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  • #1,661
  • Apr 4, 2009 11:24am Apr 4, 2009 11:24am
Quoting AminAS
When some valid Price Action forms, and an entry above the top of the PA candle with a stop below the low is to much, what are my options? I already know the one, just pass up the trade and find something else inside of your budget later. But is there another valid option? What if you are watching the next candle after the setup has been confirmed that is retracing, can you enter there at a price that would allow you to comfortably handle the trade? Here is a chart to illustrate.

http://img23.imageshack.us/img23/7348/eurusdh.gif

See...
Amin - send me your glasses as I just don't see what you see. Where is the BUOB/BEB? Where/what is PA?
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,662
  • Apr 4, 2009 11:56am Apr 4, 2009 11:56am
Quoting strat
Take a look at these two dojis - hanging man and hammer - see how the big boys play with the little guys (us).

The hanging man is debatable and could be the result of stop over runs but the second is definitely the MMs taking the little guys to the cleaners.

So let's see how they mess with us

If we were long and trailing our stop:
We would have our SL either below the previous green doji (minor swing low) and below the 20 or maybe below the red hammer and below the 20.

If we were looking to take a short position:
Some traders...
Thank you for this post; I think understanding WHY the market is moving is indefinably important. I can see the PA and start to pick out the setups, but being able to use each bar to tell a story on what the big money is doing is my ultimate goal. Thanks for the lesson.
  • #1,663
  • Apr 4, 2009 12:00pm Apr 4, 2009 12:00pm
Hi Baba

Thanks for this it helps Nicole
  • #1,664
  • Apr 4, 2009 1:35pm Apr 4, 2009 1:35pm
Quoting FxPippy
Hi Team
I'm checking my charts for a weekend round up and I like the look of the following, please feel free to comment as I am still learning....
EUR CHF
Weekly: Indecsion doji 3 weeks ago, price fell & PA bar hammer closed on 50% Fib retrace from 8/3/09 Sl to 15/3/09 SH bar closed above the Boss 20. retested old support 1.5050 and old resistance of 1.5250
[color=blue][font=Verdana][color=blue][font=Verdana]Daily: IB also a morning star held by 20 and 50 MAs, did...
Hi Nicole,

While this "may" work out, it is not a set up to risk. I think you are "looking" for a trade instead of "seeing" a trade that "stands out".
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,665
  • Apr 4, 2009 3:21pm Apr 4, 2009 3:21pm
Hi Strat

Thanks for the feedback - I've just got back from an evening out and you have hit the 'nail on the head'. I thought about it while I was out and what Baba G had said. I came to the conclusion that I was 'looking' for a trade because I 'missed out' on Usd Cad while I was away. I will keep watching and waiting and I must not be trigger happy. I will continue to watch for a good set up. It's far better for me to take 3 good trades per month than 10 'iffy' trades per month. Many thanks for your feedback, I really do appreicate it and all the knowledge that you post. Cheers, and have a good weekend, Nicole
  • #1,666
  • Apr 4, 2009 7:37pm Apr 4, 2009 7:37pm
Quoting FxPippy
Hi Strat

Thanks for the feedback - I've just got back from an evening out and you have hit the 'nail on the head'. I thought about it while I was out and what Baba G had said. I came to the conclusion that I was 'looking' for a trade because I 'missed out' on Usd Cad while I was away. I will keep watching and waiting and I must not be trigger happy. I will continue to watch for a good set up. It's far better for me to take 3 good trades per month than 10 'iffy' trades per month. Many thanks for your feedback, I really do appreicate it and all...
Now you're thinking like a "pro" - must have been a good night out!
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,667
  • Apr 4, 2009 8:28pm Apr 4, 2009 8:28pm
The BOSS has put in an unconfirmed swing low with upward momentum and support from the 20

The Daily has put in an IB or "pause" bar. A buy stop above the IB high should get us some pips but how many? The down sloping TL is at 1.3550 and major resistance at 1.3650 or maybe a touch of previous highs at 1.3750ish.

Should be worth 150 pips or so.
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,668
  • Apr 4, 2009 9:09pm Apr 4, 2009 9:09pm
Looks like USDCAD is coming down to test 1.2200 again. Will it hold again or ? A quick 100 pips for anyone who wants to jump in.
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,669
  • Apr 4, 2009 10:16pm Apr 4, 2009 10:16pm
Quoting strat
Looks like USDCAD is coming down to test 1.2200 again. Will it hold again or ? A quick 100 pips for anyone who wants to jump in.
Hi Strat,
i was looking at the cad thinking it might be time to get out as it is about to run into the boss20 ??? and as you mention under that is the 1.2200 level as well, i take it from your comment that the boss20 isn't main road block in your eyes and wondered why?

cheers
geoff
  • #1,670
  • Edited 1:30am Apr 5, 2009 1:14am | Edited 1:30am
Quoting strat
Looks like USDCAD is coming down to test 1.2200 again. Will it hold again or ? A quick 100 pips for anyone who wants to jump in.
How is that professional? The risk reward would be terrible, and it would just be jumping in for a quick dollar right?

Is this some sort of test to see if we take the bait? I am constantly on the lookout for these purposeful misleadings you throw in to make sure we are paying attention. The best thing to do would be to wait for PA to enter if price reaches 1.2200 for an entry...
Bang.
  • #1,671
  • Apr 5, 2009 1:32am Apr 5, 2009 1:32am
Quoting strat
Amin - send me your glasses as I just don't see what you see. Where is the BUOB/BEB? Where/what is PA?
Thursday's Bullish bar engulfed the previous bearish bar by about 5 times it's size. That is the PA I am referring to.

http://img228.imageshack.us/img228/1879/eurusd.gif
Bang.
  • #1,672
  • Apr 5, 2009 1:39am Apr 5, 2009 1:39am
Quoting AminAS
How is that professional? The risk reward would be terrible, and it would just be jumping in for a quick dollar right?

Is this some sort of test to see if we take the bait? I am constantly on the lookout for these purposeful misleadings you throw in to make sure we are paying attention. The best thing to do would be to wait for PA to enter if price reaches 1.2200 for an entry...
I wanted to say the same thing, these two suggestions seem out of line with Strat's teachings so far

Like you said the risk/reward is no good and there is no clear PA suggesting to enter on both of those trades
  • #1,673
  • Apr 5, 2009 2:45am Apr 5, 2009 2:45am
It must be a test for us. I see no short on USDCAD. It is just above the weekly 20 and I have a upward trendline there too. I would be looking for PA in this area to show me the way.
  • #1,674
  • Apr 5, 2009 4:25am Apr 5, 2009 4:25am
Hi Team Strat, this is my take on some of the pairs. Remember I'm learning..so to any lurkers out there don't take it as read! I'm possibly way off the 'tracks'! Comments appreciated.... Thanks, Nicole.

AUD USD
Weekly: BUOB forming & broken 20 hit Major R at 0.7100; noted MAs grouping; Head and shoulders formed. 20 MA hooking up but all other 3 MAs clustered tightly and down. This price is at the top of a weekly trending area between 0.7100 and 0.6300 (since end of last year and more recently beginning of march) to me this is indicating an area to watch for price action to either reverse or continue.

Daily: this week has shown a bullish run from a swing low supported by the D 20 MA with 2 touches of 20 MA and bouncing off support level 0.6800. Tested previous resistance of 0.7200. Will watch to see if a swing high is formed. Last stalled in this area 3rd to 6th of Jan before a long haul south. As MAs have crossed up, this could indicate a change of trend.

EUR USD
Weekly: sideways & flat between MAs although it has tested pushing south but closed above 20. Trapped between resistance 1.3400 and 1.3250

Daily: Early this week price tested a push south between 20 & 50. Last 2 days pushed back above the 20. Daily IB testing the low of 1.3400 and is ‘floating’ between R & S. My up trend line drawn from the swing low close of 9th march shows touches of closes from Tues & Thurs bars. Although this daily bar is a PB combined as an IB, for me, it’s not at a good location because it’s not at S/R levels combined with either a SH or SLor touched and bounced off MA . I’m waiting for PA at the correct area.

GBP USD
Weekly: BUOB Moved within support of 1.4250 and stopped at resistance of 1.4800. Boss 20 & 50 still holding price down

Daily: MAs have crossed so that the 20 is over the 50, price above 50 indicating a possible change of overall trend north. Testing 1.4800 resistance level. Could produce a SH. Waiting/watching.

EUR GBP
Weekly: price moved down between resistance 0.9300 and support 0.9050, closing just below up trend line and above 20 & 50 MA. Retrace for up trend Fib from 8/2/09 0.8700 SL to 15/3/09 94.89 SH has confluence with 61.8% fib

Daily: MAs sideways, 20 is hooking down and 50 is flat. Friday has tested support 0.9050 and 50 MA. Fib from 10/2/09 SL to 27/3/09 SH confluence with 50% fib . Will watch to see how Monday’s bar closes as we are now near mayor support area 0.9050 combined with pre-drawn TL. Waiting/watching for PA that Stra teaches for an entry.

USD CAD
Weekly: bearish PA between major resistance 1.2700 and support 1.2350 testing also 20 MA. Both MAs holding up trend

Daily: Swing high formed on the 1st with a beautiful PB (I was away doh!) at a time of indecision with 20 & 50 MA tight and sideways. Friday’s bar bouncing off 1.2350 level.
Waiting/watching.

USD CHF
Weekly:major resistance at 1.1900 from the beginning of March and support 1.1250. IB last week and indecision this week which is testing the 20 MA daily and boss. Sideways on 20 50. Waiting/watching.

Daily: consolidation sideways 20 MA slight slant down Friday bar just closing an IB testing the support level of 1.1300. Waiting/watching.

USD JPY
Weekly: between 99.50 and 96.00 tested/touched the 20MA hooking up and supporting the last 2 weeks close & touched and closed under 50.

Daily: price above 20 & 50 and Friday’s bar just closed on the Boss 50. Plotted ABCD pattern and projected Fib level 161.8%. Waiting/watching for PA that Strat teaches.
  • #1,675
  • Apr 5, 2009 4:32am Apr 5, 2009 4:32am
Quoting Bloom
It must be a test for us. I see no short on USDCAD. It is just above the weekly 20 and I have a upward trendline there too. I would be looking for PA in this area to show me the way.
What you guys said. Both of those suggestions look like intraday scalping trades to me without strong PA entry other than the IB on the EURUSD, which looks pretty weak to me.
"Money is easy to make, but hard to keep" - FWV 1975
  • #1,676
  • Apr 5, 2009 9:50am Apr 5, 2009 9:50am
Quoting Baba G
can u find the bars i like?

i love them xxx
Is it...

EURCHF, break of Friday's IB - Buy order at 1.5285, stop at 1.5200, TP's at 1.5356, 1.5377 and 1.5422?

...
  • #1,677
  • Apr 5, 2009 9:58am Apr 5, 2009 9:58am
Quoting AstonDan
Is it...

EURCHF, break of Friday's IB - Buy order at 1.5285, stop at 1.5200, TP's at 1.5356, 1.5377 and 1.5422?

...
Dan you are gonna get, it he already made it clear a directional bar is needed here and even then......
you had better try again before he sees this.
GOD IS NOT SHORT OF CASH
  • #1,678
  • Apr 5, 2009 10:08am Apr 5, 2009 10:08am
Quoting Swami S
Dan you are gonna get, it he already made it clear a directional bar is needed here and even then......
you had better try again before he sees this.
Well, cable gave us a clear weekly directional bar but i can't see a clear entry on the daily without a bit of freestylin'...

Cadjpy looks bullish on weekly and daily closed above previous resistance around 80.65. I would have thought an entry on this gives clear skies all the way upto 87.47, but again it's freestyle...

  • #1,679
  • Apr 5, 2009 10:17am Apr 5, 2009 10:17am
Quoting strat
The BOSS has put in an unconfirmed swing low with upward momentum and support from the 20

The Daily has put in an IB or "pause" bar. A buy stop above the IB high should get us some pips but how many? The down sloping TL is at 1.3550 and major resistance at 1.3650 or maybe a touch of previous highs at 1.3750ish.

Should be worth 150 pips or so.
Naughty Strat - he's trying to trap those 'lurkers' into a rubbish trade as they 'skim' thru the thread taking what they assume to be 'free-lunch' trades!

But those of us who have read from the beginning know better!! We only take the best high probability set-ups - for me I'm sticking with hammers and shooting stars on the dailys until I can prove to myself that I have what it takes. Then, and only then will I consider other types of entry. Happy trading y'all
Grim
Trade less and become more profitable!
  • #1,680
  • Apr 5, 2009 10:24am Apr 5, 2009 10:24am
Yes homework but you might find watching these sinks in better than reading.
Some great free videos from youtube on candlestick patterns, starting from the basics. I'm not going to embed them to save space so click the links.

Vol 1. Candlestick Design
Inserted Video


Vol 2. Candlestick sentiment
Inserted Video


Vol 3. Candle Development
Inserted Video


Vol 4. Candle pattern stages
Inserted Video


Vol 5. Shooting Star
Inserted Video


Vol 6 Hanging Man
Inserted Video


Vol 7 Hammer
Inserted Video


Vol 8 Inverted Hammer
Inserted Video


Vol 9 Doji & variations
Inserted Video


Vol 10 Harami
Inserted Video


Vol 11 Dark Cloud Cover
Inserted Video


Vol 12 Piercing Pattern
Inserted Video


Vol 13 Bearish engulfing pattern vs dark cloud cover
Inserted Video


Vol 14 Bullish Engulfing
Inserted Video


Vol 15 Evening Star
Inserted Video


Vol 16 Morning Star
Inserted Video


Thanks to sighthound for pointing them out to me. I have a bunch more really quality ones on chart patterns that I will post later.
Nicola
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