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  • #7,841
  • Nov 21, 2009 9:50am Nov 21, 2009 9:50am
Quoting Lotuselanman
I agree it is in an interesting position....
Do you consider that a hammer?

Here are Steve Nison's criterias on how to recognize a hammer:

1. The real body is at the upper end of a trading range. As we agreed, the worker is trapped into a channel, we don't have a trend
2. A long lower shadow should be twice the height of the real body. In our case, the real body is bigger than the shadow

Again, the position of the candle, the shadow didn't test any important support level (1.4715)

As i said, i'm @ page 76 so i might be wrong with this
  • #7,842
  • Nov 21, 2009 9:53am Nov 21, 2009 9:53am
Christopher,

I didn't know how to join these together. At some point in his past - Lance was a helicopter pilot. During this time he worked on a risk management concept that he calls "Threat and Error Management". I feel that this would also be useful to us as trainee traders (used in conjunction with the Journal concept discussed in the previous downloadable book).
His article (published in Traders Journal) can be found here:

http://www.fxstreet.com/education/tr...009-04-17.html

Have a great weekend!

Mike

Quoting Lotuselanman
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
  • #7,843
  • Nov 21, 2009 10:20am Nov 21, 2009 10:20am
Quoting strat
Good stuff, femfam!

OK, where does the "femfam" moniker come from?
Strat,

Here is a little bit about me. I am oringinally from Africa, Nigeria but I now live in London, UK. I started trading forex actively in 2004. A friend of mine introduced it to me . He quit trading after a year when he could not be successful - he was looking to entrust his hard-earn money in the hand of a machine. As he was unable to find one, he threw in the towel in absolute dissapointment.

Unlike me, I did not believe in a machine trading for me as I know there is no profitable one available out there. I was introduced to a lot of indicators and continue to lose money like it's being flushed down the drain. I have caused damage to twenty to twenty-five trading accounts. However, the green light came in August 2007 when I ended the month in profit for the first time over 3yrs of active trading. I was so ecstatic and thought that was it 'you are now a professional trader and are ready to make so much money that you can start taking care of your family in africa and helping the needy."

After that success, it never occurred to me that was the time my real trading lesson started. Wait a minute, what did I do differently this time that brought the fleeting success? Yes! I stopped looking for 'the holy grail'; I concluded that there really is a holy grail which is me and not any trading system. I stopped jumping from one forum to another, I traded very little by trading the worker and for the first time in my life traded without indicators.

I soon forgot about what brought me to where I was and soon went back to my bad hold habbit. The struggle then continued again and I kept losing money until about March 2008 when things start coming back together.

I later developped a trading methodology and trained myself to trust it whenever it gives me any trading opportunity. I was successful at doing this but I encountered another problem - managing the trade. I later manage to learn how to manage my trades by not placing too many trades at a time and by trading on a higher tf. THERE IS NOTHING AS GOOD AS TRADING NAKED.

Finally, I stumbled upon this thread and realised the trading style is similar to mine but more advanced. I latter settled in and began to learn like a forex CID.

Guys, I must say this: I have learned a lot from this thread but the most important thing is that I have developed a way to adapt the teaching to my trading style and make it mine by not expecting strat, blackeagle or any other successful trader on this thread to come and trade it for me. The tools to trade successfully have been given to you, it is now up to you to know how to use it to trade successfully - learn it, trust it and make it yours!

Have I learned everything I need to learn to continually trade successfully? No! I am still learning but most importantly, I am making money with the little I know while I take the time to learn the rest.

Thank you one and all for being a part of this successful thread. Keep on learning.

Peace and Love

Femi.
  • #7,844
  • Nov 21, 2009 11:19am Nov 21, 2009 11:19am
In recent books I have read... especially Outliers and The Psychology of Trading and now the quote from St. Thomas Aquinas in one of the pdfs on the recent links posted, practice has been heavily emphasized.

There is a lot of waiting in the approach we are using.
There are weekends where brokers are not operating.

I would like to fill some of this time with practice.... seeing how markets react to PASR DSRI etc.
I know there are trading simulators out there. But I have not been able to find a decent one. Free would be nice. And one that allows me to put on the price and trend lines we use.
Practice seeing how price reacts. Practice practice practice.
  • #7,845
  • Nov 21, 2009 11:48am Nov 21, 2009 11:48am
Quoting patrick25
Hi All,

Perfect example in real time, "it keeps going down until it stops going down". I bet a lot of people have got fooled by that big candle but not Strat group.
Hi All,

Euraud update: I have initial a small position on euraud base on price action bounced off weekly support in anticipation the trend turns around. Expecting price will test 1.6100. A reminder, this is a case study that I ask Strat to comment as I view euraud trend turning around so we all can learn. Thanks Strat.
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  • #7,846
  • Edited 2:21pm Nov 21, 2009 1:44pm | Edited 2:21pm
Quoting strat
For those people who sent me PMs requesting the script/formula for my Dynamic Support and Resistance Indicator, please DO NOT SELL or promote and always treat my copyright with respect:...
Strat

Remember the fantastic DSRI indicator that you coded for the Metatrader making all Strat trained Metatrader users substantially more profitable ??

Well my charting provider ProRealtime has copied your wisdom and added a similar support / resistance function ( follow this link to find out more http://www.prorealtime.com/en/pages/...78597726b45b5a ), I am going to check it out when I get a chance as it does look like an interesting function. They offer free charting of daily ( and higher ) timescales if anyone else is interested in checking it out.

Note: ProRealtime daily bar update occurs at 00 GMT ( NY close + 2 )
  • #7,847
  • Nov 21, 2009 6:18pm Nov 21, 2009 6:18pm
Quoting patrick25
Hi All,

Euraud update: I have initial a small position on euraud base on price action bounced off weekly support in anticipation the trend turns around. Expecting price will test 1.6100. A reminder, this is a case study that I ask Strat to comment as I view euraud trend turning around so we all can learn. Thanks Strat.
Patrick, I am “blind” on this as my data only goes back to May 2008 so I cannot provide any reliable information.

I will say though that the BIG BOSS has made a statement with the Hammer and the BOSS is following through but held at resistance. The Worker looks to me like it’s going to vascillate within the BOSS range until the BOSS breaks out.

For me to get excited on this pair I would need to see a strong close over my R at 1.6400.

Blackeagle has the full data so maybe he will “fill us in”.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,848
  • Nov 21, 2009 7:49pm Nov 21, 2009 7:49pm
Quoting strat
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
NZDUSD looks very similar

seems like a reversal of trend is possible

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  • #7,849
  • Nov 21, 2009 8:58pm Nov 21, 2009 8:58pm
Quoting strat
Patrick, I am “blind” on this as my data only goes back to May 2008 so I cannot provide any reliable information....

My data goes back to 1997 and i have 1.6300 as a major level. I think it could go back to test the lows of the boss candle at least.

RR is about 1 to 1 on this to the recent lows but could turn into a major move if the strong downtrend continues.
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  • #7,850
  • Nov 22, 2009 6:58am Nov 22, 2009 6:58am
Please humor me ..... but I have just been investigating the new automatic S/R function on my charting package for accuracy and have used the posts from Crude Craig and Naws above as S/R comparisons, because if I draw the S/R lines myself I am sure to bias my view.

Results
NZD/USD
NAWS --- New S/R function
0.7639 - 0.7583
0.7447 - 0.7443
0.7124 - 0.7189
0.6798 - 0.6725
0.6589 - 0.6541
0.6216 - 0.6255

EUR/AUD
Craig --- New S/R function
1.630 - 1.634
1.570 - 1.599

Pretty close, however I have no idea what algorithm they use to determine these levels. Pics attached for comparison, and I did not touch the automatically generated levels what so ever.
Attached Image(s) (click to enlarge)
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  • #7,851
  • Nov 22, 2009 8:24am Nov 22, 2009 8:24am
Quoting Lou
In recent books I have read... especially Outliers and The Psychology of Trading and now the quote from St. Thomas Aquinas in one of the pdfs on the recent links posted, practice has been heavily emphasized.

There is a lot of waiting in the approach we are using.
There are weekends where brokers are not operating.

I would like to fill some of this time with practice.... seeing how markets react to PASR DSRI etc.
I know there are trading simulators out there. But I have not been able to find a decent one. Free would be nice. And...
Hi lou,

I am having great results using the one at the link below.

http://www.forexfactory.com/showthread.php?t=70742

takes a bit of practice and unfortunately you can only use it on one timeframe at a time. However I find it very useful and deffinately beats f12.
  • #7,852
  • Nov 22, 2009 9:09am Nov 22, 2009 9:09am
here is what i see at eurjpy chart. i believe we are approaching very important moment... details on my blog as always- everybody is invited.
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  • #7,853
  • Nov 22, 2009 9:22am Nov 22, 2009 9:22am
Quoting cliftonarms
Please humor me ..... but I have just been investigating the new automatic S/R function on my charting package for accuracy and have used the posts from Crude Craig and Naws above as S/R comparisons, because if I draw the S/R lines myself I am sure to bias my view.

Results
NZD/USD
NAWS --- New S/R function
0.7639 - 0.7583
0.7447 - 0.7443
0.7124 - 0.7189
0.6798 - 0.6725
0.6589 - 0.6541
0.6216 - 0.6255

EUR/AUD
Craig --- New S/R function
1.630 - 1.634
1.570 - 1.599

Pretty close, however I have no idea what algorithm they use to determine these...
While it seems reasonably close, it will not help you improve or advance your PASR skills. Ultimately, you will end up being reliant on this instead of the most unique indicator ever invented.

If I had access to it, I would toss it into the nearest trash can as fast as I could.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,854
  • Nov 22, 2009 9:37am Nov 22, 2009 9:37am
Quoting strat
While it seems reasonably close, it will not help you improve or advance your PASR skills. Ultimately, you will end up being reliant on this instead of the most unique indicator ever invented.

If I had access to it, I would toss it into the nearest trash can as fast as I could.

strat, just wanted to let u know that u have a great thread here
  • #7,855
  • Nov 22, 2009 9:50am Nov 22, 2009 9:50am
Quoting strat
Patrick, I am “blind” on this as my data only goes back to May 2008 so I cannot provide any reliable information.

I will say though that the BIG BOSS has made a statement with the Hammer and the BOSS is following through but held at resistance. The Worker looks to me like it’s going to vascillate within the BOSS range until the BOSS breaks out.

For me to get excited on this pair I would need to see a strong close over my R at 1.6400.

[font=Arial]Blackeagle has the full data so maybe he...
Thank you for your comments Strat.
  • #7,856
  • Nov 22, 2009 10:47am Nov 22, 2009 10:47am
The problem with MT trading simulators is that you cant do multi-timeframe simulation which imo is required when trading PASR.
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #7,857
  • Nov 22, 2009 11:23am Nov 22, 2009 11:23am
Don't forget about those Black Swans! Hence why one should always use a stop.
These are the things the chart will not tell you -something to just keep an eye on that's all!

http://news.bbc.co.uk/1/hi/world/mid...st/8372985.stm
Trade less and become more profitable!
  • #7,858
  • Nov 22, 2009 1:27pm Nov 22, 2009 1:27pm
First thanks for all the help from everyone on Strat's Stress Free Trading.

Question for Blackeagle on post number 7178 you had suppport and resistance
at two levels I am having difficulty finding.

Level at 1.54 Was this a sort of average of the support in May and then June?

Level 1.445 Now this has got me puzzled as I can't see an obvious bar at this level.
If it's not to much problem could you just give me the date of the bar in question.

Many thanks
  • #7,859
  • Nov 22, 2009 2:19pm Nov 22, 2009 2:19pm
Quoting soso
The problem with MT trading simulators is that you cant do multi-timeframe simulation which imo is required when trading PASR.
Thanks Soso. You are correct sir. Not good enough.

I will continue my search. I have not tried the F 12 approach.
  • #7,860
  • Nov 22, 2009 5:17pm Nov 22, 2009 5:17pm
Quoting stgeorge
First thanks for all the help from everyone on Strat's Stress Free Trading.

Question for Blackeagle on post number 7178 you had suppport and resistance
at two levels I am having difficulty finding.
As you can see from the chart, they are coloured in orange that means they are not major SR levels but definitely worth paying attention for.

Hope this helps.
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