Strat's Long Term Stress Free Trading

I don't have it on Alpari. Do have it on the big O . But their daily candle opens at 11 PM. And screen capture is more involved and complicated (read that as 'not sure I remember how to do it') with O platform and my wireless keyboard.

Could be interesting though. As the USD strengthens against the GBP one would think that would go down. As the USD strengthens against the Loonie one would think THAT would go down. Both also weakening vs JPY. I will keep on thinking about it.

would you please comment on my GBPCAD daily chart and the way i have drawn the TL/DSRI (based on price closes).

looking at this picture - break of the TL/DSRI plus rejection of support - would indicate a possible continuation of the uptrend. whereas your daily chart paints a more bearish picture.

This applies to everyone. Forget DSRI until you can draw correct TLs.

Sid, I don’t know what you have drawn on the Worker. It is neither a TL or a DSRI. Draw your TL from the high of the Shooting Star through the November high. If the last bar rests on that line then so be it – that is what YOUR chart shows – you can only trade what is on your chart – not mine or anyone elses.

My BOSS shows a Shooting Star whereas the BIG BOSS shows a hammer type candle.

BUT to be fair my monthly also shows a SS, so going short under its low would be the correct thing to do.

Yes

i guess my point is, i am getting mixed messages from my charts, and am wondering what i can improve in terms of my line-drawing or interpretation.

Practice, practice and practice using F12 and then when you think you have got it, practice, practice and practice.

Draw TLs from candle extremes only.

(famous Canadian race car driver)

I am going to try to post my trade live of GBPCAD, if Strat gives me the ok.

I am waiting for the market to open to put in my buy stop.

Cheers

Am I on the right lines?

No idea - can't see your lines!

I am also not able to volunteer, my IBFX platform does not have this pair.

I am able to watch it on my FXPRO demo platform with interest.

Larry

Okay, great, I'll do that. Many thanks!

Apologies for not attaching the chart last time - this is take two...

Analysis of the situation as my newbie brain grasps it:

The big boss chart shows price in an uptrend which has broken through a 50% fib retracement of the previous down trend (almost reaching 61%).

The boss shows an uptrend but there has been a break of a diagonal trend line in the last six days (should I be using diagonal trend lines with this method?).

On the daily I have S/R at 86.00 and another at 80.00. On the 29th price closed below the 80.00 (79.74 on my chart).

As far as I can see there is no obvious price action, suggesting that price could at this point go either way, so no trade.

If price continues down, the next S/R I have is at 76.50 which also corresponds to 38% Fib retracement on the big boss/boss so could be significant.

Thanks, G

Sometimes it gets embarrassing..........but somebody has to do it!

The big boss chart shows price in an uptrend which has broken through a 50% fib retracement of the previous down trend (almost reaching 61%).

The boss shows an uptrend but there has been a break of a diagonal trend line in the last six days (should I be using diagonal trend lines with this method?).

The BOSS is stuck in a 16 week range – Draw a channel instead of a TL

On the daily I have S/R at 86.00 and another at 80.00. On the 29th price closed below the 80.00 (79.74 on my chart).

As far as I can see there is no obvious price action, suggesting that price could at this point go either way, so no trade.

Correct – no PA – no trade.

If price continues down, the next S/R I have is at 76.50 which also corresponds to 38% Fib retracement on the big boss/boss so could be significant.

Correct – 76.20ish but expect a wobble around 78.50ish before that.

So far, so good!

Many thanks for your response, Strat - reassuring! I'm just going to keep working at it. I am joining the 'Path'.

BTW, is that the 50 EMA on your chart? I was under the impression that the 50 MA used was an SMA but my line only touches all those points if I change it to an EMA.

I'm still in this chanel.i hope that i will see the light!

Hello Strat,

I tried to regognize some SR and some PA in the chart where you marked it yellow. At some places I do not regognize outstanding PA but 'just' touching the MA and breaking resistance levels.
I guess with two trades you mean entering at the BUEB for a long and entering at the BEEB for the short.

Regards,


Piet

Hello.The trend is stil up.I wait strong reversal signal in blue area marked in my chart.

Lots of confluence at psycho 1.3700 and 1.3650ish so let's see what happens

Great post, wonderful to see your though process at each step. At the points below are you moving your sell order to the new position or initiating an additional sell order even before the previous one is triggered?

Thanks Strat for this wonderful PASR lesson. This is the mother of the "fishing" lessons. If this thread was the Bible and you were Jesus, then the post #9625 would be (almost) the whole new testament.

P.S. almost - because there are alot of great posts like that on this thread and i hope I havent offended anyone with the analogy

Hello all!

Just wanted to introduce myself and convey my appreciation for the hard work that has been put into this thread and especially by Strat.

I have reached page 129 of this thread and also covered some material at the end (of the thread) as well, and for the most part it seems that Strat and a dedicated few are perhaps the only members left from the original cast, so to speak, who are posting regularly. Hats-off for the grit and determination required for such a daunting task!

Personally, I have only "traded" shares, in that, I only did a handful, and quickly realised that I had no idea as to what I was doing. So I stopped altogether...there was no point in blowing an account, just to prove that fact to myself.

I then spent some time reading a few books, trying to broaden my understanding of the subject and as they say, the more I read, the more I understood that I didn't know...

Anyhow, as a part of my "training" I read "Reminiscences of a Stock Operator" and have ever since admired and envied people that could read stock prices like a book and so, I was never bitten by the technical indicator bug. I did take a look at them and understood their basic function, but as has been said so many times on this thread, I found them lacking and lagging. The only one I "like" would be the Volumes indicator, not to trade off of, but to get a feel for the push, or lack there of, for the price movement.

I have also read the book by Steve Nison and although I do not yet dream about the formations, I have a basic understanding of the psychology behind the candles....however, I do tend to get confused with the J16 terminology (IBs, etc). Just need time to assimilate the info.

Which brings us to the next basic item on the "to-do" list; assimilation of the J16 material on the forum...or first 200 pages or so. I have been through some of the material and will be going through the rest, however the challenge remains in trying to work through all the 644 pages here and the J16 material.

That being said, I would ask whether I could be permitted to start asking/posting questions/charts and if my knowledge is completely off, be referred to the appropriate material?

Now, I have been a lurker on this thread since December (not even a member; perhaps the definition of a lurker?) and the reason for that was trying to go through and assimilate the material offered.

The reason that I did finally decide to become a member of the forum, was this thread. This because it resonates with my personal beliefs as to how trading should be done, i.e based on price action. Also the fact that the thread owner is still on-board, is a testament to the dedication and sincerety of the owner in helping others.

Enough rambling from me.

Wishing you all prosperous trading days!

Illuminé

I will be posting updates for this trade live.

The reason I am taking this trade.

The BOSS is making LH and LL. Especially when you take a step back and look at the longer term trend.

Also the BOSS is currently showing a SS. I will watch if we are able to breach the low of the SS on the boss as well.

The WORKER is showing:

1 - A hammer that hits the downward TL
2 - A (northern) doji after a rally from support of 1.6495
3 - A BEOB that breached support at 1.7093

The TRADE:

Sell Stop: 10 pips below BEOB at 1.7030
1st TP: 1.68 Pyscho
SL: 1.7280 5 pips above the SS at the TL


I will post the trade entry once the markets open today.

Good luck with this pipfx.

(fyi I think you meant to print sell stop)