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  • #3,321
  • May 25, 2009 11:30am May 25, 2009 11:30am
same kind of thing on kiwi.....now its a ruddy story all across the board.....#

well its more than a whisper.....nice......im gonna keep looking about.
  • #3,322
  • May 25, 2009 11:40am May 25, 2009 11:40am
but the yens have all uncoupled and pulling towards there home currency as the USDYeN looks heavy.....interesting.
  • #3,323
  • May 25, 2009 11:43am May 25, 2009 11:43am
Fiber Boss
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  • #3,324
  • May 25, 2009 11:46am May 25, 2009 11:46am
i cant stop rubbing my hands together.......come on Price Action....come on.

just a bit of daily and i might be filling in tickets......we continue.....
  • #3,325
  • May 25, 2009 12:24pm May 25, 2009 12:24pm
Quoting Baba G
Fiber Boss
Still trying to translate "pizza lingo"

When something is "Heavy" - it will sink or fall, right?

But that's not the message EURUSD BOSS is saying - the message I see is "Fly Me to the Moon" (Frank Sinatra)!
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,326
  • May 25, 2009 12:32pm May 25, 2009 12:32pm
to the MOOOONNNN!
  • #3,327
  • May 25, 2009 12:39pm May 25, 2009 12:39pm
apart from USDYEN that looks "heavy" as in falls down "heavy" but fiber looks "heavy" as in "yo bruv dat loks heavy....jdu get mi do"....kind of "heavy"...see?
  • #3,328
  • May 25, 2009 12:49pm May 25, 2009 12:49pm
Quoting Baba G
Fiber Boss
Look for PA at support at psycho 1.3900 to 1.3850
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,329
  • May 25, 2009 12:59pm May 25, 2009 12:59pm
you try to stop me looking for price action ever!
  • #3,330
  • May 25, 2009 1:06pm May 25, 2009 1:06pm
Quoting Baba G
you try to stop me looking for price action ever!
Ha Ha! As IF I COULD do that! It's a bit like asking Brittany Spears to stop being stupid!
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,331
  • May 25, 2009 1:10pm May 25, 2009 1:10pm
Hit me baby one more time.......oh baby baby, how was i supposed to know.
  • #3,332
  • May 25, 2009 1:11pm May 25, 2009 1:11pm
Its official...im looking forward to a bit of trading i do say what what.
  • #3,333
  • May 25, 2009 1:14pm May 25, 2009 1:14pm
I am worried about all the new members who haven't posted and older members who once posted but have not done so recently.

Please advise your progress and what more we can do to help. Thank you.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,334
  • May 25, 2009 3:20pm May 25, 2009 3:20pm
First chart analysis.

I'm looking at EUR/AUD

BOSS (bottom chart) is down trending. Recent bar was a hanging man, but not at a swing high. Not sure whether to view that as bullish/bearish/neither.

WORKER is down trending and still putting in lower highs/lower lows, however, the momentum of the trend seems to be slowing. The latest bar (that closes in 3 hours on my chart) is a small shooting star, that has come off the 20ema and near to previous support come resistance (pink line), and psycho 1.800. Price appears to have been obeying the 20ema on this downtrend.

If I was to take this, I'd enter just below the shooting star @ 1.7880 and stop would go other side of 1.800. I'd like to take profit around the 1.76. However, I feel the trade hasn't got much in it as the BOSS is showing some buying pressure over the last month around the 1.76xx area. But daily has yet to close with a higher low so feel there is a little to give.

Okay, rip me apart.

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  • #3,335
  • May 25, 2009 3:50pm May 25, 2009 3:50pm
Quoting strat
I am worried about all the new members who haven't posted and older members who once posted but have not done so recently.

Please advise your progress and what more we can do to help. Thank you.
Hey Strat,
Since starting on the Path, I have not opened a trade. I have considered many, but they were not A+, which you pointed out ( thanks Baba G, it's good to know a pro is waiting also). As one who traded 3 to 5 times a day and stuck my neck out for the Queen to lop off, this has been a great exercise in PATIENCE & DISCIPLINE. I am now content to wait for the stars to line up while I work on the DISCIPLINE side. Print Big Boss and Boss charts with analysis and areas to watch for PA, check daily for PA, start trading journal when she gives us a trade, read Strats book list.
Any other suggestions?
  • #3,336
  • May 25, 2009 4:11pm May 25, 2009 4:11pm
Quoting pmn100
First chart analysis.

I'm looking at EUR/AUD



If I was to take this, I'd enter just below the shooting star @ 1.7880 and stop would go other side of 1.800. I'd like to take profit around the 1.76. However, I feel the trade hasn't got much in it as the BOSS is showing some buying pressure over the last month around the 1.76xx area. But daily has yet to close with a higher low so feel there is a little to give.

Okay, rip me apart.

Attachment
Hi all i'm accessing my computer remotely, so can't post charts( i'm a bit of a luddite anyway, but when did things change so fast?? Accessing, securely i hope, my computer, from the other side of the world??)
Anyway, i have a downwards T/L drawn from Mar 18, which touched on Apr 28, and again on May 14.Threrefore, 3 touches, conventional wisdom, validated.
(i draw my TL by switching to line chart, not bar or candlestick= i find it eliminates noise=not sure if its important)
On my daily chart, price has broken above this TL, but the trend is down.
I have the pinbar, which showed rejection of daily 20ma.
I see possible minor support below at 1.7775-85 ish, but main support at 1.7600 ish.
So. i've placed the order:
Sell Stop at 1.7875
SL at 1.8005
TP at 1.7610
Risk Ratio roughly 2:1, ignoring minor support.

We shall see. And what he said--- rip me apart.http://www.forexfactory.com/images/icons/icon10.gif

(p.s. Strat when i'm back, i will post update to Baba G)

Regards
  • #3,337
  • May 25, 2009 7:15pm May 25, 2009 7:15pm
There is no trade recommendation tonight.
Although there are some developments we like the low volume and liquidity today (with the US and UK holiday) mean that it would not be conservative to recommend any. Here is hoping we have something good for tomorrow!
  • #3,338
  • Edited 7:31pm May 25, 2009 7:19pm | Edited 7:31pm
Quoting shoestring
Hey Strat,
Since starting on the Path, I have not opened a trade. I have considered many, but they were not A+, which you pointed out ( thanks Baba G, it's good to know a pro is waiting also). As one who traded 3 to 5 times a day and stuck my neck out for the Queen to lop off, this has been a great exercise in PATIENCE & DISCIPLINE. I am now content to wait for the stars to line up while I work on the DISCIPLINE side. Print Big Boss and Boss charts with analysis and areas to watch for PA, check daily for PA, start trading journal when she gives...

First of all congratulations on your discipline, that was and still is the hardest thing for me. We come from similar backgrounds, I am used to trading off of the 1 minute chart. And looking to the 5 minute for the longer term trend. I had gotten to the point where I was becoming consistent on those charts. But the time I spent watching the charts, and the hours I had to keep to get good action was killing me. I traded the London session which starts at 3 am here. So up at 2:30, stay up until I hit my pip total. Go to bed get an hour or 2 of sleep and off to work. I was a walking zombie. That is why I am determined to learn to trade the dailies. My life was tied to the market, so even if I could have left my job, I would be leaving it for another job. Sorry for the rant, got a little carried away there. The point of all of the above was this, I used to take at least 2 trades every single day, usually it was 5-7 trades a day.


As for the second part of your post, it seems you are doing a lot of things that will pay off in the long run. Something else that helps a lot, is to paper trade. Open up a chart, go as far back as you can go. Pop in some S&R lines. Use the F12 key to move forward one bar at a time. Pay attention to shooting stars, and hammers. When you see one plan the trade, trade the plan one bar at a time. This alone has helped me to understand more than anything else. When it becomes ingrained into your head, you will be in autopilot when the real trade comes (I am definitely not there yet.) I spend at least an hour or two a day doing this on different pairs. Pay close attention to which lines produce price action and which ones do not. If you find one that does not produce price action, go back and look at where you drew it and ask yourself if there was really a reason to draw it in the first place.

Btw, I am roughly where you are at, I have taken only 1 trade in the last month and a half to 2 months. There are quite a few pairs that seem to be setting up as we speak, no price action as of yet. Patiently waiting. But in the mean time back to paper trading.

And remember the old saying, an amateur practices until he gets it right, a professional practices until he can not get it wrong.

I want to be a professional.
  • #3,339
  • May 25, 2009 8:08pm May 25, 2009 8:08pm
Quoting pmn100
First chart analysis.

I'm looking at EUR/AUD

BOSS (bottom chart) is down trending. Recent bar was a hanging man, but not at a swing high. Not sure whether to view that as bullish/bearish/neither.

WORKER is down trending and still putting in lower highs/lower lows, however, the momentum of the trend seems to be slowing. The latest bar (that closes in 3 hours on my chart) is a small shooting star, that has come off the 20ema and near to previous support come resistance (pink line), and psycho 1.800. Price appears to have been obeying the 20ema...
Pmn100

I don’t have sufficient data for EURAUD so here goes on your data:

BOSS:
“”down trending”” Yes, but in the long term uptrend.

“”Recent bar was a hanging man, but not at a swing high. Not sure whether to view that as bullish/bearish/neither”” Not a hanging man –it HAS to be at the end of an uptrend to be a hanging man. It is a Bond hammer bouncing off support. The picture is neutral to bullish because of the Bond hammer forming a double bottom at support. (The higher the time frame, the less perfect our candles need to be, although this one could be in a better position – lower, closing at your drawn support line).

WORKER:
“”still putting in lower highs/lower lows”” This is exactly why I don’t like channels! By drawing a channel, you are creating a downward bias in your trading brain. Yes, technically, it is a lower low BUT not when you look at it logically and with common sense. The low of the last red bar has closed within the support range provided by the hammer 13 bars back. The true support provided by a hammer is from the high of the hammer to the low of the hammer. When a close falls within this support (hammer range) it is not another low, but rather within the support range. I haven’t shown or discussed this before as it is “more advanced” and you need to learn the simple stuff first.

“”the momentum of the trend seems to be slowing.”” While you are correct with this assumption, it can be better seen on the BOSS.

“”The latest bar (that closes in 3 hours on my chart) is a small shooting star, that has come off the 20ema and near to previous support come resistance (pink line), and psycho 1.800. Price appears to have been obeying the 20ema on this downtrend””
It is a very weak Bond Shooting Star but because it is rejected by both resistance and the 20, has a higher chance of meaning something. No, NOT “appears”, it IS obeying the 20 which again, is working its magic as dynamic overhead resistance.

BUT, look how the 20 is “flattening out”, i.e., losing momentum.

It seems to me that you are “looking” for a trade instead of “seeing” a trade. You have not analysed the BIG BOSS – what is she doing? Why would you want to get in a short trade when all the signs are that the downtrend is coming to an end? This is not to say that price will not go down and test the low again but you are not trading with all the options in your favour, i.e., your risk has increased at these low levels.

Also, you need to zoom out and identify the major turning points as S&R as Blackeagle has shown in his earlier posts. This will give us a far better idea of how much gas is left in the tank.

I’m not a lover of EURAUD but a first glance analysis seems to be that it will go sideways before doing anything else.

There now, no ripping done!
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,340
  • May 25, 2009 8:18pm May 25, 2009 8:18pm
Quoting shoestring
Hey Strat,
Since starting on the Path, I have not opened a trade. I have considered many, but they were not A+, which you pointed out ( thanks Baba G, it's good to know a pro is waiting also). As one who traded 3 to 5 times a day and stuck my neck out for the Queen to lop off, this has been a great exercise in PATIENCE & DISCIPLINE. I am now content to wait for the stars to line up while I work on the DISCIPLINE side. Print Big Boss and Boss charts with analysis and areas to watch for PA, check daily for PA, start trading journal when she gives...
Shoestring, did we ever get the reason behind your handle?

You are a fantastic inspiration to others on this thread by going from a trigger happy, gun totin, misfiring dude to a patient, disciplined and calculating trader! For doing this, you DESERVE a 1 pick badge and I will ask Lance to send it you.

The only other thing you should be doing is posting your analysis of charts, even if there is no trade, so that we can check your set up and that you are learning correctly. Also, if there is anything you don't understand in any of our posts (apart from Baba G's lingo - for that, ask to use Grimweasel's encrypter!), let us know.

Good job, shoestring!

Lance - please kindly send said 1 pick badge. Thank you.
15 YEARS OF PASR ON FOREX FACTORY!
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