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  • #5,021
  • Aug 31, 2009 3:56pm Aug 31, 2009 3:56pm
Cable showed a great example of 'Barb Wire' today and why it's never wise to trade when PA is displayed as such. A doji is effectively a one bar trading range and it's never wise to trade a BO from a trading range.

Best to sit this out and wait for better PASR to show the way.
Attached Image (click to enlarge)
Click to Enlarge Name: Cable_Barb_Wire.png Size: 59 KB
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  • #5,022
  • Aug 31, 2009 4:38pm Aug 31, 2009 4:38pm
Quoting Grimweasel
Cable showed a great example of 'Barb Wire' today and why it's never wise to trade when PA is displayed as such. A doji is effectively a one bar trading range and it's never wise to trade a BO from a trading range.

Best to sit this out and wait for better PASR to show the way.
What are the three "hammer - like candles" telling you, Danny boy and where are they?
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,023
  • Edited 4:56pm Aug 31, 2009 4:55pm | Edited 4:56pm
hmmm GPBUSD.....looking back at June of this year and last week's wickets.... looks to me like 1.62 is currently ze support de la jour.

that is of course, unless I am wrong.
ww
  • #5,024
  • Aug 31, 2009 5:12pm Aug 31, 2009 5:12pm
Quoting waltwitham
hmmm GPBUSD.....looking back at June of this year and last week's wickets.... looks to me like 1.62 is currently ze support de la jour.

that is of course, unless I am wrong.
ww
Tres bien, Monsieur
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,025
  • Aug 31, 2009 5:46pm Aug 31, 2009 5:46pm
The magic of DSRI at confluence with static S&R, 61.8% fib retrace and a double bottom!

I reckon she's coming down to pycho 92ish to confirm and then its fill yer wellies time.

Alexandra - I've ordered oversize wellies (boots)!
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy worker.gif Size: 25 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,026
  • Aug 31, 2009 6:11pm Aug 31, 2009 6:11pm
If you don't put all the information on your chart, you will not get the right answer.

If you don't know what to do with the information on your chart, go back to the beginning of The Path of Learning.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpy dsri re-test.gif Size: 27 KB
Click to Enlarge Name: eurjpy static s&r.gif Size: 26 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,027
  • Aug 31, 2009 6:21pm Aug 31, 2009 6:21pm
Nicola, tell your Mr. BIG that Mr. small here is waiting for a double bottom followed by PASR to go long.
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Click to Enlarge Name: gbpjpy worker.gif Size: 21 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,028
  • Aug 31, 2009 6:42pm Aug 31, 2009 6:42pm
Quoting strat
The magic of DSRI at confluence with static S&R, 61.8% fib retrace and a double bottom!

I reckon she's coming down to pycho 92ish to confirm and then its fill yer wellies time.

Alexandra - I've ordered oversize wellies (boots)!
but Boots are not made for filling!
ok , now serious, i want to add to what you post strat that the last candle is reverse hanging man, which is reversal pattern, specially if the body is slightly smaller.
is my learning curve is going ok or still not yet ?
  • #5,029
  • Aug 31, 2009 7:49pm Aug 31, 2009 7:49pm
Quoting strat
Nicola, tell your Mr. BIG that Mr. small here is waiting for a double bottom followed by PASR to go long.
Yes hopefully a lot of people with big accounts will be waiting too and we smalls can catch a ride up with them.
  • #5,030
  • Aug 31, 2009 8:19pm Aug 31, 2009 8:19pm
what a difference the close times make!

on my chart it looks like this bond hammer obeyed the dynamic support instead of breaking and retesting it like on yours

Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy aug31.gif Size: 29 KB
  • #5,031
  • Aug 31, 2009 9:50pm Aug 31, 2009 9:50pm
Quoting rockk
but Boots are not made for filling!
ok , now serious, i want to add to what you post strat that the last candle is reverse hanging man, which is reversal pattern, specially if the body is slightly smaller.
is my learning curve is going ok or still not yet ?

This is where we need to be patient and diligent in our decision making process, This is a very important area we are approaching.

Although this is an inverse hanging man its location is not that great to say the least. We need to be looking for some more Stress FREE PA off of the pchyco 92.00 round number.

Just as a note also, I am no where near comfortable trading hanging man candle formations as of yet so i would stay away for that reason alone.
We need to really learn Shooting stars and Hammers first, as they are the most reliable.
  • #5,032
  • Aug 31, 2009 10:10pm Aug 31, 2009 10:10pm
Quoting Naws
what a difference the close times make!

on my chart it looks like this bond hammer obeyed the dynamic support instead of breaking and retesting it like on yours

Attachment
This is a very good point.

Strat,

Would you really trade a retrace that small? It seems to me that a single bar retrace like you posted could be interpreted many ways just from a different close time.

I would like to see price move away for a bit then come backe and test the TL.

I guess the point i am trying to make is that when we have normal S/R levels we treat them as zones. we are surely paying attention to closes but since we know PA will be taking action at say the 92.00 level on EVERYONES charts no matter what time the daily close is.

DSRI on the other hand seems to be more precise, so can we really trade a TL test on jst one price bar?

I hope i made my point somewhat clear i think i started confusing myself even more while writing this lol....
  • #5,033
  • Aug 31, 2009 10:31pm Aug 31, 2009 10:31pm
Quoting rockk
but Boots are not made for filling!
ok , now serious, i want to add to what you post strat that the last candle is reverse hanging man, which is reversal pattern, specially if the body is slightly smaller.
is my learning curve is going ok or still not yet ?
Definitely absolutely NOT a price reversal bar!

If this is what you have learned so far, please forget everything you have learned and go back to the beginning of The Path of Learning
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,034
  • Aug 31, 2009 10:33pm Aug 31, 2009 10:33pm
Quoting Naws
what a difference the close times make!

on my chart it looks like this bond hammer obeyed the dynamic support instead of breaking and retesting it like on yours

Attachment
Everyone:

This is why it is SO IMPORTANT to only trade what you have and see on YOUR CHART - not anyone else's.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,035
  • Aug 31, 2009 10:37pm Aug 31, 2009 10:37pm
Quoting CrudeCraig
This is a very good point.

Strat,

Would you really trade a retrace that small? It seems to me that a single bar retrace like you posted could be interpreted many ways just from a different close time.

I would like to see price move away for a bit then come backe and test the TL.

I guess the point i am trying to make is that when we have normal S/R levels we treat them as zones. we are surely paying attention to closes but since we know PA will be taking action at say the 92.00 level on EVERYONES charts no matter what time the daily close...
If there was not the strong support below it, you would normally trade a re-test but that support makes it a no - no!

DSRI IS more precise but it is secondary to S&R
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,036
  • Aug 31, 2009 10:45pm Aug 31, 2009 10:45pm
Quoting strat
If there was not the strong support below it, you would normally trade a re-test but that support makes it a no - no!

DSRI IS more precise but it is secondary to S&R

Right on! makes sense.

Thanks Strat
  • #5,037
  • Sep 1, 2009 1:01am Sep 1, 2009 1:01am
Quoting strat
Nicola, tell your Mr. BIG that Mr. small here is waiting for a double bottom followed by PASR to go long.
BUEB has formed on this support, hammer on my other charts - is that PASR for you?

The problem I see here is that it is a very wide support area, I had trouble placing my line in one spot - I see it from about 151 to 148 and even lower - so price might go lower still to test the last swing low.
  • #5,038
  • Sep 1, 2009 1:24am Sep 1, 2009 1:24am
Quoting Naws
BUEB has formed on this support, hammer on my other charts - is that PASR for you?

The problem I see here is that it is a very wide support area, I had trouble placing my line in one spot - I see it from about 151 to 148 and even lower - so price might go lower still to test the last swing low.
It is good price action, it is a good SR level, its a big round number (150) and an ascending support line (DSR).

I personally am not taking it as a daily trade, its too big a stop for me and I am cautious of trading any xxxJPY pair long when the indices are bearish so I am in wait and see mode. It has also gone below the 61.8fib level from the last swing high/low.
Having said all that I am often wrong -maybe I should be jumping all over it
  • #5,039
  • Sep 1, 2009 6:25am Sep 1, 2009 6:25am
Dynamic support and resistance line in action. Daily chart
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  • #5,040
  • Sep 1, 2009 7:41am Sep 1, 2009 7:41am
Now of course I could be wrong as I'm fairly new to all this but I would be looking to get short gbpyen on the next rally up with good bearish PASR at the top.

The reason being we have had a significant TL break, then a strong rally back up to a higher high. This higher high is the extreme of the old trend I think and it shows the bulls were defeated on their second attempt to push the pair higher.
I know we have had a higher low now after that break but I do think the yen will strengthen and we could see an assault on that lower TL. I'll be going short there if it happens.
Attached Image (click to enlarge)
Click to Enlarge Name: Gbpyen.png Size: 90 KB
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