Absolutely no offence taken. Hey, I'm honored you'd take the time to host such a thread. I feel there's wisdom in your message that suits my vision of how I'll be trading going forward. I'm not a newbie to Forex, but I am a newbie to using price action as a standalone read on the market.
My intermarket skills are, frankly, non-existent. I have no clue how to relate the ups and downs of the S&P500 or Oil to currencies. Don't know how to even begin. I've been staring at the charts you posted earlier of the move on 8/16/07 and trying to understand how looking at one would have helped me in another, but everything just seems to be happening simultaneously... such is the depth of my ignorance. Or the shallowness of my understanding
I've been an indicator junkie too long. Not out of laziness, but because it's so alluring to think that some clever math and some graphical, abstracted interpretation of the chart will reveal a 'truth' about the market that otherwise would remain buried — and thus lead to buried treasure... I'm looking for the treasure, just like everyone else here. If I ever end up doing this just for fun, it'll be because I already found the treasure
I believe indicators have their value — I wouldn't accept that the Gann's of this world weren't on to something — but I want to go deeper and become more literate in price action itself.
Another thing that I've been studying — something I thought would transform my understanding of price action — is the role of Volume as it relates to PA. But I now see that it has almost no relevance in Forex (despite the tens of indicators written to make you think that it does), because Volume in Forex is not centrally reported like it is in futures etc. It's merely tick volume that's broker or data stream-specific. I spent a week learning how to read divergences and hidden divergences between volume and price, only find out it was irrelevant to Forex!
Anyway.
Martin Pring's book has just arrived on my doorstep from Amazon, so that's my weekend read taken care of.
Please, keep the examples coming. Keep the challenges to see what you see coming. Put the charts up and ask us to identify the opportunities and traps — doing it is the only way past the ignorance for me.
Thanks for your continued help.