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  • #61
  • Mar 2, 2009 3:59pm Mar 2, 2009 3:59pm
Quoting thegunslinger
Hi there Strat,

I'm employing pretty much the exact same strategy as you....
Thank you for visiting and your post.

There is a song somewhere that goes something like "You and Me and a dog named Boo" well I think we will have to change it to "You and Me and Baba G"!

That's three of us all thinking along the same lines. Does it make it right? No, but it sure helps.

EURUSD:
Once 1.2550 is broken, the next support I see is 1.2460 which concurs with yours (I don't use price bar extremes). I still see some small unfinished up moves before we challenge that heavy support but that can change in a heartbeat depending on what Bernanke, BOE and Obama say (or don't say).

USDCHF:
In the big scheme of things, the low on Dec 29 did not violate the prior up move as it is still a higher low so the up trend from March 17, 2008 is still intact. If I try to put EW on it, then the move from Dec 29 to where we are now COULD be leg A of an A-B-C 5th wave, but I'm guessing. Switching to the Weekly, the next leg up could take us to 1.2930ish which would be the 38.2% retrace from the 0.9728 low. So all in all, we three are all in bullish agreement. All we have to do now is find a safe, low risk entry point!

Thanks again for your post and come back again (and again).

PS. Sounds like you are in Japan. I lived in Tokyo (by Rainbow Bridge) for almost a year in the 90s.

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #62
  • Mar 2, 2009 4:19pm Mar 2, 2009 4:19pm
Quoting mea
Hi Strat
just became a member of this Forum because I need to get an understanding about
FX before i lose all my money! I stumbled over your post and am curious like a baby.
BTW: 16 year old you can get where i live all day long, but it is illegal and as a foreigner you would be in jail for long time even she is already mother off three.......LOL
Make sense?


unchallenged close on volume higher
[font=Arial]Can you explain...
Hello mea,

OK, maybe I need to feel like an 18 year old!

unchallenged close on volume higher
Can you explain this to a total Newbie in every aspect of this game?

I somehow get the feeling that you are taking the p*ss with your 2 posts but I will give you the benefit of doubt

No, I cannot explain this without you first understanding Price Action.

More important - THIS IS NOT A GAME - this is a very serious business.
Treat it like a game and you will lose and then lose again and continue to lose forever after that.

Q:
When are you going to buy or sell what you just bought or sold all the way up or down?
And do you still believe this strategy is working today, because the moves are so fast changing direction!

I had to count to 10 before answering this. If you have to ask this question, you need to go to the Introduction page of any manual you can find on trading whether it be stocks, forex or lean hogs BEFORE even thinking about trading.

BTW: where can i find a volume meter?
Have you tried the Volume Meter shop? Seriously, you don't need anything right now other than a good formal understanding and education of what trading is, how it works and HOW MUCH you can LOSE.

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #63
  • Mar 2, 2009 4:39pm Mar 2, 2009 4:39pm
Quoting mea
Strats
I forgot to ask you the most important PART:

I like to learn a long term strategy for more than one reason, but one reason is very imminent.

The trigger finger!
If one is day trading the chance to get in to early and way to often is very present.

I have the feeling I need to go with a strategy that keeps me not only away from the PC and therefor from the attached mouse which makes it so
easy to lose my money.

Also it is much nicer to do other things than only to stare at a screen and moving candle sticks all day long!

Therefor...
mea,

You answered yourself with your PS: directly below your name.

I like to learn a long term strategy for more than one reason, but one reason is very imminent.

The trigger finger!
If one is day trading the chance to get in to early and way to often is very present.

I have the feeling I need to go with a strategy that keeps me not only away from the PC and therefor from the attached mouse which makes it so
easy to lose my money.

Also it is much nicer to do other things than only to stare at a screen and moving candle sticks all day long!

Therefor I like to ask you if you have advice where can I find a strategy or the knowledge which can help me to become a long term
FX trader?

......8,....9,......10. The best strategy I can think of to answer all the questions above is to take up fishing (I was going to say skydiving without a parachute but that might have been too complicated).

read all you post and you sound so relaxed after all those years off stress ( 3 x 20 ) and still feel 16 how you do this??

By taking 17 years to learn and still continue to learn, by doing what is wrong until eventually I found what is right (for me), by blowing my accounts and over $200K, by going through the trading machine wringer, by finding out who I am (strengths and weaknesses), by accepting I will never, ever get it right, by accepting that it is OK to lose are what come to mind right now, Oh and a good dose of Rock n Roll with my 59 Fender Stratocaster.

OK, now you have had your fun in the sun, what are your real questions?

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #64
  • Mar 2, 2009 4:54pm Mar 2, 2009 4:54pm
Quote
I am a professional trader. My job is to take risk. If I manage my losses and let my profits run I will be successful. Because I am a professional trader, I will forgive myself easily for making mistakes and move on to new opportunities. I feel great that I have the discipline to control my emotions and the patience required to be a professional trader. I am a professional trader and will make $1,000,000 by year end. I will achieve this by following my trading plan, setting achievable goals, and controlling my emotions. I am confident and believe in my own ability to be consistently profitable because I AM a professional trader.
Unquote

Hope you find this helpful

Rock n Roll,
Strat[/quote]

Sweet quote. Thanks!

Also I trade the 15 min charts, and looking to move to 5 min (set pre-defined hrs to trade to avoid losing my mind) - but I will keep an eye on this method. bc it looks like both can run simulataniously
  • #65
  • Mar 2, 2009 5:02pm Mar 2, 2009 5:02pm
So shall ye ask, so shall ye receive!

AUDUSD has just closed today at 0.6292 below major support of 0.6300.

I have entered a sell order to sell at 0.6273. Looks like a clear run to 0.6180 or even 0.6070

I have attached my charts. I have both of these side by side. One is for the immediate action and the other for the big picture.

Rock n Roll,
Strat
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusdmar0209.gif Size: 16 KB
Click to Enlarge Name: audusdmar0209ext.gif Size: 15 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #66
  • Mar 2, 2009 5:02pm Mar 2, 2009 5:02pm
Quoting monster
Also I trade the 15 min charts, and looking to move to 5 min (set pre-defined hrs to trade to avoid losing my mind) - but I will keep an eye on this method. bc it looks like both can run simulataniously
In truth, yes you can trade purely price action on any sized chart, daily down to 5 seconds (though it takes a lot of liquidity to make a 5 sec chart worth trading). Price action is price action regardless of how you frame it.
  • #67
  • Mar 2, 2009 5:11pm Mar 2, 2009 5:11pm
Quoting monster
Quote
I am a professional trader. My job is to take risk. If I manage my losses and let my profits run I will be successful. Because I am a professional trader, I will forgive myself easily for making mistakes and move on to new opportunities. I feel great that I have the discipline to control my emotions and the patience required to be a professional trader. I am a professional trader and will make $1,000,000 by year end. I will achieve this by following my trading plan, setting achievable goals, and controlling my emotions. I am confident and...
Sweet quote. Thanks!

Also I trade the 15 min charts, and looking to move to 5 min (set pre-defined hrs to trade to avoid losing my mind) - but I will keep an eye on this method. bc it looks like both can run simulataniously[/quote]

Good luck, monster.
Just shows that we are all different which is good otherwise we would all be doing the same thing.

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #68
  • Mar 2, 2009 5:16pm Mar 2, 2009 5:16pm
still in,yep agree with your levels.Im on a free trade so hopefully the retrace is over.My plan is to see if i can get a bit of this trade into the next leg down.we shall see fingers crossed but no loss whatever so its good.Lets get some more bars in out there.G
  • #69
  • Mar 2, 2009 5:32pm Mar 2, 2009 5:32pm
Look at that long legged doji on Feb 09 - hello Dr. Joe!

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #70
  • Mar 2, 2009 5:32pm Mar 2, 2009 5:32pm
GBP/USD:

This looks to be headed down to retest the lows we hit back in January. We broke right through a support area [1.4190] that's been holding since the beginning of February. This is also a neckline break of a H&S pattern. So yeah, a lot of different things are saying short and I love me some confluence like that. I'd like to see a retesting of the 4190 level as resistance before it drops lower because that would give me a really good entry.

Target would be near the lows of 1.3580 although I'd probably let it run and see if it made new lows since we are still in a downtrend. Move my stop up to protect profits and all.

PS - Nope, not Japan. Boston USA. Work during the day so at night at home is my time to study charts and that's when Tokyo is opening up shop.
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-03-02_gbpusd_daily.jpg Size: 106 KB
  • #71
  • Mar 2, 2009 5:35pm Mar 2, 2009 5:35pm
Strat -

Can you share where and why you set the SL on the AUDUSD trade mentioned above?

Looking at the 4 hr and 1 hr charts, looks like the last swing high would be about .6382 and I wondered if you set your stop at or near that level

thanks
"Money is easy to make, but hard to keep" - FWV 1975
  • #72
  • Mar 2, 2009 5:45pm Mar 2, 2009 5:45pm
Thanks tgs,

Agree with GBPUSD but differ slightly on levels (no big deal).

I have it bouncing off minor support at 1.3950ish right now with the next major support at 1.3660.

If you are looking for a re-test of 1.4190, then that must mean you are looking to enter on H4 - correct?

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #73
  • Mar 2, 2009 5:50pm Mar 2, 2009 5:50pm
Quoting bjohn34
Strat -

Can you share where and why you set the SL on the AUDUSD trade mentioned above?

Looking at the 4 hr and 1 hr charts, looks like the last swing high would be about .6382 and I wondered if you set your stop at or near that level

thanks
Hello bjohn34,

I didn't say where I put my SL but if you read my earlier posts, you should be able to work it out.

I don't look at H4 or H1 charts. If you set your stops from H4 or H1, then you have to trade H4 or H1.

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #74
  • Mar 2, 2009 6:29pm Mar 2, 2009 6:29pm
For those that missed the GBPCHF trade, the market is giving us an opportunity to get in again (or add more positions).

See chart.

Today has produced an outside bar completely engulfing the Friday bar (ignore the red Sunday bar). This is a bearish engulfing bar because it has sold and dropped the price. The entry is to place a stop sell order BELOW the low of that outside engulfing bar so that when it goes lower, you are filled in and are therefore taking advantage of the downward selling pressure (momentum). If we are wrong and price takes off in the other direction, then no big deal, we don't get filled and live to fight another day.

The price has also dropped out of the 20 - 50 box which usually foretells future direction. If we get the 20 crossing below the 50 then we know for sure that the Daily down trend is back in play.

See - it really is that simple!

Rock n Roll,
Strat
15 YEARS OF PASR ON FOREX FACTORY!
  • #75
  • Edited 6:34pm Mar 2, 2009 6:32pm | Edited 6:34pm
Well I attached it last time (or thought I did), here goes again

Aah! Forgot to click "Upload" - first sign of Old Timer's Disease I guess!

Rock n Roll,
Strat
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchfmar0209.gif Size: 33 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #76
  • Mar 2, 2009 6:44pm Mar 2, 2009 6:44pm
Strat, interesting title. "Stress free" trading - I think the only stress free trading is when you choose not to mash "buy" or "sell."
  • #77
  • Edited 7:27pm Mar 2, 2009 7:10pm | Edited 7:27pm
Quoting strat
For those that missed the GBPCHF trade, the market is giving us an opportunity to get in again (or add more positions).
Hey Strat,
This is a PEARL ... I was wondering about how to trade this one. I's still holding cable hoping for 1.3660 but this sounds great!

I was going to ask if you are staying around for the Aussie numbers tonight, but I suppose that is the beauty of your system, if it doesn't go your way then you are not kicked into the trade.

Have a lovely evening
Nicola
  • #78
  • Mar 2, 2009 7:47pm Mar 2, 2009 7:47pm
See attached chart:

The EURGBP has also made an outside engulfing bar but this time a BULLISH engulfing bar where it engulfed Wednesday, Thursday and Friday's bars so pretty bullish - eh?

There are problems with this:

Although today is a strong bullish bar it is on less volume than any of the bars it engulfed - not a good sign.

It stopped at the 50 - could be taking a rest before moving higher.

It is boxed in between the 20 and 50 - directionless

The 20 is below the 50 - bearish

The daily is caught in a triangle and in a downtrend

There are 2 separate levels of minor resistance directly above and above that the 50% Fib retrace level.

For those less conservative than I, you might want to buy up to the top of the triangle at the 50% Fib (0.9076ish) and see where you go from there but remember you are fighting the trend.

It looks to me like it will re-test the triangle before continuing it's downtrend.

Rock n Roll,
Strat
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbpmar02009.gif Size: 32 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #79
  • Mar 3, 2009 3:37am Mar 3, 2009 3:37am
Strat did you have your fingers crossed? I got stopped out for a big 0 profit oh well...new balls please G
  • #80
  • Mar 3, 2009 3:48am Mar 3, 2009 3:48am
Hi Strat,

Nice thread you have here, read with interest your previous comments/essays from your previous home.
Hope to make some usefull comments in the future.

Regards All

S
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