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  • #6,601
  • Oct 19, 2009 11:35pm Oct 19, 2009 11:35pm
Quoting Lou
Took this trade on UsdChf. Sell @ 1.0092
Looks similar to EU doesn't it
  • #6,602
  • Oct 19, 2009 11:51pm Oct 19, 2009 11:51pm
Quoting Naws
Looks similar to EU doesn't it
Yes it does. Expecting to ride down on $ weakness. I wish the BEOB was formed closer to the 20 now that I look at it again.
(Same with EU on your chart).
  • #6,603
  • Edited 2:55am Oct 20, 2009 2:08am | Edited 2:55am
Sorry for the newbie question but I am up to post 2001 and this answer is still eluding me.

I am located in the UK with the following trading time details

 

  1. Data feed bar close time = 00:00hrs GMT
  2. NY close 5pm EDT = 10:00pm GMT

Given that we are supposed to analyse after bar close and NY close when is an acceptable time for me to interrogate my charts ? If I check them @ 10:00pm GMT my bar has not closed and if I check at 00:00 GMT I will loose my day job for lack of sleep.

One option I can see is to check my charts @ 8am GMT as the Asian session is a lower volume period?

Any guidance is very much appreciated.


PS: STRAT - yes my handle is after a pub in Reading...How the bugger did you know - lucky guess I hope.

  • #6,604
  • Oct 20, 2009 2:40am Oct 20, 2009 2:40am
Quoting strat
I took your advice and draw DSRI on the daily chart. I hope I got this right

Regrettably, no, my friend, you have drawn a DEMAND DSRI.
Hi Strat,
i've made a mistake. Let's see if i understand this properly.

Its all about supply and demand. Demand keeps the price from falling. Higher demand makes the price go higher. So a demmand DSRI is to be drawn under the price, like a support keeping the price from falling. Demmand DSRI is to be drawn using the lower closes (not sure if its the proper terminology)

Supply DSRI is to be drawn above the price, like a resistance, keeping the price from going higher. Supply DSRI is to be drawn using higher closes.

See attached candle & line charts.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: dsri_candle.png Size: 20 KB
Click to Enlarge Name: dsri_line.png Size: 18 KB
  • #6,605
  • Oct 20, 2009 2:50am Oct 20, 2009 2:50am
Quoting Lou
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
Hey Lou! Great to see you here and welcome to the thread!

Nice chart, I saw the BEOB here and BUOB on Euro I just can't pull the trigger on bars that are part of the main move without retracement. I have a "phobia" trading breakouts or moves that already started, I'm just a pullback/rally type of guy .
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #6,606
  • Oct 20, 2009 3:34am Oct 20, 2009 3:34am
Quoting cliftonarms
Sorry for the newbie question but I am up to post 2001 and this answer is still eluding me.

I am located in the UK with the following trading time details

 

  1. Data feed bar close time = 00:00hrs GMT
  2. NY close 5pm EDT = 10:00pm GMT

Given that we are supposed to analyse after bar close and NY close when is an acceptable time for me to interrogate my charts ? If I check them @ 10:00pm GMT my bar has not closed and if I check at 00:00 GMT I will loose my day job for lack of sleep.

One option I can see is to check my charts @ 8am...

Hi Clifton, you'll find the answer later on in the thread but it's up to you and your lifestyle. Personally, I use FxPro (based in Cyrpus) as their bars close at 2200 UK time (which coincides with the NY close).
Trade less and become more profitable!
  • #6,607
  • Oct 20, 2009 3:56am Oct 20, 2009 3:56am
Quoting Alexandra
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.
Hi Alexandra http://cdn.forexfactory.com/images/icons/icon7.gif

I woud disagree with the term "you do not know anything", your comments and inputs are great. I learn plenty from your posts.

With regard to the market, it treats us equally but the one is ahead who can "put the trade in a good position for success". This is what we learn here with Strat's and your help.

Many thanks http://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
  • #6,608
  • Oct 20, 2009 4:18am Oct 20, 2009 4:18am
Alexandra says it well, you NEED to stay humble when you're winning and keep your head up when you're losing. A balanced attitude as much as possible - as in zen - no extremes. This attitude can be attained only after long hours of excercising (trading in our case). It is applicable in all fields where performance is a must, especially in sports.
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #6,609
  • Oct 20, 2009 4:36am Oct 20, 2009 4:36am
Quoting hcristea
Supply DSRI is to be drawn above the price, like a resistance, keeping the price from going higher. Supply DSRI is to be drawn using higher closes.
I think that the supply DSRI on my chart is wrong. It should make sense that SUPPLY DSRI should be oriented down always. but I'm not sure.
  • #6,610
  • Oct 20, 2009 4:38am Oct 20, 2009 4:38am
The posts where Blackeagle starts to show us the way he uses DSRI. Awesome stuff Blackeagle!

Here's the start of it http://www.forexfactory.com/showthre...55459&page=319
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #6,611
  • Oct 20, 2009 5:11am Oct 20, 2009 5:11am
Worker Break-Out - Definitely
Can it be Fake - Always possible
Boss? - Always show direction

One to watch, very good RR.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD-Weekly.jpg Size: 172 KB
  • #6,612
  • Oct 20, 2009 5:18am Oct 20, 2009 5:18am
Quoting soso
Here's the start of it http://www.forexfactory.com/showthre...55459&page=319
OK, I'm convinced now that the supply DSRI line i've draw on the gold chart is completely wrong.
  • #6,613
  • Oct 20, 2009 5:33am Oct 20, 2009 5:33am
Boss chart shows a hammer last week at an important SR level (a very thick line between 1.0300-1.0350) and last Friday price managed to close just above 1.0350 at 1.0366 with an indecision bar. Convincing? Not to me.

And yesterday's bearish bar closed at 1.0280 without going above last week's hammer.

Today there is interest rate announcement and there will certainly be a volatility although no change is expected.

This is a nice chart to watch for PA.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCAD-Weekly.jpg Size: 145 KB
Click to Enlarge Name: USDCAD-Daily.jpg Size: 132 KB
  • #6,614
  • Edited 5:44am Oct 20, 2009 5:44am | Edited 5:44am
Quoting strat
“jag1966” – hmmm – must be in the same Exec Motor Club as AstonDan and LotusElanMan!

Thanks for the compliments on behalf of all of us.

It’s that head game again! The more you use and rely on indicators the LESS you look at pure, basic, virginal PRICE ACTION. Take the squiggly lines off and your head is CLEAR to see PASR.

[font=Arial]Why people don’t understand that all indicators are doing is to try and smooth out and predict PRICE ACTION I don’t know....
Hehe exec cars club, 3rd generation Jaguar owner, they get in your blood I guess.

Strat I cannot stop smiling since I found your thread and have really started to understand what you are trying to teach us. I am still ploughing through the thread making notes and working on charts.

Eureka moment after eureka moment keeps happening so thankyou for that.

Three or so years of pratting about with indicators and scalping the market for a very stressful and time consuming few pips here and there seems like a complete waste of time now but I guess I must have learned something. (how not to trade)

I have always made paper notes but have recently started using a spreadsheet to get more organised with your trading methods. It has helped me enormously. I have added an example to this post in the hope that someone else may find it helpful. Add or delete currency pairs to suite.

Still a work in progress and I'm sure I will add bits as I go on but I find it a useful way of disciplining myself to work through each chart carefully at each daily / weekly close. It only takes a few moments to amend or update each pair but is saving me quite a bit of time scrabbling through notebooks.

Thanks again Strat et al, good luck all and don't ever stray from this great path.
Attached File(s)
File Type: xls daily summary-strat.xls   28 KB | 708 downloads
  • #6,615
  • Oct 20, 2009 5:49am Oct 20, 2009 5:49am
Quoting Blackeagle
Worker Break-Out - Definitely
Quoting Blackeagle
Can it be Fake - Always possible
Boss? - Always show direction

One to watch, very good RR.


Blackeagle - I would not consider a short on that pair until such time we have had a TL break and test of the trend's extreme.

I have been looking for a reliable way to stop me 'counter-trend' trading at tops and bottoms (ego driven newbie idiocy) and so far this method has kept the account in +ve territory.

The left hand side of your chart shows this too. Strong up trend with a TL break on strong momentum thru the TL and 20ema(not shown). Then a rally off this, testing the 'old' trend extreme with a higher high. Then PA fell away. Looking at it the best short after all this would have been the lower high doji in early August that went on to test the last upward BO level of the old up trend at .0750? There was a classic 2nd entry short on the 'Shooter' in early Sept.

Always enjoy your posts 'Blackie' - succinct and poignant!
Trade less and become more profitable!
  • #6,616
  • Oct 20, 2009 6:28am Oct 20, 2009 6:28am
Quoting strat
Sean (and everyone),

PASR trading is NOT a given set of rules, e.g. Buy after Hammer, Sell after Shooting Star, Sell after BEOB etc.

It is a complete methodology of READING THE MARKET using PRICE and FOOTPRINTS..........
Hi Strat,
Thanks for the reply.

The BEOB has thrown you for a loop and you are confused. Do NOT take the BEOB on face value. Where is the BEOB relative to PRICE/TREND/RESISTANCE/SUPPORT?
Remember, a price reversal bar is ONLY the first indication that market sentiment MAY be changing. We have to confirm this with other studies. It is NOT a signal to make a trade.

I posted with a question and this is the answer that I was seeking for. I'm not confused (or maybe I am), just wanna seek clarification from you guys.

So base on my understanding, a BEOB ALONE that presents on the Boss should not hamper me from going long on the worker if good PASR shows up with alot of confluence.


Thanks
Sean
Discipline is PRIMARY, Method is Secondary.....
  • #6,617
  • Oct 20, 2009 6:28am Oct 20, 2009 6:28am
Quoting Grimweasel
Blackeagle - I would not consider a short on that pair until such time we have had a TL break and test of the trend's extreme.
I wouldn't either. How can I with that boss chart?

Thanks for appreciating.
  • #6,618
  • Oct 20, 2009 6:54am Oct 20, 2009 6:54am
Quoting Lou
Yes it does. Expecting to ride down on $ weakness. I wish the BEOB was formed closer to the 20 now that I look at it again.
(Same with EU on your chart).
Hi Lou,

welcome to the thread. Looking forward for many more decent posts from you in the future.

I'm currently Long EUR/USD and Short UCD/CHF. Like the setup and the nice RR.

Sean
Discipline is PRIMARY, Method is Secondary.....
  • #6,619
  • Oct 20, 2009 7:05am Oct 20, 2009 7:05am
Quoting Lou
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
Having learned my lesson the hard way on USDCAD selling under the first close of 1.0300 this situation looks similar to me. I think the dollar has some more to go on the down side but I was curious to know your mindset on taking the trade before a retest of minor support at 1.0075 (from the congestion area back in Feb/Mar 2008).

Bear in mind, I am new to this method and am not criticizing your trade, just want to understand where I might be improving my entries.

-m
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.jpg Size: 129 KB
  • #6,620
  • Oct 20, 2009 7:15am Oct 20, 2009 7:15am
Quoting Grimweasel
Hi Clifton, you'll find the answer later on in the thread but it's up to you and your lifestyle. Personally, I use FxPro (based in Cyrpus) as their bars close at 2200 UK time (which coincides with the NY close).
Thanks Grimweasel, am setting up a demo with FxPro now, they confirmed "Daily bars close at midnight server time which from 25 October will be GMT plus 2 hours (currently GMT plus 3)".

Also checked their reviews out, they have quite a bad reputation, are you happy with them??
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