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Strat's Long Term Stress Free Trading

  • #7,741
  • Nov 18, 2009 2:14am Nov 18, 2009 2:14am
After checking Worker with all SRs drawn, I start grading them. For NZDUSD, I accept all of them as major SRs except 0.5650 where this SR was not respected in 2008 and 2009 as much as I like, therefore I have downgraded it by changing line thickness.

I have also attached zoomed-in view of that area for 2008-2009 for you to understand what I mean by "not respected".
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NZDUSD-Daily.jpg Size: 136 KB
Click to Enlarge Name: NZDUSD-Daily-0.5650 Zoomed In.jpg Size: 131 KB
  • #7,742
  • Nov 18, 2009 2:15am Nov 18, 2009 2:15am
Quoting Blackeagle
I have 9 major SR levels on my completed NZDUSD chart and we already drew 6 of them from Big Boss. Then all you have to do is to keep them on your chart and switch to Boss chart to draw additional major SR lines which may not be seen on Big Boss and to fine tune the ones already drawn from big Boss, if needed, based on Boss opens/closes and high/low of certain bars (by doing this, actually I am doing what Donadoney described).

Attached are how both charts look like after switching to Boss chart. Everything looks OK except a fine tune may be needed...
Thanks for your posts Blackeagle, as is the norm they are nuggets of wisdom to lock away somewhere safe.
  • #7,743
  • Nov 18, 2009 2:31am Nov 18, 2009 2:31am
I am using all-time high and low as major SR even though they are not tested too many times. In this case, all-time low and high tested several times.

Then one more thing to consider is if price moves into uncharted territory and remains there for a while. On NZDUSD, we can evaluate the area between 0.7500 - 0.8150 in this manner. Since they are newly formed, it is better to draw SR lines, if there are any, from Worker chart.

For NZDUSD, I have put an SR at 0.7750 and labeled it as Minor (medium grade) SR by drawing in a different colour.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD-0.7750 Minor SR Zoomed-in.jpg Size: 163 KB
  • #7,744
  • Nov 18, 2009 2:38am Nov 18, 2009 2:38am
FINAL VIEW

As a result of this exercise, this is the final view of my SR lines on Boss chart.

All you need to do is to trade these SR lines "BASED ON STRAT'S TEACHINGS"

Hope this exercise helps you improve your trading. Do not forget to keep your charts clean and trade major ones only in trend direction at this stage.

And, if you have any questions, as always, ask.

Thanks for your attention.

Regards,
Blackeagle
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD-Weekly-Final View.jpg Size: 140 KB
  • #7,745
  • Nov 18, 2009 2:59am Nov 18, 2009 2:59am
Quoting Blackeagle
As a result of this exercise, this is the final view of my SR lines on Boss chart.
Thanks for taking the time to construct those posts Blackeagle.
  • #7,746
  • Nov 18, 2009 4:41am Nov 18, 2009 4:41am
Quoting Blackeagle
FINAL VIEW

As a result of this exercise, this is the final view of my SR lines on Boss chart.

All you need to do is to trade these SR lines "BASED ON STRAT'S TEACHINGS"

Hope this exercise helps you improve your trading. Do not forget to keep your charts clean and trade major ones only in trend direction at this stage.

And, if you have any questions, as always, ask.

Thanks for your attention.

Regards,
Blackeagle
IMHO these posts and charts by Blackeagle should be put in the index as SR Lines Tutorial. Very nicely done.
  • #7,747
  • Nov 18, 2009 5:13am Nov 18, 2009 5:13am
Thank you Jag1966 for trying to help.

Thank you Blackeagle so much for the time and effort to explain SR drawing in such a detailed, organized and understandable manner. I will spend some good time reading these posts and practising my drawings according to them.

Fuman
  • #7,748
  • Nov 18, 2009 5:15am Nov 18, 2009 5:15am
Quoting Lou
IMHO these posts and charts by Blackeagle should be put in the index as SR Lines Tutorial. Very nicely done.
ONE HUNDRED PERCENT AGREE!!!!

As always, Blackeagle, total clarity and systematic guidance.

Thank you.
  • #7,749
  • Nov 18, 2009 5:52am Nov 18, 2009 5:52am
excelent tutorial especially for beginners. It will be a great idee to put a link on the front page so everybody could acces the posts now or later (when will be nore dificult to find them).

thx Blackeagle
  • #7,750
  • Nov 18, 2009 5:54am Nov 18, 2009 5:54am
Quoting Blackeagle
FINAL VIEW

As a result of this exercise, this is the final view of my SR lines on Boss chart.

All you need to do is to trade these SR lines "BASED ON STRAT'S TEACHINGS"

Hope this exercise helps you improve your trading. Do not forget to keep your charts clean and trade major ones only in trend direction at this stage.

And, if you have any questions, as always, ask.

Thanks for your attention.

Regards,
Blackeagle
Hey Blackeagle,

Just wanted to thank you very much for sharing your detailed explanation of how you approach S&R. I try my best to get my charts in line with yours but I was always scratching my head about the position of a few lines per chart. These series of posts will help me greatly.

Again I want to especially thank the experienced people on this thread for selflessly sharing their views. It is a wonderful trading community on here.

Back to reading and practicing. Cheers.

John
Finally out of the shadows.
  • #7,751
  • Nov 18, 2009 7:17am Nov 18, 2009 7:17am
Blackeagle,

I appreciate the details about drawing the SR lines. That helps me understand more about how to set them up.

If you don't mind, take a look at this boss USDJPY chart and let me know if I'm getting close to right on how I have the SR lines placed. The violet lines are on major tops and bottoms and are marked with the X's and the red ones are at other SR areas that have been tested.

There are surely some minor areas among this, but I want to be sure I'm getting the main ones right first.

I think I'm doing it the way you suggest, but I'm not sure yet.

Thanks buddy,

Dave

Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy sr chart.gif Size: 36 KB

  • #7,752
  • Nov 18, 2009 7:59am Nov 18, 2009 7:59am
Quoting Blackeagle
I am watching weekly, not daily, on this one. In 2009, whenever weekly closed above/below 150, the price went to next SR, so why different this time? No need to guesswork here, IMO, as always.
Exactly!

Like I illustrated on EURJPY recently, PRICE tends to revolve around a certain level.

Blackeagle is using the BOSS to show us that GBPJPY revolves around the 150 PRICE level.

As in life in general, if something is not obvious or clear, what do we do? We ask those "above" us or if at work, we ask the BOSS.

So it is in trading, if the Worker is unsure, ask the BOSS. If "she" doesn't know, ask the BIG BOSS.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,753
  • Nov 18, 2009 8:14am Nov 18, 2009 8:14am
Quoting TheFutureAce
attached. Please correct me if I am wrong. The star is not when the currency is uptrend.
Please correct me if I am wrong. The star is not when the currency is uptrend.

TheFutureAce, it may well be your use of the English language, but if it isn’t, then there is something seriously wrong with your candle recognition skills.

If you are in any way unsure about recognizing the price reversal candles, you MUST go back and learn these. Without first RECOGNISING these candles, you cannot attempt to learn basic PASR.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,754
  • Nov 18, 2009 8:33am Nov 18, 2009 8:33am
Quoting mstandifer
Is this a reverse head and shoulders about to go up?

OR

Is this the continuation after the correction wave?

OR

Is this 5th wave?

In my unsuccessful days of charting stocks, my favorite thing to do was just watch the charts and draw trend lines....
A stroll down memory lane is always good for bringing us back to reality.

Good post, Marcus.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,755
  • Nov 18, 2009 8:40am Nov 18, 2009 8:40am
Quoting AstonDan
Thanks for taking the time to construct those posts Blackeagle.
Quoting Lou
IMHO these posts and charts by Blackeagle should be put in the index as SR Lines Tutorial. Very nicely done.
i agree!
appreciate the time, Sir
  • #7,756
  • Nov 18, 2009 9:25am Nov 18, 2009 9:25am
Quoting elitejets
The market seems to be waiting for the BoJ press conference and interest rate announcement Friday (Thursday night US/UK time) before making its move....
Thanks Nicola.

GBPJPY is well and truly stuck.

What we have here is equilibrium or balance BUT it is a false equilibrium/balance. The buyers and sellers have NOT agreed to PRICE at this level, rather they have just walked away while they wait for this important news.

When the big boys get the information they are waiting for - WATCH OUT!

Remember, this is a market governed by the Law of Supply and Demand. There will be thousands of resting orders either side of 150 which will fuel whichever way the big boys want it to go. The longer a market stays in rest (dormant) like this, the bigger the resultant move.

The newbies and novices foolishly "playing" with this pair will probably also have resting orders either side of 150 as they "guess" future direction. Some "may" be lucky this time while others will be wiped out in one fell swoop, probably never to trade again.

Since I have no idea which way this will go, I can only take guidance from the BIG BOSS but even she needs permission to go beyond her boundaries.

This WILL be interesting!
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,757
  • Nov 18, 2009 9:29am Nov 18, 2009 9:29am
Quoting PistolDave
Check out the PA at these SR levels on EURGBP almost exactly 100 pips apart.

Attachment

Dave, although unknowingly, you have given another example of why the market is NOT random or chaotic.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,758
  • Nov 18, 2009 9:51am Nov 18, 2009 9:51am
Thanks for your posts Blackeagle, as is the norm they are nuggets of wisdom to lock away somewhere safe. - cliftonarms

Thanks for taking the time to construct those posts Blackeagle. – AstonDan

IMHO these posts and charts by Blackeagle should be put in the index as SR Lines Tutorial. Very nicely done. – Lou

Thank you Blackeagle so much for the time and effort to explain SR drawing in such a detailed, organized and understandable manner. – Fuman

ONE HUNDRED PERCENT AGREE!!!! As always, Blackeagle, total clarity and systematic guidance. Thank you. – Lotuselanman

excellent tutorial especially for beginners. It will be a great idea to put a link on the front page so everybody could access the posts now or later (when will be more difficult to find them). thx Blackeagle – maxu08

Hey Blackeagle, Just wanted to thank you very much for sharing your detailed explanation of how you approach S&R. I try my best to get my charts in line with yours but I was always scratching my head about the position of a few lines per chart. These series of posts will help me greatly. – gaf

i agree! appreciate the time, Sir – supremeChaos

Blackeagle, thank you for taking the time and patience to explain all this AGAIN in such detail.

As far as I know, there is nowhere on The Web where you can get this valuable information for FREE. I know for sure, there is no-one, anywhere, that can explain these important levels better than you.

You truly are the Master of SR level recognition, identification, explanation and teaching. We are truly blessed to have you on this thread. THANK YOU.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,759
  • Nov 18, 2009 10:13am Nov 18, 2009 10:13am
Quoting Lou
IMHO these posts and charts by Blackeagle should be put in the index as SR Lines Tutorial. Very nicely done.
Good idea, Lou.

I have asked Naws to do this while I have also edited the 1st Page to show links to these vary valuable posts
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,760
  • Nov 18, 2009 10:44am Nov 18, 2009 10:44am
I have been reading this thread for around 3 weeks now.

Things I accomplished:

Patience - I have deposited $$$ in my account 3 weeks back and I havent had a single trade yet cause I am waiting for a good trade with a good MM

Stay focused- Earlier I would go around looking for the holy grail which had tons of indicators on it and just like a get rich quick schemes. No more, I just come to this thread and read my stuff.

Preserve your Equity: if I was stuck with my previous system/systems I would have blown up my whole equity but now I understand the importance of equity so no more stupid trades for me.

Trade your OWN charts: earlier i used to trade with whatever other guys said but now I stick to my own charts.

I am still on page 201(super busy at work) so I am looking forward to finish understanding the thread and start contributing to this thread

Amar
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