I was a little bored tonight so I logs into the forum to poke around and Jarroo posts a chart of the USDCHF - a pair I got in long yesterday morning.

Speculation is that the SNB intervened. I have no better explanation -

Wondering why at this hour they'd do something like that. Do the gnomes over there work the graveyard shift?

Joel - any thoughts? Just curious. I hope they do it again real_soon_now...

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It is not what you know, it is how you think that makes all the difference

Wow - exactly my thoughts....

Uh, in case no one can tell, that was BS

Thanks Joel. Rac is a sneaky little shit.

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It is not what you know, it is how you think that makes all the difference

Nice rant Tia -

I don't know Jack about no intervention, in fact, I pay no attention to news or other manner of 'talk'. Fundamentals are a misnomer for me. That stuff is so complex that applying the term "Fundamental" is just plain silly. People get economics degrees over the course of many years and then work as a grunt for many more to begin to understand that stuff. I ain't got the time!

But I do know PA works. Period.

Here is my one trade this week - I selected this one trade vs three other ones available at the time because it presented itself as the easiest to manage, and right now, I keep it to one, maybe two trades at a time. I had no idea last evening's fireworks were coming, and I did not have to, PA said to get in.

That's right. I took only one trade.

Snapshot:

Pinbar at a BNR, PPZ and ICCE fib. What else could you ever want - Just enough room to get to BE. Price hit the grey box, and I went to BE. The rest was managing my stops (something you just have to figure out for yourself because that works best) Out for 4.9R. Two days duration. Absolutely no stress.

All I had to do was wait for this setup, and they come nearly every single week.


.

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It is not what you know, it is how you think that makes all the difference

BOO!

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It is not what you know, it is how you think that makes all the difference

Yeah - it is cathartic.

BTW - I don't know if you do Facebook, but there is a dude out there know as "ShitMyDadSays" Funniest thing I've seen in a long time.

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It is not what you know, it is how you think that makes all the difference

Some of the ones I can drop here

"No, I'm not a pessimist. At some point the world shits on everybody. Pretending it ain't shit makes you an idiot, not an optimist."

"Can we talk later? The news is on... Well, if you have tuberculosis it's not gonna get any worse in the next 30 minutes, jesus."

"Universe is 14 billion years old. Seems silly to celebrate one year. Be like having a f*cking parade every time i take a piss."

"I like See's candy. Put me in a See's store, I'm eating candy. The whole world is Tiger's See's store, and the candy is vagina."

"Son, no one gives a shit about all the things your cell phone does. You didn't invent it, you just bought it. Anybody can do that."


LOL!

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It is not what you know, it is how you think that makes all the difference

OMG - I missed that post! He is on Facebook too. Greatness.

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It is not what you know, it is how you think that makes all the difference

Hey - let's have a little fun -

Post up some of the choice replies. Now, that would make you famous.

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It is not what you know, it is how you think that makes all the difference

I am assuming the psuedo PB on the red line?

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It is not what you know, it is how you think that makes all the difference

Brilliant.

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It is not what you know, it is how you think that makes all the difference

If I learned nothing else from this man, this was it. It made a difference.

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It is not what you know, it is how you think that makes all the difference

For example....

Last week a PB on the 4Hr.

PB at this confluence:

1. BRN
2. PPX
3. ICCE Fib

Entered the trade, it popped, and I went to BE within an hour. Great setups tend to move hard.

4.9R. My only trade this month. If you learn to wait for the great setups, how many will you need?

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It is not what you know, it is how you think that makes all the difference

Exited at the 100% ICCE fib. Price sometimes goes beyond, and sometime less, but when you get to it, it is often a good time to get out, and look for another opportunity.

Happens often.

Trail your stop while in the trade according to what works for you and makes sense.

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It is not what you know, it is how you think that makes all the difference

Benji - "Pipmeister"

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It is not what you know, it is how you think that makes all the difference

Sounds like a nice way to insert high risk to me.

How might this have been played, and what PA was in place to indicate that a low risk entry to the top side was in play? All I see is a fairly firm resistance zone.

Or I am missing something. (Entirely possible)

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It is not what you know, it is how you think that makes all the difference

Bemac always makes me think....

I am one of the crowd who normally cannot tell you where price is in numerical terms, but I always KNOW where it is in relation to its past. Maybe that makes you too detail oriented, but when I visit a doctor, I like a man oriented towards the details...

Speaking of Jim - he is snowed in... looks a lot like Toronto in his neck of the woods today....

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It is not what you know, it is how you think that makes all the difference

Interesting take Patrick.

I am one of those who gets to BE fairly quickly - normally in the area of the first resistance. But not for the reasons reasoned out above. What I have developed for myself allows me to win a low percentage of trades for a nice return. The majority of the rest are BE. finishers.

I'd like to see you expand on your speed comments. Since speed seems to indicate order flow, and these areas of high order flow are fairly predictable, (round numbers, PPZ's...) a good move will very often begin with some velocity - as a form of verification of order flow.

(Speed is a nice thing - if it comes along - but your comments on counting on it make sense to me.)

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It is not what you know, it is how you think that makes all the difference

Heh. Simple, right? But not "easy"... for the vast majority.

The tough part for many is to not try to 'curve fit' a setup, because of the need to make money, and then implement a solid set of repeatable rules (meaning - rules you use and follow).

And there is much much more...

Time and experience is the commodity all have to bring to the table.

The stuff just works - if we let it.

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It is not what you know, it is how you think that makes all the difference

Plus there is just the part where we have to develop our 'eye'. It does take some time. Younger people often have a head start because they have not developed the bad habits their parents have worked hard to acquire... Youth is a fine thing to be able to take advantage of.


Good start! There is so_much_more. A few years in the Army will reveal quite a lot to you. You won't even recognize yourself.

Aim higher. Half a point on 500K won't pay the bills in our neck of the woods. Not even close. Pretty good money for dinner out a few times and a few shows with enough left over for groceries. 3% is better, but to be honest, that ain't big bucks either. There are folks here in this forum that do that on a regular job. And they are not looking for parity from trading.

But your point is well taken, carefully grow your account and you can get to the place where a few well placed trades a month will make you more money that you can dare dream of today.

But dreams won't get anyone there, we know that. Carefully, day ofter day protection of capital over lots of time - might.


You are in such a good place. I know you'll take full advantage.

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It is not what you know, it is how you think that makes all the difference

Hi Jeremy - you make a lot of sense.

I suggest sticking to the fundamentals and mastering them as Jim and MBQB11 teaches them and _forget_ everything else - for the time being.

When you master - proven by 3 to 6 consecutive months of profitable trading - than look to add in a little something.

What you will find is that you will develop your own relationship with the market - meaning you will find out what you are really good at and can exploit. You can work on other things, but you will have to develop a way to trade that works for you.

I do not do exactly like anyone else on this forum, and what I do works well for me.

Take your time - find PPZ's. Find confluence (with divergence, fibs, BRN's). Find good and proper bars at those places. Pay close attention to what price does, and use your own eyes and thoughts. Price has a memory - use that knowledge. Trying out everyone's stuff here will likely elongate the chore.

Eventually the core message taught here *will* suddenly dawn on you, and you'll have it.

Oh - and one ore thing - post up charts and ask questions that will force folks to help you to focus in on The Core. (MBQB11 is really good at this - hint hint)

Cheers!

- mike

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It is not what you know, it is how you think that makes all the difference

Ask yourself this question - and take notes in a table so you can see a pattern emerging:

What were the conditions at the time the bar formed? At a PPZ? At an fib area (50 - 61%), At a round number, was the bar bigger, smaller of the same as the preceding community of bars? Is it part of a double/triple top? Was there divergence on the RSI? MACD? Is it trading into traffic, or is there space?

Then - examine what price did post bar. Did it run? Was there a pull back then a run? Where did the pullback occur?

I'm sure you could think of more things - but this simple exercise over just a few hours will yield significant knowledge. Forget for now how much money each bar could yield, learn Price Action. Money follows.

Cheers Again!

(BTW - saw Celtic Woman at the Durham Performing Arts Center last night. If you ever get the chance to see them - do so. Stunningly talented.)

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It is not what you know, it is how you think that makes all the difference

Still coming ... hang tight.

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It is not what you know, it is how you think that makes all the difference

I'm screwed....

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It is not what you know, it is how you think that makes all the difference

Whooo Boy. There is no one way - and you are of course looking to maximize revenue and limit the potential to get out too early. So you'll have to work out what management structure will work well for your psyche.

You can do:

• Bar Trails
• Trail and hide behind areas of old price interest
• Fib trails
• Round number trails
• Wet finger in the wind
• % of move trail
• Or some combo of the above

Part of this for many means to set targets - set the target, set the TP and keep banking profits as the trade runs.

It is all about you, and where you are on your personal curve. Try out several methods, and see what method you can develop for yourself based on your own observations. It is an interesting and fun exercise.

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It is not what you know, it is how you think that makes all the difference

All this is about is the basics. Every 'fancy-pants' method that works has as its foundation The Basics.

For most people, getting to, and staying at BE for a long time is fantastic returns. Beats the pants off of losing - and that is endemic in this endeavor.

Master the basics, and the rest follows. Even trading a touch on occasion, if you are good, and have done the homework required to *know* what to look for. (Think - absolute mastery of the basics)

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It is not what you know, it is how you think that makes all the difference

It's friday....



It is the only way to play it safe...

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It is not what you know, it is how you think that makes all the difference