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  • #3,261
  • May 22, 2009 3:13am May 22, 2009 3:13am
Quoting KillPhil08
RE:
QUOTE - This Post




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).
Keep your mind open, always.
If you are successful trading, you don't need to learn new things. Keep doing what you are doing. You don't need to learn from Strat.
  • #3,262
  • May 22, 2009 3:29am May 22, 2009 3:29am
There are more ways to approach the same task and I like to keep my mind open to embrace them all. I am proficient on the lower time frame and often get the best entries I can but see trades going hundreds from the point I got in. I had a thread to do with this and how I was learning to get in with 10pip stop losses but hold for hundreds. For example going long on cable 13510 and 14404, both with small stoplosses.

I was interested in this thread because it was filled with people who traded the daily timeframe so I could perhaps learn some new things. The main thing i've gained from this thread is using the body of the candle open/close on dailies as minor s/r.

However I can see when I'm not welcome, I hope you don't drive more people with experience away.

I will just stick on my own path.

Good luck strat and team. Happy GDP.
  • #3,263
  • May 22, 2009 3:31am May 22, 2009 3:31am
"Originally Posted by KillPhil08 http://www.forexfactory.com/images/buttons/viewpost.gif
Forums are used for DISCUSSION, HELPING and LEARNING "

When I joined this thread 3 months ago, I had, what I now understand to be, basic knowledge of Price Action S & R.

Strat and the team have contributed so much more to my understanding of PASR through discussion, helping and learning.

I'm sure, that like myself, many of the other members have also benefited from Strat's own patience with all of us asking questions, while we digest and learn from him and the others.

I still have a long way to go, we all learn continously, learning never stops.

From your posts, I can't understand why you are here... you're making it clear that you don't agree with Strat's strategy/method in helping us..
Strat points us in directions and makes us think...

Your comment to one of his posts re watching for retraces..Retrace GbpJpn..700 pips..well I understood what he meant on the pairs..I had my TL & S pre drawn and was looking for an entry on those pairs retracing back...

  • #3,264
  • May 22, 2009 3:51am May 22, 2009 3:51am
Please let us not be distracted in discuss,he has said he his here to learn,time reveals of all intentions,so please lets leave him alone and watch.thanx
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #3,265
  • May 22, 2009 4:25am May 22, 2009 4:25am
I haven't been posting on this thread for long and my experience in trading has only been for three years or so, but I have had 40 years of work at various levels in committees, meetings and other contexts where conflict threatens to distract from the purpose of those meetings. Because people are as they are, [bless 'em], these conflicts are inevitable from time to time.

The only solution, in my experience is for the Chair (or who ever is in that role) to insist that the discussion returns to the basic issues listed on the Agenda and any issues which threaten to distract from this are put on one side and the parties concerned deal with them, if they wish to, 'outside' the meeting.

Please, please can we can we get back to looking at charts at the Daily TF with the Weekly and Monthly as back-up, practising PA identification and relating this to SR in order to identify possible trades and ranking their status [- A++ or whatever]. These seem to me to be the key questions of this thread and I for one want to read what people have to say on these questions and from time to time post my own ideas (however inexpert) for feedback from others with more knowledge.

I have learned a lot from following this thread, have stopped putting in trades 'just because', and want to become an expert eventually however long it takes. I would hate to see it flounder in arguments between individuals which are only obliquely related to the details of PASR and trade identification.
  • #3,266
  • Edited 5:03am May 22, 2009 4:43am | Edited 5:03am
Quoting Lotuselanman
I haven't been posting on this thread for long....
No Christoper, you haven't, but you're worth every word

There are some nice trends developing, breakouts occuring and price at key levels this week.

Some people may already be in them, some may be looking for an opportunity to jump on board, either way, there are better things to talk about in my opinion.
  • #3,267
  • May 22, 2009 6:05am May 22, 2009 6:05am
So, anyways...

I attached an image of where I think possible retracements will go to. The lower line is probably a pipe dream. But the upper is both a previous point of strong resistance and a 50% retracement (my fave) of this move assuming this move stops soon.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd1.gif Size: 24 KB
  • #3,268
  • May 22, 2009 6:33am May 22, 2009 6:33am
Quoting zegakai
So, anyways...

I attached an image of where I think possible retracements will go to. The lower line is probably a pipe dream. But the upper is both a previous point of strong resistance and a 50% retracement (my fave) of this move assuming this move stops soon.
This looks clearer in a 4h chart.

There's always a possibility it could break even higher but that's why I trade in only one direction normally (unless it's clearly ranging). Not going to pick a top. I just think: "If this is the top, what would I do?".
  • #3,269
  • May 22, 2009 7:09am May 22, 2009 7:09am
Quoting Lotuselanman
The only solution, in my experience is for the Chair (or who ever is in that role) to insist that the discussion returns to the basic issues listed on the Agenda and any issues which threaten to distract from this are put on one side and the parties concerned deal with them, if they wish to, 'outside' the meeting.
Here, Here. I've see a few threads self implode due to arguments.

Back to the agenda - STRESS FREE Trading!
  • #3,270
  • May 22, 2009 7:17am May 22, 2009 7:17am
My favorite pair, EUR/JPY, is looking like it wants to break up soon. I've made quite a few pips off its recent ranging. Anyone else watching? Opinions?
  • #3,271
  • May 22, 2009 9:46am May 22, 2009 9:46am
Quoting zegakai
My favorite pair, EUR/JPY, is looking like it wants to break up soon. I've made quite a few pips off its recent ranging. Anyone else watching? Opinions?
That was a really nice inside bar trade on the daily. I looked at it and didn't take it, though I wish now I had. It was a better setup than some of the other yen crosses.
There is resistance at 1.32 and the weekly 50ma but it looks like it has the power to take it out now that USDJPY is moving up and EURUSD is holding its level and staying really bullish.
  • #3,272
  • May 22, 2009 10:03am May 22, 2009 10:03am
Quoting elitejets
There is resistance at 1.32 and the weekly 50ma.....
Is the weekly 50 not at 138 ish? Are have my charts gone wonky.
  • #3,273
  • May 22, 2009 10:09am May 22, 2009 10:09am
Quoting Bloom
Is the weekly 50 not at 138 ish? Are have my charts gone wonky.
You know you are right ... when I put the weekly50 on my daily chart I have it as the 250 but because of those Sunday bars it should be the 300 I think. My mistake. Will redo my charts this weekend
  • #3,274
  • May 22, 2009 10:13am May 22, 2009 10:13am
Quoting elitejets
That was a really nice inside bar trade on the daily. I looked at it and didn't take it, though I wish now I had. It was a better setup than some of the other yen crosses.
There is resistance at 1.32 and the weekly 50ma but it looks like it has the power to take it out now that USDJPY is moving up and EURUSD is holding its level and staying really bullish.
I took the trade along with long GBP/JPY. I had a disagreement about which was the better trade with this semi-mentor of mine based in London. So, I compromised and took both. (he's not a pro, just been doing this a bit longer than me)
  • #3,275
  • May 22, 2009 10:40am May 22, 2009 10:40am
Quoting zegakai
I took the trade along with long GBP/JPY. I had a disagreement about which was the better trade with this semi-mentor of mine based in London. So, I compromised and took both. (he's not a pro, just been doing this a bit longer than me)
Don't ask me to justify that one though. I didn't see a thing. He works off a bunch of weird data and a wider range of time frames. Said he was 80% sure so, what the hey (threw a standard lot on there, I figure both pairs are roughly going in the same direction anyway - plus I got a better entry on GBP/JPY).
  • #3,276
  • May 22, 2009 10:46am May 22, 2009 10:46am
Quoting Naws
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.
We have really been hit with a "double header", Naws. First, there was the very strong downtrend of the USD pairs from mid July last year to the end of the year and second was the reaction to the credit collapse. As previously stated, the longer and stronger the trend, the longer the consolidation. This would have been bad enough in itself to work out of the system but then when you add the turmoil from the credit collapse, I actually believe it could have been a lot worse.

We should ALWAYS look for POSITIVES in every situation and the positives for me are that the markets WILL return to more trendy ways. What is much more of a positive is that you guys on The Path are learning in difficult times and staying with the program. When you can learn AND SURVIVE in these difficult conditions, you will be amazed at how easy it is to make money when we return to "normal".

Another positive, is that this current situation is testing our PATIENCE and DISCIPLINE. Treat this as a challenge - either YOU win or the MARKET wins.

The test of a good trader is to know WHEN to be IN and WHEN to be OUT. Take the opportunity now to remember and record these trading conditions so that you can recognise them when they appear again (which they will).

PATIENCE & DISCIPLINE

15 YEARS OF PASR ON FOREX FACTORY!
  • #3,277
  • May 22, 2009 10:50am May 22, 2009 10:50am
Quoting strat
... you will be amazed at how easy it is to make money when we return to "normal".
Looking forward to that.
  • #3,278
  • May 22, 2009 11:08am May 22, 2009 11:08am
Quoting zegakai
So, anyways...

I attached an image of where I think possible retracements will go to. The lower line is probably a pipe dream. But the upper is both a previous point of strong resistance and a 50% retracement (my fave) of this move assuming this move stops soon.
The EURUSD, like GBPUSD, is accelerating with bullish momentum so may not retrace to 50% or 38.2% levels. It is more common for them to have a shallow retrace before going on their way again. We can only draw in our S&R lines and watch for price action around those levels.

As we close out the week, later today, we may have a better picture as we look at the BIG BOSS and BOSS.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,279
  • May 22, 2009 11:14am May 22, 2009 11:14am
Quoting zegakai
My favorite pair, EUR/JPY, is looking like it wants to break up soon. I've made quite a few pips off its recent ranging. Anyone else watching? Opinions?
Well she was in a downtrend until she put in her last swing low on May 18 which was higher than the previous swing low on April 28. This is looking like sideways action in an ascending wedge until we get resolution of psycho 137.00 and the upward support TL.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,280
  • May 22, 2009 11:15am May 22, 2009 11:15am
Quoting strat
The EURUSD, like GBPUSD, is accelerating with bullish momentum so may not retrace to 50% or 38.2% levels. It is more common for them to have a shallow retrace before going on their way again. We can only draw in our S&R lines and watch for price action around those levels.

As we close out the week, later today, we may have a better picture as we look at the BIG BOSS and BOSS.
You're probably right. I set my eyes low because I wanted a really good position if carried into this long memorial day weekend.

Thanks for your insight on these pairs. I trade mostly crosses (weird, isn't it?). Hey, it's a great way to learn by fire if it doesn't break you. lol.
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