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  • #7,681
  • Nov 16, 2009 9:03pm Nov 16, 2009 9:03pm
Quoting strat
Here is the continuation of the hanging man “what happened next” post.....

.....So, here is how the Strat method and strategy works on this pair.

Aggressive traders would have been long with small positions from the “hammer“ on July 30. We would continue to add positions as we saw the trend evolve through HHs and HLs. The doji and “hanging man” on August 27 & 28 were recognized for what they were – pauses or profit taking. Similarly with those on September 10 & 11. ...
Strat,

Your explanation of how this traded developed over time was very helpful. This kind of of description along with the chart is helping me more than anything, at my level.

I'm definitely seeing an improvement in my discipline and patience to wait for the best setups.

Dave
  • #7,682
  • Nov 16, 2009 9:46pm Nov 16, 2009 9:46pm
Quoting strat
Not the smoothest of Channels but definitely an UP TRENDING Channel
Indeed, as is so true in this business, however, it is critical to time one's entry on waves heading ashore rather then trying to paddle out through them. One can be right and broke -- at the same time -- through bad timing.

One also needs commitment without arrogance -- How many times since last year at this time have we ignored the short surfers who now are shark bait at the bottom of that channel?

As to the volume comments, this week is generally a slow one. I am taking a bit of leisure myself - except perhaps to fade any large volume-driven moves.
  • #7,683
  • Nov 16, 2009 11:10pm Nov 16, 2009 11:10pm
Of course she could do a 180 and never look back!!! I thought that after a perfectly timed entry at .7460 that I could sit back and add shorts to this all day. I did take some profits at 1st support so I am not complaining, but now she's slapped all sellers in the face by retracing all the way back to 7500. Playing hard to get. All that stands between her and a new high is 7500. Are we destined for a repeat of June 09?
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  • #7,684
  • Nov 17, 2009 1:49am Nov 17, 2009 1:49am
A request please to state what pair you are discussing whenever you post, some of you do it sometimes and then when a reply comes back there is no pair reference, and having the chart is some help but I need a magnifying glass to decipher the pair. As I am ploughing my way through this thread I am finding the lack of this info unhelpful as I then have to troll though the pairs for six months away to find the matching price, a hell of a waste of time.
On a positive note I appreciate the many gems of analysis that are here and am learning plenty, so thank you for that.
I hope to soon venture an analysis of my own for your critical comment to see if I am on the Path or not.
  • #7,685
  • Nov 17, 2009 2:01am Nov 17, 2009 2:01am
I live in South Africa and therefor am trading the European time zone. Can I ask how others trade this time zone when the daily candles change at midnight gmt as opposed to the New York daily candle closeing at 17.00 est.
I am using IBFX for charts and trading and would not like to change, but it then means that I have to be up at a truly ungodly hour to trade the daily when the day changes.
Anyone out there dealing with this?
  • #7,686
  • Nov 17, 2009 3:28am Nov 17, 2009 3:28am
Quoting LarryK
I live in South Africa and therefor am trading the European time zone. Can I ask how others trade this time zone when the daily candles change at midnight gmt as opposed to the New York daily candle closeing at 17.00 est.
I am using IBFX for charts and trading and would not like to change, but it then means that I have to be up at a truly ungodly hour to trade the daily when the day changes.
Anyone out there dealing with this?
You will find some discussion regarding trading platforms and server times starting at post 5600.

I personally use IGindex as a broker whos charts close @ midnight GMT 2 hours after NY close. However, I interrogate my charts @ 10pm GMT ( NY close ) with the intention to trade giving me 22 hrs out of 24 hrs for the current bar. My theory is if I trade at this time for a long period any discrepancy due to my not seeing a complete bar close will average out.
  • #7,687
  • Nov 17, 2009 3:49am Nov 17, 2009 3:49am
Quoting cliftonarms
You will find some discussion regarding trading platforms and server times starting at post 5600.

I personally use IGindex as a broker whos charts close @ midnight GMT 2 hours after NY close. However, I interrogate my charts @ 10pm GMT ( NY close ) with the intention to trade giving me 22 hrs out of 24 hrs for the current bar. My theory is if I trade at this time for a long period any discrepancy due to my not seeing a complete bar close will average out.
thank you I will have a look
  • #7,688
  • Nov 17, 2009 4:12am Nov 17, 2009 4:12am
Quoting LarryK
I live in South Africa and therefor am trading the European time zone. Can I ask how others trade this time zone when the daily candles change at midnight gmt as opposed to the New York daily candle closeing at 17.00 est.
I am using IBFX for charts and trading and would not like to change, but it then means that I have to be up at a truly ungodly hour to trade the daily when the day changes.
Anyone out there dealing with this?
Hi LarryK,
I'm in the same timezone as you are, GMT +2/+3 depending on the daylight savings. I use FxPro for charts because the day closes at midnight my time and I'm awake at that time. Another advantage is that strat is using FxPro too and my charts are in sync with his. This helps me sometime to see what he sees

For trading I use Oanda. Oanda platform is not very popular for its AT tools and since the begining of my Forex trading I used Metatrader for charts. So I'm used to trade from a different platform that the one I use for AT.
  • #7,689
  • Nov 17, 2009 6:50am Nov 17, 2009 6:50am
Quoting LarryK
A request please to state what pair you are discussing whenever you post, some of you do it sometimes and then when a reply comes back there is no pair reference, and having the chart is some help but I need a magnifying glass to decipher the pair. As I am ploughing my way through this thread I am finding the lack of this info unhelpful as I then have to troll though the pairs for six months away to find the matching price, a hell of a waste of time.
On a positive note I appreciate the many gems of analysis that are here and am learning plenty,...

Indeed......are you planning to pay tuition for this guided course?
  • #7,690
  • Nov 17, 2009 7:01am Nov 17, 2009 7:01am
Quoting Alexandra
Indeed......are you planning to pay tuition for this guided course?
  • #7,691
  • Nov 17, 2009 7:57am Nov 17, 2009 7:57am
Quoting Alexandra
Indeed......are you planning to pay tuition for this guided course?
I paid plenty school fees already, I'll pay the same fees as you paid
  • #7,692
  • Nov 17, 2009 9:37am Nov 17, 2009 9:37am
Quoting AstonDan
I believe the correct term is penance in this case. heh.
  • #7,693
  • Nov 17, 2009 11:39am Nov 17, 2009 11:39am
For those a little further on The Path, here is a set up “some” traders use for “identifying a top”.

It is a failed high pattern where 1 is the top, 2 is the swing low and 3 is the “failed” high. This is just really the “old” 1-2-3 system where 3 must be lower than 1

You would place your sell order below the low of 2
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15 YEARS OF PASR ON FOREX FACTORY!
  • #7,694
  • Nov 17, 2009 11:56am Nov 17, 2009 11:56am
I think Larryk has a good point Alexandra, it would be helpful if the currency pair for discussion was stated at the top of the each thread.

Great thread Strat, thanks.
  • #7,695
  • Nov 17, 2009 1:11pm Nov 17, 2009 1:11pm
Strat, i went long at the 50% fib retrace at 0.9750, drawn from the previous swing low on your chart, to the swing high, your point 1.
My reasons were ; with the trend, rejection of the 61.8 fib, rejection of trendline. ma's guiding us higher.
my SL is now at 50% fib, so nothing to do but wait and see how it pans out.
it's still clinging in there.

Cheers
  • #7,696
  • Nov 17, 2009 3:22pm Nov 17, 2009 3:22pm
Quoting golfer27
Strat, i went long at the 50% fib retrace at 0.9750, drawn from the previous swing low on your chart, to the swing high, your point 1.
My reasons were ; with the trend, rejection of the 61.8 fib, rejection of trendline. ma's guiding us higher.
my SL is now at 50% fib, so nothing to do but wait and see how it pans out.
it's still clinging in there.

Cheers
Nowhere did I say to go "short", in fact, nowhere did I say to do anything.

This pair is still under the control of Dr. Joe
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,697
  • Nov 17, 2009 3:35pm Nov 17, 2009 3:35pm
It's all in the red, white and blue (and green)
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15 YEARS OF PASR ON FOREX FACTORY!
  • #7,698
  • Nov 17, 2009 4:10pm Nov 17, 2009 4:10pm
I had cleared my trade log as mentioned earlier and have only been watching basic PASR for trades. The trades I had already entered prior to then I did not close, as a plan is a plan and it's a good a test as any of my trading psychology.

Quoting mstandifer
Trading log stopped and restarted in basic mode.
AUDCHF long at .9425 and USDCAD short at 1.0487 were the only trades taken before closing the log. They are still open and I continue to stick to my original plan.

Quoting mstandifer
AUDCHF - 3/4 M and not wanting to go past .9400 but at .9425 I'm in.
TP changed since my good man CrudeCraig pointed out my chart data was incomplete. TP at next resistance 1.0000.

USDCAD - Did a late sell at 1.0487 and holding for 1.0300.
Watching for a wobble on the way down to 1.0300.
I've spent the entire last week and will be spending this one on getting my chart SR lines set and going back over those relevant posts.

In light of that, I see that my initial call of 1.0000 on AUDCHF isn't really the first resistance, which I am supposed to be trading to. I see it more like .9875ish and a minor resistance at .9500.

While being determined to stick to the plan, I'm not so bull headed as to ignore being asked to trade to first resistance, so I'll modify my TP to an overly modest .9500 at the first level of resistance.

USDCAD is either doing it's wobble or we're going to see some confirming PA at my 1.0530ish level showing a bounce up to my 1.0640 level and DSRI. Either way still sticking to the plan of TP at 1.0300. Note: PA at the 1.0640 level showing reversal would cause me to close the trade.

Continuing to watch PA at SR only for new trades. Continuing F12 and getting my chart SR levels correct.
-m
  • #7,699
  • Nov 17, 2009 4:12pm Nov 17, 2009 4:12pm
Quoting LarryK
I paid plenty school fees already, I'll pay the same fees as you paid

Indeed - Those who pay the same fees will graduate; Respectfully, however, most will not - and those who request excessive hand holding will not make it. I believe Strat wants the thread read - and understood - for a reason.
  • #7,700
  • Nov 17, 2009 4:14pm Nov 17, 2009 4:14pm
Watch this space - I think you'll get the point!
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15 YEARS OF PASR ON FOREX FACTORY!
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