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  • #7,201
  • Nov 2, 2009 2:17pm Nov 2, 2009 2:17pm
Quoting mstandifer
I've changed my mind on this. Regardless of what the individual candles are doing right there, the market is still making higher highs and higher lows. Watch what the market does around that support level and if it breaks through watch what it does at DSRI for another potential higher low. PA to show the way.

Is this close?
I've changed my mind on this. Regardless of what the individual candles are doing right there, the market is still making higher highs and higher lows. Watch what the market does around that support level and if it breaks through watch what it does at DSRI for another potential higher low. PA to show the way.

Is this close?

Closer than you probably think.

When PRICE is going DOWN, sellers are SELLING. They will continue to sell UNTIL…………………………….?

When PRICE is going UP, buyers are BUYING. They will continue to buy UNTIL…………………………….?

The answers to those questions are on each and every chart and are part of the FOOTPRINT left behind by the market.

Recognising and reading candles is just the basic information. Learn to SEE BEYOND CANDLES.

Learn to recognize market sentiment (no, not funny mentals).

Remember PASR is ALL about what PRICE does (or doesn’t do) at SUPPORT and RESISTANCE.

Also remember that markets are ENERGY then study and UNDERSTAND Newton’s 1st Law of Motion:

Every object in a state of uniform motion tends to remain in that state of motion UNLESS an external force is applied to it.

Once UNDERSTOOD, move on to Newton’s 3rd Law of Motion:

For every ACTION there is an equal and opposite REACTION.

Damn, you awakened my technicals again. Now I have to switch off and go back to being the Village Idiot!

15 YEARS OF PASR ON FOREX FACTORY!
  • #7,202
  • Nov 2, 2009 2:52pm Nov 2, 2009 2:52pm
1.6700 level interesting in GBPCHF. I like this long on Daily, Weekly and Monthly. Any thoughts?

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  • #7,203
  • Nov 2, 2009 3:03pm Nov 2, 2009 3:03pm
Quoting AstonDan
1.6700 level interesting in GBPCHF. I like this long on Daily, Weekly and Monthly. Any thoughts?

Attachment
Same as I posted earlier on GBPJPY and the same for all GBP pairs.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,204
  • Edited 4:21pm Nov 2, 2009 3:54pm | Edited 4:21pm
[quote=hcristea;3199624]Hello Strat & everybody,

I got my buy order filled on spot gold.


hey hcristea, i liked this too.
my charts got me in slightly later at 1051.50.
i've taken half off the table at 1061.00, the remainder to run.
We shall see!
Attachment

edit- my s/l at 1048 - recent highs
  • #7,205
  • Nov 2, 2009 4:01pm Nov 2, 2009 4:01pm
Quoting mstandifer
I've changed my mind on this. Regardless of what the individual candles are doing right there, the market is still making higher highs and higher lows. Watch what the market does around that support level and if it breaks through watch what it does at DSRI for another potential higher low. PA to show the way.
Is this close?
Remember the AUD rate decision is tonight, 10:30 NY time, 03:30 UK time and there is bound to be some jetwash around from that. This whole week is a big week for AUD news.
Last month the RBA were very hawkish and indicated they would raise rates 25 basis points. However since then other countries who were expected to follow have not.
How the market feels about AUD will be clearer after tonight.
Nicola
  • #7,206
  • Nov 2, 2009 4:05pm Nov 2, 2009 4:05pm
Quoting strat
So now, WHEN I SEE an opportunity on the Worker, I religiously check the BIG BOSS and then the BOSS before executing the trade.

Similarly, WHEN I SEE an opportunity on the BOSS, I ALWAYS consult the BIG BOSS.
Same here. All I need to know is my SR levels, then I check trade opportunities on the Worker (sometimes H4 for majors) and if I see one, I check the Boss.
  • #7,207
  • Nov 2, 2009 4:08pm Nov 2, 2009 4:08pm
Quoting elitejets
Remember the AUD rate decision is tonight...
The Aussie analysts were all very bullish on Bloomberg's Morning Call Asia last night.

Whatever they say, your sign off says it all: "How the market feels about AUD will be clearer after tonight."
  • #7,208
  • Nov 2, 2009 4:10pm Nov 2, 2009 4:10pm
  •  Sid
  • | Joined May 2009 | Status: Get wise or die laughing | 85 Posts
Quoting strat
Sid Vicious!

Still not quite happy with the results I am getting

Why is this? What is the problem? Do you know? Can we help?
Well, let me know what you think but very recently I've had a light bulb moment.

Often, I get into beautiful profit land and then don't get out (thinking "let a good trade run") but bringing the stop closer ("rule no. 1"). In rare cases this increases my profit (as with USDCAD the other week) in MOST cases however I lose out.

I have lost count of trades where a fat profit turned into next to nothing because I got stopped out.
Then just one or two bad trades are enough to send my account levels southwards.

You mentioned the solution recently a few times - trade to first resistance/support and get out until you get consistently profitable.

The light bulb moment came when my mind combined your words with what I saw the market doing - I start to better anticipate the market breathing in and out. Getting a "feel" for it. Intellectually, I might have known it before, but it hadn't clicked quite the same way.

And then you said this:

Now for those who are struggling giving profits back to the market, just be thankful you made a profit. When you are in profit say 500 pips and your SL is hit to give you a 350 pip profit, there is NOTHING wrong with that. This is GOOD, DISCIPLINED trading. New traders always torment themselves with the “ifs”, and/or “buts” they would have done something different they would have profited more. Maybe. More likely they would have LOST more. The trick is to be consistent when you have a winning method/strategy. Keep doing the things that make you profit.

That makes it even clearer for me. There really is a fine line between letting a good trade run and taking profit too late.

It makes me laugh how greed gets us into this game only to get in our way of getting the very thing we are greedy about.

Must be the funny Quarks and Photons...
  • #7,209
  • Nov 2, 2009 4:17pm Nov 2, 2009 4:17pm
Quoting Sid
Well, let me know what you think but very recently I've had a light bulb moment.

Often, I get into beautiful profit land and then don't get out (thinking "let a good trade run") but bringing the stop closer ("rule no. 1"). In rare cases this increases my profit (as with USDCAD the other week) in MOST cases however I lose out.

I have lost count of trades where a fat profit turned into next to nothing because I got stopped out.
Then just one or two bad trades are enough to send my account levels southwards.

You mentioned the solution recently...
Are you using a PLAN? Are you PLANNING your trade and then trading your PLAN?

What type of trader are you - daily scalper, swing, position or trend - do you know?

Do you know what type of trade you are planning OR just HOPING for the best that you can get?

Hint: There is NO hope in trading.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,210
  • Nov 2, 2009 4:29pm Nov 2, 2009 4:29pm
Every picture tells a story - just make sure you are reading the current chapter!
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15 YEARS OF PASR ON FOREX FACTORY!
  • #7,211
  • Nov 2, 2009 4:50pm Nov 2, 2009 4:50pm
Quoting Blackeagle
Same here. All I need to know is my SR levels, then I check trade opportunities on the Worker (sometimes H4 for majors) and if I see one, I check the Boss.
In case you missed what Blackeagle is telling you, this is his COMPLETE modus operandi. He has explained this in greater detail in earlier posts.

If you don't know what he means, go back into the thread where he explains how he looks for, finds and makes his trades.

And if you STILL don't get the message, this is a VERY SIMPLE way of trading.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,212
  • Nov 2, 2009 5:01pm Nov 2, 2009 5:01pm
Quoting elitejets
Remember the AUD rate decision is tonight, 10:30 NY time, 03:30 UK time and there is bound to be some jetwash around from that. This whole week is a big week for AUD news.
Last month the RBA were very hawkish and indicated they would raise rates 25 basis points. However since then other countries who were expected to follow have not.
How the market feels about AUD will be clearer after tonight.
Nicola
25 basis points already in price. We'll see big moves either way if it increases 50 or no increases at all.
  • #7,213
  • Nov 2, 2009 8:14pm Nov 2, 2009 8:14pm
This is a part of an email from a very wise reader:

When I read and try to UNDERSTAND your end of week recaps, it raises so many points and questions, I could spend days on just one post. There is so much knowledge packed into simple sentences, it amazes me...I never really thought about the learning behind the statements made by you and other traders. I have much to learn and catch up on.......
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,214
  • Nov 2, 2009 11:01pm Nov 2, 2009 11:01pm
Quoting strat
Trading is NOT for thinkers, Craig. Trading is for those prepared to ACT on opportunities.

Trading is SIMPLE and is for SIMPLE people
I was quite sure this was going to be your answer, as you say this is my technical side looking for reassurance.

I was really about to pull the trigger on the AUD/JPY sunday hammer too but i held myself back which i am proud of even though it proved to be a very profitable trade. I was not as confident as i usually am in entering trades and it being a sunday bar that i dont have experience trading. it just didn't feel right so i stayed out.

One thing i have noticed as well now that i have opened a live account.

I am much more cautious than i was while demoing so i am waiting for some real stress free trades to ease myself into things.
  • #7,215
  • Nov 2, 2009 11:46pm Nov 2, 2009 11:46pm
So I am really going to get into this exercise some more soon. Saturday I asked you Strat if my S&R lines were correct. I went to Blackeagle's posts. I re-read them and then I found this nugget:

http://www.forexfactory.com/showpost...postcount=4818

So I went through this post several times, and then applied it to the chart below . Went through all the candles on the monthly figuring what story price was trying to tell. Then I tweaked the lines on the daily and weekly. Then I compared my lines to Blackeagle's lines, and man were they close. So being pretty busy I usually read the thread while mobile, but I got a chance to look at my char today and all I can say is cool....and thanks! Still have a lot of reading. Now for one pair I have S&R lines that I am pretty confident with.
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  • #7,216
  • Nov 2, 2009 11:47pm Nov 2, 2009 11:47pm
Quoting Blackeagle
And this is how I see it. Daily is from IBFX and weekly has no Sunday bar from another data vendor for Metastock. Since Sunday bars stretch the chart, they make difference on daily. I also see DSRI was broken and I need to see the price above 1.4880 to consider long again or wait for 1.4479 to see PA (trend is still up, that's why I am not taking short).
No short while the trend is still up. Why above 1.4880? this is where the "The Fat City" is. Patience counts.
  • #7,217
  • Nov 3, 2009 12:24am Nov 3, 2009 12:24am
Quoting Donadoney
... Then I compared my lines to Blackeagle's lines, and man were they close. .... Now for one pair I have S&R lines that I am pretty confident with.
Those three SR lines on your chart are correct and they are majors. Keep them on your chart always.
  • #7,218
  • Nov 3, 2009 12:45am Nov 3, 2009 12:45am
Quoting riff
No short while the trend is still up. Why above 1.4880? this is where the "The Fat City" is.
Because... attached.

Although we don't have that much history around these levels, look at all the arrows around 1.4880, and especially the green arrows and see how price reacts when breakout took place (down or up) at 1.4880.

Hope this helps.
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  • #7,219
  • Nov 3, 2009 2:21am Nov 3, 2009 2:21am
Quoting Blackeagle
Because... attached.

Although we don't have that much history around these levels, look at all the arrows around 1.4880, and especially the green arrows and see how price reacts when breakout took place (down or up) at 1.4880.

Hope this helps.
Briliant chart Blackeagle, I never cease to be amazed by your SIMPLE BUT CRYSTAL CLEAR charts!

You say "especially green arrows" because of the big swings that followed after the SR tests?
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #7,220
  • Nov 3, 2009 3:08am Nov 3, 2009 3:08am
Hi Strat and team.

This is my first post in FF. I study Your strategy for last weeks. Try to put some orders according Your ruples and its works !

I woud like to join “The Path of Learning”

Sorry on my English, it is not my native language
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