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  • #5,061
  • Sep 1, 2009 9:54pm Sep 1, 2009 9:54pm
Anyone interested in these tonight?

They seem to have been down to reversal areas. Heading north or needing more confirmation (probably) with PASR?
  • #5,062
  • Sep 1, 2009 10:19pm Sep 1, 2009 10:19pm
Quoting CrudeCraig
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
Keep looking, but don't play. Wait for the BOSS to break rank FIRST then look for Worker PASR.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,063
  • Sep 1, 2009 10:20pm Sep 1, 2009 10:20pm
Quoting Forest-Sea
Anyone interested in these tonight?

They seem to have been down to reversal areas. Heading north or needing more confirmation (probably) with PASR?
Maybe you need to read previous posts to know these are on our "watch" list
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,064
  • Sep 1, 2009 10:30pm Sep 1, 2009 10:30pm
Quoting strat
Keep looking, but don't play. Wait for the BOSS to break rank FIRST then look for Worker PASR.

One could argue that an aggressive short stance was warranted after the recent 4 weeks PA, similar to that seen in EURUSD; however, that horse is gone on a trade basis. I would not take it at this level but would either wait for higher failure or or more declarative weekly break, as Strat suggests. Honestly, right now as we speak, I would buy it as a trade if forced, based on the intraday (we don't discuss that here!) PA off of the long term SR.
  • #5,065
  • Sep 1, 2009 10:37pm Sep 1, 2009 10:37pm
Quoting Alexandra
One could argue that an agressive short stance was warranted after the recent 4 weeks PA, similar to that seen in EURUSD; however, that horse is gone on a trade basis. I would not take it at this level but would either wait for higher failure or or more declarative weekly break, as Strat suggests.
Thanks for the input Alexandra and Strat. I will wait for better PA as suggested. The 8200 level really does worry me, i dont like the idea of trading right into that wall of SR. I will play a weekly entry if one presents itself.
  • #5,066
  • Edited 5:05am Sep 2, 2009 3:16am | Edited 5:05am
Quoting strat
Woman or drink?
If it had been a woman I'd have scrapped the drink (reluctantly) and doubled the tablets! And it certainly wasn't Andy Murray!!

But, how was my analysis of the GBPUSD chart? After all a trade can also keep one awake all night as I am sure you know.
  • #5,067
  • Sep 2, 2009 4:10am Sep 2, 2009 4:10am
Hi Strat!

I have been studying your method and here is a setup I think is good.

We have had a hammer on the weekly around the Major resistance turned support. And then, on the daily, we have a BUOB on the minor S/R.

I think we could go long once the BUOB is broken to the top side. Most likely it will stop at 1.13.

Once again, thanks for taking your time to share and to teach here.

Ken
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  • #5,068
  • Sep 2, 2009 5:37am Sep 2, 2009 5:37am
Hi Ken,
I see USD/CAD as still bearish. I would look for longs over 1.11. I cannot understand how did you draw the trendline and I cannot see what BUOB to be broken.


Quoting goodtiding5
Hi Strat!

I have been studying your method and here is a setup I think is good.

We have had a hammer on the weekly around the Major resistance turned support. And then, on the daily, we have a BUOB on the minor S/R.

I think we could go long once the BUOB is broken to the top side. Most likely it will stop at 1.13.

Once again, thanks for taking your time to share and to teach here.

Ken
  • #5,069
  • Sep 2, 2009 10:07am Sep 2, 2009 10:07am
Quoting strat
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.

Yes I have read the thread from the beginning. I use F12 method but not in the way that I draw S/R lines for 20 years and then I use these lines to backtest the method on the daily charts. I agree that the strongest S/R levels stay the same but as market changes there are newer S/R levels that we should consider as well. I can not say that I draw S/R levels today and I don't need to touch them ever again, can I?
alter
  • #5,070
  • Sep 2, 2009 11:16am Sep 2, 2009 11:16am
Quoting Lotuselanman
If it had been a woman I'd have scrapped the drink (reluctantly) and doubled the tablets! And it certainly wasn't Andy Murray!!

But, how was my analysis of the GBPUSD chart? After all a trade can also keep one awake all night as I am sure you know.
It was a good analysis, Christopher
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,071
  • Sep 2, 2009 11:17am Sep 2, 2009 11:17am
Quoting alter
Yes I have read the thread from the beginning. I use F12 method but not in the way that I draw S/R lines for 20 years and then I use these lines to backtest the method on the daily charts. I agree that the strongest S/R levels stay the same but as market changes there are newer S/R levels that we should consider as well. I can not say that I draw S/R levels today and I don't need to touch them ever again, can I?
alter

We are talking about backtesting here. This takes place in the PAST! Those PAST levels are what is important to your backtesting.
  • #5,072
  • Sep 2, 2009 11:22am Sep 2, 2009 11:22am
Yes, I think USDJPY may keep me awake for a while!
  • #5,073
  • Sep 2, 2009 11:27am Sep 2, 2009 11:27am
Quoting Alexandra
Yes, I think USDJPY may keep me awake for a while!
The next question is "Is 92ish strong enough to hold or is the next stop 90?"
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,074
  • Sep 2, 2009 11:30am Sep 2, 2009 11:30am
Quoting goodtiding5
Hi Strat!

I have been studying your method and here is a setup I think is good.

We have had a hammer on the weekly around the Major resistance turned support. And then, on the daily, we have a BUOB on the minor S/R.

I think we could go long once the BUOB is broken to the top side. Most likely it will stop at 1.13.

Once again, thanks for taking your time to share and to teach here.

Ken
I agree 100% with Oblo and further ask, what does that MACD crap tell you that PRICE doesn't?
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,075
  • Sep 2, 2009 11:37am Sep 2, 2009 11:37am
Hmmmm...compare that USDCAD chart from March with the current EURUSD look.
  • #5,076
  • Sep 2, 2009 11:42am Sep 2, 2009 11:42am
Quoting strat
The next question is "Is 92ish strong enough to hold or is the next stop 90?"

Yes, there is so much upside there that it is preferable not to catch the falling knife on this one. A good case for PA and a prepared mind I believe.

I am looking very hard at that USDCHF chart to see if my long term EURUSD longs are ready to pack it in.
  • #5,077
  • Sep 2, 2009 11:46am Sep 2, 2009 11:46am
Quoting Alexandra
Hmmmm...compare that USDCAD chart from March with the current EURUSD look.
I don't see the resemblance but I agree with the sentiment
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,078
  • Sep 2, 2009 3:50pm Sep 2, 2009 3:50pm
Would this be a valid BEEB? It is hard to say if it engulfs previous bar's body as it has almost no body. Location of the bar is solid , it bounced from decending TL and resistance area at 0.8800. I would say there is a room down to 0.8660. What do you think?
alter
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  • #5,079
  • Sep 2, 2009 4:33pm Sep 2, 2009 4:33pm
Quoting alter
Would this be a valid BEEB? It is hard to say if it engulfs previous bar's body as it has almost no body. Location of the bar is solid , it bounced from decending TL and resistance area at 0.8800. I would say there is a room down to 0.8660. What do you think?
alter
The previous bar is a doji (indecision) and typical of what you find at a swing top so it looks good for a ride down to 1st support.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,080
  • Sep 2, 2009 4:41pm Sep 2, 2009 4:41pm
Quoting strat
The previous bar is a doji (indecision) and typical of what you find at a swing top so it looks good for a ride down to 1st support.
I have it as already bouncing off the 8745 SR level on my chart and a minor break back below that juicy down trend line from the weekly levels. 4hr chart shows an ema gap bar and IB with a false BO to the upside. Daily chart has a iii (triple inside bars) then doji then a minor BEOB. Could be a trap?

Not sure on this one. There are signals for both sides of the market, but I'd be inclined long more than short as this could be a pause in the up trend (bull flag).

Lets see what unfolds!
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