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  • #6,581
  • Oct 19, 2009 4:17pm Oct 19, 2009 4:17pm
Quoting Bones
Yes Baz and even TMAC had to keep me in check there...enough said about it.
i remember,STRAT does the job himself here.......BUT i think you will make a Positive contribution with your take on this thread.....


baz
  • #6,582
  • Oct 19, 2009 4:25pm Oct 19, 2009 4:25pm
Quoting baz
i remember,STRAT does the job himself here.......BUT i think you will make a Positive contribution with your take on this thread.....


baz
Thanks baz, I rule with an iron fist on here - its take it or leave it, I don't care either way.

I agree Tony has the potential to be a worthwhile contributor on here; he just has to get "in tune" with my goals, teaching and style...........and of course my sense of humour (or maybe lack of humour!).
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,583
  • Oct 19, 2009 4:29pm Oct 19, 2009 4:29pm
Quoting strat
Thanks baz, I rule with an iron fist on here - its take it or leave it, I don't care either way.

I agree Tony has the potential to be a worthwhile contributor on here; he just has to get "in tune" with my goals, teaching and style...........and of course my sense of humour (or maybe lack of humour!).
i think its your thread,so all of us should respect that....
but Tony( Bones ) has a good take on the Daily TF,and as he says himself,LEARNING all the time....
so this is a great thread,and i do recommend it all the time..
take care

baz
  • #6,584
  • Oct 19, 2009 4:34pm Oct 19, 2009 4:34pm
Quoting strat
AUDJPY Re- test or BREAK - OUT?
Dare I say that we have moved far enough to answer that? One needs a helmet at this point though either way - we have come a long way already. Three months consilodation, however, gives hope.
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  • #6,585
  • Oct 19, 2009 4:38pm Oct 19, 2009 4:38pm
Quoting Alexandra
Dare I say that we have moved far enough to answer that? One needs a helmet at this point though either way - we have come a long way already. Three months consilodation, however, gives hope.
I knew you knew but I was hoping for feed back from those who didn't or were unsure.

I even dropped a hint for those astute enough to see it!

I may have to take you in hand as punishment!
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,586
  • Oct 19, 2009 4:45pm Oct 19, 2009 4:45pm
The thread has progressed to the point where we have traders at different levels in their learning curve, so its natural now to see discussions on here between those still at the beginning and those much further along The Path.

So that we all understand each other, before we can progress on this thread and therefore our trading, we have to learn and understand the basics. The basics are price reversal bar recognition (candles and bars) and Support and Resistance. Once we have learned those, we need to understand what PRICE does at Support and Resistance levels.

Learning the basics is very time consuming as it's the memory muscle/memory retention thing – you have to spend hours studying the charts until the basics are ingrained forever in your memory. This is the part where you just follow like sheep – a Hammer is this because blah, blah etc. We then trade the hammer because it is at blah, blah etc. We keep doing this until the first thing we see on a chart are the price reversal bars and S&R.

At the same time, we have to learn how important our mind/head games are and how they affect us in our trading. We must always be cognizant that controlling our trading psyche is far more important than our technical skills.

The next step is to open a REAL account with REAL money but with the lowest $/pip value you can get.

Then trade the price reversal bars from support to 1st resistance or resistance to 1st support. Do that until you can do it without thinking.

The above is all BASIC.

The next progression is to take this knowledge and apply it to the market in such a way that we can take advantage of the trends in forex but……………………….

FIRST THINGS FIRST
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,587
  • Oct 19, 2009 4:50pm Oct 19, 2009 4:50pm
Quoting golfer27
[.Also in the index you refer to J16.He also uses MACD for divergence but his is plain black and white so I suppose thats ok.
Bones, thanks for your contribution. Apologies Strat if this is taking us into the realms of indicators temporarily.
Bones, firstly, you will always be the doctor on Startrek.
Secondly, i've been experimenting with MACD as per J16, for the last month or so, and if i'm honest, i can find no benefit. Sure, it's used as a means of confluence, probably the last to confirm a trade.
Can i ask,after your studies, have you found it to be consistently useful ?
Personally, i find it an additional distraction, but hey, lots of the J16 ers swear by it, so perhaps i'm missing something. It didn't stay long on my charts.
Thanks, gotta go, Klingons on the Starboard Bow!

Golfer[/quote]

Secondly, i've been experimenting with MACD as per J16, for the last month or so,

Why doesn't this surprise me about you? Maybe a 9 iron up the place where the sun don't shine will prevent further steps off The Path!
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,588
  • Edited 4:57pm Oct 19, 2009 4:56pm | Edited 4:57pm
In still trying to learn how to interpret the bigger picture, I'll refer to the USD Index.

Looking at the majors for the most part shows them nearing or clearing congestion to the detriment of USD (with the exception of USDJPY which looks to be making an attempt at higher ground). The USDX itself shows a bit more room to the downside after clearing support at 76.00 with the next stop at 74.00 or lower if it doesn't hang up in the lower end of old congestion at 75.00.

Stocks continue to defy gravity with the DOW showing room on the topside to potentially 11,500.

In October, hedge funds usually start dumping their holdings for their fiscal year end which may or may not have a dampening effect on stocks given that money mangers may still be pumping their sidelined money into the market.

If USD sentiment is down overall with a bit of room to run, I'll be looking for some good bounces off of support in the majors. Any comments from those with a broader eye? I'd appreciate to know if I'm on the wrong track here.

-m
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  • #6,589
  • Oct 19, 2009 4:59pm Oct 19, 2009 4:59pm
Now, I'm not picking tops here at all. I'm just trying to fathom a chart and what it shows with a few TL breaks and some candle patterns. This way, either way down steam, we can discuss the outcome. Sorry for the Brooks mention Strat, its a chart from my blog. He did say that a trend is extant as long as it starts in one corner of the chart and heads to the opposite corner without a deep correction back into the halfway point of the chart. The first drop had enough momentum to take out 3 lows of the uptrend. Points A and B could be setting up for a double top bear flag and test of the extreme high. Grateful for discussion. Grim
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Trade less and become more profitable!
  • #6,590
  • Oct 19, 2009 5:09pm Oct 19, 2009 5:09pm
Quoting mstandifer
In still trying to learn how to interpret the bigger picture, I'll refer to the USD Index.

Looking at the majors for the most part shows them nearing or clearing congestion to the detriment of USD (with the exception of USDJPY which looks to be making an attempt at higher ground)....
The market loves to test a break out and this could be a very deep test of the initial break out from the lows period of consolidation? There is a level there on your chart not marked that could provide support (circa 75.00) IMO.
Trade less and become more profitable!
  • #6,591
  • Oct 19, 2009 6:17pm Oct 19, 2009 6:17pm
I don't know anything. Anytime one thinks one knows something in this business, the market steps up to slap the face. The best one can do is to put the trade in a good position for success, and then have a backup plan.
  • #6,592
  • Oct 19, 2009 9:13pm Oct 19, 2009 9:13pm
Quoting Grimweasel
Now, I'm not picking tops here at all. I'm just trying to fathom a chart and what it shows with a few TL breaks and some candle patterns....

Hey Grim,

Im still in this one from a couple weeks ago, Stops are below the SS's at 87.00. I have some weekly R at 88.40 on my charts and i think if we take that out 89.50 is next, i am looking for this one to catch up to AJ and NJ and break out of the recent highs.

which ever way it does go is fine with me though im ready either way!
  • #6,593
  • Oct 19, 2009 9:49pm Oct 19, 2009 9:49pm
GPBUSD showed a BUOB bar today which is also in the shape of a hammer. This shows that buyers are still in control and are very strong. This pair also seems to be the strongest of the pairs that broke out last week.

Might be a good place to add to any open positions or get back in the new uptrend.
  • #6,594
  • Edited 11:32pm Oct 19, 2009 10:18pm | Edited 11:32pm
EURUSD also showing a strong BUOB thats covering the previous 4 bars. The bar is on support, close to the 20, and the pair is in a strong uptrend on all timeframes.

Next resistance at 1.5300 which offers a pretty decent r/r ratio.

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  • #6,595
  • Edited 11:33pm Oct 19, 2009 11:21pm | Edited 11:33pm
Quoting Naws
EURUSD also showing a strong BEOB thats covering the previous 4 bars. The bar is on support, close to the 20, and the pair is in a strong uptrend on all timeframes.

Next resistance at 1.5300 which offers a pretty decent r/r ratio.

Attachment
I am assuming you mean BUOB

(My First post on Strat's thread.)
  • #6,596
  • Oct 19, 2009 11:27pm Oct 19, 2009 11:27pm
Quoting Naws
GPBUSD showed a BUOB bar today which is also in the shape of a hammer. This shows that buyers are still in control and are very strong. This pair also seems to be the strongest of the pairs that broke out last week.

Might be a good place to add to any open positions or get back in the new uptrend.
Naws, GU is very close to its high point, sellers are taking control right now.. get ready to sell @ 1.6400 TP 1.5850
  • #6,597
  • Oct 19, 2009 11:30pm Oct 19, 2009 11:30pm
Quoting Cosmo
Naws, GU is very close to its high point, sellers are taking control right now.. get ready to sell @ 1.6400 TP 1.5850

Is that a prediction? Or is that an indicator-driven dictate. Either way, watch out.
  • #6,598
  • Oct 19, 2009 11:31pm Oct 19, 2009 11:31pm
Took this trade on UsdChf. Sell @ 1.0092

Big Boss is down
Boss is Down
BEOB highlighted on worker
First test is 1.0000 near ppz psych level
Target is previous low around .9650
SL is 1.0201 above ppz
At the time of writing this.. - 18 pips
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  • #6,599
  • Oct 19, 2009 11:31pm Oct 19, 2009 11:31pm
Quoting Lou
I am assuming you mean BUOB

(First post on Strat's thread.)
yea typo, thanks for pointing it out

and welcome to the thread
  • #6,600
  • Oct 19, 2009 11:34pm Oct 19, 2009 11:34pm
Quoting Cosmo
Naws, GU is very close to its high point, sellers are taking control right now.. get ready to sell @ 1.6400 TP 1.5850
How can you tell when its getting to a high point?
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