For those with different data who don't see the candles I saw, here are the charts for the hammers. I also saw some Bond stuff so identified those too.
15 YEARS OF PASR ON FOREX FACTORY!
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Strat's PASR Long Term, Stress Free Trading 17,884 replies
M5 PASR Trend Trading Strat 95 replies
What you need for trading: indis, a strat & good music 27 replies
Another way to stress free, mechanic long term trading 29 replies
Short Term / Medium Term / Long Term? 3 replies
Quoting StratDisliked
http://www.forexfactory.com/images/icons/icon1.gif No Pins on here, so Puppets and Muppets Please Leave!
I've been meaning to post this for ages and then something else comes up so after a PM this week-end, I finally got the memory jog.
Re-visiting the Hammer & Shooting Star Price Reversal Bars;Ignored
Quoting StratDislikedhttp://www.forexfactory.com/images/icons/icon1.gif
Drawing TLs (Trend Lines) and a trade or two
Drawing TLs is VERY subjective, you can draw them any which way to suit your purpose (even conjure up a trade that isn't there - NOT RECOMMENDED!Ignored
DislikedThere is so much more to TL PASR!
What if TL PASR coincided with a S&R level?
What if TL PASR coincided with a fib retrace?
What if TL PASR coincided with my cycles?
What if there was confluence of all three?Ignored
DislikedGBPUSD and USDJPY were trading somewhat inverse to each other until around August 14, 2008 when USDJPY decided to "flip over" and trade WITH GBPUSDIgnored
DislikedHi Strat,
USDCAD
Let's see if usdcad will find strong support at 1.1400 level, the trend line, and 61.8%.Ignored
DislikedMainly because of increased risk aversion and hence offloading carry trades. It is really difficult to trade when correlation is high. For some time, FX Market is correlated with Equity indices and whenever indices moves north, people assume risk appetite is back and sell USD, therefore, correct technical analysis of equity indices could generate a very decent return on FX markets recently, even if you don't look at any FX chart for major pairs (a little bit of exaggeration would do no harm). This means, if you are trading different pairs, actually...Ignored
DislikedHi Strat
Just wanted to add my thanks for your continued efforts in reiterating whats important in PASR. I've struggled with TLs in the past with them being very subjective to me. But in the future will put in more effort to try to draw them so that they "mean something to me".
Emphasizing and re-emphasizing these points is really helpful to all of us that are on "the path" and especially those of us that have just recently joined.
I am still plodding through the previous posts while keeping up with the new posts. Takes time for it all to...Ignored
DislikedWell, Patrick, lad, if she doesn't hold at between where she is at now and 1.1400, we have a nice ride down to 1.0800 and if it goes, I, for one, will not miss it (this time).
Did you just zoom out your chart to get the S&R or do you always work zoomed out? If you do, how can you see your candles and PA?Ignored
DislikedWell, Patrick, lad, if she doesn't hold at between where she is at now and 1.1400, we have a nice ride down to 1.0800 and if it goes, I, for one, will not miss it (this time).Ignored
DislikedTrading those crosses eliminates the $ and therefore the correlation with the equity indices BUT then brings in the gold (AUD) and crude (CAD) commodities correlation so it looks like there will be some correlation somewhere.Ignored
Disliked
MM
ii) To trade at most 2% of my existing balance and not take trade even with perfect set up if the require SL come out to >2%
Ignored
DislikedWhy miss the perfect setup? Instead of not taking trade, you can adjust your trade size so that your predefined stoploss amount does not exceed 2% of your account balance.
Considering your trading experience, I suggest "no rush" in trading with real money. Even if you do, 2% per trade is too much as per your experience, IMO.Ignored
DislikedHi Strat
I have read else where on this thread that it is very important that the candles on my charts correspond with the New York close. Is this the case as currently my charts close at midnight in the UK. I did not think it would make much difference as the 2 hours between New York close and Asian open is pretty quiet so there for not effecting the price action much and the key levels of support and resistence will still be the same.
Thanks StratIgnored
DislikedFrom a post earlier by blackeagle,
"I use IBFX and also a data vendor for my Metastock and other charting software. My trading is normally based on NY daily close data. But it doesn't matter which data you use, you should trade what you see. Because sometimes Alpari UK shows a shooting star whereas the very same bar is a normal bar on IBFX or vice versa. In the long run, they compensate each other, IMO."
I added the bold for emphasis. He basically stated, it does not matter, trade what YOU see on your charts.Ignored