The more Price Action threads around here, the better for newbies.
You will have one regular visitor that’s for sure! 
I just wanted to say that I hadn’t seen your post when I wrote mine.
Great minds think alike
Tempted, yes. We’ll see how much energy I have left when I’ve brushed my teeth. 
We do indeed
It’s GMT +1 in Sweden, so it’s 00.02 right now.
Alright, tiny pending order on AUDCHF, conservative SL below low, enter 5 pips above high.
Let’s see what happens.
Hopefully there will be setups on the lower time frames to enter on for the ride.
NZDCAD head and shoulders on daily which has just broken. Haven’t had proper time to look over the charts so I’m staying out, but it might be a good trade.
NZDCHF, NZDUSD and NZDJPY are showing similar types of double/triple tops.
Well, the AUDCHF turned into a loss. That happens and we just move on. The setup was good and I would have taken it again.
All right, some charts were asked for:
As we can see there seems to be a turn coming. NZDUSD has tried higher and failed both October and November (mind November hasn’t closed yet).
We may be a bit late to the party already on EURNZD.
I’ve been pretty busy for the last few days and I haven’t had much time to devote to forex which is a shame as there have been some pretty nice trades to take the last few days. Hope to get some work done during the weekend. I have several new ideas/improvements, in fact my to do list is becoming unmanageable.
Ok, happy thanksgiving to those of you from the US.
I completely understand your point however I would like to point out that even NASA astronauts spend many, many hours of training in flight simulators, mockups and such long before they finally get to fly for real. What they learn in the process is so thoroughly engrained in their pscyche by the time they “go live” that it is second nature to them. Soldiers spend many hours training in field exercises where dummy rounds are used in things called war games, training for that day when they actually get into combat.
The idea behind all of this is if you train well, the leap to live is not that great. I think most people fall on their faces in FX because they were inadequately trained. Thay also treat the demo like an PS3 game, not a business. Therein lies the difference.
No, I posted the wrong charts. It should have been daily time frames, will fix it tomorrow.
Couldn’t agree more. I remember it from dental school - long almost endless sessions drilling plastic teeth before we would even be let near a real patient. And by the time we were allowed to “go live”, the whole procedure had been hammered into us so well that we actually (most of us…) knew what to do and how to do it.
Of course we always knew that real patients were coming and so it was easy to treat the training seriously.
With Forex it’s probably much easier to fall into the PS3 trap.
For those who plan to make a living doing this someday, it is for real. But I agree that it could be very easy to fall into that trap. No wonder only 5% succeed…
These are some pretty intense logs.
All right, here we go:
NZDCAD head and shoulders with neckline broken:
NZDCHF double top with lower second top:
NZDJPY head and shoulders:
NZDUSD double top, lower second top:
I made an interesting find while going through the J16 thread:
How to be a trader for a company? @ Forex Factory
Focus on the posts by Trader888.
No weekend charts this weekend. Too much stuff to do.
I took the AUDUSD and got myself stopped out at BE by a pip or so, that’s what you get for moving to BE to soon. Oh well.
About the job, it’s better to know that sort of stuff than to live in uncertainty. Hope it goes well.
Busy with lot’s of stuff, no shopping yet though. There’s plenty of time for that still.
I watched the last two of Mike Baghdady’s vids that are on fxstreet today. Most of it was good stuff and a lot of it very similar to our style of trading. Just different names for some things.
I know it may seem as if I’m not focusing that much on forex anymore, what with my less frequent posting. The fact of the matter is actually the opposite.
Today I had a very interesting thought. The theory is so simple that I’m wondering why I haven’t looked at it before. I have to thank xtraction as he caused me to have the idea by something he posted.
I haven’t looked very closely at it but I definitely will. With some luck I’ve found a regularly recurring way to play my little project. I’ve decided to name it LITS.
I sense that I may be on to something that will offer me a better edge than I currently have and I’m thinking I may likely keep it to myself, with one or a few exceptions if it turns out to actually work.
Matt will be one exception in that case.
There’s a load of backtesting and then forward testing to do and so little time. Why are there just 24 hours in a day? It’s bloody obvious that’s not enough. Not even close. 
Anyway, I realize this post looks like a teaser or something. Best way to view it is that if I can come up with clever ideas after spending hundreds of hours, then so can any of you too.
Go get yourselves that edge now! All it takes is patience, discipline and perseverance.
No time for charts tonight either.
That is fast indeed! Well done, I’m happy for you.
That would depend on your average return per month I guess and a losing streak of several months should be in the equation. And you should never risk getting to a place where the stress to start earning will risk affect your trading.
In other words, this is me, I’d figure out the number I think is reasonable and then double it.
The ideal of course is to get to a place where safe, passive income like interest and stock yields will provide the daily needs. The trading will then become completely stress free.
Assuming you need 96.000$ per year, and an ability to produce on average 10% per month ->
96.000$ / 12 = 8.000$
8.000$ = 10% -> 100% = 80.000$ x 2 for buffer = 160.000$
Then hopefully some of that money can over time be placed into stocks etc to produce the passive income.
That’s roughly how I would go about figuring it out. Mind that the numbers are fictional, but the thought process was the point.
We all like teasing, let’s admit it
So in that spirit, if I had been at home today and able to trade my new idea, I’d have been able to produce something like a 8-9% account increase having risked 0.2%. I kid you not.
Sweet. Not all days will be like today of course. Today’s price behavior was as perfect as it gets for this.
I’m gonna have to take some time off to test this if my backtesting and forward testing holds up.
Ran at the gym for quite a while today so I’m a bit exhausted both mentally and physically. Maybe I’ll fancy an early evening for a change.
Ahh, teasing feels good