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Strat's Long Term Stress Free Trading

  • #8,661
  • Dec 21, 2009 2:38pm Dec 21, 2009 2:38pm
Quoting darkN
Hello strat,

From what I understand, your trade begins with:

1. Identify support & resitance area
- I've tried to draw the lines using weekly EU chart. I hope I'm doing it right.

2. Identifying reversal patterns on chart. Hammer, Engulfing etc.
- For now, I can only remember hammer, hanging man, engulfing & shooting star. They are not accurate in shape, but I'm seeing the candles as buyer & seller fighting for position each time.

2. Planning your trade by putting SL & TP.
- SL are put away from 'noise'. TP(approximately) on support or resitance...
Read and UNDERSTAND each and every post and you will know how we trade.
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,662
  • Dec 21, 2009 3:05pm Dec 21, 2009 3:05pm
Quoting strat
To all Strat students past and present registered or not and yes, even the Lurkers, Trolls, Freebie Collectors etc....
Thanks Strat and all the other regular contributors. I look forward to 2010.

I hope you all have a safe and Merry Christmas!
  • #8,663
  • Dec 21, 2009 3:41pm Dec 21, 2009 3:41pm
Quoting strat
To all Strat students past and present registered or not and yes, even the Lurkers, Trolls, Freebie Collectors etc.
...
Strat and everyone here, Merry Christmas and a Happy New Year.

Looking forward for an exciting 2010 and muchos Stress Free Trading!
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #8,664
  • Dec 21, 2009 7:14pm Dec 21, 2009 7:14pm
Here is the results I had with the NZDUSD short off of minor resistance I placed on December 16 and closed today, Dec 21 after it hit the profit target.

The entry was a stop 10 pips below the BEEB formed on Dec 15.

After the entry, price continued down and closed lower on Dec 16.

Dec 17 formed a large red bar that came within 7 pips of my target before pulling back to close about 35 pips above it. I was thinking I had just been screwed at that point.

I was a getting more than a little nervous after price stopped just shy of my target on Dec 17, then tested it again on Friday, Dec 18 and formed a green IB at the end of the day. Things were not looking good to me. It looked like a possible bounce off resistance could be coming.

Now, at the end of the week, sitting right on top of minor resistance, and with a spinning top IB, I was thinking the situation might get "interesting" at the beginning of the new trading week. I considered bailing out at that point and taking the profit I had, or pulling the SL down to just above the top of the IB in case there was a break to the upside over the weekend, but finally I decided to leave it alone and see what happens on Monday. I had a fairly good profit cushion at that point so I decided that if Monday's close was above the IB most likely I could still close out with a break-even or at most a small loss, so I planned to wait for Monday's close and and accept the outcome.

As you said, Strat, I might have to endure some pain along the way.

This was certainly a change in my original plan, but with price already making it to resistance, and the real possibility of seeing a reversal there I decided this would be the best way to give the trade a chance to work out, but not to hang on waiting for a miracle to save me if price obviously started heading back up to the 0.7280 resistance level where it started from. In hindsight, I think the more professional way would have been to move the stop to above the IB. I would welcome some thoughts on that.

Fortunately (luckily) price moved lower today and hit the target. I would have been safe to move the stop down to the top of the IB, since price never tested it.

The way it looks now, if I was trend trading instead of trading from SR to SR I might still be hanging on for a move down to the 0.6800 level. But considering where I'm at on the Path of Learning and the reality that we are heading into the holidays where literally any crazy thing could happen, plus this could be retracement where the long-term trend could resume, I'm out and happy that this worked out profitably.

My objective: No greed -- No fear.

Happy holidays to all the great traders and learners here. I'm looking forward to a profitable and opportunity-filled new year.

Be safe,
Dave

Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd successful trade.gif Size: 44 KB

  • #8,665
  • Dec 21, 2009 7:56pm Dec 21, 2009 7:56pm
Quoting strat
To all Strat students past and present registered or not and yes, even the Lurkers, Trolls, Freebie Collectors etc.

I wish you all a Merry Christmas and a Happy New Year.

We have exciting things planned for sometime in 2010 all of which are designed for the serious student wanting to Trade for a Living, so.......

Thank you to all those who contributed to the thread (even the not so agreeable ones).

[font=Arial]Special thanks to Nicola (elitejets), Blackeagle and Alexandra...
Same to you Strat, Mery Christmas and a Happy New Year to you and your family and every one here. I am looking forward another year of PASR under my bell.
  • #8,666
  • Dec 21, 2009 7:56pm Dec 21, 2009 7:56pm
Interrupting my pre-Christmas sabatical to take a long look at E/J on the heels of the productive close in USDJPY. It is compelling that 129 was unable to be broken on a weekly closing basis.
  • #8,667
  • Dec 21, 2009 7:59pm Dec 21, 2009 7:59pm
Quoting patrick25
Same to you Strat, Mery Christmas and a Happy New Year to you and your family and every one here. I am looking forward another year of PASR under my bell.
Stop launghing you know what I mean.
  • #8,668
  • Dec 21, 2009 9:56pm Dec 21, 2009 9:56pm
Quoting strat
Cable looks like a classical breakout pullback scenario from J16?...
Sorry Strat. I understand that these are not the types of trades that we take.
  • #8,669
  • Dec 21, 2009 9:57pm Dec 21, 2009 9:57pm
Quoting PistolDave
Here is the results I had with the NZDUSD short off of minor resistance I placed on December 16 and closed today, Dec 21 after it hit the profit target.

The entry was a stop 10 pips below the BEEB formed on Dec 15.

After the entry, price continued down and closed lower on Dec 16.

Dec 17 formed a large red bar that came within 7 pips of my target before pulling back to close about 35 pips above it. I was thinking I had just been screwed at that point.

I was a getting more than a little nervous after price stopped just shy of my target...
I think that was a picture perfect trade Dave
  • #8,670
  • Dec 21, 2009 10:07pm Dec 21, 2009 10:07pm
Not a Forex chart but still a good one!

Ticker-BMY

I may start playing some stocks again with my new found knowledge of PASR.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: BMY12212009pic2.png Size: 69 KB
  • #8,671
  • Dec 22, 2009 2:49am Dec 22, 2009 2:49am
I am also looking forward to catching up , posting more regularly and becoming more a part of the team.

Best Wishes to everyone for the festive season!!

FE
  • #8,672
  • Dec 22, 2009 3:25am Dec 22, 2009 3:25am
Mery Chrismass and Better New Year to everybody,and spesial thanks to Strat for this year. regalds juha
  • #8,673
  • Dec 22, 2009 4:30am Dec 22, 2009 4:30am
Just a uick post to whish Strat and all thread contributers a very Merry Christmas and a (not too drunken) Happy New Year. I lok forward to catching up with the thread and progressing to complete stress free trading

Also congrats to Mstandifer on the birth of his daughter.

A little ditty for you all to enjoy...

Daddy, how was I born?

A little boy goes to his father and asks 'Daddy, how was I born?' The father answers, 'Well, son, I guess one day you will need to find out anyway! Your Mom and I first got together in a chat room on Yahoo. Then I set up a date via e-mail with your Mom and we met at a cyber-cafe. We sneaked into a secluded room, and googled each other. There your mother agreed to a download from my hard drive. As soon as I was ready to upload, we discovered that neither one of us had used a firewall, and since it was too late to hit the delete button, nine months later a little Pop-Up appeared that said:
[IMG]file:///C:/DOCUME%7E1/Nick/LOCALS%7E1/Temp/moz-screenshot.jpg[/IMG][IMG]file:///C:/DOCUME%7E1/Nick/LOCALS%7E1/Temp/moz-screenshot-1.jpg[/IMG]
[IMG]file:///C:/DOCUME%7E1/Nick/LOCALS%7E1/Temp/moz-screenshot-2.jpg[/IMG]

You got Male...
Attached Image
  • #8,674
  • Dec 22, 2009 9:00am Dec 22, 2009 9:00am
Quoting strat
To all Strat students past and present registered or not and yes, even the Lurkers, Trolls, Freebie Collectors etc....
Hey Strat,

I wanted to pass on Christmas wishes to you, your family and everyone here on this thread. I really appreciate the time you take to produce clear, concise, no nonsense posts.

Although I have only managed one trade (and it happened to be a loser laugh) I feel that I am advancing as a trader as I no longer feel that I have to be trading all the time. In fact I closed up shop at the beginning of December to re-read the thread and spend some time practicing on old charts.

Hopefully my cautiousness won't turn into paralysis in the new year but I figured I didn't really know enough to be trading when the big boys had left the building.

At any rate a Merry Christmas to everyone and I'll see you all on the second week of January. Cheers.

John
Finally out of the shadows.
  • #8,675
  • Dec 22, 2009 9:31am Dec 22, 2009 9:31am
Just wanted to send out a big “Happy Holidays!” to everyone in here . Hope you and your families have a great Christmas and a happy 2010. During holidays I might be around reading & studying The Path but I wont interact so see you in 2010
  • #8,676
  • Dec 22, 2009 9:59am Dec 22, 2009 9:59am
Quoting PistolDave
Here is the results I had with the NZDUSD short off of minor resistance I placed on December 16 and closed today, Dec 21 after it hit the profit target.

The entry was a stop 10 pips below the BEEB formed on Dec 15.

After the entry, price continued down and closed lower on Dec 16.

Dec 17 formed a large red bar that came within 7 pips of my target before pulling back to close about 35 pips above it. I was thinking I had just been screwed at that point.

I was a getting more than a little nervous after price stopped just shy of my target on...
Good lad and well done, Dave!

This is a perfect example of trading from resistance to 1st support and I am adding the link to this post on the FIRST page as an inspiration to other students.

Was this on demo or a live trade with REAL hard earned money?

It looked like a possible bounce off resistance could be coming.

This was certainly a change in my original plan, but with price already making it to resistance,………..

I think you mean “support”, Dave.

Now, at the end of the week, sitting right on top of minor resistance, and with a spinning top IB, I was thinking the situation might get "interesting" at the beginning of the new trading week. I considered bailing out at that point and taking the profit I had, or pulling the SL down to just above the top of the IB in case there was a break to the upside over the weekend, but finally I decided to leave it alone and see what happens on Monday. I had a fairly good profit cushion at that point so I decided that if Monday's close was above the IB most likely I could still close out with a break-even or at most a small loss, so I planned to wait for Monday's close and and accept the outcome.

As you said, Strat, I might have to endure some pain along the way.

This was certainly a change in my original plan, but with price already making it to resistance, and the real possibility of seeing a reversal there I decided this would be the best way to give the trade a chance to work out, but not to hang on waiting for a miracle to save me if price obviously started heading back up to the 0.7280 resistance level where it started from. In hindsight, I think the more professional way would have been to move the stop to above the IB.

These are the “head games” or the 95% that do the financial damage. You held really well through this Dave and you should give yourself a pat on the back for having a good, trusted PLAN, believing in YOURSELF and the METHOD.

“Professional way” of SL placement


I think “professional” is the wrong choice of words. Profitable may be more suitable.

With that long red bar bouncing off and closing above that support followed by an IB, there is always the possibility that PRICE might retrace as it did the previous two times when it reached that PRICE (support). Therefore, the LOWEST RISK, SAFEST and STRESS FREE way would have been to protect your profits by bringing in your SL to a few pips above the IB.

Remember that an IB can be one of several things. It can be a PAUSE in an existing trend, it can be an exhaustion of an existing trend or it can be just plain indecision between buyers and sellers.

Usually, but not always, a break above an IB in this position would mean the exhaustion of that down trend and the start of a retracement.

Hence, in your case, a SL above the IB would have protected your profits if there was a change in sentiment.

As it turned out this was just a PAUSE.

Dave – go back on to your Worker chart and see if you can find anything that “might” have told you to expect something like this at this PRICE.

The way it looks now, if I was trend trading instead of trading from SR to SR I might still be hanging on for a move down to the 0.6800 level.

With wafer thin trading, low liquidity and volume which will continue into the New Year, the lowest risk, safest, stress free trade is NO TRADE.

Interestingly, apart from the BEEB, my data looks nothing like yours. Also, I don’t initiate new trades during these times

You have proved to yourself that you can do this so repeat this over and over until you can “SEE” the trade without having to analyse and study it. When you get to this point, we will move you on to the next Step.
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,677
  • Dec 22, 2009 10:31am Dec 22, 2009 10:31am
Speaking of trading to nearest resistance, USDJPY now at the expected initial target (from July for those wearing blinders). Response from here is of interest.
  • #8,678
  • Dec 22, 2009 10:42am Dec 22, 2009 10:42am
Quoting CrudeCraig
Not a Forex chart but still a good one!

Ticker-BMY

I may start playing some stocks again with my new found knowledge of PASR.
But where is the biggest ROI - Stocks, Futures, Commodities or Forex?

Which trends most - Stocks, Futures, Commodities or Forex?

Which has the most volume and liquidity - Stocks, Futures, Commodities or Forex?

Now that you "know" how to drive a Ferrari, why would you want to drive a GMC truck?
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,679
  • Dec 22, 2009 10:45am Dec 22, 2009 10:45am
Quoting Alexandra
Speaking of trading to nearest resistance, USDJPY now at the expected initial target (from July for those wearing blinders). Response from here is of interest.
I didn't know you were into Italian Ice Cream men!
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,680
  • Dec 22, 2009 10:52am Dec 22, 2009 10:52am
Quoting strat
I didn't know you were into Italian Ice Cream men!

LOL - What? Italian Ice Cream?
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