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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

  • #113,681
  • Edited 2:54am Jun 26, 2012 2:53am | Edited 2:54am
I think this is a good breakout example. how do u see it plz. can we ride it?
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  • #113,682
  • Jun 26, 2012 3:22am Jun 26, 2012 3:22am
Quoting Hotwinter
I think this is a good breakout example. how do u see it plz. can we ride it?
Keep an eye on the Daily as well mate..
Some Res at 0,97 area. I would prefer a close above 97,00 area on daily and then a retest of that area before we take of to 0,99...
But thats my view..
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  • #113,683
  • Jun 26, 2012 7:14am Jun 26, 2012 7:14am
Hi guys,

I've been reading here for quite a while now. While I like many ideas presented here in millions of examples of trades that worked out (or not), since I'm a sceptical person (especially when it comes to trading business) I'd like to ask some "critical" questions here. I hope that's fine

I wonder if some of you who are trading the approaches presented here for a couple of years now and are tracking your results which I guess you are if you're doing this on a business-level and not just gaming would be willing to share your results. Of course it's clear that you won't post any numbers in $ probably but just in Rs for example (without compounding of course) meaning that 1 R = your initial risk.

I've been trading a simple trend trading approach during the last couple of years now and my performance is quite good I think. I achieve about 1R per month on average over the years.

Here's my performance in a graph:

http://img823.imageshack.us/img823/8112/perfs.jpg

I'd be quite happy to get some feedback from you guys what yours has been like since I'm thinking about if it's worth to put in the extra time/stress to learn a price-action approach that would require much more time.

As I said I really like the charts shown here but really wonder about the truth in your accounts

Thank you!

Dany
  • #113,684
  • Jun 26, 2012 8:17am Jun 26, 2012 8:17am
Quoting mbqb11
i'll be watching this channel, I generally only trade breakouts with the trend on lower timeframes unless the pattern is suggestive of a possible breakout both ways

let's see what PA shows
updated chart

I played a more aggressive touch trade(no PA confirmation, I use a 1/4 my normal risk on touch trades) to the former TL. Initial stop 1.2490 just trailing it out now to the bottom of the pattern.

I also utilized Jarroo LCS to help understand price even more so(which is also just boxing of price and a PPZ). The story is always going to give us the most information then we decide best course of action to execute.

I know there is a lot of touch trading now going on in this thread, but I can't stress enough that if you are new and not starting with learning the PA bars that James teaches at the right locations you are doing yourself a disservice in my opinion. Eventually you will see it's all the same stuff but its important to build your foundation.

I attached an additional chart for the Jarroo folks

Best
Mike
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  • #113,685
  • Jun 26, 2012 8:30am Jun 26, 2012 8:30am
Quoting Hotwinter
I think this is a good breakout example. how do u see it plz. can we ride it?
yep this is nearly identical to the eur/aud I took

I prefer the pattern based on the 1hr. It gives it a better structure in terms of size and then PA in relation to that

Once price broke out there was a nice multi bar high breakout (TBH as taught by james). Which suggests continuation in price

Best
Mike
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  • #113,686
  • Jun 26, 2012 8:36am Jun 26, 2012 8:36am
Quoting mbqb11
updated chart

I played a more aggressive touch trade(no PA confirmation, I use a 1/4 my normal risk on touch trades) to the former TL. Initial stop 1.2490 just trailing it out now to the bottom of the pattern.


Best
Mike
As nice as a trade can develop Straight to the ground !
  • #113,687
  • Jun 26, 2012 8:57am Jun 26, 2012 8:57am
On EURAUD, i see a possible support level at 1.2400 (good PPZ and BRN). Whats your final target? I see that if i measure the height of the flag and place it on the break, its about 1.2300

GL
I don't need easy. I just need possible.
  • #113,688
  • Jun 26, 2012 9:49am Jun 26, 2012 9:49am
Quoting DanielT
Hi guys,

I've been reading here for quite a while now. While I like many ideas presented here in millions of examples of trades that worked out (or not), since I'm a sceptical person (especially when it comes to trading business) I'd like to ask some "critical" questions here. I hope that's fine

I wonder if some of you who are trading the approaches presented here for a couple of years now and are tracking your results which I guess you are if you're doing this on a business-level and not just gaming would be willing to share your results....
Nah, its not worth it.
All those pages to go through!
If I thought like that, I would certainly not still be here so, I was right, it must not be worth it.
Then I ask myself, am I really still here anyway. Am I anywhere at all.
Probably not but, it is the tenacity that counts, I believe.
  • #113,689
  • Jun 26, 2012 9:59am Jun 26, 2012 9:59am
Quoting mbqb11
yep this is nearly identical to the eur/aud I took

I prefer the pattern based on the 1hr. It gives it a better structure in terms of size and then PA in relation to that

Once price broke out there was a nice multi bar high breakout (TBH as taught by james). Which suggests continuation in price

Best
Mike
Thanks Mike
  • #113,690
  • Jun 26, 2012 11:18am Jun 26, 2012 11:18am
Quoting DaGrizlyBull
On EURAUD, i see a possible support level at 1.2400 (good PPZ and BRN). Whats your final target? I see that if i measure the height of the flag and place it on the break, its about 1.2300

GL
Hey DGB

YEs the base part of the breakout pattern is always the most major area. I tend to use that to begin to really tighten up or for final targets. Of course along the way I trail out too depending on the setup.

I trailed this one down pretty close to the base and just got stopped out


Best
Mike
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  • #113,691
  • Jun 26, 2012 12:50pm Jun 26, 2012 12:50pm
Quoting Pinbar
Nah, its not worth it.
All those pages to go through!
If I thought like that, I would certainly not still be here so, I was right, it must not be worth it.
Then I ask myself, am I really still here anyway. Am I anywhere at all.
Probably not but, it is the tenacity that counts, I believe.
Hi Pinbar,

I'm not sure what to make out of your answer but maybe you can give me some ideas to put it into a context I can understand.

In other words how long have you been trading this approach now and how are your results?

Take care,

Dany
  • #113,692
  • Jun 26, 2012 1:10pm Jun 26, 2012 1:10pm
on the watchlist:
nat gas approaching a resistance-area.
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meine augen sind die sterne
  • #113,693
  • Jun 26, 2012 1:56pm Jun 26, 2012 1:56pm
Quoting mbqb11
Hey DGB

YEs the base part of the breakout pattern is always the most major area. I tend to use that to begin to really tighten up or for final targets. Of course along the way I trail out too depending on the setup.

I trailed this one down pretty close to the base and just got stopped out


Best
Mike
Nice trade. I pointed out that area cause i had it plotted as a PPZ on Daily. I didn't think of it as the "base part of the breakout".
I'm starting to like these pivot areas more and more. It s amazing to predict with a high accuracy the reversal points in the market.

Edit: I just saw that we had a Daily pinbar on 22nd of June coming from the low (Resistance?) made on June 15th.

GL

Daily PPZ
http://img27.imageshack.us/img27/1231/euraudd1.jpg
I don't need easy. I just need possible.
  • #113,694
  • Jun 26, 2012 3:00pm Jun 26, 2012 3:00pm
Quoting Dan Gilbert
you got a daily I4B on that same pattern.
Nice little move south today, from the I4B on the 1.25 BRN.
Price is beautiful. A repetitive method is a competitive method.
  • #113,695
  • Jun 26, 2012 4:44pm Jun 26, 2012 4:44pm
GBP/JPY short

Break of support and trendline + 50 fib ret.
Pullback, accumulation bellow ATM.
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Thoughts are things
  • #113,696
  • Jun 26, 2012 5:29pm Jun 26, 2012 5:29pm
Could there possibly be ANY setup in the next couple of hours?
Looking on the PPZ how would you approach a bearish pinbar setup?
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  • #113,697
  • Jun 26, 2012 5:31pm Jun 26, 2012 5:31pm
Quoting don perry
Could there possibly be ANY setup in the next couple of hours?
Looking on the PPZ how would you approach a bearish pinbar setup?
http://www.forexfactory.com/attachme...1&d=1340749656
Hey Don

Be real careful with these, they are real small ones with very weak closes. These look more like price "bounced" then a reversal. These can get people into trouble. Remember we want to look for nice big bars with strong confluence too, these are sort of just sticking out here. A better spot too look would be the last swing high from a few weeks back

Best
Mike
  • #113,698
  • Jun 26, 2012 5:34pm Jun 26, 2012 5:34pm
Quoting mbqb11
Hey Don

Be real careful with these, they are real small ones with very weak closes. These look more like price "bounced" then a reversal. These can get people into trouble. Remember we want to look for nice big bars with strong confluence too, these are sort of just sticking out here. A better spot too look would be the last swing high from a few weeks back

Best
Mike

I think I see the last swing high you are talking. Thanks. I'm still just figuring out the poor setups to avoid.
  • #113,699
  • Jun 26, 2012 6:10pm Jun 26, 2012 6:10pm
Quoting don perry
I think I see the last swing high you are talking. Thanks. I'm still just figuring out the poor setups to avoid.
Here is a clarification Don

Best
Mike
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  • #113,700
  • Jun 26, 2012 6:11pm Jun 26, 2012 6:11pm
crystal clear. thanks
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