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  • #4,901
  • Aug 26, 2009 10:06pm Aug 26, 2009 10:06pm
I know some of us like to have all of our MA's on the charts at all times to make it easier on ourselves but i think it could be a bit detrimental to the beginning trader, Besides it being a bunch of clutter when ppl post set ups with no MA's being a confluence in the trade posted

My reasoning is because i think PRICE is the most important thing we are looking at here, and how price is behaving around key levels.

With too many things on the chart to begin with i believe it helps new traders find trades that are not really there. (I know it did for me!)

What i have been doing latley is trading on a very bare chart and really trying to become ONE with PASR. Only when i find a trade with PASR do i start to add fibbs, MA's, ect... to confirm the trade has confluences.

I think this really goes back to just Keeping things Simple!! and clean and clutter free of course
  • #4,902
  • Aug 26, 2009 10:08pm Aug 26, 2009 10:08pm
Quoting strat
When is Strat not Strat?
When he is in Beijing singing and playing rock and roll on a borrowed Ibanez to 300 Chinese!
Beijing, China August 18, 2009
Is that you Sir?
Strat solo on stage!
  • #4,903
  • Aug 26, 2009 10:15pm Aug 26, 2009 10:15pm
Hello Strat and All,
even if the tomorrow has already begun we are only in the asian session, so I try to analyse this pair. EUR/USD is in a crucial area, now it seems has formed a triangle with two touches that already breaches the trendline drawn from 22/8/2009. Also is at 50% fibo on weekly. Cannot go long until overcome 1.4400 resistance. I cannot see any hint for short side unless the supportive trendline is broken.

Ramon

Quoting strat
Any guesses for where EURUSD is headed tomorrow?
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  • #4,904
  • Aug 27, 2009 12:07am Aug 27, 2009 12:07am
Quoting CrudeCraig
I know some of us like to have all of our MA's on the charts at all times to make it easier on ourselves but i think it could be a bit detrimental to the beginning trader, Besides it being a bunch of clutter when ppl post set ups with no MA's being a confluence in the trade posted

My reasoning is because i think PRICE is the most important thing we are looking at here, and how price is behaving around key levels.

With too many things on the chart to begin with i believe it helps new traders find trades that are not really there. (I know it...
I agree with you, although I see the use in them, the MAs have been a little distracting sometimes. They just aren't as effective as static and dynamic s/r. From what I've seen so far price tends to break the MAs pretty easily and sort of wind through them.

The problem for newbies I think is that they act as a sort of psychological distraction when on the charts. They made me overlook pa and s/r sometimes because I'd focus on the mas.

I dont mean to bash them, and Strat you are more experienced with them but maybe we can rethink them? Maybe just use the 20 or do it like Craig?


By the way the latest posts on DSRI were really great, this thread just keeps delivering.
  • #4,905
  • Aug 27, 2009 12:42am Aug 27, 2009 12:42am
Quoting Naws
I agree with you, although I see the use in them, the MAs have been a little distracting sometimes. They just aren't as effective as static and dynamic s/r. From what I've seen so far price tends to break the MAs pretty easily and sort of wind through them.

The problem for newbies I think is that they act as a sort of psychological distraction when on the charts. They made me overlook pa and s/r sometimes because I'd focus on the mas.

I dont mean to bash them, and Strat you are more experienced with them but maybe we can rethink them? Maybe...
Don't get me wrong I still use MA's. I just use them secondary as only a confluence! which is the way Strat has instructed us to use them.

Basically i have been keeping my charts naked untill i see a potential trade. Only then do I pull up the MA's to see if i am trading into something or if they are acting as support ect...
  • #4,906
  • Aug 27, 2009 5:49am Aug 27, 2009 5:49am
Quoting strat
Any guesses for where EURUSD is headed tomorrow?
This seems a real 'too soon to call' situation - at least for me!.

Daily has been showing LHs and LLs until today (early yet) which suggests an IB bull bar might be developing. If this turns red by end of day then there is a good chance of joining TL at X which is also happens to be at 32.8 Fib (although I'm sceptical about Fibs in this kind of consolidation pattern as there are a range of possible places to draw them from). Current price is resting on 20 MA which may support and above 50 MA.

Weekly is showing currently, a Harami indicating a loss of momentum for the recent Up Trend.

Monthly on my feed is changing from a red to blue and back again long-legged doji each time I look, showing loss of momentum for recent Up Trend.

If I HAD to trade it, (and no one HAS to trade anything!) I would go for short down to T1 at 14160 on TL, then T2 at 14100 at S and 50 Fib and finally T3 to 1400 at 61.8 Fib. T1 has a poor R:R which is a further no-no for me.

But I'm too cautious to take the plunge on this one. There seem to be clear possibilities elsewhere, so I am treating this as an excercise in chart analysis in the hope that Strat will show me where I have gone wrong!
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  • #4,907
  • Aug 27, 2009 6:31am Aug 27, 2009 6:31am
See chart. Like I said, IBs are for the traders that have been doing this for a while. It's the PASR that repeats time and time again. This is why you should all study Edwards and Magee's classic book that many traders still, to this day, consider to be the Traders' Bible.
Sorry for spello in the chart too - oops!
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Trade less and become more profitable!
  • #4,908
  • Aug 27, 2009 1:07pm Aug 27, 2009 1:07pm
Quoting CrudeCraig
I know some of us like to have all of our MA's on the charts at all times to make it easier on ourselves but i think it could be a bit detrimental to the beginning trader, Besides it being a bunch of clutter when ppl post set ups with no MA's being a confluence in the trade posted

My reasoning is because i think PRICE is the most important thing we are looking at here, and how price is behaving around key levels.

With too many things on the chart to begin with i believe it helps new traders find trades that are not really there. (I know it...
Craig,

Well done, Craig. You are able to say this because you have now reached that level where you can "visualise" where the MAs are just by reading price.

Until you can "see" this, all others are still recommended to use MAs but ONLY as one of the tools in our tool box. They are NOT gospel, they are there to assist us in our decision making.

You should always remove any piece of information from your charts that you are not using. If it doesn't serve a purpose, remove it. When you get down to bare price on charts, you know you have arrived.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,909
  • Aug 27, 2009 1:09pm Aug 27, 2009 1:09pm
Quoting PistolDave
Looking good in Beijing, Strat.

------------------------------------------

I am seeing a hammer setup on GBP/CHF at daily and weekly SR.

On the attached chart I have a congestion area shown in red outlined. Would this be considered a strong resistance area as price rises into it from below?

I am trying to decide on a potential profit target and would hope to see price rise to at...
Don't know whether its my jet lag, Dave, but your charts look "foggy"
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,910
  • Aug 27, 2009 1:12pm Aug 27, 2009 1:12pm
Quoting oblo
Hello Strat and All,
even if the tomorrow has already begun we are only in the asian session, so I try to analyse this pair. EUR/USD is in a crucial area, now it seems has formed a triangle with two touches that already breaches the trendline drawn from 22/8/2009. Also is at 50% fibo on weekly. Cannot go long until overcome 1.4400 resistance. I cannot see any hint for short side unless the supportive trendline is broken.

Ramon
Ramon, you seriously need to study the posts on DSRI and which is the most important level on a price bar.

Drawing your TLs like this will continue to mislead and confuse you.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,911
  • Aug 27, 2009 1:24pm Aug 27, 2009 1:24pm
Quoting Lotuselanman
This seems a real 'too soon to call' situation - at least for me!.

Daily has been showing LHs and LLs until today (early yet) which suggests an IB bull bar might be developing....
EURUSD is definitely a "tricky dicky" - she should be going down in her down cycle but she just won't which tells us there is a lot of support for her at these prices. However, if those providing that support decide on something else, she could go with a bang. Conversely, this support could gather more support which would mean higher prices but I still keep thinking of the Chinese losing daily interest on $11.4 trillion - there has to come a time when they say "enough is enough" (in Chinese of course).

Christopher, take a look at your Boss support TLs - they are floating in space and serving no purpose - or have you found a secret use for them like this?
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,912
  • Aug 27, 2009 1:31pm Aug 27, 2009 1:31pm
Quoting strat
EURUSD is definitely a "tricky dicky" -

Christopher, take a look at your Boss support TLs - they are floating in space and serving no purpose - or have you found a secret use for them like this?
Yep, (they are floating....) that's because they are the ones from the Daily and appearing on the Boss. Didn't untick the W1 box in the 'Objects....' menu for those TLs. They should be ignored!

No secret use for them that I can reveal! Well it wouldn't be a secret if I could, now would it.
  • #4,913
  • Aug 27, 2009 1:34pm Aug 27, 2009 1:34pm
Nicola, are you still not liking EURGBP?
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15 YEARS OF PASR ON FOREX FACTORY!
  • #4,914
  • Aug 27, 2009 1:43pm Aug 27, 2009 1:43pm
I challenge anyone to show that the 20 and 50 do not add value to our decision making.
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15 YEARS OF PASR ON FOREX FACTORY!
  • #4,915
  • Aug 27, 2009 1:48pm Aug 27, 2009 1:48pm
Their value is priceless when our friend comes back!
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15 YEARS OF PASR ON FOREX FACTORY!
  • #4,916
  • Aug 27, 2009 2:08pm Aug 27, 2009 2:08pm
Look at how the 20 and 50 help us between our static S&R lines.

We could of course, add many more S&R lines but as many of you have remarked, these only serve to confuse.

The point is, use ALL the tools you have available in your decision making and never forget the many uses of the 20 and 50 both individually and as a combination.

What we NEVER do is use the cross of these two to initiate trades - they are there to inform us not to trigger trades.

Finally, there are many "systems" and "black boxes" out there for $197, $297 and much more which, when you analyse their programs, are nothing more than "tricked up" 20 - 50 MA crosses and S&R.

There is nothing new in trading and there never can be - Why?

Because it all revolves around and is based on PRICE.

Learn PRICE ACTION and you will know far more than 95% of everyone else and their fancy methods and black boxes.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,917
  • Aug 27, 2009 2:09pm Aug 27, 2009 2:09pm
Forgot to attach the chart - amazing what jet lag can do!
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15 YEARS OF PASR ON FOREX FACTORY!
  • #4,918
  • Aug 27, 2009 2:41pm Aug 27, 2009 2:41pm
Just found this on EURUSD:


“With trading volume light, analysts said differing views about how to trade strong U.S. economic data was causing the odd price action, with some seeing it as a signal to buy risky assets and others expecting it to lead to a U.S. recovery and higher interest rates, increasing the dollar’s appeal.
“This push and pull of two different viewpoints is why you’re seeing this ambivalence in the currency market,” said Samarjit Shankar, managing director of global FX strategy at BNY Mellon in Boston. “There are those who think the dollar just might be supported on the back of a U.S. recovery.” “


So, if the analysts are confused, what chance have we?


If you believe what you hear and see, then some “experts” are not convinced the latest recovery news from the US is good since the “recovery” is only down to running the printing press and not by genuine growth.


I guess this means more directionless, ranging markets until such time as the way forward becomes clear to all.


After all is said and done, all we can do is trade what the charts give us.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,919
  • Aug 27, 2009 2:51pm Aug 27, 2009 2:51pm
Strat, et al,

I have to confess to being bad today. I had a dabble on the 15m TF to try and learn some PASR as I'm at home currently.

See the chart. It was obvious that cable would bounce after this double bottom, but I was convinced that I 'knew' better (funnymentals). Once again I let my 'thinking' inter fear with my chart reading. Luckily this was on demo.

My other sin was I buggerd off to play golf for the afternoon (I won!) but I lost on the chart as I was not there for each 15M TF close as I would be for a daily close. So, if you have a life forget anything lower than the daily (plus the brokers take you to the cleaners at this TF as the spreads etc eat into any profits)
Attached Image (click to enlarge)
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Trade less and become more profitable!
  • #4,920
  • Aug 27, 2009 3:07pm Aug 27, 2009 3:07pm
Quoting strat
Nicola, are you still not liking EURGBP?
Haha I like it a LOT, but I am short 4 X GBPCHF since last week and had to pick one or the other (spreading risk) as they are really the same trade.
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