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  • #7,581
  • Nov 12, 2009 2:20pm Nov 12, 2009 2:20pm
Quoting PistolDave
I have a two questions about the chart here.

First, do I have the DSRI line drawn correctly?

And secondly, in the inset you can see there is a BUOB directly above what I assume to be the DSRI. I'm just using this as an example because the bar has not closed yet, but say it had, would this be a setup because the BUOB occured at the DSRI and would you be looking to go long on a break of the top of the bar?

Thanks.

Attachment

First, do I have the DSRI line drawn correctly?

NO!

And secondly, in the inset you can see there is a BUOB directly above what I assume to be the DSRI. I'm just using this as an example because the bar has not closed yet, but say it had, would this be a setup because the BUOB occured at the DSRI and would you be looking to go long on a break of the top of the bar?

NO!

Dave,

Forget DSRI demand and supply and focus on basic PASR.

See Post #7572
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,582
  • Nov 12, 2009 2:25pm Nov 12, 2009 2:25pm
Quoting strat
While I applaud your efforts, I'm not really sure this will help you. You seem to be wanting to trade anything that moves.

I thought you agreed that you need to go back to basics and ONLY trade from support to 1st resistance and resistance to 1st support using basic PASR and nothing else.
Bang on. Hence my comment...

Quoting mstandifer
This post was a good reminder for me to scale back a bit and get the basic stuff down first. -m
Trading log stopped and restarted in basic mode. The F12 thing has me thinking in overdrive.
  • #7,583
  • Nov 12, 2009 3:10pm Nov 12, 2009 3:10pm
Quoting strat
Good overall PLAN but your trade PLAN will be much more specific and detailed.
Some great posts tonight....

Any chance of a sample trade plan from an old trade to see the detail you go into?

btw, for those into funny mentals this article caught my eye today - http://www.bloomberg.com/apps/news?p...d=a1S_5nNfZ9WM
Hope is not a trading strategy
  • #7,584
  • Nov 12, 2009 3:17pm Nov 12, 2009 3:17pm
Quoting Lotuselanman
I just don't know what to do about this one. In which case I should WAIT I suppose, but a good trade might be lost that way.
Hi Lotuselanman,

i'm following AUDUSD too but so far it doesnt look like it stoped going up. The boss has one more day until its complete and this week a HH was made.

The best thing to do is wait to see what the next day brings.
  • #7,585
  • Nov 12, 2009 3:23pm Nov 12, 2009 3:23pm
Well we have closed with a beautiful hammer...should be a big fight tomorrow with the confluence of resistance above...I guess this is what happens when you mess with Big Boss PA
Attached Image (click to enlarge)
Click to Enlarge Name: GBP_AUD _12_NOV_09_.png Size: 12 KB
Hope is not a trading strategy
  • #7,586
  • Nov 12, 2009 3:26pm Nov 12, 2009 3:26pm
Quoting Sinan
Some great posts tonight....

Any chance of a sample trade plan from an old trade to see the detail you go into?

btw, for those into funny mentals this article caught my eye today - http://www.bloomberg.com/apps/news?p...d=a1S_5nNfZ9WM
Any chance of a sample trade plan from an old trade to see the detail you go into?

Mine would be no good because I don't go into the detail you guys NEED to - mine is just entry -exit - P&L. You need to find those posts where I detailed Planning the Trade and Trading the Plan. It's all in there if you READ BETWEEN THE LINES.

btw, for those into funny mentals this article caught my eye today -

For everyone reading this, remember it is NOT Gospel - it is ONLY one person's opinion - it is written by an analyst who is paid to write crap whether it is right or wrong - Analysts can't trade so they write.

America's banker is NOT Asia - it is China. China OWNS ALL the trillions of US Debt and China could BUY OUT the rest of Asia.

Whether you like it or not, China is your next World Super Power.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,587
  • Nov 12, 2009 3:41pm Nov 12, 2009 3:41pm
Quoting strat
I look at my Worker and I see HHs and HLs
My BOSS shows me a higher swing low
My BIG BOSS shows me a higher swing low with a Hammer
...
Hello Strat,

GBPCHF is almost a mirror of EURGBP. I hope you dont mind digging old posts...A couple of days ago you woudnt agree that EURGBP BOSS is down (reference post http://www.forexfactory.com/showpost...postcount=7420) while today you say that GBPCHF BOSS is up (that's what I understand of 'My BOSS shows me a higher swing low'). Can you please explain what you see different?


Thank you!
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #7,588
  • Nov 12, 2009 3:44pm Nov 12, 2009 3:44pm
Quoting TheFutureAce
I pmed strat about this :
Hi Strat,

I am sorry i created whole drama today by saying I knew. 1qq I had tough, you can tell me or u can tell me to figure out on my own.

this question is about the hanging man i was talking about.

it was a nice hanging man.
it was right at the major resistance of 6600.

what else did i miss in reading this chart? I am just curios as its bugging me from morning.

thanks in advance

he told me to put in the thread so other can benifit from the answer

Thanks strat
I am sorry i created whole drama today by saying I knew. 1qq I had tough, you can tell me or u can tell me to figure out on my own.

this question is about the hanging man i was talking about.

it was a nice hanging man.
it was right at the major resistance of 6600.

what else did i miss in reading this chart? I am just curios as its bugging me from morning.

No need to apologise – the drama was caused by a person with only 22 months forex experience believing he can walk on water and see into the future.

Did you read what I posted below? Did you understand it?

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.

Did you read and UNDERSTAND these posts by Grimweasel ? (Thanks for the support Danny boy) #7492 #7494

Let’s put everything into context.

You are here on this thread, The Path of Learning because you want to live up to your TheFutureAce moniker, i.e. be the best trader you can be. Right?

This thread is from my experience of about 27 + years trading but 17 + SERIOUS years of trading. Rather than say it all again, read Post # 1 about what I have done and where I have been in trading.

As such, I am teaching what WORKS. I am teaching the basic methodology and strategy that forms the backbone of my total trading portfolio.

I am NOT interested in what the books say, what the videos say, what the latest scam sites say, what 22 month students who believe they can walk on water and see into the future say or, for that matter, any other propaganda.

I DO WHAT WORKS

Nobody is forced to read this thread. If they don’t like my style, my attitude, my humour, my method, my strategy or anything I do, they can kiss my very RICH, sweet ass – I don’t care!

However, for those who want to be students of this thread, I will bend over backwards, in my style, to help them.

I have been through the trading mill and ground to mere specs of fly shit sized dust! I have been through everything everyone on this thread has ever been through. I know what needs to be done for each type of personality to help them be successful or kill them off!

My response to your “I knew” post was to find out if you had the mental toughness to succeed in this war game they call trading.

If this still doesn’t answer your question, here it is AGAIN!

A hanging man is NOT a price reversal candle. It is only a WARNING that buyers MAY be losing control. It ALWAYS needs confirmation before making a trade. If you understood how that candle was formed and the sentiment behind it, you would know why this is true.

Read the following AGAIN and UNDERSTAND it:

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.


Read Grimweasel’s posts again and UNDERSTAND them.

If you do UNDERSTAND, then you should KNOW that trading hanging man candles is VERY HIGH RISK – something we avoid at all costs on this thread.

You are only up to Page or Post 67 I think you said. Either way, you have a very long way to go on The Path and a lot of learning to do to understand what we do on the thread.

So, you saw a “hanging man” at resistance on GBPUSD. You “knew” price would go down.

There is no trader, living or dead, not even the legendary greatest trader of all time, W.D. Gann, that “knew” what price would do the next day – except of course 22 month students of Gentleman Jim’s thread who can walk on water and see into the future.

We all have an opinion or a belief in what we THINK PRICE will do BUT you cannot trade for a living on opinions, beliefs and thoughts. WE need something more concrete and definite and even then there are cracks in that.

Because that hanging man was at proven resistance there was a very good chance that PRICE would go down. However, PRICE could also go UP.

From October 13 to present day, the Worker, BOSS and BIG BOSS are in an UP TREND. In learning basic PASR, we trade WITH the trend. We do NOT trade AGAINST the trend.

We already protected our long positions with a close below the low of the Shooting Star and were taken out by the hanging man.

We could argue that GBPUSD was in a trading range and that we should go short with an expected target of 1.5770 BUT we need more evidence, on a Daily basis, that it still is in a trading range, hence the confirmation.

Had we decided to go short we are presented with the entry and SL dilemma I explained before. Of course, there are other ways around this which I am sure our Lady in Black Gold took!

Just because this hanging man “worked” on this occasion, do not fall into the trap that it will work every time – IT WILL NOT – Read again Grimweasel’s posts.

On October 16, you have a hanging man which FAILED.

If I had the time and desire, I could show you more failed hanging man than working hanging man – but you can do this for yourself.

If you still don’t understand, ask again. If you don’t believe it then go with my blessing and join the “home” of the 22 month forex student who can walk on water and see into the future!
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,589
  • Nov 12, 2009 3:53pm Nov 12, 2009 3:53pm
Quoting Lotuselanman
Now I know I should be able to answer this question, and I suppose the mere fact that I am posting it as a problem suggests an answer - Don't trade yet.

BUT BBoss is clearly on an UP
Boss is also on the UP with HH and HLs BUT now has a shooting star which is nearly at R level.
Daily is a big long shooting star (if that isn't a contradiction) with its current close at R level.

The chart has made a double top....
Not meaning to be a smart ass but it keeps on going up UNTIL it stops going up. Buy the Worker dips in the direction of the BOSS being forever mindful of where resistance is.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,590
  • Nov 12, 2009 3:53pm Nov 12, 2009 3:53pm
Finally we have a bearish candle on the gold daily chart. The day candle is not complete but i think its safe to say that we have a BEEB.

The up trend is still very powerful and there is no resistance above. I'm gonna wait to see if the price goes lower, maybe until 20 EMA and who knows an opportunity to add to the long position. Not taking counter trend trades here.
Attached Image (click to enlarge)
Click to Enlarge Name: gold_beeb.gif Size: 23 KB
  • #7,591
  • Nov 12, 2009 3:58pm Nov 12, 2009 3:58pm
Quoting hcristea
Finally we have a bearish candle on the gold daily chart. The day candle is not complete but i think its safe to say that we have a BEEB.

The up trend is still very powerful and there is no resistance above. I'm gonna wait to see if the price goes lower, maybe until 20 EMA and who knows an opportunity to add to the long position. Not taking counter trend trades here.
I've talked with my blind, deaf and dumb old man with asthma and one leg and he says BUY when price gets to that white line! Now there's a SIMPLE trading PLAN
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,592
  • Nov 12, 2009 4:14pm Nov 12, 2009 4:14pm
Post #7588

Thanks Strat - always glad to be of service, and act as a line of defence. Us currently serving types always need to protect the veterans
Trade less and become more profitable!
  • #7,593
  • Nov 12, 2009 4:19pm Nov 12, 2009 4:19pm
Quoting soso
Hello Strat,

GBPCHF is almost a mirror of EURGBP. I hope you dont mind digging old posts...A couple of days ago you woudnt agree that EURGBP BOSS is down (reference post http://www.forexfactory.com/showpost...postcount=7420) while today you say that GBPCHF BOSS is up (that's what I understand of 'My BOSS shows me a higher swing low'). Can you please explain what you see different?
Sorry, I must be a bit thick on this - I don't see anything different nor did I think I said anything different (did I?)
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbpgbpchf.gif Size: 22 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,594
  • Nov 12, 2009 4:21pm Nov 12, 2009 4:21pm
Quoting CrudeCraig
I really want nothing to do with this, but i just CAN'T take it anymore!


DUDE! the reason all this shit is coming up is because in all of the now 501 pages of strat's thread we have NEVER traded hanging man candles as REVERSAL patterns. This is strat's thread, if he does not like them and has proven that to himself over the last 30 years that they do not provide STRESS FREE entries then why should we worry about it? To come here and start preaching another candle formation in someone elses thread IS bullshit IMO.

This thread is unique, strat...
Thanks for the support, Craig, even though that it fell on a Bone head!
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,595
  • Nov 12, 2009 4:26pm Nov 12, 2009 4:26pm
Quoting strat
Sorry, I must be a bit thick on this - I don't see anything different nor did I think I said anything different (did I?)
I see a Lower High on EURGBP just like the Higher Low on GBPCHF. That's what I mean, that they both have inverse trends.
Attached Image (click to enlarge)
Click to Enlarge Name: snag.png Size: 32 KB
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #7,596
  • Nov 12, 2009 4:26pm Nov 12, 2009 4:26pm
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?

Duh.... go short?
  • #7,597
  • Nov 12, 2009 4:34pm Nov 12, 2009 4:34pm
Quoting soso
I see a Lower High on EURGBP just like the Higher Low on GBPCHF. That's what I mean, that they both have inverse trends.
Try this then - does this help?
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbpgbpchf.gif Size: 23 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,598
  • Nov 12, 2009 4:44pm Nov 12, 2009 4:44pm
Quoting strat
After I wrote this, I realised I hadn't done this before and thought the same as you. Another taking things for granted thing. Since others will think along the same lines, I have now put this post on the 1st Page. Thank you.
Hi Strat

I have made some notes while going through the thread and maybe this could also help others.

It has not been updated lately but anyone can put things there that are important for them.

What do you think?http://cdn.forexfactory.com/images/icons/icon5.gif
Jideck
  • #7,599
  • Nov 12, 2009 4:46pm Nov 12, 2009 4:46pm
Quoting Jideck
Hi Strat

I have made some notes while going through the thread and maybe this could also help others.

It has not been updated lately but anyone can put things there that are important for them.

What do you think?http://cdn.forexfactory.com/images/icons/icon5.gif
Jideck
It looks like my attachment was left out.
Attached File(s)
File Type: doc Need to Know by Heart.doc   111 KB | 1,100 downloads
  • #7,600
  • Nov 12, 2009 4:55pm Nov 12, 2009 4:55pm
Quoting Jideck
It looks like my attachment was left out.
Looks good except "Pin Bars" (Ugh!) have nothing to do with this thread.

I didn't dwell on it but I'm not sure all your IB stuff is right - I'll take another look when I have more time.
15 YEARS OF PASR ON FOREX FACTORY!
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