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  • #11,681
  • Apr 22, 2010 2:18pm Apr 22, 2010 2:18pm
[quote=Pipfox;3662960]
Quoting strat
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,...
I agree with all your observations and no need ever to apologise for white bits - I love white bits!

I'm watching the EUR very closely too because of our forthcoming UK tour (but the big boys promised they would keep it down for me!)
15 YEARS OF PASR ON FOREX FACTORY!
  • #11,682
  • Apr 22, 2010 2:27pm Apr 22, 2010 2:27pm
Its nice and sunny in the south of France, so i might get my white bits out and scare the locals!!!

Good luck with the tour, let me know if your near Liverpool.
The customer is always right!
  • #11,683
  • Apr 22, 2010 2:31pm Apr 22, 2010 2:31pm
Quoting Pipfox
Its nice and sunny in the south of France, so i might get my white bits out and scare the locals!!!

Good luck with the tour, let me know if your near Liverpool.
God help the Frogs!

I will be paying homage to John Lennon on June 12 when we go on the ferry to Dublin
15 YEARS OF PASR ON FOREX FACTORY!
  • #11,684
  • Apr 22, 2010 2:57pm Apr 22, 2010 2:57pm
Quoting Jideck
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
Not at all my friend - glad to be of service. I also used to write out a weekly journal but I found it too time consuming and not that easy to use as a quick reference guide in the week. I'm glad that you find it of use - makes the whole process worthwhile, but do formulate your own way of doing things so that you satisfy the curiosity and debilitating traits of the little people in your head!
Trade less and become more profitable!
  • #11,685
  • Apr 22, 2010 4:41pm Apr 22, 2010 4:41pm
It seems the mother ship may be ready to sail.
  • #11,686
  • Edited 7:37pm Apr 22, 2010 4:42pm | Edited 7:37pm
I'm interested, as most are, in Chunnel. We've seen this type of thing in recent history, where a triangle proved bullish after an initial run lower. I am not a seller at these levels.
  • #11,687
  • Apr 22, 2010 5:19pm Apr 22, 2010 5:19pm
Good evening!The price is inside of green triangle.After it stayed for a while inside of red triangle,broke it in downside part find S at green and now retested for the second time at the confluence of 2 triangles.I will wait to see if thr price retuns in red,or in green.It is all to wait.Thanks.
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My humble opinion.
  • #11,688
  • Apr 22, 2010 5:29pm Apr 22, 2010 5:29pm
Hello guys,
I was reading the trading psychology section and i found something that i think its very important but i dont understand completel why.. Sorry about my ignorance when it comes to finances

"An observation if I may and it's easy for me to say just coming in 1 hour before NY closes due to my trip.

The next step in learning is how to use the skills we have acquired. This in itself is a skill.

We must be very careful not to over analyse and over think - something for which I am also guilty. I love nothing more but to look at charts and think through every possible scenario, but for what? It doesn't get you anywhere.

One of my fears with teaching my style/method would be that I would pass on my over analyical approach. The last thing we should be doing is bringing a M5, M15, H1 mentality to trading the Daily time frame. The beauty about trading the Daily time frame is that you plan your trade, put the trade on and let it work itself out, in other words trade the plan.

Planning the trade only requires a 2 or 3 minute study of each pair after 5pm NY time each day then placing our stop/limit orders and then - living your life.

You do not need to sit and watch the one eyed monster all day, you do not need to interfere with your plan, you do not need to do anything further until 5pm NY time next day.

The absolute worst thing for anyone trading the Daily to do is watch what happens on a shorter time frame or watch the Daily candle DURING trading hours. We don't care what goes on within that Daily candle - all we are concerned with after 5pm NY time is where the candle closes and where it's been."

as what i know there are different kind of market sessions (Asian,london)... and i thought it affected depending on the currency (yen,nzd and so) am i wrong here?

how do you guys look at the market repcting to this
  • #11,689
  • Apr 22, 2010 10:23pm Apr 22, 2010 10:23pm
Newintown,

Strat may have other comments but this is the way I see it:

"as what i know there are different kind of market sessions (Asian,london)... and i thought it affected depending on the currency (yen,nzd and so) am i wrong here?"

Obviously, the forex market is active around the clock and there are more active times that generally correspond to the banking hours in the respective major financial centers throughout the world, but it was generally agreed early on in the thread that you should use the closing times on YOUR charting platform as the end of day for your trading. What else could you do? That's why you will see some people posting a chart with a perfect reversal candle and setup on their chart but your may not.

Some people use the end of the New York session as the dividing line between one day and the next as a matter of convenience.

I think what Strat was referring to when he said "all we are concerned with after 5pm NY time is where the candle closes and where it's been" and "You do not need to sit and watch the one eyed monster all day, you do not need to interfere with your plan, you do not need to do anything further until 5pm NY time next day" is that you don't want to fall into the trap of trying to screw around with the trade DURING the trading day because sometimes there will be a lot of crazy action by the heavy hitters during the day that you will see on shorter timeframes that will scare you into making trading mistakes, plus it creates unnecessary stress. Plus, all that intraday movement is irrelevant to our method of trading. Why worry about it? It is simply noise as far as we are concerned.

Another danger to be aware of is that it is very tempting to fall into the bad habit of trading shorter and shorter timeframes when you get impatient with the times when you don't get any setups on the daily. That has been one of my main weaknesses that I have finally overcome.

Hope this makes it more clear to you.

Dave
  • #11,690
  • Apr 23, 2010 12:58am Apr 23, 2010 12:58am
Quoting simpleman
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
Hi Simpleman,

First of all thank you for replying to my thread. I will start reading your recommended posts. Yes, I'd would be interested to share and learn as we move forward.

elPips
  • #11,691
  • Apr 23, 2010 1:38am Apr 23, 2010 1:38am
Ok Strat you got me. I am on page 50 and trying to catch up! I have been day trading the forex for about 8 months without much luck. I have started to pull in some reasonable profits by staring at EJ for hours on end but really can't see spending my life staring at the one eyed monster so I am going to try your route instead. I can see how, through lots of effort, one can learn to start to read price on a level.

What hooked me was your story about Dr. Joe. J16 talks a lot about how you need a lot of money in order to be profitable in this game and I know it helps but I tend to side with Dr. Joe and think that if one can shift probability on to your side and trade with the trend you can be profitable.
  • #11,692
  • Apr 23, 2010 4:13am Apr 23, 2010 4:13am
Quoting Alexandra
It seems the mother ship may be ready to sail.
Alexandra please elaborate
thanks
  • #11,693
  • Apr 23, 2010 8:42am Apr 23, 2010 8:42am
Quoting Money Magnet
Alexandra please elaborate
thanks
My guess is that the mother ship may be USD about to depart for all ports of call going north.
  • #11,694
  • Apr 23, 2010 8:52am Apr 23, 2010 8:52am
Quoting PistolDave
Newintown,

Strat may have other comments but this is the way I see it:

[i]"as what i know there are different kind of market sessions...
Good answer, Dave
15 YEARS OF PASR ON FOREX FACTORY!
  • #11,695
  • Apr 23, 2010 8:55am Apr 23, 2010 8:55am
Quoting LarryK
My guess is that the mother ship may be USD about to depart for all ports of call going north.
So its you who stole my Enigma decoding machine!
15 YEARS OF PASR ON FOREX FACTORY!
  • #11,696
  • Apr 23, 2010 10:55am Apr 23, 2010 10:55am
Quoting LarryK
My guess is that the mother ship may be USD about to depart for all ports of call going north.
Well now I'm confused - I always thought she referred to USD/JPY as the mother ship and all other yen crosses as the pods.......
  • #11,697
  • Apr 23, 2010 11:50am Apr 23, 2010 11:50am
Quoting LarryK
My guess is that the mother ship may be USD about to depart for all ports of call going north.
USDJPY as mentioned many times in the thread. Dedicated readers should have known this. Lurkers can chase the market higher this afternoon.
  • #11,698
  • Apr 23, 2010 12:02pm Apr 23, 2010 12:02pm
Quoting Yebisu
Well now I'm confused - I always thought she referred to USD/JPY as the mother ship and all other yen crosses as the pods.......

Ahhhh...someone is paying attention.

Strat actually coined it, but I have used it in deference to him.
  • #11,699
  • Apr 23, 2010 5:01pm Apr 23, 2010 5:01pm
Hi Start and everyone,

I am still reading the thread but in the meantime please comment negatively on my charts analysis so that I try to do even more harder.

NZDJPY weekly close is showing BUEB and the daily has broken out the trendline. Resistance is at 69.40 and then 71.50 at 50fib calculated from the high of 97.78. Support is at the low of BUEB 64.76 which is also 38.2 fib as well and the next support at 61.80. RR is almost 1:1 not a good deal to go for.

EURJPY daily close is showing very strong BUEB covering last five candles. Immediate ressistance is at 127 (Fib 38.20) then at 127.90. Support is at 124.00 (Fib 23.6) RR looks better then NZDJPY
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  • #11,700
  • Apr 24, 2010 5:09am Apr 24, 2010 5:09am
Quoting Trad3r
Hi, I want to start to Strat's Long Term Strategy , after many months in trading I have learn that with short term strategy the only beneficiaries are brokers, I want to start with an analysis of USDJPY with 3 possible scenarios, here we go.

As you can see, a few days ago USDJPY has broken a huge trendline break of a down channel, it seems that the new uptrend is stable, so I see 3 possible scenarios here: the first, that USDJPY continues go up till 97 level, and from there, a fall to the new support on 95, another possibility is that the trend...
Ola Trad3rhttp://cdn.forexfactory.com/images/icons/icon5.gif

Welcome to Strats thread and I hope you will find answers to your trading questions here.

I have no idea whether you have read the information contained in this thread as yet or not, if you are posting without previously reading the material, you are for a rude awakening - we study opportunities in PASR, your chart and explanation shows no such opportunity just a "posssibility" of a move up, down or sideways.

You shall know by now that we do not predict moves but learn PASR, if you have not read this information as from page 1, then I suggest you go back to the beginning and start from there.

You need to do it even if english is not your first language, there are many of us who speak other languages and try to write and express our thoughts in foreign language, not always easy but if you wish to succeed then you need to put in the hard work - here hours of studying charts and understanding the posts contained within this thread.

If your post does not relate to PASR, do not expect a reply from Strat or other senior mentors here as they will consider your post irrevelant to what is being tought here, but do not get discouraged, learn and when you understand you will be able to ask the right qestions and get proper responses.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
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