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  • #1,221
  • Mar 25, 2009 5:03pm Mar 25, 2009 5:03pm
Quoting elitejets
LOL you are funny ...
I think the same about cable ... she is not yelling sell me yet ... she has held a very significant level above 1.45 (February's high).

Baba G - don't you like CHFJPY? There is a few miles of track left for the train there.
Nicola
I got no bar hun....have you?
  • #1,222
  • Mar 25, 2009 5:04pm Mar 25, 2009 5:04pm
Quoting Baba G
Do the analysis,like the coiling of the snake before the attack but wait for the trigger(price action)
USDJPY is coiling up in the same spiral (wedge). Off the menu until she breaks out.
  • #1,223
  • Mar 25, 2009 5:06pm Mar 25, 2009 5:06pm
And havnt you been rinsing the yen madam butterfly!
  • #1,224
  • Mar 25, 2009 5:07pm Mar 25, 2009 5:07pm
Quoting elitejets
USDJPY is coiling up in the same spiral (wedge). Off the menu until she breaks out.
Did i just do a bit of proper analysis......
  • #1,225
  • Mar 25, 2009 5:08pm Mar 25, 2009 5:08pm
Quoting Baba G
I got no bar hun....have you?
No, I am already long.
Today just closed as a hammer (pin)where it bounced off the 38.2 fib but it does not stand out ...
  • #1,226
  • Mar 25, 2009 5:11pm Mar 25, 2009 5:11pm
Oh yeah....the hammer thing...is that a long signal then just like that?
  • #1,227
  • Mar 25, 2009 5:15pm Mar 25, 2009 5:15pm
Quoting elitejets
No, I am already long.
Today just closed as a hammer (pin)where it bounced off the 38.2 fib but it does not stand out ...
Will you do me a favor?......your long chf/jpy?.......

where,when,why.......see im looking at my daily and i cant see any playable bars......

I know its personal so if you say no i dont mind or maybe you should P.M me?
  • #1,228
  • Mar 25, 2009 5:24pm Mar 25, 2009 5:24pm
I only use a fib for trends and bias retraces.Then i take them off.And they dont figure in my entries at all......just price.
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  • #1,229
  • Edited 5:51pm Mar 25, 2009 5:49pm | Edited 5:51pm
Quoting Baba G
Will you do me a favor?......your long chf/jpy?.......

where,when,why.......see im looking at my daily and i cant see any playable bars......

I know its personal so if you say no i dont mind or maybe you should P.M me?
To be perfectly honest I did not use a playable daily bar. I have a really strong resistance level on the weekly at 85.90
I put a buy order above that level and a stop underneath it.
I got kicked in on Monday when it broke up through it. Today it came right down and turned on a dime at my level and went up again. I thought I was going to be out for nothing so was happy to see the level held and up she went again.
All the yen crosses looked so strong ...
I probably in a lot of trouble with Strat now but that is the honest answer.
Nicola

PS I am watching out in case it double tops at 87.50 ish
  • #1,230
  • Edited 6:26pm Mar 25, 2009 6:25pm | Edited 6:26pm
In a reply to a PM on S & R, I wrote:

"Do not put your S & R lines in BOLD"

By doing this, we are tricking our mind and subconscious that these are the BOUNDARIES of price action. These are NOT boundaries, only levels where we EXPECT price to do something.

Remember the movie "A Beautiful Mind" - that was a TRUE story. The mind is more powerful than we know in the way it directs our daily and routine life, WITHOUT THINKING.

We have trained it through our formative years and educated it in our later years to serve us for the rest of our lives. You may not realise it, but all we are doing on here is re-training our mind and brain on forex so that we can put it on auto pilot when we are trading. Don't believe me? Ask Baba G - he is fully trained and on auto pilot.

So, do not put any roadblocks on your charts or in your thinking because you are defeating the whole object and purpose of what we are doing.
Never under- estimate the power of the mind and subconscious
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,231
  • Mar 25, 2009 6:40pm Mar 25, 2009 6:40pm
I'm beginning to regret posting # 1185 about opportunities.

I ended that post with:

Wait for the NY close and don't jump the gun

I only posted for you to WATCH and take notice.

When trading the Daily chart, we do NOT take any action or start placing orders until AFTER 5pm when NY closes.

Conditions can change in a heartbeat especially in the delicate condition the financial world finds itself in today. Helicopter Ben or O'bama or Trichet need only to say something in a casual conversation to spark off a wild, selling rout.

There have been many times where I have witnessed NY, in the last 2 hours of trading, completely reverse the previous 6 hours and the days before it.

Be careful, no action until after NY 5pm close
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,232
  • Mar 25, 2009 6:47pm Mar 25, 2009 6:47pm
Quoting el_duende
Ive been analysing some of my trades on my demo account and I am thinking Im not trading enough, im doing trades on the daily timeframes but in a week or 2 have only done a handful of trades. This made me wonder in an average week how many trades to you guys actually do?
Congratulations. You are exercising DISCIPLINE. For beginners, there have only been a handful of trades. For the more experienced, there have been a few more.

Remember this, you can only trade what the market gives you.

If you trade more than this then you are searching for trades which are NOT there and we all know what type of trades those are, don't we? LOSERS.

I repeat, congratulations, - learning discipline is part of that 90% that is the difference between us winning and losing.
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,233
  • Mar 25, 2009 6:58pm Mar 25, 2009 6:58pm
Quoting el_duende
Ive been trying to trade differently by thinking about my potential loss rather than the potential profits. In trying to set the amount of risk the stop loss is obviously important. What I would find helpful is advice on the techniques you guys use of setting a stop loss.
This is EXCELLENT! Thinking like a professional NOT an amateur!

As Lance has already pointed out to you, the answers are IN this thread. Go back and read again, pay even more attention and understand what you are reading.

When you find the answers, you will find there are several choices. What I teach on here are the safest, lowest risk methods.

What you have to decide is your personal RISK TOLERANCE

You may feel comfortable risking 200 pips to win 100 pips, some risk 200 pips to win 50 pips but that is another style of trading the Daily (listening Dan?).

You may need to experiment with your SL in different locations and see how you react. It is a very personal decision and only you know where the best place is for YOU.
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,234
  • Mar 25, 2009 7:16pm Mar 25, 2009 7:16pm
Quoting AstonDan
It's still pretty early (3pm GMT), but USDCHF is shaping up to be a nice DBHLC.

Strong support at 1.1150 but if it can move beneath this it has some way to fall (IMO).
Dan, if you are trading the Daily time frame, there is NO need to watch. The more you watch, the more that little man between your ears starts questioning you and before you know it, you are a wreck. This is, I think, one of the reasons why you can't Trade the Plan.

Ignore the Daily candle UNTIL 5pm NY time
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,235
  • Mar 25, 2009 7:17pm Mar 25, 2009 7:17pm
Quoting bjohn34
Strat - I'm a former drummer from the same era and I would whole-heartedly agree with your drummer analysis. He never could play and never will. Can't sing either.
Great our kid - that's two of the band put together!

The best drummer for me was Keith Moon of the Who
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,236
  • Mar 25, 2009 7:22pm Mar 25, 2009 7:22pm
Quoting AstonDan
One of my favourite quotes is when a journalist asked John Lennon if Ringo was the best drummer in the world and he replied ‘He’s not even the best drummer in The Beatles!’
John Lennon - such a talent - and taken away from us before his time - as has happened to so many.

I often wondered why Brian Epstein replaced Pete Best with Ringo because Pete Best was by far, the better drummer.
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,237
  • Mar 25, 2009 7:28pm Mar 25, 2009 7:28pm
Quoting FxPippy
(USDCHF
It's still pretty early (3pm GMT), but USDCHF is shaping up to be a nice DBHLC.

Strong support at 1.1150 but if it can move beneath this it has some way to fall (IMO).)

Possibly - for a DBHLC it needs to close lower than the tail of the previous bar; Take a look at how it's tested the BOSS 50 - it's touched several times. Daily the 20/50 have crossed down. On the chart I've marked the PPZ area (J16 - I know we don't strictly refer to them here, but it helps me to determin PA and confimation for a trade) Also check out the Monthly,...
Nicole, now, on my charts there is PA. Don't worry about names for S & R or calling it PPZ - call it what you like as long as you identify it.

Maybe you knew it and didn't mention it, but there is a big psycho level below - can you see it?
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,238
  • Mar 25, 2009 7:33pm Mar 25, 2009 7:33pm
Quoting AminAS
http://img14.imageshack.us/img14/7956/gbpchf.gif

Price attempted to break out of the long term wedge it is confined to, but today's candle begs to differ. One thing that throws me off is the lack of volume on a move like this...

Price action is price action, and we have a bearish engulfing candle. Expect price to now test the bottom of the wedge, or the lower trendline. I have some S/R there too, making for support confluence, so look for valuable price action on this level.

The lack of volume we see in this move shows a lack of...
I wouldn't touch GBPCHF with a 10ft barge pole. It's directionless, going sideways. I'm absobloodylutely hopeless with sideways, ranging markets.

Toss a coin - if you are DESPERATE to trade!
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,239
  • Mar 25, 2009 7:41pm Mar 25, 2009 7:41pm
Quoting AstonDan
Big Picture
We have a Monthly BEOB (thanks FXPippy for bringing this to my attention) and price closed last week below the BOSS 20.

Daily
Huge bearish action last week saw price retrace down 50% Fib and BOSS 50 where it seems to have found support. Today we are looking at a DBHLC but again failing to push through the 50% Fib and the BOSS 50.

All signs are bearish but it appears to be struggling to find any sellers below the 1.1150 level. It may also encounter support around 1.1095 if it does break through (grey box).

Potential for...
Good observations and analysis Dan, BUT on my data it isn't a DBHLC, the tops are 4 pips apart but it is a BEOB. Notice the location of the BEOB -right where the sellers have gone for their coffee break. Therefore, in this location it is a ............ candle.

There is some VERY important support below which you did not see/mention.
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,240
  • Mar 25, 2009 7:45pm Mar 25, 2009 7:45pm
Quoting strat
This is EXCELLENT! Thinking like a professional NOT an amateur!

As Lance has already pointed out to you, the answers are IN this thread. Go back and read again, pay even more attention and understand what you are reading.

When you find the answers, you will find there are several choices. What I teach on here are the safest, lowest risk methods.

What you have to decide is your personal RISK TOLERANCE

You may feel comfortable risking 200 pips to win 100 pips, some risk 200 pips to win 50 pips but that is another style of trading the Daily...
I would like to add something about risk

It has been proven that it is ideal to risk somewhere between 1-5% on each trade, and that traders who risk less per trade tend to be more profitable in the long run than traders who risk more, there was a study done on this.

So it is important that you define a set amount that you wish to risk with each trade, for example I risk no more than 2-3% with every trade.

Never set your stop loss according to how much you want to risk, always set it according to the charts (below pa, sr etc), then adjust your lot size to risk your proffered percentage no matter what size your stop loss is.

Proper money management is very important!
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