevate any claims of profitability.

I am a lifetime member and have always respected J16 and have learned much from them. However J16 is moving into "old" territory. To separate itself from everyone else who is charging for "education" I think Jim and Mike no what needs to be done.
  • #137,868
  • Dec 13, 2015 9:53pm Dec 13, 2015 9:53pm
Quoting Winston Reed
​I'm totally jazzed about the new site!!!. But I can't help but comment on some recent controversy. Seekinglight's points are well said. When obtaining an education from a certified/accredited educational institution one has some knowledge that his/her education has a reasonable chance of resulting in meaningful employment based on current demand. A good example is nursing. If you obtain a nursing degree and pass the NCLEX you are almost 100% assured to get a job. I'm sure there are others of a similar nature. In the shady business of offering...

Hey Winston

But ahhh there in lies the rub lol. I have no desire or will i ever to manage other peoples funds or give financial advice. I don't want to have to get my certification or the responsibility that come with it. I have dozens of friends who are certified and couldn't trade their way out of a paper bag. Nor would they ever even try to. They just "have" to be for their corporate jobs. I have no desire to work for someone. Being a trading educator is a fun way and a profitable one to help those that are struggling and also flows with what my goals are in life personally. I claim nothing but what I show day in and day out. As you said I put my butt on the line all the time and i'm glad to do it because I believe it helps people and thus will help the group. I can't make up what I show, I do it knowing i'll be judged and quickly so. But i'm ok with that because after ten years I am confident in what I do. Those in the group will tell you I post my trades ALL the time. That's the way I want to be judged. Not by a certification or false claims or hype. What you see is what you get. If you like it and want more you'll pay for it. And i'll hold up my end as I have.

But that is the bottom line, if someone likes what I do and show they will continue to pay for a subscription and benefit from it YEARS after they are done paying. For those that don't and want something different from trading they will go somewhere else. I get that too. I'm not trying to be anything other than what I am. I think that's where people get tripped up. We are a trading education site. People can read into that what they want. I don't need to hype or say something else, the quality of my work i'll always show above and beyond that. And at the end of the day that model has worked.

But now we will just kick it up a notch and once again the quality of it will either work and continue us for another ten years, or kick our butts. But i'm always up for the challenge

Thanks as always for the feedback bud
Mike
  • #137,869
  • Dec 13, 2015 11:20pm Dec 13, 2015 11:20pm
Quoting mbqb11
{quote} Hey Winston But ahhh there in lies the rub lol. I have no desire or will i ever to manage other peoples funds or give financial advice. I don't want to have to get my certification or the responsibility that come with it. I have dozens of friends who are certified and couldn't trade their way out of a paper bag. Nor would they ever even try to. They just "have" to be for their corporate jobs. I have no desire to work for someone. Being a trading educator is a fun way and a profitable one to help those that are struggling and also flows with...
I know I'll take some heat for what I'm about to say. That's ok. I'm even prepared to get banned. That's ok too. As an educator managing a successful educational trading site J16 has the following potential:

Based on the old subscription rate
At $129/month x 12 months = $1548 for one subscriber.
If 100 subscribe in one year then that is $154,800.
If 1000 subscribe in one year then $1.54 million.

It's not difficult to see that education by itself is quite profitable. I'm all for making a buck on providing an education. I've done my homework and I know how profitable it can be. Those in the business of providing trading education are in it for the BIG bucks. James 16 at this rate definitely charges much less than others. Online Trading Academy and others charge MUCH more so no doubt your rate is probably affordable to most. yet make no doubt J16 stands to make out generously.

I know certified traders too. I know several that work for managed commodity funds with published and verifiable performance. These types of funds are unfortunately only invested in by usually wealthy individuals that are fully aware of what they are getting into. These certified and usually degreed traders know how to trade and back it up with performance data. This performance data is available for the asking without fear of being ridiculed or given some other self-righteous excuses for educational endeavors. In fact they don't give any excuses for their performance. Sure there are lots of individuals with certifications that can't trade. That's why none of them are employed as REAL traders.

Not too long ago J16 suggested the possibility of making live trade calls. I was interested in this as this would have been a way to prove yourself. As far as I can tell this has gone by the way side. Such a service would have had the potential to show true trading ability and profitability.

I've had an elevated and perhaps false view of James 16. I've always thought J16 was better than all the other BS sites asking for money to "educate" others to trade. I have yet to come across one that offered any verifiable trading performance. You've made the claim that you "trade" for a living. Awesome. I don't even want to ask you for your personal account information nor would I expect you to provide it.

BUT it doesn't seem unreasonable that James 16 could at minimum make public a long-term Demo acct traded by you or Jim or both or just by the James 15 site.

If J16 type trading has the potential to be profitable then a demo acct would back it up and shut-up the naysayers. I guess I am now one of the naysayers but I won't go about spewing forth vitriol.

"Being a trading educator is a fun way and a profitable one to help those that are struggling and also flows with what my goals are in life personally. I claim nothing but what I show day in and day out. As you said I put my butt on the line all the time and i'm glad to do it because I believe it helps people and thus will help the group. I can't make up what I show, I do it knowing i'll be judged and quickly so. But i'm ok with that because after ten years I am confident in what I do. Those in the group will tell you I post my trades ALL the time. "

Perhaps I am really just beginning to understand. You said it best above. "Being a trading educator is a fun way and a profitable one to help those that are struggling and also flows with what my goals are in life personally." You are an educator. Yes you trade for a living but I doubt you live completely off the profits from your trading alone. I don't really blame you for it. It's really what all the others do too. Yes you post your trades ALL the time but not all your trades.

I know I will likely be "persona non grata" here but I have to call it like I see it but you are welcome to prove me wrong. I wish you and James 16 a profitable future in educating.
  • #137,870
  • Dec 13, 2015 11:31pm Dec 13, 2015 11:31pm
Quoting Winston Reed
{quote} I know I'll take some heat for what I'm about to say. That's ok. I'm even prepared to get banned. That's ok too. As an educator managing a successful educational trading site J16 has the following potential: Based on the old subscription rate At $129/month x 12 months = $1548 for one subscriber. If 100 subscribe in one year then that is $154,800. If 1000 subscribe in one year then $1.54 million. It's not difficult to see that education by itself is quite profitable. I'm all for making a buck on providing an education. I've done my homework...

You should check out our preview videos we made, we will be doing live trade calls via SMS and email

I do them now on the forums too but i'll be making it more official through the alert system we had created. The cool thing is we aren't even asking for a dime extra, we're hoping by our performance people will donate a recommended amount. So if we do well that will be rewarded, in the j16 spirit

Also I've never claimed to live purely off trading profits that's extremely difficult and somewhat unreasonable. I've been self employed most of my working life and it takes a lot of money to live/taxes/health insurance etc. Trading is one of my means of profit, trading education is another. I also own my own consulting business with IT work I do. These are all open and common knowledge. I actually prefer to use trading to grow my wealth rather then live month to month withdrawing on trading profits. I live in NY it's quite expensive lol. Again I don't see this as anything but just being who I am. I know how to trade and i'm proud to help others and making money off helping others seems fair in my book. I offer a service and work VERY hard at making it worth it's money.

Best
Mike
  • #137,871
  • Dec 14, 2015 12:13am Dec 14, 2015 12:13am
Hi Mike,
Can I leave the discussion of a last couple of pages behind and ask a more specific question?
This week might be the one when we'll see after 5+ years the raise Interest Rates.
Could you please share your thoughts about a proper behavior during such event (i.e. opining new/holding existing trades)?

Thanks a lot for your time and efforts keeping this thread so helpful and educational!
  • #137,872
  • Dec 14, 2015 12:24am Dec 14, 2015 12:24am
Quoting mozyr
Hi Mike, Can I leave the discussion of a last couple of pages behind and ask a more specific question? This week might be the one when we'll see after 5+ years the raise Interest Rates. Could you please share your thoughts about a proper behavior during such event (i.e. opining new/holding existing trades)? Thanks a lot for your time and efforts keeping this thread so helpful and educational!
Sure M

In terms of news I pay very little attention to it. At least the usual week to week stuff. Means nothing to me. Interest rates are a bit different, or black swan type news(ala greece/euro stuff) Interest rates still for me don't me I will stay away from the market but i'm more aware of executing during that time. If I am in an existing trade prior to a release i'm almost always ok with holding that trade. That's a big benefit of trading the hourly and higher. Now if I am in say an hourly or 4hr trade and my stop is close to market value i'll consider closing out of the trade so to avoid slippage. Likewise I won't leave a pending buy stop on that doesn't have bounds applied to prevent massive slippage(safest is just to use limit orders as much as possible).

But news often just is the thing that gets the trade going. Couple weeks ago was a good example where I was in a few eur/xxx pairs long and the ECB had their bid rate and conference which is major news. Price got volatile but moved my way. Stops were safe because of the technicals. The technicals protected the trade. I find if i'm picking a proper and strong trade the technicals will do their job. Of course that doesn't make us immune to slippage. It happens. The one thing i'll never do is start opening market orders right on the news release or anything. That's just not gonna happen.

Hope that helps
Mike
  • #137,873
  • Dec 14, 2015 9:47am Dec 14, 2015 9:47am
Hey guys,

Perhaps someone will find use from my rant. This post is not aimed at anybody in particular.

Why does it matter if Mike trades profitably? At the end of the day he is just somebody who claims he is profitable. No one can verify with certainty anything in this game.

Mike could show you his trading record for the past 5 years, and lets say he was profitable, does that mean he will be profitable in the future? No. You could argue he just paid off the auditors anyway. Anything is possible.

Even if Mike was the greatest trader in the world and made a 100% return every year, does that mean you can too? Is trading really just about following what a mentor does and repeating like in a robotic fashion? Trading is not about doing A,B,C and expecting money at the end of it. You could sit next to Warren Buffet, but if you don't have the aptitude or mindset for his unique type of trading then it's worthless. I think trading is a personal journey, you take a bit from Mike, a bit from somebody else and formulate it in a way that YOU understand. I think we have to take responsibility for our own trading. No one is clicking on that buy or sell button apart from us.

Mike teaches support, resistance, trend lines, candlesticks, nothing special or isoteric, but it's how he uses and blends these concepts that make what he teaches unique. So perhaps the most important question is, do you actually believe that technical analysis can be traded in order to help give you an edge or do you believe it is all voodoo?

There are tons of educators out their on the internet. If you can't find even one that your convinced is profitable, then shouldn't alarm bells be going off? Is trading profitably really that magical and that elusive that no one fits the bill?

If you find what Mike teaches useful, then follow him, try and use your own ideas and try to form a strategy that works for you. If you think he's a waste of time/space then don't waste time on him? If you believe he's a scammer then just stay well away and laugh at the fools who give him money, no point wasting time on him when you could be focusing your energy on yourself in trying to become profitable.

I'm not profitable yet, I hope to be someday. I study the market, I take screenshots of patterns, I make notes, I read and watch various pieces of information from different educators about trading. Do I think there are a lot of people who claim to be gurus. Yes. Just stay away from those.

The saying "whether you think you can or you think you can't - you're right" comes to mind and not just for trading but life in general. But at the same time don't be naive because at the same time you could be the person who tries 10x as hard as the guy sitting next to you who is profitable and still you won't be able to trade profitably. Some people will just aren't cut out for trading. If I never become a profitable trader then so be it, I certainly don't look back at the last few years and feel it has been a waste of time. Perhaps I am the fool. I "feel" I am making progress. Maybe one day I will look back and think I wasted my time. Who knows? Mike has said countless times "the vast majority will not become profitable traders".

Do I believe that Mike trades profitably? Yes. Can I prove it? No. All I can say from personal experience is that his concepts have helped me understand the more about the rhyme and reason to the market.

I think the most important thing to realise is that you have to take responsiblity for your own trading and investment decisions. Nobody owes you anything, and nobody cares more about your development as a trader than YOU.
  • #137,874
  • Dec 14, 2015 10:14am Dec 14, 2015 10:14am
Nice move on GBPAUD.

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  • #137,875
  • Dec 14, 2015 10:44am Dec 14, 2015 10:44am
Finally , a much required update on MT4.

AUDCAD BE now.

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  • #137,876
  • Dec 14, 2015 4:19pm Dec 14, 2015 4:19pm
Quoting CapitalInves
{quote} Thanks for replay Mike :-) I think I will make order for WTI Buy at 34,80 sl, 34,30 and tp open. What do you think about this nice USDCAD D1 TL short call ? If WTI go up CAD will go down If I understood market true. {image}
bet you're smiling now CI
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  • #137,877
  • Dec 15, 2015 2:37am Dec 15, 2015 2:37am
Quoting zamfir
Finally , a much required update on MT4. AUDCAD BE now. {image}
Hi Zamfir! (And Guitarbloke) :-)

May I ask you? A technical question...
You always move your stop level to BE when the reward reach the 1/1 rate?
Is it a main rule in your style? Or do you have other management type as well?

Thx!
R
  • #137,878
  • Dec 15, 2015 3:36am Dec 15, 2015 3:36am
Quoting robert076
{quote} Hi Zamfir! (And Guitarbloke) :-) May I ask you? A technical question... You always move your stop level to BE when the reward reach the 1/1 rate? Is it a main rule in your style? Or do you have other management type as well? Thx! R
my simple rule is i move SL to BE when i see price reaching trouble areas and when major planned news is coming out(as per calendar and major news )

Regarding targets , that depends on what TF i m trading. Higher TFs(D/4h) have bigger targets , smaller TF(1h) have smaller targets(1:1 or 1:2 with in FTA).
  • #137,879
  • Dec 15, 2015 7:11am Dec 15, 2015 7:11am
Quoting zamfir
{quote} my simple rule is i move SL to BE when i see price reaching trouble areas and when major planned news is coming out(as per calendar and major news ) Regarding targets , that depends on what TF i m trading. Higher TFs(D/4h) have bigger targets , smaller TF(1h) have smaller targets(1:1 or 1:2 with in FTA).
Thanks!
  • #137,880
  • Dec 15, 2015 10:32am Dec 15, 2015 10:32am
GBPUSD D2 PB:
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USDJPY D1 PB:
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EURJPY D2 BEOB (still stuck in traffic):
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