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Strat's Long Term Stress Free Trading

  • #4,941
  • Aug 28, 2009 3:58am Aug 28, 2009 3:58am
GBPJPY - Long

PS. Please disregard these charts if you haven't mastered daily charts with static SRs and shooting stars and hammers as per Strat's teachings.
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  • #4,942
  • Aug 28, 2009 4:05am Aug 28, 2009 4:05am
I entered this trade in the last hour. I entered on a 1hr / 4hr trendline break.
I have a modest profit target.
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  • #4,943
  • Aug 28, 2009 4:06am Aug 28, 2009 4:06am
GBPUSD - Long

PS. These are not trading signals, just examples based on my last weekend's posts.
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  • #4,944
  • Aug 28, 2009 4:09am Aug 28, 2009 4:09am
USDCAD - Short
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  • #4,945
  • Aug 28, 2009 4:15am Aug 28, 2009 4:15am
AUDNZD - Long
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  • #4,946
  • Aug 28, 2009 4:19am Aug 28, 2009 4:19am
And the most recent one, EURGBP - Short

For the ones who see a minor support at 0.8800, this could be a risky trade, but RR is too good.
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  • #4,947
  • Aug 28, 2009 1:14pm Aug 28, 2009 1:14pm
Quoting oblo
Hello Strat and All,

I usually draw both kind of trendlines: 1) On highs or Lows; 2) On close.
I do this because sometimes, as in the E/U example, the resistance trendline on highs make a lot of sense to me.
Furthermore I draw because is what I actually already do for static S/R lines where I zoom out on a candle chart then fine tune on a line chart. As taught by Blackeagle earlier in this thread. Sometimes some level on the candle chart do not need to fine tune. Am I right?

Ramon
OK, its your choice, you obviously know more than me
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,948
  • Aug 28, 2009 1:15pm Aug 28, 2009 1:15pm
Quoting CrudeCraig
I'll take a shot at it!!

I hope i dont have to go back to the beginning AGAIN!! lol

See chart
No, you are doing just fine where you are, Craig!
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,949
  • Aug 28, 2009 3:18pm Aug 28, 2009 3:18pm
Here is an update on this post from July 17, 2009 (original in blue italics):

Post # 4140 July 17, 2009 4:56pm

Baz and Naws,

AUDJPY entered long above 7/13 hammer/BUOB and cycle bottom – closed for quadruple pips/contract
AUDUSD ditto – closed for triple pips/contract
CHFJPY ditto – closed for triple pips/contract
EURJPY ditto – closed for triple pips/contract
NZDJPY ditto – closed for triple pips/contract
NZDUSD ditto – closed for triple pips/contract
USDJPY ditto – closed for triple pips/contract


EURCAD short from 7/1 BEOB on Sunday bar and again below 7/13 BEOB and again below 7/14 bar (broke support) – closed for triple pips/contract


GBPJPY entered long above BUOB on Sunday bar at cycle bottom and confluence with other JPY pairs – closed for quadruple pips/contract


GBPUSD ditto – closed for triple pips/contract


USDCAD short as per previous post – closed for triple pips/contract

With the exception of EURCAD and USDCAD, the rest are/were counter trend ATM trades but when I saw the strength of Monday, Tuesday and Wednesday candles, and remembering my 5/18 ATM trade which went on to trend for 22 days, I pushed my luck and decided to hold on until reverse PASR or cycle change.

As with some of my previous trades, watch out for like pairs to break out, react and respond at the same time. When they all move together at the same time in much the same way, it gives you added confidence - providing you get the direction right.

Nothing clever or magic about these trades - all based on PASR.

The purpose of this post is not to brag but to reinforce my post #4921 August 27 that long term trading (Worker and above) is very, very profitable for very, very little work. Sure, your rewards come in lumps and not on a regular basis BUT they are very BIG lumps which are easily manageable by anyone.

I challenge anyone to show that they can produce better rewards over the same period using shorter time frames for the same amount of effort.

I still don’t understand why anyone wants to be sat staring at their one eyed monster for 12+ hours per day for a reward akin to monkey nuts – maybe its because I’ve seen it, done it, been through it and got the bumps, bruises and scars to show for it, I don’t know.

What I can tell you is that I’ve been where you all are now, no matter where you are on The Path, and if you persevere with determination and focus, and put in the many hours of chart reading and practice, you will get there also. But, don’t expect a smooth road or plain sailing because it won’t be. There will be ups and downs and times to test your patience and devotion but if you are in it for the long haul, you will get there.

My goal and purpose of this thread is to help you all get there.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,950
  • Aug 28, 2009 3:48pm Aug 28, 2009 3:48pm
Quoting Grimweasel
Strat,
My take on cable:
Good chart reading, Danny boy!
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,951
  • Aug 28, 2009 4:06pm Aug 28, 2009 4:06pm
Quoting Alexandra
Giving a look to EURCHF at the moment....the Daily pattern looks productive to me, as does its recent PA. I would call any productive PA above 1.51 a buy sign. I will buy a close > 1.52 on a weekly basis.
I gave up on this witch and deleted her from my watch list but a quick shuftee tells me that 1.5020/50 has good support from which to build long positions.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,952
  • Aug 28, 2009 4:09pm Aug 28, 2009 4:09pm
Quoting alter
We had a hammer yesterday on EURJPY. Did you go long?
Show us your hammer, alter, I have nothing like one on my data.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,953
  • Aug 28, 2009 4:25pm Aug 28, 2009 4:25pm
Hi Chaps just wondered on a few peoples thoughts about a possible short on the UJ, now I know I am posting this a bit early as the day has not closed here yet but I am off to bed soon and not around to post the weekend so if the price were to close as they are in the atatched chart would anyone else be considering a short.
My reasons for shorting would be

The price on the worker fell and closed below my SR line and my DRSI drawn on the chart yesterday
It has been up retested both lines and if it was the close now be below them both again forming a shooting star.
The price is below both the 20 and 50 MAs on both the boss and the worker.
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  • #4,954
  • Edited 5:16pm Aug 28, 2009 4:51pm | Edited 5:16pm
Quoting haircut
Hi Chaps just wondered on a few peoples thoughts about a possible short on the UJ, now I know I am posting this a bit early as the day has not closed here yet but I am off to bed soon and not around to post the weekend so if the price were to close as they are in the atatched chart would anyone else be considering a short.
My reasons for shorting would be

The price on the worker fell and closed below my SR line and my DRSI drawn on the chart yesterday
It has been up retested both lines and if it was the close now be below them both again forming...
Haircut, first, NY closes at 4pm EST on Fridays so you are showing the close and end of week data.

Second, 94.00 is MAJOR SUPPORT for USDJPY and as you can see, it has been flirting with this since October 2008. Based on today's re-test (are you watching Danny boy?), we should expect a move down to minor support at 92.50.

We need to watch this closely because if this support doesn't hold then a big move lower to psycho 90.00 is likely with psycho 84.00 looming on the horizon but we are getting ahead of ourselves.

Having said all that, don't forget to check out the BOSS!
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,955
  • Aug 28, 2009 5:03pm Aug 28, 2009 5:03pm
#4941

PS. Please disregard these charts if you haven't mastered daily charts with static SRs and shooting stars and hammers as per Strat's teachings.

All,

These are advanced trading techniques from a Professional Trader and Money Manager (Blackeagle)

As per Blackeagle’s PS, these should NOT be attempted until you have MASTERED, supported by a consistent growing equity curve, daily trades on the Worker.

These trades are often the first reaction to S&R and many are counter – trend to the immediate trend and momentum. Also, this, being on H4, requires more management (screen time and stop positioning) than trading the Worker.

This is the next progression AFTER you have mastered trading the Worker and IF you really want to be trading more than end of day trading.

CAUTION: While it looks easy and H4 seems a long time; it is NOT. These counter trend moves can, and frequently do, reverse back quickly and abruptly in favour of Momentum and trend.

H4 requires more than just looking at charts every 4 hours and is 6 times more difficult than trading the Worker for a lot less reward. H4 is also difficult for managing trades in the sense that you could initiate a trade on a 4 hour candle before you go to bed and the trade “could” be over on the next H4 candle so be mindful of how to manage H4 and shorter time frames.

This is not a condemnation of these trades, far from it as it is all PASR and how both I and Blackeagle trade; it is a WARNING to those not sufficiently versed and accomplished on the Worker NOT TO TRY THIS AT HOME.
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,956
  • Edited 8:25pm Aug 28, 2009 5:16pm | Edited 8:25pm
Quoting strat
I gave up on this witch and deleted her from my watch list but a quick shuftee tells me that 1.5020/50 has good support from which to build long positions.

Yes, I dusted that one off - no fill though on overall very poor PA here and from E/USD for those with a long sontiment like mine. One word of note - though the close is paramount, EURUSD seems to have really only suffered a late day, low volume attack......sounds like something from The Art of War! Overall, nothing more than a another failed attempt at the daily TL for EURUSD at the end of the day, though the overall tone into next week is stalled but still bullish on my longer term read. Others see distribution on the chart. More money on both sides likely into next week.

Notably, as you highlighted on that performance record, intraday traders may have been trapped on this one after the fall of the 4 hour trendline - another example of the superiority of the daily chart in many aspects. The profits come on the 4-hourlies, but the losses inevitably sneak in on pullbacks and, overall, make the daily a superior method if one has knowledge of PASR and stops. Sure, one can be akin to Baldwin on bonds and scalp high contracts for low pips, but, why not invest in the world's trendiest market and save your stress?

I remember several years back noting my equity after many intraday trades in a trending EURUSD market, and, while profitable, also noted that a few lots on the daily basis with conservative stops would have netted more with much less angst. That was the begining of a change in style that Strat highlights above in his own experience.
  • #4,957
  • Aug 28, 2009 5:27pm Aug 28, 2009 5:27pm
Quoting strat
Good chart reading, Danny boy!
Thanks Strat; I'm only touching the surface though and I'm really finding this PASR fascinating. It's like decoding the German U-Boat transmissions in WW2!! (just with a lot more time and limited brain power!!), but once you start to 'see' the price and its reaction at key levels it's like unlocking that 'Enigma' code.
Trade less and become more profitable!
  • #4,958
  • Edited 6:38pm Aug 28, 2009 6:32pm | Edited 6:38pm
Now where have I seen this set up before? I know its in the thread because I posted the darned thing!

Do you see what I see, Danny boy?

Bloody hell! Looking at those two posted here - they look like mirror images of each other - must be a method here somewhere - ah, got it - Sell the Worker when the BOSS bottoms and Buy the Worker when the BOSS tops - easy peasy, Sherlock!
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15 YEARS OF PASR ON FOREX FACTORY!
  • #4,959
  • Aug 28, 2009 6:41pm Aug 28, 2009 6:41pm
Quoting Grimweasel
Thanks Strat; I'm only touching the surface though and I'm really finding this PASR fascinating. It's like decoding the German U-Boat transmissions in WW2!! (just with a lot more time and limited brain power!!), but once you start to 'see' the price and its reaction at key levels it's like unlocking that 'Enigma' code.
Too late, the Yanks already did that - according to THEIR movie (but we know the truth don't we Winnie?)
15 YEARS OF PASR ON FOREX FACTORY!
  • #4,960
  • Aug 28, 2009 7:19pm Aug 28, 2009 7:19pm
Quoting strat
Now where have I seen this set up before? I know its in the thread because I posted the darned thing!

Do you see what I see, Danny boy?

Bloody hell! Looking at those two posted here - they look like mirror images of each other - must be a method here somewhere - ah, got it - Sell the Worker when the BOSS bottoms and Buy the Worker when the BOSS tops - easy peasy, Sherlock!

What, is the tail wagging the dog?
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