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  • #1,081
  • Dec 1, 2017 10:46am Dec 1, 2017 10:46am
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Hello Strat
I'm making a trade plan for next week and going through my pairs trying to get into a solid routine for the new week. With this being my first "New Month/New Week" or New Big Boss and New Boss how should I approach reversals?
I'm a reversal trader by nature I think and it's taking some resolve not trading the set ups I'm seeing which is ok because I'm being disciplined and NOT going to trade them to allow my brain to rewire itself to PASR WITH TREND.
With that being said when do I say "right this is now in trend and a valid PASR when it is early into the new month and week."
I have attached a chart and my current thought process is sounding like "this weeks Boss is closing higher and could become a WCC however it might not because WCC of the 12/11 could still be in place. However I have a nice spike on the Boss but we still have a strong boss trendline support and some nice worker support at 1.7364.
I'm going to sit tight and see on Monday what happens above/below that Boss S/R line 1.77.
Sorry, by writing this I think I have answered myself. My mindset is thinking shorter term about missing out on a reversal but looking again at it if I sit back and chill out and ALLOW The Worker to close I still have plenty of pips to pick up. Like 1150 if it goes back to Boss swing low after breaking the trendline - DUH!
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #1,082
  • Dec 1, 2017 10:47am Dec 1, 2017 10:47am
Today Amazing trades.EURNZD more 70pips after screenshot.
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  • #1,083
  • Dec 1, 2017 10:59am Dec 1, 2017 10:59am
PASR

Quoting BeyondTheSea
{image} Hello Strat I'm making a trade plan for next week and going through my pairs trying to get into a solid routine for the new week. With this being my first "New Month/New Week" or New Big Boss and New Boss how should I approach reversals? I'm a reversal trader by nature I think and it's taking some resolve not trading the set ups I'm seeing which is ok because I'm being disciplined and NOT going to trade them to allow my brain to rewire itself to PASR WITH TREND. With that being said when do I say "right this is now in trend and a valid PASR...
FORGET ABOUT REVERSALS - that is top and bottom trading which only LOSERS trade!

READ, LEARN and UNDERSTAND The Power of Time Frames then do each pair analysis from the Big Boss to the Boss to the Worker. If you UNDERSTAND PASR and The Power of Time Frames then it will be clear to you how to trade/what to look for on each pair. Do one pair at a time and don't rush it. Do not move onto the next pair until you have the first pair mapped out.
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,084
  • Edited 7:27pm Dec 1, 2017 3:24pm | Edited 7:27pm
Quoting strat
PASR {quote} FORGET ABOUT REVERSALS - that is top and bottom trading which only LOSERS trade! READ, LEARN and UNDERSTAND The Power of Time Frames then do each pair analysis from the Big Boss to the Boss to the Worker. If you UNDERSTAND PASR and The Power of Time Frames then it will be clear to you how to trade/what to look for on each pair. Do one pair at a time and don't rush it. Do not move onto the next pair until you have the first pair mapped out.
Hey Strat or Trogger,


The reversal trading strat is referring to is basically what I was trying to do in my last set of charts (the EUR/CAD) right? I saw the SS on my chart at a resistance level but the big boss, boss, and worker were all pointing up. Instead of trying to go for a short here, I'm thinking this would rather be a spot to exit a long position or at least part of it (if I was long). And if I'm not already in a long trade, don't trade it at all at this point. Is this a better way of thinking when price action of interest happens on the worker at major resistance/support levels? Think of exits rather than entries? (At least for a beginner such as myself)
  • #1,085
  • Dec 1, 2017 9:02pm Dec 1, 2017 9:02pm
Quoting dogdays713
{quote} there is more than one way to trade just because you don't use or need INDICATOR JUNK as you say. there is no reason to dump on The Rumpled One. or his indicators. they work and some are CONSISTENTLY PROFITABLE with them.

Ah, the irreducible essence of Indicator apostolic preaching..


"No trader cometh unto profits but by burdening their charts with the crosses of useless, redundant and totally discredited lagging indicators!"

Yeah, yeah buddy. heard it all before. Move along.


Oh, nearly forgot. Re your signature: Don't worry about a "bigger boat" Just make sure your bilge pumps are working before you set sail into the stormy waters that are the Forex market - wouldn't want to see you drown out there!
  • #1,086
  • Dec 1, 2017 10:03pm Dec 1, 2017 10:03pm
STOP PRESS! STOP PRESS! STOP PRESS!

Important announcement!

Remedial Reading Classes Cancelled!


It has come to my attention over recent days that some are actually reading the thread! Worse still, some within this select group have the temerity to actually show understanding of many of the concepts taught by Strat.
As such, I have decided it might be time to cease and desist from using that most favourite lambast: "READ and UNDERSTAND" the thread! Time now to concentrate on those who have already shown willingness to make the effort needed to succeed. Perhaps?

To those who have addressed questions to me recently, I will attempt to post replies over the next day or two.

To those who wish to post about the glory of indicators, expert advisors, Heiken-Ashi candles etc, etc... good luck -you're going to need it! (but preferably find another thread with other "believers".)
  • #1,087
  • Dec 1, 2017 10:23pm Dec 1, 2017 10:23pm
Quoting Yoki
{quote} Hey Strat or Trogger, The reversal trading strat is referring to is basically what I was trying to do in my last set of charts (the EUR/CAD) right? I saw the SS on my chart at a resistance level but the big boss, boss, and worker were all pointing up. Instead of trying to go for a short here, I'm thinking this would rather be a spot to exit a long position or at least part of it (if I was long). And if I'm not already in a long trade, don't trade it at all at this point. Is this a better way of thinking when price action of interest happens...
In a way, post #3553 on the old thread answered my question. That's great. EUR/CAD boss chart is now showing what looks to me like a nice looking shooting star at the resistance level. To me, this looks like an opportunity to trade the boss chart as this is at a significant support/resistance level and doesn't look like a 'bond' SS (long upper wick, very small lower wick, looks like it went hunting for potential buyers who thought this would breakout). Let me know if I'm wrong please

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  • #1,088
  • Dec 1, 2017 10:56pm Dec 1, 2017 10:56pm
Thank Strat and trogger for posting and answering questions.

Those are the trades I opened last week.

GBPUSD Short - losing trade.
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I assume price will stay within the WCC. I should have closed the trade early when I saw a long-legged Doji with the support of Strat Shadow.

USDCAD Long - winning trade
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From buttom of WCC to the top.

AUDUSD Short - Drawdown
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NZDUSD Short - Drawdown
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  • #1,089
  • Dec 1, 2017 11:21pm Dec 1, 2017 11:21pm
GBPAUD Long
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The initial long positions was at BUEOB candle(blue arrow) and at supply candle(red arrow) all long positions was closed. Now we know the BUEOB candle was just the end of 1-2 move so we should have hold the long positions much longer. With safest add-on when price pullback to 20ema.
  • #1,090
  • Edited 6:57pm Dec 2, 2017 4:00am | Edited 6:57pm
Quoting Yoki
{quote} In a way, post #3553 on the old thread answered my question. That's great. EUR/CAD boss chart is now showing what looks to me like a nice looking shooting star at the resistance level. To me, this looks like an opportunity to trade the boss chart as this is at a significant support/resistance level and doesn't look like a 'bond' SS (long upper wick, very small lower wick, looks like it went hunting for potential buyers who thought this would breakout). Let me know if I'm wrong please {image}

Seek and ye shall find!

Well done Yoki. This was exactly the post I was thinking of at the time I posted my questions to you about the "quality" of the SS in question (though I had not a clue what the post number was on the old thread and had absolutely no intention of finding it for you!)

Good on you for spending the time and making the effort to READ and UNDERSTAND the thread (I know, I know; I did promise to stop saying that, but it is appropriate on this occasion).

Now that Yoki has done the "hard yards" for you, the rest of the (serious) readership could (and should!) make the effort to not only read this post, but refer back to a previous (linked) post that deals with this "bond SS" and how to deal with it (which was my point when I asked you the question: "In the event that this drops initially to trigger your entry and THEN decides to probe higher, what is your plan?" )



I have taken the liberty of copying and pasting below the chart from Strat's original post on this particular "bond". You need to find the post and carefully read it. (No,not Yoki. Yes you : Trolls, Gypsies, Tramps and ..).


# 1 RULE: CAPITAL PRESERVATION
Attached Image (click to enlarge)
https://www.forexfactory.com/attachm...1&d=1365572726

A serious reader will, having read the post and Strat's comments on how he personally deals with such "signals", pull up the charts, find out what happened after the chart Strat posts. You will note that this pair ???????????????????

So, if you didn't have a plan to manage your "trade" you would be ?????????????????
  • #1,091
  • Dec 2, 2017 4:33am Dec 2, 2017 4:33am
Quoting Yoki
{quote} Hey Trogger, Just got back from work so I can answer your questions 4. Is it really a shooting star? If so, as SS goes, how would you rate the quality of this one? I don't have a rating system as far as these SS and Hammers go. Probably a good idea to have one of my own. This one in particular, I would rate as a 6/10 or 'good'. the upper wick is about exactly 2x the length of the body (more upper wick would be better), there is a bit more lower wick than I'd like, and having the red body is a slightly better sign for bearish implications....

Hello Yoki

1. I was impressed by the speed and quality of your reply. For a "New Member" of Forexfactory, you have acquired a very good appreciation of what to look for. With time and practise (thousands and thousands of charts as Strat likes to say!) you will hone your skills and, if you can maintain your disciplined approach, make a success of trading.

2. You have obviously spent some time since you posted reflecting on the nature of the "signal" and have found important information in the old thread. We have dealt with that in posts above.

Take home message: When you wish upon a star, Size does matter!

Inserted Video
  • #1,092
  • Dec 2, 2017 4:59am Dec 2, 2017 4:59am
Quoting trogger
STOP PRESS!....Important announcement! ....................................................................... To those who wish to post about the glory of indicators, expert advisors, Heiken-Ashi candles etc, etc... good luck -you're going to need it! (but preferably find another thread with other "believers".)

That's a new low alcohol beer being put out by a Dutch-Japanese brewing consortium, isn't it?


Attached Image
Attached Image


See! There are some benefits to globalisation! (hic..)
  • #1,093
  • Dec 2, 2017 8:05am Dec 2, 2017 8:05am
Quoting trogger
{quote} Ah, the irreducible essence of Indicator apostolic preaching.. "No trader cometh unto profits but by burdening their charts with the crosses of useless, redundant and totally discredited lagging indicators!" Yeah, yeah buddy. heard it all before. Move along. Oh, nearly forgot. Re your signature: Don't worry about a "bigger boat" Just make sure your bilge pumps are working before you set sail into the stormy waters that are the Forex market - wouldn't want to see you drown out there!
Trogger, I am curious about something. I can show you a perfect PA chart that has a dozen indies on it. Are you saying all indicators are bad? All of them?
Or, is it that you want to progress newer traders through a particular syllabus. I guess I am one of those gypsies. It is fun to hang out in different threads and get different opinions. It never changes my trading, but it is interesting to me to see differing points of view. Just curious.
If you are good at something, never do it for free--Joker
  • #1,094
  • Dec 2, 2017 8:11am Dec 2, 2017 8:11am
Hi Strat and all contributors,

Just logged in to congratulate you for this absolutely amazing thread. I'm reading it for the last couple of weeks and also had a look on the old thread.

I have a full time job, so i dont have much time available to post charts, but I read very carefully every piece of information you provide.

It is for the first time when a forex educator DOES believe in his strategy and he is actually trading it. I like a lot that everything is based on PA on SR. I never believed in indicators and other and arows and signals and all that crap.

I'm having some hard time figuring out the template you use and also Strat Shadow, because the information is really spread out on thousand of pages. Still, I hope i'll eventually find them.

However, congrats again, you're doing an amazing job.

All the best.
On ignore list of scammers, deceivers and low IQ individuals. Exclusively
  • #1,095
  • Dec 2, 2017 8:47am Dec 2, 2017 8:47am
Quoting trogger
{quote} Seek and ye shall find! Well done Yoki. This was exactly the post I was thinking of at the time I posted my questions to you about the "quality" of the SS in question (though I had not a clue what the post number was on the old thread and had absolutely no intention of finding it for you!) Good on you for spending the time and making the effort to READ and UNDERSTAND the thread (I know, I know; I did promise to stop saying that, but it is appropriate on this occasion). Now that Yoki has done the "hard yards" for you, the rest of the (serious)...
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Splish Splash would've taken me for a bath! (Stopped, for people who aren't yet in on the weird humour) and has many times thanks to my previous Forex "Education" which has now been well and truly flushed down the toilet and on it's way to the North Sea.


STRONG SEARCHING SS AND HAMMERS. Thanks Yoki and Trogger for highlighting this particular post! Added to the grey matter.
Now back to the old thread, Mrs BTS thinks I'm online shopping for Christmas.. Have a good weekend all.
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #1,096
  • Dec 2, 2017 7:27pm Dec 2, 2017 7:27pm
Quoting Yoki
{quote} In a way, post #3553 on the old thread answered my question. That's great. EUR/CAD boss chart is now showing what looks to me like a nice looking shooting star at the resistance level. To me, this looks like an opportunity to trade the boss chart as this is at a significant support/resistance level and doesn't look like a 'bond' SS (long upper wick, very small lower wick, looks like it went hunting for potential buyers who thought this would...

Do you have a plan?

(I am pretty sure that you do, given your previous posts.) I am wondering if you are planning to enter next week on a break of the low of the SS (should it come) with a stop above the SS - if so, how far above would you place your stop, what would you then target?

I am sure that you can see the "problem". You now have a beautiful SS - BUT, with a sell stop some pips below the low and a stop sensibly placed above the high of the SS, you will have perhaps a 350 pip risk. To have even a 1:1 reward to risk ratio you will then need to target approx 1.47 or below. If price drops to enter you, where is the next potential level of support you are targeting, on the time frame(s) that you will trade?

In other words: is this a good use of your margin (even if it is Demo)?

OK. The above may not be your plan. If you have another, please post.
  • #1,097
  • Dec 2, 2017 8:39pm Dec 2, 2017 8:39pm
Quoting jmn5611
{quote} Trogger, I am curious about something. I can show you a perfect PA chart that has a dozen indies on it. Are you saying all indicators are bad? All of them? Or, is it that you want to progress newer traders through a particular syllabus. I guess I am one of those gypsies. It is fun to hang out in different threads and get different opinions. It never changes my trading, but it is interesting to me to see differing points of view. Just curious.
1. Of course you can! The point that you seem to have missed is that a "perfect PA chart" is still a "perfect PA chart" WITHOUT the indicators! If the PA has already signalled a move, then of course the indicators will pick up and show the signal after it was already clearly apparent on the "naked" candle chart. The point is that all indicators lag PA.

The ONLY indicator you need on your charts is your eye!

2. Fun!

Trading is a serious business.

If you want fun, try this:

Inserted Video
  • #1,098
  • Dec 2, 2017 9:12pm Dec 2, 2017 9:12pm
Quoting trogger
{quote} 1. Of course you can! The point that you seem to have missed is that a "perfect PA chart" is still a "perfect PA chart" WITHOUT the indicators! If the PA has already signalled a move, then of course the indicators will pick up and show the signal after it was already clearly apparent on the "naked" candle chart. The point is that all indicators lag PA. The ONLY indicator you need on your charts is your eye! 2. Fun! Trading is a serious business. If you want fun, try this: https://www.youtube.com/watch?v=s6EaoPMANQM
Trogger, your answer is perfect.
As you see, I joined the Forex Factory in 2009. Since then, I started looking for the golden trail. From one thread to another. I think I had read most of the popular threads and downloaded and tested tons of indicators and EAs. I knew about PA and naked trading, but I was was not convinced of its effectiveness then. I didn't make money at all during those period. I will be watching the indicators and only reacting to the signals one after another. I won't look at or noticed the PA signal even it was there in front of me. Or when I saw the reversal patterns, I won't know when I should enter. I was playing a different game then.

Since I follow Strat's thread and come to know the wonderful people in this and the old thread, I find that indicators are an obstruction to me. Initially, my chart still full of indicators as old habit die hard. As I the days go by and more I read and understand. I started to apply what I learned here to my trading, I started to make money consistently. Of course some old habits still linger but I am sure one day I should be able to overcome them. Thank you.
  • #1,099
  • Dec 2, 2017 9:16pm Dec 2, 2017 9:16pm
Quoting trogger
{quote} 1. Of course you can! The point that you seem to have missed is that a "perfect PA chart" is still a "perfect PA chart" WITHOUT the indicators! If the PA has already signalled a move, then of course the indicators will pick up and show the signal after it was already clearly apparent on the "naked" candle chart. The point is that all indicators lag PA. The ONLY indicator you need on your charts is your eye! 2. Fun! Trading is a serious business. If you want fun, try this: https://www.youtube.com/watch?v=s6EaoPMANQM
Trading is a serious business depending on one's ability to handle stress in my humble opinion. For me, my ability to handle stress is very high. So for me trading is fun and enjoyable. Any good job should be. I would agree that a naked chart ( without even moving averages) will serve the same purpose, but, like strat and many of us, I too am a visual guy, so there are some thing I need to be able see quickly. I will let you get back to the serious business of posting charts and continuing on "the path". Thanks for a reasoned and well thought out response.
If you are good at something, never do it for free--Joker
  • #1,100
  • Edited 9:37pm Dec 2, 2017 9:21pm | Edited 9:37pm
Quoting trogger
{quote} ............but this is a trade I am in myself and was going to post anyway. ................................................................................................................................................................................. 8. How many times has price tested this resistance? Personally, I do not expect price to "turn on a dime" (if it turns at all).


1. Strat's original thread deals with the subject of "Stopping a Freight Train". One method is to jump into the middle of the tracks, wave your reversal trade (preferably your entire account!) at the driver and COMMAND him to stop. Not recommended.

2. To update my own trade, I closed one position almost immediately after posting on 30 november (for approx 80 pips). Overnight (kiwi time) price went back up and filled 2 limit sell orders placed a little higher (152.63) than my original entry (152.22). That left me with 4 positions (all very small) . The following day/night ( Friday the first of December) saw a 275 pip (approx) bear candle that absolutely dwarfs the original (bond) SS:

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3. That bear candle sent 3 of my 4 positions to TP. (2 x 100 pips, 1 x 40 pips). That gives me approx 320pips off this pair so far.

3. Coupled with the beautiful SS that Yoki has identified on the Boss, we NOW have some confidence that there MAY be a short trade on.

4. My plan from here: I now have a Hard stop. I will now look to add/re-enter at higher levels should we see it head back up next week. I will use the 320 pips taken so far to cover potential losses from any re-entries. My aim is to get out with considerable profit if there is a short trade on (by trading short only against any re-tracements of Friday's candle) . If no short is on (i.e. if this heads up and keeps going up past the high of the Boss SS) , then I aim to get out with no overall loss to my account.

The TP shown on the chart - I am about to remove it as I have only one position left and I may not be given the opportunity to get back in at a higher price (I am always disappointed when this happens - sure, a nice smooth trade, but never as profitable as when price zig-zags up and down within the SS candle).

I do not recommend my methods to anyone - particularly the inexperienced (and certainly not to anyone who needs to use indicators as some sort of "Trading security blanket"!).
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