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  • #6,481
  • Oct 16, 2009 2:37am Oct 16, 2009 2:37am
Quoting soso
Hello everyone,

I am in a timezone (Eastern Europe) where Daily bars on most brokers close around 01 AM in the morning and usually I go to sleep by 12 AM at latest. I wonder how do other people in my situation deal with it? Since orders _should_ be placed AFTER the close of the Daily bar how do you do it if you most lilely sleep?


I have 2 solutions for now, think about bullish setup:[list=1][*]Wait at least until 1 hour before closing and look what the bar is telling you, if it is a good entry bar (e.g. BUOB) then put the order above...
Hi,
u use oanda? on my oanda chart the daily open starts 6.00 CET
thats midnight in NY
  • #6,482
  • Oct 16, 2009 2:45am Oct 16, 2009 2:45am
Quoting soso
Hello everyone,

I am in a timezone (Eastern Europe) where Daily bars on most brokers close around 01 AM in the morning and usually I go to sleep by 12 AM at latest. I wonder how do other people in my situation deal with it?
I am not in the same time zone, but all you should do is to try different brokers. For example, I have several MT4s and all have different daily closing times (GMT to GMT+2). I believe a GMT+2 broker is OK for you, so try Alpari RU http://www.alpari-forex.com/

Hope this helps.
  • #6,483
  • Oct 16, 2009 2:58am Oct 16, 2009 2:58am
Quoting Blackeagle
I am not in the same time zone, but all you should do is to try different brokers. For example, I have several MT4s and all have different daily closing times (GMT to GMT+2). I believe a GMT+2 broker is OK for you, so try Alpari RU http://www.alpari-forex.com/

Hope this helps.
Thank you Blackeagle, actually I use Alpari and it closes 1 AM my time. I am GMT+3 (+2 after Daylight saving).
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #6,484
  • Oct 16, 2009 2:59am Oct 16, 2009 2:59am
Quoting MJurban
Hi,
u use oanda? on my oanda chart the daily open starts 6.00 CET
thats midnight in NY
I used Oanda too but dont remember when it closes. Will check it, thanks!
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #6,485
  • Oct 16, 2009 4:01am Oct 16, 2009 4:01am
Hello people,

Continuing my search for a broker with a decent timezone for me that I'll use for analysis I found FXPro which closes at 00.00 my time, good enough...

This broker was having Sunday bars until August. That's 6 bars each week so if you want to show the Weekly 20 MA on Daily usually you'll have to use a period 120 not 100 since there are 6 days. BUT starting from August the broker doesnt show Sunday bars anymore meaning it wont be exact anymore for neither 120 and 100 until more bars appear (a few more of months or so) to fade out the effect of old Sunday bars.

Cheers!
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #6,486
  • Oct 16, 2009 5:48am Oct 16, 2009 5:48am
Long term line...pause?
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  • #6,487
  • Edited 9:01am Oct 16, 2009 6:05am | Edited 9:01am
Hi All

Have read through the thread once and am about to start a reread to make sure I fully understand & didn't miss anything. Big thanks to Strat for sharing and teaching the best stress free way to trade. Also thanks to Blackeagle, Alexandra & Elitejets for giving up the time to help, much appreciated to all to find such a good thread.

Anyway here's my first chart posting, hopefully any easy one (if there is such a thing!), GBPAUD strong downtrend for last couple of months, has took a breather this week & is pulling back towards 20 hopefully before moving off again (Dr Joe), will keep an eye on it and watch for PA to tell me its on its way back down (will also keep an eye on cable to give a clue to strength of GBP).
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Wise men say only fools rush in ...
  • #6,488
  • Oct 16, 2009 7:58am Oct 16, 2009 7:58am
Hello strat,
I've been following your thread for a while but this is my first post here. I've traded lower timeframes before and now I would like to move on daily and above because now I really need a stress free trading method
I've attached 2 charts (weekly and daily) for Spot GOLD and I would apreciate your input (and anyone else's)

On Weekly timeframe, the trend is bullish. The Gold is bullish on montly TF too. This is pretty obvious only by looking at the chart. So I'm looking to enter long on spot gold and go with this bullish trend.

I've identified 3 support levels on the weekly chart. First support (Support 1) is given by the previous price record which is swing high. Then 2nd one is given by another swing high and I saw that the price and few weeks ago closed around this support. Third support (Support 3) is around 990 usd which I think is a psycho number too.

I'm looking for price to retrace to these support levels and confirmation from PA to enter long.

BOSS - Weekly chart:
Attached Image (click to enlarge)
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After the breakout from the contracting triangle (marked with blue lines on my chart) the bullish trend picked up momentum. 20 ema above 50 sma and the distance between them increased.

Worker
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I appreciate any opinion regarding my post and also opinions about spot gold if you guys trade it.
Thank you.
  • #6,489
  • Oct 16, 2009 11:04am Oct 16, 2009 11:04am
GBPUSD Monthly shows the 20 far below the 50 and indicates increasing momentum to the downside. Because this month's candle hasn't closed, it can't be used for a confirmed swing low for trend line drawing. Thus we must use the existing trend line from April/May. This line shows that price has violated it on the downside and has not made it back up on this month's incomplete BUEB.
Fib retrace from the Nov 2007 to Jan 2009 swing was rejected at the 38 level with confluence of the trend line rejection (see chart 1)
Montly support/resistance seems to run in a band from 1.6380 to 1.6240 (confluence with the 38 fib)
Momentum still down from the Aug 2009 swing high.

GBPUSD Weekly shows the 20 above the 50 but they are horizontal and this weeks bar, while above the 20 was trapped inside indicating indecision.
Weekly trendline shows rejection of price on this weeks Bullish Engulfing Outside Bar.
Fib on the smaller swing doesn't really reveal anything other than confluence with support at 1.6200.

GBPUSD Daily shows the 20 below the 50 which is bearish but price shot straight up thru both MA's yesterday and stopped hard on the daily trend line.
Price is trading within a larger triangle and shows confluence at 68 fib of the most recent swing. Also at the 1.6350 SR level (major or minor?)
This will be the 3rd touch of the daily trend line which is usually a retrace play.


I might be incorrect in my analysis but my thought is that if this forms a doji at today's close, this could be a sell back to the 1.6150 or lower. This would allow for an incredibly tight stop loss (relatively speaking)

The other side to this is that price is now above the daily 20 and 50 as well as the Boss 20 which is very bullish with confluence of the 1.6350 SR area.
It's possible price could take this opportunity to break trend and head on up.

My take is it is more likely to retrace but what do you guys think is the best way to read this?
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  • #6,490
  • Oct 16, 2009 1:01pm Oct 16, 2009 1:01pm
I've only posted a few times to this thread but I'm on The Path and wanted to share what has made all the difference for me in my trading and why I know without any doubt I will be successful. This is worth reading, I promise.

I have absolutely zero (that's right ZERO) problems with trading a plan. I can say with 100% confidence that no amount of whipsaw or UNCERTAINTY I might have after I pull the trigger will EVER cause me to deviate from my plan. Psychologically, I have trading whipped and I own her! Properly sized lots in relation to my account regardless of $/pip do not cause me any pause. I no longer blink an eye at any properly planned stop loss no matter how far away. I am a rock. This is my grail.

Here's why:

Back in April of this year I came across an MP3 of an interview Mark Douglas did with TradeWizeTV. TradeWize is junk so don't even bother looking at them but Mark's interview...damn.

He basically summarized the most important points of his Trading in the Zone book but what changed me literally overnight to 'Iron Will' was as follows...

In my trading failures, I kept changing my mind after I entered the trade because the market moved against me immediately or I just couldn't understand why it did what it did when I thought it should do otherwise (which was most of the time) or the amount of money I had at stake made me sweat. I was a consistent loser. I kept thinking there has to be a reason it goes up when I know it should go down.

I started listening to this MP3 in the car day after day, over and over for about 2 or 3 months (I still have it in the CD player). I'm not kidding. One day on I-75 in to work...SHAZAM!!! Lightning from the sky and suddenly I see the grail shining bright and now I know the true secret to success.

Here's the secret in 3 very succinct parts as Mark states it:
1. The market's moves as far as we are concerned are random. You can NOT predict where it will go next with 100% certainty. Just because it did X in the past does not mean it will do it again.
2. It is entirely possible to make consistent profits with consistently random outcomes. WHAT?!?! Yes...with proper MM, entry and exits, you can be profitable with even 70% losers.
3. Your EDGE (your plan) is what makes this possible BUT you MUST be able to trade your edge without fail 100% of the time NO EXCEPTIONS. NOT EVEN ONCE.

What Mark said this all means is, given random conditions, if I trade my edge (my plan) CONSISTENTLY, I am guaranteed to make more than I will lose. Provided my edge or my plan actually works, of course (and it does). If your plan is good X% of the time and your MM is properly configured for the %win/loss, you will make more than you lose.

OH MY!!!!! The market is RANDOM at heart (the Queen of Hearts that is). Even if my analysis is spot on, my trades WILL FAIL X% of the time and that's OK! GLORY BE AND HALLELUJAH!!!!

Because I know this now, I am not afraid. I am no longer subject to the mental condition of uncertainty or second guessing once I pull that trigger.

Strat and others have so graciously provided us with our edge (our plan) here in this thread. Thank goodness trading is easy...<snicker>.

Now, I just need to get my Path straight, I've got the hard part out of the way.

-m
  • #6,491
  • Oct 16, 2009 1:38pm Oct 16, 2009 1:38pm
EURUSD profit taking at resistance appears quite mild as the close approaches; USDCHF is re-testing the failed fat line as well as we speak. The long term charts remain quite well defined. Overall, this presents a nice framework from which to manage the ongoing trades or, perhaps, to add next week. The short-sighted squggly line traders will be getting nervous at this point, eh Strat?
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  • #6,492
  • Oct 16, 2009 2:15pm Oct 16, 2009 2:15pm
Quoting mstandifer
I've only posted a few times to this thread but I'm on The Path and wanted to share what has made all the difference for me in my trading and why I know without any doubt I will be successful. This is worth reading, I promise.

I have absolutely zero (that's right ZERO) problems with trading a plan. I can say with 100% confidence that no amount of whipsaw or UNCERTAINTY I might have after I pull the trigger will EVER cause me to deviate from my plan. Psychologically, I have trading whipped and I own her! Properly sized lots in relation to my account...
Congratulations, mstandifer.

Psychologically, I have trading whipped and I own her!

If you have made it to that point then I do believe you have taken a major step forward on the path of learning.

Thanks too, for posting your trade analysis. It's very helpful.

Dave
  • #6,493
  • Oct 16, 2009 4:19pm Oct 16, 2009 4:19pm
Elastic limit reached....closed out remaining open positions...will stand back to see how our magnet is working.

This should give a good opportunity to get back in given the recent breakout..will wait for PA to confirm.
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Hope is not a trading strategy
  • #6,494
  • Oct 16, 2009 8:17pm Oct 16, 2009 8:17pm
Hello all,

For your review, my take on the Cad. Comments and criticism welcome.


1.The Boss still shows a strong down trend. The 20 looks like nasty ski slope, however we just got a nice hammer suggesting it may be time to take break after testing the major 1.0300 level.[ I'm really starting to appreciate what the weekly close can tell you!]

2. The 20 on the worker still suggests down but after a failed test of the 1.0300 level I will wait for a retrace to the 20 line and wait for PA to show the way.


Thanks in advance for any feed back you may have, Poncho.
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" I can read the left side of the chart, the right side's a Bitch!
  • #6,495
  • Oct 16, 2009 8:44pm Oct 16, 2009 8:44pm
Quoting soso
Hello people,

Continuing my search for a broker with a decent timezone for me that I'll use for analysis I found FXPro which closes at 00.00 my time, good enough...

This broker was having Sunday bars until August. That's 6 bars each week so if you want to show the Weekly 20 MA on Daily usually you'll have to use a period 120 not 100 since there are 6 days. BUT starting from August the broker doesnt show Sunday bars anymore meaning it wont be exact anymore for neither 120 and 100 until more bars appear (a few more of months or so) to fade out the...
NO, soso!

The Sunday bar usually has very little impact on the rest of the week and is discounted. I only trade Sunday bars when certain conditions line up, otherwise I ignore them.

The effect of using 120 and 300 MAs instead of 100 and 250 MAs will render them useless for our metiod. Everyone who has Sunday bars ignores them and do NOT make allowances for them (like adjusting MAs).
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,496
  • Oct 16, 2009 8:47pm Oct 16, 2009 8:47pm
Quoting Alexandra
Long term line...pause?
I have no idea, Alexandra - I'm totally blind now that you have taken down your Stochastics and Williams %R!
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,497
  • Oct 16, 2009 8:57pm Oct 16, 2009 8:57pm
Quoting Arnyboy
Hi All

Have read through the thread once and am about to start a reread to make sure I fully understand & didn't miss anything. Big thanks to Strat for sharing and teaching the best stress free way to trade. Also thanks to Blackeagle, Alexandra & Elitejets for giving up the time to help, much appreciated to all to find such a good thread.

Anyway here's my first chart posting, hopefully any easy one (if there is such a thing!), GBPAUD strong downtrend for last couple of months, has took a breather this week & is pulling back towards 20 hopefully...
Hey Arnyboy (does this handle mean you are son of Schwarzenegger?)

Your analysis is incomplete and therefore RISKY.

Post your charts of the BOSS and BIG BOSS and your analysis of them showing long term support levels - I can't do it because I don't have enough data on that pair.

Don't ever do any more analysis without STARTING at the BIG BOSS, then going down to the BOSS and finally the Worker - then put it all together for a complete analysis.
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,498
  • Oct 16, 2009 9:05pm Oct 16, 2009 9:05pm
Quoting hcristea
Hello strat,
I've been following your thread for a while but this is my first post here. I've traded lower timeframes before and now I would like to move on daily and above because now I really need a stress free trading method
I've attached 2 charts (weekly and daily) for Spot GOLD and I would apreciate your input (and anyone else's)

On Weekly timeframe, the trend is bullish. The Gold is bullish on montly TF too. This is pretty obvious only by looking at the chart. So I'm looking to enter long on spot gold and go with this bullish trend.

I've...
Good, rational analysis. I'm not a gold bug although I wear the stuff but it looks to me like its profit taking time.

Also, I would be very nervous buying it so far away from the 20. The buyers may be too strong for a pullback to the 20 (or near the 20). The best way is to draw the DSRI supply line and buy a strong close above that.
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,499
  • Oct 16, 2009 9:14pm Oct 16, 2009 9:14pm
Quoting strat
I have no idea, Alexandra - I'm totally blind now that you have taken down your Stochastics and Williams %R!

LOL - Indeed! Fortunately, I can make them say whatever you like. Would you like short or long?

Hmmmm...perhaps we should consult.....hmmm...oh I know...the weekly chart!
  • #6,500
  • Oct 16, 2009 9:34pm Oct 16, 2009 9:34pm
Quoting mstandifer
GBPUSD Monthly shows the 20 far below the 50 and indicates increasing momentum to the downside....
GBPUSD Monthly shows the 20 far below the 50 and indicates increasing momentum to the downside.

Try stepping further away from your screen and try to ignore the detail and instead look at the bigger picture

You should see a Double Bottom spread over 71/2 years. What normally follows a bottom?

From the beginning of the year to August we have made a HH. Could October be a HL? We don’t know until November is complete but we do know the October bar to date is VERY BULLISH.

Also, if June 2001 is point “A” and November 2007 is point “B” and January 2009 is point “C”, where would you expect point “D” to complete?

Again, I’m pretty useless at forecasting but the BIG BOSS looks bullish to me – but I’ve been wrong many times before.

GBPUSD Weekly shows the 20 above the 50 but they are horizontal and this weeks bar, while above the 20 was trapped inside indicating indecision.
Weekly trendline shows rejection of price on this weeks Bullish Engulfing Outside Bar.
Fib on the smaller swing doesn't really reveal anything other than confluence with support at 1.6200.

While what you have said is FACT – it is too much detail. Again, step back and look at the bigger picture.

By looking at the detail, you have missed the OBVIOUS. What do the last 4 BOSS bars tell you?

GBPUSD Daily

In accordance with the higher order of timeframes, what does the Worker do?

My take is it is more likely to retrace but what do you guys think is the best way to read this?

Seeing my comments above, now what do you think?
15 YEARS OF PASR ON FOREX FACTORY!
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