Attachments: Strat's Long Term Stress Free Trading

Strat's Long Term Stress Free Trading

#10,301
Edited 5:22am Mar 1, 2010 5:08am | Edited 5:22am

euro_dude
| Joined Aug 2006 | Status: Going up 1 pip at a time! | 60 Posts

I saw it as profit taking before the RBA rate decision which is later today not a signal to go short.

I wouldn't touch AUD pairs until after...

#10,302
Edited 6:24am Mar 1, 2010 5:17am | Edited 6:24am

Lotuselanman
| Joined Apr 2009 | Status: Trader | 203 Posts

Quoting hcristea

Disliked

I would like to ask you advice regarding the AUDNZD.
I've placed a SELL order on the BEEB from Thursday. Friday the order was activated. Friday had a strong rejection from 20 EMA and there is also a support at ~1.28 which I have considered (and stil consider it) minor relative to the R from ~1.29.

I haven't canceled my order after I saw that Friday hammer because I consider the resistance still powerful. I do not consider this trade being a mistake but I would like to ask your thoughts on this trade, while its still fresh.

What do you think...

Ignored

Interesting hcristea, I did the same. I interpreted the chart as a longterm range. The top of the range had been tested many times previously and I had been watching the price as it progressed to the top of the range and the BEEB on Thursday seemed to me to be the sign of a likely reverse back down into the range again. The red spinning top doji on the Weekly forming at the end of last week suggested uncertainty for the previous up move so......

Against a short at this point was the MA underneath the Friday red doji on Daily and the S at 12790. But from my very limited experience of ranges e.g. EURJPY the reverses at top and bottom are severe, the UT and DT within the ranges don't tend to gradually slow down. The SR line is hit and the move reverses, often with no retest. For this reason a bull Monthly candle (clearly there at the end of Feb) may not have the weight of influence that it has on a longer-term trending chart. So I backed the likelyhood of a severe move back down.

Like you I am wondering if this was a mistake but am still in the trade and have strong MM so if it goes wrong for me...........well it goes wrong and I have learnt something.

But someone with more experience will probably give you a better comment.

#10,303
Mar 1, 2010 5:28am Mar 1, 2010 5:28am

Lotuselanman
| Joined Apr 2009 | Status: Trader | 203 Posts

Sorry didn't post a chart.

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#10,304
Mar 1, 2010 5:54am Mar 1, 2010 5:54am

soso
Joined Aug 2007 | Status: Fluid | 1,133 Posts

I also had AUDNZD on the radar, but quickly dismissed the setup because even if it looked like it bounced from major resistance still looked countertrend to me. If you ask me the trend is sideways-to-up, but on Worker the bullish tendency was more visible lately... I guess there are as many trend definitions as traders

Trading = a mirror to your human flaws. Fix them or be fixed.

#10,305
Edited 8:12am Mar 1, 2010 6:15am | Edited 8:12am

hcristea
| Joined Oct 2007 | Status: papa dragon | 293 Posts

Thanks everyone for your replies.

Quoting Blackeagle

Disliked

Although my daily PA was showing BEOB when the bar closed on Thursday, if you look at attached Big Boss chart, you'll see that major SR was just above 1.2800 and you sold to the major support.

Ignored

I started to draw the SR lines from Monthly. I saw that level (1.28) on Big Boss chart but as i went down the TFs I've adjusted that SR level on each Time frame. On the Daily that SR from 1.28 Monthly got closer to 1.29 and it became resistance.

Below are the pictures showing how I draw the SR level. I started from monthly, weekly then daily and it got adjusted.
Blackeagle, what am I doing wrong with the SR drawing?

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#10,306
Mar 1, 2010 8:13am Mar 1, 2010 8:13am

mstandifer
| Joined Jul 2009 | Status: Steady as she goes | 294 Posts

Quoting hcristea

Disliked

Good post Marcus.

But what if you see a nice SS on your chart which is not on Strat's? Do you see beyond that SS to stay out of a trade? While a BEEB or BEOB is a clear and basic PA, you can get a SS also from some not-so-basic PA.

Ignored

Certainly not. I have finally learned to trade what I see, not just what Strat posts.

If, by random chance, Strat happens to post a chart that does not show PA for an entry but mine does and all the proper signals are there, I take the trade. By proper signals I mean worker, boss, big boss all in alignment and PA exists on my charts at SR.

Hope that clears it up...base your trades on the PA from your charts, not anyone else's.

-m

#10,307
Mar 1, 2010 8:32am Mar 1, 2010 8:32am

mstandifer
| Joined Jul 2009 | Status: Steady as she goes | 294 Posts

This topic has come up several times so I'll also post this for those with more questions.

I believe that seeing beyond the candles covers a very broad range of concepts. Part of which, is correctly interpreting what the buyers and sellers are doing during a particular bar. Sometimes you have to look at previous bars to put it into context. I learned this because I had seen Strat, on more than one occasion, pass up a trade even though PA was there because he said he didn't like the previous bar(s). So, I started looking at what the buyers and sellers were doing on those bars and began to consider them together.

Here's why that makes sense:

1. Strat, Blackeagle, Alexandra and Elitejets have all said trade what's on YOUR charts. OK. Logically, that means that PA is PA no matter the data feed.

2. If PA exists on your chart but not on mine, it doesn't mean your PA is bad...your PA is in fact legitimate.

3. If PA exists on your chart and is legitimate, then just because I don't see those exact bars on my chart doesn't mean a trade isn't there.

4. If I look beyond the candles to what the buyers and sellers are doing at SR, then I can see PA beyond what a single candle is telling me.

I'm going to go out on a limb here and say this is part of what Strat has been trying to get me to see.

The reason we trade price reversal candles only, is to get us comfortable seeing the visual part of PA...price reversal bars. Once we begin to understand how buyers and sellers interact, then we will begin to see PA beyond the candles.

I credit IBFX's crappy PA bars for assisting in helping me see price this way. I got tired of seeing good PA bars on everyone else's charts and mine didn't. So, I started looking at what the buyers and sellers were doing over the past bar or 2 and it started to click.

-m

#10,308
Mar 1, 2010 9:24am Mar 1, 2010 9:24am

Strat
Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts

Quoting poncho1

Disliked

Hi all,

Once again I offer my head on the chopping block. The discussion on feeds and Strats post of his AUD/JPY...

Ignored

First, you can't put my levels on YOUR chart. My levels are representative of the data on MY chart not YOURS.

Second, I like to identify the levels where there will be a "wobble" - they may be nothing or they could be what changes the trade - I just like to see the road blocks in front of me - as has happened today with audjpy.