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  • #9,161
  • Jan 12, 2010 3:19pm Jan 12, 2010 3:19pm
Quoting strat
Recognise the format, the layout the content?





New: A Retired Assistant Professor Released His Secret Software To Make Easy Money From Forex Trading!...
.
.

After you see enough of these bogus forex trading schemes you start wondering if they are all created by the same company, or possibly some copywriter who doesn't have a clue (or a care) about trading.

Some scam site producers may invest in professional web design, but I think most of them are from a cheap template that anyone can buy for a few bucks. Unbelievable isn't it? For less than an evening out for two, you too can become the next "Trading Guru" and show others how to "become financially independent" with "virtually no effort."

Now I don't have the knowledge of everything out there to make up web pages (sales letters) for FX trading "opportunity" offers, but I do know for a fact that there have been templates available for at least five years online for use in creating pages for other moneymaking programs. Literally -- there are templates where you can fill in the blanks with the name of your program and add a few details, shake vigorously, and voila... Out pops the latest fantastic, sure-fire, once-in-a-lifetime wealth-generating system yet to be created. And YOU are the first to discover it! So buy now! It's for a limited time only!

In fact, these forex scam sites are so similar to many of the millions of other junk money-making programs out there that I wouldn't be surprised if the marketers have simply modified the existing templates slightly to accommodate their new audience. Just substitute the word forex for MLM, Adwords, Affiliate marketing, etc. and you have it.

As far as these unscrupulous marketers are concerned, the explosion of retail FX trading and it's accompanying mass of newbies with stars in their eyes and their pockets bulging with cash, is just another opportunity for them to "sell the sizzle" and not the steak.

To paraphrase Strat: Those who can trade, do trade -- those who can't trade, well they sell the get-rich-quick scam opportunity.

I think it is a noble effort to expose the corruption, and I'm happy that Strat is posting some examples of the crap that's out there to hook the unwary beginner.

Buyer beware.

Dave
  • #9,162
  • Jan 12, 2010 3:43pm Jan 12, 2010 3:43pm
As we have said before, USDCHF is less confusing.

We have PRICE resting on support, not major support but support all the same.

If this holds then we have a LONG USDCHF move and therefore, if correlation holds true, EURUSD should be a SELL.

This is all hinging around $USD sentiment so the sooner the big boys sort out what they want to do with it, the better we will be.
Attached Image (click to enlarge)
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15 YEARS OF PASR ON FOREX FACTORY!
  • #9,163
  • Jan 12, 2010 3:53pm Jan 12, 2010 3:53pm
Albert, are you looking?

Same as EURUSD - 20/50 TRAP
Attached Image (click to enlarge)
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15 YEARS OF PASR ON FOREX FACTORY!
  • #9,164
  • Jan 12, 2010 4:06pm Jan 12, 2010 4:06pm
We need to watch what PRICE will do here but wait for USD & CAD Trade Balance figures first.

1.0400 is the magic number
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 35 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #9,165
  • Jan 12, 2010 5:39pm Jan 12, 2010 5:39pm
Quoting albertsy2
Instead of looking at the candles and plan trades at 5pm EST when NY closes, would it be OK to do this right before NY opens?
Albert,

Take a look at a good reason from Nicola why you should use 5pm EST as your daily closing time:
Time Zones / candle closes
May 19 2009

http://www.forexfactory.com/showpost...postcount=3186
  • #9,166
  • Jan 12, 2010 5:56pm Jan 12, 2010 5:56pm
Looks like everyone is ready to get off to a red-hot start in 2010. Not intending to rain on the new year's parade, but don't forget Strat's wise reminder from post #3243:

The "trick" is to be PATIENT and DISCIPLINED and wait for the opportunity to present ITSELF. In other words, when you "see" the trade as opposed to "looking" for a trade.

Everyone:

Post this on your computer:

I AM HERE TO MAKE MONEY NOT TRADE

Make sure you read this BEFORE analysing your charts and BEFORE making a trade.

Read this OVER and OVER until it is ingrained in your brain and is the first thing you think of when looking at a chart

__________________
  • #9,167
  • Edited Jan 13, 2010 10:27am Jan 12, 2010 6:00pm | Edited Jan 13, 2010 10:27am
Took a break from fractions etc.

http://www.greenfaucet.com/education...mistakes/26556

Worth a read - I'm majoring on psychology lately as I'm convinced that until you master you there is little point in starting out in this business.

New traders take note of the list of 3 points at the bottom of the page.

I drop by a blog daily called www.thekirkreport.com (link now fixed, Thanks Sian!)

This guys scans the net daily for stories of note concerning trading and investing. I ignore all the news related guff but I do read the links concerning trading psychology etc. I would recommend dropping by on a daily basis.
Trade less and become more profitable!
  • #9,168
  • Jan 12, 2010 8:00pm Jan 12, 2010 8:00pm
Quoting PistolDave
I AM HERE TO MAKE MONEY NOT TRADE
.
  • #9,169
  • Edited 10:25pm Jan 12, 2010 9:16pm | Edited 10:25pm
Quoting strat


Not at support on my charts – coming down TO support but not at support.
90.75 on mine........today's low was....er.....90.72. Retest tonight perhaps for clarity. All we have so far is a pause, save for the nimble scalpers.

One can only be bearish USDCHF until the PA slaps us in the face.....uh oh....if it's really that obvious....hmmmmmmmmmm

Go to bed and await the Strat stress free entry.
  • #9,170
  • Jan 12, 2010 9:46pm Jan 12, 2010 9:46pm
Quoting strat
As we have said before, USDCHF is less confusing.

We have PRICE resting on support, not major support but support all the same.

If this holds then we have a LONG USDCHF move and therefore, if correlation holds true, EURUSD should be a SELL.

This is all hinging around $USD sentiment so the sooner the big boys sort out what they want to do with it, the better we will be.
Strat by having "a long USDCHF", do you just mean we should not trade short?

Both bosses are in agreement that the trend is down in my opinion, it even looks like the worker agrees at the moment although it is sitting at minor support.

What is your thinking here?
  • #9,171
  • Jan 12, 2010 10:21pm Jan 12, 2010 10:21pm
Quoting pipfx
Strat by having "a long USDCHF", do you just mean we should not trade short?

Both bosses are in agreement that the trend is down in my opinion, it even looks like the worker agrees at the moment although it is sitting at minor support.

What is your thinking here?
I think its too early to tell the price has to trend above 10181 for it to be a solid confirmation for a buy/ long entry
  • #9,172
  • Jan 13, 2010 5:07am Jan 13, 2010 5:07am
Quoting strat
Re-draw your TLs and you will see a coil vibrating around its CL.

We all know what happens to vibrating coils don't we?
Thanks Strat...ok so from my theory + little experience...

If I redraw my trendlines to catch the important extremes I get the attached chart. We had a nice touch down on that line again today confirming.

So for me I see a symmetrical triangle (coil) which means I need to remain neutral about the breakout and that if we move any closer to the apex of the triangle I should get increasingly sceptical about the initial breakout, but right now we seem a decent distance away from it.

Currently I now hold a risk free short position from the shooting star pattern. Given the momentum of the down move, the fact we are below the 20 + 50, and that I see no reversal price action so far (although I will check again on the US close for a hammer off the ascending trend line) I favour holding my position and looking for a breakout below in the next day or two...on reversal PA I will close. If we do break lower I would expect a move down to 21000 and would watch for reversal PA there....I won't add now until the coil is resolved.

Does the lower swing low on the 21st Dec and the lower swing high on the 11th Jan give us a small sign a bearish trend is beginning and that the coil will resolve with a break lower? Or should we remain completely neutral until the coil resolves itself?
Attached Image (click to enlarge)
Click to Enlarge Name: Hong Kong HS42 Daily Cash (13-JAN-10).png Size: 15 KB
Hope is not a trading strategy
  • #9,173
  • Jan 13, 2010 6:53am Jan 13, 2010 6:53am
Quoting Grimweasel
Took a break from fractions etc.

http://www.greenfaucet.com/education...mistakes/26556

Worth a read - I'm majoring on psychology lately as I'm convinced that until you master you there is little point in starting out in this business.

New traders take note of the list of 3 points at the bottom of the page.

I drop by a blog daily called www.thekirtkreport.com

This guys scans the net daily for stories of note concerning trading and investing. I ignore all the news related...
Thanks Grimweasel...

http://www.thekirkreport.com/ - there was a typo in your link...

"Lessons from 2009" is a nice read - many of the points are covered on this thread, some come down to his own trading style, one in particular caught my eye:

"Consider a number of scenarios in my head, but then concentrate on charts with NO net bias"

I like the emphasis on the NO, I recently drifted into a mistake where I was watching a trend line, I had subconsciously become so fixed on that trend line and so bearish on the commodity (Crude) that when price retested from below the "retest TL and failure scenario" was so fixed in my head I traded it on the close without even looking at PA, I just reacted to it - I even used a market order, I had just become so biased...I eventually pulled the trade as we pushed through the TL, but afterwards I couldn't even believe I placed it in the first place. I am really working on just seeing the chart this year and have cancelled all my newsletter subscriptions, etc to same time and to help stem the mental noise.

I have looked at all this trading wisdom many times before, but the more I trade the more it REALLY sinks in.
Hope is not a trading strategy
  • #9,174
  • Jan 13, 2010 9:52am Jan 13, 2010 9:52am
Quoting pipfx
Strat by having "a long USDCHF", do you just mean we should not trade short?

Both bosses are in agreement that the trend is down in my opinion, it even looks like the worker agrees at the moment although it is sitting at minor support.

What is your thinking here?
Strat by having "a long USDCHF", do you just mean we should not trade short?

No PASR so NO trade in ANY direction

Both bosses are in agreement that the trend is down in my opinion, it even looks like the worker agrees at the moment although it is sitting at minor support.

What is your thinking here?

BIG BOSS: Nov 09 is a swing low forming a double bottom.

BOSS: Nov 27 is a swing low forming a double bottom.

WORKER: The move from Dec 3 to 17 is an Impulse Wave – could it be Wave 1 of a new up move? I have no idea; EW is too inconsistent for me.

Could the move from Dec 17 to now be Corrective Wave 2 of a new up move? I have no idea; EW is too inconsistent for me.

Could 1.0132 be a HL or a pause in an Impulse Wave down? We don’t know – we are waiting for PRICE to tell us.

This will probably remain muddy until the big boys decide what they want to do with $USD. When that decision is made, EURUSD and USDCHF will move again.
15 YEARS OF PASR ON FOREX FACTORY!
  • #9,175
  • Jan 13, 2010 9:56am Jan 13, 2010 9:56am
Quoting smartchick
I think its too early to tell the price has to trend above 10181 for it to be a solid confirmation for a buy/ long entry
How smart - in looks or trading?

Only PASR for trades on here.
15 YEARS OF PASR ON FOREX FACTORY!
  • #9,176
  • Jan 13, 2010 9:58am Jan 13, 2010 9:58am
Quoting strat
Strat by having "a long USDCHF", do you just mean we should not trade short?...

Thanks!! I will wait and see what the big boys do!
  • #9,177
  • Jan 13, 2010 10:03am Jan 13, 2010 10:03am
Quoting Sinan
Thanks Strat...ok so from my theory + little experience...

If I redraw my trendlines to catch the important extremes I get the attached chart. We had a nice touch down on that line again today confirming.

So for me I see a symmetrical triangle (coil) which means I need to remain neutral about the breakout and that if we move any closer to the apex of the triangle I should get increasingly sceptical about the initial breakout, but right now we seem a decent distance away from it.

Currently I now hold a risk free short position from the shooting...
Does the lower swing low on the 21st Dec and the lower swing high on the 11th Jan give us a small sign a bearish trend is beginning and that the coil will resolve with a break lower? Or should we remain completely neutral until the coil resolves itself?

Have you forgotten what is being taught on here already?

Where do we look for clues (direction)?

What is the HIGHER ORDER OF TIME FRAMES?

I suggest you find my post on the HIGHER ORDER OF TIME FRAMES and re-read it only THIS time, UNDERSTAND it and forever cement this in your sub conscious.
15 YEARS OF PASR ON FOREX FACTORY!
  • #9,178
  • Jan 13, 2010 10:26am Jan 13, 2010 10:26am
Quoting Sinan
Thanks Grimweasel...

http://www.thekirkreport.com/ - there was a typo in your link...

"Lessons from 2009" is a nice read - many of the points are covered on this thread, some come down to his own trading style, one in particular caught my eye:

"Consider a number of scenarios in my head, but then concentrate on charts with NO net bias"...
“without even looking at PA”

Sinan, saying this to me on MY PASR thread where you are supposed to be a student is like holding a cross to a vampire.

This is DISGUSTING!

Along with your previous post, you seem to be in a BAD way. You need to take time out from trading, clear your mind and go back to the beginning of The Path of Learning and not only read and UNDERSTAND but cement everything into your sub conscious.

You have ZERO DISCIPLINE and without it you will NEVER make it in trading.

Remember the guys who won the Futures Trading Competitions? – they were Marines and Ex – Military guys and said their success was due to them following the rules like sheep – in other words, they had DISCIPLINE

I am really working on just seeing the chart this year

But what will you do if and when you eventually “see” the chart?

You must go back to the beginning of The Path of Learning and not only read and UNDERSTAND but cement everything into your sub conscious.

and have cancelled all my newsletter subscriptions, etc to same time and to help stem the mental noise.

Finally! This is the most POSITIVE statement you have made so far.

Do NOT be distracted (like Grimweasel) by outside, irrelevant trading tripe and nonsense – FOCUS on PASR and the 95% that does the financial damage.

I have looked at all this trading wisdom many times before, but the more I trade the more it REALLY sinks in.

This is a very expensive way to learn!

Read and UNDERSTAND the manual so that you know it inside and out, upside down and backwards and THEN demo/live trade.

15 YEARS OF PASR ON FOREX FACTORY!
  • #9,179
  • Jan 13, 2010 10:39am Jan 13, 2010 10:39am
Quoting strat
“without even looking at PA”

Sinan, saying this to me on MY PASR thread where you are supposed to be a student is like holding a cross to a vampire.

This is DISGUSTING!

[font=Arial]Along with your previous post, you seem to be in a BAD way. You need to take time out from trading, clear your mind and go back to the beginning of The Path of Learning and not only read and UNDERSTAND but cement everything...
Naughty Grimweasel - LOL -Like I said Strat I'm not reading news and tips sheets etc. I like the Kirk Report because he has relevant psycological articles etc - I ignore all the other stuff as it's misinformation put out there by talking heads who have a vested interest in doing the opposite trade to what they tell CNBC etc. "Those that can do so - those that can't train" is the addage we use in the military - real traders with solid profits don't need to inflate their egos by appearning on Bloomy etc!! ;-)
Trade less and become more profitable!
  • #9,180
  • Jan 13, 2010 10:56am Jan 13, 2010 10:56am
Quoting strat
“without even looking at PA”

Read and UNDERSTAND the manual so that you know it inside and out, upside down and backwards and THEN demo/live trade.
A return to the beginning of the path is a good idea, picking up a thing here and a thing there, a return journey should bring it together.

I am on top of money management (1% per trade) so mistakes are not too serious, but they sink in pretty sharply. I am also only on the daily. So far since January PA has been Lord, King, Queen and Country...and thats working out well.

On the higher time frames we have taken out the Boss low (buyers lost control) and the big boss was a doji (but low liquidity month), previous big boss a rather nice SS into support.
Hope is not a trading strategy
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