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  • #2,201
  • Edited 3:56pm Apr 21, 2009 3:50pm | Edited 3:56pm
Quoting haircut
HI Guys could you give your opinions on this chart. There is a possible pin forming on the daily usd/cad chart (it may not form a pin in which case I will not trade it but it could do in the next half hour or so). It is near a resistance line I have drawn, it is by the 38 fib and 61.8 fib of the last two down waves. However it would mean selling in to the boss 20 ma which puts me off. Any thoughts guys thanks
Hi haircut

I like prices that have retraced to between the 50 & 61.2% fibs, but on my feed this one hasn't reached 50 on the larger move (Mar 19 - Apr 16) and has passed the 61.2 on the more recent, smaller move (Apr 01 - 16). Also, as you spotted, we are above the 20 and have the boss 20 as additional support just below. (If close price stays above)

Finally price is above the descending resistance trend line I have from 10 Mar, 31 Mar, 1 Apr, 2 Apr) break was yesterday, price could have retraced to test (r to s) & may go back up again? Personally the number of pips of the bar is not tradeable due to the potential risk, but that's just me & my account

I hope this is food for thought, and that the other guys with more experience will add to the feedback on this pair for today (I have just put my chart up and take the opportunity to add that the monthly and weekly trends are both down)

best
Paul
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  • #2,202
  • Apr 21, 2009 3:53pm Apr 21, 2009 3:53pm
Quoting PaulKing
[font=Trebuchet MS, sans-serif]Hi haircut

I like prices that have retraced to between the 50 & 61.2% fibs, but on my feed this one hasn't reached 50 on the larger move (Mar 19 - Apr 16) and has passed the 61.2 on the more recent, smaller move (Apr 01 - 16). Also, as you spotted, we are above the 20 and have the boss 20 as additional support just below. (If close price stays above)

Finally price is above the descending resistance trend line I have from 10 Mar, 31 Mar, 1 Apr, 2 Apr) break was yesterday, price could have retraced to test (r to s)...
Paul, you stole the words right out of my mouth
  • #2,203
  • Apr 21, 2009 3:53pm Apr 21, 2009 3:53pm
Quoting One14
Afternoon (on the east coast anyway)!

During High School, there were students that learned quickly and advanced faster than other students. Some kids were great at math others at English, and yet others at physical activities (now, now). A students, C students, etc...

High School still took 4 years to get through, although some come out cooked and others half cooked.

Strat, there are no shortcuts on the path, but how do we prove to ourselves where we are at along the path? Can we? Or does the teacher need to give a report card?

What all impatient...
No answers until you tell me about your handle, 114!

In starting this thread, my goal was to take new traders and traders "lost in the wilderness of losing" and train them into CONSISTENTLY SUCCESSFUL & PROFITABLE TRADERS however long it took.

I set myself rules and guidelines which I'm sure those in the group know what they are. I also needed to know that the thread was beneficial which, from all the reports we see, it is.

However, the time I allotted myself for setting up the training structure of individuals has all been taken up in answering posts.

It was obvious I needed help with the growing number of people in the group and I searched for proven people of a like mind and trading discipline and eventually found Baba G. I was also very fortunate to have the support and help from two other important people, Nicola (elitejets) and Lance (rogueforex). I am still looking to enlist proven Professional traders and Money Managers of a like mind to help me so if you know of any, send them to me.

With Nicola and Lance taking care of the things in the background, (other than Lance's exceptional work on the Index) (Thank you, again), I was able to spend more time on further development of this thread.

We have many plans for this thread revolving around structured training of each individual trader. We have started this with those that are serious in achieving the goal of becoming CONSISTENTLY SUCCESSFUL & PROFITABLE TRADERS, by having them register on The Path of Learning.

I already started files on each trader but am only really able to monitor them through their posts on the thread and PMs to me. We have plans to change this into a fully structured training program for each individual with each being assigned myself or Baba G as their mentor.

We are still in the very early planning stages but Baba G and myself are committed to providing real, genuine, honest, no punches pulled, forex training, the likes of which you have never seen before BUT it takes time to set it all up, lots of it.

For those that have been through training programs before or those with ideas on any of this, please PM myself and Baba G with your thoughts and ideas - not on the thread, please.

So, to answer your question, ""How do we know when we are ready to go live?"" , if you are in the individual training program, myself and Baba G will have the answer to that. The time frame is purely and entirely dependent on the individual and, once released to go "live", will STILL be under our mentorship until WE feel it's time to let go.

I hope this answers your question and allows everyone a glimpse into where we are heading.

Thank you.
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,204
  • Apr 21, 2009 3:59pm Apr 21, 2009 3:59pm
We retook the BOSS 20 to the upside yesterday and broke the downtrend line as Paul mentioned.

Positives: Shooting Star-ish. Hit the daily 50 sma and 1.25 S/R area.

Negatives: Overtook BOSS 20 to upside yesterday and broke trendline. This week's candle is now higher than last week. Stuck in a clutter of moving averages right now.

Would be interested to see if this can test 1.22 to 1.2220 and offer PA there to the upside. Risk is too much for me to short right now vs. potential reward
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  • #2,205
  • Apr 21, 2009 4:16pm Apr 21, 2009 4:16pm
thanks for all the feed back guys
  • #2,206
  • Apr 21, 2009 4:34pm Apr 21, 2009 4:34pm
Hi Team Strat,

Well, nothing really 'stands out' for me tonight as a 'first class' trip....waiting and watching!
  • #2,207
  • Apr 21, 2009 4:39pm Apr 21, 2009 4:39pm
Quoting Life of Pi_p
We retook the BOSS 20 to the upside yesterday and broke the downtrend line as Paul mentioned.

Positives: Shooting Star-ish. Hit the daily 50 sma and 1.25 S/R area.

Negatives: Overtook BOSS 20 to upside yesterday and broke trendline. This week's candle is now higher than last week. Stuck in a clutter of moving averages right now.

Would be interested to see if this can test 1.22 to 1.2220 and offer PA there to the upside. Risk is too much for me to short right now vs. potential reward
Question: the daily chart is down and weekly is sideways, It tested 50% Fib on daily chart, 20 EMA is right above the PB, but your TL shows that the bottom is around 1.2220. According to your TL, there's no reason to go sell right now at all. I have my TL using the tops from 3/10,3/12,4/1 and crossed today bar. How do I know if I'm putting my TL correctly?
  • #2,208
  • Apr 21, 2009 4:48pm Apr 21, 2009 4:48pm
Quoting One14
Anyone heard from Lance (rogueforex)? Seems to have been gone for quite a while.
Not at all, I have been going a thousand different directions and I have been enjoying the interaction of all the new members in the thread. I am proud to be part of this group and please email or PM me anytime, for anything...

[email protected]
  • #2,209
  • Apr 21, 2009 4:51pm Apr 21, 2009 4:51pm
Quoting FxPippy
Hi Team Strat,

Well, nothing really 'stands out' for me tonight as a 'first class' trip....waiting and watching!
Not much out there for me either Nic, but i like the look of this IB on EURUSD struggling to break above 61Fib. It's not giving us a discount but if price can break down through 1.2875 it has plenty of space to fall with the trend.

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  • #2,210
  • Apr 21, 2009 4:58pm Apr 21, 2009 4:58pm
Quoting PaulKing
[font=Trebuchet MS, sans-serif]Hi haircut

I like prices that have retraced to between the 50 & 61.2% fibs, but on my feed this one hasn't reached 50 on the larger move (Mar 19 - Apr 16) and has passed the 61.2 on the more recent, smaller move (Apr 01 - 16). Also, as you spotted, we are above the 20 and have the boss 20 as additional support just below. (If close price stays above)

Finally price is above the descending resistance trend line I have from 10 Mar, 31 Mar, 1 Apr, 2 Apr) break was yesterday, price could have retraced to test (r to s)...
Paul,

""Personally the number of pips of the bar is not tradeable due to the potential risk, but that's just me & my account""

This earns you your 1st pick - good job!

While the rest of you were acting like amateurs and dreaming of pips, Paul was THE professional amongst you thinking LOSING before profit.

So, after doing your risk analysis FIRST and then deciding you are going to trade then DO YOUR PLAN and TRADE YOUR PLAN - I'm not saying anymore because I wrote a lengthy post on how to do this etc., so if unsure, find that post.

Right - everyone doing this trade, post their entries, SLs, TPs and exits etc
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,211
  • Apr 21, 2009 5:03pm Apr 21, 2009 5:03pm
Quoting strat
Trading the monthly is more INVESTING than trading and requires HUGE SL and tolerance for drawdown - unless I am mistaken, you are nowhere near that level.

Of course, stop loss is relative, I have 2 accounts, one is with oanda. I use it if I decide to take a trade that requires a large stop loss. The reason why, is I can trade as low as I need per pip. The only thing would be whether I would have the patience to let the trade run its course. I could trade with 1000 pip stop loss and still trade 1/4% on the Oanda account. I will watch it, and think about whether I have the patience to wait the time that would be needed. I will go back and re read the Timeframes post.
  • #2,212
  • Edited 6:37pm Apr 21, 2009 5:09pm | Edited 6:37pm
Quoting strat
No answers until you tell me about your handle, 114!

In starting this thread, my goal was to take new traders and traders "lost in the wilderness of losing" and train them into CONSISTENTLY SUCCESSFUL & PROFITABLE TRADERS however long it took.

I set myself rules and guidelines which I'm sure those in the group know what they are. I also needed to know that the thread was beneficial which, from all the reports we see, it is.

However, the time I allotted myself for setting up the training structure of individuals has all been taken...
Count me in.

Feels like a peep show with all these glimpses, but it's effective cause I'm getting excited.

OK on to......114.

I was in High School, a vocational HS, and a couple of friends started looking towards the future realizing that getting into College would be a challege.
Typically you miss the advanced classes (and some regular - like language) a normal HS has to offer in order to learn your chosen trade.
"Vokies" typically need to work harder just to stay at par (alot of them just screw off and become wise business men in their 30's).
Well the three of us eventually started looking for ways to improve our odds. Many High Schools have the National Honor Society (an honor to be inducted into).Most vocational schools don't.
We set out to try and get that into our school to benefit the people that really wanted it. Management (school board) decided against it due to price (mucho buckaroos back then). Anyway this got us noticed along with our academic records and efforts. Not to mention the fact that we kept trying whatever we could to "improve" things.
So, somehow some way the three of us were chosen to take IQ tests. I swear not much longer..hang in there.
They scored in the high 120's and low 130's (close to genius) and guess what I scored? Yup....114 aka average.
I wasn't devastated, but this was a day of infamy. Our little group of 3 started to break apart slowly as the other 2 (and other classmates) realized I wasn't a genius (hell, I knew that already). We still remained friends and continued with our endeavors, but it wasn't the same.
Eventually we got the National Vocational Honor Society into our school, but it was too late for us...Future classes were the benefactors of that.


Oh great! An FBI file, criminal background and credit check at work, and now a Strat file. Wait until my psychologist adds this in his file.

Corbett
  • #2,213
  • Apr 21, 2009 5:27pm Apr 21, 2009 5:27pm
Quoting Life of Pi_p
We retook the BOSS 20 to the upside yesterday and broke the downtrend line as Paul mentioned.

Positives: Shooting Star-ish. Hit the daily 50 sma and 1.25 S/R area.

Negatives: Overtook BOSS 20 to upside yesterday and broke trendline. This week's candle is now higher than last week. Stuck in a clutter of moving averages right now.

Would be interested to see if this can test 1.22 to 1.2220 and offer PA there to the upside. Risk is too much for me to short right now vs. potential reward
Notice how the different data on my chart shows a completely different picture to what Pi man has.

REMEMBER - Only trade what is in your wallet - sorry - Only trade what is on YOUR charts
Attached Image (click to enlarge)
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15 YEARS OF PASR ON FOREX FACTORY!
  • #2,214
  • Apr 21, 2009 5:35pm Apr 21, 2009 5:35pm
Quoting strat
Notice how the different data on my chart shows a completely different picture to what Pi man has.

REMEMBER - Only trade what is in your wallet - sorry - Only trade what is on YOUR charts
I use both FxPro and Broco. My Broco MAs look more like yours. Maybe we should find a uniform MT4 platform...at least for educational purposes of this thread so we're all on the same page??
  • #2,215
  • Apr 21, 2009 5:36pm Apr 21, 2009 5:36pm
Quoting psneto
Question: the daily chart is down and weekly is sideways, It tested 50% Fib on daily chart, 20 EMA is right above the PB, but your TL shows that the bottom is around 1.2220. According to your TL, there's no reason to go sell right now at all. I have my TL using the tops from 3/10,3/12,4/1 and crossed today bar. How do I know if I'm putting my TL correctly?
There is NO "correct" way to draw TLs but there is a way to draw them to get information from them.

Put up a chart with your TLs for ALL to review
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,216
  • Apr 21, 2009 5:40pm Apr 21, 2009 5:40pm
Quoting rgrace
Of course, stop loss is relative, I have 2 accounts, one is with oanda. I use it if I decide to take a trade that requires a large stop loss. The reason why, is I can trade as low as I need per pip. The only thing would be whether I would have the patience to let the trade run its course. I could trade with 1000 pip stop loss and still trade 1/4% on the Oanda account. I will watch it, and think about whether I have the patience to wait the time that would be needed. I will go back and re read the Timeframes post.
Everyone should take note of you, young Mr Grace, you think things through in a LOGICAL and COMMON SENSE manner.

For this, you earn your 1st pick - good job!
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,217
  • Apr 21, 2009 5:43pm Apr 21, 2009 5:43pm
Quoting One14
Count me in.

Feels like a peep show with all these glimpses, but it's effective cause I'm getting excited.

OK on to......114.

I was in High School, a vocational HS, and a couple of friends started looking towards the future realizing that getting into College would be a challege.
Typically you miss the advanced classes (and some regular - like language) a normal HS has to offer in order to learn your chosen trade.
"Vokies" typically need to work harder just to stay at par (alot of them just screw off and become wise business men in their 30's)....
D'Artagnan would have been proud of you!
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,218
  • Apr 21, 2009 5:45pm Apr 21, 2009 5:45pm
Quoting Life of Pi_p
I use both FxPro and Broco. My Broco MAs look more like yours. Maybe we should find a uniform MT4 platform...at least for educational purposes of this thread so we're all on the same page??
Good idea but for me, it would be too unmanageable, but nice try
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,219
  • Apr 21, 2009 5:47pm Apr 21, 2009 5:47pm
Quoting strat
There is NO "correct" way to draw TLs but there is a way to draw them to get information from them.

Put up a chart with your TLs for ALL to review
here it goes

thanks
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 25 KB
  • #2,220
  • Apr 21, 2009 6:56pm Apr 21, 2009 6:56pm
Quoting psneto
here it goes

thanks
I will preface this by stating that there is NO CORRECT way to draw TLs and the way I draw them supports MY analysis and MY methods and that is all that matters to me.

If you don’t like the way I draw my TLs, no problem, but don’t anyone waste their time trying to tell me how THEY think it should be done.

Most of my analysis is based on the CLOSE of bars or closing prices in general. Most of the time I disregard the tails and wicks on candles as being either over shoots by brokers or stop runs by MMs or both. Obviously, there is an amount of buyer/seller input in there but very small when compared to the body of the bar.

I use my TLs to identify SWING SUPPORT and SWING RESISTANCE in addition to using them to gauge MOMENTUM plus other stuff too advanced for this thread.

So, on your USDCAD Daily chart, if you want to follow my methods, you were correct to start that down TL at the close of the bar on March 9, I think it is. This identifies the level at which the buyers were prepared to go, for that particular swing.

We then need to identify the next level the buyers kindly identified for us (or sellers, using their open), which is either the close of the Shooting Star on your chart or the open of the following bar.

Project this down and where the buyers close on the next swing, gives you an indication of their strength, whether they are gaining strength or losing strength.

That is enough to be going on with for now.


See the chart I posted earlier on USDCAD
15 YEARS OF PASR ON FOREX FACTORY!
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