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  • #10,421
  • Mar 4, 2010 5:31pm Mar 4, 2010 5:31pm
This chart looks strikingly similar to a lot of other charts. A smaller pip range eur/jpy

Quoting strat
So here we have CHFJPY (not my favourite pair because of the cheese policy makers but a chart is a chart is a chart).

We have all these dojis at support so what does it mean?

We have a Hammer on Feb 05 which confirmed support. We had another Hammer 20 days later confirming support and then 4 doji thingys confirming support.

CHFJPY, as with some of the other JPY pairs is in a downtrend.

So let’s do a Christopher and jump in with both feet!...
Annoying Precision
  • #10,422
  • Mar 4, 2010 5:50pm Mar 4, 2010 5:50pm
This just proves what I’ve said over and over and over. ONLY TRADE OPPORTUNITIES. An OPPORTUNITY stands out like a sore thumb – it is there for all to see.

If you don’t SEE an OPPORTUNITY, there isn’t one.

If you have to go looking for a trade, you will LOSE.

A trade with NO OPPORTUNITY is 100% RISK.

New and inexperienced traders think, probably because of the forex media and unscrupulous promotion by brokers, that they have to be trading non – stop all day. They enter trade after trade when there is no opportunity and before they know it are hooked.

Their adrenalin and urge to trade drives them to trade even more frequently. They ignore all rules and losses as they are overcome by the cloud of hysteria caused by thinking they are now “REAL” traders.

Before they know it, they blow account after account as they are caught in the headlights of the trading GAME. Little do they know they are just feeding the predators that lured them into their lair in the first place. They will keep on feeding them until they are financially broke or they come to their senses. Some are so hooked that they never come to their senses and just keep playing the GAME.

Contrast that with experienced traders who are “happy and comfortable” with who they are and know that trading is all about SEEING OPPORTUNITIES. They will wait PATIENTLY and with DISCIPLINE until an OPPORTUNITY presents itself and then they will POUNCE. They know they will have to WAIT for the next OPPORTUNITY but that is what made them profitable in the first place so they have no problem waiting.

They key to winning at trading is SEEING the OPPORTUNITY and acting on it.

Losers don’t see opportunity. Driven by greed, all they see is riches from forex and trade every hiccup the market presents to them. They trade when they shouldn’t and don’t trade when they should. Like their profits, their trading style is upside down and inside out.

So, SEE the OPPORTUNITY and trade it.

If you don’t SEE an OPPORTUNITY, there is NO TRADE.

If you have to go LOOKING FOR A TRADE, you will LOSE!
------------------------------------------------------------------------------------------------------------------------------


I had to repost this one, this is one of my biggest issues I can see a good trade clear as day but need to work on waiting when there isnt a good oppurtunity. Thanks STRAT.
Annoying Precision
  • #10,423
  • Mar 4, 2010 9:10pm Mar 4, 2010 9:10pm
Quoting Spinner
Maybe this helps?

Maybe it would be nice to wait for retest of trend line and support( maybe 20?), get PA and get atrade? Took quite a push to break up.

Spinner
Thank you Spinner and I very much agree. It is a part of my plan...that I am expecting a retracement to 1.2800 or thereabouts before I look for evidence to launch another attack. Meanwhile I have already booked some profit.
  • #10,424
  • Mar 4, 2010 10:07pm Mar 4, 2010 10:07pm
Quoting strat
So here we have CHFJPY (not my favourite pair because of the cheese policy makers but a chart is a chart is a chart).

We have all these dojis at support so what does it mean?

We have a Hammer on Feb 05 which confirmed support. We had another Hammer 20 days later confirming support and then 4 doji thingys confirming support.

CHFJPY, as with some of the other JPY pairs is in a downtrend.

So let’s do a Christopher and jump in with both feet!

[font=Arial]The...
Hi Strathttp://cdn.forexfactory.com/images/icons/icon7.gif

This chart looks a bit like current Boss on EURUSD with all the dojis stuck around the 1.3600 and as you say ....What we do know is that with this being significant, meaningful support, whatever happens here will be the start of something big........ I hope I got this right.

Waiting for going either way.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
  • #10,425
  • Mar 5, 2010 2:12am Mar 5, 2010 2:12am
Quoting erikte279
I had to repost this one, this is one of my biggest issues I can see a good trade clear as day but need to work on waiting when there isnt a good oppurtunity. Thanks STRAT.
This is the biggest issue of MOST of us as far as I understand, me included.

There is a solution, that might or might not work for you, I know it does for me.
If you think about it, when do you rush into trades? It is when a new candle has formed and if it looks good (or you MAKE IT look good) next you will check if it is at a good location, with the trend, etc. This is where the problem arises, because of your impatience and NEED to trade your mind will start SEARCHING FOR REASONS and try to justify that the position of the candle is in the perfect location. And many times it is succeeding convincing you even if the location is far from perfect.

The point is to look for the location BEFORE price is reaching it, kind of like doing things backwards. First your identify potential locations that look best, that is being with the trend, having MAs around, confluence etc. And then you WAIT for price to get there. And WAIT even more to see if price is showing any proper PA. And only then you consider entering a trade.

If you think about it, it makes sense because if you look for the best location when price is away then there is no trade thus NO OVERTRADE related emotions.

How I do it, I simply annotate on the chart the level(s) I am waiting for and the reason why. There are other advantages doing this, each night when I open the charts I can quickly see if price reached any of my predefined levels, if not close the charts and do something else. It doesn't take more than 2 minutes.

Hope it helps.
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Trading = a mirror to your human flaws. Fix them or be fixed.
  • #10,426
  • Mar 5, 2010 3:43am Mar 5, 2010 3:43am
Thank you soso that is a really good idea. I am going to mark my charts in the same way and see if it keeps my figure off the trigger.
  • #10,427
  • Mar 5, 2010 5:53am Mar 5, 2010 5:53am
Quoting soso
This is the biggest issue of MOST of us as far as I understand, me included.

There is a solution, that might or might not work for you, I know it does for me.
If you think about it, when do you rush into trades? It is when a new candle has formed and if it looks good (or you MAKE IT look good) next you will check if it is at a good location, with the trend, etc. This is where the problem arises, because of your impatience and NEED to trade your mind will start SEARCHING FOR REASONS and try to justify that the position of the candle is in the...
This is so interesting, I have just in the last week been making notes like that on my charts for the very same reason, reminding myself not to trade until a certain prce or level is reached. I always add in my notes 'after suitable PA'

Great minds think alike, and before someone else says it, fools never differ!

Larry
  • #10,428
  • Mar 5, 2010 6:23am Mar 5, 2010 6:23am
That rounded bottom is, indeed, a pretty sight, on the Greek currency.
  • #10,429
  • Mar 5, 2010 9:24am Mar 5, 2010 9:24am
These exotic pairs (Eur/Aud, Gpb/Cad, Gpb/Aud) are the only pairs trending well these days . . .
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"Don't trade to trade . . . trade to win." - James16
  • #10,430
  • Mar 5, 2010 10:19am Mar 5, 2010 10:19am
Quoting soso
This is the biggest issue of MOST of us as far as I understand, me included.

There is a solution, that might or might not work for you, I know it does for me.
If you think about it, when do you rush into trades? It is when a new candle has formed and if it looks good (or you MAKE IT look good) next you will check if it is at a good location, with the trend, etc. This is where the problem arises, because of your impatience and NEED to trade your mind will start SEARCHING FOR REASONS and try to justify that the position of the candle is in the...
Good lad, Soso.

Myself and Blackeagle have written numerous posts on WAITING until PRICE reaches our SR levels before looking for an opportunity to trade.

This shows that, at least, YOU read it and UNDERSTOOD.

As for these others who have just realised this (because of your post), all I can think is that they are reading without UNDERSTANDING.

Reading without UNDERSTANDING is a waste of time - it serves no purpose other than to occupy an empty mind.

This again reinforces my thinking that more than one complete read of the whole thread is necessary except on the successive reads - read and UNDERSTAND.
15 YEARS OF PASR ON FOREX FACTORY!
  • #10,431
  • Mar 5, 2010 10:56am Mar 5, 2010 10:56am
yes strat you are right I am going to go back to the beginning and reread it. my recent trading has made me realize I need to.
  • #10,432
  • Mar 5, 2010 11:58am Mar 5, 2010 11:58am
Quoting mstandifer
AUDCAD
Short at close of Feb 26.
Bond SS at DSRI playing the wedge back down to support
TP 92.50 SL above the high of SS.
Missed TP by 4 pips. Closing trade with a small profit at end of today due to overwhelming PA.

Quoting mstandifer
AUDJPY
Long at the close of Feb 24.
Below SR but around SR. Pair is currently ranging up.
TP 81.49 SL moved to below the low of Feb 26.
TP hit, trade closed

Quoting mstandifer
AUDNZD
Long at close of Feb 25.
TP 1.3000 SL moved to BE because this one seems to want to stop at 1.2950 every time.
TP hit. Trade closed.

Quoting mstandifer
AUDUSD
Long at close of Feb 25
TP at .9000 minor resistance given uncertainty
Trade closed
Trade previously closed for small TP

Quoting mstandifer
EURCAD
Short on close of Feb 24 (again around SR)
TP 1.3700
Because this one is a bit volitile I didn't put in a SL and wanted to see how it played out. The only reason I didnt' close the trade the next day was because it closed below the 20.
Still going.

Quoting mstandifer
EUPJPY
Long on close of Feb 25.
Countertrend
TP 123.00 SL below low of Feb 24.
Not looking good for this one but I thought I would risk the countertrend ATM.
Dramatic turnaround. SL not hit. If this one stays above DSRI, I'll stay in it. If it closes below DSRI, I'll close it for a small profit since it was counter trend.

Quoting mstandifer
NZDJPY
Long on close Feb 25.
TP minor resistance at 63.00 SL below last swing low Feb 5th.
Moving SL below most recent swing low at today's close.
Stopped out before TP was hit. Trade closed. If I had used the previous swing low instead of the signal bar it would have panned out.


That was the good. Now for the bad...

I entered every one of those trades on the close of the signal bar. As I learned 2 days after the fact ... BAD. I believe my reasoning for entering the trades were sound and based on what we've been learning here however, I should have entered above the signal bar. This time I was lucky...next time I'll enter above the bar now that I know.

-m
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  • #10,433
  • Mar 5, 2010 11:59am Mar 5, 2010 11:59am
I am back from a two week vacation. I will catch up on all the posts here and start contributing again.

Cheers.
  • #10,434
  • Mar 5, 2010 12:53pm Mar 5, 2010 12:53pm
Quoting mstandifer
Missed TP by 4 pips....
I entered every one of those trades on the close of the signal bar.

Summary:

Lack of DISCIPLINE

Letting the LITTLE PEOPLE (GREED) control you

Relying on Lady Luck
15 YEARS OF PASR ON FOREX FACTORY!
  • #10,435
  • Mar 5, 2010 2:01pm Mar 5, 2010 2:01pm
Hmmmmmm....anyone for a third wave?
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  • #10,436
  • Mar 5, 2010 5:20pm Mar 5, 2010 5:20pm
Quoting Alexandra
Hmmmmmm....anyone for a third wave?
Hi Alexandrahttp://cdn.forexfactory.com/images/icons/icon7.gif

This pair has been in the downtrend for a while now making LL and LH on the Big Boss and at the moment it has rather stagnated at the major SR I have on 90.33. Considering that fundamentally Yen should be weakening against the dollar I think that a further down move is more likely and the current upswing to test the SR is just that - just a test. Of all the pairs that I watch this is the most fickle one and I have to admit that I am careful here.

I will be looking at PA around the SR and also the supply DSRI which looms overhead, so for me I prefer to go with the trend down for now off the DSRI if I can.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
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  • #10,437
  • Edited 7:48pm Mar 5, 2010 5:53pm | Edited 7:48pm
Quoting Jideck
Hi Alexandrahttp://cdn.forexfactory.com/images/icons/icon7.gif

This pair has been in the downtrend for a while now making LL and LH on the Big Boss and at the moment it has rather stagnated at the major SR I have on 90.33. Considering that fundamentally Yen should be weakening against the dollar I think that a further down move is more likely and the current upswing to test the SR is just that - just a test. Of all the pairs that I watch this is the most fickle one and I have to admit that I am careful here.

I will be looking at...
Indeed, time will tell.........I will be looking at that, too.......Fortunately, I will have the monthly, weekly, and daily momentum behind me at that point to challenge your demand line. Perhaps that chart is rose-colored for a reason?
  • #10,438
  • Edited 7:47pm Mar 5, 2010 7:36pm | Edited 7:47pm
Talk recently of the power of the Doji, but only in the proper W/M background. Fortunately, we noted the probability of these movements prior to their occurence.
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  • #10,439
  • Mar 5, 2010 7:43pm Mar 5, 2010 7:43pm
Next......
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  • #10,440
  • Mar 5, 2010 7:45pm Mar 5, 2010 7:45pm
Was is Strat who said no need to rush into the Euro?
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