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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

  • #23,621
  • Mar 12, 2009 4:13pm Mar 12, 2009 4:13pm
Hi all

I'm new to this thread. I've been trying and failing miserably to scalp forex for a couple of years (despite having help along the way - the fault by the way is entirely mine - I just don't get it, it seems). I've read loads of books, spent many probably hundreds of hours looking at charts, and still managed to make consistent losses (some demo, some real).

Anyway, I decided to stop altogether for a bit, to regroup as it were, quit trying to scalp (trying to drive a racing car when I haven't even passed my test) and try a fresh approach a little more long term (daily charts maybe). Over on another forum someone recommended this thread and I started reading, studying James' charts etc. I got kind of excited at the way it was coming together, but by page thirty I was running out of steam and getting increasingly overloaded/confused. I wondered how many pages I had to go, so I skipped to the end... Oh my..! 1500 plus pages and counting! I think I will be dead before I have time to read all of that and now I feel pretty depressed!

I don't want to be spoon fed, and I'm not afraid of hard work, but I do feel that I have been lost in the wilderness, and i need someone to put me on the right road, nothing more.

I hope that doesn't sound too pathetic but I'd appreciate some guidance here.

Thanks
When in doubt, sit on your hands...
  • #23,622
  • Mar 12, 2009 4:21pm Mar 12, 2009 4:21pm
ok folks another tortured soul has found his way here so lets help him.

what we do here is as simple as it gets so you can stop feeling pressure and anxiety. what we do here works for almost everyone that does it right but doing it right is very hard for most people. get involved and give this thread your attention along with the guidelines in the first post. go over to the site and watch the guest videos. DO NOT EVEN CONSIDER joining anything for at least a month or two. by then you will know if this is for you or not.

welcome,

jim

Quoting gododdin
Hi all

I'm new to this thread. I've been trying and failing miserably to scalp forex for a couple of years (despite having help along the way - the fault by the way is entirely mine - I just don't get it, it seems). I've read loads of books, spent many probably hundreds of hours looking at charts, and still managed to make consistent losses (some demo, some real).

Anyway, I decided to stop altogether for a bit, to regroup as it were, quit trying to scalp (trying to drive a racing car when I haven't even passed my test) and try a fresh approach...
  • #23,623
  • Mar 12, 2009 4:24pm Mar 12, 2009 4:24pm
Quoting gododdin
Hi all

I'm new to this thread. I've been trying and failing miserably to scalp forex for a couple of years (despite having help along the way - the fault by the way is entirely mine - I just don't get it, it seems). I've read loads of books, spent many probably hundreds of hours looking at charts, and still managed to make consistent losses (some demo, some real).

Anyway, I decided to stop altogether for a bit, to regroup as it were, quit trying to scalp (trying to drive a racing car when I haven't even passed my test) and try a fresh approach...
Mate, starting off trying to scalp in the FX markets is like doing a Masters before doing a GCSE. I know professionals that have have been trading many years that still find it hard to scalp FX successfully.

You need to take a step back. Read the thread SLOWLY from the beginning and begin demoing the principles.

You have to realise that you are going to have to UNLEARN a lot of what you have spent time learning.

But you can do it.

I was like you. If you read this whole thread you will find early posts from me when I had blown my account and was distressed and disillusioned.

After working through this thread (I only got as far as about 600 pages in and that took me many, many months) I managed to become consistent and ran my accounts up many fold. I then used this success to get a job as a professional futures trader for a firm in London where I now trade the Dollar, Euro and Yen for a living (and a lot of other stuff too - see my post above)

But this post is not about me. It is just to show you what can be done. Read. Absorb. Experiment. And never give up.

So what if it takes you a year to read through all this material? That is a small price to pay for financial independence for the rest of your life.

As Jim would say...it's not a sprint...it's a...
  • #23,624
  • Mar 12, 2009 4:35pm Mar 12, 2009 4:35pm
wizard is right. i have personal emails from him back then that would probably embarass him. they are for sale. just email me for a price quote.

seriously though. many of you have no idea of the correspondence i have had with some of these long timers when they too came here lost and frustrated. it would rock you to your core if you saw some of them. now they are well known and respected members of this thread. they made it. they toughed it out even when i refused to spoon feed them. some got pissed off and left only to return later.

you would be shocked at the transformation that has taken place with them.

it can happen for any of you but you gotta listen to words like wiz's.

WIZ KNOWS.

Jim


Quoting the_wizard
Mate, starting off trying to scalp in the FX markets is like doing a Masters before doing a GCSE. I know professionals that have have been trading many years that still find it hard to scalp FX successfully.

You need to take a step back. Read the thread SLOWLY from the beginning and begin demoing the principles.

You have to realise that you are going to have to UNLEARN a lot of what you have spent time learning.

But you can do it.

I was like you. If you read this whole thread you will find early posts from me when I had blown my account...
  • #23,625
  • Mar 12, 2009 4:40pm Mar 12, 2009 4:40pm
James/Wizard - I feel better already! Thanks for your wise words. I'm going to head over to the site and carefully watch all the videos and other material, and then probably watch them again a couple more times. Then I'm going to start readin this thread again, and if it takes a year, so be it.

I'm in this for the long haul and hopefully I've already proved that I'm not afraid to put in the hours - I think I've been on the wrong road though, and you're right, it's time to step back and unlearn some stuff. I have ploughed my way through what for me were some incredibly complex and I think probably very scholarly books (anyone read Fibonacci Analysis by Constance Brown for example) but none of it seems to have helped.

"Tortured soul" is right...
When in doubt, sit on your hands...
  • #23,626
  • Mar 12, 2009 4:44pm Mar 12, 2009 4:44pm
Quoting gododdin
Hi all

I'm new to this thread. I've been trying and failing miserably to scalp forex for a couple of years (despite having help along the way - the fault by the way is entirely mine - I just don't get it, it seems). I've read loads of books, spent many probably hundreds of hours looking at charts, and still managed to make consistent losses (some demo, some real).
Thanks
I'll chime in here. Gododdin, welcome to the thread. It sounds like you are ready to sit down and spend a few years ripping this thread and maybe the private side apart. It has been well worth it for me. I haven't posted a ton here lately, but I check in now and then to see how things are going. The first page pretty much sums up what advise I would give you.
Good luck and I wish you the best.

Hey Wiz, glad to see you posting. Great psyc explanation of the work to time connection.
  • #23,627
  • Mar 12, 2009 4:51pm Mar 12, 2009 4:51pm
Quoting the_wizard
This was an easy and highly profitable trade.
Wiz you did have a little help,....cough struck by lighting cough
  • #23,628
  • Mar 12, 2009 4:55pm Mar 12, 2009 4:55pm
I am trying to decide which set-up I like better, EURJPY or GBPJPY.

I may just split my risk in half and take both...
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gbpjpy.gif Size: 19 KB
  • #23,629
  • Mar 12, 2009 5:00pm Mar 12, 2009 5:00pm
[Thanks to James16 for starting this thread. Thanks to all the posters who have made it the textbook to learn, with thousands of examples, answers to every question, insight on money management and trading styles, and lots of encouragement along the way. I have learned so much about trading in the last 2 months, all from simply reading, studying, reviewing, and applying the principles in this thread. Keep it up everybody, we've really got something amazing here

Josh[/quote]

Hi ya Josh..

Thanks muchly for all the time and effort you have put into this post I have just seen....you made life a lot easy for finding a lot of the good stuff in one spot directly ..

Adrian
  • #23,630
  • Mar 12, 2009 5:02pm Mar 12, 2009 5:02pm
Quoting unlv_tj
I am trying to decide which set-up I like better, EURJPY or GBPJPY.

I may just split my risk in half and take both...
If I had to choose "only" one, I would take EJ.
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  • #23,631
  • Mar 12, 2009 5:08pm Mar 12, 2009 5:08pm
Quoting HipsterPipster
If I had to choose "only" one, I would take EJ.

I agree Hip I could see reasons to take a lot of these. Don't go crazy guys, pick the 1 best, or 2 if you are so inclined. Realize that their is heavy correlation though and stick to your MM rules!


Mike
  • #23,632
  • Mar 12, 2009 5:37pm Mar 12, 2009 5:37pm
Good call guys. I am going to hold on trading these using the daily set-up. They are both moving into "muddy" areas. They are probably B trade at best.

I might be able to catch a move on these pairs in the same direction on the 4 hour that will be more clearly defined. I might not and I miss the move all together.

I missed a few decent set-ups this week, and I am getting to desperate to take the next B trade.

Thanks for your help!
  • #23,633
  • Mar 12, 2009 5:54pm Mar 12, 2009 5:54pm
I like the pin bar on gbpjpy more than that on eurjpy (too close to ppz imo); therefore i don't qualify them as A trade..don't know if take it or not..

Any suggest?

The chart below show this closing right above on the ppz at 135,44; apparently there is also some space, but i'm not very confident about the "strenght" of gbp.
Attached Image (click to enlarge)
Click to Enlarge Name: pin gbpjpy 12-03.gif Size: 11 KB
  • #23,634
  • Edited 6:42pm Mar 12, 2009 6:26pm | Edited 6:42pm
A follower of james 16 thread was lost but back and better. i missed not posting here for long time. hope there's room for a prodigal fellow like me?...jaroo hope u still remember me....dibs trader
Attached Image (click to enlarge)
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Respect a man, and he will do all the more.
  • #23,635
  • Mar 12, 2009 6:28pm Mar 12, 2009 6:28pm
Today was a good day. I didn't chase any trades. I missed out on the CHF trades and instead of being a total douchebag and chasing a trade I spent time looking at charts. Sort of like a recovering overtrade addict, one day clean. One day at a time.
Patience + Humility + Study = Success
  • #23,636
  • Mar 12, 2009 7:49pm Mar 12, 2009 7:49pm
Quoting mbqb11
I agree Hip I could see reasons to take a lot of these. Don't go crazy guys, pick the 1 best, or 2 if you are so inclined. Realize that their is heavy correlation though and stick to your MM rules!


Mike
Mike what is MM rules?
  • #23,637
  • Mar 12, 2009 7:59pm Mar 12, 2009 7:59pm
I will fill in for Mike here. MM rules = Money Management rules ...you better stick to them!!

Quoting goldbird22
Mike what is MM rules?
  • #23,638
  • Mar 12, 2009 8:00pm Mar 12, 2009 8:00pm
Quoting goldbird22
Mike what is MM rules?
Hey Gold

MM meaning Money Mgmt rules. Knowing that all these pairs are heavily correlated at the moment if you go ahead and risk 2% a trade and take 5 xxx/jpy pairs, it is more or less like having 10% risk out on extremely correlated pairs. Most people have rules in place to keep them from getting over exposed to the market in times like this.

Hope that helps

Mike
  • #23,639
  • Mar 12, 2009 8:12pm Mar 12, 2009 8:12pm
Quoting unlv_tj
I am trying to decide which set-up I like better, EURJPY or GBPJPY.

I may just split my risk in half and take both...
I am not impressed with either...

Ej:

As i see it Ej's got more to it than just the 126 level, notice the 128 level and the ppz flip between them. scrolling back I can see that price did get trapped between this zone several times.

I won't recant my anticipation or weak yen crosses...

Gj:

Like Ej it's got some resistance around 137, you could place an order above this level but for me it would be more a trade forced.

In a nutshell...both these Like the Uj pin earlier that did'nt materialize much appear near swing highs with resistance zones running closeby....passed

Regards,
Ghous.
Attached Image(s) (click to enlarge)
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I believe . . .
  • #23,640
  • Mar 12, 2009 8:18pm Mar 12, 2009 8:18pm
Quoting mbqb11
Hey Gold

MM meaning Money Mgmt rules. Knowing that all these pairs are heavily correlated at the moment if you go ahead and risk 2% a trade and take 5 xxx/jpy pairs, it is more or less like having 10% risk out on extremely correlated pairs. Most people have rules in place to keep them from getting over exposed to the market in times like this.

Hope that helps

Mike
Thanks Gorubin and Mike
BTW when you say times like this, are you refering to volatility?
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