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  • #2,041
  • Edited 7:46pm Apr 16, 2009 7:46pm | Edited 7:46pm
Quoting rgrace
Here is my close but no banana chart.

Attachment

Ok the most current bar, is a hammer or pin bar look a like. It's tail does not protrude past price....
Good observations, young rgrace BUT you have not mentioned S&R - PA is useless without S&R hence PASR.

That shooting star is good PASR and if I had it on my data, I would have taken that reversal down to 98.50ish but, I didn't have it.
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,042
  • Apr 16, 2009 7:50pm Apr 16, 2009 7:50pm
Quoting rgrace
This pair looks really interesting at the moment.

Attachment

Several things are hinting at going down....
Very good observations. Have you checked to see what the BOSS and BIG BOSS are doing - maybe there are more clues there, Sherlock!
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,043
  • Apr 16, 2009 7:51pm Apr 16, 2009 7:51pm
Quoting strat
Good observations, young rgrace BUT you have not mentioned S&R - PA is useless without S&R hence PASR.

That shooting star is good PASR and if I had it on my data, I would have taken that reversal down to 98.50ish but, I didn't have it.

I agree it is, but it was for the Baba G contest and I understood it to be just focusing on bars, not placement. I took the S&r off. So the bars would stand out better.
  • #2,044
  • Apr 16, 2009 7:58pm Apr 16, 2009 7:58pm
Quoting rgrace
I agree it is, but it was for the Baba G contest and I understood it to be just focusing on bars, not placement. I took the S&r off. So the bars would stand out better.
OK but it was worth testing you - right? You're getting good - I can see I'm going to have to watch you!
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,045
  • Apr 16, 2009 8:06pm Apr 16, 2009 8:06pm
Quoting strat
OK but it was worth testing you - right? You're getting good - I can see I'm going to have to watch you!

Keep on testing. That is what I like about this thread, it keeps you on your toes . Getting good? Nah. Getting better? Maybe. Just need to keep learning and practicing. And to conquer this short term, having to have a trade going mentality. So far I am doing ok with it, have not traded all week. I have had an itchy trigger finger though.
  • #2,046
  • Apr 16, 2009 8:23pm Apr 16, 2009 8:23pm
What a horrible week....unless you are a bucket shop.......talk about whip-saw.....

Like i have said all week THIS is the time to be the most anal in your price bar analysis.

The IBs on eur/gbp and gbp/swiss or any Ibs(which is my less favorite bar) always need a something bar to go with it unless we are in a strong trend i find.
As it stands these two dont have anything to go with it on boss or big boss other than the bull and bear bars it took to get price where it is now so no ticket filling for me till i get a nice directional bar on both pairs.
  • #2,047
  • Apr 16, 2009 8:33pm Apr 16, 2009 8:33pm
Quoting Baba G
What a horrible week....unless you are a bucket shop.......talk about whip-saw.....

Like i have said all week THIS is the time to be the most anal in your price bar analysis.

The IBs on eur/gbp and gbp/swiss or any Ibs(which is my less favorite bar) always need a something bar to go with it unless we are in a strong trend i find.
As it stands these two dont have anything to go with it on boss or big boss other than the bull and bear bars it took to get price where it is now so no ticket filling for me till i get a nice directional bar on both...

This is definitely a great week to get experience with patience. That's an area that I definitely have come a long way with, but still have a long way to go. I think I'm in the right place to shorten that trip
  • #2,048
  • Apr 16, 2009 8:42pm Apr 16, 2009 8:42pm
Quoting rgrace
Here is my close but no banana chart.

Attachment

Ok the most current bar, is a hammer or pin bar look a like. It's tail does not protrude past price....
Im with strat on the shooting star but the bar we are talking about is...........
Attached Image
  • #2,049
  • Apr 16, 2009 10:33pm Apr 16, 2009 10:33pm
Forgive me if this is a stupid question. I have read Nison's books along with others that cover candlesticks. Most of the patterns make sense, but there are two that have had me puzzled. I know what a hanging man is, and an inverted hammer. My question though is what is the market psychology behind the hanging man being bearish? All of the books I have read just state that it is a bearish sign. They do not tell why. Same thing with inverted hammer, why is it a bullish sign? What is the psychology behind them? It seems that the opposite would be the case. Also if you feel this is off topic, I will delete the post.

Thanks
  • #2,050
  • Apr 17, 2009 12:26am Apr 17, 2009 12:26am
When you are in a position with a set stoploss that is obviously within your money management rules, and you know with 75% assurety or better that price is going to go and hit your stoploss, is it smarter to close out the trade early, cutting losses short, saving yourself from some of the possible drawdown?
Bang.
  • #2,051
  • Apr 17, 2009 2:13am Apr 17, 2009 2:13am
Quoting rgrace
Forgive me if this is a stupid question....
From a document on my PC.

 The Hanging Man is a bearish reversal pattern that can also mark a top or resistance level. Forming after an advance, a Hanging Man signals that selling pressure is starting to increase. The low of the long lower shadow confirms that sellers pushed prices lower during the session. Even though the bulls regained their footing and drove prices higher by the finish, the appearance of selling pressure raises the yellow flag. As with the Hammer, a Hanging Man requires bearish confirmation before action. Such confirmation can come as a gap down or long black candlestick on heavy volume.

The Inverted Hammer looks exactly like a Shooting Star, but forms after a decline or downtrend. Inverted Hammers represent a potential trend reversal or support levels. After a decline, the long upper shadow indicates buying pressure during the session. However, the bulls were not able to sustain this buying pressure and prices closed well off of their highs to create the long upper shadow. Because of this failure, bullish confirmation is required before action. An Inverted Hammer followed by a gap up or long white candlestick with heavy volume could act as bullish confirmation.
  • #2,052
  • Apr 17, 2009 2:21am Apr 17, 2009 2:21am
Quoting AminAS
When you are in a position with a set stoploss that is obviously within your money management rules, and you know with 75% assurety or better that price is going to go and hit your stoploss, is it smarter to close out the trade early, cutting losses short, saving yourself from some of the possible drawdown?
Taking a step back, if you're 75% sure its going to go and hit your SL, that means you have only 25% belief that your trade is going to go your way. Now, if you hadn't the trade open would you take it with a 25% chance that it will work - NO!!

Easy said when there are no emotions involved, but I suppose that is the way we need to think.
  • #2,053
  • Apr 17, 2009 3:29am Apr 17, 2009 3:29am
Quoting strat
We should never enter any trade without FIRST KNOWING:

WHERE TO TAKE PROFITS

Until you gain the experience to do different, Here is what I recommend, and I'll use Paul's trade as an example:

Trade 3 contracts (adjust $/pip if necessary to remain within your account %)

Take PROFIT on 1 contract at the 1st support -

Now, depending on your risk aversion, either place your SL at BE on the 2 remaining contracts or trail above the previous high.

Take PROFIT on 2nd contract at next support and bring 3rd contract SL above previous...
Hi Strat

Thanks so much for the feedback, without constructive criticism I'm not going to make any progress. It's also reassuring that I can take some praise from your response, as I had three lots for this trade, staged to exit (first one was out for a profit at my first SR level) and am trailing my stop to the high of each daily close.

However, I should have had my second lot out at this S/R level, not the next one.

Finally I shouldn't have entered where I did (despite the down trend and the BEOB PA, which I used once price had gone on past the 20ma and SR level), not least because I did 'enjoy' an awfully large draw down. It was only remembering one of AstonDans comments about stops (mine was at the other end of the BEOB) telling you your trade was wrong that prevented me taking a pretty big loss on this one.

I have just been lucky with this trade, rather than anything approaching skilful or professional. Back to the start of 'the path' to learn some more and reaffirm that learnt already

best
Paul
  • #2,054
  • Edited 3:53am Apr 17, 2009 3:44am | Edited 3:53am
Quoting rgrace
Forgive me if this is a stupid question....
Have you looked at the Utube videos by Your Trading Coach that Nicola posted earlier (post number 1680 on page 112)

Vol 6 Hanging Man
http://www.youtube.com/watch?v=_wg_N...eature=related
Vol 8 Inverted Hammer
http://www.youtube.com/watch?v=xTP9g...eature=related

I am finding the explanations of candle psychology or sentiment in these presentations very helpful (not least that a formation is only 'valid' if it prints at an appropriate position in a prior trend and that it is confirmed, afterwards)


I hope this helps answer your query
best
Paul
  • #2,055
  • Apr 17, 2009 3:52am Apr 17, 2009 3:52am
Strat

I've noticed you mention a 150 MA on occasions. Do you use this on all charts or only were it is useful (GBPUSD)?
  • #2,056
  • Apr 17, 2009 3:54am Apr 17, 2009 3:54am
Quoting PaulKing
Hi Strat

Thanks so much for the feedback, without constructive criticism I'm not going to make any progress. It's also reassuring that I can take some praise from your response, as I had three lots for this trade, staged to exit (first one was out for a profit at my first SR level) and am trailing my stop to the high of each daily close.

However, I should have had my second lot out at this S/R level, not the next one.

Finally I shouldn't have entered where I did (despite the down trend and the BEOB PA, which I used once price had gone on past...
You better not be live!!!!!!!if you are i will send you my account details.
  • #2,057
  • Apr 17, 2009 3:56am Apr 17, 2009 3:56am
No One On Here Should Be Live>>>>>>>>>>>>>>>>>>>.

s.o.s.
  • #2,058
  • Apr 17, 2009 4:29am Apr 17, 2009 4:29am
Quoting Baba G
You better not be live!!!!!!!if you are i will send you my account details.
Hi bG

Thanks for that, sorry to disappoint but: Nope, I have blown a couple of live accounts in the past.

Strat has now taken me under his wing & pointed me toward the path of learning. My first visit was to the J16 'extracts' where I realised I had been pretty stupid (strange losing loads of hard earned cash hadn't got that message through), so I am into my third week (of three months) of demo only.

I am learning all I can about Price Action (I am finding the UTube videos I referred to earlier that Nicola posted) really helpful for this, as well as this thread and the J16 thread for different perspectives on trading strategies.

I am sure along with a few other the most difficult thing to learn is patience. Take my (rubbish / lucky) EURGPB, I was certain the trend was down and 'had' to get into it. So, I saw what I interpreted as a valid short entry PA and got myself into it. It was a big stop (high risk), but coming to daily from much lower tf's this is something I have to get used to.

Anyway, I have learnt this particular lesson now, ready to trip over my next hurdle for you guys to pick me up again. Depending on my demo accounts size at the end of June, I may (only may) start to need to share the ice for real

best
Paul
  • #2,059
  • Apr 17, 2009 5:35am Apr 17, 2009 5:35am
I just want to say thank you for your posts,they are helpful,i appreciate.
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #2,060
  • Apr 17, 2009 5:57am Apr 17, 2009 5:57am
Quoting PaulKing
[font=Trebuchet MS, sans-serif]Hi bG

Thanks for that, sorry to disappoint but: Nope, I have blown a couple of live accounts in the past.

Strat has now taken me under his wing & pointed me toward the path of learning. My first visit was to the J16 'extracts' where I realised I had been pretty stupid (strange losing loads of hard earned cash hadn't got that message through), so I am into my third week (of three months) of demo only.

I am learning all I can about Price Action (I am finding the UTube videos I referred to earlier that Nicola posted)...
Damn.......there is bound to be someone...if i can just get them before the bucket shops.......!!!!!!!!!!!!
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