Strat's Long Term Stress Free Trading | Page 37 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Strat's PASR Long Term, Stress Free Trading 18,592 replies

M5 PASR Trend Trading Strat 95 replies

What you need for trading: indis, a strat & good music 27 replies

Another way to stress free, mechanic long term trading 29 replies

Short Term / Medium Term / Long Term? 3 replies

Attachments: Strat's Long Term Stress Free Trading
Exit Attachments

Strat's Long Term Stress Free Trading

  • #721
  • Mar 19, 2009 3:03am Mar 19, 2009 3:03am
Quoting strat
Shanghai bj, I used to have both the 100 and 200 emas on my charts only because they are used by banks, funds and large institutions. I took them off 1) because of clutter, 2) because they always coincided with support and resistance BUT MORE IMPORTANTLY, I found I was leaning on them like a crutch which was taking me away from watching price action.

But if it works for you then méi wèn tí

EPL - now you've got me going! Right - daggers drawn!

At least they are fit, skillfull athletes where midfielders run about 8 to 9 miles during a non stop...
LOL - Strat - nice to find other areas of interest in FF - great discription and I couldn't agree more! I trust you managed to see the game on Saturday afternoon - a better performance from England, but Les Frogs were cr*p - which rather helped.

Right - back to the London Open......toodle pip

Islander
Trading Levels with WRBs
  • #722
  • Mar 19, 2009 3:22am Mar 19, 2009 3:22am
Weekly: Price just crossed over and is well above the 20. It still hasn't closed yet, but it is a substantial move past the line, so one can only assume it will close above.
Price has also been making subsequent higher lows over the past 3 months. As it stands right now, it is testing a major resistance that would need to be broken and closed above to start considering a long term reversal. With a close above the 20 and weekly resistance around .6800, price should continue on to test the major psycho resistance .7000. By extension, on a break of .7000 look for a test of .7150, which is the close of the last swing high.

http://img9.imageshack.us/img9/7919/audusdweekly.gif

Daily: 20 is getting ready to cross the 50, meaning higher prices expected ahead. Price pushed through resistance at .6650, which also coincided with the 38.2% fib retrace level of the broader downswing, as well as BOSS 20! Talk about the whole family getting together to try and hold Aussie back.

Price made it up to the 50% retrace, which coincided with the .6800 psycho resistance from the weekly chart. The last bar closed bullishly above the daily resistance at .6750, but was unable to close above the weekly giant (.6800). This would lead us to believe that with proper Price Action, a short term reversal or retrace may become a reality. Keep in mind though, that the 50% retrace actually sits right on top of .6750, not .6800, so it has become price support now.

If price were to close above .6800, expect it to test .6850, where we have the 61.8% fib retrace and the high of the last swing high.

On the formation of Price Action at the .6800 resistance and 50% fib, short entries should be placed below the low of above mentioned PA. If the low of above mentioned PA is above daily S/R at .6750, place short entries at .6740 or .6735, to ensure daily support doesn't kick in and stop your trade dead in it's tracks.

The target of this short would be the support confluence at .6650. This level consists of daily S/R, BOSS 20, and the 38.2% fib retrace. If price manages to close below this level, you could safely assume it will go and test the .6530 support, and so on...

http://img9.imageshack.us/img9/442/audusd.gif

They say practice makes better. Fire away guys.
Bang.
  • #723
  • Mar 19, 2009 3:30am Mar 19, 2009 3:30am
well i thought that sounds bloody great pal....well done bro...g

mate wheres a good place for a long....for the "new trend" vibe.......
  • #724
  • Mar 19, 2009 3:32am Mar 19, 2009 3:32am
Quoting LePip
Hi Strat,

Great thread! I've been following since the beginning, but until I get my "sea legs" am unable to really contribute or comment intelligently, other than asking a few questions.

[i]I've been "trading" (if you can call it that) forex for almost 3 years -- often times full time including study... with not much success. One thing that's absolutely clear to me is that being able to read s/r and pa is key. And if I've learned anything, what a relief it is to clear all those indicators off the charts! Having said that, I...
Dittos LePip! I'm at the same spot.
  • #725
  • Edited 3:59am Mar 19, 2009 3:56am | Edited 3:59am
Quoting AminAS
Weekly: Price just crossed over and is well above the 20. It still hasn't closed yet, but it is a substantial move past the line, so one can only assume it will close above.
Price has also been making subsequent higher lows over the past 3 months. As it stands right now, it is testing a major resistance that would need to be broken and closed above to start considering a long term reversal. With a close above the 20 and weekly resistance around .6800, price should continue on to test the major psycho resistance .7000. By extension, on a break...
Great job, AminAS - are you sure you are not reading my notes?

BOSS:
Try not to assume - we should only report facts not what we assume or think
We should also observe that price has made a higher double bottom confirming the MAJOR BOTTOM at .5910 or whatever the price is

Just for everyone to note: Note how powerful the 20 is in holding down prices for 11 weeks - never under estimate the power of the 20 in any time frame!

DAILY:
My 20 crossed the 50 on March 17 - have you got the right values for your MAs?
For everyone not just AminAS, if you go back and look at your charts, there is almost always profit taking after those long bars as the scalpers pull out of their positions.
That tall bar on March 18 is also a Bullish Outside Bar - BUOB - (OK lets use J16 terminology), producing a double low higher close (dlhc) with the previous bar telling us there is strong support at those lows.
Everything I see is so bullish I would not even dream of thinking about a short.
Be careful forecasting targets.
Again, great job.
15 YEARS OF PASR ON FOREX FACTORY!
  • #726
  • Mar 19, 2009 3:58am Mar 19, 2009 3:58am
Quoting Nanook438
Dittos LePip! I'm at the same spot.
Hope the answers to Le Pip help then
15 YEARS OF PASR ON FOREX FACTORY!
  • #727
  • Mar 19, 2009 4:03am Mar 19, 2009 4:03am
Quoting elitejets
Reddog are you putting in a SR line for every daily or weekly candle close? I just do the ones where the price changed direction ...
Nicola

PS - I make them pretty faint dotted lines so as not to be distracting too
Are you trying to say swings?

Didn't know you were a swinger!
15 YEARS OF PASR ON FOREX FACTORY!
  • #728
  • Mar 19, 2009 4:05am Mar 19, 2009 4:05am
PRICE ACTION IS KING.

Give in....let go....believe..and learn the set ups.

Dont get caught up in what you think you know, feel out the S/R.
  • #729
  • Mar 19, 2009 4:18am Mar 19, 2009 4:18am
Quoting Baba G
PRICE ACTION IS KING.

Give in....let go....believe..and learn the set ups.

Dont get caught up in what you think you know, feel out the S/R.


My problem just lately is that I get caught doing the feeling!
15 YEARS OF PASR ON FOREX FACTORY!
  • #730
  • Mar 19, 2009 4:23am Mar 19, 2009 4:23am
Quoting strat
Great job, AminAS....
....That tall bar on March 18 is also a Bullish Outside Bar - BUOB - (OK lets use J16 terminology), producing a double low higher close (dlhc) with the previous bar telling us there is strong support at those lows.
Everything I see is so bullish I would not even dream of thinking about a short.
Be careful forecasting targets.
Again, great job.
So how would you play this?

Enter at 10 pips above the high (.6825) with a S/L at the low (.6563)?

With the overhead resistance much closer than the 260 pip S/L, would you still take this trade?

Or has the midnight express just pulled into the station so you better catch it.
  • #731
  • Mar 19, 2009 4:24am Mar 19, 2009 4:24am
a good set up...for me...lots o lubbly lolly
Attached Image (click to enlarge)
Click to Enlarge Name: crap.gif Size: 10 KB
  • #732
  • Mar 19, 2009 4:29am Mar 19, 2009 4:29am
Quoting Baba G
a good set up...for me...lots o lubbly lolly
Baba,
Could you go into a bit more detail?
Thanks
RD
  • #733
  • Mar 19, 2009 4:55am Mar 19, 2009 4:55am
Quoting strat
[/b]My problem just lately is that I get caught doing the feeling!
No i dont believe you,you living grail you.

WHEN you can read price action like a book the S/R levels jump out at you just like the price bars do....


Price Action bars difine the S/R levels.

1.Take your price action bar.
2.Look for other P.A bars around "your bar"
3.Pop in lines at the previous P.A. bars around "your bars".
4.Cross check the boss and monthly P.A and its S/R
5.Find the stalling pionts from the previous P.A bars and their S/R
6.Get your management process sorted in your head
7.Allocate risk in accordance with your yeild curve
8.Lock and load
If you cant read Price action down screens and do nothing else but learn how to.It takes as long as it take.
I am convinced 100% no price action understanding no S/R understanding.and so and so and so.....g
  • #734
  • Mar 19, 2009 4:59am Mar 19, 2009 4:59am
Quoting reddog19
So how would you play this?

Enter at 10 pips above the high (.6825) with a S/L at the low (.6563)?

With the overhead resistance much closer than the 260 pip S/L, would you still take this trade?

Or has the midnight express just pulled into the station so you better catch it.
I guess you have already forgot the HUGE PROBLEM I had with that USDJPY trade - this is FAR WORSE!
15 YEARS OF PASR ON FOREX FACTORY!
  • #735
  • Mar 19, 2009 5:12am Mar 19, 2009 5:12am
[quote=reddog19;2614639]Baba,
Could you go into a bit more detail?
Thanks
RD[/quote

RD you tell me the detail its gbp swiss,tell me what those bars are and why i shaded them.Where was my entry and where were the stalling pionts.

Dont think FEEL...
  • #736
  • Mar 19, 2009 5:22am Mar 19, 2009 5:22am
Quoting strat
I guess you have already forgot the HUGE PROBLEM I had with that USDJPY trade - this is FAR WORSE!
No I hadn't forgotten. That is precisely why I mentioned the large S/L.

So I gather you would just pass this trade and wait for a better opportunity.
  • #737
  • Mar 19, 2009 5:35am Mar 19, 2009 5:35am
more....
Attached Image (click to enlarge)
Click to Enlarge Name: crap.gif Size: 11 KB
  • #738
  • Mar 19, 2009 5:39am Mar 19, 2009 5:39am
Quoting strat
THANK YOU, GEOFF, I was wondering how many times I had to write that before someone picked up on it. Be proud that you stood out in a bunch of sheep and asked!

Those who know me from the other threads know the answer, but I will tell you the secret again here, but ssshh, don't tell anyone else - promise?

Go and stand in front of a mirror and you will see The Holy Grail staring back at you!

I'm not joking either - I'm dead serious!

Bit off topic but if you want a visualisation of this watch the clip in KUNG FU PANDA (no giggling Strat)

Panda gets scroll of holy grail, unrolls it and it's blank, he eventually realises there is no holy grail, just what's inside.

Panda's oponent grabs scroll and is confused when he see the scroll is blank!

don't want to spoil the end for you , but Panda saves the day!
  • #739
  • Mar 19, 2009 5:39am Mar 19, 2009 5:39am
job done....
Attached Image (click to enlarge)
Click to Enlarge Name: crap.gif Size: 12 KB
  • #740
  • Mar 19, 2009 5:42am Mar 19, 2009 5:42am
as you can see....no hustons...on the 1 hr....live running shizzer
Attached Image (click to enlarge)
Click to Enlarge Name: crap.gif Size: 10 KB
6 traders viewing now