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  • #4,241
  • Jul 22, 2009 6:52pm Jul 22, 2009 6:52pm
Quoting AstonDan
Thanks for your concern.
AstonDan,

I've read Strat's post and i don't think he is voicing his concern. My understanding from Strat's post is:

1) You are already doing what you love, trading daily charts (your own words)
2) You are getting excellent results, win/loss 10/2
3) Why go down and take 'iffy' trades on M5?

Keep it SIMPLE.

Z

My apologies if i got you wrong Strat.
  • #4,242
  • Jul 22, 2009 8:41pm Jul 22, 2009 8:41pm
Quoting strat
OK, explain in detail how you will trade.
I'll be trading hammers and shooting stars based on PASR.

I have accepted a risk of 5% per trade (initially approx $50). My broker's min lot size is .05, so this limits the opportunities I will be able to take based on my max risk.

Stop and Take Profit will be submitted along with the entry.

I will analyse the daily bar after the close only to move my stop and reduce risk (6 pm eastern for my broker).

Take profit will be set at first Daily resistance or support.

When I post a trade, I will detail the plan for that trade.
  • #4,243
  • Jul 22, 2009 8:55pm Jul 22, 2009 8:55pm
Quoting One14
I'll be trading hammers and shooting stars based on PASR.

I have accepted a risk of 5% per trade (initially approx $50). My broker's min lot size is .05, so this limits the opportunities I will be able to take based on my max risk.

Stop and Take Profit will be submitted along with the entry.

I will analyse the daily bar after the close only to move my stop and reduce risk (6 pm eastern for my broker).

Take profit will be set at first Daily resistance or support.

When I post a trade, I will detail the plan for that trade.
Start your engines, Corbett!
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,244
  • Jul 22, 2009 9:59pm Jul 22, 2009 9:59pm
Watch the support building:
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad jul 22 09.gif Size: 19 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,245
  • Jul 23, 2009 12:18am Jul 23, 2009 12:18am
Well the yen didnt like that did she....had another break even there.........and a doller Cad evens too..........suck fake!!

today....im looking to long cable and fiber sell swissy and cad.....using the d1 levels as an edge to focus me in......and sell e/g

Dan.......i wanna know everything....big head........xxxxxx,........any way it time to lock and load.............wish me luck..
  • #4,246
  • Jul 23, 2009 9:15am Jul 23, 2009 9:15am
well i got stung on my long cable.....cut my losses early which is a plus on the failing of a poor buob........and i had a veto on monday which cost me too.....
And after loads of break evens....... bl88dy Nora 1% down on the week.....oh and it was the same level........1.6528ish.........both cable.......

Disiple IS the backbone of character so.............NEW BALLS PLEASE...xx
  • #4,247
  • Jul 23, 2009 10:26am Jul 23, 2009 10:26am
Just finished reading the whole thread. Now gonna start again so i can get it more into my head. Just want to thank you guys for posting examples and giving your time to teach beginner traders.
Yea it's Life//
  • #4,248
  • Jul 23, 2009 11:06am Jul 23, 2009 11:06am
Everything is being yanked by stocks in the US sessions. The USD/JPY and stocks are the same trade.
"Irrational exuberance" is all I can think but bubble is easier to spell.

Hang in pizza man. If I got upset every time I lost 1% I would have quit by now.
  • #4,249
  • Jul 23, 2009 11:24am Jul 23, 2009 11:24am
Quoting elitejets
Everything is being yanked by stocks in the US sessions. The USD/JPY and stocks are the same trade.
"Irrational exuberance" is all I can think but bubble is easier to spell.

Hang in pizza man. If I got upset every time I lost 1% I would have quit by now.
Well I hope it keeps "yanking" Nicola, it's good, no really good, for my trades!
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,250
  • Jul 23, 2009 11:28am Jul 23, 2009 11:28am
Quoting strat
Well I hope it keeps "yanking" Nicola, it's good, no really good, for my trades!
Seems to be working for some of my trades too. The "yanking" is happening on the "very low" time frames.

Z
  • #4,251
  • Jul 23, 2009 11:29am Jul 23, 2009 11:29am
my usdjpy short got stopped out

what I'm learning from my losses is that if i get a good reversal signal I should just get out of the trade with any profit i have or break even. I should have set my SL at breakeven after that bond hammer formed on support and i knew that there was a very good chance it would go up - and it did. With alot of my losses i could see them coming ahead of time but i chose to hope that it will go my way
  • #4,252
  • Jul 23, 2009 11:32am Jul 23, 2009 11:32am
Quoting serj1
Just finished reading the whole thread. Now gonna start again so i can get it more into my head. Just want to thank you guys for posting examples and giving your time to teach beginner traders.
You are getting a lot of experience from Strat here for free. The only cost to you is time. Take your time and understand what he is saying and they way he views the markets.

I somehow wish i had someone telling me what strat has been saying here when i started out full time about 6years ago.

Thanks for sharing Strat...Rock and Roll all the way

Z
  • #4,253
  • Jul 23, 2009 11:52am Jul 23, 2009 11:52am
Quoting Naws
my usdjpy short got stopped out

what I'm learning from my losses is that if i get a good reversal signal I should just get out of the trade with any profit i have or break even. I should have set my SL at breakeven after that bond hammer formed on support and i knew that there was a very good chance it would go up - and it did. With alot of my losses i could see them coming ahead of time but i chose to hope that it will go my way
Naws, while I was thinking you've lost the plot, I also see some experience building. I'm still struggling with why you were short USDJPY especially after all my postings and I don't think it could be all down to different data.

Are you trading with a PLAN? Are you trading A+ set ups or just any old set ups? Are you getting impatient? Looks to me like this is the problem rather than trying to "fix" what went wrong.

"Hope" is not a pre-requisite for successful trading so get that out of your head.

What you are suggesting above is trading on your emotions and if you start that, my friend, you are DOOMED. You must keep your emotions out of it. Instead, have a rock solid PLAN that you will follow right or wrong. Remember, this is a game of probabilities and if you trade PASR consistently, you will come out a winner. Your losses are only another step on The Path.

Whatever you do, don't beat yourself up. Look at pizza man, losing 1% and he's trading OPM but he's not down, just looking for new opportunities.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,254
  • Jul 23, 2009 12:15pm Jul 23, 2009 12:15pm
When it's quiet and I am "in between" things, I like to snoop around other threads, forums, blogs and news sites. This is not to obtain information or guidance as they know less than we do. I just like to see what the sentiment is and how "traders" react to it.

The latest "craze" seems to be the "break out" of EURUSD from its trading range. Just about everybody and his dog is predicting new support levels and higher prices. So I look at my charts and think, "What the hell are they talking about?". While I'm not into crystal ball gazing, I think I know a little about market action and I can't see any breakout.

I can see EURUSD has gone to a higher level but it is still in a trading range and yes it is a big trading range. If you can trade these ranges then more power to you but for me, I'm no good at it so I don't even bother. I would have loved to trade long from 7/8 to where we are now but I haven't yet found a way to consistently do it.

I can only think those calling a "break out" have just looked at the Worker chart in isolation. If you look at the BOSS chart, the range is still there for all to see. While this week is testing the upper limit of the range, I won't be getting excited until I see a strong close above the range.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,255
  • Jul 23, 2009 12:50pm Jul 23, 2009 12:50pm
Quoting strat
When it's quiet and I am "in between" things, I like to snoop around other threads, forums, blogs and news sites. This is not to obtain information or guidance as they know less than we do. I just like to see what the sentiment is and how "traders" react to it.

The latest "craze" seems to be the "break out" of EURUSD from its trading range. Just about everybody and his dog is predicting new support levels and higher prices. So I look at my charts and think, "What the hell are they talking about?". While I'm not into crystal ball gazing,...
I don't see what most people see! However, i am of the opinion that traders trade, analysts analyse and commentators comment. I've also noticed (i could be wrong) that there is a lot of noise and hot air in some of what people are posting and the smart thing to always do is; do your homework.

Z
Attached Image (click to enlarge)
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  • #4,256
  • Jul 23, 2009 1:07pm Jul 23, 2009 1:07pm
Quoting zuret9
I don't see what most people see! However, i am of the opinion that traders trade, analysts analyse and commentators comment. I've also noticed (i could be wrong) that there is a lot of noise and hot air in some of what people are posting and the smart thing to always do is; do your homework.

Z
Could this be a ZZ TOP???

Sorry, Z, just could not resist!
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,257
  • Jul 23, 2009 1:09pm Jul 23, 2009 1:09pm
Quoting strat
Could this be a ZZ TOP???

Sorry, Z, just could not resist!
Love your sense of humour bro, always refreshing.

Z
  • #4,258
  • Jul 23, 2009 2:09pm Jul 23, 2009 2:09pm
I think focusing on just ONE PAIR may help beginners understand PASR better so let's follow USDCAD for a while:
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad weekly.gif Size: 25 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,259
  • Jul 23, 2009 2:12pm Jul 23, 2009 2:12pm
Quoting strat
The latest "craze" seems to be the "break out" of EURUSD from its trading range. Just about everybody and his dog is predicting new support levels and higher prices. So I look at my charts and think, "What the hell are they talking about?". While I'm not into crystal ball gazing, I think I know a little about market action and I can't see any breakout.

I can see EURUSD has gone to a higher level but it is still in a trading range and yes it is a big trading range. If you can trade these ranges then more power to you but for me, I'm no good...
Remember the 30June when cable broke up out of its range. What a massive head fake that was and look at what happened afterwards.
Thats why the conservative trade is the way Strat says or to let it break and then wait for a retest of the level it broke.
  • #4,260
  • Jul 23, 2009 4:16pm Jul 23, 2009 4:16pm
Quoting elitejets
Remember the 30June when cable broke up out of its range. What a massive head fake that was and look at what happened afterwards.
The daily closes have some pretty neat price action tonight on some pairs with really good tails. Some look just like cable did on 30June right before it collapsed.
I'm shorting EURUSD & NZDUSD but take a look yourself and see if you like them, the NZD trade is countertrend but off the 50fib level high to lows ...
Good trading!
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