Johnny, thanks for the analysis it is much appreciated! 
Thank you phil, but I can see that my chart is different from yours. Look at my candles. The candle after the long breaking one isnât a pinbar like yours. Thant made the decision of entering short and when harder for me. In this case I had the the second candle after the breaking also a pinbar, but is not always like that.
Maybe it is because I am playing the demo? Or it depends on the platform/broker? I am using MT4 demo.
Ben
Itâs because your broker is on a different time zone than mine. The data is the same, but the 4 hour candles are closing at different times.
On your chart I would have put my entry right below the bottom of the first red candle after the long breaking one. It doesnât look as good as the setup on my GMT chart, but itâs still good enough to base an entry off of it.
Jhon, thank for replying, I am starting to âget itâ
best traders imho are the ones who;
a use there brain all the time and never mindlessly follow rules simply because it is there system
b treat this as a business and spend time in the âdevelopmentâ stage while wisely protecting there capitol
I completely agree with you. I am trading only a month and I am not seeking for any system or indicator. I am not using them at all now.
I like the idea of using your brain and I think it is really the beat way, cause if there was a system that you just follow the rules and indicators, 95% wonât be loosing.
I also want to treat it as a busines and I have entered this market because I am looking to make my living from it in the future. I am quite a young guy, so it doesnât bother me. I will demo trade and learn until I master this business. I believe I can do it if I will try hard and sweat.
its like here. we love to help each other out. can you see that in phil? I can. He sincerly cares and that is why he is doing what he is doing. he never asks for anything in return does he?
I 100% agree with you. Thank you phil for all you are doing for us, and you too john. I am glad I can learn from you guys.
I will continue reading and practicing. I think that I can combine that method with philâs method as well. All these things are just tools that help our brain to trade. There isnât really âthe methodâ - these are all good tools. I will try also to work on a trading plan cause as I understand, trading without a trading plan is a no-no.
Just a question, john. You have said that you do not really follow any rules. As far as I know, every trader, method, article always stresses that I must have rules of my own to follow. What really do you mean by not having rules?
Ohh and last one, what is PPZ (Pivot Point Zone, right?) and âtfâsâ (you have written â6th larger tfâsâ).
Ben
OK so I guess there is nothing I can do about the time of my broker. Thanks for the reply though
Ben
Just a question, john. You have said that you do not really follow any rules. As far as I know, every trader, method, article always stresses that I must have rules of my own to follow. What really do you mean by not having rules?
Ohh and last one, what is PPZ (Pivot Point Zone, right?) and âtfâsâ (you have written â6th larger tfâsâ).
when i say i donât really follow any rules what i mean is yes I have guidelines and yes i have rules but they are flexable.
a hard fast rule that i donât break is i never risk more than 3% of my equity. i never break this rule.
i guess what i do, has rules per se but i choose to think of them as guidelines.
tf means time frame. you will notice that price patterns like the pbs work better on higher timeframes. most people that get killed in this business i think get killed on intraday time frames like trading the 5 minute tf. I personaly never go lower than 4h but in the future that will prolly change.
right now my approach is a top down approach which means I start at the daily candle and look at it and then I drop down to the 4 hour as i become better and stronger in my methods I will drill down further for a better entry. but since i work all day it is not possible right now.
one more note about rules. It is a good idea to have a trading plan and most would suggest you follow your plan. since you are so new to forex i would say you should follow your plan.
do you have a trading plan?
entry
exit
money management
these 3 things are critical and if you donât have all 3 then you need to develop them first and fine tune as you go along. make it your own. take from me, take from phil, take whatever makes sense to you and use it to develop your own style.
Iâve closed my trade out at 70 pips profit.
Itâs getting close to the weekend, and since I donât like to hold trades over the weekend I closed this one out.
Iâd hoped that price would fall quicker than it did, but profit is profit!
I donât think anyone was in this trade except for me, but I though Iâd give an update just in case there were any lurkers out there trading it with me. 
That puts me at 1.1% profit for the week. Itâs not much but at least itâs a positive number!
but profit is profit!
isnt that the truth though
I will do that :rolleyes: thanks.
I just want to say that I have noticed the key of jim is to be very picky. If he can make a living out of 30 pips a month, he must have a really super huge account. He can allow himself to not enter even one single trade during months if there isnât a perfect setup for him. The problem is that I do not have a huge account like him, and I wonât have in the near time either.
I am living in Israel. I can say that if I put it into dollars, lets say 6K per month can be a very good amount for holding a family of 5-6 persons and having really good lifeâŚit is a lotâŚthe average here is 2K.
So lets say one day my target will be making 6K per month. What capital I need to come with in order to trade very picky and very safely like jim does? I know it always changesâŚbut I am just curios about how many pips he makes a month in average for his method.
You can guess in pips if $$ confuses you
I just do not want to start trading with a very small account and be too much picky only for that reason.
On the other hand, there are people like phil and Nick that I can see they are very profitable and pleased with their methods, and they trade low time frames like 4H and have many trades per month.
I know it will be hard for me to hold my self and have only one trade per month if that is the situation. So I will practice the tow of these methods in my demo and see what is better for me. There is a chance that also the two of them will work good for me.
Ben
well ben i dont have any idea about jims account size except that it is huge. he can live off of 1 or 2 trades a month true
but
his pickyness can still make alot of trades because he looks at every instrument possible. he trades stocks, dow mini dow mini russel you name it. to him a chart is a chart is a chart.
to make 6k a month hmmmmm
if you could sustain a 10% a month return which btw is excellent than you would need 60k to earn 6k a month but like i posted in the other thread at newb island if you trade for a livng and you are undercapitalised then you will overtrade due to pressures.
i think for now donât get to hung up on account size. if you have the capability to save, then save a little as often as possible for trading and get good on demo trading.
if you follow what we are teaching here you will have the abiltiy to read a chart like a book and once that happens the sky is the limit.
btw jim might have started that thread but there are many different syles prevelant there and alot of people are making good money so it goes back to what i said earlier. take from everyone and make your owen methods. jim recommends trading weekly. if i only traded weekly i would grow old and die before i grow my account and i feel your pain about wanting to be a full time trader. eventually you may say forget 4h i want to trade 5m and that is fine as long as you have proven yourself then why not. there is plenty of methods out there. just focus on price and how it makes sense to you.
realize there is a constant battle going on between the bulls and the bears. if you follow price you will be able to see who has the power.when the bulls push and the bears squash them it wil be evident on your chart and when this happens at key levels you will know what to do.
dont be discouraged you can do it just donât trade like a madman to try and grow your account overnight coz that will eventually margin call your account then you will be back at the begining starting over.
I wouldnât say that Nick and I have [I]many [/I]trades per month. Compared to most people my 3 or 4 trades per week isnât very many trades at all.
Iâd say 90% of traderâs on this forum take more trades than I do. The Cowabunga system, for example, takes 1-3 trades per day on most days, and there are successful scalpers around that take more trades per hour than I do per week!
@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 methodsâŚand 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 isnât 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 pictureâŚfor 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 weeklyâŚin that case, I may loose my hard earned money if I enter the trade based on the bearish daily bar.
** For you guys that have read the PB PDFs John uploaded in his post two days ago, I recommend watching this video. I have learned so much only from it.
Here it is:http://www.james16group.us/Guests/video/PinbarIntroduction.wmv
Cheers!
Ben
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 whatâs 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 canât understand anything from 2.5K pagesâŚonly a paid member can get the material organized?
Ben
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 canât say for sure if it will help raise profits, but it seem to me that it might. Iâm going to try this out next week and see what happens. I think 25 pips might be a bit much. I think Iâll 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.
Hi Phil,
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. 
Good job. Thank you for your kind understanding. 
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 sessionsâŚ
Attached is the chart identifying the this week Scalp lines. Also shown S+R linesâŚ
Phil, Does it match to your analysis⌠I am not sure I canât 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 file⌠why itâs not appearing directly on the post ? any setting changes ?
In order to show the chart in the post, you have to upload it to something like imageshack or photobucket.
Then use the image link with the âinsert imageâ button and voila!