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  • #4,261
  • Edited 5:35pm Jul 23, 2009 5:17pm | Edited 5:35pm
It is important for me to explain exactly what im doing with my lower time frame work.

I am building a short term trading system to go along with and as well as my medium and long term position trades.There offering a full spectrum of services and abilites for myself and others.

I want to point out that it is intense in the pits and as i have mentioned a few times needs at least 3 years live trading.It is by no means for a newbie....just from the pshyc if nothing else.

This "yanking" period has been good for me and im riding through in healthy profit,today was nothing more or less than any trade...system in system out and from a yeild curve perspective is in line with the system performance profile.Of course working on a fractal down is just that,with quicker on the spot information but its not an adrenaline rush or a quick addiction.I didnt get this far by pandering to such things.

I was fully aware of the magnitude of the level which cable was approaching and when i got a signal to enter at the 1.6528 area its was worth a loss which was only a partial loss anyway as i got a signal it was failing....i can trust my system for that..... and that was twice at the same level one monday one today.Sometimes for me a ticket is worth a loss if you know you are disiplined in the face of such a foe and can cut early......

You always fear what you dont know,thats why knowledge is power and as we get to know ourselves we live in less fear as it is the mind killer after all.........night....g
  • #4,262
  • Jul 23, 2009 5:29pm Jul 23, 2009 5:29pm
Quoting elitejets
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!
Hi elitejets,

EU is heading into some good price resistance/support zone. It might break but i would rather wait for a pull back before jumping on board.

Z
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  • #4,263
  • Jul 23, 2009 5:38pm Jul 23, 2009 5:38pm
Quoting Baba G
...I am building a short term trading system to go along with and as well as my medium and long term position trades.There offering a full spectrum of services and abilites for myself and others.

I want to point out that it is intense in the pits and as i have mentioned a few times needs at least 3 years live trading.It is by no means for

You always fear what you dont know,thats why knowledge is power and as we get to know ourselves we live in less fear as it is the mind killer after all.........night....g
Great post Baba G,

Like you rightly stated, lower time frames requires the trader to be on his/her game and know what they are doing and this can take years to master.

The correct application of knowledge is very powerful indeed. New traders somehow find this hard to understand! I wonder why?

Z
  • #4,264
  • Jul 23, 2009 5:47pm Jul 23, 2009 5:47pm
Quoting Baba G
It is important for me to explain exactly what im doing with my lower time frame work.

I am building a short term trading system to go along with and as well as my medium and long term position trades.There offering a full spectrum of services and abilites for myself and others.

I want to point out that it is intense in the pits and as i have mentioned a few times needs at least 3 years live trading.It is by no means for a newbie....just from the pshyc if nothing else.

This "yanking" period has been good for me and im riding through in healthy...
Since bighead told us he could show anyone that what we teach on here will work on any time frame, I have also thought about shorter time frames and have added it to my "To Do" list.

This will be after I complete my Momentum Cycle work. However, I will approach the shorter time frames with the knowledge of my other systems and experimental work to see if I can put something together within a PLAN. Having painfully learned the hard way, I know we need a system/method/strategy that is equally as strong psyche - wise as it is technical, so that will be my focus.

I am familiar with what Baby G is doing on M15 so I don't need to duplicate that and instead will do something different but compatible.

For those readers who are successfully trading shorter time frames and don't mind sharing their M.O., please kindly PM me with details. Thank you.

As Baby G has stated, our long term goal is to be able to offer our trading knowledge and experience across multiple time frames for the benefit of all traders.

Rest assured that what we come up with will be equally as reliable as PASR or we won't release it.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,265
  • Jul 23, 2009 6:05pm Jul 23, 2009 6:05pm
Realising that we could be opening floodgates here, let me make this point very clear:

Until you can successfully and consistently trade D1 and have the growing equity curve to prove it, do not think for one second that you can be successful on shorter time frames.

The degree of difficulty in trading shorter time frames is as a factor of the time frame itself, i.e., H4 is 6 times more difficult to trade, H1 is 24 times more difficult etc.

I was going to write more but if you are a regular reader, you will have already read what I was going to write earlier in the thread.

Therefore, any shorter time frame system/method/strategy we release will only be made available to those who qualify.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,266
  • Jul 23, 2009 6:16pm Jul 23, 2009 6:16pm
Quoting zuret9
Hi elitejets,

EU is heading into some good price resistance/support zone. It might break but i would rather wait for a pull back before jumping on board.

Z
I am with you on this, ZZ Top.

I like the BEOB (my data) at resistance but I don't like the immediate past proven support below it and the way the pair has been acting for the last 8 weeks PLUS we are coming up on the week-end.

The specific levels of past proven support are around:

1.4160
1.4040
1.3920
1.3800

Now if I knew it would haul ass to 1.3800, I would be in in a heartbeat. However, if it was to go there, I think it would be a very choppy ride.

Having said all that, watch it go fall through the floor!
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,267
  • Jul 23, 2009 6:32pm Jul 23, 2009 6:32pm
It's been awhile since I did this so:

AUDUSD is a BEEB on my data and, forming a double top, seems to have run it's course on this leg up.

NZDUSD is also a BEEB on my data (3 pips off a BEOB) forming a tweezer top at a previous high therefore forming a double top. My Momentum Cycles are also topping here. I'm sure this is trying to tell us something so I am frantically looking for Strat's manual to tell us what to do in this situation.

USDCAD and EURCAD are both looking for support to end this down cycle/trend. These large red bars could be the final exhaustion bars so if this holds, we should expect to see smaller range consolidation bars before real PASR. Don't jump the gun on either of these - wait for proof that the bottom is in.

USDCHF I like higher but since it is the inverse of EURUSD, I'm not playing until it clears it's trading range.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,268
  • Jul 23, 2009 7:23pm Jul 23, 2009 7:23pm
Quoting zuret9
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
The cost of time is only an avoidable part of learning to those who enjoy the cost of handing over money. In reference too, your maturity as a trader (and as a person) will also limit/allow certain things. I have said the same thing about when I first started and had I known what I know now then, then I may be at a more fulfilling place. The truth is that I probably did (know) back then, but due to male ego and the determination to prove all things right and all persons wrong I did the damage I needed to wake up.

I was lucky (compared to some) that my wake up came before total destruction and that I happening to come along a couple of threads, a number of people and get the move in the right direction. I have since found, what I think is paramount, a system/s that I trust and am comfortable with, and as such have created my trading plan around it. I have also found feedback and support from many likeminded traders, which is also another important factor. Trading can be a solitary, confined experience. My partner knows nothing on the subject, so early on she found it hard to follow. Today I have a number of small groups included on FF where the information can be shared with those who are in the same arena.

Since coming onboard to DIBS I can see your input has been very helpful Zuret and I enjoy reading your posts.

Take care all and have a good weekend, ill be putting my feet up and having a beer (or 24)

Razor
  • #4,269
  • Jul 23, 2009 11:45pm Jul 23, 2009 11:45pm
Quoting strat
I am with you on this, ZZ Top.

I like the BEOB (my data) at resistance but I don't like the immediate past proven support below it and the way the pair has been acting for the last 8 weeks PLUS we are coming up on the week-end.

The specific levels of past proven support are around:

1.4160
1.4040
1.3920
1.3800

Now if I knew it would haul ass to 1.3800, I would be in in a heartbeat. However, if it was to go there, I think it would be a very choppy ride.

Having said all that, watch it go fall through the floor!

Hi Strat,

Thanks for your insight on this set-up. Your post reminds us to always look to the Boss rather than working off the Worker independently. I also have a BEOB on my chart and had I been as trigger-happy as I was before, I would have put in a stop order straight away. But seeing how you, an expert plays it conservatively, then all the more that newbies like myself should be as conservative, if not more than you. Incidentally, I have the same support zones as you, so I must be doing something right!

Still learning and a long way to go... but I'll get there.
  • #4,270
  • Jul 24, 2009 1:02am Jul 24, 2009 1:02am
Quoting strat
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.
It seemed like a good setup to me, a shooting star/beob at confluence resistance - descending trendline, 20, fib resistance. I guess I underestimated the support at 93.

The loss is fine, I'm just trying to figure out how to manage trades better, when I set it breakeven I usually get burned too - like on gbpusd this week (although I took profit on half position)

You say that if I want to close the trade early or set be based on new candles then I am trading on emotion. I agree but is it ok to include in your plan that you will act accordingly if new PA comes up that is against your trade? It seems logical to me
  • #4,271
  • Jul 24, 2009 1:10am Jul 24, 2009 1:10am
Quoting strat
It's been awhile since I did this so:



NZDUSD is also a BEEB on my data (3 pips off a BEOB) forming a tweezer top at a previous high therefore forming a double top. My Momentum Cycles are also topping here. I'm sure this is trying to tell us something so I am frantically looking for Strat's manual to tell us what to do in this situation.
Are you trading this one? It seems very against the trend to me.
  • #4,272
  • Jul 24, 2009 4:40am Jul 24, 2009 4:40am
Quoting strat
Realising that we could be opening floodgates here, let me make this point very clear:

Until you can successfully and consistently trade D1 and have the growing equity curve to prove it, do not think for one second that you can be successful on shorter time frames.

The degree of difficulty in trading shorter time frames is as a factor of the time frame itself, i.e., H4 is 6 times more difficult to trade, H1 is 24 times more difficult etc.

I was going to write more but if you are a regular reader, you will have already read what I was...
Look i had another entry signal at the same level on cable.....i had to fill in the ticket or risk breaking my signal rules....and thats a real loss!!!.

So i go in didnt hit my break even level and formed a veto pin..... i left for a 1 sixth of 1% loss as a result.......it then fell and killed the whole ticket....


Third time....same level.....same concept....same veto.....

so ive had a 0.5% veto and out twice and a 0.06% today....so im down 1.06% down on three losers which had a combined risk of 3%.....and they were total losses....total.....not bad system....as im carrying over profit from this system from last month and i had tickets for the long cable break If market wanted with a nice stop to give it room but an exit stratergy to cover my hand if she changes her mind.

I mean it when i say it draws on all my charting ability and 100% pshyc strength.It requires a high degree of Fast PASR charting and in less expirienced hands than mine and im just a newbie you could be looking at least at a 3% down.........AT LEAST,imagine there was holes in your protocols or price action charting and recognition add a little uncertainty about support resis........ oh lordy. (Appitite for Destruction,guns n roses)

There was a case for a limit sell on the veto south with an ECN i have a 0.5 pip stop......you see there are levels to this biz im only just arriving at my self......

But without the years and years on D1s it would be....well just not working..
...........g xx
  • #4,273
  • Jul 24, 2009 11:28am Jul 24, 2009 11:28am
Quoting ceva
Hi Strat,

Thanks for your insight on this set-up....
Thank you for the compliments but I am no "expert" - just someone who has been through the mill a little longer.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,274
  • Jul 24, 2009 11:50am Jul 24, 2009 11:50am
Quoting Naws
It seemed like a good setup to me, a shooting star/beob at confluence resistance - descending trendline, 20, fib resistance. I guess I underestimated the support at 93.

The loss is fine, I'm just trying to figure out how to manage trades better, when I set it breakeven I usually get burned too - like on gbpusd this week (although I took profit on half position)

You say that if I want to close the trade early or set be based on new candles then I am trading on emotion. I agree but is it ok to include in your plan that you will act accordingly...
"I guess I underestimated the support at 93".
No need to guess my young friend, that was EXACTLY it. Had you traded from resistance to the 1ST level of support like I promote for new and beginning traders, you would have some nice pips for your collection.

So, let's get you back on track and from now on, only take trades from support/resistance to the 1ST level of Daily resistance/support. You will be surprised how quickly your equity will build. While doing this, learn to recognise better what price did before when it reached a certain level. Look at EURUSD for example, look how it is honouring previous support levels almost as if it was written in a rule book.

"I agree but is it ok to include in your plan that you will act accordingly if new PA comes up that is against your trade?"
Yes, but you MUST have it written in your PLAN and it must be SPECIFIC. It cannot be something like "if I see price going down I will exit". It has to be as specific and rigid as you can make it. If not, you are back to trading on emotions. This is a fine line and almost an "if all else fails" get out clause and must only be used in an "emergency". Over abuse this and you are back to trading on emotions so be very careful in it's use.

"when I set it breakeven I usually get burned too - like on gbpusd this week (although I took profit on half position)"
Unless I misunderstand you, this is not being burned. If you had 2 lots and took profit on 1 and got out at BE on the 2nd, then this is GOOD TRADING.

Any trade without a loss is a GOOD TRADE.

So, go with only trading to the 1ST level of Daily resistance and build your confidence and equity up!
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,275
  • Jul 24, 2009 12:01pm Jul 24, 2009 12:01pm
Quoting Naws
Are you trading this one? It seems very against the trend to me.
I'm not in yet because I haven't been triggered but I am watching and waiting, ready to pounce.

Yes, it is against the current uptrend BUT we have a triple top in place. I'm also factoring in my Momentum Cycle which is also topping.

Calling tops and bottoms is nigh on impossible which is why I'm only really interested in the "meat" of a trend. The BEOB was perfect PASR but it has not triggered, nor has it failed; it is still valid so far today.

IBs and other small range bars around our reversal bars are usually good signs the current trend is exhausting.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,276
  • Jul 24, 2009 12:39pm Jul 24, 2009 12:39pm
Quoting strat
I'm not in yet because I haven't been triggered but I am watching and waiting, ready to pounce.

Yes, it is against the current uptrend BUT we have a triple top in place. I'm also factoring in my Momentum Cycle which is also topping.

Calling tops and bottoms is nigh on impossible which is why I'm only really interested in the "meat" of a trend. The BEOB was perfect PASR but it has not triggered, nor has it failed; it is still valid so far today.

IBs and other small range bars around our reversal bars are usually good signs the current trend...
you ole fox you!!!!...lol
  • #4,277
  • Jul 24, 2009 12:39pm Jul 24, 2009 12:39pm
NZDUSD H4

Let’s look at what’s going on in our next lower time frame, H4

We can see the well established Momentum & Support from July 13 was lost/broken on July 23.

The way we will trade the lower time frames is by using the S&R from the next higher time frame, in this case Daily. We are not interested in the internal H4 S&R as this will ALWAYS give way to the higher order time frame. Our 1st target is therefore 0.6470.

Even though momentum & support was broken we do not act until we see suitable PA, in this case, the BEEB. We would enter a few pips below the low of the BEEB and be filled on the next bar. The next bar is a hammer and doesn’t concern us because it is nowhere near the 1st target and is probably indicating the exhaustion of the initial down move. The subsequent bars are typical of half cycle reaction bars which are reacting off internal H4 support. We will let this play itself out and expect the down move to continue to our 1st target.
Attached Image (click to enlarge)
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15 YEARS OF PASR ON FOREX FACTORY!
  • #4,278
  • Jul 24, 2009 3:30pm Jul 24, 2009 3:30pm
These Hammers work you know - look at that fall on gbpcad. Of course I was watching from the sidelines! Just goes to show the power of good PASR.
Attached Image (click to enlarge)
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Trade less and become more profitable!
  • #4,279
  • Edited 4:42pm Jul 24, 2009 3:35pm | Edited 4:42pm
Quoting Grimweasel
These Hammers work you know - look at that fall on gbpcad. Of course I was watching from the sidelines! Just goes to show the power of good PASR.
Brings tears to your eyes, Danny boy, especially the one that is a shooting star!
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,280
  • Jul 24, 2009 4:01pm Jul 24, 2009 4:01pm
Well today must be seventh heaven for IB traders with 12 out of my 16 pairs showing IBs

AUDJPY
Worker hit proven resistance with shooting star still active – BOSS not too convinced so maybe some consolidation?

AUDUSD
Worker BEEB still active at proven resistance – BOSS needs convincing

CHFJPY & EURJPY & NZDJPY
Worker Bond shooting star still active at proven resistance – BOSS almost in agreement

EURCAD
Worker support building at proven support – BOSS yet to be convinced

EURUSD
Worker BEOB still active but support as in previous post still a problem – BOSS at resistance

GBPJPY
Worker at resistance with Bond shooting star still active

NZDUSD
Worker BEOB still active as per previous post – BOSS at resistance

USDCAD
Support building on both Worker and BOSS

USDJPY
Not following rest of JPY pairs. Worker IB looks more like a pause in uptrend. BOSS has put in a confirmed swing low with a tweezer bottom.
15 YEARS OF PASR ON FOREX FACTORY!
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