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  • #7,821
  • Nov 20, 2009 9:09am Nov 20, 2009 9:09am
Quoting femfam
Strat, I promise I will not post anything this long again till maybe next month (lol).

Here is another very important article by Joe Ross - it still about the 95% pscho start is talking about.

Enjoy:

Trading can be an exciting profession. It's exciting to think of how much money you can make, and how that money can change your life. Some traders enjoy anticipating how a trade will turn out, while others enjoy the rush that a trade offers. Still other traders say they actually feel bored during the trading day. Sometimes trading isn't exciting,...
For me, you can post as much of this as you want.

Like I have said many times, this is not the "glamour" side of trading and I will bet 95% of readers will skip it.

That's probably why 95% never make it in trading
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,822
  • Nov 20, 2009 9:15am Nov 20, 2009 9:15am
Quoting LarryK
I have just finished the first 100 pages of this thread. I thought I would celebrate by sharing something that I got out of my book 'Trading in the Zone' by Mark Douglas. If it has already been posted I apologise for using up valuable space and time.

1. Anything can happen.
2. You don't need to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for any given set of variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening...
Did you know you can get your TITZ in the Members’ section?

I recommend a daily dose of TITZ for everyone!

I can better summarise those 5 sentences with:

The Market is always RIGHT – never question it, just follow it.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,823
  • Nov 20, 2009 9:40am Nov 20, 2009 9:40am
Quoting LarryK
I have attached my weekly and daily charts with lines of sup and res for your critique, too many/too few. I made them fairly thick for clarity on your behalf and they are all at round numbers within a pip or 3.

The analysis is fairly straightforward, the d/y is short and near to major support, any break though at 8850 has not much support below so the drop could be precipitious. I would not trade any long until the Boss says so, if there is a retracement I will be ready to go short again at the first decent PA at res.

I come from a place where...
Larry, your SR lines are OK.

With regard to the 3 SR lines at 92, 90.30 and 88.50, I don’t show all these and “round” them off with a line at 89 but that’s only so I can have “clean” charts.

Also, on my Worker trading charts, I only ever have 2 SR lines – R above and S below. Since I’m a “visual” type, I am very easily distracted by other “stuff” on a chart which detracts me from looking at PRICE and “Seeing Beyond the Candles”.

Why are you wasting valuable chart space by showing VOLUME?

Don’t get carried away with the “round numbers” circus. Despite being told by a few Professional traders, I have yet to see, for myself, the value of “round numbers”. More important is to recognize the SR levels and congestion, wherever they are. Just draw them wherever they fall. Sure, if they are near a “round number” draw it there.

Then I was shown how you wait for the 5m to be long/short, then wait for the 15m to follow and finally when the 60m is also long/short that you could then pull the trigger. No wonder I couldn't make any decent pips, all arse about face.

Ssssh! Don’t tell everybody otherwise there will be no-one left to give us money!
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,824
  • Nov 20, 2009 9:45am Nov 20, 2009 9:45am
Quoting strat
Which bit is 'delicious', my failing shorts or the AUDJPY comment?

Anyway at nearly 68 the candle rises only infrequently

That’s why they invented Viagra and Cialis – so you could go “long” !
A tad unsubtle methinks! After all your cool trading psychology should tell you you don't have to rub it in!!!!!

[My girlfriends haven't complained so far and the medication you seem so keen on is available free on our wonderful NHS. How do you get yours?]
  • #7,825
  • Nov 20, 2009 10:00am Nov 20, 2009 10:00am
trading can be like this cat...hard to catch..
have a great w/e all

http://www.members.shaw.ca/gf3/circle-the-cat.html

baz
  • #7,826
  • Nov 20, 2009 11:06am Nov 20, 2009 11:06am
Quoting baz
trading can be like this cat...hard to catch..
have a great w/e all

http://www.members.shaw.ca/gf3/circle-the-cat.html

baz
Hi,

I like this thread. Really started to read and there is a lot so it will take a good while. In the meanwile, trading may be similar to this cat game. I lost the first 3. Then I started to pay attention and won 2 time. And I stopped playing. Counting the moves and the places with attention...makes you win
Kind Regards zol
  • #7,827
  • Nov 20, 2009 11:06am Nov 20, 2009 11:06am
Seems the BOJ decision wasn't what they were waiting for. What's next?
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,828
  • Nov 20, 2009 1:50pm Nov 20, 2009 1:50pm
Quoting baz
trading can be like this cat...hard to catch..
have a great w/e all

http://www.members.shaw.ca/gf3/circle-the-cat.html

baz

Haha...

Caught that little bugger the first time!

Maybe i should have a go @ M5!!
  • #7,829
  • Nov 20, 2009 3:15pm Nov 20, 2009 3:15pm
Quoting strat
Seems the BOJ decision wasn't what they were waiting for. What's next?
For us? Waiting even more...
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #7,830
  • Nov 20, 2009 3:22pm Nov 20, 2009 3:22pm
I like the look of the Aussie crosses closing out the week.

With gold closing bullish as well i think we have some good opportunities in AUD.
  • #7,831
  • Nov 20, 2009 4:00pm Nov 20, 2009 4:00pm
Quoting CrudeCraig
I like the look of the Aussie crosses closing out the week.

With gold closing bullish as well i think we have some good opportunities in AUD.
I was reviewing my charts too. A/U looks attractive on d1, but look to the W1.

Gold close very bullish on the weekly with a long white candle, but the main move was on monday and after that we see some famigerated kind of hanging men. It doesn't mean will go down for sure, but it is pausing.

For AU I'll wait and see how the Beob perform on W1. For other Aud cross, they all seem to share the same situation.
  • #7,832
  • Nov 20, 2009 4:09pm Nov 20, 2009 4:09pm
Quoting oblo
I was reviewing my charts too. A/U looks attractive on d1, but look to the W1.

Gold close very bullish on the weekly with a long white candle, but the main move was on monday and after that we see some famigerated kind of hanging men. It doesn't mean will go down for sure, but it is pausing.

For AU I'll wait and see how the Beob perform on W1. For other Aud cross, they all seem to share the same situation.

Weekly DSRI is still in play on my charts.

.9050 is also an important level on my charts and was respected.
  • #7,833
  • Nov 20, 2009 4:21pm Nov 20, 2009 4:21pm
Quoting CrudeCraig
Weekly DSRI is still in play on my charts.
That is true. AU and AC are still supplying on w1.
  • #7,834
  • Nov 21, 2009 4:17am Nov 21, 2009 4:17am
No more end of week analysis?
  • #7,835
  • Nov 21, 2009 5:48am Nov 21, 2009 5:48am
Quoting oblo
That is true. AU and AC are still supplying on w1.

These pairs are respecting the UP Demand DSRI Not down Supply.
  • #7,836
  • Nov 21, 2009 5:53am Nov 21, 2009 5:53am
Quoting Keyser Soze
No more end of week analysis?
Why don't you have a go? After all we are all learning on this thread.

As for me, I can't see anything which is calling out to me to be traded at the moment. Charts are either nearing points of R or S giving poor R:R or very undecided.

But that might be just my own lack of experience in reading charts.

AUDCAD weekly looks a nice clear UP trend with a hammer on the last retrace to the TL but it is very close to R at 9900.

Anyone else with ideas?
  • #7,837
  • Edited 8:11am Nov 21, 2009 8:00am | Edited 8:11am
I'm only @ page 71 un my path and i think i will start again from the beginning, i'm not satisfied with my understanding

EUR/USD, worker, the price is trapped between 20&50 MAs, we also have higher lows and lower highs (i think here is the fault of a DNT barrier with expiry on friday, with huge payout), i wait for a break of the triangle
Attached Image (click to enlarge)
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  • #7,838
  • Nov 21, 2009 9:23am Nov 21, 2009 9:23am
Quoting Keyser Soze
I'm only @ page 71 un my path and i think i will start again from the beginning, i'm not satisfied with my understanding

EUR/USD, worker, the price is trapped between 20&50 MAs, we also have higher lows and lower highs (i think here is the fault of a DNT barrier with expiry on friday, with huge payout), i wait for a break of the triangle
I agree it is in an interesting position. There is also the failed second attempt at breaching the (possibly minor?) R at 14996(ish) and the shadow of Friday's candle is resting on the 50MA. That candle is a hammer!

Monthly is UP
Weekly trend is also UP but last week was a bear candle
Daily - question is whether that hammer will herald a new assault on the 14990 R line, or turn out to be a bond hammer and be part of a further move down to the S at 147720 which supported candles between 28/10 and 4/11.

Overall a 'wait and see' situation. A new move up would have a poor R:R because of that R a little way ahead. So I will wait for a break of that R line before going long.
  • #7,839
  • Nov 21, 2009 9:23am Nov 21, 2009 9:23am
Hi LEM,

I'm nowhere near being able to "have a go", but I have started using a new (free) learning tool to help practise reading and interpreting (and who knows, possibly even remembering?) charts.
It's a (very short and readable) downloadable book from Lance Beggs, also a trader who believes in the power of Support and Resistance. If you, or anyone else who like myself may be struggling with the basics, need the practise, you might find this approach helps....

http://www.yourtradingcoach.com/prod...-book-ever.pdf

Regards,

Mike



Quoting Lotuselanman
Why don't you have a go? After all we are all learning on this thread.

As for me, I can't see anything which is calling out to me to be traded at the moment. Charts are either nearing points of R or S giving poor R:R or very undecided.

But that might be just my own lack of experience in reading charts.

AUDCAD weekly looks a nice clear UP trend with a hammer on the last retrace to the TL but it is very close to R at 9900.

Anyone else with ideas?
  • #7,840
  • Nov 21, 2009 9:36am Nov 21, 2009 9:36am
Quoting mawbvw@hotma
Hi LEM,

I'm nowhere near being able to "have a go", but I have started using a new (free) learning tool to help practise reading and interpreting (and who knows, possibly even remembering?) charts.
It's a (very short and readable) downloadable book from Lance Beggs, also a trader who believes in the power of Support and Resistance. If you, or anyone else who like myself may be struggling with the basics, need the practise, you might find this approach helps....

http://www.yourtradingcoach.com/prod...-book-ever.pdf...
I'll download it and have a look. Every little helps at this stage (as long it is about PA of course!).

All the best etc.

Christopher
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