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  • #11,481
  • Apr 12, 2010 11:43am Apr 12, 2010 11:43am
On BOSS, decisively breaking the 3 year down-sloping trendline opens the bullish door for me.

On Worker I'm waiting for 2 potential zones to look for PA to go long, at 92 where there's also the most recent trendline and at 90, the 90 level looks better to me, a lot of confluence plus heavy support from the range out of which price exploded higher on March 24.
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Trading = a mirror to your human flaws. Fix them or be fixed.
  • #11,482
  • Apr 12, 2010 12:50pm Apr 12, 2010 12:50pm
Quoting strat
TITZ is available and FREE in the members' section of this thread.
Thanks Strat! I picked up the notes from the section but wanted to give the book a read as well. Cheers.

John
Finally out of the shadows.
  • #11,483
  • Apr 12, 2010 2:11pm Apr 12, 2010 2:11pm
my first post on this good thread

points 1 and 2 look nice for an entry...

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sorry my english...
  • #11,484
  • Apr 13, 2010 12:36am Apr 13, 2010 12:36am
Quoting andrugeno
my first post on this good thread

points 1 and 2 look nice for an entry...

Attachment

sorry my english...
Hi Andrugenohttp://cdn.forexfactory.com/images/icons/icon7.gif

Good to get off your "chest' with the first post. What I have noticed is that you have posted a weekly chart only. Boss chart we use to guide us when we are looking for a trade opportunity, your chart looks clear. However any entry point should be done on the daily, our Worker. So bear this in mind and post both charts to see where you see the opportunity and why.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
  • #11,485
  • Apr 13, 2010 1:09am Apr 13, 2010 1:09am
For those people on the “Path” who are having problems with the correct placement of SR lines, I may be able to offer some help.

I have been grappling with understanding this very important matter ever since I started on the “Path” about a month and 470 pages ago.

Blackeagle has been a major contributor to the thread on this subject, explaining his methods of placing SR lines; and has kindly helped me with some PM on the subject.

I have compiled an MS Word document, which contains most, if not all the posts by Strat, Blackeagle and other Trainers on SR, from the beginning of the thread, up to page 470.

It is no surprise that there is a diversity of views expressed on this, subjective and fundamental matter.

I have done some editing to make the posts easier for me to understand and learn, and in most cases I have given the post number and page reference, so that you can refer to the unedited post if you wish.

I will continue to add more posts if there are any, and you can do the same.
I hope this helps, especially those new members who are probably finding the amount of “catch up” overwhelming.

Roger
Attached File(s)
File Type: doc Pearls of Wisdom-SR Identification..doc   116 KB | 1,506 downloads
"Make everything as simple as possible, but not simpler" Albert Einstein
  • #11,486
  • Apr 13, 2010 2:00am Apr 13, 2010 2:00am
What a good idea, thank you.

And I look forward to the contributions of the others also.

Larry
  • #11,487
  • Apr 13, 2010 2:10am Apr 13, 2010 2:10am
Quoting No1Optimist
For those people on the “Path” who are having problems with the correct placement of SR lines, I may be able to offer some help.

I have been grappling with understanding this very important matter ever since I started on the “Path” about a month and 470 pages ago.

Blackeagle has been a major contributor to the thread on this subject, explaining his methods of placing SR lines; and has kindly helped me with some PM on the subject.

I have compiled an MS Word document, which contains most, if not all the posts by Strat, Blackeagle and other Trainers...

Very nice work Roger, I had a quick look and it will be a very handy reference for revision on a regular basis.

Thank you

Larry
  • #11,488
  • Apr 13, 2010 5:51am Apr 13, 2010 5:51am
Quoting DougRH4x

(8 >( Devastating for the Polish people! )< 8)

A terrible tragedy!

We all take (air) travel for granted and as being very safe, which statistically it is.

It is my hope that Poland and their people weather this rough storm but remains, strong, united and stable.

Condolences to one and all!

Most Sincerely,
DougRH4x
Thank you very much for this post. It is indeed terrible tragedy, for me also as I'm Pole. Many people of high rank working in public institutions including president Lech Kaczyński and his wife died in this terrible plane crash. Together 96 people. I couldn't believe what I'm seeing in morning news on Saturday, it's a big loss for my country.

Symbolism of this tragedy is extraordinary as they where going to Katyń in Russia to commemorate Polish Oficers murdered by Soviet regime during WW2. They all died on duty. R.I.P

I have never seen so many white-red flags on the streets and people united so strongly.

I hope this tragedy will bring something good paradoxically. I hope political scene in Poland will change for better and polish-russian relatioship as well.

Big "thank you" to people from all over the world for their condolences and support. Especially, I would like to thank russian people and their government for their reaction right after plane crash, their support and willingness to build better, warmer relationship with Poles.

Yours sincerely,
Baniu
Trade what you see, not what you expect. BE LIKE WATER MY FRIEND.
  • #11,489
  • Apr 13, 2010 9:20am Apr 13, 2010 9:20am
Quoting No1Optimist
For those people on the “Path” who are having problems with the correct placement of SR lines, I may be able to offer some help....
Good job, Roger.
15 YEARS OF PASR ON FOREX FACTORY!
  • #11,490
  • Apr 13, 2010 9:50am Apr 13, 2010 9:50am
[quote=No1Optimist;3632765]For those people on the “Path” who are having problems with the correct placement of SR lines, I may be able to offer some help.

Thanks Roger, the doc. is great help to me and others to understand better and will be used for reference as and when needed.
  • #11,491
  • Apr 13, 2010 1:48pm Apr 13, 2010 1:48pm
As expected
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Annoying Precision
  • #11,492
  • Apr 13, 2010 1:52pm Apr 13, 2010 1:52pm
Strat's Mantra:

We TRADE TO LIVE. We are NOT like others who LIVE TO TRADE.

We know that our Health is ALWAYS more important than our wealth.

We know trading is NOT a "Get Rich Quick Scheme".

We know trading is a serious business and WE treat our trading as a SERIOUS BUSINESS

We understand we have, like any other profession, to put in the thousands of hours studying, learning and practicing our methods and techniques.

We understand there is NO SHORTCUT to becoming successful and profitable traders.

We understand that successful and profitable trading is 95% psychology and 5% technical skill. We know who and what we have to control.

We need PATIENCE to wait for and "SEE" opportunities

We need DISCIPLINE to act and trade on such opportunities

We are PLANNERS – We always PLAN each and every trade and then Trade the PLAN without exception.

We are BELIEVERS. We believe in ourselves and our PLAN.

We are happy, content and satisfied with where we are in our trading career.

We believe in the Holy Grail. We know what the Holy Grail is. We have found the Holy Grail and our search for trading enlightenment is over.

We can only take what the market gives us - we do "NOT" force the market.

We respect PRICE and the Market.

We understand that PRICE is Lord, King, Queen and Country.

We ACCEPT losses as the cost of doing business

We are PROFESSIONALS and PROFESSIONALS look for a reason NOT to take a trade

We are NOT Amateurs. Amateurs manage money by taking RISK. PROFESSIONALS manage RISK by taking money.

I am a professional trader. My job is to take risk. If I manage my losses and let my profits run I will be successful. Because I am a professional trader, I will forgive myself easily for making mistakes and move on to new opportunities. I feel great that I have the discipline to control my emotions and the patience required to be a professional trader. I am a professional trader and will make $1,000,000 by year end. I will achieve this by following my trading plan, setting achievable goals, and controlling my emotions. I am confident and believe in my own ability to be consistently profitable because I AM a professional trader.
Annoying Precision
  • #11,493
  • Edited 3:00pm Apr 13, 2010 2:57pm | Edited 3:00pm
Quoting erikte279
As expected
It was good of you to post your original chart alerting us to the SS forming on the daily, fri 9 april.
Your update post shows PA on the daily since, but neither of your posts give any analysis.

my questions to you, if you could offer some explanation:

1. what were you expecting on fri when you made the original post? - that the EU would announce a 30 billion rescue package for Greece over the weekend and that price would gap down when markets opened on monday?

2. did you take a trade based on your expectations? If so what entry (given the gap)? And, if you did take a trade, what R:R given the SL of close to 200pips? ie. what level do you expect this pair to reach next?

3. And what about the boss? did you factor this chart into your thinking before arriving at your expectation as to what the daily would do?

I would appreciate any in depth analysis so that those of us struggling to see what the charts are going to do next can improve our understanding.
thanks
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  • #11,494
  • Apr 13, 2010 4:33pm Apr 13, 2010 4:33pm
1. I was expecting the retracement to be complete and a resumption of the secular trend to ensue, thus far correct but as we all know attempting to predict the long term is money-LESS.

*I only pay slight attention to news announcements, mostly to avoid placing trades right before/ during the annoucement.

2. No, I didnt place a trade because the boss isnt in alignment with the big boss, the example was just that; an example. Although if your more of an aggressive trader you could have placed a trade at the 4.12 daily close.

* Book half profit and move stop to b/e USUALLY at 1:1, NO expectations only securing more profit at trend s/r reversals levels

3. As stated, if your a slightly riskier trader you would have had some bias to take the trade and if your experienced with smaller tf's in conjunction with the dailys (Not strict PASR) you could have found a suitable entry.

There is a large amount of study, intelligent observation, planning AND forward testing that needs to be done.

As STRAT says, you need to feel you can "Walk on Water" and PROVE you can with at least 3 months of consistent demo results before you deposit your cash. If not, you will soon be parted with it.

Quoting trogger
It was good of you to post your original chart alerting us to the SS forming on the daily, fri 9 april.
Your update post shows PA on the daily since, but neither of your posts give any analysis.

my questions to you, if you could offer some explanation:

1. what were you expecting on fri when you made the original post? - that the EU would announce a 30 billion rescue package for Greece over the weekend and that price would gap down when markets opened on monday?

2. did you take a trade based on your expectations? If so what entry...
Annoying Precision
  • #11,495
  • Apr 13, 2010 6:19pm Apr 13, 2010 6:19pm
Quoting erikte279
As expected
Nice trade, thanks for the heads up.
T
  • #11,496
  • Apr 13, 2010 7:27pm Apr 13, 2010 7:27pm
Hi Strat,

This is from your post #3535 of 3rd June 2009. No1Optimist's compilation also refers to it and reminded me to ask this question.

"For example, when I do an "ATM" trade, I always add ALL the S&R lines from the Worker. I put these on my chart in a "feint" colour so that I really have to look at the screen to see them. Then, I look at the Worker swings and where these coincide with a "feint" line, I darken the line to make it stand out."

Aren't S&R lines drawn to coincide with important swings to start with? There may be differences between closing prices (line charts) and high/low prices which Blackeagle told us to ignore if too extreme as 'they are price shootings/anomalies'.

What am I missing?

Regards,
Rajesh
  • #11,497
  • Edited 7:57pm Apr 13, 2010 7:35pm | Edited 7:57pm
Quoting erikte279
1. I was expecting the retracement to be complete and a resumption of the secular trend to ensue, thus far correct but as we all know attempting to predict the long term is money-LESS.

*I only pay slight attention to news announcements, mostly to avoid placing trades right before/ during the annoucement.

2. No, I didnt place a trade because the boss isnt in alignment with the big boss, the example was just that; an example. Although if your more of an aggressive trader you could have placed a trade at the 4.12 daily close.

*...
Respectfully, that is not the method espoused in this thread. It can be profitable, but it violates a couple of the major principles, as you do appropriately acknowledge now, Any profitable trade is good (congratulations to you there), but, in this instance, there are and were more profitable trades on the board with longer term support for true position traders. I tried to point it out at the time. Lest anyone be mislead, this is not a pure S/R thread. At this point that trade is at a level where it may need to be exited, otherwise risking loss of profit. There was more risk in that one that the Cable, E/U and E/J trades, whuch were backed by weekly and monthly support. Not suprisingly, those two are now backed by rising windows, at least to this point.

No offense meant, but we really are seeing a loss of focus here, and it is apparent that many readers have not paid their dues. I am reluctant to post in an environment dominated by fly-by-night traders whom we will not see this time next year.
  • #11,498
  • Edited 8:26pm Apr 13, 2010 8:15pm | Edited 8:26pm
Quoting Alexandra
I am reluctant to post in an environment dominated by fly-by-night traders whom we will not see this time next year.
A man and his young son were walking on the beach and saw stranded starfish on the sand as far as the eye could see. As they walked, the son picked up the ones they passed and threw them back into the ocean. The father said, you might as well stop because you can't save them all...you'll never make a difference. The son replied with all earnestness, "it made a difference to that one...and that one..."

Alexandra, I for one, appreciate each and every one of your posts. You have made a difference for me. Don't allow the present tide of irrelevance to wash away the fact that your presence here is needed and appreciated.

-Marcus
  • #11,499
  • Apr 13, 2010 8:19pm Apr 13, 2010 8:19pm
Hi All,

Nzdusd:

Price is moving in a big triangle. Downside break is not tradeable because of major support. Upside break is tradeable in term of risk/reward. Although Weekly is up but it has put in LH, LL. Will watch PA for this one.
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  • #11,500
  • Apr 13, 2010 8:29pm Apr 13, 2010 8:29pm
The standard method purported I would agree, if you stick around long enough you'll come to the realization that certain chart situations/ formations are repetitive and Obvious to capitilize on.

Being that I't wasnt "standard" PASR I merely brought it to the attention of the readers who's training wheels have come off.

I believe STRAT is a major espouser (funny word ) of forward thinking.

Regarding the readers, if you feel you've given more then you've taken then thats your decision. I'll be here a year from now .

Respectfully,
Erik



Quoting Alexandra
Respectfully, that is not the method espoused in this thread. It can be profitable, but it violates a couple of the major principles, Any profitable trade is good (congratulations to you there), but, in this instance, there are and were more profitable trades on the board with longer term support for true position traders. I tried to point it out at the time. Lest anyone be mislead, this is not a pure S/R thread. At this point that trade is at a level where it may need to be exited, otherwise risking loss of profit. There was more risk in that one...
Annoying Precision
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