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  • #8,201
  • Dec 4, 2009 11:36am Dec 4, 2009 11:36am
I know ur probly all watching this but just had to post this.

Those pins are a thing of beauty...

Attached Image (click to enlarge)
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  • #8,202
  • Dec 4, 2009 3:31pm Dec 4, 2009 3:31pm
Quoting CrudeCraig
How are your UJ longs paying

It's about time right!

LOL - Indeed. It was a fortunate development.
  • #8,203
  • Dec 4, 2009 3:48pm Dec 4, 2009 3:48pm
Quoting Alexandra
LOL - Indeed. It was a fortunate development.

Fundamentally how do you feel about these yen cross moves we have had this week? I took GJ last week and it is paying quite well too
  • #8,204
  • Dec 4, 2009 3:57pm Dec 4, 2009 3:57pm
Quoting CrudeCraig
Fundamentally how do you feel about these yen cross moves we have had this week? I took GJ last week and it is paying quite well too

Good for you! Fundamentally, there is plenty of room to justify the upside as we have discused for so long, and the market is loaded with shorts. We have stubbed our toe here before though, but at this point, I will simply be following with trails and adding on dips to big fat lines.

The other relevant big fat line at the moment is in EURUSD.
  • #8,205
  • Dec 4, 2009 5:28pm Dec 4, 2009 5:28pm
Hello All,


I thought I would take the time to introduce myself. I did this once when I first joined but I guess it didn’t make it thru moderation as a junior member. As with a lot of the other members life’s daily chores keep me from contributing regularly, but I am always learning and studying quietly in the background.

I was introduced to forex around September of 2002 by a friend who had taken a course a few months earlier and was [and still is] doing quite well. After trading off and on since that time, I discovered Strats thread in August. I took a 7-year trip thru supersystem magic indicator land and ended right where I knew I should be all along, on the large time frames.

When I was out of work this summer and had time to research, I found Strat and the light bulb went off. The only success I had ever had was buying or selling retracements in trending markets. It worked very well until some consolidation. I lost some trades, but worse yet I lost confidence. Furthermore when I saw Srats comments on Indicators I was really hooked then. All these years I thought I needed to sit In front of the one eyed monster like my friend does, But its not for me. That’s the biggest disappointment for me is the time and money wasted, when I could have been trading stress free and have account built up now and wouldn’t have to go to work.

Dr. Joe, My hero. When I was introduced to forex the Euro was at .9700. I watched it go from that level to 1.6000 and lost money, how stupid does that make you feel! Dr.Joes story confirmed what I had beat into my head, It keeps going up until it stops! I read some other threads for entertainment and I am always amazed at people watching a pair go straight up for weeks and keep yelling Sell! Sell! Sell! For any newbies reading this, if you don’t believe what Strat is telling you, at the very least listen to what Dr.Joe says, no matter how you trade.

While I was out of work I had time to read the whole thread and need to reread it. At the time it was around 350 pages. I am impressed with growth and the quality of the posts and contributors and want to thank Strat, Black Eagle, and the other great contributors for their time and efforts. As for me, I am now on the right track. I’m not trading big money but trying to look at % gains instead of actual dollar amounts. My entry’s are still not perfect but I know with Dr.Joe on my side I have faith to stick with the plan.


Well, that’s all for now and I look forward to continue learning with all of you.

Poncho
" I can read the left side of the chart, the right side's a Bitch!
  • #8,206
  • Dec 4, 2009 11:29pm Dec 4, 2009 11:29pm
Quoting poncho1
Hello All,...

Welcome Poncho,


I look forward to your future posts, it sounds as if you are on the right track and this thread is a great track to be on!
  • #8,207
  • Dec 5, 2009 12:00am Dec 5, 2009 12:00am
Something to look at.
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  • #8,208
  • Dec 5, 2009 12:33am Dec 5, 2009 12:33am
Quoting CrudeCraig
Something to look at.
so what r u tying to say?? cant even see what timeframe each chart is in...
  • #8,209
  • Dec 5, 2009 12:39am Dec 5, 2009 12:39am
Quoting ns_karthik
so what r u tying to say?? cant even see what timeframe each chart is in...
If you click on the chart you shall see the time frames.

Monthly

Weekly

Daily


Have you read the thread?

No set-up yet but the levels are being respected.
  • #8,210
  • Dec 5, 2009 1:00am Dec 5, 2009 1:00am
Hi to Phonco

What a coincidence. I stated trading on the 22.1.2002.
I concur with everything you said, been there, done that, but I have never given up, I have never really made or lost money, and I have traded large sums over the years but in my heart of hearts I knew I was missing something fundamental hence I threw out the toys, stopped wasting my time on the ES NQ etc and started to concentrate on currancies. That was 1 years ago, then I was introduced to this thread about two months ago by a member of another board. Well life has changed, I no longer growl at the wife and kids and I am getting my life back. (Well that's not entirely true I spend all my free time reading this thread to try and catch up) Still I really don't growl at the wife anymore, the kids yes the wife no.
  • #8,211
  • Dec 5, 2009 8:38am Dec 5, 2009 8:38am
Quoting stgeorge
Hi to Phonco

What a coincidence. I stated trading on the 22.1.2002.
I concur with everything you said, been there, done that, but I have never given up, I have never really made or lost money, and I have traded large sums over the years but in my heart of hearts I knew I was missing something fundamental hence I threw out the toys, stopped wasting my time on the ES NQ etc and started to concentrate on currancies. That was 1 years ago, then I was introduced to this thread about two months ago by a member of another board. Well life has changed,...
Yep - me too except I got the tee-shirt - LOL.

My light came on when I stopped trying to pick tops and bottoms.

Just go with the flow - thats the hippy in me coming out - but its a lot less stressful..
  • #8,212
  • Dec 5, 2009 9:26am Dec 5, 2009 9:26am
Quoting pipfx
Good point, actually the toughest part of trading for me is identifying trend. I was looking at the worker 20 pointing up.

The price is trapped between the 20 and 50 and if it closed above it I would take a sign as trend reversal.

If the boss 100 is still pointing down, would it still be considered a down trend? Maybe I need to go back and re-read some old posts.
Good point, actually the toughest part of trading for me is identifying trend. I was looking at the worker 20 pointing up.

The price is trapped between the 20 and 50 and if it closed above it I would take a sign as trend reversal.

If the boss 100 is still pointing down, would it still be considered a down trend? Maybe I need to go back and re-read some old posts.

If you need the MAs to show you the trend then you are not learning. The MAs are one of our tools and while they help us with trend management and many other things, they are not primarily there for trend identification.

LIKE ALL INDICATORS, even those that proclaim “zero lag”, they LAG BEHIND PRICE. They always have done and always will do because they are derived from a mathematical formula using PRICE of “n” periods ago.

When you are using the MAs for trend direction, you are looking at what the trend WAS 20 and 50 days ago!

For your own benefit (and your account), you need to go back to the beginning of The Path and learn how to read and UNDERSTAND the trend USING PRICE only. You will not be able to move forward in your trading career unless you can do this.

Read and UNDERSTAND The Path again, and, if after doing that, you still don’t understand, post again.
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,213
  • Dec 5, 2009 9:34am Dec 5, 2009 9:34am
Quoting Donadoney
With respect to the dollar crosses, I believe its a crapshoot right now. Having intensely watched the NZDUSD for 2 months now, I am growing tired of it and its two stupid shooting stars on the monthly. (Break dammit!!)

Check out the chart below it may give a better indication of the direction of the crosses in my opinion.
Thanks.

Will someone take responsibility for posting a Strat Worker, BOSS and BIG BOSS chart of the US Dollar Index on an end of week basis?

Thanks.
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,214
  • Dec 5, 2009 9:45am Dec 5, 2009 9:45am
Quoting stgeorge
I have read so many pages my mind has gone numb.
But I can't remember any general comments on entering trades part way through the cycle. Apart from accumulating more on a retrace.
Obviously it is high risk, but if you see that all the three Boss signals are green is it sensible to enter a trade in the right direction at anytime in the cycle ( assuming there is room to move between any support or any resistance) or should one aways wait for another retrace to enter?
For those new on The Path, forget about entering late (entering trades part way through the cycle.)

Instead, focus on the BASICS – trading from support to 1st resistance and resistance to 1st support using the basic price reversal candles.

If you miss the set up, walk away – there will be plenty more – NEVER CHASE PRICE OR THE MARKET (They will STOP and eat you for breakfast, lunch, tea and dinner!)

Entering late is always more risky and less stress free.

Then there are the all important questions:

Where do you know where YOU are in the cycle?

Where do you know where PRICE is in the cycle?

Which cycle?

How do you determine which cycle?

Is it a moncycle, bicycle, tricycle or just a mountain bike?
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,215
  • Dec 5, 2009 10:01am Dec 5, 2009 10:01am
Quoting stewrigh
I know ur probly all watching this but just had to post this.

Those pins are a thing of beauty...

Attachment
Those pins are a thing of beauty...

What the hell is a pin? Are you doing a needlework class in your spare time?

Maybe you think you are on another thread?

Pin bars are just generic doji type bars found anywhere in PRICE.

Shooting Stars and Hammers are POSITION & LOCATION sensitive.

When we refer to Shooting Stars and Hammers we immediately KNOW where to look – this cannot be said for pin bars.

Pin bars are for Muppets and Puppets!

Shooting Stars and Hammers are FOR and used by students of this thread who understand true PRICE and its action.
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,216
  • Dec 5, 2009 10:04am Dec 5, 2009 10:04am
Quoting poncho1
Hello All,...
With this attitude you should do well. Welcome Pancho Villa!
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,217
  • Dec 5, 2009 10:10am Dec 5, 2009 10:10am
Quoting CrudeCraig
Welcome Poncho,


I look forward to your future posts, it sounds as if you are on the right track and this thread is a great track to be on!
Well said, Craig!

Unfortunately many only stay on the track until the 1st station and then, thinking they know it all, get off and are lost in the many, many sidetracks going nowhere.

Professional traders always and ONLY stay on ONE track knowing that the pot of gold, like the rainbow, is at the end of the track. They know and understand that the track will take them through unknown lands and waters, they know there is no end to their track, they know they have to LEARN and ADJUST to The Path their track takes them.
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,218
  • Dec 5, 2009 10:13am Dec 5, 2009 10:13am
Quoting stgeorge
Hi to Phonco

What a coincidence. I stated trading on the...
Send me your wife's email address and I'll GROWL for you!
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,219
  • Dec 5, 2009 10:42am Dec 5, 2009 10:42am
Quoting strat
Good point, actually the toughest part of trading for me is identifying trend. I was looking at the worker 20 pointing up.

The price is trapped between the 20 and 50 and if it closed above it I would take a sign as trend reversal.

If the boss 100 is still pointing down, would it still be considered a down trend? Maybe I need to go back and re-read some old posts....
Thanks for the reality check Strat. Back to the start...
  • #8,220
  • Edited 2:39pm Dec 5, 2009 1:27pm | Edited 2:39pm
Hello Strat and team...

I PM'd Naws recently to let him know that I had been lurking/trolling the thread for quite sometime and that I would like to register as a serious student of the thread (as requested by strat in various posts).
Naws asked me to post an introduction here and at first I was reluctant as with approx 550 pages now, this thread is a fairly daunting reading task for newbies without adding extra posts that need to be sifted through by newcomers.
I think it is a brilliant thread and thank Strat and all those who selflessly give their time, understanding and explanations to those of us starting off on the path and struggling.

I have read the first 120 pages and the last 100 odd pages and am slowly trying to merge the 2 ends of the thread in the middle.

I am going to quote a post by Strat (#1761 from page 118) below and my answers to the questions he asked the readers then. I would really appreciate if someone could check my answers and - I shudder to ask this- advise whether I am understanding or whether I need to go back to the start (again!)

[quote=strat;2656837]I hope the absence of posts on here about Monday's bar looking like a hammer means that everyone recognised it wasn't a hammer and more importantly, why it wasn't a hammer.
Attached Thumbnails
http://cdn.forexfactory.com/attachme...1&d=1239141625

It wasn't a hammer because the tail was contained within the tail of the candle 2 days ealier?

I saw a few posts on other threads where it was described as a hammer and to take long positions off it.

Even if it had been a hammer, a buy stop just above the "hammer" would have been heading straight into the declining trend line above.


Also notice where today's bar closed and what we should do with it.


[color=royalblue]Todays bar closed at support/resistance. The strat strategy would be to set an order (stop sell) for entry a few (say 5 ?) pips below the low of today's candle with stop loss above the high of today's candle? Approx 130 pip s/l. [Position size determined by MM rules]

Actually, looking at this again I see more. A lot more.

The candle has broken and closed below the supporting trendline..
BUT it has closed just above support at 8978 with further support at 8946
(What is the difference between the mauve and the tourquoise s/r lines please?)

The candle has also closed between the 20 ema and the 50sma.
We should wait for a resolution of these areas before attempting a short (on a stop sell entry)?
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