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Strat's Long Term Stress Free Trading

  • #7,121
  • Oct 31, 2009 10:22am Oct 31, 2009 10:22am
Quoting Lotuselanman
It's behind you!!!!!

Oh no it isn't!!!

Oh yes it is!!!!

Well it ain't on my chart. I just don't have these figures on mine. What have I done wrong?

a. Wrong pair
b. Wrong TF
c. Wrong Hangover
On this AUDJPY chart start your fib from the low of the hammer on 02Oct and you will see we have stopped exactly on the 50fib of the last swing.
If it breaks I think we go to the 61.8fib, the weekly 20, the SR at 79.50 and the trendline support.
Nicola
  • #7,122
  • Edited Nov 1, 2009 7:21am Oct 31, 2009 12:00pm | Edited Nov 1, 2009 7:21am
Quoting elitejets
On this AUDJPY chart start your fib from the low of the hammer on 02Oct and you will see we have stopped exactly on the 50fib of the last swing.
If it breaks I think we go to the 61.8fib, the weekly 20, the SR at 79.50 and the trendline support.
Nicola
Now THAT would be a nice little trade Nicola. I would think the same would apply to AUDCAD, but a sell order just below the 50 fib and a SL to the high of the candle would be about 235 pips risk, as I am only trading the minimum stake my SB company will permit I can handle that. Also the R:R is excellent. [In the case of AUDJPY the candle risk is about 315 and the R:R not so good.]

If it goes down I could add to the trade at important points.

I was considering AUDUSD and AUDCAD and both are on my 'watch list' but it is useful to have an expert opinion on it. I'll get up early on Monday morning and see how things are moving.

How are the puppies?
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  • #7,123
  • Oct 31, 2009 1:05pm Oct 31, 2009 1:05pm
Quoting Lotuselanman
Now THAT would be a nice little trade Nicola. I would think the same would apply to AUDCAD, but a sell order just below the 50 fib and a SL to the high of the candle would be about 235 pips risk, as I am only trading the minimum stake my SB company will permit I can handle that. Also the R:R is excellent. [In the case of AUDJPY the candle risk is about 315 and the R:R not so good.]

If it goes down I could add to the trade at important points.

I was considering AUDJPY and AUDCAD and both are on my 'watch list' but it is useful to have an expert...
Thanks ... I'm really not an expert, maybe a few steps further along, thats all.
That's AUDUSD you posted ... I like that inside bar and if that trendline goes thats a really nice trade.

PS ...Puppies are great, I had to hand rear them so has been a month of not much sleep but everyone is great now and outside for the first time this week!
Attached Image
  • #7,124
  • Oct 31, 2009 3:37pm Oct 31, 2009 3:37pm
Quoting 30XTCi
Strat, would you consider a SS on the Big Boss to trump all other T/Fs?
If the answer is yes, I might put this in the bottom draw and forget about it for 6 Months.

Roy
Is there monthly resistance above or below this candle?
  • #7,125
  • Oct 31, 2009 4:42pm Oct 31, 2009 4:42pm
Quote
Swingtrade65

And here it is to prove it! I can see EXACTLY what you meant now!

Glad to see that you found what I was talking about......I am looking at this more from a weekly perspective....even on the daily there is a ways down to support IF it breaks.....looks like support from a price point may be that group of highs at the .9520-.9550 area which will be a very nice trade.


Many Pips
Plan, Prepare, Execute, Repeat
  • #7,126
  • Oct 31, 2009 5:25pm Oct 31, 2009 5:25pm
Quoting swingtrade65
Glad to see that you found what I was talking about......I am looking at this more from a weekly perspective....even on the daily there is a ways down to support IF it breaks.....looks like support from a price point may be that group of highs at the .9520-.9550 area which will be a very nice trade.


Many Pips
Good advice, thanks
  • #7,127
  • Oct 31, 2009 5:30pm Oct 31, 2009 5:30pm
Quoting 30XTCi
Strat, would you consider a SS on the Big Boss to trump all other T/Fs?
If the answer is yes, I might put this in the bottom draw and forget about it for 6 Months.

Roy
The higher the time frame, the more reliable and powerful the technicals are. So, yes, most definitely, especially when that Shooting Star was rejected by resistance and then closed below major resistance.

I see a “wobble” at 0.6900 and 0.6200 but definitely a longer term trade.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,128
  • Oct 31, 2009 6:07pm Oct 31, 2009 6:07pm
Hi guys! I was searching the site for others following the AUD/CAD pair when I stumbled upon this thread. I like the way you guys think, so I think I´m gonna start following along. Hope it's okay that I'm actually more of a Les Paul guy......

I am a very rookie trader, but I have had decent success/luck so far. So I have for you what is probably a very rookie question:

All other indicators aside (Stochastics, Fib, etc.), what I am basically seeing on this chart is the eventual battle between the bullish trendline and the very old and seemingly strong resistance around .98/.99. The resistance seems further supported by the old trendline approaching from above.

(On my chart, please ignore the Position Contract and Stop Loss lines... those are from a small trade I'm in on the Hourly chart)

So my question is, ignoring for now everything else, including pinbars, shooting stars, and whatever, which of the two is more likely to be broken: the trendline, or the resistance? And why?

Thanks, Adam
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  • #7,129
  • Oct 31, 2009 7:07pm Oct 31, 2009 7:07pm
Quoting Sinan
Reviewing my charts I like the potential of USDCAD this week.

I am looking for price to return and test the 1.0650 area where we have confluence with the 1.0650 support + TL + WORKER 50. I want to see a Swing High + bearish PA to enter a short for a push at the major psycho 1.00.

BIG BOSS + BOSS + WORKER all working together.

I suppose the one big negative of this setup is we would then be trapped between the WORKER 50 and the 20 so any position needs to get to BE quickly.
Well this one did not behave itself...I closed out at BE as we spent too long hanging around the TL. I then went long when the TL became support. The next major area of resistance appears to be around the 1.092 level (previous resistance + BOSS 20). I would be looking to add a small unit if we break above this area and retest as support + strong PA. Then I see a rough ride until we clear BOSS 50 given the previous resistance conjested in this area...it will be interesting to see how price moves through this area. If BOSS 50 gives way we should be off toward 1.18.

Right now it looks like a nice clean break of the March TL.

I have lowered my risk as this is a VERY counter trend play (currently at BE on my positions).
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Hope is not a trading strategy
  • #7,130
  • Oct 31, 2009 7:31pm Oct 31, 2009 7:31pm
Quoting Donadoney
Is there monthly resistance above or below this candle?
Have you looked?
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,131
  • Oct 31, 2009 7:38pm Oct 31, 2009 7:38pm
Quoting agordon
Hi guys!...
The answers to your questions are found on The Path of Learning starting on Post #1 on Page #1.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,132
  • Oct 31, 2009 8:18pm Oct 31, 2009 8:18pm
Quoting Sinan
Well this one did not behave itself...I closed out at BE as we spent too long hanging around the TL. I then went long when the TL became support. The next major area of resistance appears to be around the 1.092 level (previous resistance + BOSS 20). I would be looking to add a small unit if we break above this area and retest as support + strong PA. Then I see a rough ride until we clear BOSS 50 given the previous resistance conjested in this area...it will be interesting to see how price moves through this area. If BOSS 50 gives way we should be...
Here is what is causing the problems
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15 YEARS OF PASR ON FOREX FACTORY!
  • #7,133
  • Oct 31, 2009 8:27pm Oct 31, 2009 8:27pm
Quoting strat
Have you looked?
Yes

I asked because I was unsure about it. I was looking at the same trade and I thought maybe he had a better solution for his support lines than I did. I also have the monthly supply line drawn and I recognize the bounce off of it. Is that was distinguishes it from the SS on July 2007? Pls let me know if I've misunderstood where my s&r lines should be. I don't need to know where yours are even though you already clued us in, I just want to correct my perception. As you can see on my chart I have strong support right under the SS.
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  • #7,134
  • Oct 31, 2009 8:42pm Oct 31, 2009 8:42pm
Can you hear me, Mother?
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15 YEARS OF PASR ON FOREX FACTORY!
  • #7,135
  • Oct 31, 2009 8:59pm Oct 31, 2009 8:59pm
Quoting strat
Can you hear me, Mother?
Cloudy Beer
(loud and clear)
  • #7,136
  • Oct 31, 2009 9:01pm Oct 31, 2009 9:01pm
Quoting Donadoney
Yes

I asked because I was unsure about it. I was looking at the same trade and I thought maybe he had a better solution for his support lines than I did. I also have the monthly supply line drawn and I recognize the bounce off of it. Is that was distinguishes it from the SS on July 2007? Pls let me know if I've misunderstood where my s&r lines should be. I don't need to know where yours are even though you already clued us in, I just want to correct my perception. As you can see on my chart I have strong support right under the SS.
Remember, this is an educational teaching thread NOT a signals or trade provider thread. No spoon feeding on here. You are encouraged to take the information, learn it and use it. That is why I asked you to look for yourself.

From the chart posted, it seems you are incorrectly identifying your SR levels. Switch to a Line Chart and then see if you can identify better levels. If you are still unsure, go back in the thread where Blackeagle explained in detail how to identify SR levels.

If still unsure, ask again.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,137
  • Oct 31, 2009 9:06pm Oct 31, 2009 9:06pm
Quoting elitejets
Cloudy Beer
(loud and clear)
Nice one but you really have to stop drinking that Butwiper excuse for a beer - Oh, they just realised it's not good enough to call a beer and are now calling it a LAGER - wow, that is SO wide of the mark - where is the fraud squad?
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,138
  • Oct 31, 2009 9:13pm Oct 31, 2009 9:13pm
Quoting Lotuselanman
Okay, thanks! Got your post confused with a reply to Strat's panto challenge (obviously).

With the right pair it all makes sense despite the hangover. Thanks for the guidance.
Christopher - you must be suppin' some good stuff there - what is it? I need to get a bottle or two of it!
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,139
  • Nov 1, 2009 3:27am Nov 1, 2009 3:27am
Hi..

is there way to have my drawing on my one computer to be ported to another computer using Metatrader software?

Otherwise I need to redraw the lines at workplace and at home.

thanks.
  • #7,140
  • Nov 1, 2009 4:16am Nov 1, 2009 4:16am
BOSS.
BIG BOSS & BOSS trends down. Last week finished as a BEOB out of Weekly SR. Next Weekly support at 88.6.

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Trade opened last week still running but will start looking for reversal signs at 89.6 (ret 62 of up swing) and 88.6.
Trading = a mirror to your human flaws. Fix them or be fixed.
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