Chnnel is of interest. A precursor perhaps. The various EUR TL's are now in full play.
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I feel like it's too much downside momentum. 1.25 is imminent. Tomorrow may be profit taking day though. You know what that means. Buy with all you got!
"Don't trade to trade . . . trade to win." - James16
But you are absolutely right, it took me an awful long time to sift the wheat from the chaff on here and build the confidence and discipline to go with my own analysis, ignoring the multitude of opinions(even yours sometimes) found on FF.
[color=black][font=Arial][size=3]In...
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Come on Strat, surely you can come up with something a bit more original than the usual puerile shibboleths quoted on FF. For one thing that statement is wrong. One of my problems in the past was that I didn’t quit (losing trades) soon enough – now I do it all the time. Another oft quoted maxim is always cut(quit) your losses short and let your winners run. I would posit that quitters always win – it’s the stubborn egotists who are always right and hang on to losing trades because they ‘know they are going to come back’ who are the losers.
We'll see. I've never been one to "git out now." We're a long way from 86.50. At the moment, I can only view this as an opportunity awaiting a supportive trigger. I have not chosen to reverse.
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May day. May day Maverick. At this rate it's going to be at 86.50 by the close!
"Don't trade to trade . . . trade to win." - James16
Where did you learn to trade like that? You are thinking 180% out. Turn your monitor upside down for a winner. All joking aside you may of read but you didn't understand; you've strayed way off of the path. How far did you walk it? Post a chart and show us the PSAR, (hammer @ support) that triggered your trade, against a 5 1/2 month down trend and tell us how it relates to what is taught in this thread. This will be a good lesson for you. You asked so I told it like I see it. Train, train take me on out of this town. You know what to do. Cheers,...
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Thanks for the input. Whatever makes you think that I have learned to trade? I am still right at the beginning of learning to trade. Please don't ever stop telling it the way you see it. It is easier to (at least for me), to learn from someone's conviction than from their lack of it! I suspect the fact that I am a slow learner is telling against me. What I was trying out, was the idea that I have heard Strat repeat on many occasions, that the "big numbers" tend to hold. I set this trade to try to catch the bounce off the 1.2800. I knew going in, that all of the charts were saying (screaming) down! I still wanted to see what would happen. I let the action get a little past where I want to place my buy stop, then walked away. My driving reason for placing the trade was a determined attempt to overcome some of my fears. The fear of losing; The fear of having to accept that I can’t do this The fear of feeling stupid in front of an audience. I'm still reading Nison's Candlestick Course; Secrets of becoming a Samurai Trader, and Candlestick Charting for Dummies, but they don't seem to sink into the grey matter too readily. I'm sort-of beginning to see some of them, but not in any meaningful intelligent way yet. I however, have the whole of the rest of my life to learn to make them my best friends. In any case, my buy stop wasn't hit; I wasn't drawn into the trade; I had fully accepted (and expected) to lose my deposit, and still walked away unscathed. I actually learned a lot (for me) of new things from this experience. First, I learned how to put a (sort of) plan together. I learned to look at the price action to see what was happening on the other time frames. I learned that I have begun to understand the need for self-control and discipline – despite the churning. I learned how to place a trade carefully and unhurriedly – I had it all planned out in advance. Most importantly, I learned that I have much, much more to learn! You have hit one of my nails firmly on the head - I still feel that I don't understand Strat's method (which is why I keep coming back) - but I can say - quite vigorously, that I have learned a p-potfull more from this site than any other I have had the misfortune to attend in the last couple few years. For example, thanks to Blackeagle, who gave me a tool beyond value, that enables me to draw reasonable (to my rheumy eyes), support and resistance lines. I had never even heard of support and resistance before last year. Thanks to Grimweasel, I have a tool that helps me to collect my wits when I approach the frighteningly daunting task of trying to understand Price action. In fact it was his tool that helped me finally realise that Bulls and Bears are simply a bunch of people doing their best (and they are good) to take your money off you and to make a profit. The word abattoir springs to mind, more readily than battle-ground. Lotuslanman (thanks Chris!) provided the first seeds for my trade-planning spreadsheet, and then help me get it to a place where I now have yet another prop for my memory, still a couple of kinks, but it seems to be giving me what I think I need – still a work in progress, but I’m finding my way. And I now have my embryonic Trade plan, thanks to Strat's constant voice in my head "Plan your Trade -Trade your Plan” for which I will be eternally grateful. Not to forget all of the other contributors to the thread who have, in so many ways, added to my, admittedly limited knowledge (my doings, not theirs) and enjoyment while undertaking this exciting and challenging task. For such an abundance of riches, exposing myself to the market - quite safely with all of my (as yet) imperfect rules in play and exposing myself to ridicule, so that others may learn that it is OK to make mistakes, as long as you learn from them, that it’s OK to look stupid, even - God forbid - be stupid providing you take something useful away from the experience. This is an exceedingly small price to pay! Thank you all so much for you unstinting help. I firmly intend to continue to astound you with my lack of understanding, and my willingness to learn from you all.
Thanks for taking the time to get back to me.
Just wanted to clarify that I was merely trying to discuss possible S for fiber. More precisely S that could possibly stop this week's down the drain move.
Never have I thought of questioning Dr Joe's or your teachings.
Sadly no shorts on fiber for me as i got no "jump on board" signal.
Anyway, I guess discussions on SR are of importance at days when markets behave like they normally do.
05/06/2010 is not one of those days.
I can't comment on what you are asking because I am as junior as you are but if I were you I would have done the following:
Wait for the day to close
See if there is a hammer at the close of the day
See if the hammer is just above support
do not check 1H and 4H no matter what
Learn support and reistance first and price action after.
Check BOSS & BIG BOSS if they are in alignment with WORKER
I hope it will help.
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Thanks Simpleman, I appreciate your having taken the time to offer your kind and gentle suggestions.
I am not yet sufficiently familiar with Candlestick patterns as I would like. I have read - not fully comprehended , and as yet not a true believer – some books that show equal numbers of failed signals as they do successful signals. I put my lack of faith down to my lack of understanding and hope to wake up one day enlightened and refreshed. Still I study them constantly, much to the chagrin of my wife!.
I do have a very rudimentary understanding of the concepts of support and resistance, but find myself constantly delving into the mechanics of what is happening inside the box, hence the peeps into the four hour and occasionally the one hour charts – I find it fascinating, but have yet to see any logical rationale. It does however; seem to offer some short term clues as to what may be in our immediate future.
Unfortunately, I chose to completely ignore the fact that the triumvirate were all in agreement with each other – in the opposite direction to that in which I had, in my infinite wisdom, decided to go. Fortunately, they chose to ignore me completely and I escaped unharmed (at least on this occasion).
Again, thank you for your input – and yes, it does help
Now this is a good time to stay on the side line and watch the fireworks. If you catch it on the right side, enjoy your pips. If not, hold on to your capital for safer time.
Mostly Targets 1 and Targets 2 correspond as in S/R lines. Occasionally though a Target 2 has to be constructed to enable R:R and MM calculations to be made. These MUST though, operate within the boundaries set by the chart and must NEVER go against them. PRICE is the basis always although on a few occasions it is not able to provide a target. i don't know if this contributes to the 'target discussion' but it seems to work for me.[/quote]
[quote=mawbvw@hotma;3704222]Thanks Simpleman, I appreciate your having taken the time to offer your kind and gentle suggestions.
I am not yet sufficiently familiar with Candlestick patterns as I would like.
Mike, please read post #1680 on page 112 by Elitejet(Nicola) it is about candlestick patterns. Regarding books I had read them all almost 4-5 years ago but nothing learned. You have this thread to get understanding of the patterns I didn't on that time and the result was just losses. Now couple of months ago I found this thread and so far learned a lot from strat and others. You will have to practice on 1000's of charts using f12 key and one day you will be able to see shooting stars, hammers, BUOB,BEOB, BUEB, BEEB & IBs. For support and resistance you will have to find post by Strat and Blackeagle. I will try to find them for you but if can't then this whole thread is there for you to go through.
Now this is a good time to stay on the side line and watch the fireworks. If you catch it on the right side, enjoy your pips. If not, hold on to your capital for safer time.
How true, the trading momentum across the pairs was quite frightening this week and I personally am cautious to such movement (Especially the USDJPY pair and 600 pips candle, what a ride).
It is great for one's trading balance to see the moves going in the right direction but it reminds me of similar time we had early this year, making good pips - it is like a history repeats itself.
[quote=mawbvw@hotma;3704222]Thanks Simpleman, I appreciate your having taken the time to offer your kind and gentle suggestions. I do have a very rudimentary understanding of the concepts of support and resistance, but find myself constantly delving into the mechanics of what is happening inside the box,
Post #11485 by No1Optimist on page 766 has got attachment that shows strat & Blackeagle's post o support & resistance.
On shorter TF I would say no need to re-invent the wheel, I have been there lots of others have been there and couldn't make it. Is is not good that you just have to your computer in the late evenings and make decisions. Even if you use 4h TF you still have to keep an aye on screen all the time.
Mostly Targets 1 and Targets 2 correspond as in S/R lines. Occasionally though a Target 2 has to be constructed to enable R:R and MM calculations to be made. These MUST though, operate within the boundaries set by the chart and must NEVER go against them. PRICE is the basis always although on a few occasions it is not able to provide a target.
i don't know if this contributes to the 'target discussion' but it seems to work for me.
Good discussion. I think we should have a few sets of targets for different markets conditions. If you use the same target for all markets conditions, you will beat yourself up for getting early or late. By doing this will force yourself think what market condition am I in?
If not, thank goodness for disciplined entries and exits! I was lamenting missing entries this week as everything seems to be moving but I'm glad I wasn't in this one.
May day. May day Maverick. At this rate it's going to be at 86.50 by the close!
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Nope...it's a gift.....out and in again in the same day. Chaos is always profitabe for the prepared mind. I almost posted this a few hours ago...didn't think we would reach it that fast.
Nope...it's a gift.....out and in again in the same day. Chaos is always profitabe for the prepared mind. I almost posted this a few hours ago...didn't think we would reach it that fast.
Yes, AUD/JPY is the same thing, right off the trendline. The problem now, however, is a restest, so management is tough. It's one to learn from rather than to chase though, for most. I have decreased my focus to only 3-4 pairs.
Yes, AUD/JPY is the same thing, right off the trendline. The problem now, however, is a restest, so management is tough. It's one to learn from rather than to chase though, for most. I have decrease my focus to only 3-4 pairs.
It took 35 days for USDJPY to move upwards from my major SR and then one day to shatter all the gains, such aberration, where did it come from? 250 pips moves on this pair happen regularly in the past but this is new to me (the scale of it), last one of this magnitude happened in October 2008 so it is not like this is the first. I do not know whether it is the big players making the moves or what, the price has retraced to half the original drop. It is the only JPY pair that I watch so with TP and SL we are still in "the game".
Strat's Long Term Stress Free Trading
