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Strat's Long Term Stress Free Trading

  • #9,661
  • Jan 31, 2010 1:48pm Jan 31, 2010 1:48pm
Quoting pipfx
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 it 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:

Buy Stop: 10 pips below BEOB at 1.7030
1st TP: 1.68 Pyscho
SL:...
Please say you mean to place a SELL stop order

Larry
  • #9,662
  • Jan 31, 2010 2:25pm Jan 31, 2010 2:25pm
Quoting LarryK
Please say you mean to place a SELL stop order

Larry
Edited my post.
  • #9,663
  • Jan 31, 2010 3:06pm Jan 31, 2010 3:06pm
I love when 2 TL join to a strong SR level.
Attached Image (click to enlarge)
Click to Enlarge Name: img1.gif Size: 24 KB
My humble opinion.
  • #9,664
  • Jan 31, 2010 5:09pm Jan 31, 2010 5:09pm
I have attached the trade entry.

One thing I did not discuss in my previous post is the RR.

The RR to my first TP of 1.68 Psycho is a little less than 1:1 which is not good. My first TP is really an area that I will monitor the trade for PASR.

My ultimate target price is 1.64 therefore I felt this trade is worth the risk.

The data in the attached chart is from MF Global which is a different feed that the one I do my analysis from (FXPRO). That is the reason for the slightly different bars from my original post.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpcad - trade entry.gif Size: 14 KB
  • #9,665
  • Jan 31, 2010 5:47pm Jan 31, 2010 5:47pm
At the OPEN of this week's trading, traders in New Zealand gapped open.

This is unusual for forex - something has spooked Auckland trading
15 YEARS OF PASR ON FOREX FACTORY!
  • #9,666
  • Jan 31, 2010 7:04pm Jan 31, 2010 7:04pm
Quoting igmal
I'm still in this chanel.i hope that i will see the light!
I don't see any established channel here.
  • #9,667
  • Jan 31, 2010 7:13pm Jan 31, 2010 7:13pm
Quoting zoogle
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?
Yes to both
15 YEARS OF PASR ON FOREX FACTORY!
  • #9,668
  • Jan 31, 2010 7:15pm Jan 31, 2010 7:15pm
Quoting hcristea
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
Steady lad, I don't walk on water!
15 YEARS OF PASR ON FOREX FACTORY!
  • #9,669
  • Jan 31, 2010 7:17pm Jan 31, 2010 7:17pm
Quoting Illuminé
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...
Ask away, illuminated one but if the answer is in the thread, you will be told in no uncertain terms - unless the nicer people on here answer you first!
15 YEARS OF PASR ON FOREX FACTORY!
  • #9,670
  • Jan 31, 2010 7:48pm Jan 31, 2010 7:48pm
Quoting strat
At the OPEN of this week's trading, traders in New Zealand gapped open.

This is unusual for forex - something has spooked Auckland trading
Hi Strat http://cdn.forexfactory.com/images/icons/icon7.gif

It is a holiday in Auckland today - just Auckland and some other towns in the North Island, and the weather is not too good - so I think people might feel a bit anxious to trade here.

It will be Wellington and South Island who is working today, 33 million sheep.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
  • #9,671
  • Jan 31, 2010 7:52pm Jan 31, 2010 7:52pm
Quoting Jideck
Hi Strat http://cdn.forexfactory.com/images/icons/icon7.gif

It is a holiday in Auckland today - just Auckland and some other towns in the North Island, and the weather is not too good - so I think people might feel a bit anxious to trade here.

It will be Wellington and South Island who is working today, 33 million sheep.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
OK thanks. I see that most gaps are filled already - probably Blackeagle taking advantage in Oz!
15 YEARS OF PASR ON FOREX FACTORY!
  • #9,672
  • Jan 31, 2010 8:11pm Jan 31, 2010 8:11pm
This will probably fall on deaf ears and blind eyes but for the few serious students on here:

The majority of forex traders and especially “wannabe” forex traders have their thinking upside down and inside out. They are fed by the forex media to believe that taking small profits in high volume is the way to trade. By this I mean make several trades a day each for a few measly pips. This is probably a fall out from the Futures market where the more trades you make, the more commission the brokers make.

This is burned into our sub-conscious much like the information needed to ride a bicycle. No matter what we do, we always fall back into habit and our “comfort zone”.

Yes, it’s the head games again. Accept that our sub-conscious is controlling the way we trade and you have taken a big step forward. The hardest part is then reconditioning our sub-conscious to think along different lines. Boring stuff I know but far more important than any technical analysis.

How have you felt when you have been sat on a 150 pip profit or a 250 pip profit?

Most people have a really difficult time with this and to them is almost as painful as managing a loss. Our little people make sure of this.

How have you felt taking a 60 pip, 100 pip or 150 pip loss in an endeavor to make far greater profits?

To be successful and make “good” money trading, you have to let the market reward you the way it wants – with big profits from trends. We must ride a trend for all its worth and add on at each opportunity presented to us.

This is exactly the opposite concept of what just about every other forex trader does.

For some reason, when we see erosion of accumulated profits, we take desperate measures and close out our trades. It is our survival instinct controlling us – protect what you have before you lose everything.

We remember the times when if we hadn’t closed a trade, it would have been a loss. How many times do we remember going into drawdown but in the end coming out with mega pips?

The problem is every “expert” telling us to cut our losses and let our profits run. How many of these “experts” actually practice what they preach? Not many.

How do you know that cutting your loss is not cutting your profits?


I could probably write a book on this if I had the inclination and inspiration!
15 YEARS OF PASR ON FOREX FACTORY!
  • #9,673
  • Jan 31, 2010 8:40pm Jan 31, 2010 8:40pm
Quoting Illuminé
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,...

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.

Welcome! Illumine

No need to read J16 anymore as the tread has progressed there are now many good examples of PASR in strat's thread.
  • #9,674
  • Edited 8:51pm Jan 31, 2010 8:47pm | Edited 8:51pm
Yes, it’s the head games again. Accept that our sub-conscious is controlling the way we trade and you have taken a big step forward. The hardest part is then reconditioning our sub-conscious to think along different lines. Strat

I totally agree.. the post above describes the monkey on the back. It is an addiction. "See the profit, pick it up."

Letting profits run has been a really difficult thing to do. You (I) need to develop a lot of qualities. Confidence, patience, calmness are 3 that come to mind.

Things that I have done, consiously as well as by accident these past 6 months to get over this. Actually more like beating it back.

Trade the Daily Bar. Then walk away. (I can be my own worst enemy)
Wait for the edge to pile up. Be sure you are right, then go ahead. "Davy Crockett"
It's ok to trade a few times a month. Don't read the 'crazy' threads.
Big Boss, Boss, Worker... great concept. Strat and Alexander Elder.
Candles light the way. PA

Strat... from my standpoint, the more you show examples of those long term trades, the better.
  • #9,675
  • Jan 31, 2010 9:40pm Jan 31, 2010 9:40pm
Hello
I am back after a long break and looking forward to getting stuck in.

I have a link to a free Steve Nison Webinar if anyone is interested send me a PM and I will send you it so you can register. It is on Tuesday night at 9:30PM London time, 4:30PM New York time and they are usually good and you can ask questions.
(I won't post it here becasue although the webinar is free the site is a commercial one). If you don't know who Steve Nison is then you probably won't be interested

Have a great NFP week!
Nicola
  • #9,676
  • Jan 31, 2010 9:54pm Jan 31, 2010 9:54pm
Quoting elitejets
Hello
I am back after a long break and looking forward to getting stuck in.

I have a link to a free Steve Nison Webinar if anyone is interested send me a PM and I will send you it so you can register. It is on Tuesday night at 9:30PM London time, 4:30PM New York time and they are usually good and you can ask questions.
(I won't post it here becasue although the webinar is free the site is a commercial one). If you don't know who Steve Nison is then you probably won't be interested

Have a great NFP week!
Nicola
Good to have you back Nicola!
  • #9,677
  • Jan 31, 2010 10:11pm Jan 31, 2010 10:11pm
Quoting Lou
Yes, it’s the head games again. Accept that our sub-conscious is controlling the way we trade and you have taken a big step forward. The hardest part is then reconditioning our sub-conscious to think along different lines. Strat

I totally agree.. the post above describes...
It makes a lot a sense. I don't know how many times I have shot myself in the foot by taking profits too early or not having the patience to let the trade work itself out (my half-arse analysis didn't help matters either).

I can remember shorting the Gpb/Usd on a shooting star and being up and letting it run and then the second day into the trade getting spooked out on a retracement, panicking, and closing the trade for peanuts. Then the next day it began going my way in a big way, but it was too late for me. I chickened out. There's no doubt about there being a steep learning curve in this business.
"Don't trade to trade . . . trade to win." - James16
  • #9,678
  • Jan 31, 2010 10:12pm Jan 31, 2010 10:12pm
Well maybe you could advise or reference on the characteristics of a secular trend reversal, aside from the obvious, SR.

Thanks


Edit: I take the obvious part back, all of it would be nice :-)


We could dub it the SR......Strat Reversal



Quoting strat
This will probably fall on deaf ears and blind eyes but for the few serious students on here:

The majority of forex traders and especially “wannabe” forex traders have their thinking upside down and inside out. They are fed by the forex media to believe that taking small profits in high volume is the way to trade. By this I mean make several trades a day each for a few measly pips. This is probably a fall out from the Futures market where the more trades you make, the more commission the brokers make....
Annoying Precision
  • #9,679
  • Jan 31, 2010 10:40pm Jan 31, 2010 10:40pm
Nevermind Strat, its late.....my bad .
Annoying Precision
  • #9,680
  • Jan 31, 2010 11:22pm Jan 31, 2010 11:22pm
My goal ( one of my goals) is to become very wealthy but SELF-FRUGAL. The latter will be my true test.
Annoying Precision
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