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  • #7,421
  • Nov 10, 2009 4:34pm Nov 10, 2009 4:34pm
Only fools ignore our tools!
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15 YEARS OF PASR ON FOREX FACTORY!
  • #7,422
  • Nov 10, 2009 4:43pm Nov 10, 2009 4:43pm
OK, Lou, we are coming up to a “W” double bottom on the Worker, multiple bottoms on the BOSS and at least 5 bottoms on the BIG BOSS. Any plans?
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15 YEARS OF PASR ON FOREX FACTORY!
  • #7,423
  • Nov 10, 2009 4:46pm Nov 10, 2009 4:46pm
Quoting strat
Well, Ύ of the “M” Top formation is in place – what about the final Ό?

As to be expected, the buyers are running out of steam at 0.9300.

Running out of steam or just taking profits?

Where are the guys in RED? We usually see them up here – where are they? – what are they doing? – what are they waiting for?

Too much thinking for me – I’m OUT until………………………………………….
Hi Strat

Do you want for us to provide an answer?http://cdn.forexfactory.com/images/icons/icon10.gif

I will tell you what I will do in this case: I recon that for anyone who does trade against the trend a PA showing strong RED would do, but for anyone who isn't in this trade already going up I would suggest to wait for a strong close above the SR line to continue with up move.

My current stance, I have been up since the 6th of Nov as I trade with trend only.

Happy trading.http://cdn.forexfactory.com/images/icons/icon7.gif
Jideck
  • #7,424
  • Nov 10, 2009 5:02pm Nov 10, 2009 5:02pm
Quoting Jideck
Hi Strat

Do you want for us to provide an answer?http://cdn.forexfactory.com/images/icons/icon10.gif

I will tell you what I will do in this case: I recon that for anyone who does trade against the trend a PA showing strong RED would do, but for anyone who isn't in this trade already going up I would suggest to wait for a strong close above the SR line to continue with up move.

My current stance, I have been up since the 6th of Nov as I trade with trend only.

Happy trading.http://cdn.forexfactory.com/images/icons/icon7.gif
Jideck...
My current stance, I have been up since the 6th of Nov as I trade with trend only.

Why so late? Why not enter on the 4th? Otherwise, good job!
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,425
  • Nov 10, 2009 5:57pm Nov 10, 2009 5:57pm
Quoting strat
My current stance, I have been up since the 6th of Nov as I trade with trend only.

Why so late? Why not enter on the 4th? Otherwise, good job!
Thanks Strat.http://cdn.forexfactory.com/images/icons/icon7.gif

Late entry due to caution, just want to make sure that it is going in the right direction. Even if the entry was a bit "late" the stress level was nearly absent. Watching more these days and waiting until the move is in the right direction on all three TF.

Trying to KISS.http://cdn.forexfactory.com/images/icons/icon12.gif
Jideck
  • #7,426
  • Nov 10, 2009 7:05pm Nov 10, 2009 7:05pm
i like your plan and i want to read all your post first..
good luck strat!!
  • #7,427
  • Nov 10, 2009 8:55pm Nov 10, 2009 8:55pm
Quoting Dabestone
Omg my english is not good enough to understand the last post
Beware of those opportunists Black knights my friend. This Thread is F.O.C for us to learn. seek for help and learn from those with sincerity. (those White Knights).
  • #7,428
  • Nov 10, 2009 10:43pm Nov 10, 2009 10:43pm
I believe in this opportunity. Whether or not it is successful I believe it'll be a good trade once the daily candle closes positively, especially if its above the doji. Hope this is a good example of your lessons Strat otherwise its page 1 again for me.
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  • #7,429
  • Nov 10, 2009 11:05pm Nov 10, 2009 11:05pm
Quoting strat
OK, Lou, we are coming up to a “W” double bottom on the Worker, multiple bottoms on the BOSS and at least 5 bottoms on the BIG BOSS. Any plans?
Lots of bottoms. Boss and BB yes.
But I am only seeing an " M " on the worker on my chart. An M in a downtrend would have a pause here with more downward pressure to come. I would wait for a close below the s/r line at 1.0010 for .9650 . If I had been paying attention I shouda-coulda gone short on the close of the large Bearish candle on the 4th that closed below the s/r at 1.0176.

I just don't see the W on my daily line chart. If one started to develop it would indicate a reversal and be a case of " I hear you knockin' but you can't come in, come back tomorrow and you can try again". With regard to the multi bottoms. Taking a long position would be waiting for a daily close above the 20 ema or possibly use a limit order set at the top of the ^ part of the W when it was forming. 1.0178 would be a level to consider as resistance in this case.
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  • #7,430
  • Nov 10, 2009 11:16pm Nov 10, 2009 11:16pm
"Whence comest thou, I do not know, but thou canst wit what the day will bring therefore, whither thou goest, I'll go, for thy shining armour on thy white horse showeth the path to follow."

I have to say that I was just about ready to pull out the pin, count to 3.. the number of the counting to be 3 ..... and lob the Holy Handgrenade of Antioch in your general direction.
  • #7,431
  • Nov 11, 2009 1:40am Nov 11, 2009 1:40am
Hello,

I am living of this thread for past 2 weeks. My work is extremely busy these days...so going at the speed of tortoise right now. I am 31 yr old and came to know about the forex world 3 months back and I am still learning a lot.

I finished reading James16's price action and ppz posts. read Steve nisons candlestick book and now at Mr Strats thread.

I will keep reading the thread and post when i am have a firm grip of things. I wanted to introduce myself formally here to everybody.

Thanks,
Amar
  • #7,432
  • Nov 11, 2009 2:59am Nov 11, 2009 2:59am
Hi Strat,
what is the feed you are using for your charts?
  • #7,433
  • Nov 11, 2009 5:09am Nov 11, 2009 5:09am
Quoting Lou
Lots of bottoms....
Well, FWIW - I'd only trade long on usdchf once/if we have had a significant down TL break on strong momentum. I'd like to see any potential double bottom then tested and with a HL and a break above the SR level at 1.0250 AND the last swing high at 1.0344. Currently, all usdchf says to me is DOWN as it's not stopped going down yet? To do anything else here is surely trying to pick tops and bottoms (my old vice, that I still succumb to now and then)?

I've found that once I make a plan like this and WAIT then it ensures that I take only the best trades. Sure I miss some good ones too, but trading is all about stacking the odds in your favour and controlling the 'inner voice' by sticking to the plan.
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Trade less and become more profitable!
  • #7,434
  • Nov 11, 2009 5:14am Nov 11, 2009 5:14am
Great Video thanks Nic and others for the analysis- If only I'd found that before buying Mark's book all those years ago. Funny how at the time I dismissed most of it as mumbo jumbo - so glad to eat humble pie a few years later and find that he was speaking the truth (even if there is a boat load of NLP in his stuff).

Some really good posts by 'master' of late too. Ignore the psychological side at your (and your P&L account's) peril!!

A good e-book here that some of you will find very useful too:
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File Type: pdf 7095175[1] Self Disp.pdf   621 KB | 1,849 downloads
Trade less and become more profitable!
  • #7,435
  • Nov 11, 2009 6:39am Nov 11, 2009 6:39am
This filled last night while I was asleep and am just now able to post it.

Had set a buy order for 3 (micro) lots at 88.59 SL @ 88.10 because that would break DSRI enough it's not coming back up. Yesterday closed a neutral candle on my chart and I expected a retrace and an up bar today. Set a buy at support and it hit.

Because the range is defined as it is, my plan is this:
Close 1 lot at 100 pips in case this goes nowhere (which just hit a little while ago) and move the other 2 to break even.
Close lot 2 at 90.24.
Let lot 3 run in case it wants to go past 91.42. I'll watch PA at that level and may close it if it looks like it wants to do another range run.
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  • #7,436
  • Nov 11, 2009 6:47am Nov 11, 2009 6:47am
Remind me why all the talk of a bottom in USDCHF?
  • #7,437
  • Nov 11, 2009 7:02am Nov 11, 2009 7:02am
Quoting Alexandra
Remind me why all the talk of a bottom in USDCHF?
Looking at USDCAD there could be a good lower risk monthly trade if that hammer on the big boss is still to be believed. The worker may offer an entry back into that hammer. My only concern is that PA has retraced beyond 61% into that hammer. I think it is still the controlling bar on that pair tho - so this could, if activated, point to $ strength across the board?

Hang on - too much thinking. Grrr. Trade what u see
Trade less and become more profitable!
  • #7,438
  • Edited 8:01am Nov 11, 2009 7:12am | Edited 8:01am
AUDCHF - 3/4 M and not wanting to go past .9400 but at .9425 I'm in.

AUDUSD - Looking for a close above .9325

CHFJPY - In it.

EURAUD - Watching today's close for PA for a quick ATM down to 1.6000

EURCAD - Watching PA at 1.5700 to show which direction. Good bound range but will be a day or 2 on this one before can enter.

EURGBP - At current DSRI and watching today and tomorrow to show the way.

EURJPY - Could have done same as CHFJPY up to 135.83. Out for now.

EURUSD - Watching the M.

GBPCAD - Watching the M and today's and tomorrow's action.

GBPCHF - Could be a decent counter trend trade up to 1.7568 with an entry if this swing becomes a confirmed swing low but trapped between the worker and boss. Not sure about this one so will stay out.

GBPUSD - A close today above 1.6600 and DSRI and I could probably be in with a tight SL, but to play it safe I'll wait for a confirmed swing...

NZDJPY - Close above 67.00 and a confirmed swing high and I'm long to 69.49

USDCAD - Should have gone short at yesterday's close down to 1.0300 so I'm in now anyway.

USDCHF - Watching for PA around 1.0015. Might be a few days on this one.


If I enter any of these I'll post my plan. Too much typing right now and I don't want to give away anything for free...right
  • #7,439
  • Nov 11, 2009 7:41am Nov 11, 2009 7:41am
Hello Strat & all,

Do you consider trades on a pair on which THE BOSS is trapped between 20 and 50 but on the Worker timeframe the price is well above/below the MAs? I was thinking that when THE BOSS has not decided then use what THE BIG BOSS is saying. If THE BIG BOSS is not decied either then stay out.

P.S. The EURGBP trade was obviously against bigger trend, I even noted that in my journal the day I put the entry order. I've put too much weight on that Weekly SR level and too little on THE BOSS trend. Licking my wounds now...

Cheers!
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #7,440
  • Nov 11, 2009 7:58am Nov 11, 2009 7:58am
Quoting Grimweasel
Looking at USDCAD there could be a good lower risk monthly trade if that hammer on the big boss is still to be believed. The worker may offer an entry back into that hammer. My only concern is that PA has retraced beyond 61% into that hammer. I think it is still the controlling bar on that pair tho - so this could, if activated, point to $ strength across the board?

Hang on - too much thinking. Grrr. Trade what u see
I see no basis for a reversal in that market either.
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