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  • #1,901
  • Apr 14, 2009 4:20am Apr 14, 2009 4:20am
From the BBC

Guess that's what i was thinking of. (if you were able to trade it before then i apologise)

In January 1999, the euro was launched as an electronic currency used by banks, foreign exchange dealers, big firms and stock markets in 11 countries - Belgium, Germany, Spain, Italy, Ireland, Luxembourg, the Netherlands, Austria, Portugal and Finland. Exchange rates of the participating currencies were set and eurozone countries began implementing a common monetary policy.
In 2002, euro notes and coins became legal tender in 12 countries - Greece having also met the conditions needed to join.
  • #1,902
  • Apr 14, 2009 5:18am Apr 14, 2009 5:18am
Thought I'd introduce myself - as been following the thread in the background quite closely.
I've been trading for maybe 4 months - so very very new to all this. So be easy on me :S

My previous experience trading has really be on the 15min timeframe. I found this thoroughly exhausting and after 2 months I was at roughly break even.

I've decided that higher timeframes would be 'easier' to learn off and think PASR is key.
I've asked Lance to add me the "Path of Learning" (thanks ).

So far:

  1. Have read a couple of Steve Nilsons books on Candlesticks
  2. Reading James16 thread - what a mammoth thread!!

What's a good book for info on patterns such Head and Shoulders etc (is this classed as PA?)

I have no real clue on Momentum, Fib retracements, or Cycles.... but as per Strats teachings trying to understand PA first.

I'm going to trade on demo account for a bit, just to get used to PASR.
Will post my first chart analysis asap.

So hello everyone Oh in London if anyone wants a beer

  • #1,903
  • Edited 5:43am Apr 14, 2009 5:28am | Edited 5:43am
Quoting paddyham
What's a good book for info on patterns such Head and Shoulders etc (is this classed as PA?)
Hi and welcome,

Martin Pring has some good books on price action, patterns, trends etc. Strat doesn't allow links to be posted in his thread but do a quick search on googly-goo and you'll find him.

By the way, i entirely sympathise with the whole 15M timeframe thing, been there, done that! Longer timeframes are considered much more reliable in terms of trend and price action and are easier to read IMO. You get time to analyse and THINK about trades, which i found almost impossible on the 15M.
  • #1,904
  • Apr 14, 2009 6:46am Apr 14, 2009 6:46am
Quoting strat
NZDJPY:
I'm just struggling with duff data so its not giving me the look back I need but I see it banging heads with psycho 60.00 to form a triple top. We need to see if the carry will take it through this resistance. Momentum is bullish but it's slowing compared to earlier.
I'm not too sure what you mean by duff data. Here's my monthly chart for the history of nzdjpy. According to which this pair has been around these levels 3 times previously, I can't load the full history for some reason.
Price was around 98-80 from 1998 to 1990, then moved down to 60 by 1992 (which is where the attached starts).

Looking at the daily, I also see 60 as the 38.2% fib of the big move down (30.05.08 to 02.02.09), which after some consolidation in Feb / Mar '09 has entered an ascending channel to date (strongly supported by ascending 20). So looking for PA now to either confirm this upward trend or perhaps signal an end to it, which could be a stage of consolidation before a continued move up or a complete reversal to re test to 20ma (57 level) or even BOSS 20ma (54 level)



best to all
Paul
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nzdjpy monthly.gif Size: 19 KB
Click to Enlarge Name: nzdjpy daily 130409.gif Size: 23 KB
  • #1,905
  • Edited 11:09am Apr 14, 2009 10:56am | Edited 11:09am
Quoting foredog
Didn't the EURO only start in 2000?(or maybe 1999)
1999 - but what has that got to do with anything? - the EURUSD chart goes back to April 1st 1989 - we don't care about when it started or how it started ONLY the FOOTPRINTS it leaves behind and these footprints go back to April 1st 1989
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,906
  • Apr 14, 2009 11:04am Apr 14, 2009 11:04am
Quoting PaulKing
[font=Trebuchet MS, sans-serif]I'm not too sure what you mean by duff data. Here's my monthly chart for the history of nzdjpy. According to which this pair has been around these levels 3 times previously, I can't load the full history for some reason.
Price was around 98-80 from 1998 to 1990, then moved down to 60 by 1992 (which is where the attached starts).

Looking at the daily, I also see 60 as the 38.2% fib of the big move down (30.05.08 to 02.02.09), which after some consolidation in Feb / Mar '09 has entered an ascending channel to date...
Thanks, Paul. I have some erroneous spikes in my data which cause the charts to "compress" when I go out in history so I am limited to data going back to Dec 2008 which renders me pretty useless on this pair.

Also, I see you have not registered on The Path of Learning - is this just an oversight or is there a problem?
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,907
  • Apr 14, 2009 11:06am Apr 14, 2009 11:06am
Quoting rgrace
That would be correct. Price Action Support Resistance. PASR
A new member helping a new visitor - thank you rgrace.

This is exactly what I set this thread up for - TRADERS HELPING TRADERS.
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,908
  • Apr 14, 2009 11:45am Apr 14, 2009 11:45am
Quoting paddyham
Thought I'd introduce myself - as been following the thread in the background quite closely.
I've been trading for maybe 4 months - so very very new to all this. So be easy on me :S

My previous experience trading has really be on the 15min timeframe. I found this thoroughly exhausting and after 2 months I was at roughly break even.

[size=3][font=Times New Roman]I've decided that higher timeframes would be 'easier'...
Paddyham,

You have made a wise choice to register on The Path of Learning for you now have access to important materials, discussions etc., only available to serious traders wanting to learn to trade successfully and profitably.

Before we go any further, you have to explain your handle "Paddyham" - I have visions of an Irish pig but then I have a very fertile imagination!

Hopefully in your 4 months trading, you haven't picked up any bad habits - if you have - tell us about them. Just out of curiosity, as a new trader, why did you decide on M15 time frame?

""I've decided that higher timeframes would be 'easier' to learn off "" - Why do you think this? What brought you to this realisation?

""think PASR is key."" - Why do you think this? What brought you to this realisation?

""Have read a couple of Steve Nilsons books on Candlesticks"" - Good, that's where I started my candlestick journey. So, you have read it, BUT do you thoroughly UNDERSTAND it? Are you familiar with the candles? Would you recognise a candle or candle pattern if one came up to you and slapped you on the face? Keep refering back to these type of books to get the candles imprinted in your brain. You know when you get to this point when you start dreaming about candles!

""Reading James16 thread"" - No need to read the whole thread as it starts repeating and wandering off to lower time frames after a while.

Do not under estimate the value of this. Keep reading and understanding. If you have any questions at all - don't be afraid to ask - Baba G, one of our Certified Trainers, was one of Jim's first students and reads PASR like a normal person reads a book.

Then, when you think you understand it, go back and practice on THOUSANDS of charts. Do not make the mistake of thinking you know it after reading it - you MUST know HOW it is applied, WHERE it is applied and WHEN it is applied and EVEN MORE IMPORTANT - when NOT to apply it.

Do NOT even think about chart patterns or anything else UNTIL you can apply and use PASR in your sleep.

""I'm going to trade on demo account for a bit,"" - How long is a "bit"? How will you know when your "bit" is long enough?

London eh? Around 1996 or 97, we lived in an apartment over looking the Thames just below Hammersmith Bridge. We used to walk the path at the side of the Thames past Craven Cottage to Putney. The trouble and strife loved it there - thank goodness I was on a US salary! - I don't know how you guys manage to survive the costs there and have to suffer that warm tea they call beer!

Anyway, Champions League (Chelsea (3) vs Liverpool (1) for me in 2 hours time. Being a Northener, I would normally cheer for the scousers but I don't like Fatty Benitez. I don't really have a preference - I just want an EPL team to win it!

As one of our newest team going through The Path of Learning, be very critical of us, let us know what we need to do to make the process better. Thank you.
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,909
  • Apr 14, 2009 11:49am Apr 14, 2009 11:49am
Quoting strat

Anyway, Champions League (Chelsea (3) vs Liverpool (1) for me in 2 hours time. Being a Northener, I would normally cheer for the scousers but I don't like Fatty Benitez. I don't really have a preference - I just want an EPL team to win it!

As one of our newest team going through The Path of Learning, be very critical of us, let us know what we need to do to make the process better. Thank you.
Ill be cheering Liverpool on tonight, will need one of our Istanbul type nights to get through
  • #1,910
  • Apr 14, 2009 12:22pm Apr 14, 2009 12:22pm
Quoting el_duende
Ill be cheering Liverpool on tonight, will need one of our Istanbul type nights to get through
It will be an amazing game if they can do it, my scouser supporting friend!

Hey, you have been with us for quite a while - how come you have not registered - is there a problem?
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,911
  • Apr 14, 2009 12:34pm Apr 14, 2009 12:34pm
Quoting strat
It will be an amazing game if they can do it, my scouser supporting friend!

Hey, you have been with us for quite a while - how come you have not registered - is there a problem?
I had forgotten Lances username which is why I havent signed up

But after catching up on the thread I see he is rogueforex
  • #1,912
  • Edited 1:25pm Apr 14, 2009 1:13pm | Edited 1:25pm
As you already know, I have a huge disdain and zero tolerance for "lurkers", "trolls" and "know it alls" and all those looking for "free lunches" on Forums.

However, I will, and do, spend as much time and effort as it takes, to help genuine, serious people on their way to becoming successful and profitable traders.

I have already withheld from this thread some of my methods and techniques in PASR simply because I only want the genuine and serious people to benefit from them. These are being discussed in private through FF PMs and already several traders have learned these methods and are using them successfully and profitably.

Similarly, I have asked Baba G, to withhold his methods and techniques for our genuine and serious traders.

Another of my dislikes is promoting links to commercial websites who offer "carrots" as bait to get you in and then switch you to their broker or software etc. That is not to say that we don't have any links to useful and beneficial information; we do, but these have to be approved by myself and are then made only available to those on The Path of Learning.

Also, where possible, attachments are being removed from the thread and only being made accessible to those on The Path of Learning. Similarly, new attachments will be, and already are, being made only accesssible to those on The Path of Learning.

Finally, if you think you already know it, and are TOO BIG to be on The Path of Learning - GET OVER IT! Lose your ego and the chip off your shoulder - no-one, I repeat no-one, knows it all and never stops learning, not even the Professionals, not even the Money Managers, not even Jacko, not even Jim, not even Baba G, not even Blackeagle - don't believe me? Go ahead and ask them - PLEASE!
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,913
  • Apr 14, 2009 1:35pm Apr 14, 2009 1:35pm
I have pmed Lance so I should be on the Path of Learning

p.s No Steven Gerrard tonight
  • #1,914
  • Edited 1:45pm Apr 14, 2009 1:38pm | Edited 1:45pm
Quoting strat
1999 - but what has that got to do with anything? - the EURUSD chart goes back to April 1st 1989 - we don't care about when it started or how it started ONLY the FOOTPRINTS it leaves behind and these footprints go back to April 1st 1989
Only just starting trading Forex after many years of FTSE stocks so I had no idea that EURUSD went back that far, i thought it was another Strat test to see who's on the ball.

Unfortunately i was on the wrong ball taking conversions when you're all playing football!
  • #1,915
  • Apr 14, 2009 2:18pm Apr 14, 2009 2:18pm
Quoting strat
As you already know, I have a huge disdain and zero tolerance for "lurkers", "trolls" and "know it alls" and all those looking for "free lunches" on Forums.

However, I will, and do, spend as much time and effort as it takes, to help genuine, serious people on their way to becoming successful and profitable traders.

I have already withheld from this thread some of my methods and techniques in PASR simply because I only want the genuine and serious people to benefit from them. These are being discussed in private through FF PMs and already...
Hi Strat. I've noticed that everyone uses different versions of MT4 and thus will have different moving average #s...do you suggest that we all get on the same platform or this is something where you trade what you see as J16 suggests?
  • #1,916
  • Apr 14, 2009 2:21pm Apr 14, 2009 2:21pm
Regarding my last post...personally, I use either FX Pro or Broco Trader because they seem to offer the most currencies and commodities to follow. Broco also does not have a Sunday bar although I've seen you mention that the Sunday bar can be significant. Although I guess it all depends too on when the feed starts on Sunday. I try not to bog my brain down in so many details and just take it as I see it as I mentioned in my last post
  • #1,917
  • Apr 14, 2009 2:39pm Apr 14, 2009 2:39pm
Well, I've only been away for a bit and have come back to 30+ pages of catch up. Note to self - take laptop next time.

Strat, have PM'd Lance for enrollment. Hope to be able to contribute a tad more and learn along the way.

For the record, Life of Pi_p, I use FXPro. Being UK based, their feed closes at 5pm EST which is 10pm UK. This gives me half a chance to do some analysis.
  • #1,918
  • Apr 14, 2009 2:46pm Apr 14, 2009 2:46pm
Have registered now and will be posting some charts soon and hopefully you can help me become consistently profitable
PS am I the only Chelsea supporter!!!
  • #1,919
  • Apr 14, 2009 2:50pm Apr 14, 2009 2:50pm
Quoting strat
Paddyham,

You have made a wise choice to register on The Path of Learning for you now have access to important materials, discussions etc., only available to serious traders wanting to learn to trade successfully and profitably.

Before we go any further, you have to explain your handle "Paddyham" - I have visions of an Irish pig but then I have a very fertile imagination!
.
Thanks for the welcome guys,

So the handle PaddyHam.... no nothing to do with an Irish Pig! Met a group of girls on a night out. One of the girls said...you don't even know his name... to which she responded... its "Paddy Ham". No idea where that came from.... but my friends found it hilarious.

Why I chose 15m charts - I simply looked at the charts and saw the largest candles (and therefore profits :S ) at the London opening and NY opening. They looked the biggest on 15mins! I also always thought traders needed to be stressed out, needed 8 screens, multiple sub second feeds while screaming at the screen. I'm sure lots of traders make consistent money on 15, 5m timeframes.... its just that I don't want to.... I wanna be a successful trader to give me more free time.

Higher timeframes - I think the entry and exit at higher timeframes are less important. Many times on a 15min chart I have 'read' the chart correctly and by the time I'd fumbled through calculating the risk/reward, stop loss and placed the order the move is nearly over. So I make 10 pips ...or more likely get stung by the retracement. My brain just can't work at that speed!

Why PASR - At first I had 10's of indicators on my chart. I spent ages setting it up - looked like a piece of art. It certainly impressed the mates when they came round. However after thinking about this more carefully what data is being sent to you in a data feed..... Price, Time (maybe Volume on stocks).... but thats it. All the indicators are derived from price ...so just
use the price ?? I do think a lot of indicators work...but if I can read price action correctly ... i would come to the same conclusion as the indicators.

how long on Demo account - well good question, not sure ! I've never used a demo account before. I've never (previously) even logged the trades I did. I've spent the Easter break creating a trading log, so expect to go back to live when I see consistent profit...which means profitable trades and quickly cut losses. The number of times I've had a loss wipe out the
last 5 winning trades is ridiculous. So yea not sure probably 2-3mths or longer.

London is a great city to drink - all those wonderful English pints - Stella, Fosters, Heineken, Kingfisher :S

Making the process better - well a list of acronyms would be good. As a lot of terms you use are called something slightly different in other books - so can get confusing as some posts are full of them! Also maybe have a few graphs with the actual commentery on the graph with a big pointer to what you are talking about ..... ok maybe I'm nit-picking now

I'm in the phase called "Overloaded with Info". I'm off to stare at some charts and see if anything pops out like a magic eye picture !

Aploogies for the long post
Hopefully this trading malarkey will be fun as well as profitable Path of Learning here I come.
  • #1,920
  • Apr 14, 2009 2:57pm Apr 14, 2009 2:57pm
A little over 1 hour till NY Close and EJ looking interesting as far as PA goes. The last week or so we may have been on the turntable. Have we turned around now? On my charts, we're digging into the 20MA and have a few hundred pips down till the BOSS 20. And oh yeah, this is huge...131 is a major level on the daily.
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