[QUOTE=“Mr B A Barracus;564770”] That sounds just like what I now do, I tend to risk up to 3% on the 1hr and 4hr charts and up to 5% on the dailys. Good night guys! I’m gonna have to get some zzzzzzzz’s[/QUOTE]
You are a brave soul, haha. I am also getting ready for bed. Have a good night with sweet pip dreams. :24:
Good night, sleep tight everyone. May the Ghost of Pipettes Past, Present, and Future haunt us tonight. Wait a minute… a month too early. 
I’m away for 8 hours and I miss the entire NZD/CAD twerking party? …thanks goodness 
Mr BA, keep that mohican intact, there should never be any trade that causes you hair loss!
The funny thing is that I am short the NZD/CAD from that top pin bar (shooting star) that formed, so I am trading against everybody’s analysis. And despite me now seeing it finding support with the trade you guys were discussing, I prefer to keep my hair and just let it play out as it will. My original trade analysis is what it is and I am not going to change it now because it “might” turn into a loser…
Actually, it can only be a small profitable trade for me now because I already reached my first target and moved my other second position’s stop to BE.
Good luck man, let’s see how this thing turns out. Perhaps it will be a good idea to analyze this trade when it has played out, might be a good learning experience for us all.
Cheers!
Believe me, it was good while it lasted. You won’t believe the kind of twerking we had with ‘the Party in the USA’ in the background. Well, until Krugman forbid it at the end. :18:
Trading from top of the range, you mean from the second top of double top there? Yes, I can see how you do that. The pinbar looks smallish for my taste, but some people may have taken it if it fit their trade plan.
[B]Why human nature works against profits[/B]
I wanted to leave a bit of trading wisdom from legendary trader Jesse Livermore.
[I]“The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. Of all the speculative blunders there are few greater than trying to average a losing game. Always sell what shows you a loss and keep what shows you a profit.”[/I]
Human nature works against you as a trader, and works against your ability to make money in the market. Worst of that nature is a persons desire to keep losing trades open but cutting winning trades short. This is done because of hope and greed. They keep their losers open out of hope that the market will turn in their favor, and they cut their winners short out of greed, because they don’t want the market taking back their few percent of winnings. If you let your losers run and cut your winners short, the best you can hope for is a break even or slightly better than break even profit record. This is why I am a proponent of learning what price action really is, and using that to get the most out of your trades.
[B]Why most guru price action courses don’t work[/B]
Countless PA teaching websites make it seem like 3 or 4 candlestick setups is price action. To the contrary, everything price does is price action. Learning a handful of candlestick setups can help you get in the market, but you will have a hard time making “significant” profits if that’s the only thing you know or understand about the markets. I have personally done this many times and I know many of the readers here would agree that they have gotten out of trades at a set profit level, just to watch price continue to move and you missed out on 1-2 times profit you could have made by staying in. Obviously every trade isn’t like this, but imagine if you could do this in just 1 out of every 10 trades. That extra 10-20% every dozen trades really starts to add up.
I think a great disservice is being done with the easy price action teaching that is prominent. I would have to seriously question if anyone is making gains in the long term, using simple horizontal levels and 2-3 price action candle setups. That is similar to taking a checkers strategy and applying it to a game of chess. It reminds me of the sales pitches you see on infomercials where they sell a bottle of magical goo that can take scratches out of your car. We all know it takes a 2000$ job done by an auto body shop to fix a car, not a 20$ bottle of magic goo. I take to my hat off to those teachers out their that are honest about the markets and discussing the advanced market dynamics. If I wanted to, I could tell people that trading is simple and can be done successfully with a horizontal line a couple of candle setups, but that would simply be deceptive. Trading is dynamic, difficult and at times emotionally draining. Instead of hiding those facts so I can sell memberships, I want to say lets be honest about the markets up front and then spend our time mastering it! It’s very disheartening see unformed newbies laying down hundreds of dollars for a simple, easy and clean magical trading method, just to find out it doesn’t actually work because the real life markets aren’t simple, easy and clear. My approach may not make you feel warm and fuzzy, but I don’t want to make you feel cozy about the market, I want you to make money and if possible “serious money”.
I have been extremely happy to see people here stretching their wings and trying out some of these different trading methods and techniques. It’s not just that though, I can tell some people here are really starting to “get it”. They are going from a 1-2-3 step method, to actually understanding the fluidity of the market and adjusting their trades to the current market conditions. Learning a step by step method isn’t bad, but it is a handicapped approach to the market and will keep you from really mastering the market. I have been extremely surprised by the number of people who have said they never heard of some of the topics I have mentioned. These are people who have been following the mainstream gurus for a couple months to a couple years. This tells me there is a huge gap in what is being sold and what is reality. I have a big job ahead of me, but I am enjoying this journey and I look forward to continue surgically analyzing every aspect of the markets and mastering them.
Great stuff Aaron! Thank you very much for putting it together for all of us!
[QUOTE=“krugman25;565056”]Why human nature works against profits
I wanted to leave a bit of trading wisdom from legendary trader Jesse Livermore.
“The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. Of all the speculative blunders there are few greater than trying to average a losing game. Always sell what shows you a loss and keep what shows you a profit.”
Human nature works against you as a trader, and works against your ability to make money in the market. Worst of that nature is a persons desire to keep losing trades open but cutting winning trades short. This is done because of hope and greed. They keep their losers open out of hope that the market will turn in their favor, and they cut their winners short out of greed, because they don’t want to market taking back their couple percent winnings. If you let your losers run and cut your winners short, the best you can hope for is a break even or slightly better than break even profit record. This is why I am a proponent of learning what price action really is, and using that to get the most out of your trades.
Why most guru price action courses don’t work
Countless PA teaching websites make it seem like 3 or 4 candlestick setups is price action. To the contrary, everything price does is price action. Learning a handful of candlestick setups can help you get in the market, but you will have a hard time making “significant” profits if that’s the only thing you know or understand about the markets. I have personally done this many times and I know many of the readers here would agree that they have gotten out of trades at a set profit level, just to watch price continue to move and you missed out on 1-2 times profit you could have made by staying in. Obviously every trade isn’t like this, but imagine if you could do this in just 1 out of every 10 trades. That extra 10-20% every dozen trades really starts to add up.
I think a great disservice is being done with the easy price action teaching that is prominent. I would have to seriously question if anyone is making gains in the long term, using simple horizontal levels and 2-3 price action candle setups. That is similar to taking a checkers strategy and applying it to a game of chess. It reminds me of the sales pitches you see on infomercials where they sell a bottle of magical goo that can take scratches out of your car. We all know it takes a 2000$ job done by an auto body shop to fix a car, not a 20$ bottle of magic goo. I take to my hat off to those teachers out their that are honest about the markets and discussing the advanced market dynamics. If I wanted to, I could tell people that trading is simple and can be done successfully with a horizontal line a couple of candle setups, but that would simply be deceptive. Trading is dynamic, difficult and at times emotionally draining. Instead of hiding those facts so I can sell memberships, I want to say lets be honest about the markets up front and then spend our time mastering it! It’s very disheartening see unformed newbies laying down hundreds of dollars for a simple, easy and clean magical trading method, just to find out it doesn’t actually work because the real life markets aren’t simple, easy and clear. My approach may not make you feel warm and fuzzy, but I don’t want to make you feel cozy about the market, I want you to make money and if possible “serious money”.
I have been extremely happy to see people here stretching their wings and trying out some of these different trading methods and techniques. It’s not just that though, I can tell some people here are really starting to “get it”. They are going from a 1-2-3 step method, to actually understanding the fluidity of the market and adjusting their trades to the current market conditions. Learning a step by step method isn’t bad, but it is a handicapped approach to the market and will keep you from really mastering the market. I have been extremely surprised by the number of people who have said they never heard of some of the topics I have mentioned. These are people who have been following the mainstream gurus for a couple months to a couple years. This tells me there is a huge gap in what is being sold and what is reality. I have a big job ahead of me, but I am enjoying this journey and I look forward to continue surgically analyzing every aspect of the markets and mastering them.[/QUOTE]
Thanks Aaron, a really great read and very interesting.
BA
Interesting. Very interesting, indeed. I assure you, Krugman, we agree much more than you think.
[QUOTE=“cyanidez;564830”]I’m away for 8 hours and I miss the entire NZD/CAD twerking party? …thanks goodness
Mr BA, keep that mohican intact, there should never be any trade that causes you hair loss!
The funny thing is that I am short the NZD/CAD from that top pin bar (shooting star) that formed, so I am trading against everybody’s analysis. And despite me now seeing it finding support with the trade you guys were discussing, I prefer to keep my hair and just let it play out as it will. My original trade analysis is what it is and I am not going to change it now because it “might” turn into a loser…
Actually, it can only be a small profitable trade for me now because I already reached my first target and moved my other second position’s stop to BE.
Good luck man, let’s see how this thing turns out. Perhaps it will be a good idea to analyze this trade when it has played out, might be a good learning experience for us all.
Cheers![/QUOTE]
Hey Cyanidez
Haha that’s very interesting, we are both on either side of the trade. Were you on the initial long before it fell back down? Looks like you and Aaron have been doing some great longer term trading. I’m yet to get in on a long termer but hope to soon if I can hop a ride. I entered the EURJPY 1hr engulfing pin today to go long, it looks a bit dicey as a bearish engulfing bar formed immediately after but I am hoping this may play out as a longer term trend as the most recent trend has been a fairly strong up. (just realised how many times I’ve used the word long in the above paragraph)
Im also finding that its very difficult to find a Mohican style hair piece these days, back in the 80s they were all the rage. There’s a few on amazon but they don’t match my eye brows if you know what I mean. I’m glad your keeping your hair though mate!
Keep up the great trading
BA
Talking about the NZD/CAD, me and Cyanidez hoped on the same train (pin bar) on the daily. Today i closed my full position for a 87 pip profit. Closed it a bit late though because i’m not able to always monitor the charts. The reason for closing my position is the strong rejection price is showing at this support level (many bigger wicks) and a massive pin bar on the 1 hour and big pin bar(s) on all time frames up to the 8 hour chart even though they start to look more like indecision candles the higher you get. Nonetheless we are seeing a strong rejection compared to the other double top we had earlier this year where price just went through this support as it where nothing.
This strong rejection makes me think that price may push up once again and form a triple top before finally giving up. Of course it may just continue up or down, no one knows for sure. 
Just my 2 cents on this pair.
My other 2 trades i currently am in are looking really good.
+140 & +50 pips on the AUD/CAD (weekly BEEB) at the moment. We are getting a slight rejection at the daily support right now but on the weekly there is not much to be worried about. I will have my eyes on the daily though and if we get a clear and strong bullish price action signal at this support level i will most likely close my 2 positions.
I know many out there are struggling with creating a trading plan or a trading journal that is easy and fun to follow. This is what my journal looks like (see attached pdf) and it’s actually fun to look through old trades when it looks like this. It does not always have to be complicated. I hope it’s useful to someone. 
Trade Journal - 2013 November.pdf (207 KB)
Great trading diablo! You are really kicking butt. I had also went long on the NZDCAD and NZDUSD last night, but due to the longer term bearish price action, once price cleared a minor resistance level I quickly moved to break even. I price pulled back and I ended up getting stopped out at a break even on both. I was actually watching the charts when I got stopped out, and it ended up doing a deeper retracement. I was thinking about getting back in at the better retracement but my gut just didn’t feel right about it so I sat it out.
The AUDCAD seems to be looking like a great trade for you. If I remember, you did a retracement on that trade so you should be up a decent RR on that right now. I am watching the daily for price to pull back to the old support new resistance level for a chance to get in short.
Overall you have a good basket of winners going!
Hey Mr BA,
Hehehe using the word “long” six times in one paragraph, not once using it grammatically incorrect - impressive! 
Unfortunately I wasn’t in the nice big ride up on the NZDCAD but it’s only a matter of waiting for the next trade to put in an ever bigger move, then we buckle up and settle in for the ride.
Good luck with whatever the next trade might be for you, take care.
Cheers
Diablo, very nicely done, congratulations!
As the day is drawing to a close, I am still not convinced of the NZDCAD and will leave my short position on.
As for the AUDCAD and CADCHF, lol man we are reading the charts much the same. I took full profit on my AUDCAD yesterday but I did trade it from the H4 time frame. My CADCHF is still short and I hope it drops like a rock tomorrow!
Great trading man, take care.
I don’t want to assume the role of head boy of the Kruger School of Trading, but on behalf of everybody I want to say thank you for sharing your trading wisdom with us Aaron.
The selfless way you dedicate your time to others are more appreciated that a simple forum post can justify, but just know that we follow you eagerly, support you in your work and are excited for all that is still to come.
Cheers!
Hey all,
long time lurker here.
Wanted to join conversation and thought I would share a forming trade.
USDSEK daily
)since we only have a few hours left for the day, I thought that maybe this can spark some conversation/attention
Thanks Cyanidez for the post, it means a lot to me. The best feeling is seeing you guys/gals benefiting from what I am teaching. I was simply tired of seeing people throwing their money away by following the easy price action teachings out their. It has been both a challenge and a good learning experience to take the process that goes on in my mind, and try to put it out in a way others can learn from it. I actually thought people were going to find this too difficult or confusing but it has been received well and people have already been applying it to their trading strategies with success. I want to make sure I don’t take all of the credit here, because non of the things I teach work if the trader is not disciplined and willing to put in the work. So I say thank you all of your discipline and hard work at learning and trying out the techniques/methods discussed here and making it fit your trading style. It’s been awesome seeing you guys taking great quality trades, and then maximizing the profits you normally would get by using some of these advanced techniques. I look forward to what the future holds here.
Thanks for joining the crew here! Good job kicking it off with chart analysis! I don’t have time to do a real good analysis, but I can say that is not a double top. Double tops have a “V” shaped valley, it is just a simple resistance area. Now the daily chart is it is a bit more forgiving, but that pinbar is a bit small compared to the previous candles. Also as you mentioned you are trading in a major bullish momentum.
Does anyone have some leverage I can borrow? haha. There are a couple setups I want to take and I am darn near out of available margin. Darn the US’ 50:1 max leverage. It doesn’t help that I also have about 60% of my account balance not in my broker account. :rolleyes:
Okay, new try
AUDUSD daily
2bar reversal
-PA signal could be bigger (?)
Edit: If my graphs are hard to watch/follow, please let me know
Hey guys,
I’ve been a bit quiet on the thread the last few days, been too busy to chip in but have been enjoying your banter!..will post some analysis at some point but just to say I am long nzdcad and short cadchf at the moment off the daily charts, was pleased to see I had already taken These positions myself before checking the thread and seeing you guys were also focusing on the same setups. am up just over 1R on each and the PA so far is supporting continuation of the current moves.
Happy trading all.
Amy
