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  • #3,241
  • May 21, 2009 12:13pm May 21, 2009 12:13pm
Quoting patrick25
Hi Pi piper,

EURJPY discussion purpose.

After a strong leg up, price is taking a break waiting for the 50 boss to flatten a bit. The slope of 50 boss has been holding price down. Unless 125.50 taken out, up trend still intact.
Patrick, (also pip piper and AstonDan)

Look closely at your own chart – the chart you posted. You have drawn two TLs, the top TL sloping down and the bottom sloping up to form a horizontal wedge. When you can draw a wedge like this, the market is telling you it is directionless – it is going sideways – any bias up or down is finished at this point.

Look at what this tells you. The buyers cannot take price any higher because the sellers are jumping on them at LOWER prices. The buyers then get their revenge on the sellers because they start buying at HIGHER prices. It is a good old fashioned tug of war – leave them to it UNTIL one of them comes out the winner.

Now look closer at what is going on inside this wedge. This is Nicola’s (elitejets) favourite pattern. Can you see the coil forming? As prices near the apex of the wedge, prices are becoming increasingly compressed (absorbing more and more energy). This is like a spring being compressed. What happens when you let go of a compressed spring? The same thing happens with prices in a wedge – coil formation. On a previous post, I showed how to determine the target from such a formation, go back and find it then WATCH this closely
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,242
  • May 21, 2009 12:18pm May 21, 2009 12:18pm
Quoting Naws
Hey Baba I just looked over your charts from the weekend very interesting, post more

just wondering what makes you stick to those plain bars? I find it harder to recognize PA with those bars, I guess I'm just not used to it
It is what he trained on and practiced on so it is easy for him to see PASR. There are many others who are also very successful that use plain old boring bars - it all comes down to what you understand and "feel" comfortable with.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,243
  • Edited 12:31pm May 21, 2009 12:31pm | Edited 12:31pm
Quoting AminAS
Yeah I know but the trick is to go as long as possible without losing right?
The "trick" is to be PATIENT and DISCIPLINED and wait for the opportunity to present ITSELF. In other words, when you "see" the trade as opposed to "looking" for a trade.

Everyone:

Post this on your computer:

I AM HERE TO MAKE MONEY NOT TRADE

Make sure you read this BEFORE analysing your charts and BEFORE making a trade.

Read this OVER and OVER until it is ingrained in your brain and is the first thing you think of when looking at a chart

15 YEARS OF PASR ON FOREX FACTORY!
  • #3,244
  • Edited 12:40pm May 21, 2009 12:36pm | Edited 12:40pm
Quoting Blackeagle
Can you be missing USD Index 81.00 level? I suggest watching PA around this level.
This is SO important and will give you the "edge" if you take in Blackeagle's very valuable advice.

Understandably, this level is as critical as the level USDJPY is at.

I just wish I had US dollar index in my broker's list - I have to go to a futures chart to see the thing!

Keep at them, Blackeagle, thanks.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,245
  • May 21, 2009 12:56pm May 21, 2009 12:56pm
Quoting strat
This is SO important and will give you the "edge" if you take in Blackeagle's very valuable advice.

Understandably, this level is as critical as the level USDJPY is at.

I just wish I had US dollar index in my broker's list - I have to go to a futures chart to see the thing!

Keep at them, Blackeagle, thanks.
Yeah, I use FxStreet. Good thing it broke through. I was pretty sure it would, but... I've been wrong before.
  • #3,246
  • May 21, 2009 2:00pm May 21, 2009 2:00pm
Quoting strat
Haircut, be VERY careful - price is approaching 94.50 which is a VERY IMPORTANT and CRITICAL level. It has been a PROVEN level of support in the past and was the one from which I bought this pair on for my ATM trade. This level is also the level of the swing which will determine whether we stay in an uptrend or change to a downtrend. In other words a close below the March 19 & 20 closes, puts us in a downtrend BUT if support holds AGAIN , we will likely see a challenge of psycho 98.00

Thanks strat
your analysis is really helping me get a feel for this pair and the levels etc and I am starting to see how the market works and feels its way around levels. I think I am going to look only at 3 or 4 pairs now and really concentrate on them and the important levels.
We are cuurently touching 94.00 as I type so a close here would signal a break of the 94.50 level which was the lows of 19/20 march. A retrace and test of this level with bearish price action could mean we are on our way lower again but your info about the bank of Japan liking the yen to be around 102 mark with the usd is still firmly in my mind!!!
  • #3,247
  • May 21, 2009 2:09pm May 21, 2009 2:09pm
Very interesting moves in the dollar this afternoon. Normally when the equity indices fall off hard, like they did today, the safe haven trade returns and the money goes to treasuries and the US dollar strengthens. This afternoon that did not happen, the dollar and the indices fell off together.

Even more interesting the dollar was only really weak against certain pairs like EUR, GBP, CHF and somewhat against JPY.
USDCHF broke support cleanly at 1.10, USDJPY broke the key 94.50 level cleanly and new highs for EURUSD & cable.
AUD, NOK, NZD, and CAD did not move much vs the dollar.

Maybe the safehaven trade when the indices fall off has changed.
  • #3,248
  • May 21, 2009 5:12pm May 21, 2009 5:12pm
Be careful with USDJPY - there is support at 93.70ish which may cause a wobble
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,249
  • May 21, 2009 5:19pm May 21, 2009 5:19pm
EURUSD has hit resistance at 1.3925 with stronger resistance, 1.4020 above it. This would seem a good place for profit taking and a retrace to get us in long to maybe take a ride up to 1.4375
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,250
  • May 21, 2009 5:25pm May 21, 2009 5:25pm
GBPUSD has hit resistance at 1.5865 with 1.6060 above it. Maybe time for a rest?
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,251
  • May 21, 2009 5:34pm May 21, 2009 5:34pm
Reports are coming in of a huge black swan seen flying over london today.
Early reports say the gbp took a huge dive as she flew over but then recovered in later trading.

The fibonacci of the fly past was "amazing" remarked one trader "as we are at that point" he went on to say "how do they do that,always get the timing right".

The mind boggles dont it!

Anyway the new reality seems to be holding,with early signs of another buob on aussie weekly.So we shall see.

nearly there...7 months of sideways......7...im over being over it...and how you guys must feel!!!!

If you can keep your shirt in this shizzer you can do anything.....but the day shall come,and the wisest of us know not how soon when we shall see that Grail.....stay strong,work on your curve........g
  • #3,252
  • May 21, 2009 5:50pm May 21, 2009 5:50pm
Strat has asked me to nominate for an award.

So can all on the "Path to learning" P.M me and give me a run down of your yeild curve developement in whatever form you wish.Even if its a letter of intent at this point.

It will also give us an oppotunity to see where your at........g

you have 7 days from today!!!!!
  • #3,253
  • May 21, 2009 6:42pm May 21, 2009 6:42pm
Quoting strat
NEVER feel bad about missing any trade or getting out early or, for that matter, a losing trade. There is always another trade being set up - somewhere.

This is your psyche (demons, gremlins, little man in your head) playing with you and testing you. They want you to "feel guilty" and push you into making a "losing" trade.

Think how bad you would have felt if you had taken the trade and it sold off on one of those big red bars!

The markets are pretty directionless and therefore frustrating right now - this is where we learn and practice...
Thanks for the encouragement Strat, I have been told a few times already that there is always another trade, I just have to get the psyche in check.

Does it look like the markets are changing to you? I feel like it is improving with the recent moves on the USD pairs
  • #3,254
  • May 21, 2009 6:43pm May 21, 2009 6:43pm
Quoting Baba G
Strat has asked me to nominate for an award.

So can all on the "Path to learning" P.M me and give me a run down of your yeild curve developement in whatever form you wish.Even if its a letter of intent at this point.

It will also give us an oppotunity to see where your at........g

you have 7 days from today!!!!!
You mean like send you % increase since we started on the path ,or the number of pips won?
  • #3,255
  • May 21, 2009 6:56pm May 21, 2009 6:56pm
To those who have been trading for a while, how was trading before all this financial meltdown business? When do you think markets will return to normal?

Looking back at the charts they look so nice and neat compared to after august last year, the bars were a lot smaller too. Now it all looks so crazy with huge bars and huge moves, I guess this is a weird time for us to learn trading in this environment.
  • #3,256
  • May 21, 2009 10:13pm May 21, 2009 10:13pm
Quoting Naws
I guess this is a weird time for us to learn trading in this environment.
Hi Naws

Yes - I'd have to agree this is a weird and wild time to be learning with the huge volatility and no longer term directional bias over the last 7 - 8 months.

But for me its a good opportunity to practice a bit of PATIENCE AND DISCIPLINE while I re-learn how to trade especially coming from my "trigger happy" 15 minute time frame approach.

Also I don't feel like I'm missing out on too many good set-ups while I catch up on all the material on this site.

Greg
  • #3,257
  • May 22, 2009 1:55am May 22, 2009 1:55am
RE:
QUOTE - This Post

Quoting Baba G
Quoting strat
Quoting KillPhil08
I decided to post here instead - surely a "normal" profession is much easier way of making money and not trading. I'm not sure about you but i trade because I love it, I love being right and I love making money from being right. It's a great feeling when your plan works perfectly. Anyhoo, I'd love to hear your response .
Rather than discuss trading versus a "normal" profession, I ask you to read the first 6 pages of Jacko's thread where he discusses in detail the many advantages of trading.

Yes, I love trading - even when it is slow like this - I thought it was obvious from my posts.

I'm really not sure of the purpose of your PM, but I think you are missing the point I am making. The majority of traders on my thread are either new, or losing traders for whatever reason, or "stressed out" from trading lower time frames. Whatever the reason, they all suffer from an itchy trading finger, i.e., they treat trading like playing a game and always want to be in it. I am continually driving home PATIENCE and DISCIPLINE.

OK, let's cut the crap and talk like REAL men - again I ask you, what is your purpose for coming onto my thread? So far, the posts you have made have neither been positive or constructive?
This job is the hardest easy money youll ever earn....are you gona post me your yeild curve?....let me know......g
Strat, let me put this into a language you might understand WITH BIG CAPITALS to illustrate points.

Forums are used for DISCUSSION, HELPING and LEARNING; making constructive ideas to GET THE POINT ACROSS. I was talking to a friend about your post and we couldn’t disagree more with it. I understand that some of your newbie’s might find it hard not to pull the trigger and I FIND IT VERY NOBLE that you’re helping them be patient. However, this DOESN’T give you the RIGHT to spread PERSONAL MESSAGES to your goon squad. In fact this why I'm posting this here, since it's now non-personal.

You go on to say NONE of my posts have been constructive or positive. Firstly, my posts are straight to the point, no bullsh1t. If my tone is read negative it's in the reader - not how I want to say it out loud. Secondly all my posts have been in some way informative and friendly to newbies, or say a general passer by who doesn't want to read the thread:

My massive 5/(6) post count

1, Wondering how 61% of a move counts as a retracement not a trend change.
2, Wondering which way you think it will go, two different patterns constituting to different directions.
3, Note on volume indicators for someone who was wondering where it had gone.
4, Response to your negative response in which you didn't even bother to help point me the right way.
5, Helping someone use vbulletin/php code for a URL.
6, My first negative response to you. THIS ONE.

Now baba g, I have kindly posted you one of my YIELD curve's (note the correct spelling when trying to make someone look a fool, not the other way around). I would find it kind of you if you didn't spread this around, since it's a PERSONAL MESSAGE.

The reason why I was sceptical about this thread was this quote:

"This is my 17th year of trading having traded everything that you can hold, eat, smell, taste and grow. I started out on the Daily time frame, blew numerous accounts and over $200K."

Page 1 clearly states a classic gambler case. I was wanting to see how you progressed and see what I could learn (since I’m more open minded than you and like to learn new things).

I think you should go back to DAYLY trading as you clearly can't DAILY trade.


Now back to the original point of the post “I am here to make money not trade”. If you want to make money and not trade, get a real job or buy an EA. It will include less risk and you will not have to trade.


Keep your mind open, always.
  • #3,258
  • May 22, 2009 2:43am May 22, 2009 2:43am
Quoting KillPhil08
RE:
QUOTE - This Post



Strat, let me put this into a language you might understand WITH BIG CAPITALS to illustrate points.

Forums are used for DISCUSSION, HELPING and LEARNING; making constructive ideas to GET THE POINT ACROSS. I was talking to a friend about your post and we couldn’t disagree more with it. I understand that some of your newbie’s might find it hard not to pull the trigger and I FIND IT VERY NOBLE that you’re helping them be patient. However,...
Wow, you always keep your mind open may be too open that you are totally missing the point when he posted "I am here to make money not trade".
  • #3,259
  • May 22, 2009 2:51am May 22, 2009 2:51am
Quote
Wow, you always keep your mind open may be too open that you are totally missing the point when he posted "I am here to make money not trade".
Quote
I'm really not sure of the purpose of your PM, but I think you are missing the point I am making. The majority of traders on my thread are either new, or losing traders for whatever reason, or "stressed out" from trading lower time frames. Whatever the reason, they all suffer from an itchy trading finger, i.e., they treat trading like playing a game and always want to be in it. I am continually driving home PATIENCE and DISCIPLINE.
Quote
I was talking to a friend about your post and we couldn’t disagree more with it. I understand that some of your newbie’s might find it hard not to pull the trigger and I FIND IT VERY NOBLE that you’re helping them be patient.
...
  • #3,260
  • May 22, 2009 3:02am May 22, 2009 3:02am
Quoting KillPhil08
Forums are used for DISCUSSION, HELPING and LEARNING Keep your mind open, always.
Hi KillPhil

I agree with you totally - forums should be used for discussion, for helping and for learning BUT sadly I have found nothing that you have posted HELPFUL.

On the other hand what Strat and others are teaching here is PURE GOLD.

If you are that skeptical maybe this forum is not for you.

"WHY ARE YOU HERE?"

Greg
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