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Strat's Long Term Stress Free Trading

  • #9,501
  • Jan 26, 2010 7:30am Jan 26, 2010 7:30am
Quoting rspence50
Here's a PDF on candles, should explain everything.
Use your local time for candle close
Have a great day!
That's great! Many thanks.
When in doubt, sit on your hands...
  • #9,502
  • Jan 26, 2010 7:49am Jan 26, 2010 7:49am
Quoting rspence50
Quote;
A couple of very newb questions if I may. I know most common candle patterns but for the life of me I can't work out what a BEEB and BUEB are. I know that it's bullish and bearish bar, but it's the third letter that has me stumped - what does that E stand for?

Also, in reading the thread I've gathered that you shouldn't take action until close of bar, but I also remember reading from Strat that you should wait for close of NY session. I'm in the UK and trading using Oanda, so close of NY session is 2200 local time (GMT at present) and Oanda...
E stands for englufling

Also there are BUOBs and BEOBS ( O = outside)
  • #9,503
  • Jan 26, 2010 7:55am Jan 26, 2010 7:55am
Quoting rspence50
Quote;
A couple of very newb questions if I may. I know most common candle patterns but for the life of me I can't work out what a BEEB and BUEB are. I know that it's bullish and bearish bar, but it's the third letter that has me stumped - what does that E stand for?

Also, in reading the thread I've gathered that you shouldn't take action until close of bar, but I also remember reading from Strat that you should wait for close of NY session. I'm in the UK and trading using Oanda, so close of NY session is 2200 local time (GMT at present) and Oanda...
Also don't forget we have an accronym list of all the commonly used words in this thread in the Index
  • #9,504
  • Jan 26, 2010 8:27am Jan 26, 2010 8:27am
Quoting el_duende
I got taken out at break even, yesterdays bar ate all my profits on this trade
But you told me you traded H4 in which case why didn't you protect your profits above the Jan 24 midnight BUOB and then go long?
15 YEARS OF PASR ON FOREX FACTORY!
  • #9,505
  • Edited 9:44am Jan 26, 2010 8:43am | Edited 9:44am
Quoting strat
So, those of you who took the GBPCHF BEEB set up and are now short, how many of you are or were worried over their positions - BE HONEST!
When I saw the BUEB last night, (0:00 my time = NY's close), the price was against me. Look how it looks on my chart. I did thought that today I'll bring offerings to the market. Right now i'm still in the trade but there are 8h left until NY's close.

What counts is what happens on the long run, casino style (from the point of view at the casino , of course). I believe that PASR gives the edge that is needed.
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  • #9,506
  • Jan 26, 2010 9:48am Jan 26, 2010 9:48am
  •  Sid
  • | Joined May 2009 | Status: Get wise or die laughing | 85 Posts
oil is currently in an interesting area...
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  • #9,507
  • Jan 26, 2010 10:39am Jan 26, 2010 10:39am
Quoting strat
So, those of you who took the GBPCHF BEEB set up and are now short, how many of you are or were worried over their positions - BE HONEST!
I'll fess up Strat, I took it and look at the chart after Dow open and the gremlins got a hold of me, but I am resisting. My old self would have move SL to minimise loss or panic and get out but I am trusting the trade and the plan.
  • #9,508
  • Jan 26, 2010 11:05am Jan 26, 2010 11:05am
Quoting strat
So, those of you who took the GBPCHF BEEB set up and are now short, how many of you are or were worried over their positions - BE HONEST!
I didn't take the trade and I wanted to say why. I might be mistaken for not taking it and I'd like to learn from it if that's the case.

This swing up was different than the last 2:

The swing up this time was much steeper and for more pips than the last swing and it had the look of a whipsaw given that the low was a LL and the high was a HH.

Additionally, even though the 20 and 50 are below the 100, the 100 was beginning to point up and price was at the upper area between the 100 and 250. Without giving too much importance to the MA's this spoke of an increasing upward momentum potential.

Yes, it would have been good for 100 pips or so (at this point)and I missed it but the risk was ~150 pips and not worth it to me.

While last weeks bar is an excellent shooting star underneath the 20 and is still in control, price has not breached it on either side. I'd feel more comfortable with a break below 1.6700 with a retest before buying into the short game.

-m
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  • #9,509
  • Jan 26, 2010 11:11am Jan 26, 2010 11:11am
Quoting mstandifer
I didn't take the trade and I wanted to say why.
I also have been watching what I'll call recent SR...don't know what else to call it. Here is how it appeared to me at the time. Note the near term support. I might just be making this up as I go, so anyone feel free to call BS on this one.

-m
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  • #9,510
  • Edited 11:28am Jan 26, 2010 11:16am | Edited 11:28am
Quoting mstandifer
I might just be making this up as I go, so anyone feel free to call BS on this one.
For those of you that took it, pay no attention to my posts on it. You are in the trade and have a plan so stick to it. If I had taken it, I'd still be in it myself with my stop at 1.7037.

-m
  • #9,511
  • Jan 26, 2010 11:35am Jan 26, 2010 11:35am
Quoting Blackeagle
When does the cycle end? Basically, during downtrends, assuming looking at one time frame (of course we should check higher time frames to see the trend direction, but for the sake of "cycle" argument, let's just focus on one time frame only), we see lower lows and lower highs. After that, if price records a higher high, then we should be alerted about "Possible" trend change for that time frame only and this is called half cycle. Later on if price pullbacks and make a higher low which should be confirmed with a new higher high (called full...
Thank you for the more explanation.
  • #9,512
  • Jan 26, 2010 11:36am Jan 26, 2010 11:36am
Since someone mentioned the sin of the intraday chart, it appears USDJPY is pounding the last 3 4-hr bars, unable to penetrate the 50 fibo. EURJPY has undergone it's typical overshoot. Readers may be wise to tune in to possible actionable PA in those markets. USDJPY is the safer trade.
  • #9,513
  • Jan 26, 2010 11:39am Jan 26, 2010 11:39am
Quoting strat
So, those of you who took the GBPCHF BEEB set up and are now short, how many of you are or were worried over their positions - BE HONEST!
In other words, how many of you were stressed out? Be honest!
  • #9,514
  • Jan 26, 2010 1:55pm Jan 26, 2010 1:55pm
Quoting Blackeagle
BEEB - BEarish Engulfing Bar
BUEB - BUllish Engulfing Bar

You can trade NY close at 5pm EST (that's what most of us is doing for daily bars) or you can choose to trade your own trading platform's daily close bar.
Is there a way of changing my bar closes from midnight in the UK to 10 pm (new york close) or do I need to find a broker who's bars close at the required time
  • #9,515
  • Jan 26, 2010 2:49pm Jan 26, 2010 2:49pm
Quoting Alexandra
Since someone mentioned the sin of the intraday chart, it appears USDJPY is pounding the last 3 4-hr bars, unable to penetrate the 50 fibo. EURJPY has undergone it's typical overshoot. Readers may be wise to tune in to possible actionable PA in those markets. USDJPY is the safer trade.
Hi Alexandrahttp://cdn.forexfactory.com/images/icons/icon7.gif

You are quite right here, EURJPY got me burned this time, and it was not just an overshoot but landslide for me and it happened so quickly.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
  • #9,516
  • Jan 26, 2010 2:54pm Jan 26, 2010 2:54pm
Quoting strat
So, those of you who took the GBPCHF BEEB set up and are now short, how many of you are or were worried over their positions - BE HONEST!
Hi Strathttp://cdn.forexfactory.com/images/icons/icon7.gif

This was a good case and is still a good case of analysing and waiting. I personally do not trade this pair but it is good to observe and see what other people respond too. Once it has been posted on the thread I was tempted to enter however it just did not feel right as it was not something that I have watched or analysed before.

I think that the own stuff is much better when observed and entered.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
  • #9,517
  • Jan 26, 2010 3:04pm Jan 26, 2010 3:04pm
Quoting mstandifer
I didn't take the trade and I wanted to say why. I might be mistaken for not taking it and I'd like to learn from it if that's the case.

This swing up was different than the last 2:

The swing up this time was much steeper and for more pips than the last swing and it had the look of a whipsaw given that the low was a LL and the high was a HH.

Additionally, even though the 20 and 50 are below the 100, the 100 was beginning to point up and price was at the upper area between the 100 and 250. Without giving too much importance to the MA's this...
Hi Marcushttp://cdn.forexfactory.com/images/icons/icon7.gif

This pair is is in sort of a coil and wedge as I see it , so waiting for a breakout would seem reasonble now.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
  • #9,518
  • Jan 26, 2010 3:34pm Jan 26, 2010 3:34pm
Quoting Jideck
Hi Alexandrahttp://cdn.forexfactory.com/images/icons/icon7.gif

You are quite right here, EURJPY got me burned this time, and it was not just an overshoot but landslide for me and it happened so quickly.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
If it's of any psychological help, i too had my mud hut slide away through my SL.
  • #9,519
  • Jan 26, 2010 3:49pm Jan 26, 2010 3:49pm
Quoting Jideck
Hi Alexandrahttp://cdn.forexfactory.com/images/icons/icon7.gif

You are quite right here, EURJPY got me burned this time, and it was not just an overshoot but landslide for me and it happened so quickly.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck

Indeed, that's E/J....never changes. No worries...move on.
  • #9,520
  • Edited 4:24pm Jan 26, 2010 4:15pm | Edited 4:24pm
Quoting hcristea
In the event of a strong rejection next week, I've moved my SL under the minor support from the worker. This will lock in profits equivalent to 50% of the initial risk and still leaving enough space to the trade to develop.

Attachment
I'm continuing with the update for my trade: LONG USDCAD @1.0359 and initial SL at 1.0220.

Today's candle broke above the 1.0600 psycho and almost reached the major resistance at 1.0700. I've moved my SL under the low of today's candle.

This is to protect the profit in case that tomorrow the bears will make a strong move as the bulls were rejected by the major resistance at 1.0700. We are still in the high risk zone. The downtrend is still in effect and might continue.
Attached Image (click to enlarge)
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