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  • #9,601
  • Jan 29, 2010 3:45am Jan 29, 2010 3:45am
With all the discussion of this pair I am surprised that no one is mentioning the SS yesterday. Is it not on other charts? Is that not significant PASR?
Would I be wrong in placing an order somewhere below the low of that SS to go short.

It seems that Strat is in my time zone or having a sleepless night LOL

Larry
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  • #9,602
  • Jan 29, 2010 5:09am Jan 29, 2010 5:09am
Quoting strat
Selecting the correct SL

GBPCHF this week gave us a lesson in correct SL selection.

The correct placement for a SL for the short trade on January 22 was above the swing high on November 17 NOT the most recent swing on December 16.

If this was not clear on the Worker, it was more obvious on the BOSS.

Thanks Strat for clarifying this trade.

I was one of those stabbed and impaled (but not pinned ) by yesterday's candle. Now I see that I had my SR levels wrong and I've considered the BEEB from jan 22 more important than the BEEB from nov 18 and in association, the top from 17 nov. I have forfot about the Boss.

On my chart, the yesterday's candle is a doji and not a SS. BUT the buyers were strongly rejected by the major resistance. The price also cleared the table of the SL placed above the high from jan 21. I believe that GBPCHF offers us an opportunity here. Attached is the daily chart with the updated SR levels.

Attached Image (click to enlarge)
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In a previous post I said that it's not over until the fat lady sings or my SL is hit. Well, my SL was hit so I guess the fat lady can sing now

Inserted Video
  • #9,603
  • Jan 29, 2010 5:14am Jan 29, 2010 5:14am
Quoting PistolDave
I have noticed that it helps you out a lot with your self-discipline if you already know you will be posting your trade here. When you know everyone will be seeing what you do, you think a little more before you do it. You make a little more careful analysis and aren't so likely to just jump into something because it looks right. I know it has already helped stop me from revenge trading and has kept me from making some real "fool" trades that I used to take before.
Yes It did help me focus more on important stuff.
  • #9,604
  • Jan 29, 2010 5:26am Jan 29, 2010 5:26am
Quoting LarryK
With all the discussion of this pair I am surprised that no one is mentioning the SS yesterday. Is it not on other charts? Is that not significant PASR?
Would I be wrong in placing an order somewhere below the low of that SS to go short.

It seems that Strat is in my time zone or having a sleepless night LOL

Larry
Not a Shooting Star on yours Larry - it's a doji but at resistance so telling you the same story.
15 YEARS OF PASR ON FOREX FACTORY!
  • #9,605
  • Jan 29, 2010 5:30am Jan 29, 2010 5:30am
Quoting hcristea
Thanks Strat for clarifying this trade.

I was one of those stabbed and impaled (but not pinned ) by yesterday's candle. Now I see that I had my SR levels wrong and I've considered the BEEB from jan 22 more important than the BEEB from nov 18 and in association, the top from 17 nov. I have forfot about the Boss.

On my chart, the yesterday's candle is a doji and not a SS. BUT the buyers were strongly rejected by the major resistance. The price also cleared the table of the SL placed above the high from jan 21. I believe that GBPCHF offers us...
I have forgot about the Boss.

NEVER, EVER forget the BOSS and BIG BOSS otherwise your BIG FAT lady will sit on you!
15 YEARS OF PASR ON FOREX FACTORY!
  • #9,606
  • Jan 29, 2010 5:54am Jan 29, 2010 5:54am
on the weekly chart last week closed as shooting star, which tail touched the support, telling that buyers have money too. Yesterday's daily candle closed also as a shooting star at the same support, showing that buyers don't want to let it break. The main trend is upward, but last two month's candles this pair showing strong downward. I think we should wait for the last daily swing high (0.8795) to be broken for entry long.

charts attached
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  • #9,607
  • Jan 29, 2010 6:03am Jan 29, 2010 6:03am
Quoting strat
Not a Shooting Star on yours Larry - it's a doji but at resistance so telling you the same story.
AAH thank you, shooting star needs more body, doji has small body, as long as PASR is still relavent then I am happy I saw it but I do not hear any enthusiasm for this as a trade. Think I will trade it anyway in direction of boss and big boss, it has just broken through that low, small $/pip as befits newbie. Wish me luck

Larry
  • #9,608
  • Jan 29, 2010 6:57am Jan 29, 2010 6:57am
Quoting soso
Completely agree! It took me 2 months to realize that my sleep is much better if I feed both of them - not in the same time but usually I wake up when the first one wakes up and I feed him then I put him back to sleep and am not waiting for the other one to wake up, instead I wake him up and feed him too. It usually takes 30 mins or so to feed them both this way but then I have 3-4 hours of full sleep. Much better!

Enjoy!
An interesting facet of the Nature vs Nurture 'debate' with regard to twins being so much alike in so many ways. We have twin grandchildren.
  • #9,609
  • Jan 29, 2010 7:31am Jan 29, 2010 7:31am
What's My Line?
Attached Image (click to enlarge)
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15 YEARS OF PASR ON FOREX FACTORY!
  • #9,610
  • Jan 29, 2010 8:24am Jan 29, 2010 8:24am
Quoting Lou
An interesting facet of the Nature vs Nurture 'debate' with regard to twins being so much alike in so many ways. We have twin grandchildren.
My identical twin sons definitely have a sub-concious link between them, not so much now they are older but evident when they were young. But that's another debate.

Back to the learning.

TFI Friday

N.
  • #9,611
  • Jan 29, 2010 8:24am Jan 29, 2010 8:24am
When you put a pending order, do you set an expiry? for how long?
  • #9,612
  • Jan 29, 2010 8:31am Jan 29, 2010 8:31am
Quoting strat
Selecting the correct SL

GBPCHF this week gave us a lesson in correct SL selection.

The correct placement for a SL for the short trade on January 22 was above the swing high on November 17 NOT the most recent swing on December 16.

If this was not clear on the Worker, it was more obvious on the BOSS.
I have been incorrect in my thinking on SL placement. Does this explanation mean we should be using a range's high when trading that range rather than the most recent swing high?
  • #9,613
  • Jan 29, 2010 9:10am Jan 29, 2010 9:10am
Quoting mstandifer
I have been incorrect in my thinking on SL placement. Does this explanation mean we should be using a range's high when trading that range rather than the most recent swing high?
Definitely absolutely - use the swing high of the range and if you can't figure it out on the Worker, it will stand out on the BOSS.
15 YEARS OF PASR ON FOREX FACTORY!
  • #9,614
  • Jan 29, 2010 11:47am Jan 29, 2010 11:47am
Hello all,

I haven't heard any discussion about this pair so I will have a go. I entered long 25 pips above the top of the hammer with a stop 15 below major support. The Boss has been in this range for some time. As one can see, things aren't going well so far but I made a plan and I'm sticking to it and the support has held so far. I am comfortable with a loss as long as I didn't miss something staring me in the face. I have been in profit a couple of times , but only 30 pips so I didn't feel comfortable protecting the trade that early. Any thoughts appreciated.

Poncho.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: chfjpy worker.gif Size: 27 KB
" I can read the left side of the chart, the right side's a Bitch!
  • #9,615
  • Jan 29, 2010 12:08pm Jan 29, 2010 12:08pm
Quoting poncho1
Hello all,

I haven't heard any discussion about this pair so I will have a go. I entered long 25 pips above the top of the hammer with a stop 15 below major support. The Boss has been in this range for some time. As one can see, things aren't going well so far but I made a plan and I'm sticking to it and the support has held so far. I am comfortable with a loss as long as I didn't miss something staring me in the face. I have been in profit a couple of times , but only 30 pips so I didn't feel comfortable protecting the trade that early. Any thoughts...
I think the hammer was small compared to the bars in the downtrend before. The bar indicated with the green arrow is more of a length I woud suspect the trend to be reversed. Furthermore in my view there was resistance just above the hammer.

FP
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Posting Demo charts, mirroring some of them live.
  • #9,616
  • Jan 29, 2010 3:13pm Jan 29, 2010 3:13pm
Hello.I found very good thread and nice people here... Hard support and fib 50.(Fib 100 expansion in wave 4) What do you think about this setup ? I not comment because my English is bad.HCristea and Soso is my good friend.Cya
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  • #9,617
  • Jan 29, 2010 3:52pm Jan 29, 2010 3:52pm
Quoting strat
What's My Line?
LOL - It will be interesting sledding, indeed. I bought the initial break of resistance as Blackeagle and I mentioned the other day, so I do see enough momemntum to break some of those lines for a potential at 1.0875. Strat identified this one a ways back (hat's off), but I do wish to point out that one does not need to grab the absolute bottom. Waiting for this to confirm the leading move of the EURUSD proved successful and allows a large position size on proof of the validity of the move. SO many make the mstake of believing that bottom and top calling is essential, when it is not. I can see EURUSD at 1.37 with relative ease, though the 50 fibo looms nearer. E/J and U/J seeem to have closed with some divergence, highlighting the anti-EUR case. Fundamentally, I remain neurtral, respecting the technical moves but unconvinced of their fundamental basis.
  • #9,618
  • Jan 29, 2010 6:45pm Jan 29, 2010 6:45pm
Quoting poncho1
Hello all,

I haven't heard any discussion about this pair so I will have a go. I entered long 25 pips above the top of the hammer with a stop 15 below major support. The Boss has been in this range for some time. As one can see, things aren't going well so far but I made a plan and I'm sticking to it and the support has held so far. I am comfortable with a loss as long as I didn't miss something staring me in the face. I have been in profit a couple of times , but only 30 pips so I didn't feel comfortable protecting the trade that early. Any thoughts...
CHFJPY

I haven't heard any discussion about this pair so I will have a go. I entered long 25 pips above the top of the hammer with a stop 15 below major support. The Boss has been in this range for some time. As one can see, things aren't going well so far but I made a plan and I'm sticking to it and the support has held so far. I am comfortable with a loss as long as I didn't miss something staring me in the face. I have been in profit a couple of times , but only 30 pips so I didn't feel comfortable protecting the trade that early. Any thoughts appreciated.

Might it be because there is nothing to discuss on this pair?

With both EURJPY and USDJPY STRUGGLING to provide a base from which to launch a move, what makes you think a weaker pair (CHFJPY) can do better?

Your charts have not opened for me so I can only go off my charts and I do not see ANY PASR ANYWHERE on this pair to make a trade.

Also, there has been lots of discussion on this thread with regard to indecision on the JPY pairs – are you living on another planet?

This tells me you have NO PATIENCE or DISCIPLINE – you have gone looking for a trade where there is NO trade.

Followers of this thread WAIT until they SEE an opportunity and then place their trades accordingly.

We do NOT go looking for a trade.

Trust you know where to go and don't come back until you learn PATIENCE and DISCIPLINE!
15 YEARS OF PASR ON FOREX FACTORY!
  • #9,619
  • Jan 29, 2010 7:24pm Jan 29, 2010 7:24pm
Quote: Might it be because there is nothing to discuss on this pair?

Strat, thanks for response. While you are probably correct about a poor choice of pairs I dont feel I was looking for trade. At your suggestion I passed a lot of appealing setups after the thanksgiving holiday through the end of the year due to thin markets and it was only my second trade this year. I try to review a lot of pairs to help with the practice on a lot of charts as you recommend and I entered what I thought to be a valid setup on a ranging pair.(Sorry you couldn't open the chart.) Anyway, I asked for your opinion and received it, so back to page one for me. Thanks again.

Poncho
" I can read the left side of the chart, the right side's a Bitch!
  • #9,620
  • Jan 29, 2010 7:41pm Jan 29, 2010 7:41pm
After a magician or illusionist performs a trick it looks brilliant.

So it is with Elliott Wave Theory – after it has performed, it looks brilliant.

As with the magician and illusionist, while they are performing, it looks confusing.

So it is with Elliott Wave Theory.

One of my mechanical systems is a swing wave system and what is interesting is that when you put all the swing waves together after completion, they add up to Elliot’s Waves.

Each swing wave sets up the next and so on until after you have been up and down and around and around for a few times, you SEE a completed wave of a higher order. Unfortunately, no-one, not even the “so called EW experts” know for sure exactly where they are in the EW sequence. And if you find one that tells you he “knows”, he is likely a scam snake oil salesman!

This “appears” to be where we are now with EURUSD.

When we look back from where we are now, we can clearly see the 5 wave EW pattern BUT we do NOT know where the end of Wave 5 is – this is the dilemma with EW and in fact all cycles, swings, waves etc – no-one, not even the Fat Lady, knows where the end is until the end is in.

Trying to trade an end where there is no end is VERY dangerous to your wallet and account!

Does this help us or confuse us?

Information is a dangerous commodity – too much and we go into information overload and too little and we don’t have enough to make a decision.

When the end of Wave 5 is in and the 5 wave EW pattern is therefore said to be complete, we know a few things (whether these help us or not is up to the individual).

The completed 5 wave pattern is then an Impulse Wave of a higher order – sometimes this is obvious on the next higher time frame – sometimes not.

We then know that a Corrective Wave follows BUT to what degree of correction? Elliott laid out a set of rules based on % retraces for each Impulse Wave but history has shown many exceptions to these. It also requires that we know which Impulse Wave (1, 3 or 5) we have completed and that is NOT always obvious.

We also know that an A-B-C correction follows an EW 5 wave sequence.
An A-B-C is a simple 3 wave correction and I liken it to the pictorial representation of a lightning bolt.

Easy to trade then? How I wish it was so!

Sometimes it is and again, it can easily be seen AFTER it is complete.

Most times, one leg or maybe two legs or even all three legs of the A-B-C pattern can be a complex 5 wave pattern in itself which brings us back to square one!

As I have stated elsewhere in the thread, I have come unstuck many times following EW theory but when it presents itself, like here in EURUSD right now, it is difficult to ignore. BUT, IGNORE we must if we want stress free trading.

Apart from having NO PLAN and watching your account draw down, I can think of nothing worse than following failed EW theory to provide stress in your trading.

For me, its just magic – smoke and mirrors – it looks brilliant in retrospect but while you are in the middle of it, it’s like trying to eat fog with a knife and fork!

I will stick with my Strat Swing Wave system thank you Mr. Elliott!
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15 YEARS OF PASR ON FOREX FACTORY!
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