Strat's Long Term Stress Free Trading

That is the chart of the week. I say it's up, up, and away in my beautiful balloon, but that 1.43 level needs to burn baby burn or else we are looking away Dixieland.

A Bond hammer on the BOSS so maybe more consolidation around the bottom?

We've already done "We Gotta Get Outa This Place", so.........

We're not in Kansas anymore, Toto - Oh yes we bloody well are!!!!!!!!!

Danny boy, here is a perfect example of what I was talking about:

The hanging man doesn't agree with you which is why I have to decline your offer for a ride in your balloon! Hopefully there will be another time.

Indeed, my balloon (or my deep sea dive in the case of USDCHF) are on their respective journeys, but those patterns you mention give pause. One needs to see confirmation, as you know, from those respective patterns before accepting them. For the moment, I have staked my position on the idea that the extreme closes within the range will at least herald a foray into consolidation breaking territory, but, who knows....The respective daily patterns, at least, are confirmed. Lastly, I see the breakout on weekly AUDUSD as supportive. That market should see 0.85

Nice lyrics Strat - if only they were written with me in mind all those years ago!!

Eurchf is not one of the pairs that I follow but looking at that chart of yours there are a couple of things that stand out.

1. BEOB that has taken out the lows of the past 3 bars.
2. All PA is above the MAs
3. PA been range bound for few months.
4. Boss shows a S/Star
5. Big Boss showing a doji.

Conclusions: Well, although it's a BEOB and the boss is showing a S/Star it wouldn't add up to short into all those MAs and the rising TL from the lows of 24 Jun. I'd look at the BEOB as an indication to watch this pair. I'd wait for a test of the MAs and the rising TL from underneath and use that as a 123 entry short. The short side does add-up more than long as we have a descending triple top too, (ie 3rd lower high).

So, maybe a short should it test the rising TL from underneath but with all the MAs so close and parallel we need the market to show its hand and test before we get long or short.

Eurusd looks toppy to me. The hanging man is not a set-up per se, but an indication of selling pressure at that level. The B Boss is showing an IB after the previous month's doji, so the rally maybe overdone. The boss is also showing a Golden Cross of the 20/50 MAs with the proper golden cross of the 50/200 happening some weeks ago. I'd be expecting some weakness here with the eur pulling back from this level then wait for PASR to go long again in the 1.38-39 zone should PA develop.

Cable looks range bound still. The BO from this range is not that convincing and the boss 20MA is keeping a cap on things at the moment. MAs when horizontal offer little S or R I have read. They work better when at angles of 45 degrees but on the boss chart this rally looks like the first pullback in a major bear market. PA also showing a double top with PA 4 weeks earlier?

I noticed that the volume on this last push up on the boss chart is smaller than the volume around it. In fact volume has been falling for the past 3 weeks whilst PA has risen. Not a good sign as weakness is shown by low volume on up bars.

So, just sit and wait for PA to reveal all - nothing to get me long or short on that chart, but an indication to go short is in favour over long.

Usdchf is still in its range but that inverted hammer gives an indication to buying at this level.
The only concern is the close below the rising TL from the low at 16 Mar 08 thru low at 13 Jul 08 and beyond. Could that range be a bear flag? I'll wait for PA to attack the underside of that rising TL. With PA below the MAs we should still be looking to short this market, not get long but if PASR develops for a quick bounce between two SR levels we'd be silly not to take it!!

Usdyen looks like a really good short?
PA is under the descending MAs and the last high was still a LH. The daily BEEB low has been supported by the TL and 20 ma. I'd look for the TL and MA break, re-test then short. I'd only long this market after a convincing close above the MAs and last high at 95.95. The B Boss is showing a hammer but I would not be surpiruded if we saw a deep retarce into that bar before any leg up. Expect a retest of the 91 level for a double bottom. With this being so correlated with the indices I'd expect this to fall when looking at toppy indices too?? Plus she's in the 20/50 trap area. Sit on the hands and wait for the indices and market to show its hand! The perverse thing is that we could see the usd falling against the yen, but rising against the CAD if the indices tank; risk aversion will be the name of the game!

I so much enjoy this thread even even though I have not posted to this thread before yet I have been following it with a keen interest.

I totally agree that there is so much stress in highly frequent trading than long term styles.But the other side of the equation (profit potential) still remains a puzzle to me when considering this long term style of trading.However,I believe people here,especially the starter of the thread,have answers to my questions.
1--I understand that you set your stop loss beyond the point of inflexion on the chart,but how do you set your profit objective?

2--Please do you basically use the breakout from all those candlesticks formations and your set of ema and sma to call your trade?

3--Please can you clearly stae the full meanings of the common acronyms (like beeb,boss,big bosse,t,c)on this thread.

Finally,while anticipating a kind reply from you all,I greatly thank STRAT for being a light bearer here.Thanks.

I just want to know if I see this chart right sir.

Bosun',
The answers to many of your questions are available to you, and you don't need to wait for an answer here!!
Might I recommend a little homework for you. You would do well to begin reading the thread from the beginning.
I know, I know the task is daunting, but at least start with reading the posts form STRAT. When you run into references from him, books, etc., find them and read them. There is an expectation that if you desirous of learning, then you will put in the effort.
Don't mean to sound harsh, but the reality is, this sort of work to internalize these concepts is the only way to become a successful trader. Anybody can blow out an account, only those who persevere learn to preserve their capital.
my best to you...walt
ps. As you go through the thread you will also see how to set up your charts and eliminate the distractions, ie. indicator windows.

Just my 2cents this pair is in consolidation. Weekly(Boss) PA suggests southern movement but were close to the round number 1.5200 I would wait for better breakout 1.5100ish Lets see what Strats comments are

As you have been so rightly directed by Waltwitham, all the answers to your questions are in this thread. Just the same as you cannot put on a white coat and a stethoscope and call yourself a Doctor, you cannot call yourself a trader without putting in the study, work and practice. The only short cut to life is DEATH.

Please kindly explain the advantage and benefit of those wiggly lines below your price chart.

My 2 cents are shown in post # 4358.

I used to hate EURGBP but I have to like this setup. I am a seller of rallies here, or a retest of the trendline.
Daily and weekly charts attached.

Goodbye July and hello August. May you be a month of opportunity and prosperity. May you finally rid yourself of the shackles of the range and roam free to higher (or lower) grounds.

Where too from here. We have some interesting levels this month on the weekly and I have limited time to trade due to the (my) business ramping up. Ill be looking for good PA off these areas to get me into some long trades.

Im a big favourite of seeing AUD making a pullback around 8500 to somewhere 8250ish and then spring forth to higher ground (lower than 8250 would be fantastic). Cable to see some issues around 7000, previous S/R some time ago and a pysch factor and EUR, well who knows what the EUR is going to do. 4340 area needs to be broken with authority, id look long if there is a pullback after breaking this area (Res turned Sup)

Price action is the key, get a good signal around these areas and we have a chance of netting some good pippers.

Happy trading all

Razor