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  • #2,721
  • May 8, 2009 8:32am May 8, 2009 8:32am
4 days later, page 50 :nerd: I'm getting there.

Thanks for all the input, and special thanks for Strat for the thread.

  • #2,722
  • May 8, 2009 9:24am May 8, 2009 9:24am
Quoting Grimweasel
PS
My hunt for a chart provider continues-currently using ODL but their daily bars close at Midnight UK time and I can't stay up that late as I get it in the neck from zero-alpha.

How are other UK players approaching this? Cheers
Hi Grimweasel,

I'm London based and use FXPro for my MT4 datafeed. Daily bar closes at 22:00 GMT (NY Close).

Hope thats helpful. Zero-Alpha will probably be watching America's Next Top Model then
  • #2,723
  • May 8, 2009 9:35am May 8, 2009 9:35am
Quoting PaulKing
Hi All

Best use of my time this week. I stepped through each point BlackEagle listed, ...

very many thanks BlackEagle for taking the time and trouble to write this excellent 'masterclass' post. I am sure I will return to it many more times

best
Paul

I second this ... thanks BlackEagle.

I used the space bar to move thru each day on MT4 and understand how you thought.

The biggest thing I found was to draw up all SR (PPZ zones) BEFORE hand and then look for PASR. Previously I've been scanning all charts for PA.... then just looking for SR around that PA (which u can always find if you stare at it long enuff).

Oh btw ... I'm back after being sent back to the start of the Path / J16. Ready to go again. I know what I'm doing this w/e - drawing S/R lines !

Gr8 Post - thanks again !!
  • #2,724
  • May 8, 2009 10:12am May 8, 2009 10:12am
Quoting paddyham
I second this ... thanks BlackEagle.

I used the space bar to move thru each day on MT4 and understand how you thought.

The biggest thing I found was to draw up all SR (PPZ zones) BEFORE hand and then look for PASR. Previously I've been scanning all charts for PA.... then just looking for SR around that PA (which u can always find if you stare at it long enuff).

Oh btw ... I'm back after being sent back to the start of the Path / J16. Ready to go again. I know what I'm doing this w/e - drawing S/R lines !

Gr8 Post - thanks again...
Use your "f12" key to move your charts one bar at a time to "relive" trades. This simulates trading the daily chart but from history.

This is also what you SHOULD be doing when you are practicing your PASR on historical charts.

Some wise man said "Practice makes perfect".
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,725
  • May 8, 2009 10:44am May 8, 2009 10:44am
Quoting FxPippy
Hi Blackeagle and Team Strat,

[color=black][font=Verdana]This is my plan and I have attached my 2 charts of weekly and daily....
Hello Nicole, just a few things. Don't get so wrapped up in S&R lines being "set in stone" and that price MUST bounce at such and such a level. Keep an open mind. Look at what happened to the important levels on AUDUSD and USDCAD. Expect the unexpected and REACT to the unexpected but don't get caught in a trap thinking it will only do "one" thing.

There are also some important levels below those you mentioned. What is to stop it going down to those? After all, it is making LLs and LHs.

It seems you have got so wrapped up in S&R that you are ignoring or forgetting the other tools in our toolbox. Is there an MA that we should maybe look at?

Why does your BOSS candle look good? What PA is it telling you? It's bloody awful on my data!

Not a trade for me, I'm afraid, until I see definite PA on both daily and the BOSS. Sorry to spoil your party (I'm in ultra conservative trading when I get my wallet out!)
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,726
  • May 8, 2009 10:46am May 8, 2009 10:46am
Quoting One14
I'll take a shot at this.

Attached is a daily and weekly chart with highlighted areas of support and resistance going back to 1994. The SR was also at swing lows and highs.

Any other reasons?
Only one person had a view on this. That's BAD!
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,727
  • May 8, 2009 10:57am May 8, 2009 10:57am
Quoting lordgbengs
What i have learnt from this thread and the other two threads that i read is having the right psychology, i know thats what use to be my problem,there is a psychology to trading that 5% of traders have including strat and the big boys here,i am wth them also.

My discovery is that even if you use the simplest of all strategy and have the right psychology you will break through,i was never a 15 or 30 mins fan,i started wth 1hr but from january...
Something is missing in what you wrote M'Lord. If you had a PLAN, and a PLAN that you BELIEVED IN and ACCEPTED, then you would already have ACCEPTED the risk, the loss AND the thought of LOSING.

When you have a PLAN that you BELIEVE IN and ACCEPT, AND, is ACCEPTABLE to BOTH your MM and your trading psyche (emotions), then YOU have accepted the LOSS. When you then place your trade, you should be EMOTIONLESS, you should not care whether it wins or loses, your emotions should not be a factor. There should be no pain.

If you are experiencing pain from losses, then you are doing something wrong
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,728
  • May 8, 2009 11:03am May 8, 2009 11:03am
Quoting Life of Pi_p
Hey Strat and all....
Pi man, sorry, I can't help as I don't have this pair with my broker.

My two second glance at your chart, for what it's worth (LESS IS MORE) tells me its in a ranging market and to expect price to go to the top of its trading range.
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,729
  • May 8, 2009 11:07am May 8, 2009 11:07am
Quoting FxPippy
Hi Strat & Team

I've been reading the homework for those registered on The Path, and on checking the charts tonight I see an example of a Head & Shoulder pattern. Volume dipped a bit on the left & right shoulder..anyway I have marked up a chart for this pair...Nicole
Does a H&S pattern mean it MUST work? Why will price break that level this time when it could not before on all those previous occassions? What is different now?
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,730
  • May 8, 2009 11:08am May 8, 2009 11:08am
Quoting lordgbengs
What i have learnt from this thread and the other two threads that i read is having the right psychology, i know thats what use to be my problem,there is a psychology to trading that 5% of traders have including strat and the big boys here,i am wth them also.

My discovery is that even if you use the simplest of all strategy and have the right psychology you will break through,i was never a 15 or 30 mins fan,i started wth 1hr but from january...
You assume that you can not trade smaller than a micro. There are brokers out there who allow you to trade nano lot's ($100 contracts). There is also at least one broker that allows you to trade $1 contracts. Trading with that broker you can risk only 1/100th of a penny per pip if you would like. You could trade off the monthly chart and not exceed 1 percent of even a $100 account.
  • #2,731
  • May 8, 2009 11:14am May 8, 2009 11:14am
Quoting AminAS
Nice exhaustion bar on GBP/JPY. Poking right up into the 150 super psycho. Looking for a test of support at 147.50 and then 146.50.

http://img4.imageshack.us/img4/9100/gbpjpyx.gif
Looks to me like the fight is on to conquer 150 and go from there. Watch for GBPUSD to support it (also USDJPY).
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,732
  • May 8, 2009 11:20am May 8, 2009 11:20am
Quoting elitejets
Here is a pretty chart for Baba G.
This is the highest price crude has been this year. If this hammner breaks I am looking for the price to drop down and test the top of the range for support.
My only concern would be that I would like to have seen this shooting star off the $60 level which was the next level up that I had.
The dollar looks to be having a bit of a rally tonight which is bearish for crude prices.
I know it is NFP tomorrow but ... Im hoping this all happens before the US opens.

Targets ... first $54, second $52.50
No Bonds here! This is just about as perfect a Shooting Star as you could ask for. Almost makes we wish I was trading Crude again, almost.
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,733
  • May 8, 2009 11:22am May 8, 2009 11:22am
Quoting Grimweasel
Daily shooting star on Gold. For a pure 'pin-bar' one would like to see the candle body within the body of the previous candle.
Still, the candle appears after a small daily rally, is just above the SR zone circa 910 and has Fib confluence with the 38% Fib from the daily H to L.
I'm gonna pass on this one though as the RR is not very good with around 16 pips risk faced with a reward of only 12 pips to the next SR level and 28 pips to the rising TL - Oil may be a better play in terms of RR.
Well read Grim Reaper!
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,734
  • May 8, 2009 11:32am May 8, 2009 11:32am
Quoting green
This morning looks like the euro/dollar has consolidated over
support 1.3350

Attachment
Well, with NY traders gone for the weekend already (lunch time in NY), I guess NFP was bad for the $ since EURUSD rose on the news. However, this is not confirmed by USDJPY which did not react in the same way. Is the abberation EUR or JPY or maybe the correlation has died (again)?

I can't get excited over EURUSD as it looks destined to end at psycho 1.3700.
Now, what it does after 1.3700 WILL get my attention.
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,735
  • May 8, 2009 11:34am May 8, 2009 11:34am
Quoting FxPippy
Hi Grim

I've switched from ODL to FXPro, because Bloom says they close at 22:00....
Since I'm in the US, my data starts a new candle at 12pm EST (9pm my time in California).
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,736
  • May 8, 2009 11:41am May 8, 2009 11:41am
Quoting pmn100
4 days later, page 50 :nerd: I'm getting there.

Thanks for all the input, and special thanks for Strat for the thread.

12 pages per day - does this mean you are READING & UNDERSTANDING?
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,737
  • May 8, 2009 11:41am May 8, 2009 11:41am
Quoting One14
I'll take a shot at this.

Attached is a daily and weekly chart
OR for a better picture ........ (by the way, you have attached monthly, not weekly)
  • #2,738
  • May 8, 2009 12:01pm May 8, 2009 12:01pm
Quoting cowboying
HI Dan
Thanks for sharing your experiences on the path; it is encouraging to see to that you have identified and planed your way around the demon psyche of I am a trader so I must trade. I think Strat said that deciding not to take a trade is trading the professional way.

“I don't even feel like I’m being 'patient' anymore; I’m not 'waiting' for trades, I’m just taking the right opportunities when they present themselves.[i][color=black][font=Arial]No pressure,...
Steve, I forgot you have recently been laid off. You, more than anyone else, must be extra careful with your trades as you have the additional stress and pressure of "needing" to earn money to pay bills etc. You must try very hard not to let this factor into any trades that you consider.

I'm sure its easier said than done, but maybe try to get some form of work to bring in some income so that you can remove this additional stress.

Or maybe find a rich girlfriend - preferably a beautiful one!
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,739
  • May 8, 2009 12:18pm May 8, 2009 12:18pm
Quoting elitejets
Here is a pretty chart for Baba G.
This is the highest price crude has been this year. If this hammner breaks I am looking for the price to drop down and test the top of the range for support.
My only concern would be that I would like to have seen this shooting star off the $60 level which was the next level up that I had.
The dollar looks to be having a bit of a rally tonight which is bearish for crude prices.
I know it is NFP tomorrow but ... Im hoping this all happens before the US opens.

Targets ... first $54, second $52.50
yo....and if it fails....thats something too....and with the Cad looking strong....and is yen back at 100ish?........price action here and now please.
That pin looked not as nice on my feed.....thats an idea get loads of feeds...

didnt get any long pins on the yens last week......would of been nice on some cause of the deep retrance on the boss buobs.....anyway
  • #2,740
  • May 8, 2009 12:25pm May 8, 2009 12:25pm
Quoting Blackeagle
I am going to show you a trade recently I took and will try to explain what I am doing before the trade and how I am managing while holding the position so that anyone who has a similar trading style can benefit.

My SR line is at 1.8600 and I have been watching this pair since April 2nd, 2009 when daily close was at 1.8792.

Lesson #1 - You should have your SR lines ready on your chart, and most importantly they should be at correct places.

Since Oct. 2008 the price was moving first in a wide range and then forming a triangle, until traingle...
F**KING MAGIC!!!!!!!!!!!!!
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