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james16 Chart Thread
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Jun 17, 2005 6:41pm
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THANK YOU MERLIN
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james16 Chart Thread
This is an update to the first post of this thread on 1/14/09. This thread was started long ago when Forex Factory was a much smaller place. It was unusual at that time to see more than 20 people online at any given time. My how times have changed.
This thread has changed my life in many many ways and it has changed many others as well if my email inbox is any indication. This thread is about helping people learn to trade with a simple method BUT MORE IMPORTANTLY its about providing a kind and non-threatening place for beginners. There is literally an army of old timers here that, along with me, make sure of it.
The single biggest reason this thread continues to produce winners is it constantly pounds home that this is a business and must be treated as such. Your going to get to read about that in a minute but first i want to thank someone.
Forex Factory is what it is due to the vision and care of one person, my friend Merlin. Merlin no longer carries the torch here but he is a hero to me and i am truly blessed to know and call him my friend.
ok are you ready to read the truth? are you ready to face what no beginner to this business wants to read or hear? of course its just my opinion but it comes from 26 years of blood,sweat, tears and experience. thats all i really teach here anyway...experience. Follow it and join the multitudes here that are succesful traders or dont and go thru hell like most do in this business early on including myself for 8 grueling years.
To succeed in this business you need a sound method (notice i did not say system), common sense, discipline and a rock solid understanding that if you do not treat this as a business you have a ZERO CHANCE of long term success. 95 percent of new businesses fail even when the owner knows what they are doing. Do you really think this business is going to work for you after 3 months practice or less?
Whats interesting about this business is it affords the person that chooses to use common sense a way to learn it without losing a ton of money or any for that matter. Below is the outline i used 20 years ago to finally find some success and i have become almost mental about it. To this day any new method im testing or any refinement to existing methods goes thru the same process. Also remember this. small accounts could never keep me focused to be ultra picky about my entries and you will almost surely find the same thing. small accounts = over trading and YOU SIMPLY MUST LEARN TO BE PICKY ABOUT YOUR ENTRIES. Solution? Force yourself to be ultra picky (virtually impossible) or follow the plan below while your saving.
Before the plan i want those of you that are new or struggling to read one sentence from someone that has come before you. Just a regular person just like you. This person followed the plan, got involved and stuck with it for half a year. Here are his words and they should tell you something. There are no free lunches in this business. Give it your best here for 6 months and see if you can do the same.
"Words can't describe where my trading was 6 months ago compared to where it is now"
MINIMUM REQUIREMENTS
If you are new to trading and/or you have had difficulty finding some consistent success, you must understand something. This is not a game and it's not a way to get rich quick. I suppose there is the odd exception of the person with a ton of money to play with, but if you approach this business without a business plan and the willingness to follow it, you are almost certainly doomed to failure. A doctor spends ten plus years in a grueling learning curve to be successful and earn a six figure income; anyone who thinks that their pot of gold in this business is a couple of months down the road is in for a rude awakening.
Below is a minimum requirement (in my opinion) to find out without losing your @#!@#$%$# if this business is for you. By following these recommendations, you will be treating trading like a business and you will be learning and gaining confidence. I think this is so important, I am going to make the following statement: If you start out in this business using no common sense, you have no one to blame other than yourself when you lose all your money. There is no reason to ever lose a dime of your money while learning to trade. A well thought-out business plan, common sense and hard work is required for anyone who wants a chance at success. Many people meet those requirements and still fail, but it does not mean you have to watch your bank account go to zero.
MINIMUM REQUIREMENTS / THIS IS A BUSINESS
WHATEVER / WHICHEVER WAY YOU DECIDE TO TRADE YOU MUST (AT A MINIMUM): - ON DAILY AND WEEKLY TIME-FRAMES, YOU ONLY DEMO-TRADE FOR THREE CONSECUTIVE PROFITABLE MONTHS IN A ROW. YOU DO NOT PROCEED TO STEP TWO UNTIL COMPLETED.
- OPEN AN ACCOUNT WITH HALF OF THE INVESTMENT YOU INTENDED TO GO FULL WITH AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME-FRAMES UNTIL YOU ARE PROFITABLE THREE MONTHS IN A ROW MINIMUM. YOU NEVER RISK MORE THAN TWO PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE. YOU DO NOT PROCEED TO STEP THREE UNTIL STEP TWO IS COMPLETED.
- FUND A FULL ACCOUNT AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME-FRAMES UNTIL YOU ARE CONSISTENTLY BUILDING YOUR ACCOUNT FOR AT LEAST SIX MONTHS. YOU NEVER RISK MORE THAN 2 OR 3 PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE.
- IF AND WHEN YOU DECIDE TO DAYTRADE ON A SMALL TIME-FRAME AND YOU DON'T FOLLOW THIS TEMPLATE, AT A MINIMUM, YOU ARE ALMOST CERTAINLY GOING TO FIND YOURSELFE IN TROUBLE. IF YOU ARE GOING TO FOLLOW A SYSTEM OR ANY TRADING STYLE AND YOU DON'T FOLLOW THIS TEMPLATE AS FAR AS THE DEMO PROCESS, YOU ARE NOT TREATING IT AS A BUSINESS AND YOU HAVE NO ONE TO BLAME OTHER THAN YOURSELF IF YOU LOSE YOUR MONEY.
- IF YOU EVER SUFFER THE LOSS OF 30 TO 35 PERCENT OF YOUR ACCOUNT, YOU STOP TRADING. PERIOD-PARAGRAPH. YOU GO BACK TO DEMO AND FIGURE OUT WHAT WENT WRONG. WHILE DOING THIS, YOU REFUND YOUR ACCOUNT BACK TO ITS ORIGINAL AMOUNT. YOU DO NOT GO BACK TO LIVE TRADING AGAIN UNTIL YOUR DEMO HAS SHOWN YOU WHAT WENT WRONG AND YOUR ACCOUNT IS BACK TO FULL STRENGTH BY WHATEVER MEANS. IF IT TAKES ONE MONTH OR SIX MONTHS, IT DOES NOT MATTER. YOU MUST FOLLOW THIS APPROACH IF YOU DON'T WANT BLOWN ACCOUNT AFTER BLOWN ACCOUNT.
Your goal should be this. Learn, learn and learn some more and don't do anything stupid while your getting your feet on the ground. The ultimate goal of any trader is to build an account to a size where just a few good trades a month produces a staggering income. Hardly anyone ever gets there because they don't treat it as a business. They do stupid things that they would never do in any other area of their life and it's because of the money that can be made. If it takes you a couple of years or even five or ten to reach the level of a staggering income, is it worth it? The choice is yours.
Here is a post from early 2009. It says in short form what im always trying to say and cant seem to keep short.
Every question that you could probably think of has been answered several times by now. The PF ( www.james16group.com) is good because it has all the material in one place, it's concentrated, without a lot of the "external noise" that you might get on a public forum. You definately just need to listen to certain voices especially in this thread (If you read the thread from the start you will just start skipping some peoples posts after a while lol, and get to the good , that's what I did  )
I say if you are cash strapped then just read this thread and follow it and demo, backtest. . Work. . . No need to put yourself under financial pressure my friend. ALL of the material in the PF, ALL the excellent traders in the PF (Instructors, Senior members and traders alike) Still will not on their own make you profitable, that is up to you.
That is up to you my friend, be steadfast, brace yourself and work hard and victory will be yours . . Now, or in the future.
This thread is like a series of signposts in the RIGHT DIRECTION (To profitability  ) Signposts constructed by people who have navigated the dangerous and inherently confusing jungle of forex before. I have only come to appreciate this recently, but each single line that is said by certain people in this thread, has literally hours of experience, backtesting and work behind it. To give it a seal of authority that only experience can give. . .
It's a jungle out there . . But we are lucky enough to have signposts erected for us here . . . Set in stone, by the people who have navigated their way through the jungle before us. . .
Just some of my thought's . . .
Godspeed,
T
NOTE: In over 25 years of trading and learning its important for me to give credit where credit is due.
virtually all of my methods are original but some of the ingredients are often things i have learned from others and use in my own way. This is true for all of us that truly put in time and effort to find success in this business.
I want to thank the following people and as i remember others i will add them. I think all of these people are honest and good at what they do and teach.
Martin Pring
Todd Mitchell
Austin Passamonte
below are some posts that i feel should not get lost in this very large thread. if you know of one not listed here please let me know.
http://www.forexfactory.com/showpost...ostcount=23250
http://www.forexfactory.com/showpost...ostcount=23644
http://www.forexfactory.com/showpost...ostcount=23711
http://www.forexfactory.com/showpost...ostcount=24631
http://www.forexfactory.com/showpost...ostcount=25039
http://www.forexfactory.com/showpost...ostcount=25103
http://www.forexfactory.com/showpost...ostcount=25169
http://www.forexfactory.com/showpost...ostcount=25439
http://www.forexfactory.com/showpost...ostcount=25737
http://www.forexfactory.com/showpost...ostcount=25755
http://www.forexfactory.com/showpost...ostcount=26042
http://www.forexfactory.com/showpost...ostcount=26080
http://www.forexfactory.com/showpost...ostcount=26123
http://www.forexfactory.com/showpost...ostcount=26452
http://www.forexfactory.com/showpost...ostcount=29519
http://www.forexfactory.com/showpost...ostcount=31232
http://www.forexfactory.com/showpost...ostcount=33298
http://www.forexfactory.com/showpost...ostcount=33321
http://www.forexfactory.com/showpost...ostcount=41050
http://www.forexfactory.com/showpost...ostcount=41772
below is how the thread started in early 2005.
i thought i would start a new thread to post charts. my question is this and i am sure merlin can let me know the answer. i am not sure if i want to do this yet but how many of you would like me to actually post potential trades. the thing to remember is that two people can take an identical entry and one will lose and the other will win. the variables to trading are endless. anyway what does everyone think. jim
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
Last edited by james16, Aug 22, 2009 2:31pm
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Jun 17, 2005 7:00pm
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THANK YOU MERLIN
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New Chart
new chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 17, 2005 7:26pm
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THANK YOU MERLIN
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New Chart
New Chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 17, 2005 8:21pm
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THANK YOU MERLIN
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calling on merlin
merlin, could you do a basic el code for me on the lower and higher close bar entries. i would want the stops and targets to be changeable by me for further study. i would appreciate any help. jim
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 17, 2005 8:40pm
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THANK YOU MERLIN
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New Chart
New Chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 17, 2005 8:56pm
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THANK YOU MERLIN
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The 5 Minute Chart
i wanted to point something out about the 5 min chart. trading with a 5k account you could potentially trade 10 contracts. trading 10 contracts and only taking 50 percent of the total move for each would have made you around 2500 dollars in one day. trading one contract would have made you 250. trading 100 would be 25,000 in one day. and lets remember its only one market. what i do is watch around ten markets and wait for the perfect set ups. anyone can do this with practice. if you decide to trade 5min charts on forex i want to warn you to be careful. forex is great on 60 min and daily charts but i have found them difficult to trade on smaller time frames. i am not sure why but it may just be that i am relativly new to forex. jim
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 17, 2005 9:16pm
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THANK YOU MERLIN
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Quote:
Originally Posted by Trinity
Good idea, James16. This should be very thought-provoking and helpful. Can you add your envelope and MA (E or S) values, please?
Trinity
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thanks trinity, yes i will post my indicators but going into what i do with them would be to much i think. lets just say i use them as support and resistance levels, they help me to see the big picture. the ma's are simple 21, 79 and 365. the exponential ma is 89. the bands are a keltner channel set at 8,1.3,1.3. i want to take this oppurtunity to thank todd mitchell who taught me much of this. if you ever want to spend two grand and actually come away happy check him out.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 17, 2005 9:36pm
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THANK YOU MERLIN
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New Chart
New Chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 17, 2005 9:40pm
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THANK YOU MERLIN
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A Thought
has anyone noticed that on the last chart that trading long on an intraday basis would be suicide. trading intraday short would have been gravy. trade with the trend not against it. jim
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 17, 2005 11:26pm
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THANK YOU MERLIN
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New Chart
New Chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 17, 2005 11:42pm
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THANK YOU MERLIN
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Quote:
Originally Posted by Scooter
James,
Thanks so much for sharing this information. I have a few questions I hope you do not mind answering.
1. The screen shots look like Amibroker (I think, I've played with that platform awhile ago). Do you consider Friday's and Saturday's OHLC as separate days?
2. What kind of stops and profit target do you use on the two consecutive Highs or Lows setup?
Thanks again.
Scott
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hey scooter, it is tradestation. every bar stands on its own if that answers you question. i usually set my stop right above or below the two bars. i dont like to lose a lot of money, if it breaks the two bars its usually over. profit targets have to be user defined. i trade with enough so that just a small move will make me several hundred dollars sometimes thousands depending on the set up. i cannot say this strongly enough, never let a winner become a loser. winning three hundred and getting out only to watch it go to 3 thousand bothers me much less than watching my 300 profit turn into a 300 loss because i did not lock it in. thats just me we are all different. i take half profit then move my stop to breakeven for the other half. winning is a rush, losing sucks. if a trade goes south on me i can live with it, i cant live with watching a winner go to a loser because i did not use my brain. doing that keeps me up at night. and yes i still do it from time to time.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 18, 2005 12:02am
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THANK YOU MERLIN
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New Chart
New Chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 18, 2005 3:14am
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THANK YOU MERLIN
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Quote:
Originally Posted by robsey
James
This stuff is GOLD... best I've seen on the forum
Rob
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thanks, glad your enjoying it.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 18, 2005 3:45am
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THANK YOU MERLIN
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New Chart
New Chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 18, 2005 4:08am
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THANK YOU MERLIN
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Quote:
Originally Posted by diallist
Beautiful charts Jim! The info ain't have bad either  . Seriously, it is fantastic! Just like you for sharing it!
Uh, do you ever sleep?
Dial
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my sleep time is rather speradic. i think when you add it up its probably 6 hours or so a day. i seem to get by ok with that much but i do crash for 12 or more sometimes. its after 3 in the morning i better go, i have an 8 o'clock tee time. see ya tomorrow.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 18, 2005 4:09am
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THANK YOU MERLIN
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Quote:
Originally Posted by diallist
Let me suggest to everyone that you save these chart images to your computer. As Jim continues to add more charts, he'll run out of allocated image space and will have to delete the older images.
To save, simply right-click on the image and chose "Save Image As", or "Save Link As" or whatever verbiage your particular browser uses.
Cheers
Dial
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i did not know this, thanks diallist. jim
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 18, 2005 5:01pm
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THANK YOU MERLIN
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Quote:
Originally Posted by Mountyhawks
Pardon my ignorance. What does "BOVB" on James16's last chart mean. I am blown away by all of this information and I don't want to miss anything.
Thanks for sharing this information. This is the best thing I have seen for many weeks on the forum. Glad I did not miss it.
Jim 
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the ones i have mentioned so far are.
1. dblhc;double bar low with a higher close on second bar
2. dbhlc; double bar high with a lower close on second bar
3. the above can be triples or more
4. two or more matching highs or lows which if broken usually mean a
resumption of the current trend
5. beovb; bearish outside verticle bar; second bar totally encompasses the
prior bar with a lower close on the second. usually signals a continuation
of the current trend.
6. buovb; bullish outside vertical bar; same as above just reversed.
all the remaining are multi bar patters based off of these. they are
advanced techniques. we will get into those at a later date. what
everyone should do is paper trade these until you know them.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 18, 2005 6:15pm
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THANK YOU MERLIN
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great trades
another thought for every one. i made the comment a couple of posts ago about sometimes risking hundreds and sometimes thousands. when i see a daily price action set up on a daily chart and it is on a large fib ret i then switch over to a 60 min to see if i can fine tune an entry. if the 60 min is in sinc with the daily i then go to a 15 to narrow it down. i look at all time frames to see if i can find an entry that will allow me to enter with as small a stop as possible. when long, mid and short term are screaming the same thing its then that i take a big swing. it goes back to what i said about trading with the trend. if i see a price action trade set up on a 60 min and it is counter to the daily trend i have to see something very unusual to take it. now i will and do trade 5 and 15 min against the trend but i am very picky when i do it. there is a lot to be said for just waiting for the absolute A trades instead of taking every bar you see that meets the criteria. i watch around ten markets NOT including forex so why take unecessary chances when i know an A trade is not far off. very conservative traders can simply wait for a good price action bar to match up with a fib ret. they are not as common but they are plenty enough to make you rich over time if you play them right.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 18, 2005 6:49pm
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THANK YOU MERLIN
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New Chart
New Chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 18, 2005 7:15pm
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THANK YOU MERLIN
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New Chart
New Chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 18, 2005 11:53pm
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THANK YOU MERLIN
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New Chart
New Chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 19, 2005 12:36am
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THANK YOU MERLIN
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New Chart
New Chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 19, 2005 12:52am
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THANK YOU MERLIN
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New Chart
New Chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 19, 2005 1:13am
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THANK YOU MERLIN
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Quote:
Originally Posted by scpeter
James, thank you so much for this information.
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every thing i have posted has been learned from someone else. learning to trade succesfully with them is the traders responsibility and trust me it is not automatic. now i am teaching others. i believe in karma and i truly believe that the powers that be will smile on me. now maybe some of you who along with me have listened to the drumbeat of go it alone you will never be a good trader until you figure out your own system will say along with me. BULLSHIT. without help from others i would have quit a long time ago. do not be afraid to learn from others even if you lose trading thier ideas. you learn more sometimes from the losses than the winners. spending money on books and tapes and websights over twenty years is how i got here. jim
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 19, 2005 1:47am
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THANK YOU MERLIN
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new chart
new chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 19, 2005 5:32pm
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THANK YOU MERLIN
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Quote:
Originally Posted by Trinity
James, you have produced really helpful strategies and most useful charts.
Would you say that Todd Mitchell has produced the most profitable techniques, not really needing much to add to them, or would you add others?
For anyone wanting a good free chart reproducer for printing, producing negative images etc., I can recommend IrfanView at
http://www.irfanview.com/
Thanks, again, James. 
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hey trinity, price price action analysis is only about ten percent of what you get when you purchase his course. it is the foundation for the way he trades. his course is a daytrading system that can be used on any time frame. i highly recommend it.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 19, 2005 5:33pm
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THANK YOU MERLIN
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Quote:
Originally Posted by Lou
Here is your chance to ' learn to fish ' .
This is the first time I have considered subscribing to a thread.
Very complementary with Fib trading.
James .... Expect some synergistic ideas as others begin to put your charts and their ideas together.... for even more trading power.
Thank you for sharing.
Lou
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i am hoping this will happen, i am ready to learn more myself.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 19, 2005 9:23pm
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THANK YOU MERLIN
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Quote:
Originally Posted by Trinity
James,
How do you think the techniques used by Todd Mitchell might be weakened by being limited somewhat in order to trade Forex (or other markets) mainly between 21.00 hrs to 10.00hrs next day EST, due to the Australian time differential?
Are they well suited to trailing stops and the use of price or other alerts? I use a baby alarm for alerts while sleeping, but at 75 am not happy to have too much activity between 10.00hrs and 2100hrs EST.
Appreciate your response.
Best wishes
Trinity 
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wow trinity, a baby alarm and your seventy five. i got a real kick out of that. mr. mitchells program is tradable in any market on any time frame even though the core is daytrading. he offers a complete refund if not satisfied. trailing stops are part of his program. it is packed with good info but i would be remiss if i did not tell you that if you are new to trading it will take you a while to take in, understand and implement the whole course. jim
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 19, 2005 10:39pm
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THANK YOU MERLIN
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Quote:
Originally Posted by redart
Hi james. Very interesting stuff and I think I speak for all in saying much appreciated. I am curious about the time scales you use in all the charts. Do you always scan multiple time scales or have you found that you like a particular one for your method of trading? I only ask because your charts are on different time scales.
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the price action is applicable to any time frame on any market. after years of trading i have found that certain time frames on certain markets match my temperment. as i said i think daytrading forex is difficult, at least for me. daytrading defined by me is 15 min charts or less. i daytrade mini dow, mini sp, mini nasdaq, mini oil, euro fx, t bonds, mini russell and some commodities on 5 and 15 min charts. i also position trade all of these markets on daily charts. i like to position trade the currency futures. i also do not trade any market the first hour after open. to unpredictable for me. i position trade forex on daily and 60 min charts, however the forex trades on daily charts are often open and closed the same day. all of this is just me, someone else might enjoy and be succesful at daytrading forex. the key is to demo any market you are considering to be sure you have a feel for the market and how you are trading it. jim
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 19, 2005 11:31pm
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THANK YOU MERLIN
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new chart
new chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 19, 2005 11:58pm
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THANK YOU MERLIN
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Quote:
Originally Posted by Lou
What information do you get from the 365 ?
Lou
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i use all the indicators in many ways beyond the scope of this thread but for the most part i use them to see the big picture for support and resistance.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 20, 2005 12:00am
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THANK YOU MERLIN
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new chart
new chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 20, 2005 10:54am
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THANK YOU MERLIN
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Quote:
Originally Posted by fijitrader
Nice thread James16. When is your trading course coming out? <jk>
FT
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i have been wondering where you have been. i think i know unless that forum has another fijitrader. my course comes out just as soon as all traders stop losing money for no good reason. if i started getting nasty emails or phone calls it would get to me. im a sensitive kinda guy you know fij. now the thought has crossed my mind to send out trades for a monthly fee but if i started pushing that here i think i might get in trouble. i hope you will decide to add to this thread fij with some new ideas on trading off of these set ups. jim
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
Last edited by james16, Jun 20, 2005 1:59pm
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Jun 20, 2005 2:25pm
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THANK YOU MERLIN
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new chart
new chart,
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jun 20, 2005 2:28pm
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THANK YOU MERLIN
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new chart
new chart,,
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Jun 20, 2005 3:44pm
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Quote:
Originally Posted by bluemonkey
James are these all kelter bands or are some bollinger bands? They look like bollinger bands to me.
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see post #9
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Jun 20, 2005 4:05pm
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new post
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Jun 20, 2005 6:04pm
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Quote:
Originally Posted by firehorse
Hi,
I was busy this last w/e and this thread has exploded!
Anyway, many thanks to James for starting a great thread.
I have some catching up to do and so I hope you don't mind some belated questions.
How can I tell the difference between a double bar low higher close which indicates the price is going up and a double bar low (higher close) trend breakout and where would you set the entry point as you say in one of your posts to "play the retracement".
Many thanks
Alan
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GREAT QUESTIONS, the answer is a bit complicated. i may use charts to show after the post. the short answer is i play both. charts to come.
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Jun 20, 2005 6:28pm
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new chart
new chart
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Jun 20, 2005 6:53pm
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new chart
new chart
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Jun 20, 2005 6:57pm
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Quote:
Originally Posted by merlin
james, i will do the EL code and some backtesting on this pattern. give me until the first week of July though. right now i am on to some breakthrough research that i have to focus on for the rest of this month.
btw, ive researched similar patterns, albiet on different time frames, and im interested to see how your system compares...
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thank you sir, no hurry, i already know it works i have just always wanted to find a way to take as much subjectivity out as possible. backtesting could help me do that.
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Jun 20, 2005 6:58pm
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Quote:
Originally Posted by merlin
nevermind, i just realized you are working with the 5min chart too 
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i trade 5 min only when i see a trend on that time frame otherwise i daytrade on 15
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Jun 20, 2005 7:12pm
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Quote:
Originally Posted by merlin
james, coming from you, i think that would be incredibly valuable to post potential trades.
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what i may end up doing is just putting up a chart with basic info. if i do it needs to be understood that the trader is responsible for entry and exit techniques. as i have said two traders can take the same signal and one will win and the other will lose thier shirt. i like being here to much to watch people i like lose money because they just are not ready for playing charts instead of signal services with entry, stop and profit all in one. i have been working for a couple of months on a websight, many of you here will get it free if and when its ready. jim
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Jun 20, 2005 8:26pm
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Quote:
Originally Posted by candy
Thank you Jim for your generous sharing. I didn't realize how many charts you had posted until I was saving them for reference. Your work is awesome and much appreciated! I'm always looking for a new perspective or new imput and you have inspired me to look at things a little differently.
I have a question for you if you don't mind: Do you use any indicators besides what you are currently displaying on your charts to filter out false breakouts?
Pat yourself on the back from all of us....this is a great thread!
Thanks, Candy
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good question but no i really do not use anything to filter as you say. my exp has been if you play them smart you are going to make money. the problem i have had with trying to filter is when i find one, it works for a while and then due to something it stops, so i dont use them. jim
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Jun 21, 2005 7:00pm
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new chart
new chart
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Jun 21, 2005 10:41pm
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Quote:
Originally Posted by Kosta Berj
Hi James,
Thanks for this interesting chart thread and to please - do continue!
I'm posting a link to a useful free FX trading lesson by the trader Mark Macrae - perhaps you or others on the board already know this method or is listed elsewhere on the forum He has other free lessons online but I've found this one lesson to be most valuable in my own experience to date. I've literally found this one method alone quite fairly fool-proof.
I am only a relative beginner also, but I see my ablities improving naturally with the help of people like yourself.
I combine Mark Macrae's method and other traditional titbits together with Woodie's CCI.
Congratulations and best regards,
Kosta
http://www.tradeology.com/lessons/ch.../channels.html
http://www.nqoos.com/woodie1ccisystem.htm
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i took a look, i will be taking a closer look. thank you. the learning curve never stops.
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Jun 22, 2005 8:13pm
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course
hello everyone, after speaking with merlin i have decided to put together a course. it will take some time as i have only shared bits and pieces of all that i do. i want to gear it toward the beginning trader which will be difficult. i am certainly no guru, but my participation on this forum has convinced me that i can help people take thier trading to a level obtained by very few if they will put in the time and effort to master it. my lifestyle is perfectly fine thank you, so when i say i am going to do this more for the satisfaction of helping others than for the money i mean it. stay tuned. jim
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Jun 22, 2005 9:13pm
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Quote:
Originally Posted by diallist
Jim,
That is outstanding news! Your wit and wisdom, combined with your ability to teach as demonstrated in this forum will result in an outstanding course that will be in great demand by many. I'm first in line for an autographed copy please!
Thanks Jim!
Dial
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you humble me sir. my goal is to put something out that will be ridiculously cheap and contain more and better info than a ten thousand dollar course. it may take a while but i believe i can do it.
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Jun 22, 2005 10:11pm
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Quote:
Originally Posted by Matsu
Jim,
From your ability to trade and to make money demonstrated here, I will be the next in line for your course.
I have paid thousands and thousands on courses and losses from following 'gurus'. Though I have always promised myself that the last course was to be the last time I would pay for a course, I kept breaking my own promise. I will break my promise again  .
Any idea yet what format your course will be in? E-book? CD?
Regards,
Matsu
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i dont think an e book could hold it or do it justice. what ebooks have always said to me is throw me fifty bucks and i will give you something to try. if i am going to do this i want to do it right. i am considering a complete manual with 5 to 10 strategies all with dvd's to accompany the manual. there is going to need to be a websight to go with it. this could take some time. if i get into it and change my mind i guess i could do 4 or 5 ebooks.
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Jun 22, 2005 11:45pm
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Quote:
Originally Posted by Anpar
Thanks Jim. Total newbie here, but here is my first trade using your method. Stop was set at 1/2 15 period atr . My setup could be entirely wrong, I hope it's not.
Maybe we can post some of our trades as we wait for Jim's Course.
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my heart skipped a beat when i first saw this post, thats why i wonder if i am cut out for giving trading advice. my first thought was oh God someone has lost money on what i have said. everyone needs to pay close attention to what i am about to say. THIS DOES WORK,BUTTTT,its all about timing, timing comes from experience. anpar, whether he realises it or not took this trade at the perfect time, right on a 50 ret. THIS IS HOW YOU DO IT. the next thing is this, my chart did not show a pin bar, we all know data is slightly different between charting software. in the long run i dont think it maskes a huge difference but i cant be sure of that. i have traded these on several charting programs and my results have pretty much been consistent. here is the most important thing. i have given you some things to start with but i havnt given you all of it. to do that on this forum would be suicide to my business and my own trading time. please everyone take these setups at oppurtune times such as swing highs and lows. AND PLEASE USE FIB RET FOR CONFIRMATION. i dont mean to sound worried but the fact is that i am. anpar, you made my day. jim
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Jun 23, 2005 10:22am
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anpars trade
new chart
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Jun 23, 2005 3:18pm
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Quote:
Originally Posted by Anpar
Hi Jim,
Thanks for the review of my chart as well as your words of caution, you also made my day.
Being a newb, I'm only trading mini lots based on 2% or less risk and the Turtle's ATR lot size rules. I won't even look at any time frames less than 4 hrs. I typically will only trade in the direction of the major trend, or based on channel highs/lows trying to catch 30% of any given channel. I do not expect to make a trade every day.
With all that being said, you have given me some basic tools that if followed correctly using fibs, support and resistance allows me to stay in the game based on my trading style. I currently work full-time and live in Canada, thus I do not have time to trade Forex during the best hours (London or New York), I have to look for high probability trades based on 4hr and daily charts.
I have given myself 5 years to become a profitable trader, I expect to lose money due to mistakes, fear and greed, but at the end of the journey I plan to have a solid trading system. Jim, if at some point you decide that you cannot afford the time to finish your course, you have already added another piece to my system, just like Dr. Elder, Bruce Babcock, John Murphy, Steve Nison, the turtles and Jack Schwager.
As for the trade, it was based on a 50% ret, but I decided to remove them from the pic due to clutter. 50% ret. would have occurred at 108.10, nose of Pinocchio got to a low of 108.13. No close in the 3 bar Pinocchio pattern closed below the 79 sma or the lower keltner band, support here imo. I was looking to catch 30% of the move back up to the middle keltner bar, but got greed and decided to go for a full 50 pip. hehe
Entry was just to get in; I just followed the price movement on the 4hr chart and entered. After seeing Jim's new chart I can now see how I can use fibs to time my entry, for now I'm just worried the price may never come back.
Again thanks for sharing.
Drew
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this is what i am hoping people will do with this, only take the A trades.trade swing low or high with fib ret, hopefully ret confluence, then wait for price action to confirm. there are way to many good trades to bother with the b or c trades until you fully understand. jim
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Jun 23, 2005 3:33pm
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gbp/jpy trade
new chart
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Jun 23, 2005 4:01pm
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post 62
new chart
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Jun 23, 2005 4:53pm
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new chart
new chart
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Jun 23, 2005 5:21pm
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New Chart
New Chart
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Jun 23, 2005 5:32pm
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New Chart
New Chart
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Jun 23, 2005 10:50pm
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Quote:
Originally Posted by fijitrader
Sorry I've not been around much to add my comments. However you have been doing a fine job. I was just kidding around when I made the comment about you doing a course. I'm happy to see the idea has developed somewhat.
I've been working on a couple of proposals for a total project capitalization of about 14 million. That is a pretty small project in America but large in Fiji. Since I'm the one that has to deal with the Fiji side of things it has kept me rather busy and one of the things that has had to take a back seat is my posting here. You are doing such a great job I'd love to jump in and get involved but I fear I'd have to work too hard and when work stops being fun then the point of it is lost.
FT
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as soon as you become president of fiji maybe you could arrange a government paid visit for me and my family. seriously, when you have time i really would like to see your thoughts here. any input from you no matter how infrequent would be appreciated. jim
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Jun 23, 2005 11:41pm
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new chart
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Jun 24, 2005 12:08am
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Quote:
Originally Posted by Trinity
James,
As you have given many daily charts in Forex, it would seem that position trading is worthwhile given the techniques you have described -- and alerts can indicate entry areas if at unwelcome times. Do you agree? 
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yes, i just hope everyone understands that i try not to take marginal trades especially on daily charts. this was my big concern when i started this thread. if someone is going to take every possible setup regardless of fib levels or a choppy market then they better be prepared to sit and watch because sometimes your going to get 20 or 30 pips and its over. i prefer to wait for the A trades. i play these on everything from 3 min to weekly charts but IF I AM playing a b or c trade its going to be on a smaller time frame and i will sit and watch until i have profit. i will not leave my computer until my stop is at breakeven. i only daytrade the financials and virtually every thing else including forex is on a miniumum of 60 min and mostly daily.
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Jun 24, 2005 12:37am
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new chart
new chart
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Jun 24, 2005 11:51am
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Quote:
Originally Posted by Kosta Berj
Hi Jim,
Regarding Anpar's trade:
You haven't posted a relevant chart for this instance.
He entered the trade at 108.44 not at 107.xx
You've annotated an earlier swing low. :o
Amendment:
[Sorry, Jim. the words 'Anpars trade' on the posted chart had me scratching my head for a moment. All's well.]
cya.
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no problem, you had me scratching my head for a moment.
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Jun 24, 2005 12:06pm
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Quote:
Originally Posted by merlin
hey jim, what futures contracts are you trading????
i trade E7 BP J7 ES EMD ER2 NQ YM YH YG YI QM and QN....
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hey merlin, i keep an eye on
currency futures: bp, jy, sf, cd, cd, efx
oats, wheat, corn, soybeans
mini dow, mini sp, mini russell, mini nasdaq
mini oil, gas
tbonds, ten year notes
silver, gold, copper
cattle, hogs, pork bellies
around ten pairs forex.
i dont trade the NY merc commodities because i think they charge to much, sugar, coffee etc. i may break down someday.
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Jun 24, 2005 5:04pm
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Quote:
Originally Posted by candy
Thanks Jim for posting more and more charts! I'm so glad you will be making a course of all the material. It is refreshing to see someone share their knowledge who actually trades... who knows what it feels like to be burned in the market one day and have the money just roll in the next (I hope you can help us with that money rolling in thing!). Always looking for new material, so I'll be in that line that's stretching around the block and into the next county to get your course! 'Til then feed us more, we're all very hungry!! Thanks again for all your continuing work. Candy
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thank you candy, and your welcome.
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Jun 27, 2005 3:18pm
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new chart
new chart
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Jun 27, 2005 11:01pm
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Quote:
Originally Posted by RBing
Jim, thank you for all the info you are providing here. I have one question for you on the DHLC and DLHC. If I want to wait for the 50% ret. before I enter, how many periods would you consider the double still good? IE If I get a double high lower close and then it takes 4 periods to get the ret., is that still viable? Hopefully I have been clear enough that you know what I'm talking about.
Thanks in advance,
Rob
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usually i only take these set ups at swing highs or lows with fib ret and hopefully fib ret confluence. my experience for the most part has been that if you choose the best set ups, those just described, that about half the time the next bar will ret to the 38 and/or just take off. if it is a grade A set up it will most likely be the very next bar that will return to 50 or not at all. if the 50 was retraced on a third or fourth bar i might be wondering if the trend was reversing. i like taking the fifty on the next bar or nothing. i also am afraid of very long second bars which leave me with a large initial stop. play the set ups where the two bars are no more than 2 or 3 ticks apart on a daily chart, exactly the same or one tick difference on smaller time frames. check your fib ret with hopefully some confluence. make sure you are at a swing high or low. enter at the 50. put your stop above or below the last bar of the set up. take profit soon and then move any remaing to breakeven. if you are diciplined to wait for just the right set up you will win most of the time. if you want to enter on the 38 or even on the close of the set up be prepared for a larger stop and potentially a larger loss. hope that helps. jim
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Jun 28, 2005 11:08am
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Quote:
Originally Posted by pipmonster
Hi Jim, It looks to me like the usd/jpy on a daily chart has just hit the 50% retracment. If it come back down off it I would think that would be a good entry? My only problem with it is I have nothing to confirm the reversal. Would it be advisable to wait for a hourly or 15 minute or something else to confirm it?Or am I just wrong on the whole thing?
Thanks again for you insights.
pipmon
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new chart
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Jun 28, 2005 11:25am
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new chart
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Jun 28, 2005 4:02pm
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new chart
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Jun 28, 2005 5:19pm
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new chart
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Jun 29, 2005 11:18am
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THANK YOU MERLIN
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be back next week
taking a little 4th of july trip to southeast kansas to my wifes grandparents farm in the boonies. 2 stock ponds full of bass and i have caught them all at least twice over the years. complete solitude and a place to fish, dont get any better at least for me. be back tuesday. with tears in my eyes i wish to thank those who serve and have fallen so i can live free. jim
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Jul 7, 2005 3:25am
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Quote:
Originally Posted by william5
Hi, James.
I was chatting with a fellow on another forum about time and forex, when he
introduced me to his way of charting using ellipses.
I tried to follow along but I have not been successful at generating a chart that looked close enough to his to do a trade with.
But I watched and listened to him for about two months and it was utterly astounding what and when he could predict with his charts.
Anyway, another fellow ( phydeaux ) put as much information as he could together about his methods.
If you have a chance, You can check this out yourself and maybe you could make it easier to understand for us that are not as advanced at charts.
His comments are a little hard to understand because his's native language is spanish.
http://stoxx.homeip.net/stoxxFiles/
Hope this can help us all as much as it has him.
He claimed 99.5 % accuracy with only one loss in a 6 month period and backed it up with screen shots of his ellipses and trading account statement to prove it..
William
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would merlin or fiji please take a look at this and try to tell me what i am looking at. i could swear i saw a pentagram and it scared the hell out of me, no pun intended. i have heard of market geometry and even wave ellipses but nothing like this. i plan to trade full time for the next week or so but i will be around.
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Jul 7, 2005 3:27am
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Quote:
Originally Posted by seleana
Hi Jim,
I have been following your wonderful chart posts! How are you positioned now with Eur/Usd at 1.9000? Do you think it will break down to the important 1.7000 level you pointed out?
Thanks for the lessons 
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sorry seleana, i just saw your post. i will take a look.
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Jul 9, 2005 2:32pm
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Quote:
Originally Posted by Patrick_Rhodes
William,
If you have any more web sites with information about elipse analysis, please provide. I have been trading for over 10 years and not heard of this, and it looks interesting.
Patrick
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good to see patrick is following and posting here. i have a new thought for this thread. i would like to see others start posting charts here with thoughts and ideas on how they trade. dont be shy, it can be very simple or very complex. it could be a new person with questions or someone like patrick who has been trading for years. every chart on this thread is based on things i learned from others. cmon everyone lets take this thread to the next level and learn from eachother. this could be the best thread on the best forum on trading ideas on the net, so lets go. i will be presenting some new ideas and charts in the near future. jim
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Jul 19, 2005 6:24pm
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Quote:
Originally Posted by pipmonster
Hi Jim, I'm still trying to make sure I understand the patterns you have showed us so here's the next question. If you look at the eur/usd on a weekly basis I believe it shows a pinochio formation. That coupled with the double bottom of yesterday seems like a good setup to enter a trade. Would you concur or is there more that needs to be in place for a good trade?
Thanks!
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hello pipmonster, i have not posted much recently due to being out of town on business. this is a crazy time of year for me. i am not currently able to look at charts. i hope to be back full time to this thread and the forum in several weeks. jim
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Jul 22, 2005 4:39pm
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new chart
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Jul 22, 2005 7:32pm
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THANK YOU MERLIN
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i need your input
this may take a few minutes so stick with me. this forum, my first in twenty years, has shown me i have come a long way as a trader. the trials, tribulations, hopes and dreams as a new trader looking for success have long passed from my memory. this forum has changed that. i have discovered something about myself previously unknown, i love to teach. has my ego received a boost from this forum? you damn right it has and i have enjoyed it. merlin has offered me a private location on the forum to teach and trade. actually he offered this a while back and i did not respond. why? it scared the hell out of me. why? because i care about what others think of me. perhaps thats a personality flaw but its the truth. to receive the kind of emails probably received recently by beau justified or not would make my life miserable. so here is what i did. athiests please bear with me. i prayed about it. A LOT. here is what i got out of it. are you doing it for the money? yes and no, my days are spent trading and running my business, nights are spent getting ready for the next day. this endeavor will only be done if i give a 100 percent, so if i give it the required time it will have an impact on my bottom line. i need to at least break even. i have no desire to start a websight i am perfectly happy right here. that should tell you something. can you really help people be succesful? this is the one i really struggled with and without any doubt here is the answer. if you apply yourself and do things correctly, which you will be taught, i can in two or three months have you trading like very very few. i will give you in months for virtually nothing what took me twenty years and tens of thousands of dollars to learn. are you infringing on any ones material? another tough one. i spent two full weeks contacting vendors and people i have " learned" from to make sure i am not. virtually anything being taught was in one form or another learned from someone else anyway. what i do is a compilation of many, many things i have learned. not just one specefic "system". what i will teach you is how to find, screen and take only the best trades. will i enjoy it? yes, because i know what i do works and i will enjoy seeing it work for others. will everyone be succesful? geez, everything in me wants to say yes because once again i know what i do works. but of course i cant say that. there are so many traders that take a winning trade and somehow turn it into a losing one. what do i charge because i have no idea how many people will sign up and if i do my job you wont need me in a couple of months anyway? this is the big one. the options i have considered. 1. charge a flat rate per month, but how much? as i said the idea is for you not to need me after i am finished. do i just make it a course with the forum as a way to discuss potential trades? should i charge a sign up fee and then a monthly fee. should i just charge a nominal monthly fee and hope that you stick around because its so cheap? if i have 50 people paying 20 bucks a month that aint gonna cut it. i am excited about the possibilities for this but i need your opinions and feedback. i want to do it but if i feel it is coming from greed i will drop it like a hot potato. i want to be fairly compensated but i dont want to be like everyone else. my intention is to offer you the best bang for your buck you will ever see in your trading career. this will actually be the easy part. new traders can cut years off the learning curve and intermidiate and advanced traders can take this information and combine it with what they are already doing for enhancement. i know of tradestation programs sold all the time for 5 to 10 thousand dollars that cant touch what i will teach you. there are literaly more than a dozen trade set ups/strategies that i developed and use that i have never seen anyone else use. NO ONE. if you choose to combine them and wait for the absolute best trades they are deadly. seriously folks, i mean that. i want this to be affordable for EVERYONE. your thoughts and suggestions are requested. jim
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
Last edited by james16, Jul 23, 2005 2:09am
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Jul 23, 2005 2:53pm
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Quote:
Originally Posted by Patrick_Rhodes
What you said in the chart is right on. There are truly "average trades," and then there are "prime trading opportunities." What I have learned is to evaluate risk and bet only small amounts on average trades. When my account is down, I bet only on the "sure thing." This philosophy has kept me alive for years. Since I day trade for a living, I tend to trade more often than I should. But at least I know when I am trading for entertainment verses trading for needed income. This took years to learn.
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this is exactly what i do. in fact i have in the past year started the process of training myself to only taking the primo trades. if their is one a day, fine, if their is only 3 or 4 a week then thats fine to. daytrading off a 5 min chart and only taking one trade a day is unusual but i learned a long time ago if i did the usual i would not last long. i blew out more than one account back then trading the " like usual" pattern.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jul 23, 2005 2:59pm
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Quote:
Originally Posted by Patrick_Rhodes
Jim,
I appreciate your hint, but I have been enjoying the continuity of your thread. I think it would be a distraction if we went in several directions and there needs to be only one conductor of a train. Sure, I have learned a few things in my years of trading, but at this point I would only like to add advice which complements your teachings. Much of what you are teaching is what I have already learned, and I just assume most people already know it. But I forget what it is like to be a new trader.
Every teacher has their own area of speciality. That does not mean they deviate from the basics. They just have something of their speciality to add. I will comment occasionally as the need arises.
Patrick
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patrick, what i was hoping was for you or other advanced traders to do just that. add some specialties to what i am doing. not go in another direction but add some of thier ideas and specialties to fine tune. i hope you and others will do this.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jul 24, 2005 1:30am
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Quote:
Originally Posted by Redleg
Jim,
That's exciting news - you will make a great teacher!
Here are a couple of thoughts based on your comments:
- You need to consider capping the number of students you have at any one time. You enjoy teaching and value student feedback and want to go 100% on this project. You also sound very motivated to have your students succeed. I could be way off, but I'm willing to bet that you would enjoy mentoring 10 or 15 students at one time more than you would enjoy teaching 100 (pulling these numbers out of the air, but you see the idea.) How many students do you truly think you can handle at one time at the depth that you want to teach and given the number of hours in the day? At some level adding additional students would mean shortchanging the ones you have because of sheer quantity of people to deal with ... what do you think that level is for you?
- On how much to charge ... I think you should calculate what you currently make on average in your trading activities. Then compare that to the amount of time you teaching will take, and charge compensation at the same rate (spread equally among your students, assuming a "full" class.) This would be a very fair way to do it, in my opinion.
For example, let's say that you make $10,000 each month on average from your trading. Let's also say that you spend 60 hours each week on trading activities (including prep, etc.). That's roughly 240 hours per month. Based on these (completely made up) figures, you currently pay yourself $41.67 / hour for your trading activities.
Then you need to estimate how many hours you will have to devote to this teaching project. Let's say that it would take five hours per day, six days per week. That's 30 hours per week, or roughly 120 hours per month. Based on these figures your compensation would need to be $5,000 per month.
So if your max is 10 students, you should charge $500 per month. If your max is 100 students, you should charge $50 per month.
Again, this seems a very fair way to do it to me, because your trading time (based on the above made up numbers) has a demonstrated value of $41.67 per hour.
Hope that helps. Good luck!
James
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thanks redleg, i had not thought of it like this. you have given me more to think about. thanks. i need this kind of feedback.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jul 25, 2005 12:41pm
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Quote:
Originally Posted by Patrick_Rhodes
OK, here is my 2 cents.
Some of us who are more experienced would just like the basic set ups. Perhaps if you made a small (but powerful) booklet titled "my 12 favorite trades." Give two or maybe 3 examples of each trade. Sell it for whatever you think is fair. Then, people who need more detail or help could subscribe to a tutoring service. This service could be step rate, based on need. For example, up to 2 hours per month, $50 per month. Up to 5 hours per month, costing $100 per month. Etc.
You are going to use these 12 trades and examples any way in your course, so why not just publish them in a booklet. That is what I would be interested in, and I am guessing I already know most of them.
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patrick you are kind of a mystery to me and i think to some others. i keep thinking i may be dealing with a real pro but of course i cant be sure. your post made me smile because unless you know exactly what i am doing with all those ma's and the keltner channel conbined with the price action you dont have a clue as to what i am doing. however you have me wondering. if you think you do shoot me a private email. i am also curious do you use price action analysis to confirm your own trades? you sound like the real deal so why not throw in a couple of chart examples on how you confirm your trades on this thread. you are not going to ruin the continuity in fact i was hoping that this would happen and have been a bit dissapointed no one has. anyway thanks for your input a booklet is one of the things i have considered. jim
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FF Official Partner
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Jul 26, 2005 1:21am
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Quote:
Originally Posted by Patrick_Rhodes
OK, here is my 2 cents.
Some of us who are more experienced would just like the basic set ups. Perhaps if you made a small (but powerful) booklet titled "my 12 favorite trades." Give two or maybe 3 examples of each trade. Sell it for whatever you think is fair. Then, people who need more detail or help could subscribe to a tutoring service. This service could be step rate, based on need. For example, up to 2 hours per month, $50 per month. Up to 5 hours per month, costing $100 per month. Etc.
You are going to use these 12 trades and examples any way in your course, so why not just publish them in a booklet. That is what I would be interested in, and I am guessing I already know most of them.
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the core of my trading which anyone following this thread would know is price action analysis. i have been hoping someone would have caught the triple bar low with a higher close on 7/12,13,14 on the daily cad. did anyone catch it? what i should do is forget about all this course talk and just go ahead and put my butt on the line and start making calls. i will make the calls and we will let fij teach the money management and psychology and will all just get frickin rich together. i am feeling a bit jiggy tonight so forgive me.
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jul 26, 2005 1:31am
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the cad
look at the perfect inside bars developing on the daily cad. its winding up tight. i dont know which way its going to break. playing a break of inside bars is sometimes tough because the first break is sometimes a fake out. i will bet pretty soon it breaks hard one way or the other, i will wait patiently and see if it shows its hand. i am already long from the triple bar low, i sure hope it breaks up. jim
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FF Official Partner
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Jul 26, 2005 1:23pm
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Quote:
Originally Posted by james16
look at the perfect inside bars developing on the daily cad. its winding up tight. i dont know which way its going to break. playing a break of inside bars is sometimes tough because the first break is sometimes a fake out. i will bet pretty soon it breaks hard one way or the other, i will wait patiently and see if it shows its hand. i am already long from the triple bar low, i sure hope it breaks up. jim
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go take a look at the cad now. it broke up like a rocket, i have personally purchased courses for several thousand dollars that cant touch what i have provided here. in at the close of the tblhc at 1.2120, currently at 1.2298, up about 180 pips now, trailing my stop. jim
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FF Official Partner
Last edited by james16, Jul 26, 2005 1:34pm
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Jul 26, 2005 3:06pm
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new chart
new chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jul 27, 2005 12:08am
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Quote:
Originally Posted by scpeter
James, could you comment on my take on this chart and your notes.
You expect a possible bounce off of the pivot line. You wait for the 2 or possibly more inside bars. The inside bars tell you a good break is about to happen. Because you were already looking for a bounce off of the pivot line, you take the trade long now because the inside bars add a little more confirmation to the trade. Is this your thinking on this trade?
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first of all inside bars are very commonly known and used by many traders. what blew my mind when i first joined this forum was i had forgotten what it was like to be new and not have a clue as to what an inside bar or any other bar meant. pivot levels are where a ton of orders are placed. i wont explain pivot levels just do a quick google search and you will have a complete education in about 15 minutes. inside bars show a tug of war developing between buyers and sellers. the more in a row you get the tighter it gets and when it breaks out it tends to move hard and fast. what everyone shoild do is go look for these on any time frame you want. particularly look for the sideways pyramid shape when you get two or more, they are easy to spot. when price moves down to a pivot level a ton of buy orders are triggered which tends to send it up. BUT NOT ALWAYS. i dont like to hope when i trade i like to know as sure as i can that what i want to happen is going to happen. thats why i try to stack things in my favor. for example the confluence i keep talking about. it could be 2 fib ret close together. it could be a pivot and fib close together. it could be any one of these combined with divergence. then you take it one step further and look for price action to confirm at these levels. its really not that hard. go to your charts plot your fibs and pivots on tomorrows blank page. then sit back and wait for price action to interact with these levels and make a smart trade not a guess. it will work on any time frame you choose. jim
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FF Official Partner
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Jul 27, 2005 12:30am
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Quote:
Originally Posted by 137
Hey Jim how are ya? Thanks a million for all the knowledge you've shared with us. I'm very new to Forex (trading live for just over a week) and I've learnt a ton from this thread alone. You seem like a nice person - I like that. To me that says you've gained a level of awareness whereas the realization 'you only feel as good as you treat others' has materialised. And that means you'd make a good teacher. I'm very interested in joining your crew - I really need an older brother at this fragile point in my trading career.
Anyways more specific to the recent posts here: where do you think the CAD is heading? From what I can gather it's about to run into the descending trend line on the daily chart. Will it consolidate until a breakout leading the way back down? Nice work on that trade btw! Wish I had caught that...anyways thanks in advance for any help you can offer,
137
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yes a very nice downtrend with a ton of fib confluence AT SEVERAL LEVELS. but as i have said that means nothing to me in and of itself. if i see a bearish price action at one of these levels then i will consider a trade. at that point i can tell you with good probability where its headed but not until. thats what gets me about these courses, which i have bought by the way, that teach you to set your fib levels then set your order and laugh all the way to the bank. give me a break, do you know that there is one guy that teaches nothing but this and has over 3000 students at any given time paying him 100 bucks a month. 300,000 a month to teach you to trade off of fib levels with nothing else. what do you think keeps him in business. if you said new traders and a great marketing strategy you would be correct. nothing wrong with teaching new traders how to trade fib ret, but if thats all you use your in trouble.
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FF Official Partner
Last edited by james16, Jul 27, 2005 1:52am
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Jul 27, 2005 11:05pm
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new chart
new chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jul 27, 2005 11:23pm
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Quote:
Originally Posted by pipmonster
Hi Jim, I'm looking at the gbp chart and it may be at a triple high close. The last three days have all been very close highs and lows. Is there someway you would play this one? I don't see any other confluence to trade off. I did take the short at 60. Hope it works out.
Pipmon
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just saw your post pip, its late i will take a look tomorrow and post any thoughts. if you think you see one of the setups i have been talking about just papertrade them until you are SURE you see one. i still papertrade to this day on new things i learn or come up with. its a great way to try before you buy.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jul 28, 2005 12:32am
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Quote:
Originally Posted by james16
go take a look at the cad now. it broke up like a rocket, i have personally purchased courses for several thousand dollars that cant touch what i have provided here. in at the close of the tblhc at 1.2120, currently at 1.2298, up about 180 pips now, trailing my stop. jim
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holy breakout batman. do you smile more than you frown when you look at your charts. i actually keep a record of smiles vs frowns and then make notes of why. when i see a frown pattern developing i can then tie it to a reason and make neccesary adjustments. find something that works then fine tune, fine tune, fine tune. i never stop fine tuning. thats why papertrading is so important. try before you buy.
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FF Official Partner
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Jul 28, 2005 1:00pm
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Quote:
Originally Posted by PipPincher
Hi James,
Re the CAD am interested learn how and when (what time bar) you entered and where your stop was located. I can clearly see your tblhc on the daily and you entered at 2120 so did you drop down to the 1hr and enter after the tblhc after the 38 fib bounce. The price bar indicators that appear on the daily sure seem reliable its just where to get in after they appear I struggle with ?
Thanks in Advance for advice.
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good question and very simple answer. actually i think i put it somewhere. on the daily chart you have two choices for entry. at the close of the tblhc or on a fib ret of the last bar of the set up. taking the ret will lower your risk as you are entering closer to where you should have your stop which is just under the 2, or 3 in this case, bars. sometimes by doing this you will miss trades as it will not ret but just take off. if the bar is very long i always wait for a ret. if its short i dont. if you go back and look you will see that most of the time they ret. on daily trades i do not drop down to lower time frames for entry confirmation. enter on the close or enter on a ret of the one bar. most times i wait for at least a 38 ret of the last bar.
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FF Official Partner
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Jul 28, 2005 1:34pm
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Quote:
Originally Posted by PipPincher
Cool thanks for that James... So for another example if we close near to where we are on the EUR and more so the gbp are they possible dblhc and tblhc entries ?
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i will take a look. everyone keep in mind that i have not shared everything i do in this thread. price action in and of itself is a great tool and yes a lot of times they work in and of themselves. but what we really want is multiple signs of a probable winning trade. price action combined with fib ret, monthly and weekly pivot levels, divergence, confluence etc. i will be dissapointed if and when someone goes hey that dblhc did not work and they did not combine other tools to confirm. jim
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FF Official Partner
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Jul 29, 2005 9:07pm
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john carters gap strategy
3 gaps this week on the mini dow. all three worked like a charm. you can find it on cbot.com under education. its worth taking a look at. when the course is ready and merlin has me set up we are going to trade everything under the sun. forex, commodities, mini dow, currency futures, bonds. you name it. were gonna position trade, swing trade and day trade. its not hard to get set up to do this. our objective will not be to go 15 wins and 10 losses for a month. our goal will be to trade ultra smart and shoot for 80 to 90 percent win ratio. it can be done and its much more fun that way and it builds confidence.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jul 30, 2005 3:38pm
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Quote:
Originally Posted by leedee1
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I just happened to come across this thread a couple of days ago and I would like to thank you for all of the diligent work that you have put into posting your charts and familiarizing us with how your systems work. You have demonstrated that you are an excellent mentor for anyone interested in learning these trading techniques or fine tunning for some of us that have been trading for awhile.
I would like to add to Kevin?s comment and others on the thread that a DVD with a manual would be an very good way for of us to follow along what you are teaching.
Thanks again Jim, I am enjoying your charts to the max, please keep them coming.
Lee
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thanks to you and all the new people coming to the forum and noticing the chart thread. your encouragment means a lot to me and is the main reason i am proceeding with this project.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jul 31, 2005 7:05pm
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Quote:
Originally Posted by merlin
jim, i really dig your "wait for price action to confirm" mantra. do you do any tape reading to help you with this?
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yes, pink floyd and joe walsh are two of my favorite
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jul 31, 2005 7:32pm
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Quote:
Originally Posted by merlin
jim, i really dig your "wait for price action to confirm" mantra. do you do any tape reading to help you with this?
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now youve done it. i had always purposly stayed away from tape reading. now i am wondering if it might be another fine tuning tool. no turning back now, within a week i will know.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Aug 1, 2005 5:41pm
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Quote:
Originally Posted by Kosta Berj
Jim,
Very close to a DBHLC showing on the last two periods of the daily SP500 chart. Possibly indicative of a short term pull-back.
Just how close do Highs need be to each other for this index in your experience?
Cheers.
The trend is your friend till the bend in the end.
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i like to see an exact high or low but this is close enough. check all your pivot levels. also take note that today it could not break the close of yesterdays bar.
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FF Official Partner
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Aug 2, 2005 12:28am
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new chart
new chart
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FF Official Partner
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Aug 2, 2005 12:45am
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new chart
new chart
__________________
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FF Official Partner
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Aug 2, 2005 5:44pm
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new chart
new chart
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Aug 2, 2005 6:17pm
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new chart
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__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Aug 4, 2005 1:44pm
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Quote:
Originally Posted by Ladybird
James,
Your work is an inspiration to newbies like myself - so far all I have done is lose a pile of money and spend hundreds on books, courses etc which only teach the very basics.
I am so interested if you are going to do some training DVD's - I just wish it could be NOW - sorry I just can't contain my excitement that you are considering doing this.
As an aside would you recommend taking the Todd Mitchell course aswell? - I take it this is the one re S&P Index?
Regards
Julie (aka Ladybird)
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thank you, i will do something but it may take several months to put it together. todd mitchell's course is 2 grand but in my opinion worth it. i have spent more and recieved less with other courses.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Aug 8, 2005 11:19pm
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Quote:
Originally Posted by Trinity
James,
1) Am I right in assuming that a "Pin Bar", mentioned a while back, is a bar with a close at the high?
BTW, I like your idea of videos or DVD's for the course with ebook or manual, and a set course price.
I am puzzled over:
2) Chart in post 193: is the "daily pivot" the blue line just above your lowest explanation?
3) Chart in post 190: is the "blue line" daily pivot between your explanation and the top Fib confluence? Not easy to see, for me.
4) What is the PPO indicator at the bottom now, with MACD settings?
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sorry so late trinity, the pin bar is a fake out, it is described in detail in the early portion of the thread. 2. the lowest is the weekly the other two are daily pivots. 3. yes... 4. i hope to get back to making daily posts again soon with new stuff. with people like fij, the buddha, merlin and others this is really a great forum. i hope everyone, especially the new traders among us are starting to understand that succesful trading is learned. there are a lot of great people giving thier time and expertice here and i would have given anything to have had access to a place like this 20 years ago. jim.
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Aug 11, 2005 12:49pm
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Quote:
Originally Posted by habeeb
Hi,
I've finally found another excellent forum, but now I can actually post/ask questions when I have some (hope that's okay).
Jim, great thread you got going here. I've tried your techings and it works great. It's so simple, but very effective. It's nothing new to me though (double tops/ bottoms,etc), don't get me wrong, I'm still learning, but us newbies tend to forget the basics and look for a shortcut. Your explanations has just been that much clearer and much more easier to understand.
Thanx a million
Habeeb
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your welcome, there is much more to come.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Aug 12, 2005 4:39pm
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Quote:
Originally Posted by habeeb
Hi again,
Here is one of my 2 trades today on S&P. Both were closed in profit. Thanx for your encouragement. I still feel that I'm missing something  . I don't have any MA's, indicators, fibo's, etc. I use pivot levels though.
I've got another question regarding one of your mini oil charts. I'll ask at a later time, when I remember. Please comment on the chart.
Once again, Thanx a million
Enjoy your weekend
Habeeb http://www.forexfactory.com/forexfor...ntid=428&stc=1
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this is frickin great habeeb, you made my weekend. the first one was the best and yes the second was marginal. start using fib ret to see where you can get confluence with your pivot levels. and whatever you do be patient and wait for the best set ups. by the middle of next month i will be back full steam on my chart thread. stick around habeeb you will be glad you did. i am so happy to see this. jim
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FF Official Partner
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Aug 12, 2005 4:51pm
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Alert,alert,alert
habeeb has just shown something very very valuable. YOU DO NOT NEED ANYTHING BUT A KNOWLEDGE OF PRICE ACTION TO BE A SUCCESFUL TRADER. this is something i am going to present in the course (someday), intelligently add in extra ingredients, like your own proven trading system and you have a real shot at success. stay tuned. jim
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Aug 13, 2005 2:24pm
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Quote:
Originally Posted by fx-trader777
Please provide me with some advice. I think there is clear divergence at 4-hour chart.
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yes and isnt it interesting if you continue your line it intersects with the previous high (which also had divergence) for a nice trend line. be careful, you do not want to enter on divergence only. use price action , fib confluence and pivots to confirm. whatever you do set your stop a little above the trend line. divergence by itself means nothing. although it will sometimes work. i prefer trades that work most of the time. jim
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Aug 15, 2005 3:08pm
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Quote:
Originally Posted by habeeb
How do you keep track of all the stuff you trade? Multiple screens? Certain time of day for each one? 150 inch monitor?
I toggle between charts but more often than not, I miss alot. Missed the BIG oil down-run today.
Thanx
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i dont even come close to catching all the trades. what i do is watch weekly and daily charts on all of them. i look for high probability trade set ups on a daily with price action. i either trade that or move down and daytrade the move i am expecting based on the daily. jim
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Aug 16, 2005 12:45pm
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Quote:
Originally Posted by habeeb
Double Bar Low Higher Close
Does the close have to be higher than the first bar's "open" or "close"?
Do you trade Equities too. Can your techniques be used for Equities too, or is that market more fundamentally driven.
Thanx
Oh yes... do you listen to news events (NFP, Trade Balance, FOMC, etc)? or do you trade strictly by the charts?
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the best double bar with a higher or lower close will have the close on the second bar close outside/past the ENTIRE second bar. examples on the chart thread.
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Aug 17, 2005 4:59pm
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new chart
new chart
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Aug 17, 2005 5:23pm
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new chart
new chart
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Aug 22, 2005 10:06am
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Quote:
Originally Posted by Hidshadows
Keeping the momentum of this thread up by posting a chart! Everyone likes charts. The chart has a pin bar, double low higher close, double high trend continuation, and an outside bar all pointing upwards.

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with a pregnant wife, a seven year old playing 3 sports, a business and my own trading time to do other things is tough. in a week or so i will be back to this like i used to. thanks for staying interested. jim
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Aug 22, 2005 2:26pm
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Quote:
Originally Posted by pipmonster
I'll try to keep the ball rolling with you. On the eur/jpy 1 HR chart it looks to me like a pinochio high right at the 50 period EMA. Anyone else agree, disagree?
Could someone help with posting Onada charts onto the forum?
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yes, but the perfect way to trade these is notice when the actual pin bar developes, then watch the next bar to see if it fails close to the high of the first bar. if it does short it in this case. there would already be a nice profit if you had/have.
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Aug 22, 2005 2:33pm
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new chart
new chart
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Aug 23, 2005 12:10pm
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Quote:
Originally Posted by pipmonster
I'll try to keep the ball rolling with you. On the eur/jpy 1 HR chart it looks to me like a pinochio high right at the 50 period EMA. Anyone else agree, disagree?
Could someone help with posting Onada charts onto the forum?
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hey pip sorry i have not been responding much, that will change soon. thanks for your input
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Aug 23, 2005 12:13pm
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Quote:
Originally Posted by Ozren
Hi James16,
How do you make bar red and green in Meta Trader?
Thankx,
Ozren
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i only play around with metatrader most of my charting is on tradestation. here is how. right click on your chart then choose properties. set bar up and bar down the color you want. jim
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Aug 23, 2005 3:00pm
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Quote:
Originally Posted by scpeter
James, is there anything you get from Meta that you cannot get from Tradestation? Can you tell me what you use Meta for? Any suggestions, tips, tricks etc. Or do you use Meta as a compliment or an aid to Tradestation? Just curious here.
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nothing can touch tradestation when it comes to charting. its not even close. i keep backups for all my trading. i back tradestation futures trading with esignal and sometimes qcharts. i back forex with meta and vt trader. jim
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Aug 24, 2005 9:12pm
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Quote:
Originally Posted by scpeter
James, how is the volume on the mini oil? Does it trade enough like the e-mini S&P 500? Has the volume ever been a concern for you in the mini oil?
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no and let me quote futuresindustry.org " volume in the e-mini crude oil futures grew to 10 times the 2004 levels" i guarantee its people trying to short it and of course they are getting killed. no other market shows such pretty price action patterns on a daily chart than this market. i have no idea why all i know is i take money out of it on a regular basis. jim
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Aug 24, 2005 9:28pm
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Quote:
Originally Posted by scpeter
See, it just goes to show you. If you ask the right person the right question, you get a great answer. Jim, thank you sir.
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your welcome and congrats on your 100th post.
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Aug 26, 2005 1:41am
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Quote:
Originally Posted by Anpar
Prices are heading towards a weekly fib (50), Price action shows a dblhc with support from a 55sma. Do I make this trade and look to exit at or around the weekly 50 fib level or should I not?
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nice observation. i think you could play it on a breakout. you could wait for a ret of the second dblhc bar and the go long to lower your risk. or you could play a break down of the two lows on the two bars that make up the dblhc. ( a technique i have not discussed on the forum) i dont give specific trading advice on the forum because to many people do to many different things with the same trade. the dblhc may work to the upside for 10 pips, a loss, or a hundred pips. some will take half profit at ten pips and then move thier stop to breakeven for a win. some will set a 30 pip stop and say i am not moving it until i bag 20 and end up losing 30 for a loss. you get my point. i dont know your personal situation but if you ever get 10 pips trading 50 or 60 lots trust me you will take the 10 and move it to even. you obviously know what you are doing. keep up the good work. jim
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Aug 26, 2005 2:01am
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Quote:
Originally Posted by Anpar
Prices are heading towards a weekly fib (50), Price action shows a dblhc with support from a 55sma. Do I make this trade and look to exit at or around the weekly 50 fib level or should I not?
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the same trendline on the daily and its even nicer. can it break it?
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Aug 26, 2005 4:24am
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chart
chart
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Aug 26, 2005 12:31pm
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Quote:
Originally Posted by Anpar
Thanks James for your comments.
Slowly but surely I'm adding new things to my charts. I was looking to go long on that trade, but prices could never close above the 4hr trendline, thus I stayed away.
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i am so glad you did not take that trade long. it was suicide long unless it broke out. i was hoping you saw that. you did, great job. the short trade after the break of the two bars low on the dblhc was the trade to look for and it was a good one. it was actualy a great set up, you knew if it broke one way or another it would be worth a decent move. and it was.
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Aug 30, 2005 4:38pm
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Quote:
Originally Posted by Isotonic
Hi Jim,
I've been thinking over about what you've said about looking for these levels and have a few questions if you don't mind!
1. Do you prioritise them so that monthly/weekly is before weekly/daily, weekly/daily before daily/4h or perhaps weekly/4h and so on?
2. Which combinations come up most often in your experience?
3. Fibs or pivots or fibs & pivots? Is one combination better than others?
4. For pivot points do you use 1 period or 'n' period rolling pivots. I tend to use 3 period rolling pivots. Again which do you prefer?
Thanks in advance for all your replies!
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i guess the easiest way to answer you questions is to say i do what everybody does when it comes to figuring fibs and pivots. when i put them on my chart i label them with text. i then look for areas where these levels join or are close together which forms very strong support or res levels. i call these confluence levels. it is not unusual to see a monthly or weekly and daily pivot along with a fib ret all close together. these are far better than a single fib or pivot level. when price reaches these confluence levels there is a better than 50/50 shot that it will retreat, but what i do is wait most of the time for confirming price action before entering. it is an acquired talent. it also requires patience. i have no idea what rolling pivots are. or if i do i call it something else. i use a standard pivot calculator, downloadable from many places on the web. its the same calculation mentioned by merlin in another thread. jim
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Aug 30, 2005 9:18pm
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Quote:
Originally Posted by diallist
To be honest, it is only by coincidence that I happened to read an article about pivot ranges only yesterday. So obviously, I haven't any experience with them yet.
Here's the article. The part about pivot ranges is near the end.
http://www.investopedia.com/articles.../04/040704.asp
Dial
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thanks dial, see even after all these years i never stop trying to learn. and i learned something here. thanks
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Aug 31, 2005 2:42pm
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Quote:
Originally Posted by RBing
Jim, is that a perfect set up on the daily GBP/USD? I have it right off of the 38.2, weekly s2 and looks like we could get a dlhc.
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1. the range of the last bar of the dblhc is monstrous, plus 225 pips. 2. there is a longer term downtrend in place from april. 3. the current correction of the move since april is at a resistence fib level. 4. you are under the 365 ma which is bearish. 5.as you say you do have a dblhc off of a ret of the correction or suuport for that last low to high swing. 6. i would be very careful trading this without a 50 fib ret of the last bar of the dblhc to lower your risk. 7. bottom line is the negatives outway the positives here. 8. thanks for your input. jim
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Sep 1, 2005 4:36am
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Quote:
Originally Posted by filler
James16;
Thanks for teaching us your trading methods, it really has made a huge difference in the way I understand and read my forex charts now. Really appreciate it, keep it up!
Ok, maybe you have covered this already?.if so then sorry for asking the question. If you have the perfect setup on your charts right before an important news announcement, would you still take that trade? Or would you wait until after the announcement (bearing in mind the spikes that may happen and take you out)?
I am currently practising your methods in the forex market on the 60min chart.
Thanks,
F
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thanks, i will but i have my finger on the button when i do. jim
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Sep 3, 2005 1:54pm
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Quote:
Originally Posted by dangerman
Hello everyone. First let me say this is one great thread. I am a novice to forex and to trading. but I sure am learning a lot here. I have read MuddBuddha's Simple Forex System, and I bought two books from amazon ( Steve Nison' s Candlestick Course and John Person's Guide to Technical Trading Tactics). I am still reading them both, and will probably read them two or three more times. I'll probably have to read this thread two or three more times also, as a lot of it seems to be going over my head. I feel like a sponge thrown into a lake and trying to absorb it all.
Having said that my questions will probably seem simplistic at best, but here goes.
I laid out MuddBuddha's Simple Forex System on the USDCHF 1 hour chart. I had already missed when the ma's crossed back on the 31st, but I wasn't ready to trade yet anyway. (I downloaded MetaTrader 4 and am running a demo, so I'm just in it for the learning process at this point.) Does anyone use MetaTrader to trade live, by the way?
Any way if I am reading the chart correctly If you went short when the ma's crossed at approx. 1.2667, you would have a 367 pip gain with yesterdays close of 1.2300 (WOW). If I were trading a mini lot, would that anly be 36.7 pips because I am actually trading .1 lots?
I also set up pivot points for the Month, Week , and Day (Friday). I got the numbers by going to the monthly, weekly, and daily charts in metatrader and taking the high, low, and close of the time periiods. I don't know how accurate these numbers are. Is there anywhere on the net that you can download accurate numbers for these time periods for the major currencies?
I was looking at the chart and it seems like the range is bouncing around inside the trendline. My original thought was to wait until the price went down to one of the support levels produced by the pivot points and then go long, but then I thought wait dummy, you would be going against the major trend, which is down right now. So my thought now is to wait until Tuesday morning, look for a downward price action, and maybe a bearish candle signal then go in short, set my stops close, say 15 pips because the trend is approching support levels, then move my stops to break even and look for bullish candle signals at the support levels. The only problem with going short here is that the Parabolic Sar in on the bottom, so that would go against MuddBuddha's system. Any critique, Ideas, or suggestions to this plan would be greatly appreciated.
Also, what would be the best time Tuesday to start looking at the market? I am in the Eastern US time zone. This stinks in a way because when I get home from work I am into the (Asian Chop?) is that right? I am off the next couple of weeks though, so I hope to be able to get a feel for the markets and the charts I am using.
Attached is my chart. Sorry to be so long winded (it's the sponge thing). Any feedback is welcome and appreciated, I look forward to learning a lot more in these threads.
Jimmy
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hey dangerman, great post looks like you are past the initial newbie stage to me. if it were any other day thnn saturday you would have probably had several responses by now including me. welcome to the forum. i and others will give you a more detailed reply when we get back monday.jim
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Sep 15, 2005 11:58am
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Quote:
Originally Posted by habeeb
Jim,
If you played the pin bar, then you jumped the gun. Just want to know where you entered then? Top of today's bar?
Thanx
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i entered at the close/open yesterday. its all about where the actual pin bar closes. this one closed/opened right at the first eye level. if it had been a close/open well below the first eye i would have waited for a test/formation of the second eye in relation to the first eye. no need to do this here. this will all be taught. its very simple. jim
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Sep 15, 2005 12:02pm
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Quote:
Originally Posted by pipmonster
Hi Jim, nice move! Question for ya. When playing the daily pin bars what time do you need to be at the computer looking at the screen? I'm assuming right at the start of the trading day? 5:00 central?
Thanx Pipmon
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yes at the open of the new day. on a weekly you want to look at the appropriate time also. as i said in another thread these pin bars are best i think for actually playing on 4hr, daily and weekly charts. i like to use them on intraday to set up and let me know which side of the market to trade my intraday systems. they are fine on intraday but you must be nimble and really cherry pick the ones you trade. its day trading after all. jim
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Sep 15, 2005 12:07pm
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Quote:
Originally Posted by firehorse
Hi James,
I would like to say to take things at your own pace. And although we would all like the private forum to be finished as soon as possible  I do believe that none of us want it to be at the expense of your health and family life. What I said is probably obvious but I wanted to make the implicit to be explicit.
Thanks for keeping the project on the road even with everything else going on in your life.
Best regards
Alan
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thank you firehorse. let me give you an example of how my time has been going. last week on wednesday my wife asked me how much sleep i had had since sunday. i told her around 4 to 6 hours. she got pissed. i dont mess with the boss especially when shes pregnant. i have slowed it down a bit. one of the reasons everything is taking so long is because im such a computer moron. guys i type with one finger. we HOPE to have the forum ready in 2 to 3 weeks. jim
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Sep 15, 2005 12:36pm
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Quote:
Originally Posted by candy
Gotta love those pin bars. I have to thank you James for all your inspiration, I think of you everytime I take one.  I decided to ride the wave of GBP in two waves so as to take profit along the way, just in case GBP does what it always does?..turn on a dime! The first wave I took started yesterday morning and I got out last night with a tidy little profit. Was going to go to bed when I saw yet another opportunity for GBP to run southbound, so hopped on for another ride. I exited at 8066 for another nice piece of change. Wow what a ride!
James you must get some sleep. We need you in one piece for the new forum! candy
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GREAT, has anyone noticed that the gbp is currently running down off of a weekly pin bar. good for around 300 pips right now. may go a 1000.
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Sep 15, 2005 1:58pm
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Quote:
Originally Posted by forexbasic
Hi James,
I'm new to these boards and I must say I'm very impressed with the tutoring material you've provided here for the benefit of all forum members.
It's interesting to see how the old tried and tested techniques prove themselves over and over again for any market when used in the hands of an able trader like yourself.
Your charts have made it more obvious to me that there are big gains to be made by swing trading over a few days as opposed to intraday trading which is what I'm used to.
However, whereas I'm used to setting stops which never exceed about 30 pips intra-day, I'm going to need some much larger ones if I'm going to trade off the daily charts.
You've just mentioned GBP shaping up nicely for a run from that pin bar on the weekly chart - how would you suggest we determine the stop for this trade ?
Should we place the stop as what I assume is going to be today's high at 1.8238 ?
Also, on the H4 chart, it doesn't look as though the price has yet convincingly moved through the 61.8% fib at the time of posting, we're also close to the 38.2% fib of the retracement on the daily chart.
Taking the trendline on the daily it looks as though we need to break through 1.8042 before diving in.
Is it the GBP short really the high probability trade it seems ?
If not, then 180 pip stop seems a bit scary to me.
Any advice you can give on stops would be greatly appreciated.
Cheers
Mike
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thanks for your post. pleeeaase dont take this trade now. its already moved to far to fast. i was just simply pointing out the earlier entries. welcome aboard. jim
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Sep 15, 2005 10:10pm
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Quote:
Originally Posted by Blackeagle
I have a question. Has anyone backtested Jim's DBLHC, DBHLC and pin bar techniques for any time period (hourly, daily or weekly). Any results?Thanks
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i have with a real account. they work. i contacted a tradestation certified programmer in houston about this several months ago. he told me programing price action is much harder than most of the stuff he does due to the variables involved. like how long should the nose be on a pin bar? should the eyes be even, if not how far apart can they be? i would love to do it but for the money he wanted i declined mostly because my brokerage account tells me they work without a backtest. i may do it someday but he told me i would need to drive to houston and discuss the variables personally. 125 bucks an hour. he said it might take him a couple of days to do it. i have wondered why no one has ever brought this up or tried it. someone finally did. jim
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Sep 15, 2005 10:15pm
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Quote:
Originally Posted by Anpar
How about this one. Nice big PIN bar, but it has many closes about the trend line. I went long on this trade prior to the pin bar, but I'm wondering if I should close take my profits and go short?
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great post i have been itching to go short on this also. but like you the trend line worries me. the weekly trend is down. the daily trend is down. will it go down. who knows. the other thing anpar is the nose is really long so to give it justice you will have a large stop. position size accordingly if you do. jim
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Sep 15, 2005 11:15pm
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Quote:
Originally Posted by Blackeagle
Thanks for quick reply Jim. Don't get me wrong please, I am not questioning if these price action bars are working or not. As you said, your brokerage account always tells the truth. I totally agree that it is really difficult to bactest price action compared to other technical stuff. I know yhis because I am also trying to test a couple of price action patterns manually and it takes time. I also know that past performance does not indicate future performance but I think it is the only thing we can rely on as technical analysis stands on statistics. I asked this because I can find many profitable price actions that suit the criteria, however there are many nonprofitable ones of the same price actions as well. In this case, to trade with price actions may sometimes become a little bit subjective which is not good for us humans as we are emotional creatures. Therefore as you indicated several times, while someone can look at the same price action and see a good entry opportunity, the others may not take this opportunity as they see it differently. Therefore experience is the most single important thing to trade price actions. Of course well defined entry, exit and stop loss strategies are also important. I have also wondered why no one has ever brought this up before. Not just your price action bars, no one has ever brought up this past performance issue for others' strategies explained in this forum.
So here is another question for all respectful people of this forum. Don't you worry about the performance of trading strategies recommended to you in this forum as you will most probably trade these strategies with your real money? My recommendation is this: why don't you start testing these strategies right now? I have started some of them and I can assure you that you will learn valuable things while testing. As we, FF participants, are trying to reach the same goal, let's start working together (as far as I can see, just a few people are really contributing to this forum, we have to increase this number to come up with many other strategies) and hard, and test the strategies. By this way everybody will feel more comfortable with these strategies they trade with. If you don't feel comfortable, you can't apply these valuable strategies with discipline.
Thanks for your contribution Jim.
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i could not agree more. i feel pretty confident there are ten or more people here trading the little bit of price action i have taught. i was so worried early on that people would just get themselves into trouble as i cant really teach on an open forum. i was already getting ten or more pm's a day and it was overwhelming. i enjoyed it but i could not do justice to everyone. thats about to change with the privare forum. i have stressed many times the importance of at least demo trading any new thing to you until you get the hang of it. jim
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Sep 16, 2005 1:38am
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Quote:
Originally Posted by james16
great post i have been itching to go short on this also. but like you the trend line worries me. the weekly trend is down. the daily trend is down. will it go down. who knows. the other thing anpar is the nose is really long so to give it justice you will have a large stop. position size accordingly if you do. jim
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well anpar i took it at 1851, set my stop at 1880. its looking good. did you take it? the damn things just have a way of working more often than not.
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Sep 16, 2005 2:00am
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Quote:
Originally Posted by habeeb
Great trades Jim. How do you find InterbankFx (I take that's what you're using). In Demo version, their execution is virtually instant. Fastest I've exerienced so far. Is it the same when having a live account? I'm thinking of openning an account with them too. Time to get rid of my current "keeper".
Thanx
Habeeb
PS: I've been typing for 20 years, and still use one finger ... of each hand ofcourse. 
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so far so good, know how you tend to get rude people at these places. not here, i have been blown away by the nice people when you need one. they had a couple of bad spikes and immediatly returned everyones account exactly where it was. the best part. NO DEALING DESK. i am about to ship a bunch of money over there, just want to give it another month or so to be sure.
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Sep 16, 2005 2:23am
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Quote:
Originally Posted by habeeb
Thanx for the feedback Jim.
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anytime my friend
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Sep 16, 2005 11:37am
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Quote:
Originally Posted by phaeton
hello jim,
many thanks for the time u spend and the great insights you are sharing on this forum.
On your last gbp/usd chart,on the pin bar, I noticed a DLHC bar.don't think this has been mentioned.
a double low and higher close bar at arround the 38% retracement on daily charts. does it qualifies for an entry ? the problem would be with finding a good level for the SL (since it was a very long bar...)
good day
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this kind of stuff just makes my day you are correct about the lenghth/danger of the position. but it was right off of a fib which does make a difference. on the long bars just figure the stop amount and position size accordingly. i did not see this one. thats what i am always trying to point out there are always trades, why not wait for the A trades like this one.
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Sep 16, 2005 11:40am
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Quote:
Originally Posted by khoong25
hey james16, regarding your pin bar price action trading, I've been using it to some extent with 15 min charts and it works pretty well too.
kinda like it on the short term more, as I can sleep better not holding positions.
so you were saying that to program price actions on trade station is a heap harder eh?
hmm, i do have a computing background, I might actually look into it. Maybe i can help further down the track??
but for now, its going to be pure price action demoing and then maybe some live mini trading...
I'm likin this price action stuff, using candlesticks....
figured that if i can build up the account, it'd be good.
Ken
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if you can trade them succesfully on a 15 min chart, then you are a good trader. try them on larger frames youll be even happier. thanks for your post. jim
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Sep 18, 2005 9:58pm
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Originally Posted by pipmonster
Hey Jim, I was just wondering if you kept a track record of pin bars going with confluence levels. Do any of them work better than others? Fibo levels, s/r etc. Just thought it might be interesting if you had better percentage winners with some than others.
I Hope everyone had a good weekend and got some sleep!
Pipmon
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if you find a pin bar where the nose petrudes through a fib, large ma or a pivot and the open and close stays on the other side its go time. this will be one the things we will learn in the pf. i wiil post a chart and show you what i mean. jim
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Sep 18, 2005 10:20pm
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example for pips post
see post above
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Sep 18, 2005 10:24pm
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Quote:
Originally Posted by scpeter
Merlin, I think we have a little problem here. This post must have been made by someone else. Jim is sleeping. Just ask his wife.
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how did you know that. i slept 10 hours today/last night.
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Sep 19, 2005 7:42pm
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Quote:
Originally Posted by khoong25
Hey Jim, just an observation recently ever since I learnt the 'pinnochio' ...
It actually happens with fairly good regularity especially with USD/JPN and the other yen pairs as well ....
I've been demoing on 15 min USD/JPN and it happens very often. Its a good 20-30 pips more often than not.. or you move your s/l to breakeven after a few candles/bars ...
Any comments?
Ken
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you guys scare me to death playing these short term charts. but hey if there working for you what the heck. i like to play them on a 4hr chart minimum unless i see a really primo one on a 1 hour. i just hope that your looking to move your stop to BE pretty darn quick. if your hunting for 10 to 20 pips like khoong fine but man you got to move yout stop to BE asap on these smaller time frames. jim
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Sep 19, 2005 9:33pm
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Quote:
Originally Posted by khoong25
Most definitely jim, i would not advocate this 'play' for any big moves and definitely not near news time.
The stops are generally under 15 pips, and moved to b/e fairly quickly. What I might have not mentioned is that this works well after a 'decent' opposite trend (since this is a reversal/consolidation/etc signal), like at least 30+ pips move and also if the 'pinnochio' happens on 'low/high of the day' .....
I'm trying to build a system around it, and combine it with a breakout system I 've been testing.
Ken
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just the way you worded everything tells me you get it.
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Sep 23, 2005 11:59am
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Quote:
Originally Posted by Kosta Berj
Crikey Jim,
You post a few short term charts yourself... down to 3 mins on mini-Dow as I recall.
What are you refering to here. FX charts are safest played of the 4 hour?
I think that's what you're saying. Sure, I know you said it's a gut wrenching experience whatever but short term trades are indeed within your practiced style of trading - unless I have misunderstood you somehow.
I love this thread.
Regards,
Kosta
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so far for me at least playing the longer term charts have been more consistent and profitable in the forex market. i have daytraded futures for many years and have a feel for them. not so with forex at least not yet. very very few people last for long playing 15 min time frames or less in any market.
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Sep 23, 2005 12:00pm
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Quote:
Originally Posted by Beachie41
I only just found this forum & thread & all I can say is....wow!! I trade FX & use mostly TL breaks, fibs & divergence with some basic bars setups.
Jim has opened up a new vista of charting to me. Posting a trade I'm still in, which I would have taken on my setups alone, but add in Jim's excellent slant on PA and it was like shooting fish in a barrel 
Sorry that chart is a bit "busy", but I wanted to show what I saw.

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glad they are helping you and welcome to the forum. jim
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Sep 24, 2005 1:10pm
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Quote:
Originally Posted by mchase2539
Hey Jim,
I've been reading some threads and have a question of the one above. Can you explain "taking half profit for me"? I've been going through Merlin's reading list as quickly as possible, but this seems like a basic money management stratagy I probably breezed over.
The Chase
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well there are many money monagement strategies and if there is one area of my trading i still feel inadequate at its this. lets take an example. you are playing a pin bar and its on a 60 min chart. the move has run 20 pips in your favor. here are just a couple of possibilities. move your stop to breakeven and keep the whole position hoping for more. move the stop to be and sell half of your lots. move the stop to be and sell a third or 25 percent of your lots. you can do it anyway you want i just personally think its important to get your stop to BE asap. others do it differently. jim
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Sep 24, 2005 8:57pm
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Quote:
Originally Posted by RotcaX
Just wanted to briefly say thank you.
I am one, of what I assume are many, that read every post in this thread and are amazed by the valuable knowledge that is being shared.
From one of the, again many, that remain relatively silent:
Thank you!
RotcaX
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thank you, i often wonder how many silent ones are out there. i look at the views on this thread and think it cant be all coming from 30 or 40 people.
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Sep 24, 2005 11:30pm
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Quote:
Originally Posted by bluemeasure
Hi Jim,
I also wanted to add my voice to the chorus of "thank you's". This thread has been very valuable and I've been going over it a number of times to make sure it's all sinking in.
I'd like to ask you what is likely a newbie question: do you rank any of these patterns by importance and/or by the way they are developing on a chart? what I mean is this week on Sep.20th I played the USDJPY using a 4hr chart after it showed a real nice beovb (to use your terminology). It was followed right afterwards by a relatively shorter pin going the other way. Now, does that negate this nice beovb right away? Seeing that the pin wasn't that long, I decided to stick it out... and got caught.
Any comments are greatly appreciated & I'm very much looking forward to the pf! Thanks again!
BlueMeasure
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hello blue, great questions and yes there is a wieght to these bars. thats been one of my worries from the start of this thread. a new trader will not know where they are in relation to not only the chart they are on but other time frames and the particular bar showing there. even the pin bar in the wrong place as accurate as it is can be costly. the bars should be used in conjunction with support and resistance areas and at swing highs and lows. i have said that its possible to trade better than 60/40 with just the bars and nothing else and i am serious. but it takes practice, a lot of practice. the practice is worth it because when you reach a point where you can do it with price only you then have a much better chance of being succesful with your system/s. i have found nothing as accurate as the pin bar when it shows up IN THE RIGHT PLACE. welcome to the forum. jim
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Sep 25, 2005 3:39pm
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Quote:
Originally Posted by Buk
how very true.....as is the case with virtually all types of price action set ups!
narrow em down.....patiently wait for the signal, focus on the preferred timeframe/p.a trigger & execute.......repetition breeds confidence......
great thread, sensible & succinct information!
unfortunately, there are too few of these (quality) threads available.......folks are very lucky to have found one which preaches not only common sense but sound advice!
continued good hunting Jim 
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thank you buk and welcome to the forum. helping others has had the effect of helping me. wow, what a novel concept. jim
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Sep 26, 2005 12:08am
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Quote:
Originally Posted by scpeter
Jim, could you please comment on trading the e-mini S&P 500. For example if you were trading off of a pin bar setup with a 3 point stop, how many ticks would you want before moving to break even?
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hello steven,i dont trade the mini sp very much anymore, its so much easier to trade the mini dow. for every point move in the sp you have 4 places to take profit as apposed to the mini dow where you have ten. when i trade the mini dow on a 5 min chart i usually take partial profit at ten ticks and move to be but there are many variables involved so thats certainly not set in stone. as the years have gone by i have moved more and more towards the 30 min charts. i must say it might not be much longer until i switch all my trading to forex, i am slowly getting a feel for it and i like it. jim
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Sep 27, 2005 12:27pm
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Quote:
Originally Posted by habeeb
Kermut,
that was not a perfect DBLHC. There was a 5 pip difference in the lows, which I would think, is too much.
My data feed is also GMT +2. Price action/pattern is not affected.
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habeeb is correct, its not even close. also i hope anyone new to this is demoing until they learn it.
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Sep 27, 2005 6:31pm
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Quote:
Originally Posted by Beachie41
I'd have pegged that as "Two matching Highs - Trend Break Out" - with trend BO 4 bars later. Is that how you'd possibly view it Jim?
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yes thats a way of looking at it.
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Sep 27, 2005 6:33pm
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Quote:
Originally Posted by kermut
Thanks for your feedback Habeeb and James. I was talking about DBHLC, so a double high, and from memory, there was a 1 pip difference between the highs.
Certainly demo trading atm.
Regards,
GC
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thank you kermut, as frustrating as it may seem at first its worth it. its not the holy grail or anything just a way to improve your trading over the long haul. jim
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Sep 27, 2005 9:24pm
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Quote:
Originally Posted by Matsu
If I get it correctly, for a short, the second bar need to close lower than the low of the first bar.
I am not trading these setups yet. I am waiting for Jim's pf.
Regards,
Matsu
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yes matsu you are correct. when i first started sharing these price action bars my concern was that people would just start trading them anywhere, anytime without any consideration of other factors. this concern has been born out even though i have stated many times that they should be combined with areas of support/resistance and/or your moving average systems. you dont just trade a pin bar or a dblhc just because its there. you use them to refine and enter better trades. this is a learning process and understanding price action is a TOOL to add to whatever you are doing or however you are trading. to this day i am honored that so many people have found this subject worth learning. we shall press on to bigger and better trades. jim
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Sep 28, 2005 3:41pm
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Quote:
Originally Posted by pipmonster
Man there's alot of 4hr pin bars out there right now. Thought I had a pretty good daily pin on the aud but she came back and stopped me out by 5 pips only to take off again. That's ok though, followed my rules and got out at a profit.
I'm not really sure which of the 4hr's look best. Anyone out there with some solid ideas? Sure has been an interesting day though. Pipmon
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yes the aud was dissapointing. the main thing to notice is that the tail was not real long. it was not a perfect one. more of a neutral bar which we will get into in the pf. seems like your starting to get a handle on these pin bars pip. just pick them carefully. jim
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Sep 28, 2005 5:36pm
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Quote:
Originally Posted by dangerman
I think you are talking about the daily pin bar. Why is it dissapointing? I see what you mean about the tail not being long enough, but the bar after the pin bar (today's bar) only retraced about halfway down the tail. If a stop was set just under the pin the bar, you would still be in the trade, with it moving your way. Also, I have my chart set up for MB's ma cross over system which he recomends using on the one hour charts. On the daily chart you see an ma cross over just about at the pin bar, which might lead you to believe it would retrace to the ma. Would you want to use ma's of a different time frame on daily charts as apposed to the 1 hour charts? Just from what I "think" I have learned here so far, I would have thought this would be at least a B or maybe even a B+ trade. Please let me know if my reasoning is wrong, and why.
Thanks
Jimmy
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you are exactly correct jimmy, i was talking about the bar the day before. on your platform it did not even become a pin, on mine it did so thats the one i am referring to. i wondered if anyone would catch this and you did. the bar you are referring to is a great pin. jim
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Sep 28, 2005 6:18pm
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Quote:
Originally Posted by dangerman
Thanks Jim. I think one of the things that makes learning so hard on a forum like this is that there are a lot of people trading on different platforms, and they also have different systems in their mind when they explain their point of view, which you really don't know about. Not that this a bad thing, rather I think it is good, and let me say that I when the lightbulbs finally start going off in my head, i will have all the people in this forum to thank. So thanks all in advance.
Also, although I have only been around this forum for a few months, I seem to notice a lot of new people posting lately. I think that responses like the one you just gave me encourage people to place an origanal post, and stick around for more. I thank you and all the other people who reside on FF for all your help to novices like myself.
Jimmy
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yes it is a neat place.
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Sep 28, 2005 7:32pm
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Quote:
Originally Posted by bluemonkey
Hello Jim,
I probably missed this in an earlier post of yours. I was wondering how much do the market fundamentals influence your trading decisions. Thanks.
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none, i dont even pay attention unless its very impoortant. like the rest of you i am so focused on not losing money if i add another factor i will get frozen. its happened before when i tryed to let fundamentals influence my trading. jim
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Sep 29, 2005 12:10am
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Quote:
Originally Posted by philmcgrew
Jim,
I read this thread and could not find any occasion where you posted, or was asked to post, any backtest results. Did you dump TradeStation? Did you ever develop an indicator to identify potential chart setups (showme study)? I have yet to meet someone who traded so many instruments on so many time frames and had time to keep up with a bulletin board. I have no doubt you intentions are honorable. I am certainly not questioning that but I am a little surprised that people are lining up to learn from you and have never asked for results.
Phil
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fair enough questions, first i have never attempted to sell anyone anything here. i have put in countless non paid hours teaching people some of the stuff i do here. it is all of those people who have taken it and made money and started requesting something more. i was hesitant because i am honarable and i know how hard trading is. the paid forum will consist of more indepth teaching of price action and how i use it to actually trade. in addition muddbuddha will be trading his systems and fijitrader will be teaching money management and trading psychology. the paultry monthly price will seem unbvelievable based on what you will recieve compared to any other paid sight i know of and i know them all. i dont know what you mean by did i dump tradestation. i have never developed an indicator, why is that important? why do i need to produce backtest results i am not selling any kind of system i am simply teaching people price action analysis and how to combine it with some of the other things i/they do. i have stated many times i trade a lot of markets but i dont take a lot of trades. the only market i truly day trade is the financials and i dont do it every day. finally, people are lining up because the little i have shared has improved thier trading. thanks for your interest. jim
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Sep 29, 2005 12:23am
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Quote:
Originally Posted by philmcgrew
I've read a lot of trading books over the years. That's the first time I've heard that one. Best wishes.
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phil once again i totally understand where your coming from. those that have enjoyed this thread would like a little more indepth study which i simply cant do for free. i have a mortgage to. people should they wish can subscribe for one month print it all and go on thier way. i hope they dont but its totally your call. this aint about me getting rich. i think after some discussion with my two brothers in arms its going to be 99 a month. i have paid 4 or 5 thousand dollars for what you can get in one month not including mudds and fiji's stuff. i am not worried about anyone saying they didnt get thier moneys worth, that simply is not possible. merlin can see what were doing its just not visible to all of you yet, kinda like the booker and 5min4x forums. merlin thinks i am crazy not to be charging at least 300 a month. all of this makes me feel good because once again my intentions are of the highest order which is how i always try to treat my friends.
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Sep 29, 2005 3:29am
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Quote:
Originally Posted by Kosta Berj
Hi Jim,
I'm curious as to how you are going to implement the live tuition sessions.
Are you going to have group conference call using Skype or Gizmo (cheap and easy) or will you have your own EChat (ventrilo?) type server (as per ensignsoftware)?
Regards, Kosta
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wow, wasnt planning on anything like that. just daily updates on potential set ups and teaching. this is not going to be an alert service or anything at least not yet. i was going to use something like camtasia but its not workable. i am limited in what i can do here on the forum due to the infrastructure limitations. if all goes well getting my feet wet we will see what the next step will be. what it will be is a place where new traders can get an excellent education for the money. jim
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Sep 29, 2005 1:27pm
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Quote:
Originally Posted by khoong25
you definitely CANNOT give any calls without getting into trouble with the law or SEC/etc ...
all james16 can theoretically say is what he is doing, and he would do etc ... he can never tell you what to do, because it'd get him into trouble...
Ken
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this is correct and i dont want to get into trouble. its going to be a teaching forum with updated potential areas to trade should it meet the criteria bieng taught. a bunch of links and stuff for new traders. great stuff by fij on mm and psychology and system trading/teaching with mudd. i will add stuff and it will grow over time. it may or may not be what you hoped for at least at first but you will get your moneys worth regardless. this is all new to me guys i will be in it for the long haul. over time i will learn how to provide bigger and better things. things like a live chat room would be great at some point. this and other things are planned but for now im just trying to get it up and running and worth more than the fee. my concern is that it wont be what you hoped for. however the more i look at whats already there and coming and compare it to what i have paid to learn the same stuff its not even debatable.
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Sep 29, 2005 11:45pm
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the last three days
is it just me or has the last 2 or 3 days been tough to trade. when i trade pin bars at the right time i rarely lose on three in a row. in fact if i trade smart two in a row does not happen often. if i didnt have the habit of moving my stops to BE quickly it would have been real tough. anyone else had it tough the last couple of days. jim
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Sep 30, 2005 2:04am
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Quote:
Originally Posted by Blackeagle
Jim,
The problem with teaching forum will be a lot of people may see it as holy grail as there are many newbies in FF. This has become more evident after people read your chart thread. And as you reminded people many times, price action requires hard work, study, study, and experience. It is not like black box systems. I am afraid some people will complain for not being profitable after attending this teaching forum since everyone can apply price actions differently as you said before. But don't worry about them, what you are trying to do is to add another dimension to trading and everybody should adopt the teachings to their trading style. If the ones who will participate this special teaching forum understand and accept this fact, nobody will be disappointed.
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this made my day, thank you. let me briefly give some core info. moving average systems are tough because by the time you enter price can be anywhere. show me any moving average system that makes any trader not pucker up like a lemon. there are none. what i will teach you is how to actually take moving average crossover trades with trailing entries that will allow you to use a 20 to 30 pip stop on a 30 min chart. a sensible entry technique that will give you peace of mind for a change. now i havnt even talked about price action analysis TO FURTHER ADD to a sensible entry. you know what i worry way to much. i know of no one else anywhere teaching exactly what i do. i am going to share a long held moving average system that i must admit i am worried about revealing. i just today decided to go ahead and share it, its not even in the pf yet. if someone goes off and posts it on moneytech or something im gonna be pissed. now i aint dumb and i know its gonna happen but with the trillions traded in forex i assume it wont matter. i just cant stress enough how hard i have worked for twenty frickin years to develope my trading skills. most of you who know me know I TRY to stay humble. 99 dollars and you can take off with everything i have fought so hard for. please understand if thats what you decide to do thats perfectly fine. its the new traders i want to see smile and i get a real kick out of it. do any of you know the stinking garbage out there selling for thousands of dollars. i honestly wonder if these people keep bodygaurds at thier house. fij and me have discussed several we have actually purchased for 5 to 10 grand. i mean holy shit for 99 dollars the stuff in this little forum is insanely cheap. thats not a sales pitch its the truth. the only damn reason i worry is because i am a nice guy and there is about 30 or 40 of you i consider my friends and i dont screw my friends. i dont want even 1 of you to be dissapointed. you wont. just be patient with me during the developement stage and after it opens. i have plans to continue to make it better over time. my problem is guys i dont have computer skills. i spent two solid weeks trying to figure out how to put live streaming charts on camtasia. i worked my ass off and im so computer stupid i finally gave up. during all of this i still have to make a living, i do that by trading and my other business. when it opens whether you stay for a month or a year you will be glad you did. i promise. jim
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Sep 30, 2005 2:54am
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Quote:
Originally Posted by Beachie41
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thanks beachie. when i get time the folks at camtasia are going to walk me through it. i will figure all these neat little tools out its just going to take me a little time. thanks again. jim
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Oct 2, 2005 3:52pm
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Quote:
Originally Posted by WTB
Hello James,
I just registered to this forum to thank you for your time and efforts teaching people your trading methods. I am relatively new to forex (few months) and while I pay no attention to bar/candle formations, I also base my trading on fibs, pivots and trendlines (no indicators used).
Looking forward your private forum!
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thank you sir/maam? if you base your trades like you say you really are going to like the pf. all indicators have ever done for me is lose money. diversion excluded. dont worry indicator users mudd will use them in his section. i respect mudd so i will personally be watching what he is up to. jim
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Oct 3, 2005 6:01pm
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Quote:
Originally Posted by merlin
jim gave me a sneak peak of his new course... all i will say for now is WOW! 
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thanks merlin, that statement coming from you makes me think i may be about to offer something actually worth the money for a change. jim
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FF Official Partner
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Oct 3, 2005 6:03pm
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Quote:
Originally Posted by habeeb
Jim,
Do the price action formations (pin bar, DBHLC,etc) only apply to that specific week on daily charts or does the weekend break the formation. eg. if a pin bar confirmation forms on the Friday (daily chart), does it still hold strong for the Monday?
Thanx
Habeeb
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great question let me think on this i have always looked at it as the chart is the chart is the chart and i will stand on that for now. jim
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Oct 3, 2005 6:32pm
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Quote:
Originally Posted by WTB
Looking forward it, James!
Have you yet decided on how will you distribuite it? price? etc
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distribution will be the forum, its all there. with ongoing hands on support. trying to put this together in this format has been and will remain a monumental task. price will be 99 a month and i am starting to think its crazy cheap but i just keep reminding myself that thats what i promised. after all of my friends here have signed up you are locked in at that price even if you want to come and go over time. after a couple of months if it turns out to be what i think it can be its going up but it will remain extremly low priced for the quality and quantity of the content.
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FF Official Partner
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Oct 3, 2005 6:49pm
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Quote:
Originally Posted by Isotonic
congrats on breaking that milestone...are you #1 by now?
ps: i think if you add up all the new posts in the chart factory as one post then it has already passed 10,000 and might catch your thread up over time! 
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thank you sir, i think firedaves forum is still way out front but i have my crosshairs on it. i just want all of you to know i aint nothin special i just have been doing this for a long time. knowledge and experience=understanding. new traders can benefit from understanding from whoever it may be. i am very honored that fate allowed me to help as much as i can here. i have enjoyed it. i had no idea that this level of response to my ideas would happen. i am grateful that it did if for no other reason than all the friends i have made all over the world. i have all the private emails i have recieved saved. they are from every concievable part of the world you can imagine. it humbles me beyond words. i have had several people offer me a chance to trade 20 plus million dollar accounts for them. i said no, not until i have a proven track record with smaller projects like this private forum. i will take this step by step and build a solid reputation. in other words i will be honest and do things in an ethical manner. doing things in this manner has always equaled success for me. i have learned what goes out comes back one way or the other. i want good things coming to me so i will send good things out to make sure that happens. jim
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FF Official Partner
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Oct 5, 2005 12:01pm
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Quote:
Originally Posted by SouthernFried
I have spent more than I care to say on courses...and I've swore I wouldn't do it again. Not $1000...not $10. Damnit, I've spent the money, I've followed the rules...I've done what they say. And I've lost 1/3 of my account, trading three lousy minis, in 2 months.
Well, I've become as skeptical as they come. I'm not stupid, I've got business degrees, I've owned successful companies...I got a C in math! I should be able to do this...if a normal person can.
So I'm gonna break one of my rules (hopefully not a trend...). I've been reading you for months now James, if there was ever a more sincere teacher in this business, I have yet to give them any money. Hell, the stuff I've been reading already is prolly worth $100.
So...can't wait to begin.
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yeah, even if you decide its not the kind of stuff you want to learn its worth more than a hundred bucks. i really should not have anyone pissed about the charge, after all its not just me. your going to get three or four trading systems right off the bat, a great lesson on price action plus fij doing his stuff. i am not worried at all about the value. thanks for the compliment sf, jim
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FF Official Partner
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Oct 5, 2005 12:09pm
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soft sell
i will not be hard selling this pf. it will always have a soft sell approach. those that want to, come on in and get a great bang for your buck. this is my test dip into these waters. whether i have 10 people or a thousand its just a way for me to see if this can be succesful and see if i enjoy it. i keep saying i when its actually we. if after a while its not what i want to do then hey thats ok too. at this price there is no pressure on me or you. which is the way i wanted it. jim
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FF Official Partner
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Oct 5, 2005 6:38pm
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Quote:
Originally Posted by habeeb
Hi Jim,
You've recently openned a live trading account with InterbankFx. I would like to know which charting package you use. I've noticed that on the higher time frames (4Hr, daily), that InterbankFx and MetaTrader are different. At this very moment, InterbankFx is showing the bar for the next day already, whereas on MT4 there's still some time to go. Which charts do you use to determine your trades and to work out pivots.
Thanx
Habeeb
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i am on met4 with thier standard account. i struggled a long time with the forex time thing and it still gives me problems. i figure pivots at 5 eastern like merlin does. jim
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Oct 6, 2005 1:09pm
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Quote:
Originally Posted by pipmonster
Hey Jim, I'm gonna bring up the name of the unspeakable (Vector trader). Seems like VT is some of the best advertising in the world for FF and consequently for the PF.
Funny how things turn out. Isn't it. Like someone's looking over us.
Pipmon
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yes pip it is isnt it, made me think the same thing.
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Oct 6, 2005 1:12pm
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Quote:
Originally Posted by BeachBum
Hello Jim...
I've been learning a lot from the sidelines for the past couple of weeks, including going back in this thread and reading all the posts as well as printing and studying many of the charts. I've really learned a lot about reading charts and candle formations. Thanks very much for the information!
Like many here, I am interested in participating in the instruction program you are putting together.......with an eye on learning more that will make my trading more forcused and productive. I've spent a lot of time on the FXCM forum, both posting and reading, and most recently was disgusted by the stupid postings of an ego-maniac who has already been kicked out of this forum. I will still continue to follow a thread or two there, but intend to spend most of my time here at the FF. Please keep up the good work............there are many of us here who appreciate it (and probably many like me who read but have not posted, just learning from the sidelines).
On a somewhat related note.................I am curious about forum members attending the convention in LV in Nov. Perhaps Merlin can comment about this.....who attends? Many form this forum? What are the benefits of attending?...........comments and observations would be appreciated!
Good trading to all.........
BB
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great post beach, you made my day. yep hes a maniac allright. i cant figure out if hes a real maniac or a fake maniac. post anytime you want beach and thanks for your support. jim
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FF Official Partner
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Oct 6, 2005 9:02pm
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Quote:
Originally Posted by khoong25
Hey jim,
(demo) Entered after a pin bar on EUR/USD at 8am 1.2062...
Set a stop a little below the pin and I went to bed. (OZ time)
Its now sitting at 1.2184,..
How would you exit?
Ken
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geez,i teach em and i cant even catch em. great job. the exits are in your court, i just try to get you in. thats a nice run i would not give to much back at least if it were my account. in the pf i will be teaching how to trade daily charts and how to use price action analysis to determine your exits. on the daily you have two very nice bullish bars. you mat get a slight pullback and get another massive bullish bar. its a little to early to tell. as i said last night the weekly is at a double bottom. could go a lot higher. or it could break the bottom and tank. we will see. we should know by monday or tuesday. jim
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Oct 6, 2005 9:05pm
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Quote:
Originally Posted by diallist
Oh no my dear SouthernFried. Look around this forum at the successful traders. Do you see any "normal" people here?
Guheeee! I'm gonna be a weezard, I'm gonna be a weezard, I'm gonna be a weezard.....
Oh! Hi James16! And how are you today? 
Seriously though, SouthernFried, and this is just my opinion, but I think those individuals who become successful traders always have one foot, or at least a toe, outside the box labeled "Normal".
Dial
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somebody help this person, please. your always getting a laugh out of me dial.
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FF Official Partner
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Oct 6, 2005 10:15pm
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Quote:
Originally Posted by diallist
Thank you Baggy.
I think he knows how much hope he is offering to people in various states of desperation. And he ain't skeered, are you Jim? Jim?? (where'd he go?)
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wanna know what my biggest fear is. here goes, i fear that the minute i open the forum and start teaching the things that have always worked for me there gonna stop working that very day. i think this is a sign of either a serious mental condition or an almost scared desire not to let you all down. you tell me. jim
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FF Official Partner
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Oct 7, 2005 12:09am
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Quote:
Originally Posted by quinn
Jim
I think that mental condition you are referring to is called, integrity and pride.
We should all have that fatal flaw  so no worries man, it will work out great and be a huge success.
Quinn
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i can always count on quinn to cut to the chase, which is what i like about him.
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FF Official Partner
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Oct 7, 2005 12:18am
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Quote:
Originally Posted by habeeb
Then it'll work the next minute, the next day...
you worry toooooo much ... just chill.
Take care
Habeeb
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thanks habeeb, i know i do. the forum is getting much larger than i ever envisioned. fij is still loading his stuff. some cool stuff i might add. i am finished thank god except for some fill in stuff. merlin is still finishing some issues on his end. if you have ever purchased a 99 dollar ebook and actually thought , O well what the heck it was worth a hundred bills you are going to be very pleased with the value of this forum. i personally in twenty years have never seen so much for so little. thats what i was trying to accomplish, i am confortable in saying i out did myself. i sure hope everyone else agrees. jim
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FF Official Partner
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Oct 7, 2005 2:26am
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Update
As we get a little closer i will post some updates. here is a general idea of the markets we will be following. Forex of course.t- bonds, t-notes, gold, silver, currency futures including swiss franc,australian dollar, british pound, canadian dollar, euro fx, japanese yen. and one of my favorite oil. Hey we gotta start somewhere.
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FF Official Partner
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Oct 7, 2005 3:49am
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Quote:
Originally Posted by Kosta Berj
James,
Frankly there's already been good and detailed discussion to get most people off and running without any further assistance I reckon. It has for me anyway.
My $100 is iching to hear what else you've got up your sleeve. I hope it doesn't involve endless pages refreshes to monitor the "live" posts, but as I'm in Sydney and you're in Forth Worth, I guess I'll be sleeeping through most of that business unfortunately.
Regards,
Kosta
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your going to be able to follow along just fine. i already took into account you guys that sleep when i dont. just wait youll see. jim
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Oct 7, 2005 4:51am
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does merlin have a new girl friend
where the heck is merlin. im jealous.
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Oct 7, 2005 2:23pm
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Quote:
Originally Posted by Playmaker
Hello Jim, I want to thank you, Fiji and Merlin for all of the hard work you all have put in on this project. I guess a little strange to thank someone for something that is not even available yet but I know how much work is involved in putting a project out that is of quality. From reading all your post I can tell how much you care and the satisfaction you will get from helping others with their trading carreer.
I quoted you talking about the different markets we will be following. What is a good platform to trade these different markets? Do they each have thier own minimum investment and is there a cost to the platform?
Is there a Free Demo to practice on for these markets?
Thanks again I am looking forward to the new fourm.
Play
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you sure can demo these other markets. just google it. strategy runner is one of the platforms among several. jtrader is another. demoing is free. the live costs and margins vary from broker to broker. day trading margins can be as low as 500 per contract. jim
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Oct 7, 2005 2:28pm
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Quote:
Originally Posted by Mckinlie
Is there a list or anything we need to be on to join the PF?
Thanks
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nope, just stick around. when its ready you will know it and then just go thru the sign up link. thanks jim
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Oct 8, 2005 2:32pm
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Quote:
Originally Posted by WTB
Hello Jim,
I have only dealt with Forex platforms so I am totaly un-savvy as far as other markets' trading platforms goes. Which one would you recommend for someone who wants to get started in all these other markets with a Demo account or a very small real account to begin with?
Thanks!
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jtrader or strategy runner are two good ones you can demo with. jim
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Oct 13, 2005 5:26am
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Quote:
Originally Posted by Weekender
Jim,
This is a great thread and the read is fantastic.
I am very green to FX trading and have had very limited exposure to trading on Demo accounts. So with tools like the PF it will be a great starting place for me to develope a trading stratedgy and systems. This is perhaps the most important step in my book (to teach someone how to fish and not just give them the fish).
I like many others here spent a lot of money on some form of FX trading.
I can't wait for the PF (and maybe you could call it the Money Factory....LOL).
Man just reading your threads and following some of your trades you guys must have a 40hour day over there. Your time management is sensational. Hats off.
Keep up the good work.
Ron F.
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thanks man, its people just like you i want to share with. i know a lot of you are tired of waiting. not much longer, maybe two to three weeks tops. jim
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Oct 21, 2005 12:35am
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Quote:
Originally Posted by RBing
Jim, I have a question for you about a pin nose. Does it matter if the eyes are sitting on the fib line and the nose penetrates it or are you looking for the nose to touch the fib line and then go back? I hope that makes sense. I'm looking forward to your new section. It's been a long wait and many times I thought about getting Todd Mitchell's course because of how good you said it is. I'm not sure how you feel about live training but if you ever decide to let me know. I live in Dallas as well and also own my business so I have a little more free time than the average person(I should say I have the ability to have free time).
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sorry it took me so long to answer i have had the flu. have never really thought about it like you stated. not a bad question i will just need to look a little closer. the wait wont be much longer and i have some new news i will post soon. its a new addition to the pf. thanks for your post nieghbor. jim
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Oct 21, 2005 12:36am
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Quote:
Originally Posted by khoong25
Hey Jim, gotta admit the longer the timeframe the more accurate the pin bar?
Entry at the close of the pin on the 12/10/05 on GBP daily.
Huge s/l though. It was a huge swing back down the next day though and super volatile yesterday, but never came close to the bottom tail of the pin bar.
If trading based on daily chart, what would be the target pips profit?
100? 200? Its 150 pips unrealised profit now.
I've just got my acc funded and am going live. Mini acc, and am going to do the daily - hourly charts ... less time consuming.
Ken.
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yes they are more accurate. and yes the stops can be large on daily charts. just play a break of the pin and play your stop based on support and resistance levels.
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Oct 21, 2005 12:39am
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Quote:
Originally Posted by eastmaels
Hi,
I've just started reading Jim's thread and am currently on page 6.. Can someone please tell me what are the criteria for an A, B, or C trades? If I really could, I'd be willing to search this forum for the answers since I really don't want to bother or annoy people with my questions. But due to my (good or bad?) attitude to want to find answers quickly, I'm posting my question.
So here goes.. I just heard about the "A" trades from Dial and just now, from Jim's chart thread.. Can someone please tell me what are the conditions that a certain trade must satisfy for it to be considered as an "A" trade?
I guess it's easier to understand if there's a set/list of conditions a certain trade should satisfy to categorize it as an A, B, or C trade.
Again, a newbie asking the help of others..
Athan
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great question and one i have avoided on the main forum for good reasons. an a trade is simply an entry point that is rare due to where it is and the amount of confluence involved. thats the simple answer. jim
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Oct 21, 2005 12:40am
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Quote:
Originally Posted by RotcaX
I just wanted to say "Thank you" again.
I have been reading this thread (as well as most of FF) over and over again.
It is starting to sink in!
I am able to understand a couple of the key concepts of this thread.
So much so, that the chart attached (Daily GBPUSD), behaved off the DBLHC (3pip differential) as expected. With retraction to the .50 of the swing and the .23 of the bar and the R2 of the day before.
I would have entered long if the retraction had been to the .50 of the second DBLHC bar.
Other than not having the courage to take a live trade, did I miss anything?
Did I miss everything? How far from reality am I?
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see now this guy gets it. its not just about the price set up. its the price set up combined with where it is in relation to support and res levels. great post. jim
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Oct 21, 2005 12:42am
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Quote:
Originally Posted by habeeb
Very well spotted RotcaX. Your stop would've been HUGE if you entered the trade using the daily chart. If you went down to the 4hr chart, you would've seen the (mini) pin bar formed at the time of that daily low. If you entered long on the open of the next bar (right eye), you would've had a 17 pip stop (better than 170 pips).
Good Luck
Habeeb
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sometimes habeeb sees things more clearly than i do. a lot of you post and then i run off to look at my charts. good job habeeb. jim
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Oct 21, 2005 12:59am
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pin bar
as i have said many times i dont trade pin bars on one hour charts very often. every once in a while i see one on a big ma such as the 150. here is one i am in right now. jim
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Oct 21, 2005 4:15pm
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Quote:
Originally Posted by caminus
Jim, first I want to thank you for everything. Here is my question on chart formations. Using sts finance mt4, we have a nice pin bar on the gbpusd h4 but not on the interbank mt4 h4 chart. What would you do?
Tom
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good question. i have looked at this time difference and all i can say is play it like it is on whatever platform you are using.
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Oct 21, 2005 9:23pm
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Announcement
i have some exciting news regarding the private forum. everyone who hangs around this forum knows how well charles ( dialist) has done with his trading. the fact is he is trading a known system with some fine tuning to it on his part. early on i asked charles to join the pf and teach and follow this system and he declined at that time. well that has changed. i am happy to announce that charles will be teaching and following this system with his variations on the private forum. this will not push back the targeted launch date of 2 to 3 weeks. maybe sooner. i appreciate beyond words the patience shown by those who have waited so long. i think by adding these fine people and pricing it so cheap shows that it is not about money to me its about longevity and you bieng pleased with the content and value. here is general breakdown of the private forum.
1. welcome to the private forum - here we will discuss how to use the forum
2. james16 trading education - this forum will have many threads in it including a large one on beginning price action analysis. it will grow and include advanced analysis as time goes by.
3. james16 trading forum - this forum will follow price action analysis with updated charts. it will also follow a ma system i use with trailing entries
4. sundial systems - this will be charles forum to learn and follow his system
5. muddbuddha system trading - this will be where mudd follows his systems
6. fijitrader - money management forum - this forum will be to teach solid money management techniques and how to apply them.
7. fijitrader - trading psychology - i have said many times that fij is brilliant in this area. some people cant take tough love. will you be able to? we will see.
99 bucks a month folks. i made a promise and i have kept it. i am excited for you and me. it wont be long. jim
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FF Official Partner
Last edited by james16, Oct 21, 2005 9:37pm
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Oct 21, 2005 9:45pm
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I Cant Resist
you guys know i dont hype stuff but i cant resist this time. dialist has banked over 1700 pips so far this month trading this system. jim
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Oct 22, 2005 11:28am
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Quote:
Originally Posted by khoong25
I have begun live trading, with a variant of your system ... the pin bars work great ....
did it on 1 day chart, 1 hour chart .. and made a few decent 15 min chart trades as well....
hopefully once the pf comes, i can add more arsenal to my toolset..
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i was hoping people would take this approach. in fact in the pf i hope they will share thier discoveries and variations. thanks, jim
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Oct 22, 2005 11:29am
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Quote:
Originally Posted by Forexhen
Hi James
I've just recently come across Forex Factory and spent most of last night and this morning reading all the posts in your thread and I'm very impressed
Price action is an area I would love to understand more fully to add another dimension to my forex trading.
I've been studying and dabbling in forex for 2 years with mixed results but am now just about getting the mental side of trading under control and hope to move forward from this point.
Thank you for sharing your vast knowledge and experience - I await further posts with great interest.
Sam
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thanks sam
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Oct 22, 2005 11:35am
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Quote:
Originally Posted by Lou
Hi Jim,
Because wanting something has more emotion and drive behind it than having something, I was wondering ... since I am a part time trader and most of the time only able to watch the screen during the Asian session...
1. Are there components to the system that will allow for a 'set and forget'
style of trading?
2. Can you comment about using the system exclusively during the Asian Session.
I am caught in a dilemma that I am sure many experience. Want to be able to trade for a living, but must currently earn a living in order to trade.
Thanks,
Lou
PS: I am impressed with how you are handling the PR of the system on this forum as the unveiling approaches.
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thanks lou and yes i think much if not all of the material can be useful to people in your situation. most traders are not full time including me. jim
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Oct 22, 2005 1:22pm
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Quote:
Originally Posted by traderone
JIm, how will we know when and how to sign up for the PF? Thanks.
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it will be announced here and how to go about it. thanks traderone. jim
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FF Official Partner
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Oct 23, 2005 2:59pm
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thank you
to all of you showing up and thanking me with your very first post i want to thank you. i always knew you were there. the pf IS NOT going to be just about me OR JUST FOR ME. its going to be about you. do we need to make a little money to make it worth the time spent. YES. many of you will probably lean towards the teaching and or systems of charles or whoever. some of you already have profitable systems and will spend most of your time with fij. some of you will take what i teach and combine it with charles stuff or what you are already doing. the point being is this pf should fit in some way with just about every level of trader. i dont want all the credit, money or all the responsibilty. thats why i put together a team. just about anyone should find good value for thier money within the forum somewhere. jim
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Oct 26, 2005 11:42pm
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Quote:
Originally Posted by gcl915
I am wondering if I will be able to sign up just for few months, or is this a yearly "contract" type of thing?
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month by month for as short or as long as you wish. no restrictions at all you can come and go as you please
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Oct 26, 2005 11:43pm
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the 102550150 trailing entry system
a current trade based on a system i will be teaching. it has several variations based on the time chart you are watching.
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Oct 27, 2005 4:17am
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102550150
chart
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Oct 27, 2005 4:36am
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102550150
chart
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Oct 27, 2005 5:01am
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Quote:
Originally Posted by Kosta Berj
James,
What are the other MA's.
they don't appear to be the 21 79 89 365 you were using earlier.
Cheers, Kosta
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no this is a completly different system. telling you the ma's will not be teaching you anything about the system. the ma's are maybe half of what the system is about. they are 10,25,50,150 ema's. but they are just markers for the rest of the system. there are several variations depending on the time frame you are using. i have mentioned before how little i have actually shared in the chart thread. its not because i have not wanted to its just if i had started i would have spent every waking moment trying to explain and answer emails. with the pf i can spend the time i need and still hopefully be able to pay my bills and have time to trade. as i am writing this i am smiling about how much good stuff other than my own is going to be presented in the pf. i am very serious when i say that charles may very well be the star of the forum with what he is going to teach. i dont mind at all, in fact i would be very pleased if that happened. the only reason i am going name the forum after james16 is because of the name recognition. if my stuff becomes a side note after a while thats perfectly fine. i just want it to help new traders to find some success. i could care less about any personal kudos. the whole thing started with me and came about because of my chart thread but it is going to be far more than just james16. which was my intent from the very start of the pf. my sections will be the largest and take up the most space and i am confident people are going to get a lot out of it but it certainly wont be even half of all that will be offered. there are currently six different subforums within the private forum. within each subforum there are many threads in final stages of completion. its gonna be good man.
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Oct 27, 2005 5:19am
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Quote:
Originally Posted by Isotonic
just seeing what my system would of done...i will try and keep these postings to a minimum...jim, do you mind me doing this?
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i dont mind at all. man, youve been paying attention.
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Nov 6, 2005 1:05am
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Quote:
Originally Posted by Cymru
James,
This is my first post, but I had to tell you how gratefull i am! I have just spent all weekend going through this thread and am blown away by the potential of what you and others have to offer. I, like many others have spent a lot of time and money in trying to get our trading to a higher plane and its great to see people like yourself and Diallist who are willing to contibute their time in teaching others at a reasonable cost. I am a great fan of Fib levels and as these appear to be a significant factor in your methodoligy, I can't wait for the course to start. As I live in Australia i was worried at first that it would not be suitable due to the time differences, but I see from a previos posting that you have taken this into account in your development. Thank you.
Regards and best wishes to all.
Cymru 
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thanks, what i do is no big deal. what i have found however in the past six months is it is a big deal to new traders. i never cease to be amazed by the response to this thread. thanks again my southern hemisphere friend. jim
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Nov 7, 2005 6:27pm
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Quote:
Originally Posted by Ladybird
Great thread Jim -
Do you have any idea when the new venture will be launched ?- I am going on leave until the end of November and don't want to miss out on registration.
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registration will be ongoing. no deadlines at all. with the late addition of charles i need to give him time to input his material. the system he will be following is not your everyday sytem and is taking him some time to get it the way he wants. this month for sure. jim
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Nov 7, 2005 6:41pm
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Quote:
Originally Posted by dangerman
Jim,
Why not throw up a chart for the heck of it.
It is, after all, your chart thread
Jimmy
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you got it, here it comes.
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Last edited by james16, Nov 7, 2005 6:53pm
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Nov 7, 2005 7:19pm
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Example Chart
Example Chart
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Nov 7, 2005 8:46pm
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Quote:
Originally Posted by gabroo_munda
excellentoooooooo. just one question james. i know it might matter from currency to currency...but how many pip difference, between the low and the close, should we consider for this method?
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i like to see it in the top or bottom 10 percent of the bar. at a minimum 20 percent. you can figure this by looking at the total pip move of the entire bar. as always this should be used in conjunction with other tech analysis methods for more conservative traders. it also in my opinion should only be used on longer term charts. DO NOT play these on intraday charts unless or until you are experienced using thiese methods. jim
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Nov 8, 2005 12:18pm
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Quote:
Originally Posted by Trumpcard
Hi, just some questions I have regarding the PF, how successful is the system that is to be taught in the PF? Has it been backtested, and over what period of time? How much effort is needed to successfully apply and implement it? can it be automated? if so, what platform, MT, VT, will there be live trades being placed as part of some online group conference/chat etc? what is the ongoing committment, what"s to stop someone signing up for 2 months learning all there is to know then cancelling their subscription?
just some nagging thoughts! happy trading!
Dan
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hello trumpcard, here is as honest as i can get
1. backtesting on charles system was done manually by its inventors, the results are unbelievable so i wont post them. i have said before that its not my intention to overhype the pf so i wont here even though you have given me a golden oppurtunity. i will be presenting some personal systems but my main focus will be teaching price action. shoot charles ( dialist) a pm and he might send you the actual results. i believe they run the past couple of years.
2. everything in the pf will require demo trading in my opinion to become good at them.
3. i see no reason why they could not be automated but there is some descretion in all of them.
4. there will absolutly be no live trading calls in the pf. the forum will be for teaching and educational purposes only. i dont want to go to jail or be fined by the authorities.
5. the ongoing commitment will be 99 bucks a month.
6. you can quit whenever you want, the whole purpose of the pf is to teach some really good and unusual stuff. i think most people would be better served to stick around longer than two months but you can print it and leave in 2 days if you want.
THE ENTIRE POINT OF THE PF IS TO HELP NOT TRY TO TAKE YOUR MONEY FOR NOTHING. ANYONE WHO SPENDS THE 99 BUCKS WILL SEE THIS IN ABOUT 2 SECONDS. thanks for your questions.
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Nov 8, 2005 12:46pm
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Quote:
Originally Posted by dsvt1
hi james,
just reviewing this thread and noticing that most (if not all) of your analysis and examples are done after the fact..
it truely seems like an interesting method of trading/analysis and I am wondering if you could post some REALTIME examples of its application... ? i think this might be more helpfully to us who are trying to learn this.. as you said that was your intention in doing this.
to highlight past opportunities or examples and to demonstrate this technique with REAL TIME examples either before hand or while they unfold is 2 completely different things..
also what kind of cumulative results have you managed to achieve over the course of this this method and others to be taught at the PF (win/loss #'s etc ) ?? if we are to pay you for your time to explain, i think its fair to know what kind of results we can expect.
thanks and best regards..
ps.. regards the PF.. will there be a free trial ?, will the content be updated on a regular basis ?, and what is to stop someone from signing up then printing the PF material and cancelling their subscription ? TIA for your clarifications
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hello ds, good questions,
1. i have personally talked with attorneys at the cftc and the nfa. giving real time trading advice is against the law. in the PF we still wont be giving specefic trading entry advice but the teaching should allow you to implerment some very good and proven systems. everyone who joins the PF must agree to a disclaimer given to me by the nfa. i want to be honest and there is no way in hell i am going to get myself and my family in trouble.
2. i have no idea what kind of results you will obtain. how could i.
3. no free trial. how do i prevent people from printing months of hard work and twenty years of hard knocks and just walking away. nope, anyone who wishes can print it and walk away but its going to cost you 99 dollars to do it.
NOTE: i completely understand the reservations of people who dont know me very well like those that have been here for a long time. what i would suggest is wait for a month or so after the launch and see what people are saying. i mean geeez guys its 99 bucks. i have purchased 99 dollar e-books that dont contain 1 percent of the material in this forum. FINALLY, THIS IS NOT GOING TO BE AN ALERT SERVICE, it will be an educational websight where four seperate people will teach what they do. what you do with it is up to you. any and all trades you take as a result of the information taught will be totally and completly your responsibility. sometimes you win and sometimes you lose. we are trying to give new and unsuccesful taders a place to learn and get better at THIER OWN trading. thanks, jim
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Nov 8, 2005 12:52pm
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Quote:
Originally Posted by SamDan
James,
Another PF question sorry, I'm currently studying Todd Mitchells course, which I got half price by the way!, he ran a special  I think Todds course is great but I can see after only studying for a couple weeks its going to take at least a few months or longer with my schedule to get through his course. How would you compare the time required to start applying some of the techniques in the PF to Todds course? I'm thinking to join the forum now, start working Dials method to earn while I learn, what do you think?
By the way, when is the new baby arriving? Or did it already? My latest is 4 mos already and with a 3 yr also time is precious, both with them and without
Sam
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hello sam, yes todds course is very indepth. one of the great things about the PF is people can follow some of the easier systems to start. for those who want to stick around long term they will be rewarded with a better education as some of the stuff will require a longer learning curve. baby is due in 2 months. thanks for asking. jim
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Nov 10, 2005 10:19pm
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Quote:
Originally Posted by Kosta Berj
James,
The Forex market is financially unregulated AFAIK. Does real time examples in these markets still fall under the jurisprudence of the above authorities mentioned?
Cheers, Kosta.
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if you go to the cftc and nfa websights you will find they each have seperate sections devoted completly to forex. if you dig around it will take you about 10 minutes to see they take this stuff very seriously, at least in print. then if you go the extra step and you call the legal dept for forex, they actually have attorneys that handle and process forex complaints. when you talk to them they tell you its all spelled out in the websight. what you can and cant do and what you should and should not do. the whole process was enough to get my attention. the bottom line is do they care about people on public forums giving actual trading advice with no supporting documentation or disclosures? i really dont know, from outward appearances they do but whether or not they actually will do anything about it is open to debate. i remember one guy on money tec who said they made his life a living hell when they got him in thier sights for posting very specefic trading advice. i suppose the odds are against being singled out but i sure dont want to be one of the ones that are. once again i dont claim to be an expert but based on what i was told telling people when and where to take a trade without following the rules spelled out by them can get you into trouble. thats a good enough reason for me to be very careful about what i do. there have already been people in this forum that got a good laugh when i posted what i was told. well they can laugh all they want but two important points need to be made.
1. they wont be laughing when and if they come looking for them.
2. i will make sure that they will never have a reason to come looking for me.
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Nov 10, 2005 10:37pm
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example chart
example chart
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Nov 11, 2005 12:37am
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Quote:
Originally Posted by diallist
Amen to that! And again I say Amen!
This is one of the gems I learned from Jim that significantly boosted my profits! This along with moving stops to break even as quickly as possible!
How is it that a man who can't type or spell can have such wisdom??!!
Love ya Jim!!
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well it took 9 months for someone to finally take a shot at my typing and spelling. i am honored it was charles. what took you so long. let me guess succesful and sparingly, any more.
btw charles do you recognise the ma's, if so you also know if i did catch a trend change it is a great tool for the knife. jim
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Nov 11, 2005 12:45am
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Quote:
Originally Posted by quinn
This is exactly why I and others fell in love with Jim's charts and teachings, way back at the start.
He was willing to show us rubes, the proper way IMHO about trading.
Price action + patience + a rifle (not a shotgun) is the way, to learn how to, if not tame this beast, we call forex, at least, be able to take a few bites out of it's ass!
Carry on James my friend, this is great stuff.
Quinn
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thanks quinn, quinn is my canadian hero. he gave me faith that not everyone in canada thinks like michael moore. jim
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Nov 11, 2005 12:52am
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31,200
we are now under 1000 views before this thread takes over first place in this forum.  i fully admit i feel giddy and vain.  wanna know the real reason i invited ES into the PF? take a guess. 
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Nov 11, 2005 1:22am
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Quote:
Originally Posted by habeeb
Jim, don't let these things bother you so much. You're doing the right thing by not calling the trades. We're do that for you  . If anyone wants to see your teachings working in real time, just direct them to the "GbpUsd" thread in the "charts" area. And if they want further proof, tell them to check out "777's trades" in the "journal" section. The guy's predicting pin bars before they even happen  .
Anyway, with that out of the way, I've got a question regarding your weekly chart trade. Where did you place your stop. Usually it would be just above the nose. That would be about 160 pips, which is way too much for my liking. The maximium that I'm used to is 25 pips. On bigger time frames it's expected to have a bigger stop, but not 160. The only place I see where you could've entered was on the daily chart after the DBHLC, at the top of the retrace, then moved your stop to breakeven, and enjoy the ride.
Thanx a million
Habeeb
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great question, i will play a stop that large from time to time on a longer term chart if i am confident in the outcome. it may not be many lots due to position sizing requirements but on longer term charts i am looking to make a bunch of pips so its ok. for this trade i did a fib ret of the pin bar itself. i placed my stop outside of the 61 fib of the bar. i think my original stop was around 125 to 150 pips. remember this is a weekly chart. i have an account that trades pin bars only, the account when i opened the trade was at 13,500. 13,500 x 3% = 405..... 405/125= 3.25.... i entered with 3 mini lots but i added 2 more as you can see on the chart. when i added the other two i pulled my original stop to be for the original 3. i now have the second position also at be. if it goes well at around 137 i will trail the stop for the original 3 down to the entry for the second position. the current weekly bar looks like it will finish the week as a nice bearish bar. if it does i will set another entry for 2 more lots just below this weeks bar as i expect this fall to continue. i hate giving away really big moves on longer term charts by trailing stops to close. i will give it some room to retrace part of this weeks bar but not enough to stop me out on a simple one bar correction. in the private forum in my section what i am doing here is what we will all be doing. what has me excited is charles and i are starting to see some very cool potential dovetails between price action and his knife system. with a little bit of time and work the two of us may develope something that will just be outstanding. jim
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Nov 13, 2005 9:48pm
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Quote:
Originally Posted by Isotonic
sorry couldnt resist! jim - your charts are probably the best on this forum (sorry guys)...don't stop posting here! 
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you are a very very smart person iso, far more so than i will ever be.
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Nov 13, 2005 9:49pm
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Quote:
Originally Posted by WTB
I'd like to comment on the triangle breakout shown on Jim16's chart above, as I believe it was a perfect triangle breakout pattern setup (I am a big fan of price pattern breakouts - wedges, channels and triangles mostly).
Triangle breaks up, then we have a retracement that cannot push below the high of the last bar within the triangle (bar right before the breakout), where prices bounces vigorously up again.
Target is equal to the triangle width, even though I always play conservative aiming for a 20% shorter move in order to not incur in the risk of missing my target for a mere handful of pips.
Please see picture attached.
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great stuff, i never even noticed the triangle even though i look for them.
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Nov 13, 2005 9:50pm
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Quote:
Originally Posted by Thruline
Jim and everyone:
Thanks for your combined efforts. I belong to several forums. I've never seen so many folks working together on something like this and I want to be a part of it. I've posted a chart and am integrating what I've learned in this thread to confirm my signals. The 'pins' I noticed in this sell may not be textbook, but they do show selling pressure, which is a good thing when you're short or considering getting short.
Thru
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welcome thruline, we are glad to have you. jim
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Nov 13, 2005 9:52pm
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Quote:
Originally Posted by Thruline
The chart.
Thru
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this is what i like to see. people using price action to augment and improve what they are already doing. jim
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Nov 14, 2005 8:14pm
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# 1
this thread is now the most viewed on Forex Factory. I plan to keep it that way even after the pf launch. i am humbled and honored that so many people on so many occassions have thought my stuff worthy enough to take a look. not one time have i ever given a live trading call. what i have done is teach some good stuff and encouraged the reader to investigate and practice some of the information found in this thread. i have literally hundreds of emails saved from people all over the world who have used the concepts in this thread to help thier trading. after the launch of the pf i plan to expand on the information in this thread. just because someone does not want to pay for the help will not stop me from offering help here in this public arena. i will not forget how i got to this point. jim
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Nov 14, 2005 8:44pm
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Quote:
Originally Posted by gabroo_munda
hey jim...are you for real. i have neva seen anyone as good hearted and humble as you. you know so much...and still are humble. man you rock  . if there are more people like you in this world....that means all seats in heaven are already reserved.......and me gonna land in hell..cause me not even half as good hearted as you. not good ...but i can live with that...cause i will be buyin my seat in heaven....by donating some money to red cross...once i start making some  .
gabroo
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i always enjoy your posts gabroo. i dont think you have anything to worry about my friend. jim
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Nov 15, 2005 9:47pm
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Quote:
Originally Posted by habeeb
Jim, getting back to your trade on EurJpy. The dashed (sell) lines are red, showing that you moved your stops to breakeven, on both trades. When will you exit this trade? When you see a reversal sign on the weekly, or is that too long.
Thanx
Habeeb
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the late run up stopped me out late friday. someone commented it looked like stop gunning. i dont know abut that but it sure surprised me. oh well i made some good money on the trade but not as much as i hoped for. jim
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Nov 24, 2005 2:12am
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Quote:
Originally Posted by habeeb
Hi Jim, hope you guys not stressing too much re the PF. Anyway, hope you still checking this thread, 'cos here's a puzzle. Would this be regarded as a Pin Bar. Would it be feasible to use it to open a trade / get direction? Looking at the last three complete bars, we've got higher highs and lower lows. Any thoughts?
Thanx
Habeeb
http://www.forexfactory.com/forexfor...tid=2391&stc=1
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if the eyes are always secondary to me. if its a good pin and its in a good place i will trade them. as i have mentioned i have gravitated toward playing these bars with buy and sell stops just beyond the pin. in this case the buy stop would have been triggered and you would be slightly down on the position. i would have set my initial stop below the pin or just below the left eye. i want to take this chance to speak on a particular subject. i have noticed more and more people posting that have come out of the futures markets, many from the mini sp and dow. the quickest way for a futures trader to get killed in the forex market is to be ignorant of or not aware of the difference between an 8 hour market and a 24 hour market. the biggest obstacle i have faced in trading forex is continuing to think like a futures trader. a one day move in forex will take 2 or 3 days for a similar move in say the mini dow. for years i have played the sp with great success. the day lasts 8 hours and i know to take my profit because, 1. the day does not last long and 2. with the way the world is i am not staying in overnight. with forex you dont have to worry about overnight moves and if you monitor your positions you can stay in any length of time you want. my problem has been that where i naturally would take a profit i now hang on looking for more. the result has been the 24 hour problem. i get stopped out at BE or at a loss. this is an ongoing learning process for me. any trader just coming out of the futures markets would be well served to take what i am saying here seriously. for those of you who have never traded anything but forex i think you have an advantage over futures traders. you are not programmed to think like they do. you already know that these markets can move fast and hard at anytime. you know that a 30 or 40 pip profit can dissapear in 2 or 3 minutes overnight. anyway i just wanted to bring it up, perhaps more for my own contemplation than anything else. if you look at any daily chart for pin bars you will notice that they do work a majority of the time. what i mean by work is you will get 30 to 50 pips, sometimes more but they will turn on you quick. compare the daily bars for the mini sp to the daily bars of any currency pair. you will see the difference in two seconds. the difference is directly tied to the time difference, 8 hours versus 24. a daily bar in forex will stagger the previous bar where in a futures market you will see sustained moves or a stacking effect by the daily bars. it will be a serious problem for many futures traders who dont recognize it and the reason for it. i know several succesful futures traders who just cant get a feel for forex because of trading an 8 hour market for so long. i know it has been tough for me also. the profits stare me in the face and i cant pull the trigger. when i am staring at a 4 or 5 hundred dollar profit at 2 in the afternoon in the mini dow i know its time to take my money and wait for the open tomorrow. with forex it never ends or at least not until friday. its a mind game folks, always has been and always will be. food for thought. happy thanksgiving to everyone whether you observe it or not. jim
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Dec 2, 2005 3:10pm
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Quote:
Originally Posted by habeeb
I too don't know anything about the gold market. Looking at the charts it would've been viable to have entered a long. Price retraced to the 38% Fibo (bottom of pin to high) and has moved up. I didn't trade this pin bar, just watching this market until I get a feel for it.
Good Luck and have a lekker weekend
Habeeb
http://www.forexfactory.com/forexfor...tid=2481&stc=1
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over time you will find markets such as gold and oil are much easier to trade with price action than forex. it has to do with a 6 to 8 hour market as opposed to 24. in forex you get a staggering effect and in timed markets you get cleaner and a more stacked effect. in the pf i will be following all of these markets. i will show you how to trade cheap options to catch good price action set ups. its a lot of fun. spreads, strangles, leaps, you name it we will be doing it. jim
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Dec 13, 2005 6:26pm
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Quote:
Originally Posted by Kosta Berj
To all concerned in compiling the upcoming PF project: Thanks In Advance.
I am greatly looking forward to the unveiling.
And to Jim, once again, a special thanks for having started this thread.
I would sincerely like to mention that:
I am praying the PF will be 90% graphically oriented with only some explanatory scrawl.
Memory is served best by way of pictures which is a good reason why this thread has had such a close following IMO.- It is easy to understand and remember the context when there is an applied graphical image.
Less words, more pictures. That's primarily what I wanted to suggest.
Best Regards, Kosta.
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the pf will be very graphic. i want to introduce a little system i use. just call it a christmas present to all of you. one of the problems i have always faced in this public thread is trying to introduce material that is difficult for new traders to grasp, heck even most seasoned traders dont do some of the stuff i do. trying to get it accross in an understandable manner in a small window is tough. since price action is the trigger in much of my trading if you have no understanding of it you are going to be confused. this is one of the obstacles i face in the pf. i need several months to get you up to speed.
i am sure there will be some that will stay a month and leave only to post here or somewhere else that what we are doing is bunk. if you want a simple moving average cross system taugt by every one and thier brother then you can find one blindfolded. they can be found for free or in ebooks for a couple of hundred bucks. here is the truth. what i do at least for new to intermediate traders is not masterable in a month or even two. what charles will be teaching is not your every day system and it also will require time to master. if you are going to follow michael then get ready to get serious. what fij can teach you over time is priceless, i dont know how else to say it. now go back and read all of that again, think for a moment what was just said. think about it and then put into your mind 3 dollars and 30 cents a day.
i honestly do not want people looking for some get rich quick system. do you want to learn how to trade for yourself? yes or no. are you willing to spend some time to learn? yes or no. are you willing to paper trade for an extended period of time to master it? yes or no. are you willing to open a small account with money you can afford to lose to master it under fire? yes or no. are you willing to spend several dollars a day for several months or longer to master it? yes or no. are you willing to take full reponsibility for your trading decisions good or bad? yes or no. are you willing to learn good money management skills and use them? yes or no. can you learn to have a long term mindset of success and learn to build an account instead of jumping off a cliff the first time you think you see the perfect trade? yes or no. are you willing to accept that becoming successful at this business long term is a learning process, not in the next ebook you buy or websight you join or signal service you subscribe to? i could go on and on.
let me ask you some more questions. what if you never do reach a point where this provides your dream income freeing you from your 9 to 5? what if it were to provide a supllemental income that combined with your regular paycheck gave you a lifestyle that was beyond what you could have achieved otherwise? what if it allowed you to retire at 50 instead of 65? would the effort to learn it and get good at it be worth that? or would just an extra 500 bucks a month make it worth it? what if you could build an account large enough over time that could make you 5 or 10 grand on a 20 pip trade? would that make it worth it?
we all have different backgrounds, dreams and aspirations. nothing is harder than saving for 2 years and then blowing it all in two months. nothing perhaps than the loss of a loved one or finding out you or someone you love is terminal or very sick. it really is in that sphere. i know, i have experienced both on several occassions. this is serious stuff folks and i care about the life after this one. what you do with what you learn in the pf matters to me immensly. dont join if you are not serious. go join most any where else where they wont feel bad when they take your money and you fall on your face.
if you will take your time and learn to crawl then walk and then run i think we can help you. i cant get you to take those baby steps at 300 a month and i know that. thats why i priced it at 99 a month and recruited the other three guys. the greatest thing that could happen to me would be to have people say thank you for improving thier life and doing it in an honarable and honest manner. its really that simple.
i have not posted much in a while and have been thinking a lot about the upcoming forum. i needed to get this off my chest. so there it is. starting today or over the next several days i will introduce a nice system that can be traded several ways and on several time frames. it can use price action and i encourage you to do just that. as with all my stuff its not canned and its not trading 101, sorry about that but like i said you can find that stuff anywhere. stay tuned. merry christmas everyone because its not frickin happy holidays like some would like me/you to say and believe. assholes. bye for now, jim
__________________
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FF Official Partner
Last edited by james16, Dec 13, 2005 9:40pm
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Dec 14, 2005 12:40am
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Quote:
Originally Posted by Scooter
Yes to all of the above!
I can't tell you how lucky I feel to have come back to this forumn for what is about to transpire. I thank all of the PF mentors in advance as well as the rest of the forum as I plan many questions and make sure I understand the material.
I will say that I'm not deeply religous but rather spiritual and I respect everyones right to practice and express whatever religion they choose as long as it doesn't harm others. But I've been deeply sadden and angered this year over seeing Happy Holidays everywhere and being told it isn't politically correct to say Merry Christmas. I feel like putting a big banner on my Jeep.
I don't mean to use this thread as a debate platform but to those who celebrate it, "Merry Christmas".
I look forward to working with everyone next year in the PF.
Thanks again James (and contributors) for the PF and for letting us know what to expect. I'm glad it isn't going to be something you can find readily on the internet, that is just what I'm looking for. I'm also willing to put in the time to crawl, walk and then run.
If I eventually earn enough to pay for the PF then I will feel successful if I make more than that then it is a big bonus. If I decide to leave then I'm sure I will leave with tens of years worth of great material to digest later in time.
Looking forward to '06!
See you then!
Scott
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thanks scott, remember that this will hopefully be a long term endeavor. people can go about it any way they want. try it for a month and go paper trade for a while. come back when you can or want to. some will stay a month or long term and some will come and go and come and go again which is perfectly fine.
__________________
Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Dec 14, 2005 2:41pm
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Quote:
Originally Posted by fx-trader777
Hello Jim,
What do you think if we have daily pin bar on USDCAD?
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its looking pretty good. wait and see how it closes and place a buy stop above the bar if you decide to play it. the cad is funky as we all know. i recieved an email last night from someone you all know. he said he has completly quit using technical indicators and is only using price to enter trades. he has for the first time started to win consistently. i am thrilled at this because when you get to where you can make money without your chart being covered with conflicting indicators its sort of an epiphany. you relax and start to focus. it really is a cool feeling especially if you have always stared at a ton of stuff all telling you something different. when it first hapopened to me it was almost a spiritual experience. trading relaxed and with intense focus because you only have one thing to focus on. its cool and it works if you spend the time needed to learn it. way to go ____________.
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FF Official Partner
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Dec 15, 2005 11:14am
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Quote:
Originally Posted by fx-trader777
OK, I entered at 1516, moved stop at 1490. Looking for big correction towards 1.19 if we have weekly pin bar tomorrow.
thank you Jim for supporting my long position idea
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fx, i see your trade went almost 100 pips into profit. where are you at? have you taken partial profit? this was a true pin bar and as usual they tend to work. the long nose and where it closed gave a great trade. jim
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FF Official Partner
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Dec 15, 2005 11:25am
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Quote:
Originally Posted by habeeb
Jim has already given us much more than the $99. If you play 1 pin bar a day and take 10 pips, then you're covered. You only lose when you get greedy  .
Here's a "gold" chart. Looking for a pin bar on the Daily chart too. I played the first pin bar setup and only took 14 pips. I'm still watching this commodity to get a feel for it.
Good Luck
Habeeb
http://www.forexfactory.com/forexfor...tid=2631&stc=1
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i love the gold market, great job habeeb. all of you should begin the process of paper trading the futures markets. give yourself a bunch of markets to watch and watch patiently for the best trade set ups. why in the world with all the markets to watch would anyone take a less than optimum trade. wait for those looong nose pin bars and use good money management and to get your feet wet just trade daily charts. its fun and if you trade smart its profitable. also habeeb thanks for your comment about already giving more than 99 dollars worth of info. i will admit i have thought this but i have never said it. after all there are other people here who have done the same. that comment meant a lot to me. jim
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FF Official Partner
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Dec 15, 2005 11:34am
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Quote:
Originally Posted by fx-trader777
OK, I entered at 1516, moved stop at 1490. Looking for big correction towards 1.19 if we have weekly pin bar tomorrow.
thank you Jim for supporting my long position idea
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did anyone else take the daily cad pin bar?
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Dec 15, 2005 11:58am
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Quote:
Originally Posted by SoyYoConBonete
Hi james,
I was considering it taking it; but I wasn't able to find any "confluence" point with which to support the trade. Did you use any confluence or just entered after the pin bar?
Thank you very much for all your help,
Bonete
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great question. no supp/res here just a good pin bar at an extreme low. i didnt take it either because i am so dang busy with the holidays a pregnant wife and the pf but i sure wish i had. thats ok, there will be another one.
__________________
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FF Official Partner
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Dec 15, 2005 2:14pm
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Quote:
Originally Posted by Scooter
This will probably be covered in more detail the PF or maybe it already has, but I'm curious. When do you pull the trigger on a pinbar trade? Do you do it on the close of the nose? If memory serves me correct isn't the pinbar a 3 bar formation or setup?
Thanks,
Scott
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great question, there are multiple ways of playing them. what i will usually do is wait for the pin bar to form and then play a buy or sell stop. look at the current cad pin bar. the eyes are not even but many times they are not. fx entered at 1516 which is fine but i would have probably entered on a buy stop around 1535/40. you could wait for the second eye to form in balance with the first and then enter when it heads in your direction. the key point to be made about these bars is the length of the nose. the longer the better. look at the daily cad pin bar from 12/6 it formed the same way this one did but not as long a nose. now look at the daily cad pin bar from 12/1 which was not a counter trend move but was in the direction of the trend. it has a long nose. none of these had even eyes but were still viable due to the length of thier noses. ignore bars like the one on 11/28. they are neutral bars and not pins because they opened and closed in the middle of the bar. its a learning process and with practice and demoing it can be mastered. jim
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FF Official Partner
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Dec 15, 2005 7:38pm
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Quote:
Originally Posted by riveria
James,
Do you still use the low of the pin bar for the stop on the CAD trade as it seems pretty huge or do you use another area for the stop?
Thanks
Riveria
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another good question. lets look at it. if i had played a buy stop at 1535 and put my stop under the bar at 1425 i have a 110 pip stop. a large stop yes but remember we are playing the daily chart. we could have taken a fib retracement of the pin bar and placed our stop below the 62 ret. our stop would have been around 1465 and 70 pips. we could have put our stop under the first eye at around 1480 or a 55 pip stop. if you had played to enter on a buy stop at 1535 and it triggered you could have just played your stop off of how much cash you were willing to lose if it went against you. for example, you entered at 1535 with 5 mini lots or 5 dollars a pip. when you entered you had 5000 in your account and you are willing to risk 5 percent on an optimal trade. 5000 x 5%= 250. 250/5=a 50 pip stop. one of the reasons i like to play really good long nosed pin bars with a buy or sell stop just beyond the bar is because once it is broken it tends to make some kind of a decent move. what would i have personally done in this case? i would have probably played the ret level. its not an exact science and it takes practice and experience.
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FF Official Partner
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Dec 16, 2005 12:40am
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Quote:
Originally Posted by HUSKRFAN
James, like many others I have been lurking around taking in and downloading this entire thread, reading the fiji reports and scouring different web sites, brokers and info services on trading the Forex and other markets as I am a newbie and there is much to take in.
Can't say thanks enough for the information (From yourself Merlin, Fij, Diallist and others)- your recent input about the length of pinbar noses was especially helpful, I've been hunting them at work when time permits.
Having read your lengthy return post a page back (I was glad to see your return) I wanted to encourage you especially given the challenges you will face dealing with the public (From a former public school teacher).
As for those who question the value of the PF I would add to what has been already said the fact that through your posts and the posts of the other instructors many potential subscribers have a much better opportunity to get to know you then if they enrolled for a course at a local college. Certainly better than any of the authors of the many books, courses etc that I and others have purchased online. With that we gain knowledge of your character and what we can expect (real value here), again thanks before hand.
Saving my Christmas money for the PF!
Huskrfan
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thanks huskr, you made my day/night. i wonder a lot who's out there watching and not posting. welcome aboard and keep posting. jim
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FF Official Partner
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Dec 16, 2005 3:14am
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Quote:
Originally Posted by fx-trader777
Hi Jim,
I think bollinger bands are great with pin bar, If the nose is at the bollinger band this is a great trade.
thanks
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what do you set yours at fx and do you like to see the tail protrude thru the bb or just touch it? jim
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FF Official Partner
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Dec 16, 2005 12:50pm
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Quote:
Originally Posted by habeeb
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great stuff habeeb, who are you trading with?
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Dec 16, 2005 4:20pm
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Quote:
Originally Posted by Scooter
Thanks for your answers and examples James & crew.
I know the launch is only weeks away but I think I warm up with another question or two on pinbars, that way I can start to get in the right mindset during Christmas.
James, in the case of this last USD/CAD pinbar. When you say you play the retrace do you mean the retrace between the High of the first bar in the pinbar set up to the low of the second bar (nose), and if so at which level?
Also, what are profit levels? Has anyone found a relationship such as the move will go at least the length of the nose or 80% of the nose, etc.
Thanks and if I should wait until the official launch for these questions just let me know.
I'll go look at past data and keep my eyes open for new ones to demo
Have a good weekend!
Scott
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i am doing a ret of the pin bar itself in other words the entire day.
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FF Official Partner
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Dec 16, 2005 4:25pm
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Quote:
Originally Posted by fx-trader777
we have great stuff here. Confluence, weekly pin bar and bullish divergence on weekly charts, great entry. I entered yesterday and still keeping position, I want correction towards 1.19  let's see what happens, USDCAD is most trending pair, if we have correction here it would be huge one.
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fx is playing this in his own way which is fine. if you want to play this a bit more conservative play a buy stop around 1620 to 1625. remember this is the weekly chart and a position trade with the bottom of the pin 200 pips away.
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FF Official Partner
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Dec 28, 2005 12:38pm
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Early Pf Subscribers
Just returned for from a two day trip to show off my new son to some great grandparents and discovered some early subscribers. THANK YOU. i will be sending out access instructions on jan 2. for those of you who are having problems with paypal because of where you live hang tight i am working on it. i am praying for patience early on as the whole sign up process is time consuming for me and it will take me a little time to get aotomated and organized. i can see early on that administrative stuff may take me several hours a day and thats not where i want to spend my time. please stay tuned here for updates over the next several days. once again thanks for the trust already being shown to our group. jim
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FF Official Partner
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Dec 29, 2005 2:23pm
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Quote:
Originally Posted by firedave
Jim, got other option for non-PayPal country ? Thank you in advance 
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wow firedave i am honored that you would give us a look. i have tried for two days to get hold of support at EMOCORP which should solve any paypal issues for some people. i have signed up but i dont even think that was necessary. if i am understanding thier system correctly all you have to do is open an account with them and you can simply email payment to my address which is j16tg@sbcglobal.net, it will arrive to me as a printable money order. this issue for some of you is just another bug i need to work out, thanks to everyone for your trust and patience. jim
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FF Official Partner
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Dec 29, 2005 2:38pm
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Emocorp
I just spoke with emocorp and i was correct. all you need to do is open an account with them and you can email payment its that simple. fijitrader told me about them early on and as usual i should have listened to him. if all goes well i may switch to them for all transactions. old fij man, the guy knows something about everything. i know eastmeals needs another option and now firedave. someone give it a try. jim
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FF Official Partner
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Dec 29, 2005 5:17pm
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Quote:
Originally Posted by firedave
Hi Jim, surely I'm still a novice and need to learn a lot  Thanks for your reply, I will take a look on EMOCORP and let you know if I could use this service 
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thanks firedave, i think this will be the solution for those of you in firedaves part of the world. let me know. jim
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FF Official Partner
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Dec 30, 2005 3:58am
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Quote:
Originally Posted by firedave
Hi Jim, already visit EMOCORP and found them very secure for an internet payment. But they charge additional 6% for funding using a credit card  If I may suggest and if this is not troubling you, I found 2CheckOut is more universal for internet payment. The site is www.2checkout.com . But maybe other have comment on this service. Again thank you Jim 
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thanks firedave i will look at them tomorrow. jim
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Dec 30, 2005 9:06pm
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Quote:
Originally Posted by eastmaels
Thanks for going out of your way for this jim! Do appreciate it!
Although I do have to inform those who plan to use EMOCORP that for security reasons, their verification process will take you at least 10 days.. Verification is needed if you want to fund your accounts using a credit card..
Hope this helps..
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thanks athan, i am also working on other alternatives as well.
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Dec 30, 2005 9:07pm
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Quote:
Originally Posted by Ladybird
Hi Eastmaels,
Thanks for the link - I am now subscribed and waiting eagerly for Jan 2nd......
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thanks ladybird. jim
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FF Official Partner
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Dec 30, 2005 10:11pm
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Quote:
Originally Posted by keris2112
Well, I'm only on page 12 of this thread but I took a quick look at the 1hr Euro chart just to see how easily these ideas "pop" out. I know I don't have pivots, MAs, or fibs on the chart, but after about 30 seconds worth of scanning the chart 3 signals just jumped out. I know it's easy to see things that happened in the past, but these were the only ones that exactly matched James' descriptions and they would have all be good trades.
In the attached pic you'll see a tlhc, pin bar, and dhlc. Can somebody please take a look and let me know if I'm "gettin' it"?. I think I have the right idea, but as I'm new to this, some reassurance is always good.
Thanks,
Keris
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very nice keris. see you really dont need all that other garbage on your charts. most of the time they just cause you to freeze. my only suggestion to you is to trade large time frames first until you get the hang of it. weekly and daily charts are much more reliable than smaller time frames. keep up the good work. jim
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FF Official Partner
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Jan 4, 2006 12:27am
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Some Stuff
i have neglected my baby for a while and i feel bad so i am going to get up and running again. remember markets are markets and i like to throw some futures markets in from time to time.
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jan 5, 2006 12:58am
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chart example
chart example
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jan 5, 2006 5:37am
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Quote:
Originally Posted by CescoAiel
I believe I was put on this path with a purpose.
I did a great job at my previous employer (they said so too), and made good money, but was fired during a cost-saving run. (Nearing end of year, publicly traded on the NASDAQ, etc., you know the drill...)
If I hadn't been fired, I'd never have heard of ForEx. I am positive I can make money and never rely on a J.O.B. again, I just need to get the right information.
Once I get profitable, I will share my experience with those around me that are open to this, and I will share the results with family and friends.
I cannot wait to be able to start giving again, as right now all I am doing is receiving (A good christian should be the provider, not the receiver, and I am positive I will be able to do so again in the future, with help from all of you and Above...)
You guys are very helpful (I just read the Pinocchio bars part, and immediately saw 2 (!) of those on the GBPUSD 5 min chart, both of which would have made me some nice profit had I taken trades on those)...
Thanks for all the info!
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thanks ces, i wish you would try these out on daily charts to start they are much more reliable and easy to trade in my opinion. great post. thanks, jim
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FF Official Partner
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Jan 5, 2006 3:58pm
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I Should Have Listened To Fijitrader
DUE TO THE OVERWHELMING RESPONSE TO THE PF PAYPAL IS REVIEWING THE ACCOUNT AND SUBSCRIPTIONS ARE NOT POSSIBLE UNTIL THEY ARE FINISHED. I WAS WARNED ABOUT PAYPAL AND NOW I WISH I HAD LISTENED. I AM SO UPSET BY IT THAT I AM VERY CLOSE TO LEAVING THEM ANYWAY. ANYONE WISHING TO JOIN PLEASE GO TO EMOCORP.COM UNTIL I MAKE A DECISION. WHAT A JOKE THESE PEOPLE ARE. IF YOU HAVE ANY QUESTIONS OR NEED HELP PLEASE EMAIL ME AT J16TG@SBCGLOBAL.NET. THANKS, JIM
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FF Official Partner
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Jan 5, 2006 4:00pm
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thank you fidel, from the bottom of my heart thank you. you made my day. jim
Quote:
Originally Posted by fidel2414
Jim, i just went over the entire thread in 1 day. I can't believe the immense amount of information you've covered. I've glanced at this thread a few times, but never really took the time to read it through. Being a Christain myself (father is a pastor), i believe that when you help someone who does not re-pay you back in return, God will surely bless you. With that said, $99 month doesn't even provide an inch of repayment. With what you will be providing, and at the cost, peoples lives will be changed as long as the information is digested properly, not swallowing and eating too fast. I will be signing up for the PF in about 2 weeks.
Again i can't thank you enough. I've purchase some forex packages with little or no knowledge gained. I believe your insight will be tremendously appreciated.
Fidel
"Teach me to pip and i will pip for the rest of life"
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Jan 5, 2006 5:45pm
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Quote:
Originally Posted by kittensizedbulldozer
Reviewing it for what?!?
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the email i recieved noted the level of activity in a new account and and as a normal screen they will do a review. they have not asked for anything yet. fijitrader warned me about them. this is a terrible thing to do to a new business and i had heard of such practices there . having used them for so long buying stuff i just figured all those nightmare stories were from people who really had or were doing something wrong. this is not acceptable and thier are to many other alternatives to be treated like this. no explanations no nothing, just bam here it is. i will find someone else to do my business with as fij encouraged me to do early on. jim
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FF Official Partner
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Jan 6, 2006 3:05pm
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Easier Payment
a new more streamlind payment process is hours away. no signing up with nazi germany over at paypal and its ultra secure. most international customers should have no problems and if they do the president of the company ( acceptiva) has agreed to work with me on needed changes. it will be a payment link and thats all there is to it. emocorp will always be a viable option no matter where you live. jim
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Jan 6, 2006 9:22pm
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Quote:
Originally Posted by Trinity
Hi Jim
On the #614 Daily EURUSD Chart example where the buy stop was triggered, would you exit using a trailing stop of about 15 pips?
Also I noticed a "small range day" which was followed by a nice reversal and could have been bracketed by both a buy and sell stop some 7 pips away to catch either rise or fall.
What do you advise?
Thanks, Trinity
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hello again trinity, thanks for your questions. one of the most difficult areas for me to address is this one. the main reason is i trade by feel or descretion if you will. when i am in a trade similar to this one i take some profit early say 20 to 30 pips unless its running hard. i then get my stop to BE. what i do next is dependent on how price is acting. when playing these bars what needs to be understood is this. if you pick them carefully they tend to work much of the time so my thought process is take my profit and look for the next one. i know if i pick carefully, over time my wins vs losses will be good. do i trail stops? yes but on the fly depending on chart time frame and how price is reacting. the difficulty for me to give straight answers to these type of questions is simply because there is not a straight answer. all i know is they work if your patient and take some profit early and/or get your stop to BE asap. thanks, jim
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Jan 7, 2006 5:53pm
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Quote:
Originally Posted by PipGoddess
Well, James16 - You have the Goddess's interest - and her hard earned cash!
After only joining FF yesterday and reading through this entire thread overnight - I've just signed up. As well as the obvious light of honesty and integrity that has shone throughout your posts + your obvious knowledge of your subject matter and your willingingness to share it + the fact I live in FW + the fact that ElectricSavant has joined your team made it a no brainer.
Now tell me you will consider a weekly training/learning/social event in the DFW area and my cup will floweth over!!
Congrats on the birth of your new son. I look forward to making 2006 a profitable and fun year with the help of your group. As do quite a few others I should imagine.
Looking forward to hearing from you.
Sue aka PipGoddess
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well thank ya neighbor, your post made me smile. who knows where this thing may go. thanks for your post. jim
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Jan 8, 2006 7:45pm
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Quote:
Originally Posted by PipGoddess
I didn't either but I plowed on regardless hoping someone would shed some light on it. I would like to receive e.mails from anyone in the PF.
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this was supposed to have been removed by acceptiva. it leads to nothing so ignore it. i will contact them. thanks, jim
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Jan 8, 2006 10:15pm
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Quote:
Originally Posted by bluemonkey
Hold Up!! Forex Traders Association in Houston? My hometown. Monthly meetings? Ain't nobody told old blue about this. Where do they meet at? and do you have a contact? Why am I the last to know????????????
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dang blue i figured you were the president man.
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Jan 10, 2006 11:50pm
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chart example
chart example
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Jan 11, 2006 11:55am
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Quote:
Originally Posted by Isotonic
jim, how did you discover this ma? i can see the tie in on the daily (365 = 1year) but does it work on other tf's like 4h or 1h?
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price for whatever reason has a way of reacting to the 365 no matter what time frame. check em out and you'll see what i mean. thanks iso, jim
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Jan 11, 2006 8:03pm
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Quote:
Originally Posted by Cezary
lovely.......... 
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very good. remember the longer the nose the better. jim
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Jan 11, 2006 8:04pm
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chart example
chart example
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Jan 18, 2006 11:08pm
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Chart Example
Chart Example
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Jan 19, 2006 6:15pm
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Quote:
Originally Posted by trader1969
Hi James.
I've been reading through the thread and enjoying it very much, I am now starting to look for the differant patterns to occur and preferably at places where something else is happening, I also know where to put my stops but I am unsure about how long to stay in the trade and if there is a target to go for. Some trades will be against the main trend so do I look for a shorter target on those ones and a bigger target on trades with the trend? Do you use fibonacci expansions and retracements for possible target levels?
As I start to find charts now with possible setups I will post them on the forum and see if I'm starting to get the hang of it.
Thanks for all the help you have put in Jim I think many people will benefit from it.
Jon.
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thank you Jon, the truth about price action is this. it is not a system so there will always be descretion not only with stops but profit targets as well. as you learn the material and get better with practice you will find what works best for you. price action can and will make all the difference in the world in your trading but it takes time and practice to master. it can be used in a thousand different ways and as time goes by you will begin to understand what i mean. it will help you in every possible area of your trading. i like questions so keep em coming should you have any. jim
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Jan 23, 2006 7:01pm
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Chart Example
Chart Example
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Jan 30, 2006 12:41am
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Chart
Chart
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Feb 3, 2006 2:41pm
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Quote:
Originally Posted by humphrey_g
James
Buddy, I cant figure out your system, even tough I have read yout back post. Souns like symmetry for me. Would you please post intraday charts of 15 ot 5 timeframes, especially on the GBPUSD.
I am trading mainly the GBPUSD in our forex boiler room of www.rodelsimon.com - chat - and want to look for strategies to complement my bollinger bandit strategy.
thanx.
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hello, first and foremost price action is not a system. its a way of reading near term market direction based on what price is telling you now. if you dont know now, you will soon figure out that systems dont work. at least very very few do. even if you find one that does most people do not have the discipline to follow it anyway. this fact is what drove me years ago to search for something that was not lagging and could help me refine the systems that i did/do work with to finally find some success. it takes practice and dedication but once mastered it can finally be the key to consistent success and not just blind hope. thanks, jim
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Feb 3, 2006 2:42pm
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Quote:
Originally Posted by vishalshan
Hi James,
I starting following this thread recently. Thanks for your great efforts..
I'm not very clear about the details of the training your giving now/supposed to start soon.
Would appreciate if anyone give me more details on that..like how the training is being conducted, how the payment is being done etc.,
Thanks,
Shan
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hello Shan, go here to find out more. www.james16group.com. thanks
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Feb 3, 2006 4:23pm
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Quote:
Originally Posted by humphrey_g
James
Buddy, I cant figure out your system, even tough I have read yout back post. Souns like symmetry for me. Would you please post intraday charts of 15 ot 5 timeframes, especially on the GBPUSD.
I am trading mainly the GBPUSD in our forex boiler room of www.rodelsimon.com - chat - and want to look for strategies to complement my bollinger bandit strategy.
thanx.
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one other thought for you my friend and anyone else willing to listen is this. they say that 95 percent of traders lose and give up. for new traders that trade anything less than 4 hour charts its almost 100 percent. they lose everything within a year and most of the time much sooner. any new trader ( and i am not assuming you are as i dont know) that wants to treat this like a business and take future success seriously should follow the following at a minimum.
1. whatever/however you trade should be done on daily charts or higher and certainly not under 4 hour. 2. to start it should be a demo account. it should stay a demo account until you show a profit three months in a row. 3. after demoing open a small practice account with pocket change. you do this also for a minimum of three profitable months in a row. 4. you open a normal account and never trade more than 2 to 3 percent per trade. if after three months you have a combined loss you go back to step 2,3. if you get past step 4 you continue to refine what you are doing by never stopping the demo process. you continue to bring up/in refinements/additions to your normal account after they have proven themselves on demo and practice first.
after you have found solid succes after following this progression you then go back to step two and start all over with your intraday trading. this is how you treat it as a business with long term goals and success in mind. now lets be honest. almost no one does this and there you have your 95% that give thier money to the 5% that do. i have been trading for almost 22 years and demoing is as big a part of my trading business as live trading. jim
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Feb 3, 2006 6:31pm
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Quote:
Originally Posted by Bemac
I know there is the possibilty of "Oh No, Not Him." but relax,please.
Jim, my question is...
at what point in your 22 year career did you {at least mentally} implement the above?
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huh, you dont bug me at all bemac. at least not yet. you have to understand that when i started trading there was no internet. around 1992-4 i stopped gambling and started trading. it was in a daytrading room in dallas in the mid nineties where one guy commited suicide among the many other horrors i observed as a result of day tading that caused me to change how i was trying to do things.
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Feb 4, 2006 6:41pm
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Quote:
Originally Posted by accrete
Thanks Jim, that was a nugget worth digging for.
Some of my FX-acquaintences told me as long as i've got my "training wheels" (demo account trading) on i'm not really learning anything for longterm success. I had mentioned to them i'm now back in "demo" mode after a 50% drawdown during intraday-trading off 10m/60m charts, and now learning to trade off longer 4hr/daily charts and plan to always demo at least on monday's and fridays, and most likely keep my main "live" trades for T/W/Th unless a good set up presents itself on M/F. Their statement kind of bumed me out as i could not see how advancement (additional trading-strategy testing) was possible without first trying it out in demo. . . Your response above tells me that Real-Men-Do-Demo ; - )
Cheers,
Thom
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yes they do. demo trading to me is the same as research and developement.
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Feb 6, 2006 10:52pm
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chart example
chart example
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Feb 6, 2006 11:59pm
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chart example
chart
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Feb 8, 2006 10:24pm
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Chart Example
Chart Example
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Feb 13, 2006 10:00pm
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Quote:
Originally Posted by vlazaf
Still trying to come to grips with the pinbar setup, maybe the experienced members will assist me in qualifying one. I have entered gbpusd short at 1.7420.
Does this chart meet the criteria?
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welcome to forex factory, i have been swamped the last three days. i have my commitment to the pf first. when i am done there tonight i will respond to your question. thanks for posting, jim
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Feb 14, 2006 10:32pm
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Quote:
Originally Posted by vlazaf
Managed to hold the trade for 92 pips from original short entry @ 1.7420 for my 1st scale out. Still holding few lots with stop @ 7410. My original stop on the pin bar trade was the high of the 1st eye @ 7465. I do not think i have managed this trade very well in terms of scale out. It has always been my weakness; banking profits 'V' maximising profits, I do not have any set criteria for money management. Can anyone shed some light on this matter and suggest a pragmatic approach in combining daily and 60mins timeframes for exits or even compounding into a trade.
Currently waiting for daily pin bar setups on euro and swiss.
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nice job, your stop was pretty tight. many times where you put it you will get stopped only to see it run your way. i have said many times there is descretion involved in this stuff and this case is no different. very nice.
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Feb 18, 2006 4:44pm
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update
Today, 16:22
diallist  vbmenu_register("postmenu_43372", true);
James16 Group Instructor
Join Date: Sep 2004
Posts: 1,394
James16 Group Mirrors Vegas PAP signals!
I am pleased to announce that the James16 Group is now sharing the Vegas PAP (Passionate About Profits) signals with our subscribers!
There will be no additional charge for these signals. The subscription price remains at $99. So if you were planning on subscribing to the PAP signals anyway, this represents a savings of $51, plus you will also get the full content of the James16 Group private forum.
Before making this announcement, I checked with Vegas to make absolutely certain it was OK with him for us to do this. Here is the reply I received from Vegas, posted here with his permission:
Quote:
Originally Posted by email from Vegas
Dial,
Yes, by all means you have my permission. In fact, you guys were the ones I was thinking of when I put that paragraph in the file. Here's the deal: I know people are going to share anyway, so they might as well have my blessing. Besides, I'm not doing it for the money anyway. It's good for everybody if you guys can build your business base. I'm only too glad to help you out. you put a lot of work into the forum, and I respect and appreciate your efforts. Your forum allows a person like me to share his knowledge and experience with others. I hope you guys get a million subscribers!!
-Vegas
We wish to express our heartfelt appreciation to Vegas for his generousity in allowing us to provide this new service to subscribers of the Private Forum.
Thank you Vegas!!!
Disclaimer: Currently I am mirroring the PAP signals manually. That is, when I receive a PAP signal on my cell phone, I then post it to a special thread in the Private Forum. Our members who are subscribed to that thread receive an Instant Notification to their cell phones. Because of my schedule, there may be times that I will be delayed in mirroring the signal (meetings, commuting, etc.) Therefore, at this time I have recommended to our subscribers that they do not trade with these signals, but only use tham as confirmation of their own analysis of the VWB method, and to gain insight into Vegas' thought processes. Jim and I are working on getting the mirroring of these signals automated to eliminate any such delays.
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But thou shalt remember the Lord thy God:
for it is he that giveth thee power to get wealth...
Deuteronomy 8:18a
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Mar 1, 2006 12:33am
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Quote:
Originally Posted by vlazaf
Looking to add to position on monday, currently in at 0.7395 on audusd.
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hello v, on your dblhc the close on the second bar needs to be higher than the entire first bar. thanks for your posts. jim
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Mar 1, 2006 12:33am
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Update 2-28-06
Yesterday, 23:51
diallist  vbmenu_register("postmenu_44766", true);
James16 Group Instructor
Join Date: Sep 2004
Posts: 1,465
PAP Signals now automated.
For anyone who is interested, the Vegas PAP signal automation is complete, and you may sign up inside the private forum.
Dial
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james16group.com
Be kinder than necessary, for everyone you meet is fighting some kind of battle.
But thou shalt remember the Lord thy God:
for it is he that giveth thee power to get wealth...
Deuteronomy 8:18a
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Mar 1, 2006 12:00pm
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Quote:
Originally Posted by WTB
How long doest it take then for the signals to be forwarded on the PF upon being posted on c2 Jim?
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HEY W, charles is handling this whole thing so i will have him respond. jim
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Mar 4, 2006 11:31pm
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Quote:
Originally Posted by garciaal
I wasn't very clear with my question. subscribe to the PAP signals that Vegas sends out.
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hello, you can get the signals two places, from collective2.com or in the pf. its a little cheaper in the pf but some may just want the signals and not the other stuff. its 150 at collective2 and 99 in the pf. we have permission from vegas to do this and let people know. its totally your choice. thanks, jim
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Mar 5, 2006 1:01pm
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Quote:
Originally Posted by dof
Hi James,
How many subscribers do you have so far? How many trades until now, and what's the score? 
Maybe I'll join soon, do you do a trial or something like that?
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hello dof, most of our subscribers were there before we offered the signals. the vegas signals are a very small part of the forum. charles ( dialist) handles the vegas stuff and you can email him with any questions. thanks, jim
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Mar 6, 2006 9:35pm
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Quote:
Originally Posted by james16
hello dof, most of our subscribers were there before we offered the signals. the vegas signals are a very small part of the forum. charles ( dialist) handles the vegas stuff and you can email him with any questions. thanks, jim
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as those of you who follow this thread already know i dont use it to push the private forum but hey its my thread and i am proud of this comment made yesterday.
"I started trading Knife and VWB to the best of my knowledge along with everyone's help here 2 weeks ago. There's no question if I would have followed the rules of both systems I would have easily been over 1000 pips.
Someday beer is on me Jim, Dial and Figi.
You guys kick ass!!!!!!!!!!!!!!!!!!!!!!!!!"
i have not mentioned this yet but the private forum will be going up a bit in several weeks. for those already subscribed the cost will remain the same at 99 a month as long as you are subscribed. after the slight increase to 129 all new subscribers will be at that rate. the increase is simply due to the amount of work we are doing, the administration alone takes several hours a day. we will always strive to keep it as affordable as possible. jim
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Mar 8, 2006 1:59pm
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Update
Hello everyone, as i mentioned in a prior post some slight changes are about to take place in the PF. here are the specifics. All new subscriptions between now and april 10 will be at 99 per month reccuring only. As long as you stay this price will never increase. After april 10 all new subscribers will join at 129 per month reccuring only. if you have any questions please email me.
thanks,
jim
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Mar 9, 2006 2:02am
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Quote:
Originally Posted by carlmalden
dof and linc,
What time periods do you feel are the best times to trade at?
I have looked at 1 Min - day charts and I'm not sure which way
would be the best.
Also, is forex easier and more profitable than other trades, ie gold,
s&p mini, etc...
Thanks in advance for helping an amateur...
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hello carl, you keep asking such good questions so i thought i would come on in. its no wonder the pf is doing well with people like linc and dof in there. the question you asked here is a really good one. most new traders dont want to trade they want to gamble. there is a difference. the single biigest reason new traders blow out there account is thinking they have to daytrade to be a real trader.
professional traders dont have a degree, they dont have more brains, they are not more lucky nor do they have some secret formula everyone else is trying to find. a professional trader is simply someone who takes money out of the market on a consistent basis. consistent does not mean every day or even week for that matter. i dont know of one single good trader who doesnt lick his chops over a new trader looking and trading off an intra-day chart. ( any time frame under daily ). even the very best trader has difficulty making consistent money trading under a 4 hour chart. there are a ton of reasons i wont go into.
anyone who is serious about becoming a succesful trader should do the following. 1. whatever or however your going to trade you start off on daily or weekly chart on demo. you do this until you are succesful at least three months in a row. 2. then you start a small practice account with pocket change and you do it again for at least three months in a row showing a profit. 3. you then open a normal size account and you never risk more than 2 or 3 percent of your account on any one trade. 4. if and when you accomplish the above your probably never going to want to daytrade anyway but if you do its at that point you go through this entire process again on whatever intra-day time frame you want.
now lets be honest no one does this and there you have the 95 percent of traders that never accomplish what they set out to do in this business. its not a game its deadly serious stuff. it took me 8 grueling years before i figured out it wasnt so much what i did or did not know it was how i was going about it.
you mentioned forex and futures. i trade them all but i do it on daily charts for the most part. i do daytrade several futures markets but its something you dont do until your ready. by following all the markets, futures and forex, you have plenty of trading oppurtunities trading on daily and weekly charts.
jim
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Mar 9, 2006 2:09am
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Quote:
Originally Posted by carlmalden
dof and linc,
One other thing. In looking at the day chart you sent, there would be no pin there, until some time had passed. ie. the trade could be done and passed by the time the pin has formed. if my assumptions are correct...?
Do you look for a signal before the pin has formed, or after a pin has formed?
Are Day pins better than Minute, Hour, Week, Month, etc....
How reliable is a trend? How long will minute, hour, day, week, month trends usually trend out?
I know this is a lot of info, but it could really help me learn these bar chart things easier......
Thanks again guys....
Carl
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you will find that all the price action bars become better and more reliable the higher the time frame goes. pin bars are especially good on weekly charts.
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Mar 9, 2006 1:13pm
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Quote:
Originally Posted by nutmg12
Carl,
James and Charles won't do it but I will. If you want to shorten your learning curve join the PF. The money is more than worth it. I have been studying FOREX for over a year now. I've only been in the PF for a Month. I could have saved 1000's of dollars if the PF was available when I started. You have an oppertunity to start with the support many of us didnt have. I recomend it to anyone who is serious about being sucessful in FOREX.
Joe
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thanks joe, the best advertising the group will ever get will be this kind. the more members talk about it and the less i do the better.
jim
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Mar 9, 2006 6:39pm
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Quote:
Originally Posted by highway3000
There are hundreds out there who advertised. The difference is -yours is the "real thing " Jim. You could have kept this holy grail only for yourself. But instead you gave it almost free. I have constantly told others to come to you before they blow their account.
You are a special person; not only in Forex but also in your heart. With all my respect JIM
Highway
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geez highway thanks. i dont know about holy grail but i do know with some practice it can really help. you honor me sir with your kind words. i respect you a great deal also for several reasons.
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Mar 10, 2006 1:15am
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Quote:
Originally Posted by khoong25
I can definitely vouch for the PF!!!
After joining the PF for month, I have stopped, due to some personal issues Everytime I run into trouble, I think of what Jim has said..
I had a horrible Feb trading due to choppy markets. But I've been doing pretty well for March.. keeping the losses small and always moving s/l to b/e asap.
The 365 EMA is quite amazing Jim..
Did you catch the pin bounce off the 365 EMA at 1.1550 (4hour chart)? I'm up 50 pips atm.
I'll be back to join the pf later this year, once i get some personal stuff sorted.
Ken
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thanks ken, yeah the 365 is pretty cool. it can be used so many ways. i wish i still had time to watch 4 hr charts. i have managed to get back to daytrading a few futures markets and its honestly my first love. i think the natural progression of the pf will be interesting over the next year. with my long association with futures and charles obvious knack for forex it really could be something special. when your ready we look forward to your return.
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Mar 10, 2006 1:54pm
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Quote:
Originally Posted by chartmonkey
Hi Jim,
First - I'm a newbie. I've read Vegas I and II (3+ times each) and I've also read your (this) chart thread at least twice. I have a demo account. For the last week I've been looking for pins and dhlc/dlhc every day. My problem is that I work full time and don't get home till 6:30 each day. I can not trade during my office hours.
So my question is - is there a way for me to make money in forex with this limitation? Do you have anything in your PF that specifically addresses folks like me who are looking to supplement a primary full time income?
Also - Each day this week I get home and look for a pin or dbhlc on the daily chart. I have been looking at the 6 main pairs (Strategy FX version of MetaTrader) but I aint seen narry a one this week. Am I just missing them? Granted I didn't look last night. How often do these patterns occur?
Thanks for the great thread and the stuff I've learned so far.
cm
PS - I prolly should note that I live on the east coast USA.
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great questions chart. yeah its tough when your working a regular job. stick with the daily bars and dont neglect the weekly or even the monthly bars. i think one of the best ways to trade for people like you is on weekly bars. lests face it for now you pretty much need to be a part time trader. the weekly bars are great for this. dont trade just to trade, be patient and wait for the good ones. let me post some charts of recent daily and weekly potential trades.
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Mar 10, 2006 2:00pm
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examples
Quote:
Originally Posted by chartmonkey
Hi Jim,
First - I'm a newbie. I've read Vegas I and II (3+ times each) and I've also read your (this) chart thread at least twice. I have a demo account. For the last week I've been looking for pins and dhlc/dlhc every day. My problem is that I work full time and don't get home till 6:30 each day. I can not trade during my office hours.
So my question is - is there a way for me to make money in forex with this limitation? Do you have anything in your PF that specifically addresses folks like me who are looking to supplement a primary full time income?
Also - Each day this week I get home and look for a pin or dbhlc on the daily chart. I have been looking at the 6 main pairs (Strategy FX version of MetaTrader) but I aint seen narry a one this week. Am I just missing them? Granted I didn't look last night. How often do these patterns occur?
Thanks for the great thread and the stuff I've learned so far.
cm
PS - I prolly should note that I live on the east coast USA.
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Mar 10, 2006 2:05pm
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example
Quote:
Originally Posted by james16
great questions chart. yeah its tough when your working a regular job. stick with the daily bars and dont neglect the weekly or even the monthly bars. i think one of the best ways to trade for people like you is on weekly bars. lests face it for now you pretty much need to be a part time trader. the weekly bars are great for this. dont trade just to trade, be patient and wait for the good ones. let me post some charts of recent daily and weekly potential trades.
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Mar 10, 2006 2:13pm
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example
Quote:
Originally Posted by james16
great questions chart. yeah its tough when your working a regular job. stick with the daily bars and dont neglect the weekly or even the monthly bars. i think one of the best ways to trade for people like you is on weekly bars. lests face it for now you pretty much need to be a part time trader. the weekly bars are great for this. dont trade just to trade, be patient and wait for the good ones. let me post some charts of recent daily and weekly potential trades.
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Mar 21, 2006 11:28am
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Quote:
Originally Posted by NeoEx
I don't know if this forum bumps topics, but I've been reading through the first ten or so pages and wanted to, at the very least, put my name on the list.
I know that james16 has in fact started up his program (per the title of dial), one I'd happily get fully engrossed in. Unfortunately, money's tight for yours truly, so I'll likely have to hold off until I find myself a moderately successful trader.
Even still, these initial pages worth of charts have given an ample amount of information to process and digest, and I've no doubt stumbling onto this thread will contribute to me becoming a successful trader.
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thank you neo, just start practicing and demo.
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Mar 22, 2006 11:45am
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Quote:
Originally Posted by NeoEx
Oh, entered in at the red line, 1.1657, close of second candle.
Got out at 1.1673.
First successful trade in a while... 
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the main thing to remember is the higher the time frame the more reliable these price set ups tend to be. 4hr is better than 1 and daily is better than 4hr.
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Mar 22, 2006 11:04pm
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Quote:
Originally Posted by NeoEx
I've been trying to get a feel for price action on the hourly charts, so that when I move up to 4hour/daily ones, the transition will be seemless...
Could be the wrong way to go about it...
Anyhow, looks like I got out of that one too early. Got out at 1.1673, when that minor trend topped out at 1.1715. Missed out on fourty pips...
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practice makes perfect.
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Apr 8, 2006 10:54pm
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Quote:
Originally Posted by sundownz
I'm on page 14 as of posting... but wow. This thread is the best thing I've ran into so far for trading information! I went back and reviewed alot of graphs from the past week and found to Pinochio a few times, and every time I found it it did as you said it would!
Seriously thinking about signing up on your web-site as soon as I can. Thanks for the great information so far.
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thanks sun, i appreciate your post.
jim
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Apr 11, 2006 10:49pm
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Im Still Here
hello everyone. im still around and i read every single post every day. i plan to get back to my baby next week with some new charts and more interaction. thanks to all of you.
jim
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Apr 18, 2006 3:29pm
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Quote:
Originally Posted by diggsnoob
Well, it took me a loooong time, but I finally got through this entire thread, reading each and every post, and it was well worth my time. I have to say that with the knowledge I have gained from this thread as well as being a member of the private forum for 3 months now, I finally feel like I?m at a turning point in my trading. I struggled for over a year after coming across forex through browsing the internet. I had never traded anything at all before, and I decided to get started by purchasing a highly touted mechanical system. Not realizing the benefit of demo trading, I immediately jumped in because of my greed only to watch my account shrink week after week, month after month and disappear despite following the rules of the system. I always thought the turning point would be right around the corner. I knew nothing of money management nor trading psychology at the time, and I would try to make up for the losses suffered by the system on my own not really knowing anything about trading, which only got me deeper into trouble. I only blame myself for my losses, and I accept them now because had I not tried the system, I never would?ve found my way to Forex Factory, this thread, and eventually to the PF. I look at those losses as a sort of initiation, as I have now read the same type of story over and over by successful traders who once were not so successful. For the first time, I have actually seen growth in my small demo account ? something I had once thought could never happen. I want to thank you, Jim, for starting this thread and the PF. As I went through this thread, I read a lot of fear in your posts. Fear that you wouldn?t be able to deliver or that what you taught would not work for others I hope you?ve realized by now that you are making a difference even to complete novices like myself. Because of all that I?ve read by you, Dial, and Fiji, I feel that I have turned my trading around through this thread and especially the PF. Keep up the great work ? I intend to keep on absorbing all of your awesome lessons in trading as I know that I am nowhere near the level that I want to be, but with your help, I know that I will get there someday! And to everyone who hasn?t fully gone through this thread yet ? I recommend it more than anything else!
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damn guy you almost choked me up. my biggest fear all those months ago was i would be taken as a crackpot or worse yet be burned at the stake like i have been over at moneytec. i love this place and i really feared a backlash from a certain type of person/people. i just had to believe that merlin would not let those kind of people take over this great forum like they have at the other place.
it was merlin who started the whole ball rolling. i never asked and frankly never had any intention of taking things any further than this public thread. when he gave me the oppurtunity he will be the first to tell you i fought it tooth and nail for some time. i dont want to hurt people even if its a result of actually trying to help them. the PF has gone better than i ever dreamed. one person has asked for a refund in 4 months and over 350 subscribers. thats pretty incredible. your post means a lot to me and i thank you.
jim
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Apr 18, 2006 4:29pm
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Quote:
Originally Posted by fx-trader777
Hi Jim,
have not seen you for ages
Happy Easter to you and your family
As you see your pin bars made me give up my job and begin professional trading 
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hello fx, yeah i think its time to get this thread going again.
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Apr 18, 2006 5:55pm
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Quote:
Originally Posted by quinn
Probably a guy from Moneytec
Quinn
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i dont know if you guys are aware of this and merlin would not brag about it so i will. moneytec has always been the big boy on the block. often times you will see it refered to as the mighty moneytec. well it aint the big boy on the block no more. Forex Factory is now blowing moneytec out of the water. thats not a visual take but based on actual statistics. moneytec is now number 2 behind this great forum and it tickles me to death. 
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Apr 18, 2006 11:15pm
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Quote:
Originally Posted by merlin
its because of you guys that this place is rockin so hard lately!!
im really glad to see that we have maintained the friendly atmosphere through the growth. this is the one forum that brings a smile to my face everytime i come visit! i love you guys! ok, ok, enough already, before i shed a tear in front of everyone! LOL!!!
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WOW, the mighty one has made a rare appearance here in my home. i am touched and honored. there is only one reason this forum is what it is and thats you o mystic one.
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Apr 18, 2006 11:17pm
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Quote:
Originally Posted by quinn
[ QUOTE=james16]i dont know if you guys are aware of this and merlin would not brag about it so i will. moneytec has always been the big boy on the block. often times you will see it refered to as the mighty moneytec. well it aint the big boy on the block no more. Forex Factory is now blowing moneytec out of the water. thats not a visual take but based on actual statistics. moneytec is now number 2 behind this great forum and it tickles me to death. 
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I'm still waiting for David123 to come back and eat some humble pie
What do you think Jim?
Quinn[/quote]
i think he is already here just under a different name.
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Apr 19, 2006 1:33pm
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Quote:
Originally Posted by diggsnoob
Well looks like I have Merlin to thank as well! Don't ever let those "certain types of people" get to you, as you have many people like me that you have turned around and gotten on the right track. I would hope that more than makes up for any backlashes you have encountered in the past and may encounter in the future.
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thanks diggs
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May 6, 2006 5:32pm
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Discipline, Hard Work And Patience
this was a post made in another part of the forum and it was filled with anger, frustration and dissapointment. wow imagine that. has anyone new to this business not been there? i dare say not. maybe someone with a jillion dollars who doesnt care if they lose. i went thru it for eight grueling years when there was no help, NONE. no internet, no charts no nothing. just a peice of graph paper, ruler,pencil, newspaper and the number to my broker. if you are a new trader and you dont follow these rules at a minimum just quit now because you are toast. 95% dont make it past a year and thats a fact not just a general thought. i know many of you have seen this from me before but bare with me.
1. whatever/however you decide to trade you demo for three consecutive months profitably. no excuses, if it takes you a year to go 3 in a row then so be it.
2. after completing step one open a small account with no more than half of what you intend to go full with when its time. 3 months again with no excuses. 3 in a row or you dont move on.
3. open your full account and NEVER risk more than 3 percent of your account on any one trade. you trade only the way/system that went thru all the steps. if you have another system it must be proven by the above steps before it goes full/live.
4. you never trade intraday until you can trade on daily and weekly charts with success
if your not going to treat this as a business then quit and go to vegas where your odds are better. going into the trading game blind with no plan is financial suicide.
1. state your goals
2. make your plan
3. execute your strategy
the pin bar has not been visited for a while here and i would like to do that now with some recent ones that by themselves on daily and weekly charts have been huge successes. charts to come. im not going to go thru a tutorial, thats already been done in this thread
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Last edited by james16, May 6, 2006 5:40pm
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May 6, 2006 5:47pm
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Quote:
Originally Posted by james16
this was a post made in another part of the forum and it was filled with anger, frustration and dissapointment. wow imagine that. has anyone new to this business not been there? i dare say not. maybe someone with a jillion dollars who doesnt care if they lose. i went thru it for eight grueling years when there was no help, NONE. no internet, no charts no nothing. just a peice of graph paper, ruler,pencil, newspaper and the number to my broker. if you are a new trader and you dont follow these rules at a minimum just quit now because you are toast. 95% dont make it past a year and thats a fact not just a general thought. i know many of you have seen this from me before but bare with me.
1. whatever/however you decide to trade you demo for three consecutive months profitably. no excuses, if it takes you a year to go 3 in a row then so be it.
2. after completing step one open a small account with no more than half of what you intend to go full with when its time. 3 months again with no excuses. 3 in a row or you dont move on.
3. open your full account and NEVER risk more than 3 percent of your account on any one trade. you trade only the way/system that went thru all the steps. if you have another system it must be proven by the above steps before it goes full/live.
4. you never trade intraday until you can trade on daily and weekly charts with success
if your not going to treat this as a business then quit and go to vegas where your odds are better. going into the trading game blind with no plan is financial suicide.
1. state your goals
2. make your plan
3. execute your strategy
the pin bar has not been visited for a while here and i would like to do that now with some recent ones that by themselves on daily and weekly charts have been huge successes. charts to come. im not going to go thru a tutorial, thats already been done in this thread
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ok so your brand new to this business. get the worthless crap off of your charts. stoch, macd, etc etc. there is a place for them but not with new traders. when its time, use them to spot divergence which is all they are good for anyway. get the stupid ma cross systems off your charts also, they can work but thats another story. two things on your chart. price and the 365 EMA. nothing else. daily,weekly and monthly charts only. lets take a look.
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Last edited by james16, May 6, 2006 6:31pm
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May 6, 2006 5:58pm
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Example Chart
Example Chart
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May 6, 2006 6:11pm
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Example Chart
Example Chart
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May 6, 2006 6:18pm
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The Bottom Line
if your not willing to give this at least two years of study and practice then your just playing around. doctors and lawyers etc spend 6 to 10+ years mastering something that can make them rich. why would anyone think that this business which can make you much wealthier than most any other profession is any different.
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May 6, 2006 6:28pm
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Example Chart
Example Chart
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May 6, 2006 6:30pm
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The Truth
New Traders Starting Off On Intraday Are Already In The Coffin.
The Nails Are Usually Hammered In Within Two Months.
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May 6, 2006 6:40pm
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Example Chart
Example Chart
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May 6, 2006 6:59pm
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Discipline, Hard Work And Patience
Yes Thats Exactly What It Takes. There Is No Holy Grail There Is No Free Lunch. There Will Always Be Fresh Blood For Those That Have Figured It Out And Paid The Price. Without Exception They Were Once The Fresh Blood And Almost All Of Them Found Themselves On Numerous Occassions In The Fetal Position. Angry, Frustrated And Dissapointed. This Business Can Freakin Ruin You. It Can Steal Your Future, Your Family And Your Sanity. Dont Put Yourself Thru That. The Only Way To Avoid It Is Put Nothing Of Value On The Line Until You Have Proven You Can Do It. Dont Open A 5000 Account With Money That Is Going To Break Your Heart If You Lose Without Proving First You Can Do It On Demo. Its Really Just Common Sense.
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May 6, 2006 8:57pm
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forum rules
diana i am sure your post was well meant but its against forum rules. i believe you can put that in the classified section but check first. would love to have you participate here so post away.
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May 6, 2006 10:34pm
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Quote:
Originally Posted by Akuma99
While I agree Jim's work is definitely some fine work and worth having a look at, to say if you don't listen to his or people like his work, "then you are done", I think is downplaying the importance of self discovery. You know you are well on the way to trading success when you obtain ownership of your decisions. This means not blaming the broker, the market or other traders recommendations or technique when you suffer a string of losses (as we all do at times), but realising you are responsible for the decisions made, and when it comes down to it, the buck stops with you.
From experience I am willing to argue two things, one, is that there is nothing wrong with starting out day-trading, although I will agree trading shorter than perhaps 30M charts could be a little to chaotic for the first timer. The second is the reliance on a demo account to prove you are ready to open a decent live account. Demo account definitely have their place right at the beginning, but in the age of micro lots and brokers like Oanda and Marketiva, you really should build from a demo account, to a small live account, to little larger live account, to a full account. As you move up in account size, you will encounter a whole bunch of emotions that will challenge the trust you have in your abilities.
The main thing I will agree on is your biggest asset will be patience. Good luck!
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thanks for the kind words. i would just say that the 95 percent who never make it ( and i say 95 is low) are the daytraders. put a calculator in the hands of any person just taking a look at this business and within ten minutes the leverage combined with a decent daily move will have thier head spinning with the possibilities. the mindset of gotta trade-gotta trade sets in and so does disaster a great majority of the time.
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May 7, 2006 2:57am
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Quote:
Originally Posted by khoong25
what about daytrading off the daily/weekly charts?
ive been using jim's stuff ONLY.. not in the PF anymore but am progressing in my account. no indicators ..
what does it take? hardwork .. patience .. discipline ..
not doing anything and resisting the urge to put a trade is equally as important as entering a trade ..
love your stuff jim .. will be back in the pf one day.
ken
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LOL. good one ken. thanks man.
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May 10, 2006 1:22am
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Quote:
Originally Posted by Mike Jolley
What do you say about the "Trading as a Business" guy, who says that you have to always be in the market or you'll miss "the big move". He's basically saying that the big long-term market moves fund all the little drawdowns you sustain while sitting in all the various markets.
I'm starting to see how the james16 "rifle shot" philosophy is not so different from this guy. I've been getting a little frustrated by not putting on enough trades to use even a small amount of leverage. These guys agree on playing multiple strategies in multiple markets.
I wonder if this was a response to the kind of thing I'm experiencing right now. I want to use my leverage, but I don't want to dilute my profits by putting on average trades, so maybe Forex just isn't enough. Yet some people seem to be making lots of money just with Forex. Where's the balance?
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good post Mike, it would be a bleak and tough road if all i could trade was forex. i suppose i could adjust. i think the guy is right but becoming diversified takes time. i currently have long term option positions in the CD futures, the t-bond market, soybeans, soybean meal and feeder cattle. all i need is one to make a great move and it will cover all the others if they flop. of course i think more than one will. i daytrade the mini dow but not like most daytraders. 30 min chart and 1 to 3 trades per day, sometimes none, and of course the forex market which i am still becoming accustomed to. when you have traded 8 hour markets or less for as many years as i have its a real change, one that has taken me a while to adjust to.
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Last edited by james16, May 10, 2006 1:49am
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May 12, 2006 8:48am
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Quote:
Originally Posted by LapisAnguli
Hello,
I'd like to say thank you to James for this wonderfull thread!
A part of me feels like kicking myself in the head, because (no offence intended) the elements of the puzzle aren't new to me. Even more so, the signs are clear and readable by all!
I have read about hammer or hanging man candles (pin bars), about bullish and bearish engulfing. I've tried heaps and heaps of indicators/candlestick patterns/MA's/SAR/MACD/etc.. And imho there lies the danger.
I simply couldn't "see the forest behind the trees" anymore. And at those moments one's brain starts to go in overdrive, trying this and that, one day having luck and other days bad luck. Judging one technique a winner after a few good trades, or discarding another after a failed move. And then -without realising- you start to loose faith in sense, and emotions start to whisper into your ear.. This *could* be a breakout wainting to happen. Just look at that and that indicator. Ignore the other ones. This is the moment where you can regain your losses! Should I or shouldn't I? Don't wait to long or you'll miss it! Banzai! Jumped in, and then there is little left but the sound of shattering dreams as the breakout didn't occur and the "OMG, why am I so unlucky?"  feeling. (Does this make your stumach turn just by reliving old memories? )
(BTW, just pointing out that I am talking about the really dark moments. This happens occasionally. Sadly, those days/moments costs so much that most of the time you are trying to make up for past mistakes. If this is all the time, you're gone in a week imho)
Anyway, back on topic: As I was saying.. The wide range of indicators and techniques caused my brain to sometimes judge them all equally at the heat of the moment, worse, "gutfeeling", "hope", "luck" sneaked into the ranks of the indicators. Sure, when not trading, or when doing a demo, it isn't so hard to make a virtual profit. It's like everybody can shoot a rifle relatively well in a shooting gallery, but there is a reason why the army trains their soldiers so hard, over and over again: So that at the moment of stress you can fall back to routines and drilled-in thinking.
The only way to do that is by learning, reading and studying over and over again until the subconscience thinks in the same way as the conscience, so that the next time emotions whisper in your ear, your brain will yell back "Judge the signals! Don't trust one or 2 elements of your charts if others point differently! Look at the different timeframes, look at the candles. And stop whispering in my ear damn'it!"  :
Anyway, just wanted to get this of my chest. I think a lot of people remember those dark moments or are having them as we speak. Me, I have read this thread, and everything I saw has improved me a bit. I know fully that it will take a hell of a lot more to finally start producing relatively constant trades, and honestly.. Trial and error will cost me a lot more than joining the PF. Sure, joinging that group won't negate the trial&error part or the learning curve, and I know I will loose more before I find the correct mindset/way/etc. But I know now that without rerouting my brain, drilling it with info, I won't get there.
Sorry for the long post.. Don't even know why I posted all this. I think I just wanted to thank you James16 for this thread, by giving you a peak into my darkest moments and the way I thought. What's so good about that? That this prooves most of the points you make, and it prooves that this thread succeeded in the way you probably hoped for. (Showing it CAN be done but also showing it takes an astronomical ammount of time, effort and at moments grief to get there. You pointed that out by a lot of references to your own experience. Well, I'm thanking you by posting mine to show your message got through and was understood  ).
L.A.
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incredible post, thank you sir.
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May 24, 2006 6:17pm
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THANK YOU MERLIN
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Quote:
Originally Posted by lindamartinfx
i must say i am impressed so far with sooo much comments and threads about james16..i have joined this forum (the regular not private one)for 6 months now roughly but didnt know anything about this group till last week(beleive it or not) and after i read all the threads of this forum(well ok..not all...i need another life for all of em) i can see how all this can help someone in trading as its full of advise, teaching, sharing of knowledge etc..... its refreshing to hear so may people talking about it and i must say i am tempted to join .... where i come from there is no sharing of knowledge, as there is NO knowledge to share about forex...most poeple when i mention forex think its the new model of toyota (ok some know but u get me point)
anyway as i have started my forex trading career from a brokerage house(no names) that took me on and trained me(well if training is throw u in a room with charts, prices and tell u to make money...heheh) and as i had to deal with their spread of 15-19 pips , after a year of all that i survived(means not burned my account and other clients ones) I learned to deal with the market in a different way. THE HARD WAY ..yes still looking all the charts and fundamentals etc...but we were looking for the psycology of the market...the feel of the market...and because i was trading the companies clients i had to go with the flow(flow was the chief trader who was telling us how to do it...)
so anyway... since i left that place (that place who apparently didnt beleive in stop loss orders) I manage to do some serious reading and searching by myself and i have a new understanding of how to trade , what to be aware and how to develop a good trading system.... BUT trouble is I dont beleive in myself as much and there is so many things i find here that i didnt know even existed...u see when u r stuck for a while in someone elses mind..its hard to think for yourself.... but now i can see by reading all the posts that all u people out there ARE progressing and searching and developing systems that work.... so in a way is that what this group is for? or following some very experienced and succesfull traders advice?
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THANKS FOR YOUR POST LIND, one thing i/we have tried not to do is make hay about the private group on the public side. i will admit it bugs me a little that many come here that could benefit from the group but never find or run accross it. anyone who is interested can go to the prefered services page and look at our website. we made a commitment not to over publicize the group and i think we have more than kept that promise. look for some charts here soon and thanks to everyone public and private for your support.
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FF Official Partner
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May 28, 2006 12:37am
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THANK YOU MERLIN
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Quote:
Originally Posted by rjb1024
Why is there a private forum ??
I thought Forex Factory (FF) was based around fx discussions and sharing of fx experiences/wisdom. To me, the PF undermines the whole purpose and attraction of FF.
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there are several here. rob bookers is here among others. you just cant see them unless subscribed. they are just extentions for those that wish to take things a little further, no big deal.
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FF Official Partner
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May 28, 2006 1:51pm
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THANK YOU MERLIN
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Quote:
Originally Posted by jerseydevil20
Hmmm. There has been a pretty dramatic drop in the public Vegas/VWB discussions. Is it because of market conditions? Has the same lul in activity occurred in the PF? If not, it is a big deal if part of the intention is to sustain a vigorous public discussion... Not that anybody has a responsibility to do that or anything.
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FF has seen tremendous growth over the past 5 months. much more than even merlin hoped for. the PF has grown but not nearly as much as the public side. this time of year is considered the slow time for almost any business because of school letting out/vacations etc. april thru may has always been the slowest time for my contracting business, so much so you can set a clock by it.
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FF Official Partner
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Jun 7, 2006 10:14pm
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THANK YOU MERLIN
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Quote:
Originally Posted by Jon_uk
Hi Jim
The attatched chart is of Silver. It has a pin bar forming at retrace levels of 50% and 61.8%, from all that I have read this looks like it could become a good setup. From past things you have said I am looking at putting a buy order in at 50% retrace of the pin bar to get a better entry, the stop will then be just below the low of the pin bar. Have I analysied this correctly? Look forward to any advice.
Jon
PS I am only demo trading not live.
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yes you could play a buy limit at a retracement of the pin or you could play a buy stop on a break of the pin. also what the heck price some options 2 or 3 months out and paper trade them also. nice job.
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Jun 8, 2006 5:30pm
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THANK YOU MERLIN
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Quote:
Originally Posted by Jon_uk
Hi Jim
I just noticed this lot on the S&P chart for today. Is this the kind of stuff I need to be looking for.
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its hard to see by your charts jon but remember. a pin bar is defined by the open and close of the pin bar being inside the previous bar ( first eye ) and also having a long nose. i will post a chart.
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Jun 8, 2006 5:45pm
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THANK YOU MERLIN
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example chart
example chart
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Jun 8, 2006 5:48pm
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THANK YOU MERLIN
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Quote:
Originally Posted by Jon_uk
Just thought I would post a chart of what happend with the Silver trade.
Thanks for your reply Jim, much appreciated.
Jon
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yeah i saw this and i would bet you it had a lot to do with the middle east today.
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Jun 19, 2006 5:48pm
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THANK YOU MERLIN
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thank you
thanks guys. the biggest thrill this thread has provided me is posts like yours.
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FF Official Partner
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Jul 7, 2006 12:24am
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THANK YOU MERLIN
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thanks jones
thanks for looking after my baby. im going to get back here with some stuff next week. thanks to all of you new, old and in-between folks for continuing to post here.
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FF Official Partner
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Jul 7, 2006 12:29am
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Quote:
Originally Posted by sodavica
James in novice in fx . Can u tell me where to start learning yours strategy.
Do u have an indicator for TS .
Regards,
Stane
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it would take me a week to respond to this in detail. read this thread among many others here and take your time. ask any question anytime. i will see it and always try to answer. if i dont pm me.
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Jul 7, 2006 12:31am
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THANK YOU MERLIN
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Quote:
Originally Posted by ali
THANKS JIM, i hope to keep sending these significant charts, I have a question, if you don't mind, are you able to give a perecntage of how much trusted are these rules?( double highs,double lows....etc?).
b.rgds
Ali
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the higher the time frame the easier and more reliable they tend to be. new traders should be on daily and weekly charts anyway. i catch hell everytime i say that but thats my opinion for what its worth.
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Jul 7, 2006 12:33am
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THANK YOU MERLIN
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Quote:
Originally Posted by sodavica
Does this strat. based on bar patterns? ( Candlestick Patterns).
Is it somewhere collected expanation of them.
regards, Stane
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all these bar patterns are what they are. they just look different with candles etc.
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Jul 7, 2006 10:24pm
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THANK YOU MERLIN
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Quote:
Originally Posted by rp512
Still hoping to get a lead on other platforms for trading fx, futures etc. besides Tradestation ( I will never use or recommend those people again). Anyone?
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just google forex/futures broker and you should have several to look into.
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Jul 8, 2006 12:49pm
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THANK YOU MERLIN
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Quote:
Originally Posted by rp512
Wait a minute, I did find something. Saxobank, seams to trade many different things. Anyone know anything about them?
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check out www.interactivebrokers.com
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Jul 9, 2006 2:13pm
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THANK YOU MERLIN
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Quote:
Originally Posted by sogt725
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www.lionsfutures.com is a great place to trade futures.
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Jul 17, 2006 12:44pm
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THANK YOU MERLIN
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Quote:
Originally Posted by Barcode
Jim
I've only just joined the pf group and i'm up to post #130 of this thread. I need a question answered before I continue. What is a swing high and swing low?
Thanks for the info, it's bloody fantastic.
Bob
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peter gave a good example, thanks peter. there can also be minor swings like the two that occured just after the first swing in his example.
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FF Official Partner
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Jul 20, 2006 1:39pm
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THANK YOU MERLIN
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Quote:
Originally Posted by Neilg36
Hello Jim,
I would like to start by thanking you for sharing this info mate. It really is great stuff. However, I can't help but feel that, dispite your best intentions, it is starting to wither. (I hope that I'm wrong).
That said, there may arguably be enough information here to trade successfully, anyway.
Thanks again,
Neil.
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ouch, ok neil you got my attention.
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FF Official Partner
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Aug 15, 2006 8:58pm
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THANK YOU MERLIN
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I Noticed
i see the sidus thread is gaining quickly. probably cant keep my little thread from going to number 2 but hey thats ok. my little thread had a big part in the early days of forex factories success. i am proud of that. i aint giving up without a fight. ive seen em come and go but it looks like the sidus thread is for real. congrats to all of you guys over there but you aint got me yet, probably a couple of days away though. LOL.
the reason my thread has slowed so much is simple. since starting the pf i have to be careful not to compromise my subscribers. a great lot they are and i guess if i cross the line they will let me know. so im starting back up. not even close to the pf stuff but this thread didnt get to 100,000 views for nothing. what im going to do to get restarted is say this. all of the material in this thread standing alone with nothing but price and some practice can find you some good success. especially if you are starting out and make the wise decision to begin with longer term charts.
today i posted something from my heart in the private forum and i am going to post it here in the next post. most of you have some system. some ma system, a breakout system, a pivot system, an indicator system and on and on. what i want to do with this thread starting today is this. i want all of you to post your systems here. give it a name and post a chart with your explanation. what i will do is take your system and show you how pice action can be used very simply to supercharge it. i promise if its viable i will blow your mind. i will even work with you via email if its private. if you have a system that you are convinced is good and you want to make it really good give me a shot. its free and we will all learn. combine a knowledge of price action with a viable system and your on to something. lets go.
jim
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Aug 15, 2006 9:04pm
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THANK YOU MERLIN
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Today In The Private Forum
Many of us here in FF experienced having difficulties, frustration, anger, and disapointment during course of learning. Some of you is willing to give up. It was for me at the beginning, How did I overcome all of this obstacle? How? A desire to have a better life, a desire of freedom, a desire to help my families and other people financially. I see trading not just trading. I see trading my life. Im not successful yet, but in my mind, heart and soul I am already successful. If some of you having difficulties. ask your self this questions? Why I am trading? Why trading? What I am doing here? and you will see it clearly. Stick on system and don't change system or don't make your owned system.
Surf Up.
SurfingWave
very nice surf, you always amaze me. surf is right but let me add to it. if i tell you i get emotional when i talk about this you'll just have to believe me. just the thoughts going thru my head right now before i type them bring tears to my eyes. YOU DO NOT HAVE TO GO THRU HELL TRYING TO FIGURE THIS BUSINESS OUT. I REPEAT, YOU DO NOT HAVE TO GO THRU HELL TRYING TO FIGURE THIS BUSINESS OUT.
when i first started it was about the same time i was starting my contracting business. i was young, stupid and no way i was going to find any worthwhile help. no internet, no nothing. a ruler, a piece of graph paper, a newspaper and a phone to my broker. no one to convince me to papertrade until i knew what i was doing. i knew it in the back of my mind but fat chance i was going to give up all that easy money doing it on demo. what an idiot, what a complete and utter fool i was. worse yet i did it over and over and over. work my ass off not to mention my wife to fund yet another account. honey this is it, i got it figured out. that last 20 grand i blew was worth it were gonna be rich.
it makes me sick to my stomach, i swear to God it does. 8 years of it. sure i had some great wins. rode sugar from 2 to nearly 6, pyramiding up. made six figures only to lose it all trying to daytrade before i had a clue. i cant tell you how many times i cried myself to sleep slumped over my office desk. i couldnt quit. i could see the reward if i could figure it out. maybe im just a case of enough time trying, i dont know. what i do know is i started to realise this aint a game. doctors spend 10-12 years killing themselves at a shot at a six-figure income. it took me more than that. what happened? what changed? i quit funding accounts with 1 or 2 grand and betting the farm. i flat quit period, with real money that is. the internet came along at the right time and i flat said no more until i can prove it on demo. period-paragraph.
the key is this. the goal is to fund/build an account that it is large enough that it produces a staggering income off of a couple or several trades per month while only risking one or two percent on each trade. the pressure lets up and trading gets much much easier. you dont need every trade that looks promising. you know you dont need but one or two and you know if your patient your damn sure going to get at least several in a months time. its not hard to move your stop to breakeven or take some profit when your showing 2000 on the plus side after a small move. its damn near impossible when that same move shows a 50 dollar profit. think about it. very few people can fund a 50,000 or larger account and even fewer can build one to that point starting from 500 bucks. its not that it cant be done its just people dont have the patience. so my question is this. if it takes you ten years trading smart to build an account to that staggering point starting with very little, is it worth it? i cant answer that for you.
i daytrade the mini-dow. im good at it. after so many years trading it and the mini sp its almost easy when i have even a little volotility. i position trade forex. why? because i have proven on demo i can. when i can prove to myself i can daytrade forex for 6 months profitably on demo then i will, not until. im in no hurry as i love the dow. i wont go back to finding myself in the fetal position after blowing all my money being a fool. there is no reason in the world to go thru hell risking your rent money or worse yet money that took you a year or two to save. if you cant do it on demo you cant do it live, i promise. so dont do it. for those of you who signed up in july and plan to leave afdter a month you just got your 129 dollars worth if you will listen to me. i love you guys, i mean that.
jim<!-- / message --><!-- sig -->
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FF Official Partner
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Aug 15, 2006 9:54pm
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Quote:
Originally Posted by feb2865
Hey Jim
What's up??
You sound very emotional. Seems like something is going on, but anyways...
I don't post very much (as I rather read) But as I read from you, I think you're a experienced, capable trader who is posed for wining.
We all love you too, brother
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nope not emotional, things could not be better. just trying to be my usual brutally honest self and save one or two of you from the gallows. LOL.
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FF Official Partner
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Aug 15, 2006 10:51pm
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THANK YOU MERLIN
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Quote:
Originally Posted by merlin
beautiful stuff big jim! i was gettin emotional reading that! you know im feelin ya brother!
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ahh the great one has visited us. im feelin you man!!! LOL.
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Aug 16, 2006 11:21am
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THANK YOU MERLIN
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thanks money you made my day. if i could give any new trader one peice of advice it would be this. from the very beginning have a long term approach and outlook. accept right now that you are starting a new business. accept right now that almost no new business makes money for a while. accept right now that there is a learning curve. the great thing about it is you dont have to risk a cent learning and developing your skills. if it takes you two years on demo and another 5 to 10 building an account so what. if you find success your free. free from a shit boss and job. free from an alarm clock. free from a budget. freedom to do what you want and when you want to do it. its priceless. its joy. its looking forward to tomorrow when its a monday. its damn cool.
Quote:
Originally Posted by moneybags
Hey Jim and everyone else,
Thanks to every person who has contributed to this thread and to the success of the PF in any way. It's really great what you guys have accomplished. To think it all started from a thread in a public forum.....
Jim I really enjoyed your little speech above. It's very inspiring.
I only read this thread in detail (and others regarding the PF) a couple of days ago and I have to say I feel happier. I don't know exactly why that is, but I believe it's because it's nice to see a group of people working together for a common goal of a better life. It's also the idea that one day I can achieve the goals that I have set, through trading. They're not very extravagant goals but they're very real and powerfull to me. I just want a little bit more freedom for me and my family.
I honestly can't wait to join the PF. I don't want to set my expectations too high as in I'll quit my job 2 weeks after I join or something crazy like that. But I know I have the drive and faith that one day soon I'll be free to make that choice.
I'm going on vacation for a few weeks in 1 week so obviously I won't join right now. (it almost bothers me that I have to go away right now because I really want to get started ASAP  ) As soon as I come back hopefully refreshed, the first thing I'll do is to join the PF and start building the life I want and dream.
Thanks for listening (or I guess reading) to me blabbing on.
And thanks again for everyone's contributions.
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FF Official Partner
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Aug 16, 2006 7:51pm
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THANK YOU MERLIN
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hello linus, love your avatar and username. everytime i see it i go back to 6 years old and smile. you heard right. i was careful not to say that for a while until i was sure but i will say it now. this is my opinion of course. still not sure exactly why but it has something to do with 24 hours vs 8. maybe its also because of so many more years of experience with the dow and sp. a 24 hour move in forex is comparable to 3 days in the dow. long time futures traders have to get used to the 24 hour thing.
the mini dow is much easier to trade than the mini sp. with the mini dow each tick is 5 dollars a contract which gives you much more flxibility than the mini sp or russell which have much higher tick/point values. there are a ton of futures brokers you can demo with. direct trade is one. im not sure if they still offer a demo platform but lions futures is great to trade with. the easiest platform for beginners is jtrader but there are many more. direct trade has a super easy electronic platform. one thing about direct trade. they will start you at a high commission unless you ask for a low rate. asking is all thats required. ask for 7 dollars round trip per contract and i bet they say yes. they did when i asked.
Quote:
Originally Posted by Linus
Jim, thanks for your words of wisdom... that's why we need you.
I've heard that the mini-dow and mini sp is simpler than FX. I would like to venture into this area but somehow kinda reluctant. My broker IBFX only provides FX. Which brokers would you recommend to use and maybe even one that also uses MT4 charts for trading the mini-dow and mini sp.
I've read somewhere that the descending order of simplicity is as follows:
1. S&P
2. GBP/USD
3. AUD/USD
4. EUR/JPY
Thanks
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Aug 16, 2006 7:57pm
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THANK YOU MERLIN
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Quote:
Originally Posted by Miguel
Although i am young 21 i had to grow up really fast, mentally i feel 10 or more years older. I have became alone in the world at the age of 12 years old? I have faced many difficulties, sometimes i thought i couldn?t make it, but maybe by the grace of God I don?t know, I managed to keep going. At the age of 20 I meet my angel on earth, my girl, to person who saved my life! She was the reason I decided to have a family again, so I was able to get a job and start studying again, I am now at the <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1 lace w:st="on"><st1:PlaceType w:st="on">university</st1:PlaceType> of <st1:PlaceName w:st="on">Business</st1:PlaceName></st1 lace>, second year and doing well. I work really hard about 12 hours a day, and at home I study forex. I know I will be successful in becoming a trader, i will make it for me and for my angel. Myself, like you Jim, I cried many times over my desk, and your example gives me the strength to keep going! Thanks for your words, they touched my heart! <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o ></o >
Please don?t read this has a sad history, actually it is not, co?s I know there will be a happy ending! <o ></o >
I am saving money to subscribe the PF, I still don?t have it co?s in Portugal the wage?s are far from good, but in the next 2 months I will have it and I will be there to learn with you and all the guys. Looking forward to that?<o ></o >
<o ></o >
Too Jim and all the guys that help other?s I would like to dedicate this text of the bible. <o ></o >
Ruth 2:12<o ></o >
<o ></o >
<o ></o >
J<o ></o >
PS: my English is very bad I am sorry, I am taking classes to learn better.
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your english is great. life is a school and i think more of us than we know have similar stories. check your email.
__________________
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FF Official Partner
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Aug 16, 2006 11:14pm
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THANK YOU MERLIN
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Quote:
Originally Posted by mpotis
"like i've been tied to the whipin post......
tied to the whipin post......
good Lord it feels like I'm dyin'......"
Almond Brothers
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"it makes me sick to my stomach, i swear to God it does. 8 years of it. sure i had some great wins. rode sugar from 2 to nearly 6, pyramiding up. made six figures only to lose it all trying to daytrade before i had a clue. i cant tell you how many times i cried myself to sleep slumped over my office desk. i couldnt quit. i could see the reward if i could figure it out. maybe im just a case of enough time trying, i dont know. what i do know is i started to realise this aint a game. doctors spend 10-12 years killing themselves at a shot at a six-figure income. it took me more than that. what happened? what changed? i quit funding accounts with 1 or 2 grand and betting the farm. i flat quit period, with real money that is. the internet came along at the right time and i flat said no more until i can prove it on demo. period-paragraph."
your message is truly inspiring and I'm sure resonates with many traders here Jim. Because I know the words are sincere and from the heart, they have an increadably positive impact on the psychological mind set of myself and many other traders. This is a testament to your dedication and sincerity in your efforts to help others. For this, I/we all thank you.
I have decided to take up your challenge of posting a system/indicator that I have been working with. I believe that your input and that of others can be benificial to the development of this system and it surly could use some "supercharging". I need a few days to put together the materials for the post, but will be looking forward to the adventure.
M
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thanks m, anyone who quotes the brothers is ok in my book. looking forward to seeing what you got.
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Aug 18, 2006 8:26pm
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first time that has been pointed out to me. what do you mean by does the king really have no clothes.
Quote:
Originally Posted by hk334
In two different palces you have referred back to earlier posts, i.e. posts 62 & 58 both of which are blanks. I am missing something or does the king really have no clothes?
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Aug 18, 2006 9:42pm
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THANK YOU MERLIN
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Quote:
Originally Posted by baddison
What!?! You've never heard about the "Emperor's new clothes"...?
Please....please.....READ!! (...its a good laugh...)
http://deoxy.org/emperors.htm
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hello b, yeah im just trying to make sure i understand what the point is.
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Aug 18, 2006 10:46pm
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thanks dial, i honestly didnt know what to say. truth is i simply dont know. i am sure one of these answers you gave is correct im just not sure which one.
Quote:
Originally Posted by diallist
Dude or Dudette,
Those posts are 14 months old, and nearly 900 posts ago. The Factory has experienced several crashes in those intervening months, several just recently, a couple requiring restoration from backup. Crashes and restorations sometimes leave artifacts like losing the link between a post and it's associated image, causing the image to disappear. Also posters to this thread have the option of deleting their posts. When they do, it causes the post numbers of every post after theirs to roll up by one. There's no telling how many posts were deleted before the two posts you cited so those are probably totally different post numbers than what they were when Jim cited them. And finally, the two posts look just like the placeholder posts that Jim used when building this thread. Those are posts that the author of a teaching thread puts in and then soft deletes so they can restore them later if they need to insert something into the teaching sequence. It could be that the recent server problems caused a couple of placeholder posts became undeleted. (BTW only forum moderators like Jim and myself can do this)
I've just given you a list of possible explanations as to why those two posts are blank. They obviously have only become blank recently because this thread attracts new readers all the time and you are the first one to point this out.
Now, what I want from you is an explanation of your "emporor has no clothes" comment?
I await your reply.
Diallist (Forum Moderator)
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FF Official Partner
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Aug 19, 2006 12:20pm
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THANK YOU MERLIN
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Quote:
Originally Posted by hk334
I am not questioning your opinions or data on the charts. That has been very enlightening. I find that my sense of humor and quirky education kicks in quite quickly when I find something to question and since there were no posts where posts were said to be, like the boy that was told that the king had on new clothes but was actually wearing nothing (no posts) I asked "or does the "king really have no clothes" The sad thing about explaining a joke is that all humor is lost in the explanation!
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hello h, its cool man. since that was your first post and you are an unknown personality i just wasnt sure where you were coming from. welcome not only to this thread but FF proper.
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Aug 19, 2006 7:05pm
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Quote:
Originally Posted by Randolermo
Jim, I've demoed Forex trying multiple strategies with no consistent luck that would want me to put real money on the line. With that said, the mini dow and sp really interests me along with day trading. Can I assume this is one of your speciality you will provide training and guidance upon signing up.
Ready to learn...Randolermo
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no the forum is directed towards forex and my section almost soley towards position trading. at some point in the future i have ideas of a dow daytrading room. i originally put threads in to follow and position trade the futures markets but since this is a forex forum it really has not caught much attention. the single most important thing from a personal standpoint i can say about the private forum is this. i did not develope and spend six months working on it to try and get rich, i have money. nor do i care about how many subscribers it has now or at any time in the future. the last thing in the world i want or need is a ball and chain to drag around. one of the reasons i recruited charles and douglas was so i wouldnt be tied to it day and night. it grew out of this thread and requests for help. its purpose was to give people an affordable place where they could spend a few months or longer learning stuff that cost me tens of thousands of dollars and over twenty years learning. i dont know what the success rate is with similar places but i dont know how anyone could beat ours. 1200 plus subscriptions and 3 requests for a refund. there is no doubt the reason for this is the amount of information versus the cost. its almost silly to ask for a refund. that was the goal from the start because i dont want headaches. i have always said as long as folks seem happy and things go smoothly i will keep it going and possibly add new things. if it ever goes the other direction i will close shop and be very happy to just keep going with this thread. its weird, all my life when i focused on doing the right thing and doing things i enjoy it always seems easy and ends up succesful. those times in my life where i did things strictly for the money or cut corners or my motives were wrong things went to shit. the old saying garbage in garbage out is wrong. it should be garbage out garbage in.
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Last edited by james16, Aug 19, 2006 9:09pm
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Aug 19, 2006 11:33pm
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Quote:
Originally Posted by MoneyMa$ter
Sir,
Even though I'm a newstrader, I just invested a good 10 hours of my life this Saturday reading with avid fascination the evolution of this marvelous thread and the PF. By facilitating the success of others, your success is guaranteed. As you noted, when doing something with the wrong motivation, wrong outcomes result. But when your project comes from the heart, unselfishly, particularly when helping another, then the favor of God must come to rest on the project, its proponents and its beneficiaries.
Continued blessings upon you and your family, as well as everyone who helped bring your vision to fruition.
Simply a masterpiece.
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thanks money, you news traders amaze me, always have. so many of you have such an elegant way with words. yes i learned long ago the folly of dark thinking and selfish motives. i tell my son that you wont be a real man until you learn to be aware of your thoughts and learn that the ancestor of every action was a thought, good or bad.
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Aug 25, 2006 11:39am
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hello bill, yes its the same, in april we went to 129 per month.
Quote:
Originally Posted by Bill13
I'm new to this FORUM, and new to James16, so please forgive if I misunderstand the message.
The message said: "the ongoing commitment [to pf] will be 99 bucks a month."
Is this the same "pf" as the monthly forum for the $129 = currently the recurring monthly charge?
Bill13
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Aug 25, 2006 7:06pm
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thanks sun, one of the things i hope people will get out of this thread is you can combine a knowledge of price action with your systems. it really can make a difference.
Quote:
Originally Posted by Sunrunner
I finally made it through the entire thread so I just wanted to make a quick post to make myself known.
Forgive me if I don't repeat what every one has already said.....I think at this point it's understood that if someone actually took the time to get from page 1 to page 66, they don't have anything negative to say.
I will however say this....
It was more than a little refreshing to look at a chart where I could still see the price bars!!! At one point my charts had gotten so out of hand with indicators that the box containing the price bars was often too small to see. Going from staring at a mess to actually seeing something is a welcomed change.
Anyway, thanks for everything up to this point and my plan is to sign up for the PF and see what there is to be seen.
(Someone made a poker reference here not too long ago about playing "Big Slick". I found that funny because, being an avid poker player myself, I often compare learning curves such as this to the one I experienced learning poker. I went from "gambling" and never walking away from a table with a chip to "analyzing", which has made me an overall winner. Hopefully a similiar transition awaits here as well.)
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Aug 27, 2006 11:38pm
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yeah leave it here at least for now while i look at it. give me some time m im swamped. it will be worth the wait i think.
Quote:
Originally Posted by mpotis
Thanks East,
That's a good suggestion. Perhaps I will move it to the journal section in the near future. The post was in response to a challenge that James threw out earlier in this thread about adding his price action techniques to any system to supercharge it. I thought his appeal was sincere and had some merrit as I am a big fan of his pin bars, DBHLC, etc. I will gauge the response I get here and then make a decision. The biggest difficulty for me is that I only trade on a part time basis right now and my time on the tube is very limited. I divide my time between trading or learning to trade and doing research to become a better trader. Maybe starting a journal with this system wil be just what I need to help me get to the next level of trading and becoming a full time trader trading for a living. That is my objective.
Thanks again East, your comments are always appreciated.
M
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Aug 28, 2006 10:42pm
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hello cobra, can you post a chart?
Quote:
Originally Posted by Cobra
Jim
Could you please have a look at the 4 hour usd/jpy.
Your opinion about a possible pinbar setup...?
Might be a little bit early, but sure looks like it.
Cobra
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Aug 28, 2006 10:46pm
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i know you spent a lot of time here mp, havnt forgotten about it. i want to look close before i post.
Quote:
Originally Posted by mpotis
Thanks James.
What I am presenting here is a simple trade signal generator that appears to work well on any time frame, although I personally do not look at anything below 15 min's and only rarely below 30 min's with this method.
I use candlestick charts with this method but I'm sure bar charts will work as well.
I want to make it perfectly clear that I am not the originator of this signal method. The technique was passed on to me several months ago by a fellow trader whom I thank very much and owe a great deal to and have tramendous respect for. We have been working to try and develop a complete trading system around this simple signal and I believe it has great potential. I have added a couple of filters to the few original simple rules and have learned through observation a few nuances that have proven to be successful in identifying good trade set-ups.
The technique is referd to as: The 10 - 26 Bridge Trade.
The Set-up:
On your favorite chart (any time frame), place a 10 period EMA (median) and a 26 period EMA (median).
The Signals:
Enter a long position on the close of a candle that completely crosses or "bridges" the gap between the two MA's. The candle must open below the lower MA and close above the upper MA. Two candle bridges are acceptable on all time frames and I have allowed three candle bridges on longer time frames, (daily, weekly,) as long as there is no retracement bar in between the start and completion of the bridge.
Short trade signals are the same in reverse.
That's it. This is the basic signal method as I first learned of it. Now, as I mentioned, I have added a couple of filters to the signals in an attempt to eliminate as many of the false signals as possible. Yes, there are some false signals with this method, (don't all systems have them?).
The first filter is a 5 bar HI/LO restriction. Do not jump on a signal until the price closes above a 5 bar high or below a 5 bar low. Many bridge trade signals appear on the charts as single or double bar bridges. However, if the close of the bar that completes the bridge does not exceed a 5 bar HI/LO, patiently wait until the price does close above or below a 5 bar HI/LO before making an entry. The bar that completes the bridge is counted a bar #1 when counting back 5 bars. If the next bar does not close above or below a 5 bar HI/LO, then simply advance to the next bar for an entry trigger. The current bar is always #1. When the close of a current bar exceeds a 5 bar HI/LO, then a trade can be entered in the direction of the bridge.
The second filter is more subjective and uses the Bollinger Bands, (default) to determine market volitility. When the market has made a recent move of appreciable size, the Bollinger Bands expand to reflect this volitility. After the expansion, the bands collapse back toward the median price range. During this contraction, the market is generally moving into a period of consolidation. The duration of which is relavant to the time frame of the particular chart you are looking at. During this period of consolidation, I have observed many bridge signals that either signal small gains or are false signals indicating only losing trade set-ups. Some of the best bridge trade signals appear just after a period of very low market volitility commonly known as "the Bollinger Squeeze". In this scenario, the bridge signal is a very accurate indicator of a volitility break-out move.
Trade Management:
I generally let the market decide where to place a stop loss. Most often it is 5-10 pips above or below the bar that started the bridge signal. If that price level is to tight to the current price level relative to the current noise, I will place the stop 10 pips above or below a recent swing hi or low relative to the bridge signal and adjust my lot size according to my MM rules.
Exit strategy: This is an area that needs more work, but generally speaking while my trade entry is based on a series of "ANDS" my exit strategy is based on only one "IF". The first close below the upper MA in a long trade or above the lower MA in a short trade is more often a short term pull back from the beginning of the move. I will generally stay in the trade through this period and maybe take half or a third of the position in profit at this point. A close below the lower MA in a long trade or above the upper MA in a short trade is deffinately a signal for me to exit, though I may have given back a good deal of profit at this point. The trade may regain momentum and continue on. I will then look for opportunities to re-enter the trade on shorter time frames. I have also included a 100 period SMA and a 200 period SMA to my charts and I use these as levels of support and resistance. A bridge signal in close proximity to a bounce or failure off of the 200 or 100 SMA is a very strong signal.
This is still a work in progress and I believe there is good potential for this method.
Place the MA's on your charts and take a look back at the GBPUSD pair. You will be amazed at how many of the good price moves started with a bridge trade signal present.
I have attached a few chart examples as reference to the above.
I welcome your comments and suggestions. Thanks for your time.
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Aug 29, 2006 12:00am
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ahhh m knows his classic rock. just watching a bootleg from a 1992 show in seville spain. brian may, joe walsh, joe sattriani, steve vai, rick wakeman and paul rodgers. its unbelievable. i may be the only person in the usa who has it ( well maybe not). can you imagine may, walsh, sattrianni and vai all on guitar and wakeman on keyboards playing rocky mountain way. ive watched it a thousand times and i get chills every time.
Quote:
Originally Posted by mpotis
----------------------------------------------
"I'm not waitin' on a lady..
I'm just waitin' on a friend..."
Mick Jager - Rolling Stones
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Take your time James - Rome wasn't built in a day, (or two).
M
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Aug 29, 2006 12:15am
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yeah i remember some good ones from the 70's as well. what a great time those days were. i saw led zep in 77 in dallas. bad company had played the night before and were still in town. 3 hours into the show they joined zep and they jammed together for almost an hour. i actually remember that entire concert. man what i could get for a bootleg of that. a lot of people might be surprised how the eagles could rock the house. saw them 5 times, man what a show. best live show i ever saw was kansas number 2 would have to be yes in the round.
Quote:
Originally Posted by accrete
OH MY WORD...That brings back memories. There was a "Day On The Green" in the Oakland Coliseum in the mid 70's that i went to that had most of these guys on stage. Wow what a concert! Well, what i remember of it anyway... Glad i survived to tell my kids how NOT to spend your teen years!
: ) Thom
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Aug 29, 2006 12:18am
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Quote:
Originally Posted by mpotis
Sattriani kicks ass!
sounds like one heck of a show!
"and we don't need the ladies cryin' cause the story's sad....
and the rock mountain way is better than the way we had...."
man... this just makes me want to dig out some classics and just jam the rest of the night!
M
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my fav satt song is big bad moon.
big bad moon black and white
big bad moon light up the night.
ok im headed back to seville, wish you guys could join me.
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Aug 29, 2006 1:01am
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Quote:
Originally Posted by forexpips
Thinking that the short here looks interesting. The GBP has hit 1.8990-1.9 three previous times and has retreated. This double top looks like a great setup.
Thoughts please.
forexpips
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EXAMPLE CHART
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Aug 29, 2006 1:02am
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Quote:
Originally Posted by mpotis
I saw zepplin that same year here in Detroit, (Pontiac Sliverdome actually).
was an incredible show. Some moron threw an m-80 off an upper balcony and it went off near the ear of a girl that I knew. she lost her hearing in that ear. put a downer on the whole evening.
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damn. i waited years to see them. that would have bummed me also.
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Aug 29, 2006 1:24am
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wont be long before all my old guitar heroes will be in rocking chairs. im not far behind them. hope i live long enough to see both.
Quote:
Originally Posted by summitfx
mpotis:
Slowhand- The Clapton God rolls thru Michigan next month  
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Aug 29, 2006 1:38am
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WOW, thats where i saw almost all of them. the old girl is tattered and ugly but i love her. very cool summit. yeah and probably a few of them were mine. LOL.
Quote:
Originally Posted by summitfx
I can't remember how many concerts I've seen at the Tarrant County Convention Center in Ft. Worth during the 70's. Three Dog Night was the first concert! Wow~ the tracers coming off those joints being passed around on the floor was really trippy! 
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Sep 3, 2006 2:58am
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hello strick, let me post a chart. thanks for the kind words.
Quote:
Originally Posted by stricko108
James, Great thread, I only just reading it now, I'm thinking of joining your group possibly, most likely actually.
For now I'm wondering if you could answer this one question, in your first few posts on this thread, you have the charts with for example the dblhc
My question is, does the high close on the 2nd bar have to close higher then the highest point of the first bar, or does it just have to close higher then the first bars close? I'm pretty sure it has to close higher then the first bars high point, but I just want to be sure.
Thanks
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Sep 3, 2006 3:17am
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here you go strick.
Quote:
Originally Posted by stricko108
James, Great thread, I only just reading it now, I'm thinking of joining your group possibly, most likely actually.
For now I'm wondering if you could answer this one question, in your first few posts on this thread, you have the charts with for example the dblhc
My question is, does the high close on the 2nd bar have to close higher then the highest point of the first bar, or does it just have to close higher then the first bars close? I'm pretty sure it has to close higher then the first bars high point, but I just want to be sure.
Thanks
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Sep 3, 2006 2:56pm
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i figured you probably knew jotty.
its the 365 ema. for those of you who have never plotted a 365 ema on your charts do so now. its use as support and resistance will amaze you. just visually its impressive.
Quote:
Originally Posted by jotty
Jim can I know what is that MA u got on your chart you posted
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Sep 5, 2006 7:01pm
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thanks gids, very cool man. yeah i saw foghat way back when, but i have to admit the opening act was better. bachman turner overdrive. bto baby.
Quote:
Originally Posted by Gids
Hello, All
I've been reading this thread over several days and as I've read many times, I also am very impressed. Please forgive my lack of forum posting experience, this is my first, but I have a great desire to become a trading professional.
Jim, your character shows. There could be no shortage of times when you must have wanted to call the whole thing off. Please accept my sincere thanks for sticking this through and absorbing the disrespectful comments. I have joined the PF and look forward to a long and fruitful journey. I love the colorful contributors here, the world could learn a lesson in tolerance from this group.
Amazingly enough (timing is everything) I was also at two Three Dog Night concerts (with Foghat once as I remember it) at the TCCC. I think I grew up pretty close to you on the southside of Ft. Worth. I think it was God's Grace that got me through those years.
Again, many thanks for the terrific info, looking forward to the experience.
-Dan
"But when he asks, he must believe and not doubt, because he who doubts is like a wave of the sea, blown and tossed by the wind."
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Sep 8, 2006 8:32pm
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thanks man, to be 23 again and know what i know now will always just be a dream for me but thats ok. the main thing for you is to understand the truth. the truth is you have time, more than you know. your first priority should be accepting this can take years to master. like i always say, so what. the bottom line is most people explode and blow out and then quit after a year or so. anyone who does not visually backtest and demo or trade micro lots at the least when starting out are kidding themselves. i like to ask these questions.
1. are you willing to spend 3 to 6 months demoing whatever/however you plan to trade to prove it works?
2. are you willing to never risk more than 2 or 3 percent of your account on any one trade?
3. are you willing to accept that it can take years of practice and learning to find consistent success?
4. are you willing to stop trading on the spot if your account suffers a 30 percent drawdown and go back to demo? most people lose 50 percent and then in an attempt to get back even end up with nothing. worse yet they dont learen from it and do it again and again.
95% of the people starting out in this business treat it like a game. this business chews up and spits out anyone thats not completly commited to ongoing learning and account preservation. i sound a lot like rob booker but the truth is rob booker sounds a lot like me. i was saying the same thing long before he ever opened his first account. i like rob a lot because he tells the truth instead of giving you some pie in the sky hype to get subscribers. most of you will probably have to learn the same way we did.
the hard way.
this is not directed at you personally lar, im just using your post as a seg.
Quote:
Originally Posted by lartrade0623
Hi Jim,
I just finished reading every post on this thread, took me about 3 days, but i enjoyed every minute of it. I subscribed to the PF a few days back and wanted to read this first as per Jims recommendations. Im not sure what i can say that has not already been said about you Jim but i guess i'll give it a shot, as i feel required to share the overwhelming sense of hope and excitment that ive gotten since finding out about your thread. I may be younger than most people on here at 23, but i know without a doubt that i want to be a fulltime trader. College never interested me and ive just had crappy labor-intesive jobs since high school. Ive been studying futures trading for about the last 3 years on and off and i just got into Forex a few months back. All together ive lost about $2800 on two trading accounts due to lack of knowledge and wanting to get rich quick so to speak, doesnt sound like much but $2800 is alot of money when you only make 12 bucks an hour breaking your back. I feel like ive finally found a genuinly honest guy who i can learn from and who isnt trying to scam everyone and their brother. Anyways, i could go on and on but everyone has their own horror story of trading, most worse than mine , so im done complaining. Plus ive got a mass amount of priceless info to dive into in the PF right now. I will be posting and asking questions once i feel like ive absorbed alot of the material in the PF. I cant wait to start posting results of live trades on here, because i know it will happen eventually, i have so much determination and desire its not even funny, and now that i have this amazing wealth of knowledge and experience from Jim and others to learn from, i feel its only a matter of time before my dreams of escaping job-land come true. Thank you so much Jim for starting all of this, being so willing to help others and charging such a minimal fee for all the wisdom you are providing all of us. Anyone who has read this entire public thread and does not join the PF is missing out on the opportunity of a lifetime. Success happens when preperation and opportunity meet, so now im gonna go dive into the PF and start working on the preperation part, the opportunities are endless in the trading world. Thank you is an understatement - Larry
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Last edited by james16, Sep 8, 2006 8:43pm
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Sep 14, 2006 2:57am
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heck of a great idea. thanks ashok.
Quote:
Originally Posted by ashoksagar
This thread should be made sticky so that no newbie ever misses it!
It does not deserve to be buried under a barrage of uselsess threads.
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Sep 18, 2006 4:08pm
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example chart
Quote:
Originally Posted by stricko108
Hi James,
Attached is pinbar of pound swiss daily,
Please take a look and tel me if this is a valid pinbar,
Just trying to sharpen up before joining your PF.
thanks
stricko108
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Sep 18, 2006 6:39pm
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the safest way to play these bars are to place a buy or sell stop just past the bar as a breakout just after the pin forms. its not really a valid bar until the second eye breaks the nose anyway. there are several ways to do it. you have a larger stop by playing a break of the pin but at least when you enter you know its valid. i will post a chart. this is the way i teach it in the pf.
Quote:
Originally Posted by stricko108
Thanks for that quick response,
When you say take profit at that now support area,
from what I understand from your previous charts and explanations is that we would not have gone short yet, we would wait for retrace and short on next bar, so if this is correct I guess you mean take some profit at the point you mentioned. Or is my idea of entering on next bar retracement incorrect.
Or am I way off and I should just join your PF now to get it all clear.
Thanks for your time.
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Sep 26, 2006 11:59pm
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hello TRO, i have heard of you before i think. are you THE TRO. if my memory serves me correctly i know TRO from tradestation forums. anyway welcome to forex factory and my little part of it.
Quote:
Originally Posted by TheRumpledOne
I just stumbled across this thread.
I wrote a TradeStation showme to indicate when you have "matching" highs/lows.
I haven't figured out how to make the attached chart display on the forum.
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Sep 29, 2006 9:25am
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thats great altin.
Quote:
Originally Posted by altin2007
yeeeeaaaaaaaaaaaaaaaaaaaaaaaaaa last 3days i made total of 11 grand....
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Oct 4, 2006 12:35pm
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thats the great thing about understanding price action. when a trader has mastered basic price action analysis then it can be applied to any and all personal indicators/systems etc..
Quote:
Originally Posted by jlowder
Does anyone here use the Donchian Channels indicator to draw support and resistance lines? It was one of the first indicators I was introduced to when discovering forex and am still using it. I'm just curious to know if any other "price action" traders use it and what their thoughts are on the subject..
Jason
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Oct 11, 2006 1:40pm
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yes there are several ways. the most conservative way is to enter on a buy or sell stop when the pin is broken. its technicly not a pin bar until it is broken.
Quote:
Originally Posted by 4X=0
Yah I used to think that too, and technically I suppose it is true. The thing is, many people enter a pinbar trade before the 3rd bar as completeted. I think somewhere in this thread explains that you can enter a pinbar either:
1. After the 2nd eye tests the first eye and starts to head the other direction.
or
2. When the 2nd eye passes the base of the nose.
So keep posting any good pinbars you see. and feel free to put them in this other thread, which was created for posting 4hr pinbars and other price action setups.
http://www.forexfactory.com/forexfor...ead.php?t=8697
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Oct 12, 2006 9:17am
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no problem westie, i figured you would.
Quote:
Originally Posted by Westie
sorry about that james, I figured it out, was problem on my end.
great stuff in there.
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Oct 13, 2006 6:38pm
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its a very complicated area and probably the toughest for any trader, new or otherwise. i do have a method and it is price based. it is described in the pf but i dont mind sharing a bit of it here as well. stay tuned. as far as system discussions i would have to agree. not poo pooing them its just i have been there. they start off with a bang and fizzle over time as attempts are made to keep them viable and they become more and more complicated. its just the nature of system trading. price is price however and an understanding of it is a key unto itself and perhaps even more important a key that can be applied to system trading to finally unlock long term success. just my opinion of course.
Quote:
Originally Posted by jhathawa
Hi Jim,
I have to say I think I have come over to the price action world for good. All the other discussions on here I seem to read 75+ pages and end up more confused than when I started. So great job on this !! Anyway, can you shed any more light on profit taking ? I hear people say to take profit at 30-40 pips, move stop to BE and let it run......but let it run where .....you have to have a plan to get out somewhere. It would be great if you could show a good pin bar setup and where you might take profits and what you used to determine that. I was thinking possibly along the lines of Mouteki by taking the intersection of the Trend line and a straight vertical line from the high/low of the trend and taking the difference as the targeted pips. If this has already been covered I must have missed it.....too much reading today. thx.
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Oct 16, 2006 1:02pm
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remember that entering before the pin is broken is the risky way of doing it.
Quote:
Originally Posted by wwwin
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Oct 16, 2006 1:36pm
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great question. i would consider it valid when it is broken. there are many ways to do this and waiting until you see a close is certainly another way of doing it.
Quote:
Originally Posted by Horace Kent
Hi Jim,
Would you consider a pin 'broken' once the next candle moves below the pin low, or CLOSES below the pin low?
Thank you,
HK
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Oct 16, 2006 1:59pm
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hello e,
yes a nice pin. i didnt look to see what happened and my only suggestion to you or anyone starting out with this stuff is to go daily/ weekly first. most people that do never go back to intraday.
Quote:
Originally Posted by ezekiel
First post here on FF
Been trading FX for about year and a half now with some success. I also like to 'cluster' my support/resistance levels and enter off these, as they are more dependable.
I am new to bar formations, price action, would like some feedback on this
pin bar for AUD on the dealer chart.
Pin bar pierced 2 fib levels and previous channel top now turned support.
I think a good target would be the 38 fib above
(thanks again James)
<!--[endif]-->
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Oct 17, 2006 12:37am
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hello sit and thanks for your input. i have been trying to get people to trade less from the first day i arrived here so at least from my standpoint your research is well recieved. for over twenty years i have watched the average guy pray for 5 to 8 percent in his 401k on a regular basis. i wonder what yearly return might be attainable just taking these few picture perfect pins per market/pair? some more research for you.
thanks,
jim
Quote:
Originally Posted by sitoca
I have been doing some Pin Bar recognition over a 5 year period (2000-2005) for Eur-Usd, Gbp-Usd and Usd-Chf and for me there are only about 5-10 picture perfect PBs per market (depending on time period and market) per year. In some years, I can only find 2-3 tradeable PBs. Anyone else came out with the same findings? Would like to know how many tradeable PB you guys can find per year on a daily timeframe?
Base on this (my own backtest), I'm not so sure if one can only depend on PB alone to trade especially if you are looking on a daily timeframe or higher to trade.
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Oct 22, 2006 5:44pm
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damn mak very nice. tell us the details.
btw stick your stop just under the two bar high.
jim
Quote:
Originally Posted by makron
Hi, guys!
Look at my beautiful position, that was opend by James price action.
Uuuuhh =)
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Oct 24, 2006 2:45am
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thank you sir,
glad you are getting something out of it. never forget there is no system that will not fail miserably at some point but price action analysis is different. it can be stated simply as a method. a method is always more simple and always more reliable. combine a method with a system that is practical and robust and your onto something.
Quote:
Originally Posted by turin0107
James, you are great. I have been a while in this forum, reading several good threads and come to know you when other members mentioned about how good your price action is. I only had a chance to go thru this thread several days ago and i am glad, finally i did complete it from 1st page to 81th page. What a relieve :-)
I have been trading with price action too, combine with candle stick and support resistance things. By reading ur thread, it broaden my knowleadge to have a depth understanding. As you make it easier for other people especially newbies to understand it. I think I have to go thru ur price action chart one more time before apply it for demo or real.
Keep up the good work, Jim!
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Oct 24, 2006 2:22pm
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give me some time to think how i want to reply to this volvo.
jim
Quote:
Originally Posted by volvo264
Hello james,
Many thanks for the above post which I find helpful. If I may quote you , you mentioned that:-
"price action analysis is different. it can be stated simply as a method. a method is always more simple and always more reliable. combine a method with a system that is practical and robust and your onto something. "
I agree with the point about price action. Price is "King" in terms of trading. You also mentioned above about combining price action method with a practical system. Please can you mention the name of a system that you use in conjunction with the james16 price action method or perhaps mention the name of a system that appears to work in conjunction with the james16 price action method. Many thanks in advance.
regards,
volvo
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Oct 26, 2006 11:55am
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hello volvo,
good thing you reminded me because i forgot. with 10 to 20 emails and pm's a day i tend to do that more than i used to. i dont want to give a quick answer so be back with a decent one asap.
Quote:
Originally Posted by volvo264
Hello james  ,
If I may quote yourself :-
"give me some time to think how i want to reply to this volvo."
James I just wanted to ask do you need a few days more to answer the question? I just wanted the information thats all. It was not designed as a difficult question. All the best.
volvo
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Oct 30, 2006 5:44pm
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correction
careful guys,
i may at some point decide to do a live trading room but thats not what we have in mind at this point. we are building a new website. that website will do some great things. as a subscriber you will be able to view streaming tutorial charts with voiceovers instead of the cunbersome way we do it now. the written material will always be there but being able to teach like your sitting next to me will be a tremendous advantage not only to you but to me also. these videos will be upted and logged as time goes by so youew them at anytime. also all the written tutorials will become just a supplement as w will have complete video tutorials covering the same material. the private forum will remain in some capacity for discussion. we still have not decided exactly how its going to be joined but merlin is helping us decide what would be best.
one thing i have not done is hurry things just to stoke subscriptions. in fact we may limit subscriptions at some point. what we have done has been very well recieved and our intention is to just keep increasing the amount of material and value not to mention an easier delivery.
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Oct 30, 2006 5:56pm
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thanks,
there will always be new stuff as time goes by but these upgrades are to give a better delivery and make things much easier for subs and us. i truly believe its going to be like night and day. i have no idea how soon it will be up and running. when the website is ready to recieve the material just loading and recording it will take longer than weeks. we hope to have it going in 2 to 3 months but its to early to say for sure.
Quote:
Originally Posted by andersenws
James, I've read the material in this thread and it is awesome. I have been thinking of joining the PF but don't want to the month before this new stuff comes out. Any idea on a timeline for the stuff you mentioned above?
Thanks,
andersenws
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Oct 30, 2006 5:59pm
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for those of you that have been with us and left my honest opinion would be to wait for the upgrades.
Quote:
Originally Posted by jarroo
Jim,
Any idea on the ETA of the new website?
I am thinking of rejoining next month or should I wait for the website.
Jim
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Oct 30, 2006 6:12pm
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no prob habeeb, you didnt make a mistake because i do plan to do this at some point in some form or fashion.
Quote:
Originally Posted by habeeb
 oops, sorry, my mistake. 
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Oct 30, 2006 6:12pm
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yes i have tested camtasia and we are trying out several others.
Quote:
Originally Posted by bundyraider
This is what I thought was meant! (not REAL "Live")
It's way cool Jim. I bought one of Mark McRaes courses which were created with Camtasia. Besides the majority of the course being done with video, he also added some sample trades (created in 3 or so parts each as the trade progressed over time), that showed how he implemented the method. As he opened the trade he talked about each little thought process. Even his mistakes! ...Which he corrected imediately of course. Even those little mistakes teach. You realise what NOT to do. Even your little errors, as you talk them through, are worth it.
Don't feel rushed. It's like a good trade.... We've gotta hava the patience.
It will be worth the wait.
Thanks mate. 
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Oct 30, 2006 8:36pm
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all that is going to change is some of the delivery techniques, at least to start. all the information that is there now will be there then only augmented with some better delivery. those that have been thru the written material prior to these additions will be way ahead of those just starting out.
Quote:
Originally Posted by Tatton
i am new to forex and is interested in joining, its better to wait till the new site is up and join?
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Nov 2, 2006 2:07am
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thanks gids. very nice of you. outside of my family nothing these days makes me feel better than people saying these kinds of things about what we do.
Quote:
Originally Posted by Gids
andersenws, I don't have the time/energy to participate on this website as I would like and I respectfully defer to the real forex experts that contribute to my education every day, but I would appreciate the opportunity to be heard on this subject. I know that James doesn't want to see anyone's money wasted (just shows where his heart is), but if you joined the PF for the information that is already there, it would be worth it. When James' upgrade comes along, it will be even more outstanding because I don't believe he will settle for anything less. As has been said many times, this is some of the best money spent in forex training. You will be plenty challenged to digest everything there before more tools are provided.
- Dan
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Nov 2, 2006 2:11am
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no. if the day ever came where we considered a rate increase there would be at least a couple of months heads up. one of the reasons i dont get sour emails is directly tied to the fact its so much info for the price its almost silly for anyone to be upset even if they dont like it. that single reason is enough to keep it where it is.
Quote:
Originally Posted by volvo264
James ,
Will there be a price hike once the pf forum is upgraded?
regards,
volvo
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Nov 2, 2006 2:14am
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not forgotten
i have not forgotten several things i said i was going to do in this thread the last couple of weeks. if i remember correctly, and i will go back and look, someone asked to see an example of price action enhancing and supporting a system. thats the first one i will get to.
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Nov 8, 2006 1:54pm
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Hello
huh, i thought it was picking up. early in 2005 forex factory looked much different. when you logged on depending on the time you never saw more than 30 or 40 people. often it was 10 or 15. for months the factory was a small tight knit group of people that became very close friends. most are gone now but there are still a few around. they know who they are. this thread came about in an attempt to help out 5 or 10 core members at that time. think about that for a second. i never in my wildest dreams sa this leading to a paid teaching group with over 200 members much less forex factory becoming the monster it now is.
let me share my plans. before i do let me just say none of this and i mean none of it would have been possible without merlin. all those months ago it was not me that had the idea for the j16 group, it was merlins idea. i told him he was nuts. no one cares about what i do. he said your wrong and you will see. he was proven correct. now for the plans. our group is going high tech. new website. all teaching material done in streaming video format and weekly/monthly webinars for hundreds of traders.
the current j16 group is done in the same format as this thread. when all of this is implemented i will feel ok about getting this thread back on track and posting regular charts and updated /new material. in fact im looking forward to it a great deal. i have been here a long time guys. my thought process is not about today or tomorrow but next year and the one after that. you see all the threads around here that get hot and then fizzle. mine wont be one of them. my thread is here for the long haul and i look forward to seeing it be the first to hit one million views.
jim
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Nov 8, 2006 3:20pm
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yes. what system to use? i believe the question was how price action can help with any system. the whole point of learning price action analysis is to then take it and allow it to help a trader refine and determine less risk when entering a trade. yes the bars can be used by themselves to enter with a basic knowledge of simple support and resistance but is that not a system when you get down to it? what i intend to do is put forth several common systems used by many traders and show by applying this knowledge how the success rate can be dramaticly increased. i teach a method not a system. blindly following a system is for fools. i know because i used to be one and found myself in the fetal position on more occassions than i care to remember. succesful traders are not made they are created after much effort, practice and experience.
i just recieved an email today from a guy who has a mentor. this mentor has a 64 million dollar account. he has seen it personally. the guy shoots for a hundred grand a day when he trades. the mentor showed this guy exactly what he does even to the extent of trading side by side with the him. he has watched this pro win time after time. his email to me was he cant do it even though he knows exactly what the guy is doing. at this point in the email i smiled because i knew what was coming. he said the mentor wins due to experience which has given him a feel for determining yes or no on a trade even though the system is telling him this or that. for all of you looking for a system thats going to release you from your job and make you filthy rich please save yourself from the torture thats surely coming your way. there is no such system. there is however a long road to success. it will take time, persistence, dedication, common sense and a never quit attitude. experience and feel are everything in this business and they damn sure dont come after demoing for three months.
jim
Quote:
Originally Posted by volvo264
james,
Do you have any intention of addressing the question about what system to use with price action?
regards,
volvo
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Nov 9, 2006 12:25pm
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Alert/alert/alert
GO TO THE POST JUST MADE BY HABEEB. THATS EXACTLY WHAT IM TALKING ABOUT. A SYSTEM SELL/BUY SIGNAL SCREAMING DONT ENTER/GET OUT IF YOU KNOW HOW TO ANALYSE PRICE ACTION.
I DONT TRADE THAT MUCH TALKED ABOUT SYSTEM BUT I KNOW ONE THING.
APPLYING PRICE ACTION ANALYSIS IN YOUR DECISION MAKING PROCESS WILL MAKE IT BETTER. IT ALWAYS MAKES IT BETTER. NO MATTER WHAT SYSTEM OR MANNER YOU TRADE. THANKS HABEEB I THINK THIS PRETTY MUCH WRAPS IT UP. LOL.
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Nov 9, 2006 9:38pm
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Price Action Analysis/system Trading
Ok Here Are A Couple Of Simple Examples And One Of My Rants To Go Along With Them.
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Nov 9, 2006 9:40pm
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Example
Example
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Nov 9, 2006 9:57pm
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example
example
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Nov 9, 2006 9:58pm
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The Truth As I See It
If You Newbies Would Get All The Bullshit Off Your Chart And Just Use Support And Resistance Levels Combined With A Knowledge Of Price Action You Might Stay Alive Long Enough To Find Some True Confidence Before You Get Crushed Mentally. Give Yourself 6 Months On Demo Doing Nothing But Getting Good At This Simple Approach. I Feel Confident In Saying You Will Be A Better Trader Than Most People Still Grinding Out The System Trap After Years Of Trying And Blowing Out Accounts.
Quit Signing Up For The Alert Services. Quit Jumping ON Every New Hot System To Come Down The Pipe And Start Working. It Wont Take Long And Little Lights Will Start Coming On. You Will Get Better And Better Over Time And There Is No Way A Market Can Change Or Do Anything To Prevent This From Working. It Cant Because Its Based On Price. Support And Resistance Levels Were Created By Traders And They Always Remember Where They Changed Their Mind. Your Job Is To Know What Price Is Likely To Do When It Reaches These Areas. You Do That With Price Action Analysis. Does It Work Every Time. Hell No. Is Is Better Than Guessing. Hell Yes.
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Nov 9, 2006 10:13pm
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well oh great one if your brain really was on top of my shoulders god only knows where i might be. just doing this has raised my IQ at least 20 points. i can literally feel the difference. LOL.
Quote:
Originally Posted by merlin
jim now everytime i see one of your posts i get a good chuckle 
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Nov 9, 2006 10:17pm
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good question k and not the first time i have been asked. of course new parts of the world come online on the hour at certain times of the day/night so there is an answer for some of them. the others i have no idea.
perhaps someone else does.
Quote:
Originally Posted by logical1
About time I said 'thanks James', I have learnt so much from you, in a short time. Quick side question. Why is it on the hour, more often then not, there is a good movement in price?
in the last 5 mins, all majors went mad for it......
all the best.
K
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Nov 11, 2006 11:48am
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yes you could say that. the term pinochio bar was coined by martin pring. its lying to you in his terms. i dont use them much like he does but i liked the name.
Quote:
Originally Posted by tomhen
Jim
Is this a pinochio pin bar giving a false indication of a continual up trend?
Thanks Tom
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Nov 12, 2006 1:49pm
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john is a personal friend from seattle and works with a lot of service based businesses but his main focus is what you described. he is very particular about who he works with. i will send your email to him and post his reply. the payments are actually cleared by a huge company called transfirst. im elmer fudd with a computer so john developed my front end interface for me.
Quote:
Originally Posted by spike101
I'm giving consideration to joining the private forum but have a question regarding the payment processing firm - Acceptiva. I've never heard of them before so I went to look at their website to check them out.
They indicate that they are a payment processing firm for Charities. "Online Donations for Non-Profits"
So, how is the James16Group set up and allowed to clear payments through them? Just wanted to check in first...
Thanks in advance!
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Nov 12, 2006 1:58pm
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over the years jason i have learned by feel and experience when these bounces may occur with no price action set up but i am very careful. most of my support/resistance trades are after i see a price bar to help me. you show no lack of knowledge, your assesment is correct. sometimes you will get them and sometimes you wont. dont always look at it as a bounce. sometimes it can be a failure and breakout of the s/r.
Quote:
Originally Posted by jlowder
James,
I know I asked this question once before, but I believe someone else tried to answer for you... I'm curious, do you only trade off of support resistance levels based on the basic PA setups (pin bars, inner bars) or does the simple fact that price is moving away from one of those lines tell you to trade in that direction? It appears that sometimes there just aren't any obvious PA setups to determine the direction of the price. Is this just my lack of knowledge, or will ALL price movements off of support and resistance show some kind of defined PA setup?
Lastly, is there anything in PA that can help you determine the strength of movement? It seems getting into the trade is the easy part - knowing when to exit is the hard part.
Thanks,
Jason
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Nov 12, 2006 4:22pm
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here ya go,
Acceptiva has provided online payment software and merchant account integration services for over 4 years. Acceptiva provides the software that hosts and maintains the James16 Group online payment form.The James16 Group has its' own merchant account through which all payments are processed and cleared. Although Acceptiva targets the non-profit market, they also provide services to for-profit clients. Acceptiva is a payment processing integrator and software company. They are not a non-profit and so they can provide their software and services to anyone.
John Tedeschi
Acceptiva
www.acceptiva.com
425-831-2264
Quote:
Originally Posted by spike101
I'm giving consideration to joining the private forum but have a question regarding the payment processing firm - Acceptiva. I've never heard of them before so I went to look at their website to check them out.
They indicate that they are a payment processing firm for Charities. "Online Donations for Non-Profits"
So, how is the James16Group set up and allowed to clear payments through them? Just wanted to check in first...
Thanks in advance!
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Nov 12, 2006 5:00pm
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great great great great example. thank you sir.
Quote:
Originally Posted by habeeb
Thought I'd post a chart of a very popular system. Bollinger Bands with Stochastics. Pin Bar off the bottom BB and a 50fibo. Also, positive divergence on Stochastics.
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Nov 12, 2006 6:07pm
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thank you spike.
Quote:
Originally Posted by spike101
Thanks for the info James!
Spike
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Nov 16, 2006 11:48pm
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thanks iso, you have been a true friend from the beginning.
Quote:
Originally Posted by Isotonic
jim,
i hafta to say out of all the system threads out there this is the only one i keep coming back to. don't worry you'll regain pole position in no time! 
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Nov 16, 2006 11:50pm
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geez blue you choked me up. im getting way to sensitive in my old age. i still am amazed at the reaction to this thread. it just simply blows me away. i truly love everyone of you guys/gals.
Quote:
Originally Posted by bluefish
Hi Everybody!!!
I finally made it...I have re-read this thread again. I must say, that going over those number of posts is quite a job. Took me a little time, but I copied charts, made sidenotes, saved some great posts (many of them) and now ready for digesting all the good stuff here. Opening clean charts and watching...
And the very thing I shouldnt forget..Thank You James16 and every other member who contributed to the growth of interest in this thread.
It is so high-quality stuff here, that it made me cry today..twice. The way you people think and react to eachother...just made me think, why cant all people be like you. But ok ,thats another story...
Once again, thanks guys.
Happy Trading
Bluefish
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Nov 16, 2006 11:53pm
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example chart
example chart
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Nov 24, 2006 11:30pm
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THANK YOU MERLIN
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right now im sitting in a microtel parking lot in independence kansas on my wireless laptop. showing the baby to great grandparents. trust me, this thread will be the first here to get one million views. when the new website is finished i got big plans for this thread. we be just fine thanks to all you good people. driving home tomorrow.
Quote:
Originally Posted by alcastro
What happened to this thread? It is suddenly very quiet!!!!!
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Nov 28, 2006 5:08pm
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chart
chart
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Nov 28, 2006 5:23pm
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chart
chart
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Nov 29, 2006 8:53pm
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thank you sir.
Quote:
Originally Posted by Skyhr
Wow!
I've finally read all 95 pages of this thread. Now, I know where you - James - and everyone else is coming from. And like most people here, I'm extremely grateful and pleased and people like you, people who help others like me, exist.
Really, James, your integrity for yourself and love for others really, really show. So don't let my stern avatar fool you, I really am grateful that you've chosen "to follow your dream" even though initially you were afraid of it.
Congratulations on all of your endeavors and the whole private forum project. (a little late for me to add, haha)
Well, I guess it's time to move on to the private section!!!
-Evan
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Nov 30, 2006 10:30pm
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example chart
example chart
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Nov 30, 2006 10:46pm
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I Made It
NUMBER 3000. ITS A PROUD DAY FOR ME. I LOVE THIS PLACE. TOOK ME ALMOST TWO YEARS BUT I MADE IT. 
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Nov 30, 2006 11:06pm
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EXAMPLE
Quote:
Originally Posted by bodge
Congrats on the 3000 posts james. 
Do you trade EUR/JPY? Price is very close to the 365 EMA on the monthly chart, I wonder if we will see a bounce.
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Nov 30, 2006 11:11pm
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example chart
example chart
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Dec 1, 2006 12:44pm
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this is great alc i am thrilled by your success. now do this.
1. do not become over confident and ruin it all by going to quickly
2. when you open your live account do it with half of what you intended.
3. no matter how small your lot sizes must be dont risk more than 2 or 3 percent per trade.
4. show a minimum of 3 months in a row of real money success before adding the other half.
5. add the other half to your account and never risk more than 2 or 3 percent on any one trade.
6. IF YOU EVER LOSE 30 TO 40 PERCENT OF YOUR ACCOUNT STOP TRADING LIVE. GO BACK TO DEMO AND REPEAT THE 3 MONTHS. DURING THIS THREE MONTHS REFUND YOUR ACCOUNT BY WHATEVER MEANS TO ITS ORIGINAL LEVEL.
hopefully you will never find yourself at this stage but you know wat? if you do its not the end of the world. in reality its what happens to almost everyone trying to start a new business no matter what the business may be. i have said this before and i will say it again. starting a new business takes dedication, persistence, knowledge, and most of the time repeated failure before finding success. this business is no different and you cant expect to find it in 3 months. most people starting a new business expect tough sledding for at least a couple of years. why would anyone think this business is any different?
jim
Quote:
Originally Posted by alcastro
Since I started reding and learning from this thread, and applied what I learned to my paper trading, after blowing already a real money account, I have made 13 trades and I have not lose money in any one.
What is what I am doing wrong? I am concerned because I should have had at least some losses. My guess is that psychology played huge role in my past trades and now I feel much more confident with what I am doing.
I hope my confidence will hold when I make my move again into real money.
Anyway, I want to thank all the great people in this thread for the generous way in which they share their knowledge and their experiences (good ones and bad ones). My confidence is back...hopefully my lost money will be back soon as well!! :-)
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Dec 1, 2006 6:41pm
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thats the thing about the db set ups. . they are two set ups in one. the set up by definition will also be a two bar high or low. it takes practice and always be aware of support and resistance areas.
Quote:
Originally Posted by rsq955
Hey jason,
To me it looks like a two bar low (trend continuation) A sell order below the two bar low would have been the best way to trade it.I would not have played it as a dblhc because of the strong downward trending that the pair had been doing previous to the bars. Take care .......... Later
Rsq955
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Dec 5, 2006 12:48pm
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i will send you an email hk. this is taken care of.
jim
Quote:
Originally Posted by hk334
tHE ANNIVERSARY DATE FOR MY SUBSCRIPTION TO YOUR THREAD IS THE 14TH. i WOULD LIKE TO END MY SUBSCRIPTION ON THE 12TH OR 13TH OF DEC 2006 JUST TO MAKE SURE i AM NOT BILL AGAIN. THANKS i HAVE FOUND YOUR TAKE BOTH INTERSTING AND EDUCATIONAL. bUT A BIT EXPENSIVE
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Dec 13, 2006 10:41pm
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Example Chart
Example Chart
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Dec 15, 2006 7:40pm
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VERY NICE MIKE. I WANT TO CAUTION YOU NEW FOLKS ABOUT TRADING THESE ON LOWER TIME FRAMES UNTIL YOU ARE GOOD AT DAILY AND WEEKLY. MIKE HAS BEEN AT IT FOR A WHILE. IF MORE NEW TRADERS WOULD SPEND A YEAR OR TWO PERFECTING THEIR SKILLS ON LONG TERM CHARTS FIRST THE 5 PERCENT SUCCESS RATE IN THIS BUSINNESS WOULD BE MUCH HIGHER. JUST MY TWO CENTS.
Quote:
Originally Posted by mbqb11
Here is another trade I made today on the 30M Pin bar at a triple top(cant see in picture) Look what started and ended this trade. Price only! THANKS JAMES! Doesnt get easier or better then this. Great day to end the weekend.
Enjoy all,
Mike
there are diff ways to take profit here depending on your style especially on these smaller timeframes you gotta be careful. Using pivot points and fib extensions you still would grab 40 + on this one.
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Dec 15, 2006 8:25pm
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IF YOU DONT STOP MIKE IM GONNA HAVE TO HIRE YOU. LOL. if someone had told me all those months ago that people would be saying things like that about my simple stuff i would not have believed it. still blows my mind. i guess thats what happens when you sit in a cave for 20 years working on something all by yourself. you cant see the forest for the trees. that certainly has been the case for me.
Quote:
Originally Posted by mbqb11
ya i should have stressed that
LISTEN TO JAMES HE HAS CHANGED MY TRADING AND LIFE
Take care,
Mike
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Dec 16, 2006 11:39pm
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Merry Xmas To All
Merry Xmas From My Family To You And Yours. My Sons Trey And Ryan. The Little One Is Showing Signs Of Being Much Like His Father Which Concerns Me. Lol. Ryan Is Like His Mother Which Should Serve Him Well.
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Dec 19, 2006 9:42pm
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GOT ME ALSO.
Quote:
Originally Posted by moneybags
Damn.... this one shot up out of nowhere. Got burned on this one as I took it as well Habeeb. Luckily the s/l wasn't too big.
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Dec 21, 2006 9:55pm
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couldnt have said it better myself.
Quote:
Originally Posted by mbqb11
Hey moneybags, just thought id throw something out there about aud/jpy, recently we broke a three bar high. So if we take this I4B short we must remember that this may now act as a support and to be careful to take profit or watch for a bounce. I prefer to play PA off these areas of support and resistance because i can usually make my stops smaller and feel more confident. This is not to say it might not break right down, but it is something to watch for
Hope this makes sense  :
Best,
Mike
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Dec 22, 2006 5:58pm
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divergence is a great tool. one of the best in my opinion. the problem is you dont know when price will comply. use support and resistance and/or price action to help you determine when and where price may finally go along with what the divergence is telling you. this like anything else can really help you WHEN you have practiced it enough to feel comfortable pulling the trigger. many wealthy commodity traders dollar cost average when they see strong divergence on long term charts knowing that sooner or later price will follow. i dont suggest that but using s/r and price action can really help determine when to get in.
Quote:
Originally Posted by goodthings
Divergence are no divergence on 4hr. Anybody have insight on divergence? The previous chart shows the daily for the same time frame with no divergence.
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Dec 22, 2006 6:00pm
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Merry Xmas To Everyone
Merry Xmas And Bundy When Your Walking Home From The Pub Stay Out Of The Street Would You. Lol.
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Dec 23, 2006 11:40pm
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yep. i took my first sip in the 8th grade. 2 beers and a bowl. got home and my old man told me to take out the garbage. i took it to my room  . if that dont raise a red flag nothing does. he almost killed me. i will never forget it. he told me boy i brought you into this world and i can take you out. scared me to death and i never risked it again around him. he was the best and i owe much to him, god rest his soul.
Quote:
Originally Posted by hk334
The sad thing is NOT that kids are doing things like you describe but that there are so many people that share your attitude. That aattitude is where the kids learned to not care. Peolple wish others a merry Christmas and pray for peace on Earth. The price for peace on Earth is that we all become worthy of trust. When you can trust ANYONE is the day peace will reign. Become worthy of trust. I hope to.
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Dec 24, 2006 3:34am
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a joke for you guys. BB king was about to have a birthday. his wife thought i am going to do something special for ole BB this year. she went out and had a B tattoo'd on each cheek. she came home and said BB honey i have something very special for your birthday. she dropped her drawers and bent over. BB said thats great honey but who's BoB.
sorry ive had a few tonight and unlike bundy im scared to walk home from the pub. LOL.
Quote:
Originally Posted by mbqb11
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Jan 8, 2007 4:41pm
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hello t, just real busy. got big plans for this thread this year.
Quote:
Originally Posted by twinchell
Is he still recovering from the holidays, because he hasn't post in over two weeks?
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Jan 8, 2007 5:04pm
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LOL.
Quote:
Originally Posted by twinchell
IT'S ALIVE!  :
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Jan 8, 2007 5:07pm
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this is brilliant in that it shows once again how simple this stuff is AFTER YOU PRACTICE AND GET GOOD AT IT.
Quote:
Originally Posted by mbqb11
Although I was in the swissy earlier then this trade, I saw the same things developing on the pound. This just helped reinforce the trade I was in.
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Jan 9, 2007 12:32am
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i would bet money he will be better and probably not long from now. him and a couple others i can think of. they have time on there side and improving technology. .
Quote:
Originally Posted by Ghostpipper
yeah M is getting very good at this, he may become as good as u someday James
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Jan 18, 2007 1:23pm
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no its a bug. i cant see the forum either. merlin knows about it.
jim
Quote:
Originally Posted by diggsnoob
hey, thanks. i guess my access must've been removed 
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Jan 18, 2007 10:28pm
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email me at j16tg@sbcglobal.net. i try to answer emails and pm's the same day. try being the key word.
Quote:
Originally Posted by sch305ny
Is there anywhere I can ask about James16 PF? I don't want to do chat in this thread to make it too crowded. I have been URL, but I need to ask some stuff with my personal situation. I know James16 will be too busy to chat with me personally, so what should I do in this case?
Sawa
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Jan 23, 2007 5:54pm
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YOU AND ME BOTH BROTHER.
Quote:
Originally Posted by habeeb
Nope, missed it. Even missed the long on swissy from 1.2379 area (signal on daily chart). My trading time is in shambles. Got to sort it out soon, or I'll have to change my trading style. Would really suck to have to change now 
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Jan 23, 2007 5:55pm
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Example Chart
Example Chart
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Jan 24, 2007 12:20am
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thanks j.
Quote:
Originally Posted by jarroo
Beautiful picture of the USDJPY Daily Inside Bar in early Dec., Jim.
The Weekly DBH Break looked just as pretty. (Inside bar would have gotten you in earlier.  )
Looking forward to the new web site. Keep up the great work.
Jim
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Jan 25, 2007 5:42pm
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very nice mate. very nice.
Quote:
Originally Posted by johoma
4h pin bounce off earlier support area.
Long 5 above break of 4h pin @120.65, stop below pin @120.10.
Exited for sleep @120.84 after price had already moved it's ATR (72pips) and retraced a little off the weekly pivot area (120.95). Was hoping for price to reach the daily pivot & earlier support area (121.08) before US open.
Probably a poor exit in hindsight (55 risk:19 reward). Could have scaled out & raised stop loss instead but was struggling with logical technical areas in which to raise my stop.
Need to work on exit plans better.
I agree with Mike's philosophy of letting profits run, but I also need to lock in some winners until I get my confidence & skills up.
Cheers
John
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Jan 31, 2007 1:28pm
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im here
ive been sick for over a week but im watching. you guys amaze me. good job to all.
jim
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Feb 2, 2007 5:35pm
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mb said it well but i will add this. price action analysis is not a system its a method to determine near term price movement. if you practice and get good at identifying the very best set ups you certainly can trade with nothing else but combining them with simple support and resistance and other tools can help refine entries. i challenge all of you to open a demo account just for trading good price set ups blindly. if you can get to where you can build an account with nothing on your chart but price with no other supporting tools what do you think will happen when you do add them. its about refining and targeting the best possible entry. if you can get good at it with nothing but price on your chart the rest is easy.
Quote:
Originally Posted by sp123
Hi James, on 07-28-05, 1:34pm, you said:
price action in and of itself is a great tool and yes a lot of times they work in and of themselves. but what we really want is multiple signs of a probable winning trade. price action combined with fib ret, monthly and weekly pivot levels, divergence, confluence etc. i will be dissapointed if and when someone goes hey that dblhc did not work and they did not combine other tools to confirm. jim
on 08-12-05, 4:51pm, you said:
YOU DO NOT NEED ANYTHING BUT A KNOWLEDGE OF PRICE ACTION TO BE A SUCCESFUL TRADER. this is something i am going to present in the course (someday), intelligently add in extra ingredients, like your own proven trading system and you have a real shot at success. stay tuned. jim
Can you please explain this seeming contradiction.
Thanx, sp123
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Feb 6, 2007 10:34pm
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i know some of you are thinking geez wish he would reply to me that quick. bill got lucky. LOL. the truth is i put all questions in a seperate folder and try not to let them back up. when i dont answer any for several days im hopelessly behind. some dont get answered and it truly bugs me but its a fact of life these days. if you find your question not getting answered there is one way to make sure it does. send it again. chances are good it wont get past me twice. each and every question i get whether from this free thread or the pf is important to me. it truly humbles me that people like what i share and teach. i appreciate each and everyone of you. mb is correct, whatever feed you use play em like you see em.
jim
Quote:
Originally Posted by billser
Hi Gang,
This group is great and I'm learning a lot from you all....Thank you.
This is my first time posting and I just want to say how impressed with James I am. I emailed his this week to ask a question and in less than 2 hours got a reply....I thought I would either not get a reply or be waiting for several days.....So thank you James for that......Very Impressive...
I have a demo account with FXDD for the meta trader charts and a live acount with gftforex.....when I look at the 4H charts on both accounts they are always different in terms of one will show a perfect long nose pin and the other one will not even come close to even thinking about trading...Any thoughts on what to do about that or why it happens so that I can understand what to do.
Thanks again James and the Gang
Bill
Las Vegas
PS I'm on page 40....130 to go.......... 
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Feb 13, 2007 1:41am
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i have notified merlin about this as mike is not the first. thanks as always mb.
jim
Quote:
Originally Posted by MikeW
Thanks Mike I'm in. 
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Feb 19, 2007 6:28pm
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big jim its in the blue bar under the members lounge. i know your in because i recieved the registration slip. i help coach a basketball team at my sons school. be back in a couple of hours. thanks as always for your help mb.
jim
Quote:
Originally Posted by Jimmywa
this is the first page I see at the members lounge am I in the right area?
yikes where do I start!!!
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Feb 21, 2007 1:49am
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LOL. i got the same one.
Quote:
Originally Posted by Jimmywa
i get emails like this all the time how often does it happen?????//
this was OANDA??
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Feb 22, 2007 7:37pm
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good mb. keep in mind its another one of those pins fighting against an outside bar. if it does break long it may very well stall at the 50 ret. see why?
Quote:
Originally Posted by mbqb11
Here is one to watch, were stuck in this channel here
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Feb 22, 2007 7:48pm
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no you were right the first time. i jumped the gun by not reading your post more closely.. your right on as usual. i will delete your last post so no one gets confused.
Quote:
Originally Posted by mbqb11
Lol edited my post minor PP, OK im sunk canclled my pending order lol. This is what i get for sleepin 1 hour in 2 days!
Thanks James! 
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Feb 23, 2007 2:11pm
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the outside bar is certainly more prominent. the bars themselves are important but if you pay attention to the price flips you will see why in and of themselves they are not the total key to understanding price movement. after practicing them for a while you will learn by trial and error when and how to play them in conjunction with the support and resistance areas we so often discuss in the pf. just takes practice. most new traders want to be spoon fed. give me what works. give me an exact methodology that gets me in with no thought on my own and out with no thought on my own. by and large they have no desire to spend the time and effort required to get good at this business and the slaughter marches on. you sp like a lot of people that find thier way into the pf are different.
Quote:
Originally Posted by sp123
James, if it weren't an buob, but just a huge bub, would u have the same reservations?
sp
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Feb 25, 2007 1:23pm
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this is a bit beyond the scope of the public thread. im gonna check out these typing tutors.
jim
Quote:
Originally Posted by sp123
the beob in the pic is in the middle of the range, didn't bounce off near the top....would you, Jim, sell the beob short thinking it would go down to the support? would this be an "A" trade? since it's a big beob, would that make u think that maybe it will break down after/if i reaches the support?
P.S. jim, if u type with one finger...i think there are software typing tutors out there, also, speech dictation software like, "dragon natually speaking" and vista work VERY well and save u a ton of time. sp
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Feb 25, 2007 4:06pm
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This is Jim talking instead of typing. What a wonderful post you made. I went straight down to Staples and bought the software you are talking about. I just dictated this whole thing in about five seconds. You are the man. See if I can't do something special for you sir. Why has no one else stepped forward to help me. Laughed out loud. You guys may never be able to shut me up now. I am thrilled. Thank you, thank you, thank you.
[quote=sp123;227393 very minimal to the rigthe be hundred 99 and a does Ob in the pic is in the middle of the range, didn't bounce off near the top....would you, Jim, sell the beob short thinking it would go down to the support? would this be an "A" trade? since it's a big beob, would that make u think that maybe it will break down after/if i reaches the support?
P.S. jim, if u type with one finger...i think there are software typing tutors out there, also, speech dictation software like, "dragon natually speaking" and vista work VERY well and save u a ton of time. sp[/quote]
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Feb 25, 2007 5:15pm
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Well I think I will talk for a while. For the first time in recorded history I am actually starting sentences with capitals and punctuating correctly. I may actually look like I have a brain cell now. All of the information in this thread is a very small portion of what I have learned over the last 25 years. It barely scratches the surface. What has been amazing for me from day one is that so many people have been so successful with such a small amount of information. In this static form of a forum it is very difficult to convey concepts that are really not difficult but are in this format. In the private forum we are doing videos now and it is so much easier. That is not a pitch for the private forum as almost anybody who reads this thread knows I don't hype the private forum in this public thread.
When we have our new website built and the paying members are receiving all the things that they have waited so patiently for I will begin to do beginner videos in this public thread. Nothing fancy just basic stuff that I can do a much better job of explaining in video format. There have been a few over the past two years that have wodered why Merlin gives me the latitude he does. The answer is simple. He knows how concerned I am about the people that follow me not only on the public thread but in the private forum. I go out of my way to not hype what I do. I have many many e-mails from people all over the world that have used nothing but this public thread and turned around their trading. It thrills me beyond belief.
I think one of the reasons people trust me is because they know what you see is what you get. No big hype, no big promises, just here it is are you willing to pay the price. Most are not. I don't have many detractors and the few that I do have will never be given anything to beat me over the head with. If the focus of everything I do is with the thought of helping people first then any reward I get will be taken care of by itself. You don't have to be a member of the private forum to get my help. I may take a little longer getting to you, but I will even if it takes you a couple of tries. I never ignore any e-mails. I get 20 to 30 a day and if I miss two or three days it's hard to catch up. So if you don't get a reply try again and point out itsour second attempt.
I enjoy helping people who ask questions off of this free thread just as much as I enjoy helping people in the private forum. This thread is my baby and it's very important to me. If I was not so busy building the new website and attending to subscribers I would be here all the time. The private group will always be where most of my attention will be but it is my hope that this thread at forex factory will be the first to hit one million views. Midyear when I'm caught up I have great plans for this thread. Basic instruction videos that I know you're going to enjoy.
I appreciate each and every one of you private forum member or not. As well received as the group has been it's still just a hobby. I get a kick out of the fact that my hobby is so successful and all the others are beating their heads against the wall trying to figure out how to make more money from their subscribers. I think it really comes down to intent. My intentions are good, our material is good, so the end result has been success. This focus will never change, if anything even more attempts will be made to give subscribers more for less. If it all ended tomorrow I would happily spend my days right here where it all began. This novel was created with voice dictation instead of typing with one finger. I wish to give thanks to SP for turning me onto this. You sir just got a free month.
JIM
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Feb 25, 2007 7:08pm
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THANKS BUNDY. oh and your not a small member.
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Originally Posted by bundyraider
Gee Jim. We'll never shut you up now!
I thought to mention Dragon to you a long while ago. Do I get a free month too?  (kidding, of course)
I use to do work for a quadraplegic about 10 years ago. Even back then it was an amazing program. This guy totally relied on it.
Now all you have to deal with is your wife thinking you've got a mental problem developing in the next room there!  LOL
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Feb 26, 2007 7:23pm
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VIDEOS
pretty soon im going to do some very basic videos for this thread. it will be in keeping with whats already here but it should help those trying to understand the simple bar formations. merlin is going to screen them so they meet forex factory guidelines. yes even james16 is under the watchful eye of the great wizard. LOL.
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Mar 10, 2007 12:35pm
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hello ace, give me the post numbers.
jim
Quote:
Originally Posted by acetrader
James16 can you tell me what those lines are on the charts that you displayed on the first few pages of this thread. Are they MA's or fib lines.
Very interesting the explaination you gve with each chart.
Tks for your response.
AceTrader
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Mar 20, 2007 12:14pm
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ahhh the cool fresh air of a model student. dont go live for a couple more months. when you do go live stick with daily and weekly charts for 6 months or so. when you see how low stress and reliable it can be you will probably see no reason to go intraday. i swear im gonna get this thread smokin again.
jim
Quote:
Originally Posted by Pip Squeak
I stumbled opon this forum After reading at least 7 ebooks and various manuals on trading. I'm still reading anything that I can get my hands on. However, nothing compairs to what I've learned from this thread. After reading, and re-reading this thread, I have increased my demo account by over 5% in a month and a half. I should also add that I have never traded before - not even on paper. With the help of all who have posted here, I've PROVEN to myself that P.a. works well.
First, I need to thank james16 for opening my eyes to REAL trading. Most people would have kept this "little" gem to themselves. Thank you! BTW, Now that I've finaly gotten to the end of this thread, (it only took me a month), I plan on joining your Private Forum in the very near future.
I also want to thank:
mbqb11
bundyraider
habeeb
SeekingLight
diallist
And all the rest of you for your guidance and patience.
All the best,
Pip Squeak
P.s. Don't worry James, I still intend to continue demoing for another month or so before venturing out into the real.
P.s.s. I only use daily charts for my setups, & S/R,- & I don't use any indicators - just classical TA. Great stuff!
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Mar 20, 2007 2:22pm
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money is on the money.
Quote:
Originally Posted by moneybags
Mike's advice above is right on the money.
I've recently made some changes to my trading ways and have started to let profits run. (it's the only way...)
I used to have the problem that you guys talked about, to get spooked out of trades or take profit too soon.
But the bottom line is, if you have confidence in your system (which in this case is James16 PA) and you only go for the best setups, there's no reason to be skeptical about your trade regardless what you see in lower timeframes. And the main point is that the higher the timeframe, the stronger the signal IMO. Weekly > Daily > H4 > H1 (I wouldn't even bother on the hourly charts to start)
I took a few weekly trades a couple of weeks ago, and they went against me in a hurry. A couple of them were looking pretty ugly especially on the Daily chart. But I trusted my entries and stuck with them for hundreds of pips of profit in the end. (and I still exited too soon. could've made a good chunk more  )
It's pretty hard to control your emotions. It takes practice to get a little de-sensitized to the whole process. (I'm still working on it....)
Good luck,
Tom
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Mar 21, 2007 7:26pm
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Let me share something with you wiz. When I read a post like yours I literally feel physically ill. Many people have been where your at but very few have been there as many times as I have. I literally get flashbacks and if my wife should happen to see me soon after reading one like yours she doesn't even have to ask, she knows. She knows it's not me anymore because I never risk enough to do that to myself but she knows I just read one. She has seen the look of despair and disappointment on my face many times and I get that same look when I read a post like yours. People say that I have a way of relating, that I seem like a real person to them. I have often pondered those statements. I guess the reason it's true is because I will probably spend the rest of the evening wondering what I could do to help you and I guess the reason I will do that is because I've been there and I know how damn much it hurts. E-mail me as I have a question for you.
jim
Quote:
Originally Posted by the_wizard
Mike,
Thanks for this. I'll have a good read.
I've had a huge loss today and have come very close to blowing another account so I am hurting a lot at the moment.
I just want to say something to those that may be new to this forum and maybe still new to trading. I feel that James has helped me so much that I want to give something back. I am not a good trader yet but for what it's worth I will tell you what I have learnt. It is all I can give right now.
I left work five months ago with the intention of trading for a living. Looking back now, I had no plan and was severely undercapitalised but I was stubborn and believed I could do it.
I managed to last just over two months before wiping out.
Going back to the charts, I came up with a strategy - a forex trend following system involving MA retracement that seemed in my backtesting to have incredible results. I borrowed a ?1,000 off someone in my family to trade it whilst still needing desperately to pay the bills.
I took each signal blindly. Some looked frankly awful but I found they still made me money. After a few weeks I had made several hundred pounds but the signals weren't coming so fast. I could get a week without one so I moved into commodities. I thought surely a good system should hold up in all markets. Well, I got badly whipsawed and as I started to lose I started to take more risk - as the money dwindled away I was getting worried. One trade I took 25% risk and lost over ?350 in 40 minutes. Well, soon enough, I came back down to below my starting capital. Now I became really afraid. In a moment of madness, I got in a position based on my system, over-leveraged myself again and then panicked when it went against me. I then kept moving my stop away. I couldn't face taking another loser after so many in a row but also I couldn't take the pain of losing so much money and being forced to admit that it was the wrong time for me to embark on my trading career and I needed to go back to work.
Well, I was short the US indexes. My original exit point would have left me with around ?700 in my account. After being finally stopped out today because I had no margin, I am left with just over ?200.
Looking back at the trades I did, I realise that I would take a position based on a basic signal but would have nothing else to confirm it.
Now I have Jim's words going round and round in my head: "Succesful traders hide in the bushes with a rifle - they don't stand in the open with a shotgun".
As it would happen, I was reading an interview from Market Wizards last night which I would like to quote you:
"Although the cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure it can catch it's prey. It may hide in the bush for a week, waiting for just the right moment. It will wait for a baby antelope, and not just any baby antelope, but preferably also one that is sick or lame. Only then, when there is no chance it can lose its prey, does it attack. That, to me, is the epitome of professional trading" - Mark Weinstein
What does this mean to me in light of this forum? It means, a dblhc doesn't mean get long - it means: check your daily and weekly fibs, check your trend lines, check your pivot points. Try and time the entry nicely - don't be afraid to let the trade pass you by because you waited. There will be other opportunities.
I think that with this realisation and a good break from this, I may be, hopefully, on the verge of turning a corner.
I'm sorry this post has been so long - it's been cathartic but just incase I've bored you all here is a chart for everyone.
Simple PA led to good chances in this market - I wish I had seen them as they occured!
Good luck and thanks for reading.
Tom
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Last edited by james16, Mar 21, 2007 7:47pm
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Mar 22, 2007 7:20pm
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hey clam good to see you. to a great degree it was overlooked because i had not reached a point where i was ready to release that info. it has to do with how i define supp/res and its not commonly seen or at least not how i do it. i was waiting for a former member to ask this and without sounding like im fishing for subscribers i will just say it was always my intent to release information in a slow and steady manner so people would not be overwhelmed, me included.
question
Quote:
Originally Posted by clam61
taking profit
how do you guys know when to take profit? this is a question i could never get answered by anyone at james16 when i was a part of the PF. this question always got overlooked.
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Mar 23, 2007 1:45pm
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on my feed the nzd setup was one pip off from qualifying as a pin. it did have a good eye by proxy ( pf material) so i took it on the close instead of the conservative way of waiting for a break. it looked to good to pass up. long nose, at resistance among other things. well i got burned and it should say a few things to you new folks to this thread.
i may be experienced but i still do bone headed things. i know the safe way to play these is wait for a break. why? because the bar is not even a confirmed pin until it does. i know soime of you play retracement entries and that is a viable approach, it reduces stop sizes but its not a confirmed pin until it breaks. if you enter before it breaks and it never does its a freakin blown pin.
if i sound irritated i am. i hate losing because i am sooo picky about my entries. i wasnt this time and i choked when i saw it. i tossed around in bed for an hour last night thinking i should not have taken it. i only had 1% at risk but it wasnt exactly 50 bucks. food for thought.
jim
Quote:
Originally Posted by ademac
Would i be right in saying the there is a quality PIN on the NZD/USD. As it is at a swing high, its open and close are withing a 10 pips and the nose is a good 50 pips long.
There is an IB on the EUR/USD on the upside of the IB i can only really see physiological resistance and a swing high. to the down side i see it in a pivot zone for the first 30 pips and a 61.8 ret.
There is also a IB on the CAD/USD on the upside of the IB the doesn't seem to be much in the way of any areas of confulence. To the down side i have the 365EMA. Also it is smack bang in the the middle of a pivot zone.
Enjoy
Ademac
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Mar 23, 2007 2:08pm
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geez dingo thanks, you made my day. the best thing for new people is to spend a month or two in this thread and at forex factory in general first before considering joining. a lot of people dont but i think it helps. as dingo says it can be a shock at first.
Quote:
Originally Posted by dingo432
Can i just interrupt with a quick ramble for you all here on the public side?
I know some of you are already in the PF, thats great, you know where im coming from....for those of you that aren't I pose this to you: You are obviously in this business (and it is a business) so that you can have the lifestyle that you want for you and your family. The PF gives you ALL the information you need to trade like a professional, all you need to do is be willing to sit down and spend the hours reading and learning. THE PF TAKES AWAY THE GUESSWORK OF WILL THIS WORK THIS TIME/AM I GOING DOWN ANOTHER DEAD END WASTING MY TIME, it is so obvious that the stuff WORKS and all the components of a trader are covered....I know James doesn't like to hype his material, and I think this is a good thing as this ensures he gets ppl inside that are seriously commited to learning. THIS ISNT MEANT TO HYPE JAMES STUFF EVERYONE SHOULD BE ABLE TO MAKE AN EDUCATED DECISION WHETHER THEY WANT TO JOIN BUT I THINK THE LEAST US PF MEMBERS CAN DO IS TO GET BEHIND WHAT JIM IS DOING IF WE LIKE IT. AND I DO, 100%. YOU DONT COME ACROSS THIS KIND OF COMMUNITY IN LIFE, IT WAS A SHOCK TO BE HONEST. If I wasnt 100% happy i wouldnt waste my time with this post i would have just paid for a month and left...instead ill be there for my 12months-life... If you are not committed to learning and putting in the effort then the stuff wont work for you, nothing will in fact, period. But all im saying here is that if you want to take all the guesswork out of learning to trade and just get down to business learning something that has been proven by many many traders then GET ON THE TRAIN!!!
Im sorry if this was at all out of place, its just i have had an amazing week this week, where i have been overwhelmed with the support shown and how much i have learnt, everything is just clicking, the big guns are there for me 1 on 1, and its just so exciting hearing about Jims big plans for the forum....
Ive only been a PF member for 1 month but i have been reading 5+ hours a day and I can honestly say it has changed my life, just knowing the direction to take to success is the biggest thing....
ANYWAY CHEERS JAMES AND EVERYONE IN PF
EVERYONE ELSE: COME JOIN THE PARTY
Steve
p.s. James if you feel this is too over the top then ill remove it pronto
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Mar 23, 2007 2:18pm
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if it gets there watch 118.25/35 for resistance. thats when i would get my stop to BE.
Quote:
Originally Posted by dbeach777
I'm taking this trade. I know my profit target isn't that much but I'll take it anyways. How might a more seasoned trader look at this trade?
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Mar 27, 2007 12:50pm
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tips on divergence: always be cautious of divergence in a strong trending market. anytime your learning something new take some time and walk thru the past on a chart to notice anamolies. divergence can be outstanding when combined with the other stuff we learn but as i said it can burn you bad in a real strong trend. a quick look at the past on your charts will reveal this. it will also reveal some great early warnings of great trades if its used in conjunction with the other stuff.
Quote:
Originally Posted by the_wizard
it's too early to call it right now but there is another pin bar forming on the nzd/usd daily.
this pair is certainly looking overextended now but i am cautious since i know some of you pro's got burnt with those two previous back to back pins...
this time i can also see what looks like bearish divergence on the rsi.
i've never traded off divergence before - hell, i've never really even looked for it until i came here - this is the first time i've seen it properly.
i could be reading it wrong but it looks like the rsi has failed to make a higher high from the previous peak on 26 feb.
i'll post a chart later if the pin holds.
tom
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Mar 27, 2007 10:36pm
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i see you lurking around trumpcard. been a while buddy, welcome back. where ya been man.
jim
Quote:
Originally Posted by the_wizard
well, here we are. a couple of hours from the close and still looking good.
i'm not strong on negative divergence...that is it that i can see on my rsi, right? i'm in doubt because i am using onanda also - same setting on rsi but it's hasn't made a lower high like this...instead it's higher and looking healthy...
i was considering shorting but put off by two things:
a) the traders that got blown out the water shorting the second bar back when it broke the pin lower.
b) the major resistance at 72.00 - i checked back and corrections off this level are often sharp and very profitable if caught but the price movement around this area is highly erratic and could be brutal.
(see next chart)
good luck
tom
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Apr 9, 2007 12:43pm
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thanks for this post manya and this is not meant to be critical of you but it gives me a chance to put up something i have considered doing many times. below is what all new subscribers get when they sign up for our group. anyone considering joining our group should do so only if they are willing to follow these guidelines. im not niave enough to think that most people will or do follow it but the questions will always remain. do any of you actually think this is easy? do any of you actually think this is different than starting any new business?
MINIMUM REQUIREMENTS / THIS IS A BUSINESS
WHATEVER / WHICHEVER WAY YOU DECIDE TO TRADE YOU MUST AT A MINIMUM
1. ON DAILY AND WEEKLY TIME FRAMES ONLY YOU DEMO TRADE FOR THREE CONSECUTIVE PROFITABLE MONTHS IN A ROW. YOU DO NOT PROCEED TO STEP TWO UNTIL COMPLETED.
2. OPEN AN ACCOUNT WITH HALF WHAT YOU INTENDED TO GO FULL WITH AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME FRAMES UNTIL YOU ARE PROFITABLE THREE MONTHS IN A ROW MINIMUM. YOU NEVER RISK MORE THAN TWO PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE. YOU DO NOT PROCEED TO STEP THREE UNTIL COMPLETED.
3. FUND A FULL ACCOUNT AND CONTINUE TO ONLY TRADE DAILY AND WEEKLY TIME FRAMES UNTIL YOU ARE CONSISTENTLY BUILDING YOUR ACCOUNT FOR AT LEAST SIX MONTHS. YOU NEVER RISK MORE THAN 2 OR 3 PERCENT OF YOUR ACCOUNT ON ANY ONE TRADE.
4. If and when you decide to daytrade on small time frames and you dont follow this template at a minimum you are almost certainly going to find yourself in trouble. If you are going to follow any system and you dont follow this template as far as the demo process you are not treating it as a business and you have no one to blame other than yourself if you lose your money.
5. IF YOU EVER SUFFER THE LOSS OF 30 TO 35 PERCENT OF YOUR ACCOUNT YOU STOP TRADING. PERIOD-PARAGRAPH. YOU GO BACK TO DEMO AND FIGURE OUT WHAT WENT WRONG. WHILE DOING THIS YOU REFUND YOUR ACCOUNT BACK TO ITS ORIGINAL AMOUNT. YOU DO NOT GO BACK TO LIVE TRADING AGAIN UNTIL DEMO HAS SHOWN YOU WHAT WENT WRONG AND YOUR ACCOUNT IS BACK TO FULL STRENGTH BY WHATEVER MEANS. IF IT TAKES A MONTH OR SIX MONTHS IT DOES NOT MATTER. YOU MUST FOLLOW THIS APPROACH IF YOU DONT WANT BLOWN ACCOUNT AFTER BLOWN ACCOUNT.
Your goal should be this. Learn, learn and learn some more and dont do anything stupid while your getting your feet on the ground. The ultimate goal of any trader is to build an account to a size where just a few good trades a month produces a staggering income. Hardly anyone ever gets there because they dont treat it as a business. They do stupid things that they would never do in any other area of thier life and its because of the money that can be made. If it takes you a couple of years or even five or ten to reach the level of a staggering income is it worth it? The choice is yours.
Quote:
Originally Posted by manya42
Hello Everyone
Is a year + of the PF and I will be having a little more time to join however ,I want to know your experiences .
To me $120 a month will be a big deal if in top I am loosing money trading or unless not making the $120 to pay each month .
You can PM me that way we do not clutter this thread ,
Thanks to everyone in advance .
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Apr 10, 2007 6:04pm
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very nice wiz, could be a great set up area. bellies will steal your wallet and laugh at you while its running away. not a newbies market but a lot of fun to demo until you are ready.
Quote:
Originally Posted by the_wizard
pork bellies. weekly chart.
pivotal s/r in red.
we broke through in february of this year and we've now come back to test support. a good area to look for a pa setup. (see next chart)
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May 2, 2007 5:46pm
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jim
Quote:
Originally Posted by the_wizard
Hi everyone,
Just thought I'd make an update on the calls I made last night - so those (including me) that are still reading and learning don't have to manually check the charts to see if these setups worked.
Sugar: -4 points (stop required:58)
AUD/USD: +8 points (stop required:61)
AUD/EUR: -11 points (stop required: 37)
USD/CAD: -38 points (stop required:72)
GBP/USD: +84 points (stop required:99)
Russ 2k: +119 points (stop required:109)
Win: 211 points
Loss: 53 points
All positions taken 1 tick above/below previous session high/low.
All profit/loss includes spread.
+++++
As an aside, I would note that every single one of those positions (apart from sugar which fell victim to a the spread being almost as wide as the move up) went significantly into profit and if you trade as james teaches rather than hold in the hope for more, as I do, you could have taken pips off the table and most likely got a stop to BE on those losers.
+++++
Tom
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May 4, 2007 5:25pm
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use good money management guys. you never know this one might blow up.
jim
Quote:
Originally Posted by the_wizard
Nasdaq 100
You have no idea how excited this just made me...US indices at all time high and all of them forming daily pin bars as we head into the close...
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May 11, 2007 1:31pm
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Quote:
Originally Posted by mbqb11
patience and discipline and ANYONE reading this thread can make money in this market if you put the time and energy into learning what James teaches
this one was easy as cake
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May 11, 2007 1:36pm
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Example Chart
Example Chart
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May 11, 2007 4:22pm
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LOL.
Quote:
Originally Posted by mbqb11
Go get em!
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May 15, 2007 2:42am
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very nice david.
jim
Quote:
Originally Posted by hanover
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May 15, 2007 2:45am
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one of mine also. the key is catching these as reversals after long runs and at support and resistance as mt points out.
jim
Quote:
Originally Posted by Mr Trend
One of my favorite trades...
BUOB on 1H at support...
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May 15, 2007 2:49am
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yes im doing everything i can to reach the mighty wizards elite level. LOL. merlin is a great trader. i honestly can count on one hand the number of long term succesful fundy traders i have ever known. WOULDNT TOUCH IT WITH A TEN FOOT POLE. IM NOT SMART ENOUGH.
jim
Quote:
Originally Posted by tdion
All this time, I thought James16's avatar was a Santa Claus elf or something......
now I realize it's Merlin's head on a human body.... lol
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May 15, 2007 2:59am
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mb has the best avatar on the whole forum. i crack up everytime i see it.
Quote:
Originally Posted by mbqb11
2,648 , how big of a line would you be swinging

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May 15, 2007 4:31am
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THANK YOU MERLIN
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i tend to agree on the smaller time frames. a lot of people may stare in shock at what im about to say but here goes. all of you know how big i am on demo first but there is actually another step to your intraday demo process that i have never mentioned on the public side. perhaps its time.
when your going thru your demo process on intraday, looking at higher time frames is ok to help you early on but....before you ever trade intraday with real money you SHOULD BE ABLE TO TRADE AN INTRADAY CHART PROFITABLY BY ITSELF WITH ABSOLUTLY NO IDEA WHAT ANY HIGHER TIME FRAME IS DOING.
i trade the 15 minute chart on three pairs. mostly just two. eur/usd and usd/jpy. they are the only two i have demoed down that far. yes i demo just like i tell everyone else to do. i trade the mini dow on 5 minute. when i am trading these time frames the last thing i will do is look at anything higher. a lot of people do and it works for them but all it does is freeze me. if you freeze for even a second or let any doubt enter your mind on these time frames your toast. when your looking for 10 to 20 pips with a stop of 10 to 15 pips you better be right and you better be confident.
so far this month i am 9-0 on the 15 minute. i sit for hours waiting for the perfect set up. i keep a trade log and my watching time versus trading time is around 48 hours to a little over 5 hours actually in trades. i dont daytrade to trade, i daytrade to win.
trying to do this with a small account is very difficult and thats why i try to get people to start out larger and build thier account before going intraday. when 10 pips makes you a grand or more its not hard to wait for the best setups and take your profit. your time will seem worth it. sitting for 48 hours to make 50 bucks is tough, real tough. i spent almost a year working my way down to those two pairs on 15 minute and i have been doing this almost 25 years.
are you guys treating it like a business? for your sake i sure hope so. if it takes you several years to reach a point where your making damn good money and doing what you want when you want is it worth it? money to spend and complete freedom is the payoff but its reached by very very few people because very very few people take it seriously. jump from system to system and blow out a 2000 account time after time. been there and done that and i aint going back. hard work, common sense, a business plan and practice practice practice.
jim
Quote:
Originally Posted by Mr Trend
I have found that that line of thinking will get a person in trouble. When you trade smaller timeframes, you set your SLs and TPs according to that timeframe. You would've done well on that BUOB tonight...
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May 15, 2007 5:05am
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hello mike,
i have to keep this thread to the longer time frames. couple of reasons. first let me say all of you long timers to this thread know i do not use this thread as a marketing arm for our group. this thread will always be here to help people interested in price action whether the pf stays up or not.
one of the reasons i started the group was to take it deeper so people would not get themselves in trouble. in the group i have profecient students to help me. i wont say who they are but they are in this thread all the time helping. you probably could guess who they are. i care about people and my damn conscience is of mammoth proportions. (thank you mom and dad) so i must be careful so i can live in peace.
im serious about that. i worry all the time about all of you following my stuff.
here are the main reasons.
1. to many newbies here unfamiliar with my stuff. even the pf people will tell you i am very careful in there also. intraday is the biggest killer for new traders.
2. i cant compromise the subscribers.
the basics are here for exactly how i trade. the details are in the pf.
thats as honest as i can possibly be. i appreciate each and everyone of you public or private.
jim
Quote:
Originally Posted by MIG
Hi Jim, Is there any chance of posting up a few of your recent trades on the 15min charts?
Mike 
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May 15, 2007 11:34pm
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different feeds will do this. play em like you see em.
jim
Quote:
Originally Posted by rcthkd
My charts don't look anything like yours do, I am not showing any of these setups.
I do have the pb on eur/cad. but not the others
I am using interbank
Ric
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May 22, 2007 12:46am
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just a thought
if all you new guys will just do the following for the next 3 to 6 months then i can promise you something. you will be glad you did. forget about all the confusing different indicators, approaches and systems and do something very simple.
for the next several months just demo daily and weekly pin bars. nothing else.
you will gain confidence instead of blowing your brain and account out trying to learn and do something different every other day. get your feet on the ground and then move into more complicated areas. its a process that takes practice and some time. the road to even a slowly growing account is littered with broken dreams, savings accounts, marriages, retirenment accounts and yes even lives. it happens because people do crazy things when they start out in this business. things they would never do in any other area of thier life.
couple of charts
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May 22, 2007 12:50am
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chart
chart
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May 22, 2007 12:56am
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chart
chart
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May 22, 2007 2:09pm
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yes mike has the potential to be a great trader. he is already good and i know traders that have been doing this for 20 years i dont call good. when i say good i dont necessarily mean what thier account is currently doing. im talking about long term potential based on how they go about things mentally. when its all said and done this is a mental game. common sense, desire to learn, a stubborn willingness to not rush the process, persistence and dedication.
jim
Quote:
Originally Posted by mimas
Hi Mike,
Just a quick post to say a big thankyou for confirming that......your a very helpful chap....I have to agree on the 15m TF is what I used to trade that and getting chopped to death is a good analogy, one bit of news and your outa there.......!
Also agree it seems to me the more you trade the less you make.... it is as you say people feel they have to be trading full time.
Agree James is a smart cookie alright but Mike your not doing so bad yourself.....!
Stay Lucky.
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May 24, 2007 2:31pm
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daily/weekly time frames yes they are great. lower time frames must be used with caution and a high degree of pin pointing based on s/r. someone starting out with one hour without a solid background in other areas is going to find themselves in trouble. nothing wrong with demo but real money should start with large times frames and worked down.
jim
Quote:
Originally Posted by zalakinc
I did some testing on Pins with the pdf files provided. these pins are awesome....I did what james said about just looking at pins over past 6 months. so at this point, its a great setup....but thats all it is a setup. now i need to convert it into a trading system with specific entry and exit rules. I need to read this thread more or come up on my own.
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May 24, 2007 9:59pm
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yeah i have to admit i laughed when i saw this and then i went and looked at some of my old trading books and really laughed. i could do a damn good one and who knows, maybe someday.
jim
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Originally Posted by mbqb11
no book lol
New website in the making though
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May 25, 2007 12:10am
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LOL. believe it or not i was in a high school rock band in the seventies. we sucked but man the chicks were thick. could tie my hair in a knot under my chin. if i could have been anything in life i would have chosen rock star. when i was around 20 i hired on with a production company to help build the stages for all the state rock festivals. traveled all over the country. florida jam, california jam, you name it. i partied to hard to remeber a lot but it was a blast.
back stage pass and sat right on the stage. partied personally with bands like van halen, foreigner, ozzy, eddie money, heart, zztop, steve miller, journey, styx, you name it. i was on the stage at the florida jam the day randy rhodes died. all of ozzies roadies were there bringing his stuff on. i was standing right there when someone came up and told them to stop and take everything off that randy had died and ozzy wasnt coming. the stories i could tell you wouldnt believe. ive seen cops snort cocaine on many occassions at those shows back stage
jim
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Quote:
Originally Posted by rlelijah
Where can we get this music video ??????????????????????????????????? ??????????????????????????????????? ???????????????
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May 25, 2007 1:21am
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ok lets go one step at a time. very simple stuff and you will see that soon if you work at it. i was where you are once and everyone else also.
1. pivot levels. i could tell you but do this on your own. google floor trader pivots. in 30 minutes you will know everything you need. there are pivot calculators all over the web. plug in the numbers and out it comes. just plot them on your chart.
2. fib confluence is where two different fib levels line up. confluence can also be a pivot and a fib line. google this also.
3. pin bars are a single bar formation described in detail all thru this thread.
4. what we do here is as simple as trading gets. by a long shot. wont take you long. dedicate a little time everyday and go thru the thread post by post. most people that accomplish it dont regret it.
jim
2.
Quote:
Originally Posted by yendis70
I'm at kindergarten level & not sure I should be continuing in this thread, but it's very interesting. Thnx
BUT--I don't understand much of it:
don't understand application of wkly pivot level, or how to put in on a chart.
what is fib confluence
you mentioned pin bar; which one?
Sorry--I know this is very basic. I'm on pg 9 & will continue to read & study graphs. It seems I'm the only one in the thread not knowing a hell of a lot (more like not knowing a hell of a little).
Thnx, Sid
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May 25, 2007 4:23pm
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Price Action
let me clear something up. price action can certainly be traded after a lot of practice by itself. if anyone new is blindly trading bar set ups with no other confirmation then your trading in a risky manner, especially if your new. the whole purpose of price action analysis is to refine and identify the best entries to put you in a winable trade early and often. price action is not a system it is a method to enhance your likelyhhod of a succesful trade whether your a s/r trader or a system trader. TAKING EVERY TRADE YOU SEE BECAUSE ITS A BAR WE DISCUSS IS INSANE. if you do you certainly never heard me say to do this.
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Jun 26, 2007 4:45pm
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NOR I.
JIM
Quote:
Originally Posted by habeeb
Couldn't have said it better 
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Jun 30, 2007 8:38pm
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many different approaches are discussed by long timers in this thread. the most conservative manner is on a break of a particular bar. the single most important thing is to combine simple support and resistance into your thought process. if you have a price action set up telling you long and its right snug up against strong resistance you need to think about a couple of things.
do i take a break of the bar into the resistance or do i enter after the resistance has been broken. if you take the trade after a breakout of res you now have a well thought smart place to put your initial stop that being under the res. simple analysis that any trader should be able to decipher and do before ever risking real money. no crazy indicators just simple price analysis combined with s/r. it works very well AFTER A DEMO EDUCATION WHERE YOU PROVE TO YOURSELF YOU CAN DO IT.
jim
Quote:
Originally Posted by wainernegocios
Hi, Jim.
How can I determine the entry after a pattern action ?
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Last edited by james16, Jul 1, 2007 12:10am
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Jul 1, 2007 12:44am
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LOL. thanks md,
do all of you realize that there are many golfers out there that are good enough to beat any of the top professional golfers, including tiger, on any given day when its just for fun? shooting 68 is not rare at all. shooting 68 when your living and family is on the line and ten million people are watching is only done by a very very very very few. 95 percent of those weekend 68,s would be 85 if it really meant something.
tiger calls them ranger rick. what he means is they cant take thier game from the practice level to the course level much less to professional level. you have to practice for years on the range to even have a game that has a possibility of taking to the course for a 68. then you have to practice for years on the course producing those low numbers AND HOPEFULLY AQUIRE THE MENTAL GAME that is the key to taking it to the next level.
this business is no different.
you have to spend the needed time gaining knowledge. then you have to practice until your really good. then you take it to the real course and continue to practice and hone your skills while hopefully sloly building your account. during that time if your money managment/psycholgy/mental game is not improving you will find yourself back on the range (demo) because your out of money.
just like the golf analogy 95% dont have the patience or dedication needed to reach the point where thier hard work has produced a level of success that allows them to say im a pro. a pro is nothing more in this business than someone who consistently takes more out of the market than he gives it.
a pro golfer is nothing more than a guy or girl that can take a weekend fun 68 and reproduce it under pressure for a boatload of money. its mostly between the ears.
if more people would treat this trading dream with a business approach that 95% figure would come down a bunch.
are your dreams worth several years or more of dedication and goal setting and a smart business plan?
if you will i can tell you right now its not about whether your a high school drop out or a phd. its not about smarts. its about dedication and common sense.
i love my thread and all who visit. i have great plans for it in the coming months.
jim
Quote:
Originally Posted by Mr demark
when i grow up i want to be like you
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Jul 6, 2007 8:18pm
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well put tom, its this breakdown in discipline that puts the whammy on so many new traders. we all end up doing it. i still fight it to this day. its an evil little voice we must ignore.
jim
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Originally Posted by moneybags
pffff..... Here comes Mike again with his "logic", to rain on the parade.
LOL! just kidding Mike.
This is a very important point. I think it's very dangerous to change your established risk parameters when an apparent A trade comes up. Cuz sometimes these A trades turn out to be Fs. It's out of your control.
I was burned a couple of times back in the day when I pumped more money than the usual on trades that looked top notch. It's easy to dig yourself in a hole this way.
If anything, I sometimes drop my typical position size with trades that I don't feel are A trades (more like B+).
Take care everyone,
Tom
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Jul 10, 2007 4:41pm
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LOL. yeah baby!!!
jim
Quote:
Originally Posted by the_wizard
Two words for you all:
Razl
Dazl
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Jul 16, 2007 11:09am
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Quote:
Originally Posted by the_wizard
Good opportunity to double up
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Jul 17, 2007 1:17am
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divergence
divergence can and will kill you in a strong trend if used blindly. never forget that. a lesson i learned long ago. used with price action and support and resistance like we do here it can be of good use but be careful ladies and gents.
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Jul 19, 2007 6:37pm
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bingo.
jim
Quote:
Originally Posted by TheThing
Exactly like that but it takes only 5 minutes to get your access to PF  : At least it worked for me just 2 weeks ago!
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Jul 19, 2007 11:25pm
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nice observation and true but you need to do a little fiddling and testing on each pair and when they trade with the most movement.
jim
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Originally Posted by JoshDance
Something obvious occurred to me earlier today, and I thought I'd share it just in case some others had not picked up the obvious as well. I remember from this thread or maybe his other that Mike says he pretty much ignores the 4-HR IBs. Well, besides the 4-hr TF being not as smooth as the daily (for obvious reasons), part of this is because during off-hours for a pair like the EU (say, 2PM to midnight Eastern time), there is so little trading activity that there is simply less action, and an IB can form just from the lack of volatility. Now, if you're using tick charts, it's a different story, but I'd bet that no more than a handful here do.
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Jul 20, 2007 11:35am
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excellent explanation.
jim
Quote:
Originally Posted by JoshDance
On a typical 1H chart, a new bar forms every hour, whether tons of trades were placed that hour, or if it was very light volume, like on a Friday afternoon. On tick charts, you can specify that a new bar be formed when a certain number of ticks goes by. So each bar would represent an equal amount of trading activity. So I can say, I want each bar to represent 133 ticks. Well, during an NFP news release, for example, you might get that many ticks in one minute, so a bar might represent one minute's worth of trading, whereas at 6PM EST, it might take 20 minutes to form one bar! So your charts are not time-based, they are activity-based. They are very popular in futures trading and other markets.
So all that was to say that on a time-based chart, a very small IB may be formed simply from a lack of trading activity, and the high/low are likely to be very close to each other. Whereas on a tick chart, one bar might be 2 hours worth of activity, and another might be 7, but they will represent the same amount of activity, and you would be much less likely to have "fake" IBs. Unfortunately, as an MT4 bar can only be as small as 1M, tick charts are not possible, though some not-so-good attempts have been tried. Other programs like fibonacci trader, probably trade station, and others have them.
All this was just to say that that's one reason IBs are more common on 4hr charts, not the only reason, and not to say that tick charts are really superior, as that's a matter of preference.
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Jul 29, 2007 4:18pm
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hello kevin, i dont know if this was demo or real money but i will use your post to talk a bit. you may or may not apply to my talking points so this is not directed at you im just using your post to convey a few thoughts.
im trying to be honest here not mean or cendescending.
1. anyone trading 4 hour time frames or lower i would ask them this. did they go thru a full 3 to 6 month demo process showing competence and profit on WEEKLY AND DAILY CHARTS before going live?
2. did they then fund a real account and show real money profit for several months on these large time frames before even considering any lower time frame?
2. if 1 and 2 were completed and they are now trading 4 hour or lower did that time frame go thru a full demo process to prove they could understand the nuances and difficulties associated with lower time frames?
this is a business folks and not treating it like one is fatal. 95 percent of new traders that dont follow a process similar to the one above are doomed. very few do and thats why very few make it past the first 6 months. not doing it is why new traders blow account after account and this whole thing turns into one nightmare after another. i cant answer the question of whether or not a year or two of patience and practice are worth it to any one individual but if its not save your money because your odds of building an account long term is almost 0.
once again k this has nothing to do with you i just like to use posts similar to yours to talk about a subject that is engrained in every fiber of my body. this thread has helped many people but what i just wrote is far more important than the actual trading material.
jim
Quote:
Originally Posted by Kaysole
SeekingLight,
I have a question for you if I may. Last week I took some pinbar trades that turned into a big loss after they were all activated. Now I know that not all pinbars work. But the question I have is; were the trades risky because of the extreme nose dive right before the forming of the pinbars? Or were they pinbars that just didn't work out this time? By the way, they were all in coordination with the daily and weekly trends. Here I've posted an example of cad/jpy. I'd appreciate your reply.
Kevin
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Jul 29, 2007 9:40pm
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thank you 2.
jim
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Originally Posted by 2be
I have just came across your thread today, and have read/studied the first 30+ pages with great interest. Jim you have put so much work into this that one hopes and prays for you to have a real sense of achievement and benifits far in excess your expectations. I do intend to subscribe to the pf shortly. You have indeed came across as a commited teacher and communicator with the real interest in the exciting subject of trading. I cant believe how many postings you have unswered!!! I have been facsinated with trading for the last 6 years and can easly understand your fascination with it for a much longer time. Thank you for the offer you made available to learn from your experience and the experience of the team working with you. It is late in the UK, so I shall do the signing to the pf tomorrow.
Best wishes,
2be
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Jul 30, 2007 3:46pm
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you may be fine with the pin. the positive to think about is you called the run. there are 20 year traders that cant do that. your on your way dude, be happy for it and stay patient.
jim
Quote:
Originally Posted by the_wizard
I've done a BAD thing.
And I know it's a bad thing
I predicted in my journal last week that the bund would break out of that lower range at around 111.00 and test the previous support (around 220 points higher) before resuming its downwards trend.
It's testimony to how hard trading is that despite being correct (to the tick) on that whole move, I have still lost money trying to trade this intraday.
And now it's tested that level and formed a pin bar and I've gone short right at the close before it's even broken.
Someone scream at me.
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Aug 6, 2007 2:29pm
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one of these days i have got to go thru this thread top to bottom. LOL.
JIM
Quote:
Originally Posted by vmaranhao
Hi
This indicator shows price actions patterns, at least the ones I've plotted after go through hundreds of pages in this much more than excellent thread.
Just put the indicator in a chart and the stars will appear.
How to trade with the stars? That's a question to our guru...
rgrds
vmaranhao
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Aug 17, 2007 3:24pm
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nice job tiki. i dont post much and i wont until i get my stuff straightened out on the other side but when i do i plan to spend a lot of time here. that being said i do watch all the time and rarely miss a day checking in. i feel the same way about fundamentals and people that trade profitably like that amaze me, larry williams being the master by a long shot. the guy is so damn good he calls stuff 6 months in advance to the day sometimes. no one puts themselves on the line like larry and he nails em all the time. i like seeing if i can line up a price action set up with larry's predictions. been doing it for years and its a lot of fun even if done on demo.
jim
jim
Quote:
Originally Posted by Tiki Trader
I too had to choose sides... and for me it is technical... How in the world could anyone gather enough info on fundamentals at any given moment ??? Too manything going on... to deep for me and I will always miss the crucial point that was important to make a trade... then I lose.... never fails !!! So technical is easier and more reliable... Not that I can analyse technically so well... actually it is looking for set-ups for me... and PA is just that... wait for the set-up, make the trade....
Learning james16 over the last 2 months is now beginning to pay off for me... made my bigest trade of my life this week with + 600 pips or so. Of coarse they were cheap pips of only 4 cents each... but still added 1% to may account and added tons of faith to my trading...
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Aug 17, 2007 5:57pm
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larry follows the commercial traders. commercial traders are those companies/individuals that actually use the product. thier thought process is in another universe compared to us normal traders and he maps thier footprints to tip him off. what is amazing is he compares the commercials to the broker/analysts recommendations. if the commercials are heavy short he will wait until the talking heads are in mass agreement to go long and then he follows the commercials in. its funny as hell to watch him wait until 90 percent of the analyst community says one direction and then by following the commercials he bucks them and wins time after time. he actually has an indicator that shows when the analysts are strong in a certain direction so he can trade the other way. LOL. its way cool.
jim
Quote:
Originally Posted by the_wizard
In 1987 Williams won the World Cup Championship of Futures Trading, sponsored by Robbins Trading Company, trading $10,000 in real money to $1,147,000 in 12 months ? a feat no one else has come close to matching. It was a wild year, as Williams ran his winnings to more than $2,000,000 by the end of September, dropped down to $750,000 after the October ?87 crash, and traded back to the $1,147,000 mark by the end of the year.
IN 1997, at age 16, his daughter, Michelle Williams, used what Williams taught and won the same competition with exactly 1000% returns on her US$10,000 investment.As of 2006, Larry Williams' 100-fold gain is the highest in that competition.
Taken from Wikipedia
All I can say is...WOW
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Aug 17, 2007 6:57pm
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Quote:
Originally Posted by Tiki Trader
I am going to be studying up on Larry Williams this weekend !!!
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www.ireallytrade.com
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Sep 4, 2007 3:17pm
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Quote:
Originally Posted by the_wizard
Yep there has been some incredible opportunities today.
I made 62 pips in Gold and 31 pips in the Bund.
I was particularly pleased with the Bund. Pin bar on the 1hr off of 61 fib and S/R level. Price went sideways for a few hours and then fell like a stone.
Thanks to Jim's zones, I managed to close out just 2 ticks off the low of the day, too!

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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Sep 7, 2007 12:00am
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THANK YOU MERLIN
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geez
you guys are way to kind. your words do make me feel good and frankly with a couple of nasty posts at forex bastards lately i needed it. merlin told me early on that no matter how hard i tried there would be those that would question my integrity and try to smear my good name and he was right. if the group ended tomorrow i would just keep on doing what i do and spend my time in this thread. no one should hesitate to email me if they have a question. it doesnt matter if your a part of the group or not i will try to help in anyway i can.
jim
j16tg@sbcglobal.net
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Sep 7, 2007 12:21am
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THANK YOU MERLIN
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thank you sir. what bothers me most about fb is anyone can post anything without having to prove they were even a member. for those like me that really do care about thier good name its tough to see posts that are simply not true. i would never mind an intellegent tough review but to put me in with the scammers is a tough pill to swallow. ive given my heart and soul for almost 3 years trying my damndest to be the anti-scam.
i dont want to be some high profile supposed teaching guru. ive never claimed to be one and want nothing to do with that kind of stuff. what i really want is to remain small and anonymous and just continue helping those that cross my path if i can. almost all the reviews there are 5 star but the truth is i wish i wasnt even there. i dont advertise anywhere. i havnt spent a dime on advertising since we started the group and have no plans to do so. i could care less if the group is 25 or 2500 as long as im having fun and people seem happy. im just as proud of this free thread as i am of the private group and i mean that.
jim
Quote:
Originally Posted by saint_berzer
Forex Bastards don't seem to be trustworthy to me. I get newsletters from him which are ok...but his reviews of brokers and such are biased. Just something fishy there.
Guaranteed that forexbastards.com get a whole lot more of negative talk than anybody of FF.
Just found your thread Jim....loving it. I'm a super noob that's been losing big. I now backtest my losses with some of your methods and now it's obvious where I screwed up.
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Sep 7, 2007 1:38pm
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THANK YOU MERLIN
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yes ive heard more than one story similar to yours. anyway enough of my whining and on to more important things.
jim
Quote:
Originally Posted by steve50
I totally agree. The site forexbastards is itself a scam site. It is there solely to promote this scam artist felix and his terrible trading system. By putting down professional quality sites he can get market share from newbie traders who actually think the complaints on the site are real. Ignore them. I made a great expert advisor for forex trading and every single person without exception made money with it yet 1 or 2 people who thought they could start with $500 stake and turn it into a million overnight got on that site and said the most ridiculous lies about my product. Like I would not give them their money back because they did not make a million overnight and they deserve their money and the software. I told them to f off like I would any buyer fraud person. My point is to ignore the weirdos as their are so many of them out there you cannot count them all.
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Sep 10, 2007 8:06pm
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THANK YOU MERLIN
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if you do here are areas of support to be mindful of.
Quote:
Originally Posted by Tiki Trader
OK, I am calling this a PB on daily GBP/USD, not a big one, but I have seen often that size is not always the big thing... My other ( Rob Booker ) indicators ( yes I know no one wants to know about that heere )are showing time for short on gbp/usd... not sure when, but very soon.... maybe tied to how long eur/usd will stay up close to all time highs or testing higher.
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Sep 19, 2007 4:34pm
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THANK YOU MERLIN
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welcome g,
pure gold? probably not but pretty good if people use your suggestion of patience.
Jim
Quote:
Originally Posted by GFI
I have seen this thread just about everytime i have visted FF. I never bothered to start reading it from the beginning until just the other week. I must say the method first presented at the very start of this thread is, just as others had been saying in earlier posts, pure gold!! My first four trades using these setups have resulted in +50, +120, +35 and +43 pips thus far. It seems just to be a matter of patience on waiting for the right setups..... I wish I had started reading this thread a lot sooner!
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Nov 5, 2007 4:25pm
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THANK YOU MERLIN
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yeah i dont want anyone getting lost in the shuffle and there are some technical reasons also. when i get things going and as a result have my life back i will return to this thread and become a regular poster again. thanks to all of you that find it useful and keep it going.
jim
Quote:
Originally Posted by clockwork71
It is only until Jim gets the new website up and running. I don't think it will be all that long. However, he hasn't stated exactly how long.
He just doesn't want new guys to show up and get cheated because of some "glitch".
Those of us that have been there for a while already know it's worth it.
Clockwork
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Nov 6, 2007 4:23pm
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THANK YOU MERLIN
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keep it up sp. great job and congrats on the baby.
jim
Quote:
Originally Posted by Scot Pippin'
Hope everyone is gaining as much as i have from James' teaching and words of inspiration. I joined the PF briefly as I was unemployed at the time, but hope to return when I get back on my feet. I'm still in demo and will stay there until I double my account twice.
Just wanted to say that I'm beginning to read the charts the way James said I would with time. Not that I have it down but I have managed 70% since August. Lately I've been asking myself whether it can really be this easy?
I hope so, I have my first child on the way and I want to be able to tell her that she can do whatever she wants in life....and I want it to be the truth 
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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Nov 6, 2007 5:07pm
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THANK YOU MERLIN
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take care my friend and yes it will be open by then just not completly furnished.
jim
Quote:
Originally Posted by HipsterPipster
Congrats SP,
Everyone, I will be gone for about a month. I need to travel through Argentina to Paraguay by bus (30+ hrs) for business and visiting friends. I may be able to check in from internet cafe if I have the time. Otherwise, will see you early Dec. Have a great thanksgiving for those that celebrate it. Will be around until this Fri. Jim, maybe the new site will be up and running. I look forward to it.
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Just trying to figure out where i came from, why im here and where im going.
FF Official Partner
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