If you use discretionary trading methods yourself, why did you criticize them as "too much ego involved" a few posts earlier? As for authors, yes they probably don't disclose something revolutional in their books, but that's the case with many areas of human activity. If someone shares her/his experience with public, even if that's good old TA observed by author from his individual point of view, such work may still be useful. All depends on author's abilities to show certain things in a certain way. Some people may see things better when showed from a particular angle. In my activity as a psychologist (not trading related, just helping people with their personal problems) I also see not many revolutions. Basically same old stuff everywhere. Yet one counselor succefully helps particular person solve her/his problems and another does not. And that's not related to professionalism, because the one who can't help one client, can successfully help another etc.
+1 Here is a re-invented candlestick pattern , it is called the long lower shadow , along the trend lines .It is rehashed and regurgitated as pinnochio a fancy name . Same old crap renamed. http://www.forexboost.com/members_area/060209043210_Candlestick_Patterns_for_DayTrading.pdf If they said use candlesticks , there is no money to be made from selling anything.There is no royalty to be made from it. Do some of these scumbags have a self interest in confusing noobs ?
Once again for those who need repetition: PA is not based on personal bias, opinion, ego, views. It is based on the fact that price bars in any time frame reveal who wants it more at any given point in time. That's the present, the "now", the hard right edge of the chart. It is based on the fact that certain patterns the price bars leave behind (that's the past) offer clues to what is more likely (but in no way guaranteed) to happen next. That is the future, which only exists in the imagination. It is based on the fact that the way price reacts to certain patterns results in at least a certain minimum price move in a given direction in your chosen time frame more often than not ("more often than not" is often referred to as an "edge"). The minimum move is not guaranteed. (There are no guarantees in life, but if you're looking for the illusion of a guarantee, for security and certainty, and if you rarely apologize, forgive or admit you're wrong, trading is not for you.) Finally, PA is indeed based on belief, the belief that if you trade based on all appearances of these particular patterns to which price reacts that certain way, and you capture at least a certain minimum profit from that minimum move on every trade that offers it, and your protective stop loss is equal to or less than the minimum profit you'll accept and the protective stop loss that offers you this potentially profitable risk:reward ratio is at a price that makes sense in the context of previous price action, you will be consistently profitable over time. OFX, I have indeed done a lot of my own statistical analysis of ranging price action and decided some time ago to trade in certain way that allows me to capture profits under both conditions without changing what I do. It involves taking profits in minimum chunks. This means I get one chunk of profit in a range, but when price finally breaks out (it always does eventually) I'm positioned in the direction of the breakout and can hold the runner or trade the trending move in chunks as well. I've gotten to where I can read and trade price action with great precision.
To the ones who know who this is for: CYNICAL adjective 1. like or characteristic of a cynic; distrusting or disparaging the motives of others. 2. showing contempt for accepted standards of honesty or morality by one's actions, especially by actions that exploit the scruples of others. 3. bitterly or sneeringly distrustful, contemptuous, or pessimistic. The question is: Are they born that way or is it their parents that ruined them?
What you're describing sounds like pure price action to me. As for the rehashing of the same old t/a, I'm sure there are plenty of "gurus" trying to make money selling their knowledge/services because they were unable to trade well, despite having excellent knowledge of price action. That doesn't mean they don't have something of value to offer others. I know from experience that I could train anyone here exactly how I trade oil or euro futures intraday in a 5-min time frame. Nothing left to the imagination, every setup defined, every entry defined, every stop loss defined, every minimum profit target defined, every filter for avoiding low probability trades, and every individual trader would have a different result at the end of each day. Many would lose money even if the day's price action produced a potential profit of $2000/contract. Knowledge + faith = trading success 95% of traders trade in an environment of fear, which is the opposite of faith. It's not knowing what to do, it's doing what you know. - Tony Robbins ADD: Quite some time ago, I spent time with Cornixforex as he traded 6E live. When he told me his max stop loss on a trade was 6 ticks, first I didn't believe him. Of course, since I thought it couldn't be done, he interrupted me by actually doing it. He never revealed his specific tactics, but he was a PA trader and I quickly caught on to what he was doing, so one morning I watched for one of his sort of setups to form, put on the trade and slapped on a 6-tick stop. The moment that stop order was on my DOM, I freaked out. It was too close!!! I moved it further away. The trade worked out fine, and the initial 6-tick stop was never breached. So there's an example of how two of us could trade together all day, same setups and entries, but my lack of faith in the tight risk management could cause me to take larger losses and end up with a losing day against his winning day.
For those who want to learn something , you will find some really interesting gem set ups in candlesticks , there are some top notch candlestick price action set ups .There are almost 30 plus of these pdf booklets, just 1 additional pattern will be worth the effort. Just google (candlestick pdf)
6 pips Sounds like he fears of losing more .Do you really believe the guy putting a 20 pip stop is worse off than a 6 pip guy . 20 pips stop is better off than 40 pips?.Think probabilities. The wider the stop ,the less likely it will be hit.
It's funny how several people can read the same thing and draw totally different presumptuous conclusions when digging deeper would give a definite answer. One trader trades with a 6 pips stop loss because of fear and another trades with 6 pips because his trading is advanced enough that he is certain 6 pips is all that is required to confirm a winning set up. Another trader uses a 20 pips stop because he has no ability to refine his set up and needs the wiggle room to get his trade to work. So who makes more money? It should be the one with more control, more refinement and more certainty in the immediate return of the set up. What ND saw was nothing special for Cornix. Just another average trade with an outstanding chance of making money. But the skill goes way beyond the entry. One trade might be for 6 pips while another is held for 200. It is knowing when to hold and when to fold that makes the real money. The 20 pip stop trader needs the run to break even while the 6 pip stop trader can pick up lots of 6 to 10 pip trades and work inside the 20 pip stop trader. This is winning the probabilities game by adapting quickly to trend and counter trend opportunities. Cornix has had lots of trades of 50 to 100+ pips from a 2 pip stop on a limit order reversing the trend. That's control. 6 pips tends to be a high average for that style - a default setting and can be adjusted up and down depending on volatility.
2 pip stop lmao 10 pips is often noise for euro /usd , the 20 pip stop guy can still play within the 20 pips .Noise gets certain traders in mess. Let us take a thousand trades 800 win 10 pip average =8000 , 200 lose 20 -4000 =4,000 profit.