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Strat's Long Term Stress Free Trading

  • #10,321
  • Mar 1, 2010 2:12pm Mar 1, 2010 2:12pm
Thanks, Im just going to zero both positions out rather then hope for a gap close. Look to reset it if an oppurtunity presents itself.

Quoting elitejets
I don't have this pair so this is my generalised advice ...
Hedging - I personally don't like hedging, it makes me too complacent about managing my original trade.
Gaps - There is a 250 pip gap in USDJPY from 1985. Sometimes if they don't fill right away they can take some time.

I dont have the chart, but I would stick to good old daily price action to get you out as GBP & EUR are both in strong downtrends vs the commodity currencies.
I am short GBPAUD and its frustrating as down here there are no levels so I'm just stuck with price action to...
Annoying Precision
  • #10,322
  • Mar 1, 2010 3:11pm Mar 1, 2010 3:11pm
Quoting erikte279
Looking for advice:

Shorted Gbp/nzd last week @ 2.2199 currently 760 pips in profit

This week opened with a LARGE gap downward so I hedged to secure profits in expectation that the gap was going to get closed.

Instead it took a nosedive and since Im with IBFX all hedged positions get closed 5pm est (america).

...
Hi,

I don't have an answer to your questions but I would like to ask you, why hedge? I don't understand what is the use of hedge? What is the difference between closing your whole position at the point you opened the hedge and then open it again at the point you will decide to close the hedge?

Not trying to criticize but really I don't see any difference, and am trying to understand why some people find hedging helpful.

Cheers,
-soso
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #10,323
  • Mar 1, 2010 4:00pm Mar 1, 2010 4:00pm
Hello,

The reason I hedged in this situation was in anticipation of a weekend gap close, I shouldnt have anticipated I guess.

But hedging can be useful to catch the upside/downside correction of a move being that we know that price dosent move linear.

No offense taken, I always like to hear different viewpoints as it make adds to my experience.



Quoting soso
Hi,

I don't have an answer to your questions but I would like to ask you, why hedge? I don't understand what is the use of hedge? What is the difference between closing your whole position at the point you opened the hedge and then open it again at the point you will decide to close the hedge?

Not trying to criticize but really I don't see any difference, and am trying to understand why some people find hedging helpful.

Cheers,
-soso
Annoying Precision
  • #10,324
  • Mar 1, 2010 4:50pm Mar 1, 2010 4:50pm
EURUSD - is the old girl finally making a statement or the Big Boys playing games?

We are nearing the point on the Boss and especially the Big Boss where the game will be given away ( where she has to decide one way or t'other).
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd worker.gif Size: 26 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #10,325
  • Mar 1, 2010 5:15pm Mar 1, 2010 5:15pm
Sucked in and blown out for 900+ pips
Attached Image (click to enlarge)
Click to Enlarge Name: gbpaud big boss.gif Size: 22 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #10,326
  • Mar 1, 2010 6:33pm Mar 1, 2010 6:33pm
Speaking of declaring oneself, is there a better R/R than USDJPY at the moment?
  • #10,327
  • Mar 1, 2010 6:38pm Mar 1, 2010 6:38pm
Well I've been long aud/jpy, lets see how it holds up after tonight
Annoying Precision
  • #10,328
  • Mar 2, 2010 12:49am Mar 2, 2010 12:49am
Strat, can we look to H4 chart now for better R:R?
  • #10,329
  • Mar 2, 2010 12:58am Mar 2, 2010 12:58am
Hi Everyone

Im a new trader to the forex and wish to learn to trade long term rather than short term. Is it beneficial for me to go through the whole thread? Or just join into the conversation?

Nice to meet everyone and hope to learn lots from everyone

regards
  • #10,330
  • Edited 1:31am Mar 2, 2010 1:23am | Edited 1:31am
Quoting Sydney-sider
Hi Everyone

Im a new trader to the forex and wish to learn to trade long term rather than short term. Is it beneficial for me to go through the whole thread? Or just join into the conversation?

Nice to meet everyone and hope to learn lots from everyone

regards
Hello Sydney-sider


there are no shortcuts and no spoon feeding here.
go to page 1 and start there.

regards
Frank
  • #10,331
  • Mar 2, 2010 1:46am Mar 2, 2010 1:46am
Hello all,

I've been reading the first 50 or so pages when it first started but I took a break both from trading and FF and now, when I am looking at this thread I see 689 pages.. WOW.. I'll try to read through all of them and also keep up.

It's a great thread and Strat is a great teacher..

Hope you got the rattling out of the 59 Strat... This is the first thing that comes to my mind about this thread .
  • #10,332
  • Mar 2, 2010 1:54am Mar 2, 2010 1:54am
Quoting Sydney-sider
Hi Everyone

Im a new trader to the forex and wish to learn to trade long term rather than short term. Is it beneficial for me to go through the whole thread? Or just join into the conversation?

Nice to meet everyone and hope to learn lots from everyone

regards
And welcome! I'm pretty much a newcomer myself and still finding my way. There is much to learn here but the best approach is to read the thread from page 1 and then ask questions about anything that isn't clear (best accompanied by a chart). Some of the experienced contributors are not very tolerant (understandably) of newbies who ask obvious questions when the answer to most of them is in the thread. But don't be put off! It's a great place to learn and anyone who shows committment will be helped along the way.
When in doubt, sit on your hands...
  • #10,333
  • Mar 2, 2010 1:54am Mar 2, 2010 1:54am
[quote=mstandifer;3509371]I've taken to not posting my trades because my spare time these days has lessened and it takes time to post my analysis but I have some time today and I think they will show good examples of my PA interpretations.

Lovely Job, thanks you!


Spinner
Spinner 'Tis in the Waiting.....
  • #10,334
  • Mar 2, 2010 3:52am Mar 2, 2010 3:52am
Quoting Money Magnet
Hello Sydney-sider


there are no shortcuts and no spoon feeding here.
go to page 1 and start there.

regards
Frank
Hi Frank

Thanks for letting me know. I do not plan nor do I want to be spoon fed. I thought I would ask to see if its relevant and whether or not the thread has changed much since then. Thank you for the prompt reply guys! I hope to learn from everyone of you guys. Hopefully it wont take me too long to catch up!
  • #10,335
  • Mar 2, 2010 9:07am Mar 2, 2010 9:07am
When you see this splashed all over the pages of BBC News America, you know it is time to start getting out yer wellies!




Euro drops to lowest in 10 months against dollar



The euro has fallen to its lowest level against the dollar for 10 months amid continuing concerns over Greece's debt crisis.
Persistent worries over its 300bn- euro ($419bn; £259bn) debt has weighed on the European single currency.
The euro traded at $1.3436 in late morning, its lowest since May 2009.
The pound was lower for a sixth day, down 0.4% to $1.4936 following concerns over a possible hung parliament and the UK's high level of debt.
The euro was up 0.4% against the pound, to 90.53 pence.
The UK - and eurozone members such as Greece and Spain - have borrowed heavily, making financial markets more nervous about their ability to pay.
European Commission President Jose Manuel Barroso told Austrian newspaper Kurier that European Union (EU) governments need to be more disciplined over their public finances.
"Every euro spent to finance the debt cannot be used for schools, hospitals or innovation," Mr Barroso said.
Mr Barroso also told Austrian newspaper Kurier that European Union (EU) governments need to be more disciplined over their public finances.
Bail-out concerns
http://newsimg.bbc.co.uk/shared/img/o.gif http://newsimg.bbc.co.uk/nol/shared/...t_quote_rb.gif A wobble such as sterling went through on Monday is not the major event. The "chartist" faction in the markets, which believes graphs have their own logic, point to the "psychological" nature of $1.50, and believe once sterling decisively breaches this it has a long way to fall before it bounces. We will see http://newsimg.bbc.co.uk/nol/shared/...d_quote_rb.gif




http://newsimg.bbc.co.uk/nol/shared/...ashed_line.gif



Greece is moving ahead with efforts to trim its vast budget deficit, as it struggles to sort out its finances.
But the proposed austerity measures - such as freezing public sector pay, raising taxes and changing the pension system - have provoked huge street protests.
Greece has pledged to reduce its deficit from 12.7% - more than four times eurozone rules - to 8.7% during 2010.
Greece's Prime Minister George Papandreou is due to visit German Chancellor Angela Merkel in Berlin on Friday, in what could be a key meeting to decide what, if any, Europe-wide assistance Greece receives.
She said again on Sunday that Greece had to sort out its own problems.
"We have a contract which rules out the possibility of bailing out other nations," said Ms Merkel.
15 YEARS OF PASR ON FOREX FACTORY!
  • #10,336
  • Mar 2, 2010 9:52am Mar 2, 2010 9:52am
Quoting strat
Sucked in and blown out for 900+ pips
I wasn't in this trade although the 2nd hammer was very tempting.

However, this illustrates the fickle nature of trading and how the Little People get you into deep financial trouble.

The double test of support by the 2 hammers was PASR at its finest and it was clear to see the train on the turn table.

However, the Supreme Railway Chief, the Trendmaster, shouted out "One More Station" and the table turned back around and the train continues on its journey to the next station.

This is the STRENGTH and POWER of the TREND in operation. It is another reason to go back and read Dr. Joe.

At this point, it had stopped going down for 4 months BUT it had NOT started going up. It can now be seen as a PAUSE in the Big Boss STRONG downtrend.

The October 2009 hammer was still IN CONTROL until February 2010, when the BEEB took over control and resumed the strong downtrend.

For those lurkers who want to jump up and down and shout "See, I told you - PASR doesn't work", go forth and multiply!

PASR did not fail. PASR worked.

The chart where I showed a loss of 900+ pips by entering a trade above the 2nd hammer was NOT correct PASR trading and anyone who took it deserves the beating they got.

PASR trading is about trading off the CONTROLLING PRICE ACTION bar. The 2nd hammer was NOT the CONTROLLING PRICE ACTION bar.

The 1st hammer of October 2009 is the CONTROLLING PRICE ACTION bar.

Any trade in the long direction should have been entered above this bar NOT the 2nd hammer. Anyone entering such a trade would NOT be triggered, sucked in and blown out in bubbles.

In our quest to gain a few more pips (GREED), we sometimes forget our DISCIPLINE and do this.

Remember this example and learn it as a lesson because this EXACT same set up occurs across ALL time frames.

Summary: Always and only trade off the CONTROLLING PRICE ACTION bar.
15 YEARS OF PASR ON FOREX FACTORY!
  • #10,337
  • Mar 2, 2010 9:59am Mar 2, 2010 9:59am
Quoting BaliuxXx
Strat, can we look to H4 chart now for better R:R?
Depends whether you want to sacrifice stress and pain for better R:R on a shorter time frame. I'll take stress and pain free over R:R every time!
15 YEARS OF PASR ON FOREX FACTORY!
  • #10,338
  • Mar 2, 2010 10:06am Mar 2, 2010 10:06am
Quoting CostinTira
Hello all,

I've been reading the first 50 or so pages when it first started but I took a break both from trading and FF and now, when I am looking at this thread I see 689 pages.. WOW.. I'll try to read through all of them and also keep up.

It's a great thread and Strat is a great teacher..

Hope you got the rattling out of the 59 Strat... This is the first thing that comes to my mind about this thread .
Don't just read or worse still, flash read. Read and UNDERSTAND. Do not move to the next post until you are sure you UNDERSTAND the post you are reading.

Reading without UNDERSTANDING is a WASTE of your time.

Yes, she still rattles!
15 YEARS OF PASR ON FOREX FACTORY!
  • #10,339
  • Mar 2, 2010 10:22am Mar 2, 2010 10:22am
Quoting Sydney-sider
Hi Frank

Thanks for letting me know. I do not plan nor do I want to be spoon fed. I thought I would ask to see if its relevant and whether or not the thread has changed much since then. Thank you for the prompt reply guys! I hope to learn from everyone of you guys. Hopefully it wont take me too long to catch up!
The premise of the thread, PASR trading, has not changed one iota but the detail has changed.

It is no longer necessary to scoot over to J16 and put some shrimp on the barbie to review examples of our main PRICE REVERSAL bars. There are now more than enough PRICE REVERSAL examples on here to keep even the most non-believer happy.

Forget any time constraints - learn in YOUR OWN TIME. Do not rush the learning process. The markets will be here long after us.

The MOST IMPORTANT advice I can give is read and UNDERSTAND. Do NOT flash read and do NOT move on to the next post or topic without UNDERSTANDING the current post or topic.

When you don't understand something, scroll forward a few posts to see if there are later explanations. If you still don't understand, post your questions on here.

Reading WITHOUT understanding is like having sex with a blow up doll (so my mates tell me!)
15 YEARS OF PASR ON FOREX FACTORY!
  • #10,340
  • Mar 2, 2010 10:24am Mar 2, 2010 10:24am
Quoting strat
I wasn't in this trade although the 2nd hammer was very tempting.

However, this illustrates the fickle nature of trading and how the Little People get you into deep financial trouble.

The double test of support by the 2 hammers was PASR at its finest and it was clear to see the train on the turn table.

However, the Supreme Railway Chief, the Trendmaster, shouted out "One More Station" and the table turned back around and the train continues on its journey to the next station.

This is the STRENGTH and POWER...
Great reminder there Strat. I looked at this pair and I was thinking the same. It's been on the watchlist for a few months but I would only trade it once the high of the hammer had been broken and then tested or a HL put in. Bottom and top feeding was a game I used to play but once one realises the power of the trend it becomes complete folly to break one's account by trying to counter trend trade on one bar alone.

Another reason I didn't bother was the fact that the other GBP pairs had not put in similar action and GBP looked weak overall, when compared to the strength of the AUD pairs.
Trade less and become more profitable!
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