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  • #6,641
  • Oct 20, 2009 8:18pm Oct 20, 2009 8:18pm
Quoting Dabestone
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
Whoa, down boy!

This is NOT conservative trading or what is being taught on here. Unless you REALLY know what you are doing this is reckless trading.

The EURUSD & USDCHF are 98% correlated at this present time. This means you have TWO IDENTICAL trades doing the same thing.

Sure if it works out, you will be laughing BUT what if it doesn't? You have a double whammy and a double dipper and a whole lot of hurt.

You should choose one or the other and trade it and IF you want to trade another, choose a NON - CORRELATED pair to give you some diversification.

Something about the chicks and their basket.

This to me, STINKS of GREED!

Amateurs only think profit

Professionals only think RISK

Amateurs only think how much money they can win

Professionals only think how much they can LOSE

If you are to be successful in this business, you need some SERIOUS HEAD ADJUSTMENTS!
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,642
  • Oct 20, 2009 8:22pm Oct 20, 2009 8:22pm
Quoting Alexandra
I do like the look of USDJPY should things remain as they are at the moment. OK - Strat......who can tell me why?
Now you've got your motor running! (Born to be Wild)
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,643
  • Oct 20, 2009 8:34pm Oct 20, 2009 8:34pm
What's the story with CAD, Nicola?
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,644
  • Oct 20, 2009 8:38pm Oct 20, 2009 8:38pm
Quoting elitejets
Markets charge a premium for information.
The more confirmation you wait for the higher the price you pay whether it is in stop size or the risk you will be shaken out because you are further into the swing.
Entering earlier is more speculative and you risk being wrong more often but have potentially better rewards. Good money management (perhaps banking some profit to pay for your stop) can help on earlier entries.
For me I want to see this take out last weeks swing high (91.31) to confirm it will keep going and would be wrong (or the entry is...
Indeed...brilliant - keep it going.

Anyone content with USDJPY who wants to tackle EURGBP, please place your head on the block. Perhaps those who like RR but are not afraid of ugly candles.......
  • #6,645
  • Edited 8:48pm Oct 20, 2009 8:39pm | Edited 8:48pm
Quoting strat
What's the story with CAD, Nicola?
The market expected Canada to be the next country to raise interest rates, as Australia just did, and a lot of that was priced in. Canada is creating jobs and things are not too bad here.
However the BoC came out with the rate statement today and said that the high price of the currency vs the dollar was enough of a dampener against inflation and so it would not raise rates and rates would remain at the current low until at least the back end of 2010.

Also after a 2 week rally in crude it took a bit of a bath today (last day of contract rollover too) so that added some fuel.
  • #6,646
  • Oct 20, 2009 8:45pm Oct 20, 2009 8:45pm
Alexandra,

I am still on page 30 of 4 whatever but dare I add

Even though its already been answered in addition to what the others have said I see a repetitive pattern , which is also a well known continuation pattern forming on UJ daily.
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  • #6,647
  • Oct 20, 2009 10:02pm Oct 20, 2009 10:02pm
Quoting soso
I just can't pull the trigger on bars that are part of the main move without retracement. .
Hi Soso, Thanks for the welcome. I read this as the two prior bars giving a pullback. (Where would the pullback need to go?) The BEOB is the bar/candle I saw as the continuation of the move.

Hi Strat, "Lou, what made you choose this pair instead of its alter ego (EURUSD) which is less choppy, less erratic and not as sensitive to Swiss Cheese (SNB)?"////// Overall U/CH looked stronger. Daily had the BEOB. E/U had run into a ppz and stalled. U/CH had broken below a ppz and had a low close on the candle. If E/U is a smoother pair to trade, I had not heard this. I thought U/CH mirrored E/U. I was counting on gravity

Hi mslandifer Your comment is very interesting because I was conscious of selling into support. However my estimate of the R:R at my first checkpoint was 1:1. I saw support at the 1.0000 level.. Ppz plus Round # and psych #. I stated that this level would be a checkpoint for the trade. I can see where you selected 1.0075. The next level was around 4R.
Also was considering $ weakness to get to the levels.

I appreciate the comments.
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  • #6,648
  • Oct 20, 2009 10:12pm Oct 20, 2009 10:12pm
Quoting strat
Whoa, down boy!

This is NOT conservative trading or what is being taught on here. Unless you REALLY know what you are doing this is reckless trading.

The EURUSD & USDCHF are 98% correlated at this present time. This means you have TWO IDENTICAL trades doing the same thing.

Sure if it works out, you will be laughing BUT what if it doesn't? You have a double whammy and a double dipper and a whole lot of hurt.

You should choose one or the other and trade it and IF you want to trade another, choose a NON - CORRELATED...
Roger that Strat. This doesn't come to my mind before (don't take 2 identical trades at the same time). Thanks Strat

Sean
Discipline is PRIMARY, Method is Secondary.....
  • #6,649
  • Oct 20, 2009 10:23pm Oct 20, 2009 10:23pm
If E/U is a smoother pair to trade, I had not heard this. I thought U/CH mirrored E/U. I was counting on gravity

Of course, they are 98% inversely correlated BUT it's the 2% that makes all the difference!

No, just joking.

I thought I would be able to show you by putting the two together but looking at them, I can't do it. I just know, when I'm putting on a trade, the EURUSD looks the more likely to perform. I can remember earlier this year, USDCHF frustrating the hell out of me whereas I was "in tune" with EURUSD.

Interestingly, I have a line chart system for those pairs and the EURUSD is much easier to follow.

Must be the "beauty is in the eye of the beholder" thing.
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15 YEARS OF PASR ON FOREX FACTORY!
  • #6,650
  • Edited Oct 21, 2009 10:20am Oct 20, 2009 10:45pm | Edited Oct 21, 2009 10:20am
G/U is running into resistance here at the 1.6385 level where we have clear price flips on the daily chart at this level and confluence with the TL, the 365EMA, 50% fib,with immediate trend, and the not so pretty SS.


Edit: No break No trade No harm done!
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  • #6,651
  • Oct 20, 2009 11:28pm Oct 20, 2009 11:28pm
Quoting strat

Interestingly, I have a line chart system for those pairs and the EURUSD is much easier to follow.

Must be the "beauty is in the eye of the beholder" thing.
[/color][/color]
Strat,
I would appreciate your opinion on using line charts. NOT TRYING TO DISTRACT ANYONE HERE. But since the concept came up, I just had to ask. I find them interesting because of the patterns. M and W .I have not tried trading using them. Instead of seeing PA from a bar/candle point of view. Line charts give a different point of view and different patterns. Only closing prices are graphed and not open, low, or high prices, I got the idea from reading Martin Pring's books.


I am going to post a line chart here from awhile back. I posted it on another thread at FFF. To see who saluted it. It was totally ignored. Maybe for good reason. But taking a look at it. It is so simple... which could mean it is simplistic. On this chart I put on an ATR to see what range was doing. Of course it lags.
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  • #6,652
  • Oct 21, 2009 12:52am Oct 21, 2009 12:52am
Quoting Lou
Strat,
I would appreciate your opinion on using line charts. NOT TRYING TO DISTRACT ANYONE HERE....
Hi Lou - I love line charts for simplicity and they help me ID trend breakdowns better. I see you do the same thing marking the last low of the up or last high of the down trend. This is for people that see charts on the horizontal plane as apposed to the diagonal. Some of the great traders of old used to trade a line chart very successfully for years! We still use them now for identifying our SR levels on the boss and big boss. Gotta love a line chart!
Trade less and become more profitable!
  • #6,653
  • Oct 21, 2009 12:58am Oct 21, 2009 12:58am
how the heck do i subscribe to this thread Strat..



Quoting strat
[color=Blue][i][b]If E/U is a smoother pair to trade,...
  • #6,654
  • Edited 3:41am Oct 21, 2009 3:22am | Edited 3:41am
Looking at Fiber price action ...

It seems like the level 1.4850 (weekly resistance) has turned to support. Notice the tails keep avoiding that level like a plague. A lot of buyers at that level. There are several pins (days) and price has closed above 1.4850 for several days now.

I'm keeping my long at 1.4850 but I could be wrrronggg
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  • #6,655
  • Oct 21, 2009 3:43am Oct 21, 2009 3:43am
Quoting pianoman
how the heck do i subscribe to this thread Strat..
Look at the top. Click Thread Tools. Then subscribe.
  • #6,656
  • Oct 21, 2009 7:35am Oct 21, 2009 7:35am
Quoting Grimweasel
I only use them for charting - not as my broker. I chart with FxPro and ODL and then use ETX or IgIndex for my SB company. If you read up more about MT4 you'll find that there are some sinister broker applications that the programme allows them to slip orders and delay prices during busy periods etc. So, I'd never trade with an MT4 broker.
That MT4 allows this and some brokers do it is criminal, but why am I not shocked! They will think of every way in and out of the book of stealing clients' money.

By the way, don't you have to have money on account with the broker to be able to use their charts?

Thanks for the info.
  • #6,657
  • Oct 21, 2009 7:41am Oct 21, 2009 7:41am
Quoting Alexandra
Anyone content with USDJPY who wants to tackle EURGBP, please place your head on the block. Perhaps those who like RR but are not afraid of ugly candles.......
EURGBP ugly? Hehe
  • #6,658
  • Oct 21, 2009 7:57am Oct 21, 2009 7:57am
Up to post 2281 now, the more I read the more you guys and gals post... Slow down ..

I am putting together a Trading Outlook summary so I can track currencies and focus my mind on the Strat techniques. Can someone have a quick look at the attached sheet and let me know if I am on the right track before I plough on. I intend to update it daily for the daily, weekly for the Boss and monthly for the Big Boss

Currently it is based on the recommended newbie method of watching the big Boss then the Boss then entering the Daily on retracements.

Any advice / constructive criticism is gratefully accepted.
Attached File(s)
File Type: xls Trading outlook.xls   17 KB | 573 downloads
  • #6,659
  • Oct 21, 2009 8:51am Oct 21, 2009 8:51am
Quoting pianoman
how the heck do i subscribe to this thread Strat..
Hey Billy Joel,

Send Naws a PM with your details then go to the beginning of The Path of Learning by reading and understanding Post # 1 on Page 1 and then keep repeating on successive posts until you get back here.
15 YEARS OF PASR ON FOREX FACTORY!
  • #6,660
  • Oct 21, 2009 9:05am Oct 21, 2009 9:05am
Hi Strat, dont let those jazz scales bother you man.you just start the major scale on a different note..LOL..anyway who is Naws and whats a PM man?
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