Strat's Long Term Stress Free Trading | Page 623 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Strat's PASR Long Term, Stress Free Trading 18,592 replies

M5 PASR Trend Trading Strat 95 replies

What you need for trading: indis, a strat & good music 27 replies

Another way to stress free, mechanic long term trading 29 replies

Short Term / Medium Term / Long Term? 3 replies

Attachments: Strat's Long Term Stress Free Trading
Exit Attachments

Strat's Long Term Stress Free Trading

  • #12,441
  • May 26, 2010 2:18am May 26, 2010 2:18am
Hi Dorellino
I also had this inner judgement about trading being unethical and money a kind of dirty. So I felt unsure and shy to tell friends about my trading. I meet with a group of friends about once a month, they are spiritual independant people. Took me quite something to out myself as a trader. The reaction, I never thought of that... they found it great, they supported me. They just felt it`s an important step in my life and the write way for me.
It is so good to get support from the outside , but the obstacles are inside.
To make it as a trader is one the biggest challenges of my life and forces personal development:
I have to get discipline and structure into my life
Be an independant thinker, make my own decisions , take responsibility
Trading is even spiritual for me:when I have a bias or a concept, then I am not in contact with what is really going on, so loosing. Being Here and Now, present , there is PA .Trading can be Zen and fun.

PS : I am not Italian ( you asked some time ago ) . I am Bavarian loving espresso and spaghetti . Carlo
  • #12,442
  • Edited 3:21am May 26, 2010 3:08am | Edited 3:21am
I thought I would share a trade with you that I think is a mistake.

I took it yesterday early in my day when I look at my charts to see what happened the day before and to decide whether there is a reason to take a trade.

I decided that I liked the bounce off the long term TL and the break of the SR at 1.32. So I entered the trade with a stop above friday close with 1% risk. In my favour is the trade is with the trend on all our time frames, what I neglected to take note of was the BUOB from the Boss last week telling me that we may be entering a major retracement situation or change of direction, although that would be a long way away. Not waiting for a candle to close below the 20 ma was also incorrect.

So I have NOT entered into a stress free trade, and I hope that others can learn from my mistake. It has not yet cost me and I have the option to exit relatively unscathed.

Larry
Attached Image (click to enlarge)
Click to Enlarge Name: eurcadtrade.jpg Size: 107 KB
  • #12,443
  • May 26, 2010 3:48am May 26, 2010 3:48am
Quoting LarryK
I thought I would share a trade with you that I think is a mistake.

I took it yesterday early in my day when I look at my charts to see what happened the day before and to decide whether there is a reason to take a trade.

I decided that I liked the bounce off the long term TL and the break of the SR at 1.32. So I entered the trade with a stop above friday close with 1% risk. In my favour is the trade is with the trend on all our time frames, what I neglected to take note of was the BUOB from the Boss last week telling me that we may be entering...
Hi Larryhttp://cdn.forexfactory.com/images/icons/icon7.gif

Great that you own to your mistakes, see where you go wrong so this makes it easier to avoid repeating them again.

Although NZDUSD is one of the pairs I observe for possible opportunities, I would not consider a trade here at present as the Big Boss and Boss are in disagreement and Worker too, price is trapped between 20 and 50.

Trade with quite lot of stress, jumping a gun.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
  • #12,444
  • May 26, 2010 5:00am May 26, 2010 5:00am
Hi elPips
in addition to your analysis : price is at support and fib retracment 38.2 from the high in march.
I would not call a candle BEOB before it closes , because it can be anything in a few days.
My question:I see a hammer on the worker chart yesterday,
is this basic PASR or ATM ? as the boss is on immediate downtrend and price below the MA`s
  • #12,445
  • May 26, 2010 8:12am May 26, 2010 8:12am
Quoting strat
The following pairs are in a situation which we discussed before in the thread....
All of them have slowed at support.
  • #12,446
  • May 26, 2010 9:00am May 26, 2010 9:00am
Quoting patrick25
Hi Simpleman,

I am tighten up my last position. Moving averages are very usefull tool, Strat is using them why not use them.
Halfway to quadruple pips profit! Make sure you have some profit locked away in the Bank.

Beautiful, Patrick, beautiful!
15 YEARS OF PASR ON FOREX FACTORY!
  • #12,447
  • Edited 9:28am May 26, 2010 9:07am | Edited 9:28am
Quoting LarryK
I thought I would share a trade with you that I think is a mistake.

I
I decided that I liked the bounce off the long term TL and the break of the SR at 1.32.
Larry
Hi Larry,

For my learning purposes can I ask you why you changed the TL to the high of BIG CANDLE? I think if you had left what it was before BIG CANDLE then you would have got different picture before entering in this trade.

Sometime our trades don't work out as we think and we learn from it and move on.

Thanks for sharing.
  • #12,448
  • May 26, 2010 9:40am May 26, 2010 9:40am
Quoting elPips
Hi Strat and fellow members,

Tonight, I captured the NZDUSD for my chart study lines analysis. Its here for any comments you guys may have for me. I've used the price extremes to project my trendlines but I'm not sure if I did it correctly. Please advise.

The Big Boss
The uptrend lasted for 8 months....
NZDUSD

The Big Boss
The uptrend lasted for 8 months.
A monthly shooting star formed last October 2009.
A series of LHs and LLs
20MA is below the 50MA
A present BEOB engulfs the last three months
Price bounced from monthly and weekly Support

Far too many SR levels on Big Boss

Good – be careful understanding what constitutes a “bounce”.

Draw a TL from the high of Oct 09 to high of current month

Always check the current Fib retrace.

The Boss
20MA is still above 50MA, the slope of 20MA is beginning to point down and closing in with the 50MA
Weekly candles are printing LHs and LLs

Good – but trade what you see NOW – do not anticipate what the MAs will do because they will surprise you!

Last week's candle bounce from support while this week candle broke below support came back and at monthly support (blue line).

Re-visit how you are identifying your SR levels. PRICE is sat on strong support. Look at W/E June 05 09 and W/E Sep 05 08, Sep 12 08 and Sep 19 08

Measure the Fib retrace from W/E March 06 09 to Oct 23 09.

Fine tune Big Boss TL to Boss.

Put all this together and you should have lots of confluence!

The Worker
The 20MA is below 50MA
A down trendline is obvious. There is trendline (dotted) inside the main trendline prices are respecting this line.
Current price is also at support (blue line).

Fine tune the Big Boss/Boss TL to fit the Worker and use that. Your solid green TL is the root TL and while important, is not “in play” yet which should tell you something.

Action:
No trade. Wait for the Boss to align itself with Big Boss and Worker.

NO! Wait for the Worker to align itself with the Boss which in turn is aligning itself with the Big Boss.

Continue to watch PASR. I'm not quite there yet on candle recognitions (BEOB, BEEB, etc.) but I'll keep on reading.

Reading won’t do it. Make sure you UNDERSTAND the price reversal candles then spend thousands of hours practicing on thousands of charts. Throw your TV and all other distractions away and become a PASR chart junkie!

Doing good elPips
15 YEARS OF PASR ON FOREX FACTORY!
  • #12,449
  • Edited 10:48am May 26, 2010 10:07am | Edited 10:48am
Quoting LarryK
I thought I would share a trade with you that I think is a mistake.

I took it yesterday early in my day when I look at my charts to see what happened the day before and to decide whether there is a reason to take a trade.

I decided that I liked the bounce off the long term TL and the break of the SR at 1.32. So I entered the trade with a stop above friday close with 1% risk. In my favour is the trade is with the trend on all our time frames, what I neglected to take note of was the BUOB from the Boss last week telling me that we may be...
EURCAD
I thought I would share a trade with you that I think is a mistake.

Good for you for sharing your mistakes BUT, whenever you “feel” a trade is not right or you have any doubts whatsoever, you MUST GET OUT as soon as possible.

By having doubt and NOT getting out you are feeding the Little People and when they join in, well, we all know what happens.

If you re-check the trade and it is still valid, you can always get back in again.

The problem with this is not the technicals but the fundamentals/sentiment. I am leaving all EUR pairs alone until it is clear what the big boys are doing. The EUR flagship is not sinking as fast as their commodity counterparts and that poses too much risk for me.

I decided that I liked the bounce off the long term TL and the break of the SR at 1.32.

This was a high risk entry as the candle on my data is a hammer at 1.32 and could have been a test of R turned S for a move up. However, the main trend kicked back in and PRICE moved down.

So I entered the trade with a stop above friday close with 1% risk. In my favour is the trade is with the trend on all our time frames,

Agree.

What I neglected to take note of was the BUOB from the Boss last week telling me that we may be entering a major retracement situation or change of direction, although that would be a long way away.

This, and the fundamentals/sentiment is where the risk is. How do you know it is a long way away?

Not waiting for a candle to close below the 20 ma was also incorrect.

In a strong trend this is not important.

So I have NOT entered into a stress free trade, and I hope that others can learn from my mistake. It has not yet cost me and I have the option to exit relatively unscathed.

You should by now have moved your SL to reduce some of your risk.

Watch very carefully what happens when and if, PRICE reaches the open of the demand bar on May 20 AND the Fib retrace.

Sharing these things will improve and help your trading – Good job, Larry.
15 YEARS OF PASR ON FOREX FACTORY!
  • #12,450
  • May 26, 2010 10:18am May 26, 2010 10:18am
Quoting simpleman
Hi Larry,

For my learning purposes can I ask you why you changed the TL to the high of BIG CANDLE? I think if you had left what it was before BIG CANDLE then you would have got different picture before entering in this trade.

Sometime our trades don't work out as we think and we learn from it and move on.

Thanks for sharing.
For my learning purposes can I ask you why you changed the TL to the high of BIG CANDLE? I think if you had left what it was before BIG CANDLE then you would have got different picture before entering in this trade.

Since you are the “expert” and don’t need to follow the rules

I don't do moving averages as I am ok without them.

You TELL US!
15 YEARS OF PASR ON FOREX FACTORY!
  • #12,451
  • May 26, 2010 12:19pm May 26, 2010 12:19pm
Quoting strat
The following pairs are in a situation which we discussed before in the thread....
So I have read and reread this forum. When you ask the question here it is very provacative to me. I see this as probably a place to clear some trades. I do see reversal candles at support, but really no price action from the levels YET. Also since most of the pairs you mention are underneath the MA's the only thing I can think of would be this is a place that you may clear some trades.
  • #12,452
  • May 26, 2010 12:39pm May 26, 2010 12:39pm
Quoting strat
For my learning purposes can I ask you why you changed the TL to the high of BIG CANDLE? I think if you had left what it was before BIG CANDLE then you would have got different picture before entering in this trade.

Since you are the “expert” and don’t need to follow the rules


I don't do moving averages as I am ok without them.



You TELL US!
Thanks for promoting me, I am trying to find that expert since long time but no luck yet.

In one of your post you said, I don't remember which, but it was about moving average not on the chart. I had them before but then I removed them from my chart I have put them back on now.

For TL I am just asking why it is different then mine.
  • #12,453
  • May 26, 2010 3:34pm May 26, 2010 3:34pm
Quoting simpleman
Thanks for promoting me, I am trying to find that expert since long time but no luck yet.

In one of your post you said, I don't remember which, but it was about moving average not on the chart. I had them before but then I removed them from my chart I have put them back on now.

For TL I am just asking why it is different then mine.
If your TL is not on the May 20 candle, you are saying to ignore that candle and that is the most important candle since July last year.
15 YEARS OF PASR ON FOREX FACTORY!
  • #12,454
  • May 26, 2010 4:17pm May 26, 2010 4:17pm
Quoting zmissler
So I have read and reread this forum. When you ask the question here it is very provacative to me. I see this as probably a place to clear some trades. I do see reversal candles at support, but really no price action from the levels YET. Also since most of the pairs you mention are underneath the MA's the only thing I can think of would be this is a place that you may clear some trades.
I would have thought your Chinese friend would have already looked into his crystal ball and told you what to do!
15 YEARS OF PASR ON FOREX FACTORY!
  • #12,455
  • May 26, 2010 4:36pm May 26, 2010 4:36pm
I've spotted an opportunity to SHORT AUDNZD.

BigBoss: The SS from April tells that the bears woke up when the price reached R 1.28. And this month they broke through the immediate demand DSRI. The month is not over but I don't think the price will close above the DSRI.

Boss: The bears made an powerful move down. The last 3 candles looks to me like a continuation pattern which proves the bear power.

Worker: Here I see a SS at R 1.2370 which closed under the supply DSRI.

All three TS seems to be bearish oriented. Since AUDUSD seems to be in a range for a long time now, my plan is to place a sell stop order under the SS low and have a target around 1.2.

I appreciate any comments and if you think that this is not a valid trade please tell me.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audnzd_mn.png Size: 18 KB
Click to Enlarge Name: AUDNZD_W1.png Size: 22 KB
Click to Enlarge Name: audnzd_d1.png Size: 25 KB
  • #12,456
  • May 26, 2010 5:07pm May 26, 2010 5:07pm
Quoting hcristea
I've spotted an opportunity to SHORT AUDNZD.

BigBoss: The SS from April tells that the bears woke up when the price reached R 1.28. And this month they broke through the immediate demand DSRI. The month is not over but I don't think the price will close above the DSRI.

Boss: The bears made an powerful move down. The last 3 candles looks to me like a continuation pattern which proves the bear power.

Worker: Here I see a SS at R 1.2370 which closed under the supply DSRI.

All three TS seems to be bearish oriented. Since...
AUDNZD

I've spotted an opportunity to SHORT AUDNZD.

BigBoss: The SS from April tells that the bears woke up when the price reached R 1.28. And this month they broke through the immediate demand DSRI. The month is not over but I don't think the price will close above the DSRI.

Look again. You should see a rising wedge and HHs and HLs. This is a sign of buyers in control.

While the DSRI shows that May is a supply month, the Big Boss candle has bounced off support.

Boss: The bears made an powerful move down. The last 3 candles looks to me like a continuation pattern which proves the bear power.

But only down to psycho 1.2 in the short term

Worker: Here I see a SS at R 1.2370 which closed under the supply DSRI.

All three TS seems to be bearish oriented. Since AUDUSD seems to be in a range for a long time now, my plan is to place a sell stop order under the SS low and have a target around 1.2.

The 1.2 target “may” be a bit ambitious as it will first have to deal with support at 1.2120.

The thing against this trade is that whatever caused the sell off in AUD seems to have now been priced into the market and seems ready to recover some of its losses.
15 YEARS OF PASR ON FOREX FACTORY!
  • #12,457
  • May 26, 2010 5:54pm May 26, 2010 5:54pm
Quoting strat
Halfway to quadruple pips profit! Make sure you have some profit locked away in the Bank.

Beautiful, Patrick, beautiful!
Thanks Strat, yes I always make sure the little man happy in trading as well as in life
  • #12,458
  • May 26, 2010 5:59pm May 26, 2010 5:59pm
Quoting strat
I would have thought your Chinese friend would have already looked into his crystal ball and told you what to do!
Taking an honest stab at answering your question from reading your forum, dont worry about it.
  • #12,459
  • May 26, 2010 6:47pm May 26, 2010 6:47pm
Making Money in Forex:

Most people that post will actually say "you can't expect to get rich overnight"...but that isn't what they're thinking.

Because of the margin available to forex traders, it's very difficult to not entertain the thought of getting rich overnight. You've thought it, I've thought it, anyone who's done this has thought it. If they haven't, they're lying.

Are there traders with less than 6 months experience that have managed to do it? Yes. Is that the rule rather than the exception? No.

The simple fact is that the bell curve of knowledge is no different in trading than it is with anything else. For those traders that are actually successful (the 5%), 95% of that 5% have studied and practiced long and hard. There always are and always will be those few that it 'just clicks' for and they will make money hand over fist very early on. Most likely that isn't you...is sure isn't me.

I've said it before and i'll say it again, I'm probably one of the slower learners on this forum. I've been formally studying trading since May of 2009. I didn't find this thread until September of 2009. So from last May until now has been 1 year. I am just now to the place where I can hold my own (and even make a little bit).

This is like going to college for any trade skill. It takes studying, time and effort. Something new sinks in every day. If a week goes by that I don't learn something, I have to go back and look at things to see where I missed something.

If you risk 3% of your account and make 5% then that's certainly acceptable RR and translates into an 80% return on your account annually. That means you can turn $1000 into about $350,000 in 10 years or $10,000 into $3.5 million. I'll take that return any day and is certainly a reasonable expectation.

I believe I deserve to eat the dog on my plate (thanks Dave and Strat). I've worked hard to learn what I know and to avoid benefiting from it would be an insult to those who've taught me. Now, where's my knife and fork...
  • #12,460
  • May 26, 2010 7:08pm May 26, 2010 7:08pm
Quoting strat
NZDUSD


Action:
No trade. Wait for the Boss to align itself with Big Boss and Worker.

NO! Wait for the Worker to align itself with the Boss which in turn is aligning itself with the Big Boss.
Hi Strat,
Isn't the Boss already aligned with the Big Boss as it is trending down since beginning of May? Is it necessary for the 20 to be below 50 before we say the trend is down?

Confused.
9 traders viewing now