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  • #7,281
  • Nov 4, 2009 4:27pm Nov 4, 2009 4:27pm
Monthly: Creating LH and LL. Downtrend

Weekly: Downtrend. But am concerned with the current swing low. Can this current swing low and the swing low created on 2008.7.13 considered as DOUBLE BOTTOM? If so, it would be risky to consider for a short?

Daily: Price retested and bounce off both the dsri and daily 50. Candle closed as a BEOB. It also closed below the daily 20 and a daily sr line that I have at 1.01745ish.

Question: is that a valid DOUBLE BOTTOM that I had identify in the Weekly chart? Is it consider risky to go short in this circumstances(Double bottom)?

Thanks for the comments and advice
Sean
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Discipline is PRIMARY, Method is Secondary.....
  • #7,282
  • Nov 4, 2009 4:30pm Nov 4, 2009 4:30pm
Quoting elitejets
Well I was wrong about the trendline holding, although the same one held briefly in cable.
1.4850 is kind of my line in the sand, if it goes above that then the bearish tilt is gone for me.
When I look at eur/usd all I see is Dr Joe - it's long only as it's not started going down yet!! (I, to nick Nic's phrase, am often wrong )

You should take every with trend opportunity offered as you'll only be wrong once - at the top. We have not had a significant TL break either so until we see one and then a test with a HH or HL I would only be long. Not that I would buy this pair currently as I predict we may be near a top based on the Boss and Big Boss candles.

There is some merit in only placing orders above new highs in strong trends. It takes guts as you are buying new highs but if you are in an uptrend who cares as it will keep going up till it stops and turns and starts going down!

Taken me nearly a year for the simple Dr Joe strategy to really sink in???!! Go figure (as they may say on the wrong side of the pond!)

Why do we always feel we can enforce our will on the market instead of taking what she offers? (just musing)
Trade less and become more profitable!
  • #7,283
  • Nov 4, 2009 4:35pm Nov 4, 2009 4:35pm
It's not a pair i trade DS but on my daily i see this:

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My weekly looks as if last week would confirm a swing low but i don't think that's playing out. As such, my bias would still be short.

Can you accept the risk? If so, just do it. Elitejets hit the nail on the head earlier although many people might have missed it: "I am not risking what I am not prepared to lose."
  • #7,284
  • Nov 4, 2009 5:07pm Nov 4, 2009 5:07pm
This was always a successful test and re-test for me - I don't see where the confusion is.

This put me back long on 3 separate accounts again.
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15 YEARS OF PASR ON FOREX FACTORY!
  • #7,285
  • Nov 4, 2009 5:23pm Nov 4, 2009 5:23pm
Quoting Dabestone
Monthly: Creating LH and LL. Downtrend

Weekly: Downtrend. But am concerned with the current swing low. Can this current swing low and the swing low created on 2008.7.13 considered as DOUBLE BOTTOM? If so, it would be risky to consider for a short?

Daily: Price retested and bounce off both the dsri and daily 50. Candle closed as a BEOB. It also closed below the daily 20 and a daily sr line that I have at 1.01745ish.

Question: is that a valid DOUBLE BOTTOM that I had identify in the Weekly chart? Is it consider risky to go short in this circumstances(Double...
Is it consider risky to go short in this circumstances(Double bottom)?

When there are so many opportunities elsewhere, I can never understand why people want to trade pairs where 95% of the move has been made.

I don't know for sure whether its a double bottom or not but if it isn't, it's getting pretty close so why mess with it?

The fat line has already been drawn so either PRICE respects it and moves North or it rejects it and goes South. At this point, we are going through a re-test of bottom support. Will it hold or will it break? I have no idea and I have no interest in RISKING my account on it until PRICE shows me, one way or the other, what it wants to do.

As far as I am concerned there is NO OPPORTUNITY on this pair at this time. Therefore, a trade with no opportunity represents 100% RISK
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,286
  • Nov 4, 2009 5:38pm Nov 4, 2009 5:38pm
Quoting elitejets
Right here is where I am adding to my short. Descending trendline and underside of the rising trendline (not the big one) and 50fib. I am OK with being wrong ...

daily chart and then 4hr chart (sorry Strat) ...
Although you don't know it, Nicola, you have posted two good examples of why DSRI Demand and Supply lines are superior to TLs and why they tell us SO much more and had you drawn them on your charts, MAY have kept you out of short trades.

No problems with H4 chart for reference.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,287
  • Nov 4, 2009 6:18pm Nov 4, 2009 6:18pm
Just making sure you all understand what I meant on my earlier GBPAUD post when I said to expect the rubber band or elastic band effect.

It is mainly for those already short to start looking to protect their positions or take profit.

It is also an opportunity for those with a high risk tolerance or daily scalpers for a "quickie" counter trend trade.

Subsequent PRICE ACTION is now telling us something ENTIRELY different.
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15 YEARS OF PASR ON FOREX FACTORY!
  • #7,288
  • Nov 4, 2009 7:17pm Nov 4, 2009 7:17pm
After spending several hours drawing S%R lines on all my charts, I am seeing them at work...and why without this knowledge that Strat has given us I couldn't be profitable.
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  • #7,289
  • Nov 4, 2009 7:25pm Nov 4, 2009 7:25pm
Quoting Donadoney
After spending several hours drawing S%R lines on all my charts, I am seeing them at work...and why without this knowledge that Strat has given us I couldn't be profitable.
Good for you! Now join with us to help show others the light.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,290
  • Nov 4, 2009 7:46pm Nov 4, 2009 7:46pm
Back from the Computer Doctor. I think my PC had the Swine Flu... or maybe Mad Cow disease. Been down for a week. Got some good reading done while watching from afar. Pring on Price Patterns and now Steenberger ... The Psychology of Trading. All good stuff.


"He walks in the classroom, cool and slow....... "
  • #7,291
  • Nov 4, 2009 8:27pm Nov 4, 2009 8:27pm
Quoting Donadoney
After spending several hours drawing S%R lines on all my charts, I am seeing them at work...
And now all you need to do is to trade from one SR to another, but first in trend direction. Hasn't Strat told everyone trading was easy?
  • #7,292
  • Nov 4, 2009 8:43pm Nov 4, 2009 8:43pm
Greetings, All:

As it seems to be true from the beginning of this day, the full moon seems to have mired every effort I have tried to do today in getting things done....tonight is no different as it is proving out..... I feel like my feet are stuck in a tar pit...no momentum...even in reading the thread tonight!!!

1st thing I'm stuck on.... could someone turn on the light with regard to the meaning of "confluence"? I've been scouring the net for the last hour looking for a good definition with respect to charting, but the best thing I can come up with is "where two bodies of water connect" in Wikipedia..... aaaarg!!!!
I don't expect anyone to go into a lengthy example...just point me to a good, informative trading glossary....I'll do the leg work.

2ndly..... As I begin learning proper support & resistance line charting, I see references to posts where someone makes a statement of entering at certain price, and is then asked if they are entering on a lower TF chart...such as post #72.... raises this question...

We are trading the daily, using the Boss and Bosses' Boss.... When we are marking off S&R lines, do we research and mark S/R found on all three TF's? Or are we mainly interested in charting S/R on our daily using Weekly and Daily S/R only? I am beginning to understand the theory, now looking for the specifics.

Thanks,
Ez
  • #7,293
  • Nov 4, 2009 9:25pm Nov 4, 2009 9:25pm
Quoting EzRidr62
Greetings, All:

As it seems to be true from the beginning of this day, the full moon seems to have mired every effort I have tried to do today in getting things done....tonight is no different as it is proving out..... I feel like my feet are stuck in a tar pit...no momentum...even in reading the thread tonight!!!

1st thing I'm stuck on.... could someone turn on the light with regard to the meaning of "confluence"?...
Confluence is when multiple things line up at a key S or R area. ie: A Shooting star happens to pierce the 20EMA and the 50% fib of a recent move giving the SS more weight.

As for the lower timeframes, Forget them some of the more advanced traders use a lower TF for entries. You will do just fine using strictly worker and up entries.
  • #7,294
  • Nov 4, 2009 9:31pm Nov 4, 2009 9:31pm
Quoting EzRidr62
Greetings, All:

As it seems to be true from the beginning of this day, the full moon seems to have mired every effort I have tried to do today in getting things done....tonight is no different as it is proving out..... I feel like my feet are stuck in a tar pit...no momentum...even in reading the thread tonight!!!

1st thing I'm stuck on.... could someone turn on the light with regard to the meaning of "confluence"?...
Thats actually the basics of it

Confluence in trading happens when you get one or more factors coming together to give the same signal. For example, a hammer forming at a point where a support line + TL + MA meet to give a bullish signal.

If you don't know any other accronyms or words check out accronym list in the Index.
http://sites.google.com/site/stratst.../accronym-list[b][u][font=Arial][size=2][color=#008000]
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  • #7,295
  • Nov 4, 2009 9:32pm Nov 4, 2009 9:32pm
Quoting CrudeCraig
Confluence is when multiple things line up at a key S or R area. ie: A Shooting star happens to pierce the 20EMA and the 50% fib of a recent move giving the SS more weight.
Thanks, CC, for a simple yet effective explanation regarding confluence. That's enough to allow me to understand what I was reading.
With respect to the S/R question, I wasn't looking to enter on lower TF's, but was using that post to reinforce my understanding as to what upper TF's we DO use when drawing S/R on our charts.....Daily, Weekly, AND Monthly? or a lesser combination of the 3?

Thanks,
Ez
  • #7,296
  • Nov 4, 2009 9:36pm Nov 4, 2009 9:36pm
Quoting EzRidr62
Greetings, All:

As it seems to be true from the beginning of this day, the full moon seems to have mired every effort I have tried to do today in getting things done....tonight is no different as it is proving out..... I feel like my feet are stuck in a tar pit...no momentum...even in reading the thread tonight!!!

1st thing I'm stuck on.... could someone turn on the light with regard to the meaning of "confluence"?...
Confluence means where several things meet together at the same point. So, we have confluence when a Fib retracement is at the same level as our SR levels. A level is thought to be stronger, powerful or more meaningful with confluence.

We are trading the Worker (Daily) using information provided by PRICE on higher time frames (BOSS and BIG BOSS). When an opportunity is seen on the Worker, we enter on the next Daily candle above/below the set up bar. It is also possible to drop down to H4 time frame and, using the signal from the Worker, fine tune or get a better entry price on H4.

With regard to identifying SR levels, there are now many posts on this and you need to go back into the thread to find these, specifically those by Blackeagle.

Does this help?
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,297
  • Nov 4, 2009 9:37pm Nov 4, 2009 9:37pm
Quoting Naws
Thats actually the basics of it.........

If you don't know any other accronyms or words check out acronym list in the Index. ......
Thanks, Naws....Acronym list already a part of my tabs when I have this thread in front of me....One tab to read older posts, one tab Acronym list, one tab Index, and remaining tab to watch newest posts if I ask questions....
Ez
  • #7,298
  • Nov 4, 2009 9:39pm Nov 4, 2009 9:39pm
Quoting EzRidr62
Greetings, All:

1st thing I'm stuck on.... could someone turn on the light with regard to the meaning of "confluence"?

We are trading the daily, using the Boss and Bosses' Boss.... When we are marking off S&R lines, do we research and mark S/R found on all three TF's? Or are we mainly interested in charting S/R on our daily using Weekly and Daily S/R only? I am beginning to understand the theory, now looking for the specifics.

Thanks,
Ez
Confluence means a place where things merge. When you apply this definition to a chart, that means a price level where SR, fibo, DSRI, PA or some other technical tools point the same resistance or support where we try to open our positions. The more confluence, the better success rate, in general.

Re. SR lines, keep reading and "I am sure" you'll find the specifics.
  • #7,299
  • Nov 4, 2009 9:56pm Nov 4, 2009 9:56pm
Quoting Blackeagle
..........or some other technical tools point the same resistance or support where we try to open our positions. The more confluence, the better success rate, in general........
Thank you so much! Crystal!
  • #7,300
  • Nov 4, 2009 10:04pm Nov 4, 2009 10:04pm
Quoting strat
.............
We are trading the Worker (Daily) using information provided by PRICE on higher time frames (BOSS and BIG BOSS). When an opportunity is seen on the Worker, we enter on the next Daily candle above/below the set up bar. It is also possible to drop down to H4 time frame and, using the signal from the Worker, fine tune or get a better entry price on H4.

With regard to identifying SR levels, there are now many posts on this and you need to go back into the thread to find these, specifically those by Blackeagle.

[font=Arial]Does...
Yes.....At first I felt a little sheepish asking what seemed like a 'wet behind the ears" question.....but thanks to a few well-formed answers, I don't think I could have found better answers after many nights reading. I will continue reading the early posts.... with better understanding..... Thank You

Ez
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