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Strat's Long Term Stress Free Trading

  • #5,441
  • Sep 17, 2009 10:06pm Sep 17, 2009 10:06pm
You must be living down under then.
  • #5,442
  • Sep 17, 2009 11:27pm Sep 17, 2009 11:27pm
I am in paradise.but afraid to fall...may be unavoidable.
  • #5,443
  • Sep 17, 2009 11:39pm Sep 17, 2009 11:39pm
Strat, here is another great quote from your earlier post.

"Anyone can succeed in this "trading" business. But you need to see trading as a little bit different to how you approach a normal job.
In a "normal" job, you are expected to "work hard" and "rush around" and "look eager" and "be proactive" and "be busy" and "look important". (It is part of the political game of normal, big business)
In trading, it is the opposite, you should park the "ego" at the door, be calm and patient, and trade ONLY when the risk/reward ratio is in your favor. It is not easy, but it is simple."

I have been thinking this way about trading. I thought I was dreaming only thinking that life can be so easy when we were all told to work hard, try hard, fight hard in order to have any kind of success in life.

Thank you for your sharing


Fuman
  • #5,444
  • Edited 9:16am Sep 18, 2009 3:32am | Edited 9:16am
Quoting elitejets
I think that the signs are getting clearer ... an inside bar today would be nice.

Note to Newbies. IF it is an inside bar and IF you trade it do not trade the break of the inside bar, trade the break of the big red marabuzo candle before it but use the top of the inside bar for your stops. These are IF's as its not an inside bar yet.
My first target for this trade is 1.63, second target is 1.60, and it is higher risk because technically it is rangebound
Patience rewarded. I am targeting the lower resistance line, then the 38.2 fib and big 1.60 level. Then a breakout would be great wouldn't it? I'm trying not to be greedy.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd daily.gif Size: 28 KB
  • #5,445
  • Sep 18, 2009 3:37am Sep 18, 2009 3:37am
I'm going to rant briefly ... It took three attempts to post that last post. Twice I tried and FF managed to open a million IE browser windows and give me the blue screen of death. It's disruptive to my trading. I don't know why FF gets targeted but it's not good.
  • #5,446
  • Sep 18, 2009 3:42am Sep 18, 2009 3:42am
Quoting elitejets
I'm going to rant briefly ... It took three attempts to post that last post. Twice I tried and FF managed to open a million IE browser windows and give me the blue screen of death. It's disruptive to my trading. I don't know why FF gets targeted but it's not good.
would firefox be better nic?

not noticed any probs with that yet.
  • #5,447
  • Sep 18, 2009 3:56am Sep 18, 2009 3:56am
Quoting The Pip Pirate
would firefox be better nic?

not noticed any probs with that yet.
Thanks ... I'm going to have to I think.
  • #5,448
  • Sep 18, 2009 4:25am Sep 18, 2009 4:25am
Nic - get rid of IE7/8 etc - they are slow and buggy - try Google Chrome - I've been using it for ages now and it's so much better and much quicker!
Trade less and become more profitable!
  • #5,449
  • Sep 18, 2009 7:09am Sep 18, 2009 7:09am
Quoting The Pip Pirate
would firefox be better nic?

not noticed any probs with that yet.
no problems with firefox.
  • #5,450
  • Sep 18, 2009 7:49am Sep 18, 2009 7:49am
IE7 ,8 are slow .
i have firefox since a while but i have one problem with it; if i scroll page to downside it bring the bottom immediately not smoothly, you can not go step by step,line after line.
any solution? or google better ?
  • #5,451
  • Sep 18, 2009 8:38am Sep 18, 2009 8:38am
Quoting rockk
IE7 ,8 are slow .
i have firefox since a while but i have one problem with it; if i scroll page to downside it bring the bottom immediately not smoothly, you can not go step by step,line after line.
any solution? or google better ?
this may be insufficient ram as it cant cope with all info, rather than firefox
  • #5,452
  • Sep 18, 2009 11:20am Sep 18, 2009 11:20am
Only a few of these trades a year and one could be a very successful trader!!

Patience is everything here and sticking to your PLAN. I have another trade going right now on CAD/JPY off the hammer formed on monday, stops are below the 85 level as its being tested as support today.

ill post charts of all three trades i have taken so far this month as i just got stopped out on GJ this morning.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf091809d1.png Size: 60 KB
  • #5,453
  • Sep 18, 2009 11:29am Sep 18, 2009 11:29am
See chart
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpy091809d1.png Size: 69 KB
  • #5,454
  • Sep 18, 2009 11:37am Sep 18, 2009 11:37am
See chart
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy091809d1.png Size: 62 KB
  • #5,455
  • Sep 18, 2009 11:45am Sep 18, 2009 11:45am
Quoting CrudeCraig
Only a few of these trades a year and one could be a very successful trader!!

Patience is everything here and sticking to your PLAN. I have another trade going right now on CAD/JPY off the hammer formed on monday, stops are below the 85 level as its being tested as support today.

ill post charts of all three trades i have taken so far this month as i just got stopped out on GJ this morning.
This is excellent, Craig.

Everyone:
This is a perfect example of reading and understanding and then putting that into practice on real live trades.

How much simpler can this get?

A Double Top
Enter below BEOB/BEEB
Exit on reverse PA
Watch rally against trend
Re-enter trend with BEEB

So for any doubters out there, non believers, or those lacking in confidence, this shows that it can be done and done very well. I don’t know anyone who could have traded this better.

Great job, Craig!
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,456
  • Sep 18, 2009 12:40pm Sep 18, 2009 12:40pm
Quoting CrudeCraig
See chart
Craig, let’s look at your GBPJPY trade:

Your two red TLs are “history” and serve no purpose – remove them – they are a distraction to you.

“First test of 150 level failed to break”

Just looking at that section of your chart, it can be seen that 150 is a very important level to this pair. Apart from the slice through on May 22ish, this level has caused PRICE REACTION. That being said and with history repeating itself, it was always on the cards that the chances of a “wobble” or reaction are high.

Now, that candle you are pointing to with the above statement is NOT and NEVER will be, a hammer whether small or large – it is merely a DOJI.

Remember what a doji represents – it is a place where demand = supply, where buyers and sellers agree on price. At this point in time, PRICE IS IN BALANCE – it can go in any direction, up, down or sideways. As we would expect at this level, there was again demand and buyers responded.

Move over to the candle above your word “like” in your lower comment box – now that is a BOND HAMMER. It’s not perfect because of its position but it is CONFIRMING the bottom identified by the three previous large candles. Look at its shape and proportion compared to that anemic thing you pointed out.

So at the 150 level we got the reaction we expected with two “average” demand bars. Compare these two bars to the “short” bars – they are smaller (shorter) which gives us a clue to the strength of the demand. Remember also, we are now pushing the concrete ball up the hill – we need a lot of energy (demand) to get this going again. Far more energy than is needed to let it roll down hill!

Now, what do you see after those two demand bars? More dojis followed by a very anemic candle which didn’t change price relative to the 3 prior dojis. So at this point, we still have indecision between buyers and sellers – they agree on price but not on direction – it can go any of 3 ways – so we wait for it to show us the way.

The next bar is a BEEB which could mean supply and a continuation of the trend BUT we still have to deal with the 150 level again. The ONLY low risk way to trade this is sell and TP at 150 whether you do it on the Daily or a shorter time frame.

“Second test where I traded the hammer failed today”

I guess your logic for your trade was that it was a re-test of 150 and therefore a turn – around. Well it could well have been but I certainly would not have traded it because again, that candle you are pointing to with the above statement is NOT and NEVER will be, a hammer whether small or large – it is merely a DOJI. In this case it is just acting as a PAUSE in supply.

The one line which would have helped you on this you didn’t draw! This is the DSRI Supply Line from the open of the bar around Aug 19 to the open of the bar around Sep 10. This is the CONTROLLING LINE and until this supply line is broken, the pair remains in SUPPLY.

Now from this, Craig, your candle recognition skills stink. Go back and study hammers and shooting stars – do it on as many charts as it takes until you are SURE you know how to recognize the valid ones.
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,457
  • Sep 18, 2009 1:13pm Sep 18, 2009 1:13pm
Catch Us if you can - Dave Clarke Five 1965 (another guy who couldn't drum to save his life!)

We are stretching this one helluva lot! We are already approaching T8 with only T9 to go. If that is breached then not only do I need a new abacus, but also a new brain!
Attached Image (click to enlarge)
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15 YEARS OF PASR ON FOREX FACTORY!
  • #5,458
  • Sep 18, 2009 2:03pm Sep 18, 2009 2:03pm
Talk about a slow grind - its torture at its best eh what, Alexandra?

So the anemic demand finally, after a whole week's effort, managed to get back where it started a week ago - not a very good sign unless of course you are still short.

So, if the current demand line gets broken on Monday with a strong close below psycho 90.00, then we are in to a whole new world of hurt as shown by my targets.

Any other break and close and I need to get my abacus out again.

This is not a recommendation to go short - I don't know anything - only the Queen knows!
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy sep 18.gif Size: 23 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,459
  • Sep 18, 2009 2:49pm Sep 18, 2009 2:49pm
What a well behaved pair - I'm definitely putting this pair on my watch list - thanks Nicola!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpaud.gif Size: 28 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #5,460
  • Sep 18, 2009 4:40pm Sep 18, 2009 4:40pm
what to do - Buddy Holly 1957
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd sep 18.gif Size: 29 KB
15 YEARS OF PASR ON FOREX FACTORY!
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