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  • #5,201
  • Sep 10, 2009 12:39pm Sep 10, 2009 12:39pm
Quoting 30XTCi
Strat,I did'nt see anyone mention this so I thought I would ask. Why on your 'Test' chart your markings were 130 pips apart? You wouldn't have mentioned it unless you were probing.

Also, any chance of some more examples of confirmations on swing highs/lows ' being taken out'. I found that quite fascinating.

Thanks, Roy
""Why on your 'Test' chart your markings were 130 pips apart? You wouldn't have mentioned it unless you were probing.""

Roy, my Wesh Ozzie, since I had removed price and everything else to avoid identifying the pair and therefore sneaking a peak, I had to say that to enable people to estimate the pip size of that hammer.

""Also, any chance of some more examples of confirmations on swing highs/lows ' being taken out'. I found that quite fascinating.""

As you know, I'm up to my eyeballs in muck and bullets right now so I will ask the readers to do this as it will be very interesting for all.

So, everyone, please post examples of "failed" or "taken out" hammers and shooting stars.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,202
  • Sep 10, 2009 1:10pm Sep 10, 2009 1:10pm
Quoting strat
So, everyone, please post examples of "failed" or "taken out" hammers and shooting stars.
ok

shooting star was not confirmed yesterday, it had a second chance today, kissed 16 and good bye
Attached Image (click to enlarge)
Click to Enlarge Name: XAGUSD 090910 D1.png Size: 20 KB
Invincibility lies in the defence, the possibility of victory in the attack
  • #5,203
  • Sep 10, 2009 1:19pm Sep 10, 2009 1:19pm
Quoting Jideck
Hi Baba G

Thanks for your teachings .

I have some questions with regard to the studying of the bars and recognising pin bars, BUOB ect.

1. When you started learning PA have you enlarged the screen to see it big or you have had it small to see what was happening before it (to see if market going sideways, downtrend, uptrend)?

2. I know that I need to look at many charts with PA, what especially I need to look for (close of the candle in relation to the previous candle/bar or candles/bars)?

3. I am aware that learning the PA will enable...
Jideck, I’m guessing you have sent this and your PM to Baby G rather than me because you think he may be a “soft touch” and may give you a key to Pandora’s Box. He has no key, I have no key, none of us have. We all got where we are through hours and hours (years for me) of screen time and practicing – there is no substitute for this – no short cuts. You just have to do it, make the mistakes and LEARN from your mistakes.

You will not get favours or special treatment on here, BUT you will get teachings and answers to your questions. The sooner you accept there is no substitute for the hard work, time and effort you have to put in to be successful, the easier it will become.



“”1. When you started learning PA have you enlarged the screen to see it big or you have had it small to see what was happening before it (to see if market going sideways, downtrend, uptrend)?””

Jideck, now I know you said you are reading the thread but you have not read far enough as this is covered in several posts.

You should start with the BIG PICTURE on both the Worker and BOSS. Zoom out (small bars) so that you can see ALL the trends.

When you have found the current and immediate trend, zoom in (large bars) to see PRICE detail.

What you use to trade off is personal preference, some use a zoomed in screen while others prefer a zoomed out screen. Whatever you do, do not have such big bars that you are oblivious to the current and previous market sentiment.

“”2. I know that I need to look at many charts with PA, what especially I need to look for (close of the candle in relation to the previous candle/bar or candles/bars)?””

Jideck, you have not read and UNDERSTOOD the thread – the answers to your questions AND more, are all in there. Seems to me like you are looking for short cuts – THERE ARE NONE! You have to put in the time, effort and hard work to understand it from pure basics.

Go back to the beginning of The Path of Learning and start with Post #1. If there is anything you don’t understand on that post, ask your questions on here. Do the same with the next post, and the next until you get back HERE.

“”3. I am aware that learning the PA will enable me to read what the market is doing without indicators, I have been drawing trendlines when I see consolidation of prices and I expect the PA to show a way out of this box either down or up - is this a correct way of reading PA in such a situation?””

Jideck, you have not read and UNDERSTOOD the thread – the answers to your questions AND more, are all in there. Seems to me like you are looking for short cuts – THERE ARE NONE! You have to put in the time, effort and hard work to understand it from pure basics.

Go back to the beginning of The Path of Learning and start with Post #1. If there is anything you don’t understand on that post, ask your questions on here. Do the same with the next post, and the next until you get back HERE.

“”I understand that practice will enable me to succeed in reading PA, however if there are any pointers from the master I would greatly appreciate it.””
Here is the pointer from all of us:

Go back to the beginning of The Path of Learning and start with Post #1. If there is anything you don’t understand on that post, ask your questions on here. Do the same with the next post, and the next until you get back HERE.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,204
  • Sep 10, 2009 1:23pm Sep 10, 2009 1:23pm
Quoting pipfx
This is my first post.

Thank you for this thread! Great reading, hopefully I can contribute more after I finish reading the thread in its entirety.
Welcome. Don't just read, UNDERSTAND. If you don't understand anything, ask your questions on here.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,205
  • Sep 10, 2009 1:44pm Sep 10, 2009 1:44pm
Quoting silverheat
ok

shooting star was not confirmed yesterday, it had a second chance today, kissed 16 and good bye
Whoa, silverheat, I think you may need to get your blow torch out to warm up!

That shooting star has NOT failed – it is STILL valid and active!

A shooting star only fails when its high is EXCEEDED.

A hammer only fails when its low is EXCEEDED.

However if you look over at mid March 2009, there is an example of a hammer which eventually failed a month later in mid April 2009.

Thanks for participating though – now go and study candle failure patterns before they burn a hole in your pocket.



Hey Roy, like his Pitchfork? Seems an ideal candidate for your University of Smoke and Mirrors!
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,206
  • Sep 10, 2009 1:52pm Sep 10, 2009 1:52pm
Quoting strat
Whoa, silverheat, I think you may need to get your blow torch out to warm up!...
thanks for the feedback

... here is the one you are looking for
Attached Image
Invincibility lies in the defence, the possibility of victory in the attack
  • #5,207
  • Sep 10, 2009 1:54pm Sep 10, 2009 1:54pm
Quoting silverheat
thanks for the feedback

... here is the one you are looking for
Hi Silverheat, that's a great SS which didn't fail.

Jump to the left on your chart and you can see one (albeit a poor one) at a swing high which was taken out by some choppy PA.
  • #5,208
  • Sep 10, 2009 2:00pm Sep 10, 2009 2:00pm
Quoting silverheat
thanks for the feedback

... here is the one you are looking for
Nope, that is not it either. Although a doji and not a shooting star, it produces a good amount of pips UNTIL cancelled out by the next PASR – the Bond hammer.

The hammer I am referring to is 5 swings to the left of that.

From these examples, silverheat, you need to go back to the beginning of The Path of Learning before you commit financial ruin – seriously!
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,209
  • Sep 10, 2009 2:37pm Sep 10, 2009 2:37pm
Quoting strat
Nope, that is not it either. Although a doji and not a shooting star, it produces a good amount of pips UNTIL cancelled out by the next PASR – the Bond hammer.

The hammer I am referring to is 5 swings to the left of that.

From these examples, silverheat, you need to go back to the beginning of The Path of Learning before you commit financial ruin – seriously!
so, the hammer failed because it was exceeded, but the doji got cancelled before it could fail? but the hammer was also cancelled by the dark cloud cover
Invincibility lies in the defence, the possibility of victory in the attack
  • #5,210
  • Sep 10, 2009 2:46pm Sep 10, 2009 2:46pm
... another shooting star
Attached Image
Invincibility lies in the defence, the possibility of victory in the attack
  • #5,211
  • Sep 10, 2009 2:53pm Sep 10, 2009 2:53pm
not a perfect shooting star, as the upper wick has to be twice as long as the body, but close
Attached Image
Invincibility lies in the defence, the possibility of victory in the attack
  • #5,212
  • Sep 10, 2009 2:55pm Sep 10, 2009 2:55pm
Quoting silverheat
... another shooting star
Much better imo Silverheat. Some people might argue that the close should be below the open but either way it shows a strong rejection of the high and gave a good indication of sellers taking over.

If you'd played it safe as Strat teaches(with a sell stop below the lows), it looks like you wouldn't have been sucked into it either so there was no need to lose money on it.
  • #5,213
  • Sep 10, 2009 3:51pm Sep 10, 2009 3:51pm
Quoting strat
Jideck, I’m guessing you have sent this and your PM to Baby G rather than me because you think he may be a “soft touch” and may give you a key to Pandora’s Box. He has no key, I have no key, none of us have. We all got where we are through hours and hours (years for me) of screen time and practicing – there is no substitute for this – no short cuts. You just have to do it, make the mistakes and LEARN from your mistakes.

[font=Arial]You will not get favours or special treatment on here, BUT you will get teachings and answers to...
Hi Strat

No shortcuts here, understood.

No favours given, understood.

Practice makes perfect, understood.

Do not ask for what you will not get, understood.

Back to Path of Learning.

Regards
Jideck

P.S. There is no substitute for asking though, and even providing that your answer points in the direction I am taking anyway it makes sense to look for the answers within what have been previously posted on the thread.
  • #5,214
  • Sep 10, 2009 3:56pm Sep 10, 2009 3:56pm
Quoting Jideck
Hi Strat

No shortcuts here, understood.

No favours given, understood.

Practice makes perfect, understood.

Do not ask for what you will not get, understood.

Back to Path of Learning.

Regards
Jideck

P.S. There is no substitute for asking though, and even providing that your answer points in the direction I am taking anyway it makes sense to look for the answers within what have been previously posted on the thread.
""There is no substitute for asking though"" - Exactly! You must always ask when you don't know or understand but, ONLY after checking within the thread first. Remember, we have an INDEX, so use it.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,215
  • Sep 10, 2009 4:04pm Sep 10, 2009 4:04pm
Quoting AstonDan
Much better imo Silverheat. Some people might argue that the close should be below the open but either way it shows a strong rejection of the high and gave a good indication of sellers taking over.

If you'd played it safe as Strat teaches(with a sell stop below the lows), it looks like you wouldn't have been sucked into it either so there was no need to lose money on it.
With patterns etc close to a pattern or candle formation can be close enough. I have seen many 'perfect' hammers fail and many not so perfect hammers go on to trigger large runs.

I think you must concentrate on WHERE the candle forms and WHY. A hammer needs to be at the bottom of a decent leg down (usually 2 big pushes). If you have what looks like a hammer on good SR levels with Fib confluence then it may be worth an order. On balance, hammers often get tested and and trigger slowly. Shooting Stars often trigger straight away due to 'market emotions'. People tend to panic more and sell readily than buy frantically at a bottom.

I would not take a S Star that has choppy action after it. Don't forget the big lads know where your orders are gunning for you so on some failed S Stars you will often get 'rinsed' (ie your order will be filled by a few pips then reversed); so, to mitigate this risk it can be better to miss out on 15-20 pips and have your order a good few pips away from the bottom of the stars and tops of the hammers.

See attached for a failed Shooting Star on nzdusd
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd.png Size: 75 KB
Trade less and become more profitable!
  • #5,216
  • Sep 10, 2009 4:08pm Sep 10, 2009 4:08pm
Quoting Grimweasel
On balance, hammers often get tested and and trigger slowly. Shooting Stars often trigger straight away due to 'market emotions'. People tend to panic more and sell readily than buy frantically.
Hey GW, have you read Carol Osler's stuff? You can find her papers online or i can send you a load of them.

I think you'd enjoy it (or at least find it interesting).
  • #5,217
  • Sep 10, 2009 4:14pm Sep 10, 2009 4:14pm
Quoting AstonDan
Hey GW, have you read Carol Osler's stuff? You can find her papers online or i can send you a load of them.

I think you'd enjoy it (or at least find it interesting).
Hi Aston, I see you are back? You been on summer hols?

Can't say that I have read her stuff? I'm under 'orders' currently not to read any more books/papers/news etc as I keep complicating things with 'thinking' I know what will happen next or why an event just happened. I'm trying to just accept PA alone and not seek reasons for it (as Strat pointed out with Eurusd)

So, for now, I'll pass thanks; but I will look it up in the future - maybe!
Trade less and become more profitable!
  • #5,218
  • Sep 10, 2009 4:15pm Sep 10, 2009 4:15pm
Quoting AstonDan
Hey GW, have you read Carol Osler's stuff? You can find her papers online or i can send you a load of them.

I think you'd enjoy it (or at least find it interesting).
OK, I have read her stuff. How does she use what she "knows" to make money? She is only an academic as far as I can tell. She is not a trader and never has been. She just does teaches others to do what she can't do.

Or, have I missed something about her?
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,219
  • Sep 10, 2009 4:18pm Sep 10, 2009 4:18pm
this is probably stupid but, where is "The path of learning?" Is it this thread because I can't find the title anywhere.
  • #5,220
  • Sep 10, 2009 4:19pm Sep 10, 2009 4:19pm
Quoting strat
OK, I have read her stuff. How does she use what she "knows" to make money? She is only an academic as far as I can tell. She is not a trader and never has been. She just does teaches others to do what she can't do.

Or, have I missed something about her?
Nope i don't think you've missed anything Strat, but she writes about stops and how they can lead to price 'cascades', which i thought was relevant to GW's observation regarding Shooting Stars often breaking with more momentum than Hammers, that's all
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