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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #39,881
  • Aug 4, 2009 11:02am Aug 4, 2009 11:02am
Hello! I have read the first 100 pages of this thread and I am highly impressed! I have tried to trade S/R-levels for 6 months now, with not so good results, however. But now that I found this thread, I hope that with this material my trading improves so much that I'm going to find some consistency.

Stupid question, but is it possible to make living trading > 4H bars after a couple of years hard work with initial capital of 5k$? (of course demoing first)
However, set ups seems to occur guite rarely...
  • #39,882
  • Aug 4, 2009 11:07am Aug 4, 2009 11:07am
Quoting FinnTrader
Hello! I have read the first 100 pages of this thread and I am highly impressed! I have tried to trade S/R-levels for 6 months now, with not so good results, however. But now that I found this thread, I hope that with this material my trading improves so much that I'm going to find some consistency.

Stupid question, but is it possible to make living trading > 4H bars after a couple of years hard work with initial capital of 5k$? (of course demoing first)
However, set ups seems to occur guite rarely...
Hey Finn

Welcome to the thread glad you are finding it helpful so far. As for making a living off 5k, my simple answer is No. I know that is probably the last thing you want to hear, but it is like asking, Can I open a business and live off it with 5k? This does not mean you can't grow that account over time and add to it, and build upon that. Here are a few posts that may be of interest to you

http://www.forexfactory.com/showpost...ostcount=25755
http://www.forexfactory.com/showpost...ostcount=25753

Again welcome and ask questions when you need something!
Mike
  • #39,883
  • Aug 4, 2009 11:09am Aug 4, 2009 11:09am
SP, your reply reinforces my own thoughts on this, but it is nice to hear it from someone that has been there and done that.

I have been running a small (much smaller than when I started ) spread betting account since I began. Having read the thread, I decided to setup an MT4 demo account and try out this way of trading. So far I have learnt two lessons from this;
1) setup the support zones first;
2) trade higher time frames.

How did I learn this - demo account entered trade on GBP/USD due to pinbar on the weekly chart - let it ride and gained about 300 pips

Live account - traded a pin bouncing off of the same resistance but on the one hour - result - stopped out by 1 pip

So looks like I shall be demoing for a little while!
  • #39,884
  • Aug 4, 2009 11:11am Aug 4, 2009 11:11am
Quoting Matiasfx
I dont know who was asking about this, but not really, I use a soft named Ultramon (google it).
Sure there is lots of 3rd party software that can do all kinds of things, but I was just referring to what comes with the video card / computer stock. The feature is built into the drivers for ATI and Nvidia. As someone posted it is 'extended desktop' mode.

But yes, Ultramon is powerful 3rd party software.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #39,885
  • Aug 4, 2009 11:11am Aug 4, 2009 11:11am
Quoting FinnTrader
Hello! I have read the first 100 pages of this thread and I am highly impressed! I have tried to trade S/R-levels for 6 months now, with not so good results, however. But now that I found this thread, I hope that with this material my trading improves so much that I'm going to find some consistency.

Stupid question, but is it possible to make living trading > 4H bars after a couple of years hard work with initial capital of 5k$? (of course demoing first)
However, set ups seems to occur guite rarely...
FinnTrader,

Firstly I'm a beginner and haven't graduated to 4HR timeframes but.....

If you can get a montly account return of say average 10% then your gonna need to live of $500 a month and thats without growing your pot...

so depending on where you live I would say no. a 50K pot and you might manage a living if your tight with your cash but I would say 5K no.... somewhere between 200k-750k would be where I'd be looking to go full time... - I can dream!!! LOL

Tom
  • #39,886
  • Aug 4, 2009 11:12am Aug 4, 2009 11:12am
Quoting FinnTrader
Hello! I have read the first 100 pages of this thread and I am highly impressed! I have tried to trade S/R-levels for 6 months now, with not so good results, however. But now that I found this thread, I hope that with this material my trading improves so much that I'm going to find some consistency.

Stupid question, but is it possible to make living trading > 4H bars after a couple of years hard work with initial capital of 5k$? (of course demoing first)
However, set ups seems to occur guite rarely...
Hello there good sir,

Welcome to the thread ! Once you add Price action in with the S/R levels it is an unbeatable combination .

Is it possible to make a living on 4HR bars and above on 5k ? Well . . . Yes it is possible but it's not probable.

Being honest I would reckon you need at least 150k . . 200k. As well as that you would need savings for bills etc.

I don't mean to discourage you because I truly believe forex is a viable business and is awesome in a lot of ways ! But one must remain realistic about such things.

Regards,
Jig

EDIT -

Anyone watching Bloomberg ? Flash trading banned, damn thats madness lol
  • #39,887
  • Aug 4, 2009 11:13am Aug 4, 2009 11:13am
Guess what now you just contributed on your 3rd post greatly to this thread!

There is no need to lose any money while learning to trade. Everyone should do what you did and open a demo account. Most people are so hung up on trying to make money they forget they don't know how.

Little steps will get you there

Mike

Quoting One day!
SP, your reply reinforces my own thoughts on this, but it is nice to hear it from someone that has been there and done that.

I have been running a small (much smaller than when I started ) spread betting account since I began. Having read the thread, I decided to setup an MT4 demo account and try out this way of trading. So far I have learnt two lessons from this;
1) setup the support zones first;
2) trade higher time frames.

How did I learn this - demo account entered trade on GBP/USD due to pinbar on the weekly chart - let it ride and gained...
  • #39,888
  • Aug 4, 2009 11:16am Aug 4, 2009 11:16am
Quoting rustyjeff
Do Aston Martins qualify for the govt. cash for clunkers program..
I think as long as the new car gets 3/mpg better than what you have you are good to go.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #39,889
  • Edited 11:31am Aug 4, 2009 11:21am | Edited 11:31am
Quoting mbqb11
Hey Finn

Welcome to the thread glad you are finding it helpful so far....
Thank you!

Yep, with 5k I should almost double it every month to pay bills, but I meant that if I could grow that 5k in a couple of years to level where the bills could be paid with profits. When the account is small, it's easier to take bigger positions so in the beginning the growth of the account should be fastest. But we'll see.

If I took 5 trades a month, 4 of them winning averagely let's say 4% and 1 losing 3%, it would be 13,5% profit/month and in 24 months 5k would be ~100k. Just a calculation. But first I have to learn this stuff well. hehe.

I have backtested these set ups, and I have found that they are really reliable, if they just are in the right place. So just being picky and I guess I would even now win in the long term trading daily bars.
  • #39,890
  • Aug 4, 2009 11:26am Aug 4, 2009 11:26am
Quoting mbqb11
Guess what now you just contributed on your 3rd post greatly to this thread!

There is no need to lose any money while learning to trade. Everyone should do what you did and open a demo account. Most people are so hung up on trying to make money they forget they don't know how.

Little steps will get you there

Mike
I agree - save and demo, demo demo! Then, when I can "read" the charts, I should hopefully have a big enough account to put the stops where they should go instead of where my balance dicatates!
  • #39,891
  • Aug 4, 2009 11:29am Aug 4, 2009 11:29am
Quoting FinnTrader
Thank you!

Yep, with 5k I should almost double it every month to pay bills, but I meant that if I could grow that 5k in a couple of years to level where the bills could be paid with profits. When the account is small, it's easier to take bigger positions so in the beginning the growth of the account should be fastest. But we'll see.

If I took 5 trades a month, 4 of them winning averagely let's say 4% and 1 losing 3%, it would be 13,5% profit/month and in 24 months 5k would be ~100k. Impossible?
Hey Finn,

Don't even think about things like this. This is what can really delay the learning process, b/c we get so far ahead of ourselves on the what ifs. Filling in spreadsheets, tweaking every last number. Your focus should be on only learning to trade right. Everything will fall into line after that. The reality is your 5k is not going to turn to 100k in 2years. I know that sucks to hear, but that is the reality more then anything. Focus on learning to trade and become profitable with conservative risk and the rest will take care of itself.

Best
Mike
  • #39,892
  • Aug 4, 2009 11:30am Aug 4, 2009 11:30am
Quoting One day!
I agree - save and demo, demo demo! Then, when I can "read" the charts, I should hopefully have a big enough account to put the stops where they should go instead of where my balance dicatates!
Also now a days especially in forex we should never be subjected to poor money mgmt. There is always a broker out there that can make position sizing properly possible. For example if you had even $100, you still could do it properly with a broker like Oanda that offers perfect granularity. What happens is the brokers advertise, deposit for as little as $500!. GREAT! But they only allow mini lots, etc. When it comes time to go live, find a broker that will allow you the proper flexibility.

Take care
Mike
  • #39,893
  • Aug 4, 2009 11:32am Aug 4, 2009 11:32am
I know we don't go over these types of TA for our trading method, but just want to verify.
Is this still considered a bull flag? Normally the lines for the flag are parallel, but these are moving away from each other.

.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #39,894
  • Aug 4, 2009 11:36am Aug 4, 2009 11:36am
Quoting mbqb11
Guess what now you just contributed on your 3rd post greatly to this thread!

There is no need to lose any money while learning to trade. Everyone should do what you did and open a demo account. Most people are so hung up on trying to make money they forget they don't know how.

Little steps will get you there

Mike
Hey Mike,

When I took this yesterday I was thinking to myself - "man this is such a Mike trade, I bet he's placing his order right now like I am ".

Was wondering did you put the good ol' BAT / 2Bar stop on it ? (I didn't, was happy to be out at 1:1)

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  • #39,895
  • Aug 4, 2009 11:38am Aug 4, 2009 11:38am
usd/jpy H4. good resistance at 95.50 ?
short?
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meine augen sind die sterne
  • #39,896
  • Aug 4, 2009 11:40am Aug 4, 2009 11:40am
Just one I liked today.

EURJPY BUOB on the hourly. Not the biggest in the world, but in the right place. (Round number and confluence with a PPZ and on the 50% retrace) (Nice how things are a bit slow around the office!)

8AM EST bar. Scale your chart out a bit and you'll see we are entering an area of consolidation. Manage accordingly. Could be a 2R trade (or close) - if you are keeping track.

I also saw numerous pretenders out there - bars without a home (PPZ and confluence)
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I'm pretty much done with all this ...
  • #39,897
  • Aug 4, 2009 11:42am Aug 4, 2009 11:42am
Quoting Jigsaw
Hey Mike,

When I took this yesterday I was thinking to myself - "man this is such a Mike trade, I bet he's placing his order right now like I am ".

Was wondering did you put the good ol' BAT / 2Bar stop on it ? (I didn't, was happy to be out at 1:1)

Hey Jiggy

I didn't take this trade actually, trigger shy, with the size of the bar and those highs. Was a heck of a trade. My only trade was on the 5 min yest

Nice trade though!
Mike
  • #39,898
  • Aug 4, 2009 11:44am Aug 4, 2009 11:44am
Quoting LasVahGoose
I know we don't go over these types of TA for our trading method, but just want to verify.
Is this still considered a bull flag? Normally the lines for the flag are parallel, but these are moving away from each other.

.
I wouldn't really say there is any pattern on that timeframe. But sine you can see some consolidating, if you drop down a pattern can become more clear.

I think it is important for me personally with breakouts to be trading in relation to the pattern/timeframe

Mike
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  • #39,899
  • Aug 4, 2009 11:48am Aug 4, 2009 11:48am
Ej.

Missed this beauty of a trade, I've been busy today...

For those that took it, it went straight to where it should have,

G.
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I believe . . .
  • #39,900
  • Aug 4, 2009 11:51am Aug 4, 2009 11:51am
Quoting mbqb11
I wouldn't really say there is any pattern on that timeframe. But sine you can see some consolidating, if you drop down a pattern can become more clear.

I think it is important for me personally with breakouts to be trading in relation to the pattern/timeframe

Mike

Thank you sir!
Don't wish it were easier, wish you were better. ~ Jim Rohn
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