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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

  • #73,821
  • Sep 3, 2010 2:07am Sep 3, 2010 2:07am
I agree with mike, its obviously gonna take time to go from 1000$ to 100000$. Thats a return of 10000% and i dont know about any individual in the whole world that can make that kind of profit in just a couple of years.

To me its obvious that you cant expect to fund a live account with 1000$ and then expect to be trading for a living. You need experience and also capital. Im working full time to save as much money as i can for the future. At the same time im practicing trading on demo accounts, trying out different methods to see what will suit me the best. Its possible to both work and trade if you use daily and weekly timeframes. Then in maybe 5-10 years, hopefully ill have some money saved and also the experience needed to be able to start trading live with a bigger account.

To be a good trader doesnt happen over night. I belive that it takes several years before you even should think about trading live with a big balance. And at the time one is practicing he or she might as well get a regular job to save money for the future live account.

Some fact here, if you can manage 2% per month and start with 1000$ then it will take you 233 months or about 20 years to gather 100000$ to your account.

If you can save some money at the same time, lets say 100$ a month then it will take you 144 months or about 12 years to gather 100000$, the smallest increase of starting balance, %/month or saved money/month will mage a huge difference in a long run because the power of compounding.
  • #73,822
  • Sep 3, 2010 2:13am Sep 3, 2010 2:13am
Quoting joelcf
in case the SNB decides that a quiet market is a dumpable market.... Have a good weekend all
Seems like they haven't done this for a while. Perhaps they finally realized it's not making any difference
I hope they wait for PA next time
  • #73,823
  • Sep 3, 2010 2:16am Sep 3, 2010 2:16am
Quoting mbqb11
small rant coming

This isn't really the point of his meaning you need a big account. You need a big account mentality or a mentality that what you are doing matters. If you could take 2-3 trades a month and make a nice return why would you waste your time with crappy trades. This is a really important thing. Most people know when they are taking the good ones, but can't help themselves on the bad ones. Or they see their up 50$ and say who cares its 50$ maybe I can hold it till its 500. Then they are down another loss. If you have that large account...
I was coming out with a good series of excuses to address this, like i.e. the company I work for is going to close down in 2 years and I am too old to hope finding a new job here so I need to invent new ways to get an income.

But then I realized your reply could be what makes the difference between a blown up account and one that grows and of this and your time spent at replying to me makes me ever more bow respect to you.

So thank you for your advices, they are so valuable!

----------------------------


A little question I just can't figure out (it's probably buried somewhere) about PIN operativity: when do you move the SL to BE? ASAP or you let the trade "breath" 1 - 2 bars first?

IE which of the following is right:

A)
1) Put SL to end of pin bar
2) Enter trade few pips above (or below if bullish) pin bar
3) Wait for the right "ear" to be closed (not while it retraces favorably)
4) Put SL to BE

or

B)
...
3) Put SL to BE immediately after the right ear retraces favorably to above BE point

or

C)
...
3) Wait for next bar after right ear to move away then put SL to BE.
  • #73,824
  • Sep 3, 2010 2:33am Sep 3, 2010 2:33am
Quoting ekling
I agree with mike, its obviously gonna take time to go from 1000$ to 100000$. Thats a return of 10000% and i dont know about any individual in the whole world that can make that kind of profit in just a couple of years.

To me its obvious that you cant expect to fund a live account with 1000$...
Hello Ekling,

If you could manage to consistently pull 2% PER MONTH (wow!) out of the market, you don't have to wait all these years. Two or so years of your brokerage trading record would be enough for you to open many doors in this business. Opportunities will be everywhere. From managing OPM (other people's money) to providing services like newsletters, signals, webinars etc. And people will follow you. This is business and the business must grow in all possible directions. IMHO
  • #73,825
  • Sep 3, 2010 2:35am Sep 3, 2010 2:35am
Not looking good.

after the low of that BEOB broke and the low of the previous bar was tested, I thought this would take off.

Looking at the H1, the support clearly turned to resistance but the London boys just blew it out.

I am thinking that I will stick to the daily from next week and learn a lesson from this.
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  • #73,826
  • Sep 3, 2010 2:46am Sep 3, 2010 2:46am
Quoting joelcf
Not in an Aston Martin.



In an Aston Martin.



In an Aston Martin. With Kate Beckinsale. On the god damn moon.

...

Closed AUDUSD, tightened up stops on everything bar EURCHF shorts, put in a line of sell stops there to build my positions in case the SNB decides that a quiet market is a dumpable market.... Have a good weekend all
I like the whole Aston Martin idea Wouldn't mind Kate Beckinsale on my passenger seat either
  • #73,827
  • Sep 3, 2010 2:53am Sep 3, 2010 2:53am
Quoting dfumagalli
Taking 10 A++ trades a year (9 of which winners) looks so good...


... until you realize your $1000 account becomes something like $1300.


Is this whole system reserved for people starting with $100k in their account? I don't see how someone with a $1000-$5000 account could make a living even after some years of trading.
Dfumagali, we are talking about 30% annual growth here, wow, huge isn't it?

Let's say all you have is $1,000, and you think about opening a business. And say you demoed and you know that trading would give you 30% return (for the sake of example) ok, now could you think of other business ideas which you could run starting from your $1,000 right there in the city you live? Well, maybe buying friday's morning newspaper and selling them in the crowded street? What else?

The problem is that you have to see this as a business, not as get rich quick scheme.

So as with any other business you have to be confident in yourself that you could do it, then aquire required capital, then implement your business plan.

And unlike most business trading gives you such a wonderful chance to start small untill you gather needed capital.

That's just my 2 cents here
  • #73,828
  • Sep 3, 2010 2:54am Sep 3, 2010 2:54am
Quoting Pinbar
Not looking good.
I am thinking that I will stick to the daily from next week and learn a lesson from this.
One loss doesn't mean you need to switch to daily. 4hr is okay, in fact, all timeframe is okay.

The problem IMO with your trade is it was very close to the PPZ (almost at the PPZ).

Just sharing my thoughts..
  • #73,829
  • Sep 3, 2010 3:15am Sep 3, 2010 3:15am
Quoting The Lord
One loss doesn't mean you need to switch to daily. 4hr is okay, in fact, all timeframe is okay.

The problem IMO with your trade is it was very close to the PPZ (almost at the PPZ).

Just sharing my thoughts..

Thanks Lord...

Yes, it was close to the H4 PPZ but, this BEOB was off of a weekly PZ and broke the Rn.

it is interesting that on the hourly, I just saw it was rejected by the 0.9100

never know, maybe I can get out at BE after all. Doubt it, but there is the possibility.
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  • #73,830
  • Sep 3, 2010 3:26am Sep 3, 2010 3:26am
Quoting Adilius07
Hello Ekling,

If you could manage to consistently pull 2% PER MONTH (wow!) out of the market, you don't have to wait all these years. Two or so years of your brokerage trading record would be enough for you to open many doors in this business. Opportunities will be everywhere. From managing OPM (other people's money) to providing services like newsletters, signals, webinars etc. And people will follow you. This is business and the business must grow in all possible directions. IMHO
Adilius,

I would like to thank you for being so positive. It has a very good effect on all of us seeing someone with so much energy and zest for learning. I think I also speak for all of us if I say that the pace at which you are learning is an achievement in it's own right.

Secondly I would like to apologise for not posting more, but most of my trades are on the 1hr and I would not like newbies following much of those trades for several reasons..

I furthermore want to thank all of the seniors here (jarro, mike etc..) and then all the regulars, thanks to ace for all the great posts.

August was a tough month for most in the currency market but I believe September will bring us more setups with many pips ready to be bagged.
We will be ready to support each other and make this a good month.

I believe this is a very special thread and is worth much more than some services you'd have to pay for out there.

I will not be participating in the early US session trading because of the payroll data..

See you guys again on monday!
Thank you j16!
  • #73,831
  • Sep 3, 2010 3:42am Sep 3, 2010 3:42am
Quoting anderou
Adilius,

I would like to thank you for being so positive. It has a very good effect on all of us seeing someone with so much energy and zest for learning. I think I also speak for all of us if I say that the pace at which you are learning is an achievement in it's own right.

Secondly I would like to apologise for not posting more, but most of my trades are on the 1hr and I would not like newbies following much of those trades for several reasons..

I furthermore want to thank all of the seniors here (jarro, mike etc..) and then all the regulars,...
Anderou, thank you very much for the warm words of encouragement! It is in fact this fantastic thread that showed me some light in the end of a tunnel.
  • #73,832
  • Sep 3, 2010 4:21am Sep 3, 2010 4:21am
Stopped out again.

The main problem with this trade seems to be the BEOB not closing below the TL and the sideways PA. I think I was blinded by the 0.9100 and the BEOB.

I should have been watching the sideways market and saying, forget it.

Strange that, I even said in the post before I took this trade, that I wanted to see the BEOB close below the TL and the 0.9068 area yet, I still took this trade. I also criticized the size of the BEOB saying it only encompasses a single bar, yet I still took it.


I think this weekend I need to totally reconsider my mentality in taking this trade.
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  • #73,833
  • Sep 3, 2010 4:21am Sep 3, 2010 4:21am
Hi Pinbar, yes I saw the weekly PPZ too. I would maybe wait before going short especially in AU. I was burned quite often thinking that there must be a correction soon - this rise cant be forever - well wrong I was.

So we wait for more PA confirmation - I do however think that there might be at least a correction later before NFP, traders taking on less risk.

But we will see......

Thanks to all keeping this wonderful thread alive, I will post more often when time permits. I love reading all of your posts !
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Be like water.
  • #73,834
  • Sep 3, 2010 4:34am Sep 3, 2010 4:34am
Quoting msmarple
Hi Pinbar, yes I saw the weekly PPZ too. I would maybe wait before going short especially in AU. I was burned quite often thinking that there must be a correction soon - this rise cant be forever - well wrong I was.

So we wait for more PA confirmation - I do however think that there might be at least a correction later before NFP, traders taking on less risk.

But we will see......

Thanks to all keeping this wonderful thread alive, I will post more often when time permits. I love reading all of your posts !

Thanks for your kind words msmarple.

Yes, I shall learn from this trade just like the others but, it appears I did not learn the main point of PA size.

This BEOB was around a good area but it was just not big enough, nor did the low break the TL. That should have been a warning and I even wrote about it.

Your post cheered me up no end so, I just took this photo of Mount fuji from my veranda for you as I was looking at it thinking I am at the foot of it in a trading sense.

Not a very good photo but you can see the tip of Mt Fuji behind the mountain ranges. It is better in winter when the air is clearer and it has snow on it.

Thanks a great deal.
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  • #73,835
  • Sep 3, 2010 4:39am Sep 3, 2010 4:39am
Quoting Pinbar
Thanks for your kind words msmarple.

Yes, I shall learn from this trade just like the others but, it appears I did not learn the main point of PA size.

This BEOB was around a good area but it was just not big enough, nor did the low break the TL. That should have been a warning and I even wrote about it.

Your post cheered me up no end so, I just took this photo of Mount fuji from my veranda for you as I was looking at it thinking I am at the foot of it in a trading sense.

Not a very good photo but you can see the tip of Mt Fuji behind the mountain...
富士
  • #73,836
  • Sep 3, 2010 4:50am Sep 3, 2010 4:50am
Quoting Adilius07
富士
富士山 actually.

I have been here too long.


I prefer the view of the city at night and the fireworks at the weekends.

I get to see no less than 30 fireworks displays from my veranda in the summer.

Non tonight though. I will just have to settle for the beer.
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  • #73,837
  • Sep 3, 2010 4:58am Sep 3, 2010 4:58am
Quoting Pinbar
富士山 actually.

I have been here too long.
oh I thought fuji + yama will do it, lol.
Yes you are definetly there for too long
  • #73,838
  • Sep 3, 2010 4:58am Sep 3, 2010 4:58am
The yen pairs are getting very wound up, some of them on Big Round Numbers.

Notebly CAD/JPY, there is an I4B/BRN combo on the daily

NFP could be explosive

Have a good weekend everyone
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  • #73,839
  • Sep 3, 2010 4:59am Sep 3, 2010 4:59am
Quoting Adilius07
oh I thought fuji + yama will do it, lol.
Yes you are definetly there for too long
Ah yes I remember, out of respect they say fuji+yama+san
  • #73,840
  • Sep 3, 2010 5:02am Sep 3, 2010 5:02am
Quoting Adilius07
Ah yes I remember, out of respect they say fuji+yama+san

That is a general misconception.

The SAN is not the honorific SAN put on to people's names.

富士＝FUJI　山＝SAN＝Mountain　SAN is just another reading of YAMA or Mountain.

Nobody here ever says, FUJIYAMA.
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