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  • #13,121
  • Jul 21, 2010 2:47am Jul 21, 2010 2:47am
Quoting strat
Gee, how many threads are you going to go on asking for information?

Plus anyone requesting crap like this is NOT suitable for this thread:...
I am sorry sir Strat....
i am not that kind of person anymore, after i blown my another real acc on searching an EA that could meke me rich in a month, finnaly i realize that forex is not a quick rich scheme, and want to learn the right way of trading.
that's why i come to your thread, J16, and Jacko. i want to learn how to trade forex in the right way. it's OK if you are not welcoming me, but just give me permission to read on your thread.

Regard

Tinorio
Helping Others bring u luck
  • #13,122
  • Jul 21, 2010 2:55am Jul 21, 2010 2:55am
Quoting strat
Here is a nice test for students on The Path:
Big Boss: So far there has not been a close above the May bar

Boss: Has not made a HH, but trend is up but will only be confirmed if there is a HH. This is trapped between the 20ema and 50sma. The 20ema is acting as support and the 50sma as resistance.

Worker: The 20ema is above the 50sma which shows the trend to be up and currently the 20ema is acting as support.

Conclusion: The buyers have the upper hand but the sellers are waiting for battle at the major resistance around 1.545. The buyers have tried three times to break this level and will try again. Time to wait and see who will win the battle of 1.545, if history is to repeat itself then the sellers will be driven back to where they feel comfortable at around 1.494 where they can defend and take a rest for maybe their next assalt. Time to be patient and someone to reveal their hand.

This is a great test to see where I am on the path, the first step I hope.
  • #13,123
  • Jul 21, 2010 2:56am Jul 21, 2010 2:56am
Quoting tinorio
I am sorry sir Strat....
i am not that kind of person anymore, after i blown my another real acc on searching an EA that could meke me rich in a month, finnaly i realize that forex is not a quick rich scheme, and want to learn the right way of trading.
that's why i come to your thread, J16, and Jacko. i want to learn how to trade forex in the right way. it's OK if you are not welcoming me, but just give me permission to read on your thread.

Regard

Tinorio
i am not that kind of person anymore, after i blown my another real acc on searching an EA that could meke me rich in a month, finnaly i realize that forex is not a quick rich scheme, and want to learn the right way of trading.
that's why i come to your thread, J16, and Jacko. i want to learn how to trade forex in the right way.

Owning up to your past sins deserves a second chance.

Read and study the 3 threads you mentioned above and then DECIDE which one you want to trade with.

To be successful and profitable at trading you MUST specialise and MASTER one method - trying to trade several methods at the same time will just blow another real money account for you.

Take your time - trading is not a race - the markets will always be here. Treat trading and learning trading as a race and it is a race you will never win, only lose, time after time after time after time........................
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,124
  • Jul 21, 2010 2:57am Jul 21, 2010 2:57am
Quoting strat
Here is a nice test for students on The Path:

Boss already rejected by R for the third time and now rejected by 50

Worker hammer at trend support (Strat Shadow) and 61.8% retrace

What is your next move?
Immediate BOSS Trend is bullish, price is above BOSS 20. Worker Trend is bullish, price above Worker 20. Hammer bounced off SR at 1.52 and EMA 20.

Plan is, will take put an order above the candle for a LONG with TP1 at ATR1 at 1.5465 (which is also near current weekly high). If TP1 is reached the remaining will be moved to BE and trailed.
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #13,125
  • Edited 5:16am Jul 21, 2010 5:09am | Edited 5:16am
A long above the hammer, would be trading into major resistance with terrible R/R.
This would not be a safe, low risk, stress free trade.

I would do nothing until I see the following:

If price breaks Major R with strong bullish action and re-tests it, I would consider a long with right PA.

Bearish PA from the Bosses would be the only way I would consider
a short on the Worker.
  • #13,126
  • Edited 6:46am Jul 21, 2010 6:41am | Edited 6:46am

  1. As a learner on the path I will not short this pair at all as the pair is in uptrend.
  2. As a learner on the path I will buy with price action above next resistance.
  3. As an experienced trader(which I am not) , one will buy above the hammer as it has been supported by 61.8 and 20. stop below hammer buy order above hammers and exit 20pips before next resistance.

  • #13,127
  • Jul 21, 2010 7:25am Jul 21, 2010 7:25am
Quoting strat
Here is a nice test for students on The Path:

Boss already rejected by R for the third time and now rejected by 50

Worker hammer at trend support (Strat Shadow) and 61.8% retrace

What is your next move?
Latest boss info shows a largish bullish candle with shadows on top and bottom. The last few months PA has taken out the previous swing low and has tested the top of the swing high. This remains the controlling candle until broken and it looks like we might be in for an IB this week as this sometimes happens after a large candle. We also have the friendly weekly DSRI line to smash through and R at 1.5500 followed by major R at 1.5700.

Worker is showing HHs and HLs with the latest candle (Strat's candle) being almost a BUEB on my data but it doesn’t seem to have as much conviction as the previous buy spikes from last and previous weeks. Are the buyers gathering troops for a bigger assault on R at 1.5500? The PA finds support off the 20, DSRI, and daily swing R turned S which also provided S and R in the past.

All in all I might be expecting ranging activity until 1.5500 is breached as if you look to the left we might be forming a messy Head and Shoulders which may mean a re test, double top then a visit down to 1.4950ish, build a base then pack the bags for a trip up north.

I would like to see what price does at 1.5500 before getting my wallet out but I’m still timid as a trader. The R/R isn’t really there and I’m not fat and happy to do a go for it trade. So I’ll sit and wait.

Thanks for this test Strat. I always learn so much by seeing everyone’s differing views. Hope you post the answer soon. Cheers.

John
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Finally out of the shadows.
  • #13,128
  • Jul 21, 2010 10:08am Jul 21, 2010 10:08am
Quoting strat
Here is a nice test for students on The Path:

Boss already rejected by R for the third time and now rejected by 50

Worker hammer at trend support (Strat Shadow) and 61.8% retrace

What is your next move?

There is a very strong R at 1.5458, and the up trend in Worker is also strong.

so , I think if today's candle close below 1.5200, we can try to short (at position marks A)
If the candle clost above 1.5200, maybe we should waiting the price to reject from 1.5458, then do a short(at position mark B)

-----
sorry for my pool english, I can't input my whole analysis.
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Try to understand English Try to understand Forex
  • #13,129
  • Jul 21, 2010 10:09am Jul 21, 2010 10:09am
An additional way to look at this pair in light of recent posts.
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  • #13,130
  • Jul 21, 2010 10:18am Jul 21, 2010 10:18am
Quoting strat
An attempt at some analysis of CADJPY.....

Big Boss - still in up trend yet looking weaker...
Strat, Many thanks for your encouraging response.
I'm keeping plugging away, reading both ends of the thread (whole thing 2nd time around) and sticking in a post where I can find the time.
As for the account - I'm in for the long haul. I see having the ability to trade as my retirement pension plan (and the way things are in the UK, my only chance at having any pension at all !!! ). And I'm lucky enough get the hang of trading any sooner then I'll be able to spend more time with the kids!!!.
Patience patience patience is what I am learning.
If you can wait and not be tired by waiting...
  • #13,131
  • Jul 21, 2010 10:23am Jul 21, 2010 10:23am
Quoting gaf
Hey Glyder,
Great to hear that you were successful! I agree that it is extremely tough to not run with the cash as soon as its in hand. Especially if you have been unsuccessful in the past. I have absolutely no problem taking a loss or having a stop loss hit but I have an incredibly hard time waiting through a retrace.........
Gaf,
thanks, waiting for a trade to progress through a consolidation rather than just take the profits of the table is a tough thing. I think I need to formulate some rules for it - taking partial profits and/or moving stops is what it amounts to I suppose,
TBH as I have often been used to seeing losses on trades, seeing a profit and taking it just seems too good an opportunity to miss sometimes.
If you can wait and not be tired by waiting...
  • #13,132
  • Jul 21, 2010 1:42pm Jul 21, 2010 1:42pm
Quoting strat
Here is a nice test for students on The Path:

Boss already rejected by R for the third time and now rejected by 50

Worker hammer at trend support (Strat Shadow) and 61.8% retrace

What is your next move?

hello Strat,
here's what I see on these charts:
1) Boss is still in down trend (succession of LHs and LLs ; no HH made so far). The daily price action can only be considered as a retracement in the down trend.
2) Prices capped by 2 major resistances (the first one being the big boss / boss trendline capping the prices since July 2008, the second one being the horizontal line at 1.55)
3) What you call "hammer" is NOT a perfect hammer ; moreover in order to consider it it should be at the end of a clear down trend, which it is not

Conclusion: I would not consider to go long until the pair has not made a HH/HL on a weekly basis. I would look for a short if the daily support is broken, based on a clear price action (selling the resistance).

Hope I'm on the good way...

Cheers,
P.
  • #13,133
  • Jul 21, 2010 2:52pm Jul 21, 2010 2:52pm
Quoting strat
Here is a nice test for students on The Path:

Boss already rejected by R for the third time and now rejected by 50

Worker hammer at trend support (Strat Shadow) and 61.8% retrace

What is your next move?
I would wait for Swing low confirmation, then watch for PA - Long
BOss20 & Worker 20 are support.
But paitience is key, Possibly I will look for a more attractive trade.
  • #13,134
  • Edited 2:56pm Jul 21, 2010 2:54pm | Edited 2:56pm
http://www.forexfactory.com/showpost...ostcount=13128
Activer with MACD on your Chart Strat will never adopt you as a student.
Go to page one and start
there then he might.
  • #13,135
  • Jul 21, 2010 4:49pm Jul 21, 2010 4:49pm
Good evening!Last week,as I said, I entered long on this pair above the hammer1.Montly under the hammer influence,Weekly buob,Daily retreces and finds S at 20,putting hammer2.Today moved my SL of initial position under hammer2 and another order above today's hammer.Thanks.
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My humble opinion.
  • #13,136
  • Jul 21, 2010 5:08pm Jul 21, 2010 5:08pm
Quoting strat
Here is a nice test for students on The Path:

Boss already rejected by R for the third time and now rejected by 50

Worker hammer at trend support (Strat Shadow) and 61.8% retrace

What is your next move?
The Big Boss Bear Candles still in control. The worker recovery from the low choppy and slow. Hardly in conviction of sustained north move. Personally I am short on demo to 50 sma / horizontal 3/26 support and pivot on the worker . I feel the magnet pulling me back. Looking for more of a range at this point than a sustained trend.
  • #13,137
  • Jul 21, 2010 5:40pm Jul 21, 2010 5:40pm
I like both of them but will go for one along with EURCAD which has hammer off 20 & support
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  • #13,138
  • Jul 21, 2010 6:32pm Jul 21, 2010 6:32pm
Is a coil forming on the USDCAD worker?
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"Make everything as simple as possible, but not simpler" Albert Einstein
  • #13,139
  • Jul 21, 2010 7:09pm Jul 21, 2010 7:09pm
USDJPY analysis
Big Boss:
* From previous Swing Low, price has made a new LL not yet confirmed as a Swing Low.
* May bar tested and rejected 20 SMA.
CONCLUSION: downtrend resumed after rally.

Boss:
* Price has made a new Low, not yet confirmed as a Swing Low.
* MAs diverging, pointing to increased downside momentum.
* Last completed bar, week starting 11 July, BEOB
CONCLUSION: Downtrend gathering strength

Worker:
* Root TL now acting as R. 20 July bar tested and rejected Root TL
* MAs diverging pointing to increased downside momentum
CONCLUSION: Appropriate PA with strong close below SR Line at 86.22 will be positive for a SHORT ATM trade with 110 pip potential to next SR level.

One for the watch list.
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"Make everything as simple as possible, but not simpler" Albert Einstein
  • #13,140
  • Jul 21, 2010 10:06pm Jul 21, 2010 10:06pm
Quoting strat
Here is a nice test for students on The Path:

Boss already rejected by R for the third time and now rejected by 50

Worker hammer at trend support (Strat Shadow) and 61.8% retrace

What is your next move?
GBPUSD TEST

A mixed bag of answers from students of The Path.

These answers show the different amount of risk and stress we are prepared to take in our trading.

Those who wanted to enter above the hammer should question their CONTROL of the Little People as I suspect both FEAR and GREED were driving them. FEAR because they didn’t want to miss out on a move and GREED because they wanted to jump in at the earliest opportunity to make some money.

Those students obviously FORGOT or IGNORED our # 1 Rule.

Secondly, they did not think like Professional Traders. You may say you are not Professional Traders but, you MUST think like Professional Traders if you ever are to become one.

Just to repeat:

PROFESSIONALS LOOK FOR A REASON NOT TO TRADE

AMATEURS MANAGE MONEY BY TAKING RISK
PROFESSIONALS MANAGE RISK BY TAKING MONEY

AMATEURS ALWAYS ANALYSE CHARTS WITH “WHAT IF” SCENARIOS
PROFESSIONALS ONLY ANALYSE CHARTS WITH “NOW” OPPORTUNITIES

Those who said to wait for further PA are definitely one step forward on The Path and probably still have their account intact.

To me, this was very interesting as it brings up many situations we are faced with in our trading.

Probably the most intriguing for everyone, me included, is the conflict of the Boss resistance and Worker trend support.

The Worker trend support causes those with itchy trigger fingers and noisy Little People to enter a trade.

The Boss resistance puts out a red flag for those of us with patience and discipline.

Let’s look at the situation again.

Boss:
At R which has twice rejected PRICE at this level. Week ending July 16 was a rejection of the buyers at that PRICE but the sellers did not jump in to drive PRICE back down – this provides us with very important information. The current bar, although the week is not yet finished, is an IB – more information for us.

Worker:
Fully supporting and under the Boss’s instructions with a HH – HL trend. We had a very positive test of the trend on July 12 and 13.

The situation is that we have the Worker again testing the trend but this time with the Boss at confluence of R and the 50 with heavy R overhead.

So who will win out and where do we go from here?

I don’t know, I have a good idea but I don’t trade ideas – only safe, low risk opportunities.

What to do?

First thing, remember Rule # 1

Second thing, do not guess direction (guessing is the losers #1 method).

Third thing, exercise PATIENCE & DISCIPLINE and wait for further PASR. We may lose a few pips in profit but losing profit pips is far better than losing account pips.

What do I think?

My system put me long on May 19 so I now have multiple positions and can afford to take more risk. (As I stated before my vacation, I will hold my system trades but not trade manually), I took partial profits on July 16 and today and will exit all positions IF the trend fails to hold. I entered a buy order above the Boss bar with a TP at resistance but it did not trigger.

I honestly don't know where she goes next. In theory, the Boss should win out because she is the ‘’Boss’’ and more so because she failed to put in, or attempt, a HH, but it is also possible for the Worker to put in a deep retrace to the 50 which is also in confluence with Worker support. If there is PA there, I will load up again for another challenge of where we are now.

More important than all this is WAITING.

Hope this helps
15 YEARS OF PASR ON FOREX FACTORY!
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