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  • #7,781
  • Nov 19, 2009 4:41am Nov 19, 2009 4:41am
Quoting forexample
Sorry tried to edit last post but it won't let me for some reason.

...And how long to leave them (TL's) on a chart after they are broken? Should we be leaving past trend-lines on the chart to see if they may become DSRI's or loving them and leaving them as soon as they slip up?

I know the simple answer is to trade S to first R and back at this level, but I want to stick with the trend and I'm not sure how to confirm the trend without a TL.

So nice to have naked charts again!!! (though I keep one chart indicatored to the hilt and flick to...
When they are broken, I still keep them to see if they are tested again. But when I see that the price does not respect a particular TL, I delete it.

The easiest way to confirm trends for me is to watch HH-HL andLH-LL relation in different time frames. I find this much more reliable than TLs.
  • #7,782
  • Nov 19, 2009 4:47am Nov 19, 2009 4:47am
Quoting femfam
Blackeagle,

Thanks for this invaluable information. I would like to know what chart you are using as I cannot get enough data on my chart to correctly draw the SR lines from the Big Boss?

I use IBFX chart.

Thanks
I am using a private data vendor and I receive daily data for forex and futures markets. But I am also using IBFX for my intraday charting needs (to trade majors on H4 - Strat, do not read this part) and they have enough data, IMO, especially on majors. For crosses, I agree that they don't have enough history, you can use Alpari RU MT4 for that purpose. www.alpari-idc.ru


Hope this helps.
  • #7,783
  • Nov 19, 2009 6:35am Nov 19, 2009 6:35am
Quoting Blackeagle
When they are broken, I still keep them to see if they are tested again. But when I see that the price does not respect a particular TL, I delete it.

The easiest way to confirm trends for me is to watch HH-HL andLH-LL relation in different time frames. I find this much more reliable than TLs.
Sorry if I missed it, Blackeagle, with regard to HH HL etc .. are you referring to the close only or taking into consideration long wicks on candles?

Lou
  • #7,784
  • Nov 19, 2009 6:46am Nov 19, 2009 6:46am
Quoting Blackeagle
I am using a private data vendor and I receive daily data for forex and futures markets. But I am also using IBFX for my intraday charting needs (to trade majors on H4 - Strat, do not read this part) and they have enough data, IMO, especially on majors. For crosses, I agree that they don't have enough history, you can use Alpari RU MT4 for that purpose. www.alpari-idc.ru


Hope this helps.
Forex Tester also has a nice free page with 1 minute data starting from 2001 which they update monthly - http://www.forextester.com/datasources.html

You might need to format it in a text editor if your uploading it to meta trader, etc.

Blackeagle, again thanks for your posts very insightful...
Hope is not a trading strategy
  • #7,785
  • Nov 19, 2009 6:55am Nov 19, 2009 6:55am
Once a Beast....always a Beast!
  • #7,786
  • Nov 19, 2009 7:07am Nov 19, 2009 7:07am
Quoting Alexandra
Once a Beast....always a Beast!
I know what you are talking about. Lets see what the BoJ do tonight.
  • #7,787
  • Nov 19, 2009 7:09am Nov 19, 2009 7:09am
Still lurking on the Path at p195, but reading the recent posts as well as they are multiplying exponentially. Things has not quite sunk in yet.

Your last series of posts regarding SR really integrated correct SR identification, and lent an answer to the question that has been plaguing me for the past 4 weeks ..

..."so I have the lines, now how do I use them with PA?".

A simple concept, but really hard to do at my level when staring at a chart and trying to read what the Queen is saying. Your extremely lucid explanation has really helped clarify the concept and method of how to get there and what they mean !!

Strat, the energy level concept and the need to be FLEXIBLE is difficult for us science types, and you made that really clear and easy to remember. Now to try to put it into practice...

As always,thank you so much for taking the time to help us all on the never-ending Path!
djr
  • #7,788
  • Nov 19, 2009 11:32am Nov 19, 2009 11:32am
Quoting Blackeagle
Thanks Strat and everyone for your kind words. It seems refreshing our memories re. how to draw SR lines was useful, but as Strat indicated, SR should be used with PA and the most important lesson from all the SR posts is that they are not pinpoints - thanks Strat for reminding that.

I have attached my USDJPY Boss chart so that you can compare. My data starts from 1998 and based on NY close and not from an MT4 server so we will have differences and that's normal. Don't forget to trade your own charts.
Thank you my friend.

I had my SR levels pretty close to what you show, so that gives me more confidence in knowing I'm drawing them correctly.

----------------

Strat, I appreciate the explanation about seeing the SR levels as "zones" or areas where PA can occur, rather than exact numbers.

About that "sooper-dooper get-rich-quick indicator" ad you showed us earlier -- it's a damn shame that someone will likely sell hundreds of those to unsuspecting newbies who will be suckered in by the slick marketing hype. Hopefully, some of them will find the Path of Learning before it's too late. Obviously, whoever created that has decided that scamming new traders is easier than trading.

Dave
  • #7,789
  • Nov 19, 2009 12:51pm Nov 19, 2009 12:51pm
John 9:13-41
Key Verse: 9:25


"I was blind but now I see"


Blakeagle, Strat, thank you very much
  • #7,790
  • Nov 19, 2009 1:41pm Nov 19, 2009 1:41pm
BIG BOSS re-test

BOSS re-test

Worker re-test

My trusty Mark I eyeball tells me that each time frame is due for an Impulse Wave up (but it also told me that in October – but that WAS an Impulse Wave – Oh yes, that’s right – but then we had an Impulse Wave down).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 31 KB
Click to Enlarge Name: usdjpy boss.gif Size: 30 KB
Click to Enlarge Name: usdjpy worker.gif Size: 32 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,791
  • Nov 19, 2009 3:39pm Nov 19, 2009 3:39pm
Do they know something ahead of tonight's BOJ interest rate decision?
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy.gif Size: 27 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,792
  • Nov 19, 2009 3:49pm Nov 19, 2009 3:49pm
Strat, are you familiar with Sam Seiden concepts on Supply & Demand? "His" findings and explanations sound very logical to me. Here's a pdf with the basics http://www.kantorfx.com/ebooks/suppl...&%20demand.pdf
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #7,793
  • Edited 4:04pm Nov 19, 2009 3:56pm | Edited 4:04pm
Quoting soso
Strat, are you familiar with Sam Seiden concepts on Supply & Demand? "His" findings and explanations sound very logical to me. Here's a pdf with the basics http://www.kantorfx.com/ebooks/suppl...&%20demand.pdf
No, but I'll give it the once over to see if I can learn anything. Thanks.

It's all waffle, fluff and filler. Too much reliance on "green dots". How do they configure their magic "green dots"? Why do they need "green dots"? Can't they read PRICE ACTION?

We have explained Supply & Demand in greater detail than that. I hope you didn't pay for that garbage!
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,794
  • Nov 19, 2009 4:10pm Nov 19, 2009 4:10pm
Quoting strat
Do they know something ahead of tonight's BOJ interest rate decision?
Don't we assume it is already in the price now? Which makes it tempting.

B Boss's upwards thrust apparently weakening, Boss retraced to 50 Fib and major S line and forming a hammer, and the Daily stopped at the S line and 50 Fib. No break of the UP TL on either the Daily or the Boss.

Probably better to wait to see a strong close above 8470 although that would waste quite a few pips if it does start to move up.

Next R would be 8970 on my chart.

I've got two shorts running, EURGBP and EURJPY which are only hanging on by the skin of their teeth so I don't want anymore risk at the moment.

Waiting for a clearer sign on AUDJPY is probably the best approach right now! Definitely worth watching though IMO.
  • #7,795
  • Nov 19, 2009 4:18pm Nov 19, 2009 4:18pm
Quoting Lotuselanman
Don't we assume it is already in the price now?...
I've got two shorts running, EURGBP and EURJPY

Exit Stage Left or, get the hell out of Dodge - and quick!
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,796
  • Nov 19, 2009 4:22pm Nov 19, 2009 4:22pm
I suspect that there is always something important in your posted charts Strat. At the risk of being sent back to post one, I am going to ask what I should be seeing on this one wrt "A Lemon Entry" ?
Quoting strat
When asked by Dr. Watson what the lemon painted door represented, Holmes said:

Elementary, my dear Watson!

(A Lemon Entry)

Yes, I'm bored!
  • #7,797
  • Nov 19, 2009 4:27pm Nov 19, 2009 4:27pm
Quoting trogger
I suspect that there is always something important in your posted charts Strat. At the risk of being sent back to post one, I am going to ask what I should be seeing on this one wrt "A Lemon Entry" ?
The chart is showing a price reversal bar - did you see it?
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,798
  • Nov 19, 2009 4:43pm Nov 19, 2009 4:43pm
I see what I understand to be a bearish engulfing candle on the 18th (?). I wouldn't have been able to get what I presume is a minor SR line on your chart where the candle occurred, so I wouldn't recognise it as an entry signal (if it was one?). I am unsure what you are meaning by a lemon entry - I was never any good at ordinary crossword puzzles, let alone cryptic ones.
Quoting strat
The chart is showing a price reversal bar - did you see it?
  • #7,799
  • Nov 19, 2009 4:47pm Nov 19, 2009 4:47pm
Quoting trogger
I see what I understand to be a bearish engulfing candle on the 18th (?). I wouldn't have been able to get what I presume is a minor SR line on your chart where the candle occurred, so I wouldn't recognise it as an entry signal (if it was one?). I am unsure what you are meaning by a lemon entry - I was never any good at ordinary crossword puzzles, let alone cryptic ones.
It means nothing - just a play on words from my twisted mind!
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,800
  • Nov 19, 2009 4:57pm Nov 19, 2009 4:57pm
Quoting strat
I've got two shorts running, EURGBP and EURJPY

Exit Stage Left or, get the hell out of Dodge - and quick!
Thanks Strat!

I was sticking to The Plan which has had me in well in profit for the last few days. Clearly I need to get to know how to shift my SL to maximise profit without stopping out too early. EURJPY is currently opening after the 10.pm rollover on my feed right back down again as if to resume the downward move towards the 13150 level which it nearly reached earlier today (yesterday on the Daily candle).

Stops now moved to just above present prices to enable the present return south to be kept up or to be stopped if price resumes it's recent move up.
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