@John - 60K is something that I can reach if I save. That will be more than enough for me. It is good to know it is possible to achieve 10% per month in average.
I will give myself another week to read as much as I can on the j16 and then consider purchasing a membership in the private forum. I really want to learn from the experienced folks. If he passed trough 23 years of hell, I can learn one or two things from him lol.
This forum here is one of the bests and of course I am staying here and I very like Phil and nick methodsā¦and also you guys :o
My target now needs to be practicing the demo until I really master it for a few good months in a row, and in the meantime save money in order to prevent a situation of over trading under pressure cause my account isnāt big enough to achieve my monthly target.
@Phil - I guess the amount of trades a trader will have depends on the time frame he is trading. If someone trades the weekly chart, he must wait a week until there is a possibility for a good setup of bar. You have more trades cause your chart changes every 4H, and the Cowabunga traders have more cause they trade the 15min chart.
I read that the most reliable pin bars will be on the higher time frames.
Personally, I think that the 4H is also good, and I will keep practicing your method on it. I am not planning to trade any lower time frame than the 4H. I will listen to the advice of the experienced traders (you as well stated in your book that you do not go lower tan 4H if I remember right).
Trading in very low time frames is like zooming into a chart so much that you cannot get the overall pictureā¦for ex. a sideways market can look like a trending market, or you can see a bearish pin bar on the daily TF, but a bullish pin bar on the weeklyā¦in that case, I may loose my hard earned money if I enter the trade based on the bearish daily bar.
Yes ppl, james16 is a good trader and John has outlined the basic materials he impart in the Forex factory forum. BUT I want to highlight another IMPORTANT THING james16 always told us. TRADE ON A DEMO ACCOUNT FOR SIX MONTHS ON DAILY AND WEEKLY CHARTS, IF YOU CAN"T MAKE IT PROFITABLE TRADING WEEKLY OR DAILY CHART, FORGET ABOUT TRADING MICRO TIMEFRAMES. After that start a micro account and learn correct position sizing and trade a micro account for six months again (and make the account profitable) before commiting more money. Money management and psychology(in fact this is the first thing James16 want new traders to master) are what james16 want new traders to learn to besides learning and identifying good trades.
I apologise to phil838 for posting something irrelevant in his thread. I will delete my post if requested by phil838.
Ray, I am playing the demo right now and I will do whatās required with no shortcuts. I want to treat is as a business. I know that even if it is hard, there is no other place that is better. Trust me, I have tried so many things in the past. I know that only hard work will bring real results.
You said that john posted the basics. Where is more? Are you a paid member of the group? Where can I find the tools and method itself. Maybe I am a broken record but I canāt understand anything from 2.5K pagesā¦only a paid member can get the material organized?
I think spreading your entries might be a really good idea!! Spreading exits is common but to be honest the though had never occurred to me to spread entries before!
I canāt say for sure if it will help raise profits, but it seem to me that it might. Iām going to try this out next week and see what happens. I think 25 pips might be a bit much. I think Iāll start with 10 pips and see what happens.
For your question #2 I would normally go with the reversal candle nearest the S+R/trendline.
I am willing to pay for any good resources if the cost is the main concern.
I believe the rest will do the same. And, if you can allow those who miss the chat room to download the recorded session, that will be great too.
I agree with Mumpips. I can even share some cost, if required. I am not sure how many live sessions I can attend since I work 9 - 5 PST. So if we have recorded sessions that will be useful for those (like me) who miss the live sessionsā¦
Attached is the chart identifying the this week Scalp lines. Also shown S+R linesā¦
Phil, Does it match to your analysisā¦ I am not sure I canāt identify more than 2 scalp lines.
Your thoughts, please ?
PS: When I attach a chart, it appears as a thumbnail and poster has to open the fileā¦ why itās not appearing directly on the post ? any setting changes ?
I think there are only two scalp lines right now on 157.60 for long, and 153.30 for short. The 156.4 isnāt a scalp line anymore cause it was broken and scalp lines are good only for one time. Right, Phil?
PS - you can post your pics on the body of the post by using the āinsert imageā button (Next to the qoute button).
Phil, I Have some questions on Scalp lines. Can you please clarify them ?
I agree with 156.40. Should be taken off since broken last week.
152.30 - This is also broken on 07/14/2009. Shouldnāt this also be taken off. Also for me this seems to be more on S+R zoneā¦ rather than scalp line or could be both.
Donāt you consider 152.15 (07/23/2009) is a scalp line since there is a reversal of the trend followed by preceeding more than 4 candles ?
on 157.59 (07/02/2009), I donāt see a reversal trendā¦ Yes. There was LWC ,Tried to go up ,but couldnāt and the downtrend continuedā¦ How can this be a scalp line ?
on 160.36, are you referring the price reveral happened on 06/30/2009 ?
Am I missing anything here ?
My determination of scalp line is on the following qualities (NickB Manual)
Any scalp line is supported by precceding trend (by 3 or 4 candles. )
There should be a Bounce candle
There should be a reversal from the scalp line (I donāt see this for 157.59 & 160.36).
Need not to have history for those scalp lines.
Should not be broken before (I missed this in my analysis)
Thank you Phil for all your helpā¦ I want to make sure I have the ability to identify scalp linesā¦
hey phil your baby the gj looks good on the daily for a short
it is an inside bar bouncing the upper trendline
its aprox 61% retrace of the previous swing high
zoom out and its between the 38%-50% fib retracement from the massive selloff that began last aug.
the low of the ib is the 155.40 area if it breaks away it will become resistance again so it has excellent r:r or at least 1:1 if you eye the 154.50 area but i think it has better potential maybe down to 152ish
Jhonny, I thinkā¦ I agree with youā¦ On my dailyfx chart, I donāt see IB but I do see IB in IBFX chart. But 155.41 seems to be S+R lineā¦ on break of this line short can be applied. Also Currently it is also breaking 4H upward trend lineā¦ means both 4H and daily chart will be in sync fron the prospective of down trendā¦
Iād just like to say that Iām also eagerly awaiting your initiative with a trading room.
If itās a matter of just a few dollars I might also be willing to share the cost. Googles version is probably better (I like Google!), and an interesting free option, but like you said the disadvantage is that it doesnāt exist yet.
My only concern is that Iām not sure if Iāll be able to join in on live meetings due to my work hours and such, also I trade dailys and weeklies so I donāt need sessions all the time. Just one or a few per week would be fine with me. Sunday evening/night GMT time would be schweet
Anyway, Iād really like to be able to share thoughts and discuss charts with you and other room members that focus on price action trading.
Sometimes it would be nice to have some input on where I place a S/R zone for instance. The life of a trader can be quite lonely.
And, if you can allow those who miss the chat room to download the recorded session, that will be great too. 
looks good on the daily for a short
