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Strat's Long Term Stress Free Trading

  • #3,281
  • May 22, 2009 11:20am May 22, 2009 11:20am
Quoting strat
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.
Yup, that's what the daily says to me too. I hope to ride it up there using the 4h.

I definitely want less stressful trading though so here's to working the daily. I look forward to your guidance on the EU. I'll see if we match up next week.
  • #3,282
  • May 22, 2009 11:23am May 22, 2009 11:23am
Quoting elitejets
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
No, Nicola. It has nothing to do with your Sunday bars. On your Daily chart you should have 20ema and 50sma (Daily) and 100ema and 250sma (Weekly).
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,283
  • May 22, 2009 11:26am May 22, 2009 11:26am
Quoting zegakai
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).
So, zegakai, you are not trading PASR - you are trading signals (from a 3rd party). How will you fare if, heaven forbid, he met with an untimely death?

You are taking a fish - we are teaching HOW TO FISH.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,284
  • May 22, 2009 11:31am May 22, 2009 11:31am
Quoting strat
So, zegakai, you are not trading PASR - you are trading signals (from a 3rd party). How will you fare if, heaven forbid, he met with an untimely death?

You are taking a fish - we are teaching HOW TO FISH.
Don't misunderstand, strat. The EUR/JPY was my trade alone and I traded a signal (GBP/JPY) off my friend because I trust him.

I've learned to fish on my own just fine. He's moved on to crab fishing and spearing. I've tried to learn that too but it's not my thing. Too stressful and I'm just a part-time trader so I'm happy just catching bigger fish.

Ok, I think I ran that metaphor into the ground but you know what I'm saying?
  • #3,285
  • May 22, 2009 11:56am May 22, 2009 11:56am
Quoting thewasp
What in the world has an EMA got to do with the price of, err, price. You have really disappointed me Nic.
Oyy, thats what we use as guidance here! MA's just give us a general idea of direction, momentum, and can sometimes be used as dynamic S/R. Don't be all hatin' (disappointed) on the Queen of Darkness (Nic).
Bang.
  • #3,286
  • Edited 1:24pm May 22, 2009 1:02pm | Edited 1:24pm
Quoting AminAS
Oyy, thats what we use as guidance here! MA's just give us a general idea of direction, momentum, and can sometimes be used as dynamic S/R. Don't be all hatin' (disappointed) on the Queen of Darkness (Nic).
Thanks Amin !

The Wasp is a friend who trades naked, using pure Support (AKA demand), Resistance (AKA supply) and price. He is the ultimate darksider.
Darksiders trade using price alone.
  • #3,287
  • May 22, 2009 1:04pm May 22, 2009 1:04pm
It's a bank holiday in the UK on Monday and a big holiday (Memorial Day) in the US too.
  • #3,288
  • Edited 1:45pm May 22, 2009 1:12pm | Edited 1:45pm
  •  Sid
  • | Joined May 2009 | Status: Get wise or die laughing | 85 Posts
hi gang,

have been working my arse off in the past few days so wasn't active here (apart from reading).

have a look at the bund. it finally broke very strong resistance (-->read: support) at 120.20 and there is a lot of space southwards. (yesterday price bounced off resistance and retraced back sharply, leaving a shooting star of glory). my short was filled and with the long weekend ahead i closed my position for now.
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  • #3,289
  • May 22, 2009 1:31pm May 22, 2009 1:31pm
Quoting Sid
hi gang,

have been working my arse off in the past few days so wasn't active here (apart from reading).

have a look at the bund. it finally broke very strong resistance at 120.20 and there is a lot of space southwards. (yesterday price bounced off resistance and retraced back sharply, leaving a shooting star of glory). my short was filled and with the long weekend ahead i closed my position for now.
Sid,

Old timer's disease still in operation - a few fundamental errors!

It broke SUPPORT not resistance

A Shooting Star can ONLY be at the END of an UPTREND
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,290
  • May 22, 2009 1:42pm May 22, 2009 1:42pm
  •  Sid
  • | Joined May 2009 | Status: Get wise or die laughing | 85 Posts
oh man! not only have i got alzheimers, i also have got a support/resistance blindness - like some people can't differentiate red and green. happens to me all the bl**dy time. next time i just say "that line that is in the way of price moving down (or up)".

how would you call a shooting start that is trapped in between the "noise" of neighbouring bars, strat? maybe a shooting staresque bar?

thanks for the corrections!
  • #3,291
  • May 22, 2009 6:33pm May 22, 2009 6:33pm
Quoting elitejets
Thanks Amin !

The Wasp is a friend who trades naked, using pure Support (AKA demand), Resistance (AKA supply) and price. He is the ultimate darksider.
Darksiders trade using price alone.
So that's the problem with Baba G - he's a Darksider too!
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,292
  • May 22, 2009 6:44pm May 22, 2009 6:44pm
I apologise for not keeping up with tracking progress and therefore awards but this should bring us up to date. Baba G is reviewing equity curves (yield curves in pizza lingo) which we will review and advise those awards this time next week.

LotusElanMan:
1 pick for his common sense, patience and discipline approach to his trading.

114:
2nd pick for his DISCIPLINE to FOLLOW HIS PLAN

AstonDan:
3rd pick for continued progress and helping his fellow traders.

rgrace:
2nd pick for continued progress and helping his fellow traders.

haircut:
1 pick for progress and positive contributions

Lance, please kindly send badges as appropriate. Thank you.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,293
  • May 22, 2009 7:48pm May 22, 2009 7:48pm
Quoting strat
I apologise for not keeping up with tracking progress and therefore awards but this should bring us up to date. Baba G is reviewing equity curves (yield curves in pizza lingo) which we will review and advise those awards this time next week.

LotusElanMan:
1 pick for his common sense, patience and discipline approach to his trading.

114:
2nd pick for his DISCIPLINE to FOLLOW HIS PLAN

AstonDan:
3rd pick for continued progress and helping his fellow traders.

rgrace:
2nd pick for continued progress and helping his fellow traders.

haircut:
1...
My computer went on the fritz and I am catching up.

Thanks Strat and all the others who responded to my posts.
  • #3,294
  • May 23, 2009 3:53am May 23, 2009 3:53am
Quoting strat
I apologise for not keeping up with tracking progress and therefore awards but this should bring us up to date.

LotusElanMan:
1 pick for his common sense, patience and discipline approach to his trading.
........................
I'm gobsmacked! I thought it would be YEARS before I got one of those.

Thank you Strat and the others who have given me support in my tentative steps to disciplined Daily Timeframe trading preparation.

I will keep plodding forwards on the Path....
  • #3,295
  • May 23, 2009 11:39am May 23, 2009 11:39am
Quoting strat
...
rgrace:
2nd pick for continued progress and helping his fellow traders.

Thanks strat. I will wear the badge with pride.
  • #3,296
  • May 23, 2009 2:34pm May 23, 2009 2:34pm
I've been using my two hour Sunday bars for trading. Works for me!

PS - Thanks nic. I had no clue what a Darksider was! Are you sure you're a wannabe or are you already there?
Bang.
  • #3,297
  • May 23, 2009 3:59pm May 23, 2009 3:59pm
Looking at the chart this evening, I am anticipating a possible trading scenario later next week for those wishing for an ATM trade.

Big Boss - nearly at the end of the month so one must be careful about making assumptions before the monthly candle has completed....BUT at the moment there is a bear candle with wick and shadow approximately equal in length. IF this continues it would suggest a degree of uncertainty about the relative power of bulls and bears. At the moment it could switch to a bull candle by the end of the month although I suspect this is unlikely. The current low is at 0.87993, a LL for the last two months but not for the Feb candle with its low of 0.86365.

Boss - a descending triangle but the candle from last week is almost a hammer with a long shadow but a large body. Not a conclusive bull signal at the end of a DT.

Daily - the strong support at 0.87149 held on Thursday and there is start of a retrace up to the down TL and the 20MA. However Friday's candle does not have strength with a long wick and almost no shadow. All MAs are above current PA and all turning south, except for the Boss 50 which is below the two levels of support mentioned below.

My take on this, with the indications from BBoss and Boss and the Daily is that the retrace is weak and we shall see a further assault on the strong support at 0.87149 which is also the level of the SL on 10th Feb. However the lack of clear directional strength in the Boss and Big Boss indicates caution. Should the support break down then the next support line is 0.86036, then 0.85276 and then 0.83483.

A trade on this would wait for PA around 0.8700 with SL at 0.87990 or above the H of the candle of the time which ever is the lower. However this would provide a R:R of approx 1:1 to the first S level at 0.8600 which is not enough for me for a long term trade. It might be an ATM trade for someone with a larger and more secure account!

Feedback would be appreciated!
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  • #3,298
  • May 23, 2009 4:43pm May 23, 2009 4:43pm
Quoting haircut
Well Strat I got stopped out at 96.70 I had my stop closer than I originally thought I was going to having seen your warning about the BOJ possibly stepping in at any time to weaken the yen because I would of hated to give back all my profits during the asian session whilst in bed. However I think my stop was hunted somewhat as the price touched it by 1 pip before forming a bearish daily bar at a 61.8 and 38 fib lines, I still like this short for the reasons I put on my initial short trade...the golden cross etc so I entered again on the break of...
Well I have closed out this last short now as there is a daily pin bar now formed at 50 fib line from the Jan low to April high. The bar also closed above the key level of 94.50 so I believe it could well start heading back upwards from here.
The Two shorts were good trades for me. There is a spinning top on the boss chart showing indicision from here. But with the golden cross on the Daily time frame I am still looking to short again at some point. I want to see a rally up and some bearish price action at a significant level and closer to the workers 20ema
  • #3,299
  • May 23, 2009 5:08pm May 23, 2009 5:08pm
I've been watching this for a couple of weeks and last week it finally broke through the TL. Sod's Law dictated that it happened on the evening I went out and came back too late and too tired to check the charts and take advantage of it. In London the daily close is at 10.00pm.

Big Boss - LL for the last four months with a large bear candle after a dragonfly doji imposing itself on the indecision. This downtrend since Dec 2008 is a retracement of the longer term uptrend since April 2008.

Boss - a BEOB (nearly EB) last week indicates a move south.

Daily - on Wednesday the support of 1.10200 was finally broken after a number of tests and the TL from July 2008 under threat. Thursday had the TL broken with the 61.8 Fib met, drawn from the SL at July 2008. Friday's candle closed resting on the support of 1.08500. All MAs are above the price and turning downwards.

Caution about further downside should be observed as the Friday candle had a long shadow which suggests some indecision and therefore the possibility of a retrace to 1.10265. IF this happens, wait for PA to indicate a further move south. We may have to wait for a further attack on the S of 1.09200.

If this is broken a second time, S is next at 1.07290 and then 1.05957.

May be I haven't missed it after all!!
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  • #3,300
  • May 24, 2009 4:36am May 24, 2009 4:36am
Quoting elitejets
Thanks Amin !

The Wasp is a friend who trades naked, using pure Support (AKA demand), Resistance (AKA supply) and price. He is the ultimate darksider.
Darksiders trade using price alone.
Well, technically, all a darksider has is a pad, a pencil and the ticker.

I do cheat slightly as I'm too lazy to jot prices down and keep tabs when a chart can do that for me.
Ignorance, is blatantly, bliss.
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