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Strat's Long Term Stress Free Trading

  • #5,041
  • Sep 1, 2009 7:49am Sep 1, 2009 7:49am
Quoting strat
What are the three "hammer - like candles" telling you, Danny boy and where are they?
I guess this shows equilibrium at SR Strat. Either side of the market is battling it out for supremacy but it will show it's hand soon enough!
Trade less and become more profitable!
  • #5,042
  • Sep 1, 2009 8:04am Sep 1, 2009 8:04am
Courtesy of the Daily Reckoning.com.

Interesting chart from 1930!
Attached Image
Trade less and become more profitable!
  • #5,043
  • Sep 1, 2009 12:28pm Sep 1, 2009 12:28pm
Quoting CrudeCraig
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.
thanks for your input
  • #5,044
  • Sep 1, 2009 12:30pm Sep 1, 2009 12:30pm
Now that the Bulls have drug EVERYONE in on the long side they now have someone to take the other side of all their shorts. I believe todays close of the indices will be very important!
  • #5,045
  • Sep 1, 2009 12:34pm Sep 1, 2009 12:34pm
Quoting rockk
thanks for your input
Anytime, I was in the same spot as you just a few months ago!!

Hours and hours of studying the charts using F12 and learning Patience! is the KEY.

If you put the time in you will be rewarded!
  • #5,046
  • Sep 1, 2009 1:43pm Sep 1, 2009 1:43pm
Quoting CrudeCraig
Anytime, I was in the same spot as you just a few months ago!!

Hours and hours of studying the charts using F12 and learning Patience! is the KEY.

If you put the time in you will be rewarded!
thanks again, but what is F12?
  • #5,047
  • Sep 1, 2009 1:52pm Sep 1, 2009 1:52pm
Quoting rockk
thanks again, but what is F12?

F12 allows you to move bar by bar through price in Metatrader 4.

Pull up a weekly chart and draw all of the Major S/R levels for teh past 20 years or so.

Then move down to the daily TF and start off where the data begins, use F12 to move bar by bar through price. When you approach a Major S/R level that you have drawn from the Boss chart (Which rules the Worker) Look for PA! do this on as many charts as possible to understand how price reacts around thse major levels.
  • #5,048
  • Sep 1, 2009 2:08pm Sep 1, 2009 2:08pm
Quoting rockk
thanks again, but what is F12?
rockk,

You said you had read AND understood the thread - I seriously doubt it! Had you read the thread you would have found the post where I describe the f12 function and its use.

Taking short cuts like this will only take you to a short cut to a blown account. You cannot just jump in at the end and hope to know what others have taken years to learn. Do yourself a favour and stop fooling yourself and learn to crawl BEFORE even attempting to walk. Go back to the beginning of The Path of Learning and READ and UNDERSTAND each single post.

I know I sound like a hard nosed bastard and nasty piece of work - I'm not really BUT when it comes to trading I AM. I'm doing it for YOUR good not mine. I want everyone on here to succeed and be successful at trading BUT I know what it takes to get there and taking short cuts is NOT the way to do it.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,049
  • Sep 1, 2009 3:37pm Sep 1, 2009 3:37pm
Quoting CrudeCraig
F12 allows you to move bar by bar through price in Metatrader 4.

Pull up a weekly chart and draw all of the Major S/R levels for teh past 20 years or so.

Then move down to the daily TF and start off where the data begins, use F12 to move bar by bar through price. When you approach a Major S/R level that you have drawn from the Boss chart (Which rules the Worker) Look for PA! do this on as many charts as possible to understand how price reacts around thse major levels.
This is easier to do if you have 20 years of weekly S/R levels and you are just trying to locate good PA setups at these levels.
In reality you don't have such an options. I think you would need to draw S/R week by week and move forward together with daily chart.
  • #5,050
  • Sep 1, 2009 3:47pm Sep 1, 2009 3:47pm
Quoting alter
This is easier to do if you have 20 years of weekly S/R levels and you are just trying to locate good PA setups at these levels.
In reality you don't have such an options. I think you would need to draw S/R week by week and move forward together with daily chart.

How much data you have I do not know but i think the point is clear!

Some brokers have more data than others.

Draw your S/R levels on the weekly then drop down to D1 to use F12.
  • #5,051
  • Sep 1, 2009 3:49pm Sep 1, 2009 3:49pm
Quoting alter
This is easier to do if you have 20 years of weekly S/R levels and you are just trying to locate good PA setups at these levels.
In reality you don't have such an options. I think you would need to draw S/R week by week and move forward together with daily chart.
Alter, this clearly shows you do not understand S&R.

S&R levels go back as far as the first price recorded on a chart. Once S&R levels are established, they remain there for the life of the pair/chart/contract.

Had you read the thread from the beginning, you would have seen charts where I was using S&R levels from 1994! As with rockk, you really MUST go back to the beginning of The Path of Learning and READ and UNDERSTAND each and every single post. You have no hope in trading PASR without knowing and understanding S&R levels.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,052
  • Sep 1, 2009 4:45pm Sep 1, 2009 4:45pm
Quoting CrudeCraig
F12 allows you to move bar by bar through price in Metatrader 4.

Pull up a weekly chart and draw all of the Major S/R levels for teh past 20 years or so.

Then move down to the daily TF and start off where the data begins, use F12 to move bar by bar through price. When you approach a Major S/R level that you have drawn from the Boss chart (Which rules the Worker) Look for PA! do this on as many charts as possible to understand how price reacts around thse major levels.
to crudecraig,strat and alter;
first thx to all for the help.
Craig, yes of course i know F12 and i am using it long time ago, so many times,thx for clrification,
in the future i will tell you something interesting about my use of f12,but just when i have free time (very buisy learning now from this valiable site)

Strat, the point is there is too much abreviations we can use,with different meanings in different threads right? so if all of a sudden if you read f12 in a context of other words, you will ask yourself what is it?
example: SR is used here for support and resistance, in other thread may be used for stop and reverse ..am i right? and so on.
i will put a nother post about my previous question to you about hanging man may be ( or Iam sure)I was not clear about what I meant.
thx
  • #5,053
  • Sep 1, 2009 5:04pm Sep 1, 2009 5:04pm
Quoting rockk
to crudecraig,strat and alter;
first thx to all for the help.
Craig, yes of course i know F12 and i am using it long time ago, so many times,thx for clrification,
in the future i will tell you something interesting about my use of f12,but just when i have free time (very buisy learning now from this valiable site)

Strat, the point is there is too much abreviations we can use,with...
""Strat, the point is there is too much abbreviations we can use,with different meanings in different threads right?""

You bring up a very valid point. A list of abbreviations for my thread has been on my "to do" list forever.

Would anyone like to volunteer to make a list of abbreviations used on this thread for inclusion in the index?
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,054
  • Sep 1, 2009 5:11pm Sep 1, 2009 5:11pm
Since rogueforex went MIA in May, the Index and everything else Admin wise came to a grinding halt. (I'm not clever enough to do this!).

We are very fortunate that NAWS, a long time member, has very kindly volunteered to take over these duties and is already working on a new Index.

If anyone has any ideas or suggestions for the Index or Admin, please kindly PM myself and NAWS. Thank you.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,055
  • Sep 1, 2009 5:27pm Sep 1, 2009 5:27pm
Quoting rockk
i will put a nother post about my previous question to you about hanging man may be ( or Iam sure)I was not clear about what I meant.
thx
""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"".

rockk,

There is NO SUCH THING as a reverse hanging man.

The candle that YOU think looks like a "reverse hanging man" is NEITHER a reversal pattern nor a reversal bar.

The ONLY price reversal bars being taught on here are:

SHOOTING STARS and HAMMERS

These are followed by Outside and Engulfing bars which are also continuation bars.

If you "invent" your own candles and trade off them, you will be the only person doing so and consequently will be trading with very high risk. People blow their accounts fast not understanding "accepted" candles. You will blow yours much faster using "invented" candles.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,056
  • Sep 1, 2009 5:54pm Sep 1, 2009 5:54pm
Learning PASR NEVER stops. Learning how to trade NEVER stops.

We all know accurate S&R is difficult to identify (or is it?). Which S&R to identify?

Even on the Worker, there are many levels of S&R to identify. Which S&R you identify depends on the type of trader you are. If you don't know which type of trader you are, you will NEVER be successful.

If you are a Worker Scalper (trading from support to the 1st level of resistance), then you need to identify micro S&R.

If you are a short term trader, then you need to identify minor S&R.

If you are a swing trader, then you need to identify major S&R

If you are a "don't know" trader, then you need to go back to the beginning of The Path of Learning.

How to identify these different S&R levels has been covered many times. If you don't know how to do it, then you need to go back to the beginning of The Path of Learning.

GBPUSD is providing a very nice example for us this evening with a very nice juicy Lucy BEOB.

Based on the first chart with major resistance, what would you do?

What would you do after seeing the second chart with minor resistance added?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd worker major s&r.gif Size: 19 KB
Click to Enlarge Name: gbpusd worker major and minor s&r.gif Size: 19 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,057
  • Sep 1, 2009 6:56pm Sep 1, 2009 6:56pm
Quoting strat

GBPUSD is providing a very nice example for us this evening with a very nice juicy Lucy BEOB.

Based on the first chart with major resistance, what would you do?

What would you do after seeing the second chart with minor resistance added?
This is where Strat tells me to go back to the beginning of the Path............

Sticking my neck out at half past midnight here in the UK I will admit I am short on this one (with minimum bet size) and have been for a few days since the multiple retest of the R line at 1.6600. But if I was confronted with the chart as Strat has presented it today I would go short on the BEOB which has broken S at 1.6200 with an order 2 pips below the Low and a Stop at 2 pips above the High of that candle. I would risk 1% of my account. Target 1 would be the next SR line at 1.5900 on my chart with a further T2 at 1.5600 if T1 is reached and broken. I might halve my bet size at 1.5900 but this would depend on how the PA worked out at the T1 level. I would move my stop to lock in profits if T1 was broken. The SL point would partly depend on the position of DSRI at this point. Boss and B Boss are both clearly Bearish.

Off to be bed now with a Scotch!
  • #5,058
  • Sep 1, 2009 7:23pm Sep 1, 2009 7:23pm
Quoting Lotuselanman

Off to be bed now with a Scotch!
Woman or drink?
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,059
  • Sep 1, 2009 9:22pm Sep 1, 2009 9:22pm
Here's a trade i am looking at right now. Looking to play a break of at least 15 pips.

Any comments appreciated.

See Charts
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusd_W1090109.png Size: 50 KB
Click to Enlarge Name: audusdD1090109.png Size: 56 KB
  • #5,060
  • Sep 1, 2009 9:48pm Sep 1, 2009 9:48pm
Personally, I think there are better long term trades given the level you identify, commodity prices, etc. I think you are seeing a market that has been up for 6 straight months in need of a breather. For a quick trade, sure.....for an investment, probably not.

The Scotch must be Andy Murray on TV.
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