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  • #7,481
  • Nov 11, 2009 2:05pm Nov 11, 2009 2:05pm
I would have liked to help you guys read price more accurately ,but unfortunately ,its impossible to ,
quite honestly I see intentions are good ,may be system is good but you are blinkered to actual fact of price action ,confined within too tight rules
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #7,482
  • Edited 2:36pm Nov 11, 2009 2:17pm | Edited 2:36pm
Quoting elitejets
I think this is a good breakout trade setting up, a good looking wedge / flag / triangle.
Or you could trade it as a break of last weeks Boss inside bar.

Strat has said this before but GBPJPY is a beast, if you are new-ish then you might want to halve your risk when you start trading it.
Hey elitejets, I have a question on your recommendation. First of all, I appreciate your insight so my asking is just that, only asking.

I have my DSRI in blue, your TL in yellow and SR in green.

If it closes today having broken my DSRI, I had still not planned on trading it because of support at 148.38. I see that matches up with your TL so that makes sense. However, what if it had broken your TL on the close but was still above support had it been lower. Would you still have played the TL break of the triangle? I may have the wrong support line drawn too though. Just wanted to know how you were looking at the trade.
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  • #7,483
  • Nov 11, 2009 2:23pm Nov 11, 2009 2:23pm
Quoting strat
Originally Posted by TheFutureAce...

WOW..why so much bashing based on just 1 sentence? maybe my grammer was wrong, I meant to say something else like I thought or some other word instead of KNEW...I am not hiding behind my english writing but did u even thought that engish might be my 3rd language?

OK so I only have 3 months experience but you could have said this in a far better way. u didnt need to go off on me like that.....
  • #7,484
  • Nov 11, 2009 2:31pm Nov 11, 2009 2:31pm
Quoting TheFutureAce
WOW..why so much bashing based on just 1 sentence? maybe my grammer was wrong, I meant to say something else like I thought or some other word instead of KNEW...I am not hiding behind my english writing but did u even thought that engish might be my 3rd language?

OK so I only have 3 months experience but you could have said this in a far better way. u didnt need to go off on me like that.....
Poor baby!

TOUGHEN UP or get eaten!
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,485
  • Nov 11, 2009 2:35pm Nov 11, 2009 2:35pm
Quoting Bones
I would have liked to help you guys read price more accurately ,but unfortunately ,its impossible to ,
quite honestly I see intentions are good ,may be system is good but you are blinkered to actual fact of price action ,confined within too tight rules
OK, the thread is now yours!
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,486
  • Nov 11, 2009 2:39pm Nov 11, 2009 2:39pm
Im not looking for a new thread ,do really think that hanging man was not a sell signal ,do you think my post is bullshit ,honestly?

Quoting strat
BULLSHIT!
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #7,487
  • Nov 11, 2009 2:43pm Nov 11, 2009 2:43pm
Quoting Bones
Im not looking for a new thread ,do really think that hanging man was not a sell signal ,do you think my post is bullshit ,honestly?
In my earlier trading days, I traded hanging man candles (along with others) and was profitable many times. Unfortunately, I lost more than I made trading these candles.

After “my” light bulb moment, I spent hours, days, weeks, months, years (and still do), studying charts and the information on them. Long story short, I proved for myself that hanging man candles were very unreliable as price reversal bars and were nothing more than “warning” candles. For each hanging man that reversed PRICE, I could find one or maybe more where it didn’t and PRICE continued in the trend direction.

If you want a recent example of this, then go to the same Worker GBPUSD chart and look at October 16.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,488
  • Nov 11, 2009 2:44pm Nov 11, 2009 2:44pm
whats your feeling on this chart,note nice long wick against bearish candle
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: cadlfx w1 11 th w1 ,target 3.gif Size: 15 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #7,489
  • Nov 11, 2009 2:52pm Nov 11, 2009 2:52pm
[quote=elitejets;3225769]
Or you could trade it as a break of last weeks Boss inside bar.

Hi Nicola
Whenever you get time, if possible could you post your boss chart please, as i'm struggling to see what you're seeing.

Thanks
  • #7,490
  • Nov 11, 2009 2:57pm Nov 11, 2009 2:57pm
Quoting Bones
whats your feeling on this chart,note nice long wick against bearish candle
I would have liked to help you guys read price more accurately ,but unfortunately ,its impossible to, quite honestly I see intentions are good, may be system is good but you are blinkered to actual fact of price action confined within too tight rules

Yes, I’m a blinkered Shire Horse pulling carts of ale through the streets of York and as such I know nothing about price action which is why the thread is now yours.

Hopefully you will correct all the mistakes I have made. Good Luck!
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,491
  • Nov 11, 2009 3:00pm Nov 11, 2009 3:00pm
This is quite wrong ,I have given the criteria for you to be wiser as to what is truly a hanging man and you will be wiser for it
The original,poster was absolutely on the right track.


Quoting Grimweasel
Ace - you couldn't have 'known' that price was going down; not if you read/watch Mark Douglas- all you have is an indication of a repetitive pattern giving you an 'edge'. Hanging Man candles are an indication of the bulls running out of steam as seller have stepped in to drive the PA down; the bulls have then stepped back in and driven price back up, giving you the hanging man.

These candle's are not good set-ups IMO. They give an indication of possible moves afoot but I wouldn't trade them as a set up. They always form within price boundaries...
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #7,492
  • Nov 11, 2009 3:02pm Nov 11, 2009 3:02pm
Hanging Men - they are aptly named - as most hang most men out to dry!!
Remember, on the day they would have been seen as the right most bar on the chart. Hindsight is wonderful of course!
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Trade less and become more profitable!
  • #7,493
  • Nov 11, 2009 3:11pm Nov 11, 2009 3:11pm
Im not criticizing you strat ,more the other way round
,I dont want your thread I have my home thanks
Quoting strat
I would have liked to help you guys read price more accurately ,but unfortunately ,its impossible to, quite honestly I see intentions are good, may be system is good but you are blinkered to actual fact of price action confined within too tight rules

Yes, I’m a blinkered Shire Horse pulling carts of ale through the streets of York and as such I know nothing about price action which is why the thread is now yours.

[font=Arial]Hopefully you will correct all the mistakes...
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #7,494
  • Nov 11, 2009 3:16pm Nov 11, 2009 3:16pm
Hanging Man- from
http://thepatternsite.com/HangingMan.html


Theoretical performance: Bearish reversal
Tested performance: Bullish continuation 59% of the time
Frequency rank: 16
Overall performance rank: 87
Best percentage meeting price target: 86% (bear market, down breakout)
Best average move in 10 days: -3.60% (bear market, down breakout)
Best 10-day performance rank: 59 (bear market, down breakout)
All ranks are out of 103 candlestick patterns with the top performer ranking 1. "Best" means the highest rated of the four combinations of bull/bear market, up/down breakouts.


Hanging Man
Discussion

The hanging man candlestick is a popular one, but one that shows lousy performance. In theory, it is supposed to be a bearish reversal but it actually is a bullish continuation pattern 59% of the time. The best performance that it can muster is after a downward breakout in a bear market. Price drops an average of 3.60% in 10 days, ranking it 59 for performance. That is just mid list. Outstanding performance would be a move of 6% or more.
Trade less and become more profitable!
  • #7,495
  • Nov 11, 2009 3:17pm Nov 11, 2009 3:17pm
Quoting elitejets
There goes your trendline, I hope you are in
Yep it got punched out rather sharply...

I have a small position now...I didn't have a position going into the day with the TL and news risk...I plan to add another small unit on any retrace...

In entering that TL break what do you think the best approach is?
Hope is not a trading strategy
  • #7,496
  • Nov 11, 2009 3:33pm Nov 11, 2009 3:33pm
Quoting Bones
I have my home
Please post the link to your "home" so that readers of this thread can learn unblinkered actual fact of price action without too tight rules. Thank you.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,497
  • Nov 11, 2009 3:46pm Nov 11, 2009 3:46pm
Quoting strat
soso not soso good soso far!
[.....]
Thank you Strat for the cold shower, I really needed that! You were ABSOFLUGGINGLUTELY right I was looking for trades instead of patiently waiting to see them!

Triggered by the loss on EURGBP, I wonder what would I have done if I was trading lower timeframes... This is one of the big advantages of large timeframes, you have time to cool off until a new potential trade arrives.

Will get back in my hole now to review parts of the thread and internalize them.

Have a nice day/evening/night everyone!
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #7,498
  • Nov 11, 2009 3:55pm Nov 11, 2009 3:55pm
lol my home is actually someone else's a true gentleman (look it up),anyway don't think it would be right

Quoting strat
Please post the link to your "home" so that readers of this thread can learn unblinkered actual fact of price action without too tight rules. Thank you.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #7,499
  • Nov 11, 2009 4:00pm Nov 11, 2009 4:00pm

Quoting Bones
Just like this was not a shooting star ,did you see what price did
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #7,500
  • Nov 11, 2009 4:02pm Nov 11, 2009 4:02pm
Quoting strat
Originally Posted by TheFutureAce


But there again, if you want to be the prey……………………………………
I just read this with a quiet mind and what u say makes sense. I am taking of my arrows of 5 * 8 ma crossover.

I am only at page 67 so I dont have that much knowledge of PASR. Will read on...to me right now tough....a trade of profit 200 pips is a realy good trade.

Maybe I just need to change the way i think and look for losses i can afford then how much profit I make on each trade.

Amar
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