stpips89

Remember when I posted this? Guess I've been right so far!

Here is a good article discussing whether or not trading can be taught.

I would suggest checking out Nial Fuller if you have any interest in learning to trade with pure price action analysis.

I always have read that consolidation after a strong trend typically breaks out with the existing trend? Aren't we supposed to assume the existing trend is intact until it is actually broken??

You should try price action trading. I learned from Nial Fuller, he has some really great free information you can learn from if you don't know where to begin.

Silver and gold both appear to be in counter-trend rotations to the downside, I am looking closely for a long entry in silver soon.

The dude abides. Yes, I concur.

I have been making some good money in silver lately.

One word. Silver. The silver market is hot, check out this video: [ame=http://www.youtube.com/watch?v=HGPvVjfNYgs]YouTube - A Silver Shortage?[/ame]

Gold and silver are exploding recently. I got long on silver based off the commentary at Nial Fuller's website: Forex Commentary: Gold and Silver recap, 28th December 2010

[ame=http://www.youtube.com/watch?v=_1KUWGS0xKk]YouTube - Pin Bar Forex Trading Strategy with Trend[/ame]

I agree that less trading is better, it took me a while to realize the power of not looking at the market so much or trading so much, and my trading account has grown more consistently.

You trade the 15 minute chart? Doesn't that force you to sit around looking at your charts all day and over-analyze them?

It probably means you will have to trade less frequently too. Traders I think want to have both high winning percentages and big profits on every trade, its not really possible though. If you have a high winning percentage you are probably going to take fewer trades than the masses. If you trade a lot you aren't going to be able to have a high percentage of winners and make big money on every trade.

What currency pair or instrument is the above chart?

Trading charts in real time, I think the best way to do this is by using price action to read the market.

Look into a setup called the "fakey setup" it takes advantage of false breaks in the market.

Right, but the pin bar signaled that a bearish move was possible, as it showed rejection of a strong resistance level, implying that further weakness was likely. So, while you are technically correct in pointing out that the pin bar itself did not "set off" the down move, it was a warning that down move was a stronger than 50% possibility. I was using the term "set off" as a figurative phrase, not a literal one.

Pretty interesting 4hr gbpjpy chart here, note the pin bar that set off this recent downward move from resistance.

I agree, 5:1 winners are difficult to come by, the problem is that you have sit by and watch many 2:1 winners turn into losers...I'd rather take the money and run.

Potential long on the EURUSD off support, pin bar setup off support near 1.3700.

Justaguy, I feel your pain bro, this has happened many times to me as well, sometimes it almost seems like the market actually knows where your stops are to the T. I mean, I can't even tell you how many times I haven gotten stopped out at breakeven by less than 5 pips only to then see the market take off in my original direction by hundreds of pips. It is literally enough to drive you mad sometimes. However, I have gotten better at this over time, and eventually you sort of just learn to accept that this part of trading, its like the cost of doing business. There have also been times where my stop got missed by a few pips and then I went on to net some massive pips.

I think the U.S. dollar is looking stronger across the board right now. Many of the reversal patterns put in last Friday were mid-term reversal I believe.

Interesting system, it seems similar to price action setup trading but slightly more complicated? I am sure I totally understand your approach but I am very interested in any method that does not use lagging indicators.

sanchez, I am interested in your thread here. I trade forex with price action. Does it work just as well in the e-minis?