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  • #11,661
  • Apr 21, 2010 10:36pm Apr 21, 2010 10:36pm
EURGBP is approaching a major S/R level that is worth watching for possible price action.

Looking at the Big Boss, price has continued the downswing since last month and is now sitting nearly right on top of the 20.

The Boss candle has held under the 20 & 50 for the last 2 1/2 weeks and is showing strong selling momentum presently.

Worker has been trending down with no sign of demand entering the market or profit taking yet, as the last three candles have been nearly end to end after bouncing off the 20.

With this much downward momentum I don't think I would be standing in the way, but it will be interesting to see what happens near the S/R level.

Dave

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  • #11,662
  • Apr 22, 2010 4:13am Apr 22, 2010 4:13am
Hi Grimhttp://cdn.forexfactory.com/images/icons/icon7.gif

Thanks for this template, could you please indicate what is the neutral? I can imagine this is when things move sideways, but what are your criteria to determine neutral.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
  • #11,663
  • Apr 22, 2010 5:41am Apr 22, 2010 5:41am
Quoting elPips
Hi mstandifer,

I was reading this thread since Saturday and have strongly feel this is the right method for me. Today I've signed up to become an ForexFactory member. I was intending to send a personal message to you to formally inform you of my interest to become one of many Strat Method students. I found out that as junior member I can't send PM yet.

I'm not sure if writing this here is the right way but I'm really interested so I tried, if I'm doing it wrong I apologize and kindly request you to please send me the details...

Hi elPips,

I am newbie like you. Please read post 11532,33,34 & 35 on page 769 by MST (Marcus) which will explan the registration process.

I started reading this thread few weeks ago about to finish soon. We newbies can buddy up quite well and learn togther with the help of our seniors.

Goodluck
  • #11,664
  • Apr 22, 2010 6:11am Apr 22, 2010 6:11am
Quoting Jideck
Hi Grim

Thanks for this template, could you please indicate what is the neutral? I can imagine this is when things move sideways, but what are your criteria to determine neutral.

Happy trading
Jideck
Hi Jideck.

I use Neutral when I have no bias, based on sideways trading, no weekly candle action that gets me interested, controlling candle low/high not having been activated etc; this way I only colour red or green when there is a reason for doing so, such as HH's being painted in an uptrend, a bullish continuation bar with trend etc; even if there is a hammer on the Boss I would keep the candle action grey until the high of a hammer is broken. All I'm doing is trying to colour code the Monthly, Weekly and Daily so that they all line up; that way I only take 'with-trend' trades and I can easily and quickly see a reason for NOT taking a counter-trend position. Note the 20/50 MA columns too. I also leave trades that are in the 20/50 trap. Since I have started using this trading has become more routine and dull as there may only be 2-3 opportunities all week, based on the Boss and Big Boss being in line. It will keep you out of crappy low RR counter trend trades!

I'm becoming more of an 'investor' than trader. Wait for the BEST opportunities on the Boss and then enter on the worker. Some weeks you will not trade, others you could have 3-4 trades on concurrently (plus this takes less time on hectic Sundays packed with studying!!!).

I was just showing you what I use to try and conquer the 'little people' -you will feel a lot more comfortable when you develop your own colours and terminology as you'll fully understand the reasons behind it.
Trade less and become more profitable!
  • #11,665
  • Apr 22, 2010 8:22am Apr 22, 2010 8:22am
Quoting strat
What is the coincidence, please explain I'm feeling a bit "thick" today.
All I want to say is I don't think that it is just a case that the downward move's pair,stay in that 2 II channels,as now the upward .Maybe is an attitude of this pair,looking back in the history's pair I've noticed that it happened quite often.Thanks
My humble opinion.
  • #11,666
  • Apr 22, 2010 8:50am Apr 22, 2010 8:50am
[quote=Money Magnet;3658654]
Quoting tmanbone

True, at least my only loss was oppertunity, and the gain knowledge
Good lad, this is POSITIVE THINKING

Always think POSITIVE thoughts
15 YEARS OF PASR ON FOREX FACTORY!
  • #11,667
  • Apr 22, 2010 9:17am Apr 22, 2010 9:17am
Quoting Grimweasel
Gets my vote Alexandra - I always look fwd to reading your musings when I drop in at night. Looking fwd to getting back down and dirty with price action when this MBA is finished. I'm already getting tired of standard distributions, T and Z tests, Null Hypothesis testing yada yada - at least I understand a bit more about how financial markets get into such a mess now - people hang their hats off of 95% confidence intervals and then cry when the 5% random event not predicted by the model blows their accounts! (a la Black Swan!)

To all the doubters...
Excellent Danny boy!

I used to do something similar many years ago then I went on to showing the 3 time frames in one window and then I went back to just the Worker but with a huge "W" and "M" on the chart in the respective colour for up or down.

The big danger here is that some bright spark with mql4 coding knowledge will make up an indicator to show us what the Boss and Big Boss are doing. The actual coding is very easy BUT it is the criteria under which to determine what each time frame is doing which is critical here.

While this has its Pros and Cons, it should NEVER replace our analysis of the Big Boss and Boss.

Having done, I think, everything that technology has to offer, I STILL go back to a Mark I eyeball of each time frame. Its probably my generation, but I still believe nothing beats using the in built computer we were blessed with.
15 YEARS OF PASR ON FOREX FACTORY!
  • #11,668
  • Apr 22, 2010 9:23am Apr 22, 2010 9:23am
Quoting pizdun
strat... a touch trade? off the.885 / trendline?

or bottom break?

how can this be considered a price bar if it engulfs a 3h candle
Yes it was beyond basic PASR BUT the key was the BEOB on April 14 at R, 20 and TL and then Friday's doji. I was actually expecting to sell off the doji but Sundays bar gave me some additional pips and I am never one to refuse additional pips!
15 YEARS OF PASR ON FOREX FACTORY!
  • #11,669
  • Apr 22, 2010 9:29am Apr 22, 2010 9:29am
Strat,
At the end of last week I posted the Daily Cable chart high-lighting the BEEB.

Your response was to wait and SEE what price did, or something like that.

Well needless to say I didn't wait and suffered some dd lol - Gremlins again.

Still think it'll come good so going to hold and add on the way down.
  • #11,670
  • Apr 22, 2010 9:32am Apr 22, 2010 9:32am
Quoting igmal
All I want to say is I don't think that it is just a case that the downward move's pair,stay in that 2 II channels,as now the upward .Maybe is an attitude of this pair,looking back in the history's pair I've noticed that it happened quite often.Thanks
I knew what you meant but I'm not sure others might which is why I asked the question.

For future posts, don't just put up a chart with a one word statement - explain what you are trying to show. (I do it for a reason BUT, do as I say, not as I do).

So what you are trying to show is that USDJPY down trended in a nice equilateral channel and that it has now turned into an uptrend and is exhibiting the same equilateral channel.

Many pairs exhibit channels so it is important to watch and identify those.
15 YEARS OF PASR ON FOREX FACTORY!
  • #11,671
  • Apr 22, 2010 9:40am Apr 22, 2010 9:40am
Quoting stewrigh
Strat,
At the end of last week I posted the Daily Cable chart high-lighting the BEEB.

Your response was to wait and SEE what price did, or something like that.

Well needless to say I didn't wait and suffered some dd lol - Gremlins again.

Still think it'll come good so going to hold and add on the way down.
I know you don't want to hear it BUT you will NEVER make it in trading if you don't have PATIENCE & DISCIPLINE.

You are focusing on technical analysis which accounts for 5% of our success. You should be focusing on The Little People for they know they have you by the short and curlys!

You are now in the Land of "Hope" hoping that your trade turns around and comes good for you. Well it may.....................or might not.

I can't remember how many times I traded in the Land of Hope BUT I do know each time cost me dearly both in $ and stress.

It took me a long time to leave the "Land of Hope" as it did leaving "Indicator Land" but I, and my accounts, have never felt better.

Maybe its time for a talk with the guy in the mirror?
15 YEARS OF PASR ON FOREX FACTORY!
  • #11,672
  • Apr 22, 2010 9:49am Apr 22, 2010 9:49am
Quoting PistolDave
EURGBP is approaching a major S/R level that is worth watching for possible price action.

Looking at the Big Boss, price has continued the downswing since last month and is now sitting nearly right on top of the 20.

The Boss candle has held under the 20 & 50 for the last 2 1/2 weeks and is showing strong selling momentum presently.

Worker has been trending down with no sign of demand entering the market or profit taking yet, as the last three candles have been nearly end to end after bouncing off the 20....
This is indeed very interesting and should be on everyones' watch list.

In pure technical analysis terms, the Big Boss is exhibiting a Bull Flag from which we would expect a break out to higher prices.

At this point, we are at support BUT not at the lower TL. While our SR has priority over TLs, this is one where I prefer to wait to see what happens at the TL.

My reason is that the big boys know it is at major support and they love nothing more than fooling with us little guys. I would not be surprised to see a false breakout below support and then a push back into the triangle. But then maybe I just have a touch of Black Sabbath (Paranoid) in my mind!
15 YEARS OF PASR ON FOREX FACTORY!
  • #11,673
  • Apr 22, 2010 10:08am Apr 22, 2010 10:08am
Quoting strat
I know you don't want to hear it BUT you will NEVER make it in trading if you don't have PATIENCE & DISCIPLINE.

You are focusing on technical analysis which accounts for 5% of our success. You should be focusing on The Little People for they know they have you by the short and curlys!

You are now in the Land of "Hope" hoping that your trade turns around and comes good for you. Well it may.....................or might not.

I can't remember how many times I traded in the Land of Hope BUT I do know each time cost me dearly both in $ and stress....
I know what you are saying Strat and I need a good slap every so often - thats why I post here lol.

But the trade was not entirely based on TA and there is no hope involved either.

Fundy's point down and agree with the Boss and Big Boss - to me it was/is a high probability trade - just got in a bit too early maybe.

My stops are at 5550 and if it gets there I will admit I was wrong.
  • #11,674
  • Apr 22, 2010 10:10am Apr 22, 2010 10:10am
Quoting strat
...

The big danger here is that some bright spark with mql4 coding knowledge will make up an indicator to show us what the Boss and Big Boss are doing. The actual coding is very easy BUT it is the criteria under which to determine what each time frame is doing which is critical here.

While this has its Pros and Cons, it should NEVER replace our analysis of the Big Boss and Boss.

...
Hmmm, I actually coded something along these lines for myself, a little indi' to help me with the BOSS Trend. But as you say PASR (over bosses & worker) rules over everything. I am using it strictly to KEEP ME OUT of potential counter-trend trades.
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #11,675
  • Apr 22, 2010 10:55am Apr 22, 2010 10:55am
Quoting strat
Yes it was beyond basic PASR BUT the key was the BEOB on April 14 at R, 20 and TL and then Friday's doji. I was actually expecting to sell off the doji but Sundays bar gave me some additional pips and I am never one to refuse additional pips!

strat could u explain urself a little further....sorry for perstering.

my view was that the bearish bar was a valid short singal. of the huge ppz at .8850. it then encountered a ppz(support)(minor) at the .8750 level. got rejected at the end of the week with a doji.

how then do u use then do u use the sunday/ monday bar as futher confirmation of a down move if we now have what apears to be a higher low.

hope you understand thatnks for the responce
  • #11,676
  • Apr 22, 2010 12:05pm Apr 22, 2010 12:05pm
Quoting strat
Excellent Danny boy!

I used to do something similar many years ago then I went on to showing the 3 time frames in one window and then I went back to just the Worker but with a huge "W" and "M" on the chart in the respective colour for up or down.

The big danger here is that some bright spark with mql4 coding knowledge will make up an indicator to show us what the Boss and Big Boss are doing. The actual coding is very easy BUT it is the criteria under which to determine what each time frame is doing which is critical here.

While this has...

I agree with this. I was interested to see how you wre going to respond to that post. The idea is a well contructed. There are programs for metatrader that would allow this type of dashboard analysis. The more experienced the trader, the better the manual view works, in my opinion. It might be interesting to do a formal study comparing the manual 3 chart read with the automatic 2 chart/daily manual approach.
  • #11,677
  • Apr 22, 2010 1:27pm Apr 22, 2010 1:27pm
Quoting pizdun
strat could u explain urself a little further....sorry for perstering.

my view was that the bearish bar was a valid short singal. of the huge ppz at .8850. it then encountered a ppz(support)(minor) at the .8750 level. got rejected at the end of the week with a doji.

how then do u use then do u use the sunday/ monday bar as futher confirmation of a down move if we now have what apears to be a higher low.

hope you understand thatnks for the responce
strat could u explain urself a little further

Sorry, no, this is beyond the scope of teaching on this thread.

Learn basic PASR first (crawl) and then we can move on to PASR (walk) and for anyone left after that, we can move on to Advanced Trading (run - like hell!)
15 YEARS OF PASR ON FOREX FACTORY!
  • #11,678
  • Apr 22, 2010 1:34pm Apr 22, 2010 1:34pm
Quoting Grimweasel
Hi Jideck.

I use Neutral when I have no bias, based on sideways trading, no weekly candle action that gets me interested, controlling candle low/high not having been activated etc; this way I only colour red or green when there is a reason for doing so, such as HH's being painted in an uptrend, a bullish continuation bar with trend etc; even if there is a hammer on the Boss I would keep the candle action grey until the high of a hammer is broken. All I'm doing is trying to colour code the Monthly, Weekly and Daily so that they all line up; that...

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

Many thanks for this explanation, as relying on visual signals I admit that your way of showing the trading bias is great. Doing analysis in a journal is good but as many of us are "visual" in making decisions this is fabulous. Thank you for sharing your way of analysis.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
  • #11,679
  • Apr 22, 2010 1:53pm Apr 22, 2010 1:53pm
Quoting Alexandra
I agree with this. I was interested to see how you wre going to respond to that post. The idea is a well constructed. There are programs for metatrader that would allow this type of dashboard analysis. The more experienced the trader, the better the manual view works, in my opinion. It might be interesting to do a formal study comparing the manual 3 chart read with the automatic 2 chart/daily manual approach.
Exactly. I can tell you from my vast experience with systems, indicators, black boxes, neural networks and logic that NOTHING comes close to the manual analysis by an experienced trader.

An excellent example is one of my systems which is based on Momentum, Cycles and PASR. Try as I might using the best mql4 coding available, I cannot get "the system" to "SEE" what I "SEE". Its pretty close but not as good as the real thing.

As I have said many times, the human being, especially the brain we were given, is unique - there is nothing that comes close to it now or EVER that will duplicate it.

My biggest frustration is trying to use the 95% of brain power that the experts say we are not using. I have not found how to unlock that and I have tried all the techniques I can find. Maybe I don't have 95%?
15 YEARS OF PASR ON FOREX FACTORY!
  • #11,680
  • Edited 2:13pm Apr 22, 2010 2:11pm | Edited 2:13pm
[quote=strat;3662173]This is indeed very interesting and should be on everyones' watch list.......

Hi. Very interested in this one as I am currently working on the continent but getting paid in £'s.
The EUR GBP has most definitely broken the trend line but there is the support level still to come. And looking at your chart you can clearly see a bullish continuation flag, as you mentioned.
Also, if you look at the EUR USD it is in the throws of forming a potential triple bottom, a fairly strong and reliable reversal pattern. The GBP USD, IMHO, has less powerful SR around it ATM. Keeping a close eye on this one. Hoping for a weaker EUR, but not sure if i'll get it! I'm going to transfer some pounds over tomorrow as a hedge!

Apologies for the white bits!
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