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  • #12,061
  • May 7, 2010 11:27pm May 7, 2010 11:27pm
Quoting hcristea
Hello gold diggers!
Have you seen the PASR on GOLD? Trend is UP, Big Boss, Boss and Worker all in agreement so all these PASR on worker could be easily traded.
[list=1][*]HAMMER at Support - occured in a retracement of the previous up trend[*]BUEB & BUOB at S 1100 and straight from Boss 20[*]Reverse PA, almost BEEB (considering the gap) but it seems to be a clear reversal sign. Here profits could be taken and SL moved under BEEB.[*]HAMMER at S 1100 and rejected from Boss 20 and demand DSRI. The BUY order above wasnt activated[*]BULLISH...
I have question about trade no 1. Where Hammer at support.This candle under all 4 moving averages.I think daily is downtrade.Is it against the trend or not .Do not mind i am still learning.
  • #12,062
  • Edited 12:23am May 8, 2010 12:23am | Edited 12:23am
Swano I hope you are only demo trading, as if you are thinking and not knowing then you're in trouble.

Post your chart would help.
Did you look at boss and big boss before taking the trade?
No to me it is not a buob, at least it did not finish that way.

A few days ago I was looking at going short and left the trade alone as it would not be stress free. I'm not sure this one is either, then again you may be treating it as an ATM trade. but you have not stated this and you have a 266 pip stop.

see my chart below


Quoting swano
hi i think i got this right
Ive seen a buob

I think i seen a bullish outside bar on the EUR/AUD

it is a big bar over 100 + pips

can someone tell me if i am right? about the buob

i know its near an S1

is going up a bit
in profit of 60 pips

but i have a stoploss of 266

so not a major win for me yet

iI know the 6 month piviot point is at 1.500 price now is at
1.420

anyone have any thoughts on this ? do need some help
Attached Image (click to enlarge)
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  • #12,063
  • May 8, 2010 12:38am May 8, 2010 12:38am
[quote=strat;3708148]the 1 and 4 hour seem (at least to my dim; untutored eyes) to demonstate a valiant battle

Hello Strat,

I was going to simply answer neither. However, I think there is more to it than that. There is conundrum; there is discovery; confusion, and a whole new world opening up to me, so....

My current thought on where I am now and my eventual destination –
Right now with very little knowledge or strategy (other than Dr. Joe), When Monthly, Weekly and Daily are all basically in the same direction I look for an opportunity (potential breach of support/resistance or a trend line) on the weekly. When I see it getting close to either a bounce or breach (weekly) I become more interested in the daily, which is where I will generally set up the trade. I haven’t even thought about trading the weekly or monthly yet, but I do believe that is where I am headed.

My fascination with one and four hour timeframes. I put it all down to you, Sir - you nudged me down that path! For which, more gratitude!

I started looking at the four and one hour, not, as a trading vehicle. I stumbled into it when I began using Grimweasels spreadsheet to review the pairs. I was having a little difficulty (understatement of the decade!) understanding what was happening, especially interpretation of direction – if I see a red weekly candle amid other weeklies that all share (including the current red one) a gentle upward slope – do I treat this as a continuation of up, or does the (bullishness/bearishness) of the current week dictate my trade direction? - (My personal confusion aside, the former, seemed the more sensible choice) - I vaguely recollected your having mentioned something about dropping down a timeframe to see if provided any clues - Fascinating!

I have been playing with them since then (lower timeframes), as a self help tool in the hope of gaining some basic understanding the innards, so to speak. To hopefully glimpse some miniscule part of what is actually transpiring in the minds of the people the action represents.

I have never really bought into the idea of a war between bulls and bears. I have a hard time reconciling the carnage around me, with this image. When I place a trade, my motivation is to make a profit doing it. I have never seen myself as one of a bunch of squaddies fighting together for a common cause. I will concede that I am buying at the same moment that a number of others have decided to buy, but this is not - to my mind a deliberate or a concerted effort

Excepting of course, and how many times have you brought up the subject – the money moguls, Banks and other financial interests? They are very definitely a carefully crafted, and expertly orchestrated war in progress. I noticed occasional lines (either colour), of sometimes 3, or four much larger candles. I had trouble lining them up across the various timeframes, so I placed a lime green vertical line on one of the monthlies. It was interesting, but it (Monthly) didn’t click. I dropped down notch – bingo – not too irregular patterns of few larger candles interspersed with many smaller ones, and it is seemingly repeated in similar vein, at every level timeframes. Perspective is a wonderful thing, but this is quite scary. I am, very occasionally, represented by a miniscule tick on one of the myriad small candles that are dwarfed by the relatively few much larger ones.

I do assure you, that I am trying to listen very carefully to what you have to say, (not necessarily with anything approximating complete understanding, I am sure), working very hard to try to catch up with you all, and chipping away at my trade plan with much caution in mind. Lots of fun and excitement!

Regards,

Mike
  • #12,064
  • May 8, 2010 12:53am May 8, 2010 12:53am
[quote=mawbvw@hotma;3708653]
Quoting strat
the 1 and 4 hour seem (at least to my dim; untutored eyes) to demonstate a valiant battle

Hello Strat,

I was going to simply answer neither. However, I think there is more to it than that. There is conundrum; there is discovery; confusion, and a whole new world opening up to me, so....

[color=black][font=Verdana]My current thought on where I am now and my eventual destination...
Mike you are in my opinion going through the roller coaster of thoughts $$$$ and the potential of Forex. I think we all go through this at some point or another but we must realize it right away and fight it off! The faster you can squash these thoughts the better. The truth about this business is that it will take years and you MUST be ok with that. Concentrate on making good stress free trades and building your confidence in the method and you will start to see the results.
  • #12,065
  • May 8, 2010 2:02am May 8, 2010 2:02am
Right now with very little knowledge or strategy

Hi Mikehttp://cdn.forexfactory.com/images/icons/icon5.gif

I believe that you need to really take to heart what Strat, Craig and others are trying to tell you - you must go to the beginning of this thread and start there again, how possibly you can achieve success without putting the effort into it.

We all have been there, there is no easy way if you want to trade successfully.

Take it on board and just do it.

Good luckhttp://cdn.forexfactory.com/images/icons/icon3.gif
Jideck
  • #12,066
  • May 8, 2010 4:00am May 8, 2010 4:00am
Quoting zakariawaiz
I have question about trade no 1. Where Hammer at support.This candle under all 4 moving averages.I think daily is downtrade.Is it against the trend or not .Do not mind i am still learning.
Hi,
Form 3 Dec 2009 until 4 Feb 2010 the trend was down. But you have to look at the bigger picture and see that it was a correction for the previous UP trend.
Is there any doubt that the Boss and Big Boss are in an UP trend? (look at the charts from my previous post) While Boss and Big Boss are very bullish I was looking for opportunities to go LONG and that Hammer at support was the opportunity.

The Bears took the price down from 3 Dec 2009 until 4 Feb 2010 when they reach the support at 1063. In 5 Feb Bears tried to push the price down but the Bulls came in force and stopped the Bears right there and pushed them over the support. That's a powerful bullish statement by the Worker when Boss and Big Boss are bullish. The day closed as a perfect Hammer, and when you see a perfect hammer at support there is only one thing to do: BUY.

I've attached another chart with the worker. You cannot ignore the Impulse move preceding the Correction. I hope this helps.
Attached Image (click to enlarge)
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  • #12,067
  • May 8, 2010 4:17am May 8, 2010 4:17am
Maybe reading the thread will help you, as it has helped us all. Better than spending years in a job you don't like, or even working with a pick axe on the roadworks.... by miles [/quote]


yeah you are right

I was shorting this trade since march time

but i looked at my pivot points on a 6 month scale and it was coming to a S1 at 1.38 or near 1.35

pp to 1.55

just other traders were talking about a long to 1.5 which is 5000 pips

i just thought that was a bullish outsider bar

didnt want to trade it but i did short term
but got out again at a profit

but i hear what you are saying i understand strate train engine thing

like to think of it as the army thou

yeah it is still going down hill

im just in a position sadly where time is against me so i broke my own rules there by buying

Yeah i ll learn more on strate rules i think

I was a commando soldier on good pay once
now im a coffee boy on minimum wage Ł6 hour

it is pooh being poor

but with the Ł10 i had left in my account from messing up before,ive got Ł100
which aint bad but i ve got not alot of room for error
my job doesnt cut it, and jobs are hard to get, so this is like my only option to change things.

however i feel very conservative, i risk Ł10 to make Ł30
at a stoploss of 266 pips

takes about 2 weeks to see profit sometime depending on how volatile
  • #12,068
  • May 8, 2010 4:31am May 8, 2010 4:31am
Quoting Money Magnet
Swano I hope you are only demo trading, as if you are thinking and not knowing then you're in trouble.

Post your chart would help.
Did you look at boss and big boss before taking the trade?
No to me it is not a buob, at least it did not finish that way.

A few days ago I was looking at going short and left the trade alone as it would not be stress free. I'm not sure this one is either, then again you may be treating it as an ATM trade. but you have not stated this and you have a 266 pip stop.

see my chart below
Yeah ive been trading a bit Ive used all kinds of indicators i dont use them now

what i usually do is this
here i go

I look at the trade if its been going for a while at 1 oclock position or 5 o clock position
then put a 266 pips stoploss so i avoid getting wipeout
usually go for a sell in this climate

more of a bear trader.

i do pivot points to give me rough targets, on a 6 monthly base scale

from november to april as they are the good months

may to october as they are the bad months
( commodities do bad this time) thats why i think aud around now might reverse on 6 monthly S1 i .e eur up aud down

however as it is, it is a sell.

I was foolish to buy, made a small profit but got out as it needs more power to be a long much much more power. so yeah thanks for correcting me guys.
  • #12,069
  • May 8, 2010 4:34am May 8, 2010 4:34am
i use 6 monthly and monthly pivot points

but will be looking more short term to try make faster return

i.e monthly and weekly

i know fx street have a heat map
is pretty useful to look at

also offers pivot points do yiou dont have to do them your selves
  • #12,070
  • May 8, 2010 8:38am May 8, 2010 8:38am
[quote=swano;3708764]i use 6 monthly and monthly pivot points

but will be looking more short term to try make faster return

i.e monthly and weekly

i know fx street have a heat map
is pretty useful to look at

I have a much better one - its far more reliable, consistent and trustworthy. I don't need to search the web to find it or rely on others to provide me with (their, sometimes false) information.

The more you use outside 3rd party information, the LESS CONTROL you have in YOUR trading
15 YEARS OF PASR ON FOREX FACTORY!
  • #12,071
  • May 8, 2010 9:50am May 8, 2010 9:50am
Hi all,

I'm getting ready to do my weekly analysis and was wondering how much faith to put in this weeks candles due to the crazy moves, or to wait for the smoke to clear?


Poncho.
" I can read the left side of the chart, the right side's a Bitch!
  • #12,072
  • May 8, 2010 10:07am May 8, 2010 10:07am
Here's what I'm watching for on old Geppy. Price is clearly below the 20 and 50 on the big boss and boss. That retracement on the big boss was so weak and reeks of bearishness in my opinion. I thought price had finally turned the corner after the March candle, but forget about it.

After lasts weeks drama, I'm looking to see if there will be a retracement to the 139.50 area. There we will have a 61 Fibo (if you take the April 26 high and bring it down to the latest low), the 50 ma, and support, which could possibly flip to resistance again around 139.50.

We know that manipulative governments around the world are feverishly working around the clock to save the day yet again. I expect a bounce on all the majors and hopefully an opportunity to fill those wellies for a downside train wreck. But, when all is said and done, I'll let the charts show me the way. Thoughts?
Attached Image (click to enlarge)
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"Don't trade to trade . . . trade to win." - James16
  • #12,073
  • May 8, 2010 11:02am May 8, 2010 11:02am
It looks like the pair is bottoming out.

The WORKER has just closed above resistance at 143.34. Despite Euro weakness against USD it has managed to recover 300 pips from its low of 140.55 to close of 143.60.

BOSS has made a very nice hammer at the close of Friday and unless it is bond hammer I would be bullish on the pair.

BIG BOSS is still in down trend but lets see how it goes in the remaining days of the month.

Any input by seniors OR Strat would be highly appreciated for learning purposes.
Attached Image(s) (click to enlarge)
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  • #12,074
  • May 8, 2010 11:26am May 8, 2010 11:26am
Quoting patrick25
..............

Hi Lotuselanman,

I have three sets of targets....
Very interesting. I use a similar approach although with my SB company I partially close my initial position rather than start three separate ones. Much the same effect, different technique that's all.

I find it is relatively easy to set targets in a ranging market as SR lines are clear and the moves are over and done with usually in a shorter time.

In a trending market I find the moving of SLs tricky. Do you always wait until the end of day candle closes before going to BE or adjust during the day? And how do you trail the SL? Do you always do it to EoD candles or do you work on the basis of a particular pip margin? My SB company provides a trailing SL system with x pips and Y steps (adjustable) and that works during market hours of course. I need to go back over Strat's posts which describe his trend following trades to revise how it is done!

As for the separate accounts - I will try that. Good idea!

Quoting Jideck
I would like someone with more experience to have a go at this. I have...
Gosh, it never occurred to me to use Fibs for targets, but sounds an obvious idea! 'doh'.

I agree that a sideways market is relatively straightforward, it is the setting of the targets in a trending market in the initial plan that I find difficult.

Thanks both for your replies.

Christopher
  • #12,075
  • May 8, 2010 11:49am May 8, 2010 11:49am
Quoting simpleman
It looks like the pair is bottoming out.

The WORKER has just closed above resistance at 143.34. Despite Euro weakness against USD it has managed to recover 300 pips from its low of 140.55 to close of 143.60.

BOSS has made a very nice hammer at the close of Friday and unless it is bond hammer I would be bullish on the pair.

BIG BOSS is still in down trend but lets see how it goes in the remaining days of the month.

Any input by seniors OR Strat would be highly appreciated for learning purposes.

I'm not in either of those categories you mention LoL, but I would think it is early days to go for a change of trend. B Boss and Boss are still clearly Down although I agree the Boss candles seem to suggest a slakening of momentum at the moment. Worker similarly. But looking back up the chart you will find other situations when the Worker candle has closed above a S line only to continue on down. Also Friday's candle high stops exactly on the TL - at least on my chart. A clear break above that TL and a more positive PA on the Boss would be stronger signals. IMO

Ive been following the trend down for the last few weeks and am currently out of the trade. I will only go back in on a break of the most recent Daily LL of 140.50. With current volativity in the markets that might be quite soon......... but wait and watch for PASR at that point.

My two pennny worth.
  • #12,076
  • May 8, 2010 11:51am May 8, 2010 11:51am
This is a lesson I learned from Strat's thread with Alexandra's tutelage on how to spot a possible trend change, starting with a zoomed out view of the big picture. I wanted to share my lightbulb moment. USD/CAD Big Boss April hammer, sign of possible trend change. Weekly and daily in agreement. IMO this is textbook. See charts below, it's all self explanatory. Thanks and cheers all, I appreciate everyone.
Attached Image(s) (click to enlarge)
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T
  • #12,077
  • May 8, 2010 12:22pm May 8, 2010 12:22pm
[quote=Lotuselanman;3709092]I'm not in either of those categories you mention LoL, but I would think it is early days to go for a change of trend.

Thanks and much appreciated your input on this one, you truly are a senior and I read your posts with great interest you are inspiration to all students of PASR.
  • #12,078
  • May 8, 2010 12:44pm May 8, 2010 12:44pm
[quote=gaf;3708477]
Quoting strat
...
You are doing good so don't worry. Maybe I should not have said that comment as it is not basic PASR.

I took the trade because the Boss hit R and the Worker looked like it was setting up to visit 92 again plus my Momentum, Cycles and some other technical stuff were all lined up.
15 YEARS OF PASR ON FOREX FACTORY!
  • #12,079
  • May 8, 2010 12:48pm May 8, 2010 12:48pm
i use 6 monthly and monthly pivot points

WHY?
15 YEARS OF PASR ON FOREX FACTORY!
  • #12,080
  • May 8, 2010 12:53pm May 8, 2010 12:53pm
I'm getting ready to do my weekly analysis and was wondering how much faith to put in this weeks candles due to the crazy moves, or to wait for the smoke to clear?

You cannot ignore what has happened. It is now part of the rich tapestry of forex.

Whatever the reason for any move, we have to follow the footprints left behind but, on these occasions we have to tread much more cautiously
15 YEARS OF PASR ON FOREX FACTORY!
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