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  • #5,181
  • Sep 9, 2009 5:19pm Sep 9, 2009 5:19pm
EURUSD:

Next stop 1.4630 or is the party over?
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,182
  • Sep 9, 2009 6:22pm Sep 9, 2009 6:22pm
if I may chirp in - I'd venture that until there are more buyers than sellers the party will keep on going....at least until people start leaving the party because they've had too much fun and alcohol....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #5,183
  • Sep 9, 2009 6:36pm Sep 9, 2009 6:36pm
""if I may chirp in - I'd venture that until there are more buyers than sellers the party will keep on going....at least until people start leaving the party because they've had too much fun and alcohol....""

Oh dear! Seems like you have already had your fun and alcohol, old chap!

You mean:

I'd venture that until there are more SELLERS than BUYERS the party will keep on going.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,184
  • Sep 9, 2009 6:56pm Sep 9, 2009 6:56pm
hi Strat,

I'd venture that until there are more SELLERS than BUYERS the party will keep on going.

in this present scenario what do you mean by that?
  • #5,185
  • Sep 9, 2009 7:01pm Sep 9, 2009 7:01pm
Quoting brspMA
hi Strat,

I'd venture that until there are more SELLERS than BUYERS the party will keep on going.

in this present scenario what do you mean by that?
....8.......9........10 Somebody, PLEASE!
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,186
  • Sep 9, 2009 7:01pm Sep 9, 2009 7:01pm
Quoting Alexandra
LOL - I had a bit of luck there. There was no movement at all out of the long USDCHF side, so I dumped them on last night's open. Just held my EURUSD longs. That proved to be correct, but - honestly, I would have been happy with a protitable but hedged position also.

The question now becomes, however, is there a role to reset them at 1.04?
104.00 seems promising Alexandra. Amazing how well your crystal ball works. Must be the same one Strat uses.
  • #5,187
  • Sep 9, 2009 7:06pm Sep 9, 2009 7:06pm
Quoting One14
104.00 seems promising Alexandra. Amazing how well your crystal ball works. Must be the same one Strat uses.
Hey Corbett, are you saying Alexandra and I have the same balls?
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,188
  • Sep 9, 2009 7:13pm Sep 9, 2009 7:13pm
Indeed, the 1.04 is holding for the moment and perhaps worth a stab for those who like the quick trade. The long term charts, however, would need a lot more work to make that bear trap a reality.

I'm more interested at the moment in the USDJPY's hold of 92. That has my interest long term.
  • #5,189
  • Sep 9, 2009 10:36pm Sep 9, 2009 10:36pm
Quoting strat
Hey Corbett, are you saying Alexandra and I have the same balls?
Me? I would never. Perhaps Alexandra is just using yours or vice versa. She's gonna kill me now. Alexandra...he made me do it.

Hey Strat...do you ever have any losing trades? I know you must, but you never bring them up. Is that because you moved on and don't think about them? I know it is part of the business, but I was wondering if you learn anything from them. BTW, I did read you recent post about moving on after a loss and not letting it get into your psyche.

I think I answered my own question while thinking about this.
If you believe in your plan and trade your plan, losses are a part of it.
So, there really is nothing to review since you are just following your plan.
  • #5,190
  • Sep 9, 2009 11:00pm Sep 9, 2009 11:00pm
Quoting One14
Me? I would never. Perhaps Alexandra is just using yours or vice versa. She's gonna kill me now. Alexandra...he made me do it.

Hey Strat...do you ever have any losing trades? I know you must, but you never bring them up. Is that because you moved on and don't think about them? I know it is part of the business, but I was wondering if you learn anything from them. BTW, I did read you recent post about moving on after a loss and not letting it get into your psyche.

I think I answered my own question while thinking about this.
If you believe in...
""do you ever have any losing trades?"" - No, and I'm also a virgin!

I have lots and lots of losing trades - mostly small, some big and some bigger than I would really like. There is no trader, no system, no method, no black box which does not lose - if you find someone who tells you otherwise, they are LIARS! Just like the markets, we have cycles where we lose. This is where your MM comes in by reducing your position size during your losing cycles.

""but you never bring them up"" - No, but I never bring up my winning trades either unless requested. Losing is just part of doing business - the trading business - it's no big deal if you have your SL in place and good MM.

"I was wondering if you learn anything from them."" When you stop learning from your mistakes (losers), its time to stop trading. Learning from your losing trades is just as valuable as learning how to trade.

""I did read you recent post about moving on after a loss and not letting it get into your psyche."" If you worry about your losses then YOU are not in control - your emotions (greed and fear) are controlling you. A loss is nothing more than a bad investment - forget it and move on to the next investment opportunity.

Good questions, Corbett!
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,191
  • Sep 9, 2009 11:39pm Sep 9, 2009 11:39pm
Strat,I did'nt see anyone mention this so I thought I would ask. Why on your 'Test' chart your markings were 130 pips apart? You wouldn't have mentioned it unless you were probing.

Also, any chance of some more examples of confirmations on swing highs/lows ' being taken out'. I found that quite fascinating.

Thanks, Roy
Polishing my crystal ball
  • #5,192
  • Sep 10, 2009 12:02am Sep 10, 2009 12:02am
Hi Baba G

Thanks for your teachings .

I have some questions with regard to the studying of the bars and recognising pin bars, BUOB ect.

1. When you started learning PA have you enlarged the screen to see it big or you have had it small to see what was happening before it (to see if market going sideways, downtrend, uptrend)?

2. I know that I need to look at many charts with PA, what especially I need to look for (close of the candle in relation to the previous candle/bar or candles/bars)?

3. I am aware that learning the PA will enable me to read what the market is doing without indicators, I have been drawing trendlines when I see consolidation of prices and I expect the PA to show a way out of this box either down or up - is this a correct way of reading PA in such a situation?

I understand that practice will enable me to succeed in reading PA, however if there are any pointers from the master I would greatly appreciate it.

Many thanks for your help.
Regards
Jideck
  • #5,193
  • Sep 10, 2009 12:23am Sep 10, 2009 12:23am
Quoting brspMA
hi Strat,

I'd venture that until there are more SELLERS than BUYERS the party will keep on going.

in this present scenario what do you mean by that?
When the price starts going down and we get bearish PA then it means that more sellers have stepped in. If that doesn`t happen then the buyers will still have control and price should keep riding higher. Am I right?
  • #5,194
  • Sep 10, 2009 12:43am Sep 10, 2009 12:43am
Quoting brspMA
hi Strat,

I'd venture that until there are more SELLERS than BUYERS the party will keep on going.

in this present scenario what do you mean by that?
BUYERS push prices UP....so until more people wish to SELL then there will be more BUYERS so price should rise.

Think house prices....went up with easy credit...more buyers, have fallen now there's less credit, eg less buyers and more sellers wanting to sell their house for more than they bought.
  • #5,195
  • Sep 10, 2009 2:11am Sep 10, 2009 2:11am
Quoting strat
""if I may chirp in - I'd venture that until there are more buyers than sellers the party will keep on going....at least until people start leaving the party because they've had too much fun and alcohol....""

Oh dear! Seems like you have already had your fun and alcohol, old chap!

You mean:

I'd venture that until there are more SELLERS than BUYERS the party will keep on going.

blimey...I completely missed that...it should have read "as long as there are"

Need to get into bed earlier.....

Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #5,196
  • Sep 10, 2009 10:26am Sep 10, 2009 10:26am
Quoting strat
the point I wanted to make is that if we are to be successful, we need to forget why the market does what it does and concentrate on WHAT the market does.

I'm gunna print that out and stick it to my monitor!

I'm a long time investor wanting to become a trader, it is harder than I thought, much much harder

This thread and Jacko's thread have changed my view on trading

I just found the index to this thread, never seen that before, very useful.


Lloyd
  • #5,197
  • Sep 10, 2009 10:28am Sep 10, 2009 10:28am
This is my first post.

Thank you for this thread! Great reading, hopefully I can contribute more after I finish reading the thread in its entirety.
  • #5,198
  • Sep 10, 2009 12:09pm Sep 10, 2009 12:09pm
Quoting Naws
When the price starts going down and we get bearish PA then it means that more sellers have stepped in. If that doesn`t happen then the buyers will still have control and price should keep riding higher. Am I right?
Come on, Naws, no need to question yourself!
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,199
  • Edited 12:11pm Sep 10, 2009 12:10pm | Edited 12:11pm
Quoting foredog
BUYERS push prices UP....so until more people wish to SELL then there will be more BUYERS so price should rise.

Think house prices....went up with easy credit...more buyers, have fallen now there's less credit, eg less buyers and more sellers wanting to sell their house for more than they bought.
Now you're THINKING, 4K9!
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,200
  • Sep 10, 2009 12:12pm Sep 10, 2009 12:12pm
I had another really good laugh last night.

As you know, Naws has stepped up (thank you, Naws), and taken on the role of Administrator to the thread now that rogueforex has exited stage left. In doing so, he is updating the Index and amongst other things, the membership of those on The Path of Learning. He sent out a mass mailing to the membership asking if they were still active etc., and last night, sent me the responses received to date.

One of these responses was the cause of my laughter. He got a response from some guy in Oz who said something like “still in, although Strat’s abrasive style gets me down which I imagine grates most”.

“Poor baby”, I thought, “must be nearing his bedtime, clean nappy and hot milk!”.

Then I got to thinking. Then it occurred to me that there is a side of trading you may not know about or not have experienced yet.


Everything I say and do on here, MY THREAD, is calculated and for a reason. My “slap ‘em in the face, kick ‘em in the balls” style when you do wrong is for a reason. I have been admonished by Tiaforex many times on J16 for this style and I thank him (her) sincerely for this compliment.

Trading, and in particular, futures and forex, is, mentally and psychologically, one of the hardest and toughest arenas to participate in. It makes trading stocks look like kindergarten games. If you are not mentally and psychologically tough and strong, then, no matter how good your technical skills are, you will NEVER, EVER, make it.

I grew up in the 50s and 60s with gangs; not the drug gangs you have now, but street fighting gangs. You had to fight to survive, if you didn’t, you were beaten up everyday to the point you stayed inside and lived the life of a hermit. It also taught me to find a “protector” – an older, stronger, wiser pal who would protect me and look after me when “bullies” much bigger and stronger then me would “pick on me”. This has made me into what I am today – I fight for everything I want and I NEVER give up.

Fast forward to this thread. I have many options. I do this thread because I sincerely want to help traders, young and old, new or experienced, become successful and profitable traders. I could run this thread like all the others out there – all nicey picey, suck up to me, tell me how good I am, ass lickin’ and kissin’ etc, etc BUT that’s NOT my style and would not achieve what I want to achieve.

Again, I did not start this thread to be the “most popular” or have the “most hits” or compete with J16, Jacko, T2W etc, etc; I am not ego driven, all I care about is making money and helping others make money and, having been through the wringer and spun inside and out many times, know how to do it.

If my “abrasive”, “slap ‘em in the face, kick ‘em in the balls” style offends you then I can tell you, with 100% certainty, that you will NEVER, EVER make it in this business. Futures and forex trading is a “dog eat dog” arena; it is all about predators looking for prey. If you are not mentally and psychologically TOUGH and STRONG, then, no matter what your technical skills, you are the prey the predators feed on.

This is a zero sum business – one guy wins and another loses. During my “normal” day, I have my friends. When I am trading, I have NO friends, everyone is my enemy, I fight to ensure I am the WINNER and NOT the prey.

Blackeagle is my Strat Cerified Trainer (Professional Trader and Money Manager), Nicola is my Events Coordinator and trader extraordinaire, Alexandra is a professionally trained full time trader, we have a Hedge Fund Manager (asks to remain anonymous) in the UK following us, plus many other seasoned and experienced traders – these are all my trading friends UNTIL it comes down to trading – as soon as “buy” and “sell” is clicked – they are just dogs waiting to eat me up – I have to make sure “”I”” am the one doing the eating.


Again, if you are not mentally tough and strong in this business, and if you haven’t experienced it already, you will be gobbled up, chewed up and spat out in very small pieces, all before breakfast, then your ass reamed inside and out and handed to you in a brown paper bag!

I have said it many times, to be successful in trading is 95% trading psychology and 5% technical skills. The trading psychology books and “know it alls” tell you about controlling your emotions – specifically greed and fear. How many tell you about being mentally and psychologically tough and strong? This thread goes the extra step – you either mentally toughen up and strengthen on here, or you run as fast as you can to a “nicey picey, ass lickin’” thread where there is no heat.

So, before I get off my soap box, here it is in a few short words:

If you don’t like my style, fine, no problem, get the hell out of Dodge, but don’t waste your money funding trading accounts for you will NEVER, EVER make it. Rather you take up tiddlywinks or snakes and ladders but avoid Monopoly – that involves money again.
15 YEARS OF PASR ON FOREX FACTORY!
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