Originally Posted by jarroo

Will a double Pin Bar, Inside Bar (off a PPZ) show super duper powers if it breaks to the upside? Should be fun to find out.

Originally Posted by fxprocessor

I am going to jumble a few words together. Please feel free to ignore.

IMHO what appears to separate James16 from many other traders of pin bar/price action is his ability to read the price and exit a position when it will only run for a handful of pips in his favor. After reading his posts showing previous pin bar setups I see he can still make a small profit in this kind of scenario or get out at break even when most of us would find it difficult knowing whether to hold/take profit which is way harder than most will estimate and this can lead to losses.

Hindsight will make it look much easier when we are going over historical data but it is hard to do in real time.

As most people know this is a tough business to be successful in and I would be suprised if there are many traders taking money from the markets on a consistent basis trading discretionary price action - over a reasonable amount of time > than a few months on these forums. Of course it does happen but I would not be in the least bit suprised if you could count the amount of people on one hand.

I have seen some (by my estimation intelligent people) speak of success only to lose much of their profits at a later date and this does seem to be a regular pattern. I am not talking about newbies here.

Negative.....no
Realistic.....yes

I have been trading (on a small scale) price action in some way shape or form for a few years now and am still around break even with the business venture (actually a bit in the red if including expenditure on training material and the usual expenses which are to be expected when starting a business). I can see the potential in trading as a long term business but also have my feet firmly on the ground. I have no problem in investigating this business avenue and spending untold hours studying etc because I would not be where I am in my career now if I did not have this attitude.

My view on price action is that the knowledge I gain in these early stages will stand me in good stead if I decide to commit real money to the markets after proving an edge over a period of time. Even then there is a risk involved of this not working out but this is what we do as traders we are risk managers and where there is risk there is potential profits.

Will this be as a discretionary price action trader taking pin bars at swing high lows etc? Maybe... or maybe I will utilise what I learn here as a filter in a more structured system which has been suggested to me by an old (he wouldn't like me calling him old) pit trader I have been fortunate enough to speak with)

If this post makes one person think about things a bit harder before loosing some of their hard earned cash thinking price action trading is easy (it may be simple but it sure isn't easy) it was worth it.

I also have no problem if anyone wants to reply to this post saying it is easy they take 40% a month...etc..etc. I am honestly very happy for you if that is the case but you are the exception and please be careful with your leverage.

Please anyone reading this take your time and don't think trading these bars is an easy road to success.

I will finish by saying that I think this can be done but people need to realise how hard this can potentially be.

FXP

Originally Posted by Ryanmcd

That is why I tell people I am just lucky, I do not try to point out why it works anymore, I did for the 1st few years now I just say it's luck. Same with my brother, he plays poker for a living and for the past 11 years he's just been really lucky

Originally Posted by n_aftab

er where have all the Euro bulls gone?

Originally Posted by ghous

in the beginning stay away from news more than you look to trade it, keep it simple go on to the hgiher tfs and enjoy the lack of noise there, it may seem boring at first but i bet you'll feel more comfortable and a lot realxed as you get used to it, take our advice and do your trading some good Dude!

Originally Posted by jarroo

Great chart Jim.

Would you say that when a Price Action set up fails its a good indication that Price is going the other way? Now I'm not saying this is an "A" trade (the PB 7-24-08) but it was close in my book. The nose was to small in hindsight and probably not enough space. Also, "A" trade don't fail. lol.

Just curious on your thoughts on a failed PA setup, the "B+" trades.


Jim

I am currently in the BEOB.

Originally Posted by nkhnip

Hi,

Can anyone tell me where can I read about the Jame's trading system (a compiled version)? I know he uses keltner channel and few other indicators. I would like to read more and understand his system.

Regard,
Kim

Originally Posted by melmini

I didn't see any comments on this PB yet....Its at a good PPZ and almost hit 150 EMA.