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  • #11,621
  • Apr 20, 2010 3:53pm Apr 20, 2010 3:53pm
Quoting igmal
I totally agree with you Larry,about long expectations.More than this,the TL what acted as R,now seems to become a S and the price also seems to form a head&shoulders formation.Thanks.

hi i was looking to trade this
i saw a double bottom

might make a triple bottom

id get in if it trends up

but i like avoiding storms so ill wait till its easy sailing up

id look at resistance and support on long time scales

im a believer in traders months ie like my job in a bowling club - gym
winter are the best months spring to summer are the months no comes because they are outside playing.

guess professionals like to go on holiday and spend their money ?

either way still working my head around that one?

plus im a small fry its still going down

long trend and short term

dont mind getting in hafe way if it goes up

ill test it on demo

then test on candles ib
20 ema test that too

but im a bear fan generally

dont really like going long

but ill wait after all that whip saw crap
  • #11,622
  • Apr 20, 2010 4:01pm Apr 20, 2010 4:01pm
on the eur usd i feel sorry for the bulls that got in on the double bottom

theres no indication of an up movement as of yet

need to wait longer i think
  • #11,623
  • Apr 20, 2010 6:33pm Apr 20, 2010 6:33pm
Greetings Strat & Co.

I am working my way patiently through the thread and am now up to page 523.

I am aware that SR line placement is a highly subjective matter, without any hard and fast rules; and that it is also critical to the use of Strat’s PASR method.

I have carefully studied all the posts on placement of SR lines, especially those by Blackeagle, Strat, Donandoney and I feel that I now have a good understanding of SR line placement.

Basically I am using Blackeagle’s method with a few refinements.

I use the following method, and I am posting it here, in the hope that those who find fault with my method, or who can advise on improvements, will post giving their reasons.

1) Monthly first, using a line chart to identify major SR levels, followed by fine tuning on the candle chart, where necessary.

2) Weekly, with zooming, to further fine tune SR levels from Monthly chart.

3) Weekly, with zooming to identify significant SR levels not apparent on the Monthly. These lines are shown in a different colour, and the “Visualization” tab is used to display these lines only on the Weekly and Daily charts.

4) Daily, with zooming, to search for and place any SR lines, not apparent on the Monthly or Weekly charts, (maximum of 2) around current price level. Show in a different colour and use the “Visualization” tab to display on the Daily chart only.

5) As each line is placed (on all TF charts) use the “Parameters” tab to round off SR levels to a significant number of decimal places.

6) If any number is within 5 pips of a “Psycho” round number, round off to the round number, display in a distinctive colour, and use the “Visualization” tab to show on all time frames.

7) All SR lines are graded by the number of times Price has touched and reversed at that level, using the 5 line thicknesses provided under the “Common” tab in the “Horizontal line properties” dialogue box.

A lot of words to describe the method, but really quite simple and quick to do.

I look forward to comments and helpful criticism.
"Make everything as simple as possible, but not simpler" Albert Einstein
  • #11,624
  • Apr 20, 2010 7:00pm Apr 20, 2010 7:00pm
Quoting No1Optimist
Greetings Strat & Co.

I am working my way patiently through the thread and am now up to page 523.

I am aware that SR line placement is a highly subjective matter, without any hard and fast rules; and that it is also critical to the use of Strat’s PASR method.

I have carefully studied all the posts on placement of SR lines, especially those by Blackeagle, Strat, Donandoney and I feel that I now have a good understanding of SR line placement.

Basically I am using Blackeagle’s method with a few refinements.

I use the following method, and...
I've been thinking the same things but haven't fine tuned it as you. Would you post a chart showing us. Would your strongest S/R line be the thickest? How did you determine within 5 pips for rounding? I'm rounding to nearest 00, 25, 50, and 75. Your studies are paying off. Thanks,
T
  • #11,625
  • Apr 20, 2010 7:10pm Apr 20, 2010 7:10pm
[quote=tmanbone;3654958]
Quoting Money Magnet

I'm curious if anyone cares to comment on what they thought was the best R:R out of the 12 pairs. I thought it was EUR/CAD; anyone agree or disagree? Thanks,

The yen crosses were good - but to me the best was the eur/aud. Plus it gives nice interest to boot...
  • #11,626
  • Edited 8:24pm Apr 20, 2010 8:02pm | Edited 8:24pm
Quoting No1Optimist
Greetings Strat & Co.

I am working my way patiently through the thread and am now up to page 523.

I am aware that SR line placement is a highly subjective matter, without any hard and fast rules; and that it is also critical to the use of Strat’s PASR method.

I have carefully studied all the posts on placement of SR lines, especially those by Blackeagle, Strat, Donandoney and I feel that I now have a good understanding of SR line placement.

Basically I am using Blackeagle’s method with a few refinements....
Seriously?

I have a Renoir at home...I decided to touch it up a bit.
  • #11,627
  • Apr 20, 2010 8:14pm Apr 20, 2010 8:14pm
My 1st post. Seemed like one that stood out to me at my level. Finally trusted myself enough to pull the trigger and trade closed on its own today sometime!!

All and any feedback gratefully accepted:

OBSERVATIONS:

Big Boss:
MA's crossed down, PA below 20, bounced off 78.6 of UP move 11/2007-3/2009 = R level at 1.0223 ish, also off a LH of 1/2010 = 61.8 of prior move up

Boss:
MA's down, parallel to each other, PA below 20, lower TL corresponding with R at 1.0233 ish, PA following a confirmed LL just prior

Worker:
Gap up open on Sunday, with SS/Doji star rejection of the UP move, bounce off weekly/daily lower TL. 23.6 retrace of prior Up move, and SR line at 1.0104 which would = 20MA position

Con to the trade was PA was in the 20-50 trap and could be trading into the 20 and possible S at the bottom of the gap up.

TRADE:

ENTRY sell stop @ 1.0122, 10 pips below "gravestone doji"

SL = 1.01663 above the high of prior long white candle

TP = just above next lower MINOR SR line at 1.0013 @ 1.0016

In retrospect, I was very lucky as this was not a true PASR trade per Strat, and would have done the following differently, as I realised that I didn't truly trust the trade (working on that):

 

  1. Entered below the gap so as not to trade into possible support...i.e. enter below SR at 1.0104 (which was below the gap)
  2. Maybe have used major SR @ 9887 ish. for TP instead of minor support and also making a double bottom
  3. SL needed to be above doji high in case it was not a straight fall.

Respectfully submitted,
Daryl

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  • #11,628
  • Apr 20, 2010 9:20pm Apr 20, 2010 9:20pm
Quoting strat
For those who believe in random and chaotic markets
Agreed.

Also look at the PASR opportunities off this DSRI on EURNZD lately:

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  • #11,629
  • Apr 20, 2010 10:53pm Apr 20, 2010 10:53pm
[quote=tmanbone;3654958]
Quoting Money Magnet

I'm curious if anyone cares to comment on what they thought was the best R:R out of the 12 pairs. I thought it was EUR/CAD; anyone agree or disagree? Thanks,
Like Soso i limit myself to three open trades or no more than 3% of my account at one time so i also picked three of what i thought were the best trades with the best chances of breaking out.

I chose USD/CAD, EUR/AUD and AUD/USD.

The worker charts gave us many signals last night but not too many of them were as STRESS FREE as these.
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  • #11,630
  • Apr 21, 2010 12:14am Apr 21, 2010 12:14am
Coincidence?
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My humble opinion.
  • #11,631
  • Apr 21, 2010 12:28am Apr 21, 2010 12:28am
[quote=tmanbone;3654958]
Quoting Money Magnet

I'm curious if anyone cares to comment on what they thought was the best R:R out of the 12 pairs. I thought it was EUR/CAD; anyone agree or disagree? Thanks,

Hello Tmanbone

I did not consider EUR/CAD,
Based on my Charts. I may not have too, maybe I still have lots to learn.

Frank
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  • #11,632
  • Apr 21, 2010 1:25am Apr 21, 2010 1:25am
Quoting Alexandra
Seriously?

I have a Renoir at home...I decided to touch it up a bit.
Fellow learners on the "Path" please do not be put off by such unhelpful comments.

They are unfortunately typical of the comments of this poster, who is consumed by hubris.
"Make everything as simple as possible, but not simpler" Albert Einstein
  • #11,633
  • Apr 21, 2010 2:50am Apr 21, 2010 2:50am
Quoting No1Optimist
Fellow learners on the "Path" please do not be put off by such unhelpful comments.

They are unfortunately typical of the comments of this poster, who is consumed by hubris.
I actually like her comment. Its clever and has enough sarcasm that I've decided to use it myself ?
You asked for comments and criticism and the 2nd one you get pissed you off?

I find your method too complicated. You lost me when you stared talking about tabs and restriction like maximum 2 levels (what if there are 3?). I'll stick with Blackeagle's and try to practice it until I can do it (and speaking of Renoir) even on Renoir's paintings. Its all about practice it and learn from experience. I recommend you do the same.

P.S. I like impressionism.
  • #11,634
  • Apr 21, 2010 3:04am Apr 21, 2010 3:04am
Quoting No1Optimist
Fellow learners on the "Path" please do not be put off by such unhelpful comments.

They are unfortunately typical of the comments of this poster, who is consumed by hubris.

Hi No1Optimisthttp://cdn.forexfactory.com/images/icons/icon7.gif

As you have arrived at 500+ page of this thread you should know that Alexandra does provide good advice and when you get answer from her or Nicola or Blackeagle or Strat you need to decide why they responded to your post.

She is just pointing to you that you do not have to change the way SR are drawn, but as you say ... I am aware that SR line placement is a highly subjective matter, without any hard and fast rules your SR will be different than other persons. Just accept the way it is explained here and set it that way. On the other hand she may just admire you for making it your own.

I want you to know that we are all learning here, do not be offended by posts of our senior traders, they are leading us to success, and I hope that you will continue to learn, but take it in a positive way.

Happpy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
  • #11,635
  • Apr 21, 2010 3:13am Apr 21, 2010 3:13am
Quoting elitejets
Take a look at the news calendar.
NZD CPI and AUD monetary policy minutes tonight.
Tomorrow is UK CPI and Bank of Canada rate statement.
The UK has had a lot of good economic news lately but nothing is guaranteed.
Bank of Canada not expected to hike but traders will be listening to the comments.
Hi Nicolahttp://cdn.forexfactory.com/images/icons/icon14.gif

The big move in USDCAD yesterday, was it the news or just beautiful plain PA?

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
  • #11,636
  • Apr 21, 2010 3:27am Apr 21, 2010 3:27am
Maybe a silly question, forgive me I'm studying....
Does having coloured bull and bear candles (blue/red white/black) helps in order to have an instant feeling when reading the chart with PASR parameters?
For example 2 days ago eurcad showed a shooting star that closed "bullish". Is this critical for a shooting star? Or the shape of the candle is more important compared to where it closed?
I know that at least for other candles formation this is critical ...and it gives some pain when trying to learn them.
  • #11,637
  • Apr 21, 2010 4:07am Apr 21, 2010 4:07am
Quoting dorellino
Maybe a silly question, forgive me I'm studying....
Does having coloured bull and bear candles (blue/red white/black) helps in order to have an instant feeling when reading the chart with PASR parameters?
For example 2 days ago eurcad showed a shooting star that closed "bullish". Is this critical for a shooting star? Or the shape of the candle is more important compared to where it closed?
I know that at least for other candles formation this is critical ...and it gives some pain when trying to learn them.
Hi Dorellinohttp://cdn.forexfactory.com/images/icons/icon7.gif

Great to hear that you are studying, and you are not asking a silly question, keep reading and understanding and you will succeed.

The colors of bars is not important as long as you know which one means move up and which one means move down , colours are personal and as you will see from the posts everyone has different preferences.

With regard to candle formations, shooting star, it is important where it is, it can be bullish or bearish but the placement is definitely the key as this may indicate a move down or no move at all, depending where it is.

Shape of candles is important - BEEB, BEOB, BUEB, BUOB, hammer, shooting star, doji, inside bar - know them by heart they will tell you what to do or not to do. They are part of the basics of the Path and you need to know them very well, then SR levels and then the rest.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
  • #11,638
  • Apr 21, 2010 4:10am Apr 21, 2010 4:10am
Quoting dorellino
Maybe a silly question, forgive me I'm studying....
Does having coloured bull and bear candles (blue/red white/black) helps in order to have an instant feeling when reading the chart with PASR parameters?
For example 2 days ago eurcad showed a shooting star that closed "bullish". Is this critical for a shooting star? Or the shape of the candle is more important compared to where it closed?
I know that at least for other candles formation this is critical ...and it gives some pain when trying to learn them.
Open/Close is important and for candles the easy way to see them is by using colors because unlike bars, where open is to the left of the bar and close is to the right of the bar, candles don't have open/close levels in their form appearance.
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #11,639
  • Apr 21, 2010 5:36am Apr 21, 2010 5:36am
Hi everyone! Yesterday i was talking about N/U chart.Today looking again and again at it, I've notice something very interesting and funny to me.I drew a line wright through the poin of triangle,in order to make 2 identical triangles.The line becomed a perfect SR level,more than this ,the periods of time when the price alternates above,under the SR level(grey zones),could give some clues:above>under>above>........Thanks.
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My humble opinion.
  • #11,640
  • Apr 21, 2010 9:00am Apr 21, 2010 9:00am
Hi Igmal, that looks like a symmetrical triangle. The apex of the triangle is considered a important SR by those who trade continuation patterns.
I have a SR level near that triangle apex. Its visible on weekly chart too. At ~0.708

What would be nice to see is a retest of the SR near the triangle apex after the breakout from the triangle and a PA there.
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