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  • #6,221
  • Oct 9, 2009 7:15pm Oct 9, 2009 7:15pm
Quoting Naws
Attachment

Does this seem like a decent opportunity for an atm trade to the next support?

The shooting star has definitely found resistance but the choppy PA of the past 2 weeks doesn't seem that good.
Hi Arthur,

Good trade.

That looked like a great setup on your chart. It would have made a good profit.

I was hoping to get in on this one too but there was no SS on my chart. You must have a different daily closing time on the bars than I do.

And if I had a setup I might not have been sure about taking it because of the congestion area just below it.

There is a totally different picture on the charts depending on the time the bars close.

Dave

Attached Image (click to enlarge)
Click to Enlarge Name: 10-9-2009 6-46-43 PM.jpg Size: 218 KB

  • #6,222
  • Oct 9, 2009 8:35pm Oct 9, 2009 8:35pm
Not to be rude but this seems like a total waste of time to be researching these odd TA patterns.

Even a H&S pattern which is very well known is simply S&R.

Keep things simple and spend more time on recognizing real PASR.
  • #6,223
  • Oct 9, 2009 9:31pm Oct 9, 2009 9:31pm
Quoting strat
AB = CD
does that mean this is a ABC correction before next up trend?
  • #6,224
  • Oct 9, 2009 9:33pm Oct 9, 2009 9:33pm
Quoting PistolDave
Hi Arthur,

Good trade.

That looked like a great setup on your chart. It would have made a good profit.

I was hoping to get in on this one too but there was no SS on my chart. You must have a different daily closing time on the bars than I do.

And if I had a setup I might not have been sure about taking it because of the congestion area just below it.

There is a totally different picture on the charts depending on the time the bars close.

Dave

Attachment

from my chart it looks as if the neckline of the SHS is broken. it keep pulling back to the neckline but was rejected...
  • #6,225
  • Oct 9, 2009 9:34pm Oct 9, 2009 9:34pm
Quoting yuan83
does that mean this is a ABC correction before next up trend?
How can it be ABC when its ABCD?
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,226
  • Oct 9, 2009 9:44pm Oct 9, 2009 9:44pm
Quoting strat
How can it be ABC when its ABCD?
oops ok I was referring to a 3 wave correction
  • #6,227
  • Oct 10, 2009 1:58am Oct 10, 2009 1:58am
Quoting CrudeCraig
Not to be rude but this seems like a total waste of time to be researching these odd TA patterns.

Even a H&S pattern which is very well known is simply S&R.

Keep things simple and spend more time on recognizing real PASR.
Fair enough, I suppose for me that's still a strong question does keeping TA patterns in mind make us worse traders by creating expectations or does a bigger picture to the price action help the analysis?

Will look to keep it simple.
Hope is not a trading strategy
  • #6,228
  • Oct 10, 2009 2:57am Oct 10, 2009 2:57am
Quoting strat
DSRI demand lines are incorrectly drawn. Pay attention to and focus more on PASR.
Thanks Strat,

but could you show me how I could have correctly drawn it so I can take note.

Thanks
  • #6,229
  • Oct 10, 2009 6:44am Oct 10, 2009 6:44am
Quoting femfam
Thanks Strat,

but could you show me how I could have correctly drawn it so I can take note.

Thanks
it could be very useful for me too.
  • #6,230
  • Oct 10, 2009 9:21am Oct 10, 2009 9:21am
Quoting femfam
Thanks Strat,

but could you show me how I could have correctly drawn it so I can take note.

Thanks
There is too much attention to DSRI which is distracting from the prime focus of trading Hammers, Shooting Stars, BEOBs, BEEBs, BUOBs and BUEBs to the 1st level of S&R.

For now, just use conventional trend lines.

DSRI Demand & Supply Lines are a subject in themselves and will be discussed in detail in more advanced trading techniques.
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,231
  • Oct 10, 2009 9:30am Oct 10, 2009 9:30am
Quoting PistolDave
Hi Arthur,

Good trade.

That looked like a great setup on your chart. It would have made a good profit.

I was hoping to get in on this one too but there was no SS on my chart. You must have a different daily closing time on the bars than I do.

And if I had a setup I might not have been sure about taking it because of the congestion area just below it.

There is a totally different picture on the charts depending on the time the bars close.

Dave

Attachment

There was SS on 30.9.2009. It has trouble to make LL but I think it has potential to go lower next week as we had nice BEEB yesterday. I don't think I will add position based on this bar but I'm not going to close my shorts neither.
alter
  • #6,232
  • Edited 10:25am Oct 10, 2009 10:16am | Edited 10:25am
Quoting strat
Good lad but how do you know ""be trading in lower volume, with the big exception of usd/yen, which looks like a battle ground down there, volume bars against price bars.""
I thought read in the thread somewhere, that volume in MT4 was acceptable, even if it only represents the trades of that broker ....?

Spinner

A Fool is a Fool who doesn't know he is a Fool
Spinner 'Tis in the Waiting.....
  • #6,233
  • Oct 10, 2009 10:24am Oct 10, 2009 10:24am
Quoting Spinner
I thought read in the thread somewhere, that volume in MT4 was acceptable....?

Spinner
Please read later posts for full explanation of why it is not.
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,234
  • Oct 10, 2009 9:32pm Oct 10, 2009 9:32pm
How many times can a chart give such entry opportunities in 3 weeks? All you should do is to follow the trend and ride on it with PA in correct places.
Attached Image (click to enlarge)
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  • #6,235
  • Oct 10, 2009 10:41pm Oct 10, 2009 10:41pm
Quoting Blackeagle
How many times can a chart give such entry opportunities in 3 weeks? All you should do is to follow the trend and ride on it with PA in correct places.
Beautiful example, Blackeagle. Makes me feel like singing "Knock knock, knocking on Heaven's Door"!
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,236
  • Oct 10, 2009 11:54pm Oct 10, 2009 11:54pm
I hate to drop by a thread being in the 6000's post. Not being able to read the whole of it, but i did read true the websit describing the most important points. But i feel your way of trading is fiting my lifestyle. I live in the EST time zone, and have a busy life. I am in my forth years of trading now. Having crushed all my real (underfunded) account and i am now swing trading Elliot wave signals on a demo. But i find i am leaving aside good signals more then i should. I have primarly been a trend follower type of guys, but my problem was as everybody else i was trying to trade smaller time frame that i could. I have always wanted to go Daily, but always found myself hesitating looking at H4 or H1 chart for a better entry or finding the stop to far if i took the signals on the daily chart only. I need some tips and encouragement to go daily. How to take a position mid-trend with still interesting R/R. Once you have a signal, do you wait for Fibonacci retracement to make entry order or do you just immediately take a spot order. Do you use fix Take profit target or do you try to wait for athe trend reversal signal? Many question i know. Others that know strat method may respond.

I plan on quadrupling my demo 3 sub-accounts before going back live again since i want to be certain that my trading method is really working. I use 2% risk on each trade, up to 3 uncorrelated pairs. To a maximum of 6% risk. I don't want to loose anymore real money, So next time i deposit it's gonna be substantial enough to make a living out of it immediately.

I have read several other trading system. So many that i became confuse as to wich to use. I tried many like harmonic trading and elliot wave and box trades and renko, because any MA method i found was bad in ranging period. So i got to mix everything for unsatisfiying results. I want to stop taking discretionary trades and be sure that i found a really good method but nothing i found so far is bulletproof against the trend-range problem...

I don't expect you give me the holly grail as i know it doesn't exist, just some honest tips as to how you proceed.. Thanks in advance. Sorry for my bad english, it's not my first language as i am french-canadian..!
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  • #6,237
  • Oct 11, 2009 1:40am Oct 11, 2009 1:40am
Quoting Blackeagle
How many times can a chart give such entry opportunities in 3 weeks? All you should do is to follow the trend and ride on it with PA in correct places.
I took trade 1 and it hit my SL as well as SS 4 days before trade 1 on your chart so I did not take any other trade from that iffy level.
  • #6,238
  • Oct 11, 2009 4:39am Oct 11, 2009 4:39am
Quoting GreatYves
I hate to drop by a thread being in the 6000's post. Not being able to read the whole of it, but i did read true the websit describing the most important points. But i feel your way of trading is fiting my lifestyle. I live in the EST time zone, and have a busy life. I am in my forth years of trading now. Having crushed all my real (underfunded) account and i am now swing trading Elliot wave signals on a demo. But i find i am leaving aside good signals more then i should. I have primarly been a trend follower type of guys,

I don't expect you...

you're on the right track and i agree with you when you had decided to have a lot of trading experience using demo account first before doing it with real money. It takes awhile though to muster and master a trading strategy and build a confidence with it. Like you, i'm also learning and trying to know myself of what kinda trader i am, what kind of risk appetite i have. until then i will find the right strategy for me which i will be comfortable trading with.

Have you tride trading naked?
Success consists of going from failure to failure without loss of enthusiam
  • #6,239
  • Oct 11, 2009 10:09am Oct 11, 2009 10:09am
I have my first open position on this pair so I thought it would be a good idea to post my analysis.

BIG BOSS - 20 (80.59) and 50 (86.79) indicate a range bound (consolidating) pair - flat lines.

BOSS - Found support at the 20 which has given us significant upward momentum. 20 and 50 indicate an upward trend. Broken a key resistance level (79.95) that has been giving us problems. Stopped toward the next major level of resistance at 81.40.

WORKER - 20 and 50 agree with BIG BOSS and show a consolidating market. TL from early Feb was broken in September but now we have broken above the TL again.

Conclusion - Breaking and holding above 82.00 would indicate an end to the consolidation and a resumption of the uptrend, initial target should be toward BIG BOSS 50 so 86.50.
Attached Image(s) (click to enlarge)
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Hope is not a trading strategy
  • #6,240
  • Oct 11, 2009 10:41am Oct 11, 2009 10:41am
Quoting dongsky
you're on the right track and i agree with you when you had decided to have a lot of trading experience using demo account first before doing it with real money. It takes awhile though to muster and master a trading strategy and build a confidence with it. Like you, i'm also learning and trying to know myself of what kinda trader i am, what kind of risk appetite i have. until then i will find the right strategy for me which i will be comfortable trading with.

Have you tride trading naked?
Never traded naked, i have kids around!! Hehehe.. I tried only with fibs, on an hourly chart. That was a killer for me. Could not make it profitable. Was using the 38.2 instead of the 61.8-76.4.. Right now The most sexy i do get is elliot wave and fibs, macd and envelope, but my method is crap, i only made some gain because i was lucky enough to catch some trend, usually already in wave 5 or C. Trying to trade 4hr chart on an EOD basis. I have this psychological problem where i can't resolve to go daily with both entry and exit! I usually exit a trade on the 4 hr chart because i get very weary of price turning back too much on me! Then find myself unable to re-enter the trend again with correct R/R.
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