Strat's Long Term Stress Free Trading | Page 244 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Strat's PASR Long Term, Stress Free Trading 18,592 replies

M5 PASR Trend Trading Strat 95 replies

What you need for trading: indis, a strat & good music 27 replies

Another way to stress free, mechanic long term trading 29 replies

Short Term / Medium Term / Long Term? 3 replies

Attachments: Strat's Long Term Stress Free Trading
Exit Attachments

Strat's Long Term Stress Free Trading

  • #4,861
  • Aug 25, 2009 11:14am Aug 25, 2009 11:14am
Quoting One14
Strat....

You really roped in the indicator addicts. Obviously not reading the other posts.

I gotta a feeling about this man....$69. Nice round number.

Did you forget the MenageATrois(3) variable?
Ooooh - you are awful! But I like you!

You may just qualify for Strat's Elite Club!
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,862
  • Aug 25, 2009 11:20am Aug 25, 2009 11:20am
Quoting Alexandra
Strat - give the SNB another sleeping pill this week, will you?!
Sorry, cant do that, in fact, I have sent Valium with an instruction to lay off the cheese! Watch out - sparks may fly! (But then again..........)
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,863
  • Aug 25, 2009 2:55pm Aug 25, 2009 2:55pm
Let's say I want to draw TL based on close price. I've attached EURNZD weekly chart. The blue ascending TL is based on the daily close and red one is based on the weekly close. Obviously they are totally different. So which one do you prefer to use?
Thank you
alter
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzdweekly.jpg Size: 121 KB
  • #4,864
  • Aug 25, 2009 3:14pm Aug 25, 2009 3:14pm
[quote=Blackeagle;2980796]Please have a look attached GBPJPY daily chart with static SR lines (red) and DSRI (blue). And don't forget that the chart is clean enough to trade (not congested with many SR lines).

By looking at daily chart, I am aware where SR lines are standing and where the DSRI is so that I will not trade against them such as not taking short trade where the price is close to support or vice versa.

Hi Blackeagle
you say by looking at the daily chart you are aware of the static SR lines
but you always place your static SR lines from the weekly/monthly chart is that right
or for this method do you use only the daily for SR lines+ DSRI and then drill down to the 4h
thanks
  • #4,865
  • Aug 25, 2009 6:02pm Aug 25, 2009 6:02pm
Quoting alter
Let's say I want to draw TL based on close price. I've attached EURNZD weekly chart. The blue ascending TL is based on the daily close and red one is based on the weekly close. Obviously they are totally different. So which one do you prefer to use?
Thank you
alter

When trading from the Weeklys draw your TL's on the Weekly chart. When trading from the Dailies draw your TL's on the daily charts.

Keep it simple
  • #4,866
  • Edited 7:11pm Aug 25, 2009 7:07pm | Edited 7:11pm
Quoting alter
Let's say I want to draw TL based on close price. I've attached EURNZD weekly chart. The blue ascending TL is based on the daily close and red one is based on the weekly close. Obviously they are totally different. So which one do you prefer to use?
Thank you
alter
On the Daily chart you use the Daily DSRI

On the Weekly chart you use the Weekly DSRI

Keep it SIMPLE!

Bloody hell, Craig! I just answered Alter then go to the next post which is your reply. Amazing - just shows how far you have come - maybe you can start writing my posts for me?
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,867
  • Aug 25, 2009 7:16pm Aug 25, 2009 7:16pm
Quoting blackdog
Hi Blackeagle
you say by looking at the daily chart you are aware of the static SR lines
but you always place your static SR lines from the weekly/monthly chart is that right
or for this method do you use only the daily for SR lines+ DSRI and then drill down to the 4h
thanks
Yes, the static SR lines are placed from weekly/monthly and fine tuned on daily, so they are fixed. For majors, I am drilling down to H4 for DSRI, but watching the static SR lines, too and if there is one nearby, I am not trading against it just because the price broke a DSRI.

For example we have a very important static SR line at 0.8650 on EURGBP. Now, if the price breaks current up DSRI line on H4 today, since static SR level is too close, I will not take the short against 0.8650 support, instead I switch to wait and see mode to better understand what the market is telling me and if PA confirms, taking long after the test of 0.8650 is favourable.
  • #4,868
  • Aug 25, 2009 8:55pm Aug 25, 2009 8:55pm
Bank of Canada. If you were wondering what happened to the CAD yesterday evening the deputy Governor made a speech where he said a persistantly strong CAD would delay growth in Canada and delay the return of inflation to target( i.e. be deflationary). He said they retained the use of unconventional monetary policy instruments including quantitative easing. So far Canada has not bailed out any banks or used QE.
http://www.bankofcanada.ca/en/speech.../sp250809.html
The race to have the cheapest currency is on.

USDCAD is a bullish engulfing and poss lower high on daily.
  • #4,869
  • Aug 25, 2009 9:15pm Aug 25, 2009 9:15pm
Quoting Blackeagle
Indeed, especially when there is a static SR nearby, supporting the decision.
Watching USDCAD now.
Did you take a trade on this?

Attached is my chart and I didn't see a valid setup. Could you comment on this?

While the bars were developing, it appeared that there was a bullish break (bar with the arrow), but I passed due to the wick. This was the third bar after the DRSI line break. What do you usually do if a break of the line occurs like this, but no bullish bar exists? The next hl/hh was the huge bar 2 bars later, but that threw risk/reward out of whack.

So nada for me. Curious if you saw it differently.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad-4hr-08-25-2009.gif Size: 19 KB
  • #4,870
  • Aug 26, 2009 1:39am Aug 26, 2009 1:39am
Quoting One14
Did you take a trade on this?

Attached is my chart and I didn't see a valid setup. Could you comment on this?

While the bars were developing, it appeared that there was a bullish break (bar with the arrow), but I passed due to the wick. This was the third bar after the DRSI line break. What do you usually do if a break of the line occurs like this, but no bullish bar exists? The next hl/hh was the huge bar 2 bars later, but that threw risk/reward out of whack.

So nada for me. Curious if you saw it differently.
If the first or third bar after DRSI break had been bullish enough with hh/hl, I would have definitely opened the long trade, but I passed it, too.
  • #4,871
  • Aug 26, 2009 2:24am Aug 26, 2009 2:24am
Quoting strat
On the Daily chart you use the Daily DSRI

On the Weekly chart you use the Weekly DSRI

Keep it SIMPLE!

Bloody hell, Craig! I just answered Alter then go to the next post which is your reply. Amazing - just shows how far you have come - maybe you can start writing my posts for me?

Haha yeah i think im starting to see a little light flickering at the end of the tunnel! As i progress further and further on the path though i will be glad to help others on the thread as you have helped us soo much.
  • #4,872
  • Aug 26, 2009 3:44am Aug 26, 2009 3:44am
Quoting elitejets
Bank of Canada. If you were wondering what happened to the CAD yesterday evening the deputy Governor made a speech ....
Thanks for sharing...

here is IFR News commentary on that:

"16:55GMT BoC: Lane - Domestic Econ Expected to Grow in Q309] Bank of Canada"s Timothy Lane"s speech has been released and there are some interesting tidbits. The main takeaway is the fact that the Bank believes that, "The Canadian economy is xpected to start growing again this quarter." The domestic turnaround and continued grind out of d recessionary hole will be supported by an economic recovery in US, specifically in autos and housing; d highly-functional domestic financial system; the "strength of household, business and government balance sheets."
There is certainly a good chance that the domestic economy will get a bounce in the third quarter but the problem lies south of the border when it comes to sustainability. We are not convinced that the US economy can avoid a double dip, and if that is the case it will take out the Bank"s call of US auto and housing improvement benefiting the domestic economy. There is a very real chance that the Cash for Clunkers programme has merely front loaded demand for as much as a yr out and we cud therefore see sales taper off dramatically in the fall and get another big build in inventories. We r even more concerned about housing, as there is still the very basic problem of tighter lending standards (you have to have a job and have to be able to repay the loan) making it more difficult or impossible for many to obtain a mortgage, and prices will have to continue to fall to meet the bid.
CAD cannot go without being mentioned and Lane notes a continued run higher would negatively impact the good things that are going on in the domestic economy. Manufacturing has been doing poorly for years and we
are getting back to the scenario we saw around this time last year, as d strength of Loonie can basically strangle those who export to US. He comments that "a persistently strong CAD would reduce real growth and delay the return of inflation to target. If a stronger dollar were to alter the path of projected inflation relative to that presented in our July Monetary Policy Report, we would need to take that into account. As we have said b4,
even tho we r at the effective lower bound for our policy rate, we retain considerable flexibility through the use of unconventional monetary policy instruments, including quantitative easing." Yes, he mentioned QE, though we aren"t expecting it in the near future."
  • #4,873
  • Aug 26, 2009 4:49am Aug 26, 2009 4:49am
[quote=Blackeagle;2990766]Yes, the static SR lines are placed from weekly/monthly and fine tuned on daily, so they are fixed. For majors, I am drilling down to H4 for DSRI, but watching the static SR lines, too and if there is one nearby, I am not trading against it just because the price broke a DSRI.

Hi Blackeagle
On my EUR/GBP chart if the price broke the DSRI it would be about 100pips
away from the 0.8650 line is there a set amount of pips that you wont
enter the trade if your close to the Static SR line
thanks
  • #4,874
  • Aug 26, 2009 5:58am Aug 26, 2009 5:58am
[quote=blackdog;2992664]
Quoting Blackeagle
....... is there a set amount of pips that you wont
enter the trade if your close to the Static SR line
thanks

Just my two-pennyworth here. I think it depends on your Risk:Reward Ratio. There comes a point at which the Risk, indicated by the distance between the proposed opening price and the proposed Stop Loss is too great for the potential reward. In your case the distance between the proposed entry and the visible SR line.

I would think there is no fixed number of pips involved but the ratio of those pips to the number at risk. Since on Strat's system we work on the charts in the Daily TF and choose Stops according to the charts, e.g. candle length or SR lines etc. we don't work as many intraday traders do, with Stops set at a ratio of the account size, or a set number of pips .e.g 15 which are then trailed behind price.

The calculation of R:R is part of the Plan of the trade. Also the better the Reward to Risk, the fewer number of trades one has to be successful in to compensate for the inevitable losing trades.

Not sure if this makes sense and helps, but I AM sure that either Blackeagle or Strat or both will come back with something which IS helpful.

Good luck.
  • #4,875
  • Aug 26, 2009 1:57pm Aug 26, 2009 1:57pm
The script is LOUD and CLEAR

Make sure your wheelbarrow is handy
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 18 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,876
  • Aug 26, 2009 2:18pm Aug 26, 2009 2:18pm
Hey Alexandra, are you still awake?

I'm no clairvoyant or Merlin and certainly not Harry Potter but it looks like where static meets dynamic "could" be where she is heading before going up to those previous lofty levels I gave.

In which case, $92.50 could really be a fantastic "fill yer boots" trade.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy meeting of the minds.gif Size: 22 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,877
  • Aug 26, 2009 2:57pm Aug 26, 2009 2:57pm
Hello Strat.
I don't see how you draw your TL. You have no touch on last swing, is it not important? I don't see how I can get TL on $92.50.
Thank you
alter
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpystr.jpg Size: 135 KB
  • #4,878
  • Aug 26, 2009 3:17pm Aug 26, 2009 3:17pm
Quoting alter
Hello Strat.
I don't see how you draw your TL. You have no touch on last swing, is it not important? I don't see how I can get TL on $92.50.
Thank you
alter
You can't get it on yours because your data is different from mine. I have a bar on January 25 which is governing my TL - you do not have this bar on your data.

You can only trade what you see on your data which in your case is prices already coming down to your support.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,879
  • Aug 26, 2009 3:54pm Aug 26, 2009 3:54pm
Quoting strat
Hey Alexandra, are you still awake?

I'm no clairvoyant or Merlin and certainly not Harry Potter but it looks like where static meets dynamic "could" be where she is heading before going up to those previous lofty levels I gave.

In which case, $92.50 could really be a fantastic "fill yer boots" trade.

I am with you on the idea of the fill your boots trade. I have one boot left to fill at this point, but I do see a line in the sand of sorts at 93.30 now. I would value anything under 94 as a bargain. At 92.50 I would buy a new pair of boots.

I see your price and time viewpoint though.....I have a slightly higher level in mind, but we are on the same page overall.
  • #4,880
  • Aug 26, 2009 3:57pm Aug 26, 2009 3:57pm
This is what I don't understand. I thought that support is support because everybody can see it and places trades accordingly. My support seems useless.
6 traders viewing now