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Strat's Long Term Stress Free Trading

  • #6,321
  • Oct 13, 2009 4:51pm Oct 13, 2009 4:51pm
Quoting Alexandra
Double top, huh? Hmmm......let me look at the lomger term charts....not off the boil yet.
Hmmm - Boss and Big Boss still in a major down trend but currently in minor up trend.

Boss shows PA caught in the Big Boss 20/50 Trap..hmmm

Could be a classic top setting up. We had a strong TL break after a 20ema Big Boss kiss, which then bounced and gave us a higher-high test of the TL break and a period of consolidation.

Worker shows an IB at Point A. Aggressive traders could get a tight entry based on this IB with good RR, stop at top, short entry at bottom - TP the SR level at Point B. Less aggressive traders would do better waiting for a LH with PA to get back into any trend assuming PA falls away.

This would be considered Counter Immediate Trend tho as the boss and worker MAs are all below the current price. Dr Joe would more than likely place a long order a few pips above the IB (20 or so) with a stop below for a fakey double top? If you long the top break of the IB combined with the minor Resistance level created by the last high (red line) it could be a good earner.

But, we are not trading IBs here or patterns, per se, but PASR to the next level of SR, so....

This double top combined with the 50% retrace from the monthly high to low, and the major down trends on Boss and Big Boss would side me with a pending short order with TP at 75.80ish for a 2:1 RR Ratio short.
Attached Image (click to enlarge)
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Trade less and become more profitable!
  • #6,322
  • Oct 13, 2009 5:41pm Oct 13, 2009 5:41pm
Quoting Forex007
Considering that English is my forth NON-NATIVE language, I think I am doing not that bad (in languages, and in controlling my emotions too - hm, talking about "professionalism", eh). But thank you for correcting my spelling mistake.

If you like correcting, you should like being corrected too (perhaps not). Now it's time for you to admit that either info on OBs/EBs was incorrect at your Web site (as I clearly explained, that was the reason for my original question - not to trip you, but to clarify), or that you didn't (don't?) know the difference...
Forex007 ,actually what you said is true , strat's posts about OBs and engulfing bars are cotradicting each others.anybody can make mistakes.
  • #6,323
  • Oct 13, 2009 7:04pm Oct 13, 2009 7:04pm
Quoting rockk
Forex007 ,actually what you said is true , strat's posts about OBs and engulfing bars are cotradicting each others.anybody can make mistakes.
Look once and for all, if you took the liberty to read the posts after that, you will see where I said I was incorrect and then correctly explained the difference between the two.

I have no problem at all being corrected when I am wrong - my problem is people coming on to this thread to disrupt it.

Now, get over it and lets move on to important things like taking money out of the forex market!
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,324
  • Edited 7:42pm Oct 13, 2009 7:27pm | Edited 7:42pm
Quoting Grimweasel
Hmmm - Boss and Big Boss still in a major down trend but currently in minor up trend.

Boss shows PA caught in the Big Boss 20/50 Trap..hmmm

Could be a classic top setting up. We had a strong TL break after a 20ema Big Boss kiss, which then bounced and gave us a higher-high test of the TL break and a period of consolidation.

Worker shows an IB at Point A. Aggressive traders could get a tight entry based on this IB with good RR, stop at top, short entry at bottom - TP the SR level at Point B. Less aggressive traders would do better waiting...

Thoughtful.......looking at the monthly, we are at a critical and natural stopping point here at 81.80-82 after the hard earned break of 80. There is a big fat Strat line there (which held once already) at which to take profit for those who faithfully adhered to the party line discussed here and have profit awaiting first resistance......or to wait patiently with reasonable stops for those less inclined to view a top as in place.....ahem...know anyone?

Cross-referencing, I find EURJPY monthly reassuring at this point to the overall fundamental view, as discussed last week.

The next step is for USDJPY to join the party, rather than looking in the window. The window seems to have a big fat line in it, obscuring one's view of the festivities. Someone get a towel, please.
  • #6,325
  • Oct 13, 2009 7:40pm Oct 13, 2009 7:40pm
I believe there may be a bloody towel on the floor at that Canadian's house. He may not need it anymore for a while since 1.03 has been hit.
  • #6,326
  • Oct 13, 2009 9:37pm Oct 13, 2009 9:37pm
Hi Strats and all the other members of this thread.. have just finished reading through this enormous thread over the last few days. I like many others on here have to admit to struggling to make money due to playing the lower tf's but after reading through this thread i think the penny has finally dropped on the reasons why!!... i have a good working knowledge of PA & CP but have not been disciplined enough and have jumped from one strategy to another as soon as i have lost some pips.. also used every indicator know to man, many of these tend to show a move exactly at the time the market moves in the opposite direction due to their lagging nature.

As mentioned earlier the AUSJPY has made what appears to be a double top but also interesting on the monthly chart has hit the fib 50% line... one to watch?

Glenn
  • #6,327
  • Oct 13, 2009 9:51pm Oct 13, 2009 9:51pm
Hi GBPJPY has bounced off 143.20 for the forth time .. i have placed a short here with a stop at 143.30... see how we go!!

Glenn
  • #6,328
  • Oct 13, 2009 10:54pm Oct 13, 2009 10:54pm
Quoting Cosmo
Hi GBPJPY has bounced off 143.20 for the forth time .. i have placed a short here with a stop at 143.30... see how we go!!

Glenn
Glenn,

Have you placed a trade before the daily bar has closed? This will kill our trading acccounts for us beginners.

The way I see GJ at the moment is that the big money has moved to the sidelines for the moment. Untill the big boys step back in and show us the way we should be waiting for STRESS FREE trades.
  • #6,329
  • Oct 13, 2009 10:57pm Oct 13, 2009 10:57pm
Quoting Grimweasel
Hmmm - Boss and Big Boss still in a major down trend but currently in minor up trend.

Boss shows PA caught in the Big Boss 20/50 Trap..hmmm

Could be a classic top setting up. We had a strong TL break after a 20ema Big Boss kiss, which then bounced and gave us a higher-high test of the TL break and a period of consolidation.

Worker shows an IB at Point A. Aggressive traders could get a tight entry based on this IB with good RR, stop at top, short entry at bottom - TP the SR level at Point B....
Nice analysis. I am in the process of moving so I definitely have not been contributing as much as I would like to, but definitely enjoying the reading and learning.

I think this definitely COULD be a double top, I would wait for PA to show me the way though. From my understanding it is still not a swing high and would need a candle to break the swing high candle lows to confirm.

Having said that you have clearly thought out the RR, as I am just a learner I always want the boss and worker to get along
  • #6,330
  • Oct 13, 2009 11:28pm Oct 13, 2009 11:28pm
I've been watching this thread silently ... such a great thread.
Anyone here watching Fiber ?

I got an order filled at 1.4850 .. going to take profit some at 1.500 while leaving 1 portion to ride up to 1.53 (long term target). (with SL will be moved to break even once it hits 1.5)

1.5300 because of the Weekly support turn to resistance and psycho number.
1.5000 because of the psycho number + resistance in the daily charts.

Anyone else in this trade.
  • #6,331
  • Oct 13, 2009 11:32pm Oct 13, 2009 11:32pm
Quoting CrudeCraig
Glenn,

Have you placed a trade before the daily bar has closed? This will kill our trading acccounts for us beginners.

The way I see GJ at the moment is that the big money has moved to the sidelines for the moment. Untill the big boys step back in and show us the way we should be waiting for STRESS FREE trades.
Hi Craig, i placed the trade after the close of the confluence of the forth daily bar (yesterday), since then todays candle has moved down to my first TP.. i have moved my SL to 10 pips above BE.

Glenn
  • #6,332
  • Oct 14, 2009 1:07am Oct 14, 2009 1:07am
Quoting Cosmo
Hi GBPJPY has bounced off 143.20 for the forth time .. i have placed a short here with a stop at 143.30... see how we go!!

Glenn
Looks like an excellent trade in hindsight. But you did it with foresight! I personally would have put the SL much further out.

Way to go!

Pandu
  • #6,333
  • Oct 14, 2009 1:28am Oct 14, 2009 1:28am
Quoting Cosmo
Hi Craig, i placed the trade after the close of the confluence of the forth daily bar (yesterday), since then todays candle has moved down to my first TP.. i have moved my SL to 10 pips above BE.

Glenn

If i am understanding you correctly you placed a sell order at the close of yesterdays bar?? (See attached chart)

If this is correct, this is NOT what is being taught on this thread.

If i am wrong please post a chart to show your thinking behind this trade as i can see no STRESS FREE trade on this chart.
Attached Image (click to enlarge)
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  • #6,334
  • Oct 14, 2009 1:29am Oct 14, 2009 1:29am
Quoting Forex007
Considering that English is my forth NON-NATIVE language, I think I am doing not that bad (in languages, and in controlling my emotions too - hm, talking about "professionalism", eh). But thank you for correcting my spelling mistake.

If you like correcting, you should like being corrected too (perhaps not). Now it's time for you to admit that either info on OBs/EBs was incorrect at your Web site (as I clearly explained, that was the reason for my original question - not to trip you, but to clarify), or that you didn't (don't?) know the difference...
Hi guys, this is the link to the post where Strat pointed out the difference between an Outside Bar and Engulfing Bar. It's on page 114, anyone who had reach that page would have understand the difference.

http://www.forexfactory.com/showpost.php?p=2654190&postcount=1696
Discipline is PRIMARY, Method is Secondary.....
  • #6,335
  • Oct 14, 2009 1:39am Oct 14, 2009 1:39am
Quoting Dabestone
Hi guys, this is the link to the post where Strat pointed out the difference between an Outside Bar and Engulfing Bar. It's on page 114, anyone who had reach that page would have understand the difference.

http://www.forexfactory.com/showpost.php?p=2654190&postcount=1696

Nice Dabestone good find, i know there is a post where strat replied to a Question of mine regarding OB's & EB'S as well.
  • #6,336
  • Oct 14, 2009 1:39am Oct 14, 2009 1:39am
Hey everyone,

I'm new here, (Just registered) but have been following this thread for quite a while. (And read most but not all of this thread, and pretty much everything I can find regarding S/R PA trend trading).
Have been looking at GBP/USD, Prices seem to have hit resistance on the down trend line @ 1.5982. (also at 50% Fib retrace). I'm thinking it'd be a good time to go short.
Anyone here agree with my outlook ?

Regards
Brendon
  • #6,337
  • Oct 14, 2009 1:52am Oct 14, 2009 1:52am
Quoting Brendon
Hey everyone,

I'm new here, (Just registered) but have been following this thread for quite a while. (And read most but not all of this thread, and pretty much everything I can find regarding S/R PA trend trading).
Have been looking at GBP/USD, Prices seem to have hit resistance on the down trend line @ 1.5982. (also at 50% Fib retrace). I'm thinking it'd be a good time to go short.
Anyone here agree with my outlook ?

Regards
Brendon
Will wait for daily close and nice candle pattern before considering a short. Nice analysis
Discipline is PRIMARY, Method is Secondary.....
  • #6,338
  • Oct 14, 2009 2:25am Oct 14, 2009 2:25am
Quoting Brendon
Hey everyone,

...
Have been looking at GBP/USD, Prices seem to have hit resistance on the down trend line @ 1.5982. (also at 50% Fib retrace). I'm thinking it'd be a good time to go short.
Anyone here agree with my outlook ?

Regards
Brendon
Your analysis agrees with mine too, but to be really stress free we should wait for the daily candle to close. There is still a chance it may pierce through the TL and close above it, in which case a short is dangerous at this level.
On the other hand if it bounces off the TL and turns down, a re-test of 1.5730 is very likely and also a break of 1.57 becomes more likely.

Pandu
  • #6,339
  • Oct 14, 2009 2:33am Oct 14, 2009 2:33am
Quoting strat
Did you understand my “role playing” analogy?
Have you tried walking UP a DOWN escalator?
You are trying to trade against trends in different time frames.
Do you understand the higher order of time frames?
Yes I understand now and see what you mean. Thank you!
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #6,340
  • Oct 14, 2009 2:41am Oct 14, 2009 2:41am
Quoting CrudeCraig
Nice Dabestone good find, i know there is a post where strat replied to a Question of mine regarding OB's & EB'S as well.
Hi Craig, if you may, could you post your chart for CHFJPY with SR lines with it? TF= Weekly.

Am starting to pay more attention to SR lines for my trading. Don't trade into support and resistance, it's something precious that I learnt here.

So, I would like to compare my charts with you pros and see how's my SR placement.

Below is my chart.

Thanks
Sean
Attached Image (click to enlarge)
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Discipline is PRIMARY, Method is Secondary.....
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