james16 Chart Thread
2005 TO 2016. THANKS TO ALL MY GOOD AND DECENT FRIENDS.
NEW WEBSITE PRE-LAUNCH VIDEOS LINK BELOW. BE SURE TO READ INFO LEADING TO IT.
THE DREAM IS OFFICIALLY BEING ANNOUNCED AND CLOSE TO MIKES BIRTHDAY. LOL.
OUR NEW SITE WHICH INCLUDES FOREX, STOCKS, OPTIONS, REAL ESTATE, MEMBER FOUNDATION FOR FINANCIAL TROUBLE DUE TO UNFORSEEN CIRCUMSTANCES, WORLWIDE CHARITY AND EVERY DREAM WE HAVE HAD FOR TEN YEARS WILL BECOME LIVE ON 1-3-16. YOU CAN NOW SEE OUR FIRST PREVIEW AND WATCH TWO VIDEOS THAT I THINK WILL BRING MANY SMILES TO MANY FACES. STAY TUNED BECAUSE ANOTHER PRE LAUNCH VIDEO WILL HAPPEN AROUND 12-25-15 AND WILL INCLUDE A FULL MEMBER AREA WALKTHRU.
TO ALL MY DEAR FRIENDS FROM AROUND THE WORLD MEMBER AND NON MEMBERS THANK YOU FOR MAKING ME A BETTER PERSON IN MY HEART. THE SEARCH FOR EVEN BETTER PLACES INSIDE MY HEART WILL CONTINUE WITH YOUR COMPANIONSHIP. THE NEW SITE WILL CONTINUE ON WITH THE HONOUR AND INTEGRITY SHOWN TO0 ALL FOR NOW OVER TEN YEARS. THE VIDEO WILL BETTER EXPLAIN BUT ALLOW ME TO MAKE A COUPLE OF MAIN POINTS. TRADE CALLS WILL BE DONE BY DONATION ONLY. IN FACT A LARGE PORTION OF THE SITE WILL BE MEMBER DONATIONS RATHER THAN FEES FOR SERVICES. IF WE EARN IT THEN YOU CAN DONATE. IF WHAT WE HAVE TAUGHT YOU IS RESULTING IN YOU MAKING MONEY THEN DONATE IF YOU WISH.
5 TO 10 PERCENT OF ALL PROCEEDS WILL GO TO THE FAMILY FOUNDATION AND CHARITY WORK AND A FULL ACCONTING WILL BE READILY AVAILABLE. IN FACT MEMBERS WILL BE SUBMITTING MOST CHARITY SELECTIONS. THIS WAS ONE OF THE EARLY DREAMS OF THE GROUP TO BE ABLE TO HAVE THE TECHNOLOGY WITH OUR SITE AT A LEVEL THAT COULD ALLOW THESE IDEAS TO HAPPEN AND IN A WAY THAT WAS TRANSPARENT. A LOT OF THOUGHT WAS GIVEN TO THE YEARS OF TURNING DOWN AFFILIATES ETC. WE DO PLAN ON DOING A FEW THINGS TO ACTUALLY MAKE A LITTLE MONEY BUT NOT WITHOUT YOUR PERMISSION.
THATS RIGHT. EVERY IDEA OR PLAN THAT HAS THE ABILITY TO MAKE THE SITE MONWY WILL BE APPROVED BY LIFETIME MEMBERS BEFORE ANYTHING BEING IMPLEMENTED. THIS IS HOW WE KNOW WE CAN KEEP THE SHINE ON OUR STAR THAT HAS BEEN SO BRIGHT FOR OVER A DECADE SHINING BRIGHT.
FOLKS WE SPENT YEARS PUTTING THIS TOGETHER AT A FAIRLY HEFTY COST. THE SITE AND ITS "TOYS" ARE GOING TO IMPRESS YOU BUT REMEMBER SOMETHING. YOU WONT FULLY BE ABLE TO APPRECIATE THE GREATNESS WE HAVE PRODUCED WITH THIS SITE UNTIL YOU ACTUALLY USE IT FOR A PERIOD OF TIME. THE REGULAR RATE OF 129 PER MONTH AND FREE AFTER ONE YEAR WILL STILL BE AVAILABLE FOR ABOUT A MONTH. ALL YOU NEED TO DO IS USE THE EMAIL LINK ON THE PAGE. IT DOES NOT MEAN YOU ARE SIGNING UP IT SIMPLY LETS US KNOW WHO HAS THOSE INTENTIONS WHEN ITS AVAILABLE. IF WE HAVE ANY BUGS WHICH IS NOT UNCOMMON WITH A NEW SITE WE WILL HAVE YOUR INTENT IN OUR DATABASE.
ALL CURRENT AND PAST MEMBERS ARE PERFECTLY SAFE AND YOU WILL NEVER BE CHARGED A NEW FEE OTHER THAN THE OPPURTUNITY TO DONATE SHOULD YOU WISH. THANKS TO ALL OF YOU AROUND THE WORLD. MERLIN WHEREVER YOU ARE I WOULD LOVE TO SAY THANK YOU PERSONALLY. IF THAT NEVER GETS TO HAPPEN OK BUT THE TWO OF US KNOW WHY FF IS WHAT IT IS TODAY. AT LEAST IN OUR HEARTS WE KNOW. THE LINK IS AT BOTTOM OF THE PAGE TO OUR PRE LAUNCH VIDEOS. READ ALL OF THIS FIRST YOU WANT SOMETHING TO THINK ABOUT TONIGHT AND/OR THE REST OF YOUR LIFE.
I have something to leave with you. If it means nothing to you that's perfectly fine
not a thing wrong with that. I'm giving this in the event just one of you
might be blessed by it.
"When a man begins to search out his true nature and to find the truth of
his real being he begins the quest. Between the ordinary man who takes
himself as he is and the philosopher who does exactly the same there stands
In the first case the outlook is narrow, being limited by attending to the
inescapable necessities and demands of day-to-day living. in the other case
peace of mind may have been established, a thirst for knowledge perhaps
fulfilled and the discipline of self perhaps realized.
In between these two stands the searcher. He is not satisfied with himself
and has a strong wish to become a better and more enlightened man. He
spends his life striving for the answers to the seemingly unanswerable
questions of his existence.
What should be of comfort to those brave enough to travel this lonely road
is simply to know that just the search itself is complete victory over
Edited slightly with the utmost respect and admiration by James16
Part of the new site will be about these "things". Its not about
religion with me folks. I have one but that's not what "The Search" area of
the site will be about. Just so you know.
YOUR LINK BELOW
PLEASE TAKE THE TIME TO READ THIS ENTIRE FIRST POST SLOWLY AND WITH FOCUS. MANY OF YOU ARE DAUNTED ABOUT TRYING TO READ THIS ENTIRE THREAD. IF YOU WILL READ THIS FIRST POST AND THEN GET INVOLVED WITH THE CURRENT POSTING THE OLD TIMERS CAN GET YOU UP TO SPEED IN SEVERAL WEEKS. FOR THOSE THAT DECIDE TO READ THE WHOLE THING IT WILL CERTAINLY NOT HURT YOU. TAKE YOUR TIME AND ENJOY THE RIDE. IM HERE VIA EMAIL AT ANYTIME.
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"
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 @#[email protected]#$%$# 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):
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.
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
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
Charts and Trades
Thanks for the offer sir.
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
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?
best on forex factory
This stuff is GOLD... best I've seen on the forum
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?
© Forex Factory