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  • #13,241
  • Jul 28, 2010 1:26am Jul 28, 2010 1:26am
Quoting Pitch30
Hi again, I can not resist to the pleasure to share with you the magic of the PA that appeared to me on the EURUSD chart hereafter: look at the MA20 and how the prices reacted each time they approached that MA.

You were for sure already familiar with this, but, on my side, it is the first time that it appears so clearly.

Beautiful, isn't it?

By the way, I also quoted the swings I saw on the worker (I know that it is always easier on a chart with data from the past than in real time; Notice: I manually put "signals" on my chart in order to...

This time thought we have a strong resistance at 1.3000 and BOSS's 20 , better wait and see how price is going to battle it before rushing into any buys. Boss was running up without any retracement lately, buying here could catch you on the move down.

And if we look for more reasons not to trade we can pull out fibs, draw it from 1.3800 to 1.1870 and we would see that we're almost at 61.8 .
  • #13,242
  • Jul 28, 2010 1:59am Jul 28, 2010 1:59am
Hello Rubens,

Thank you for your comments, indeed 88 is a powerful R and if price closes above it then the bullish sentiment gets much stronger imo.

Yesterday candle closed very bullish, right near 88. Since it wasn't rejected it invalidated my view and now chances to break above 88 are stronger. I am waiting to see how the week and month closes, if it closes above 88 we'll be left with a monthly hammer.

As for trading up and down between sweet spots, am I not doing it since to me it is high risk, I am either bullish or bearish for a longer time period and I'd rather wait for retracements and trade in the same direction until my longer term sentiment changes.

Cheers,
-soso

Quoting Rubens PP
Dear Soso,

Thank you for this pair analysis, everything is undoubtedly so well explained.

A couple of remarks if you would care to discuss.

Price on Worker on my view is in a downslope Wedge, hit major R @ 88.0.
To my knoledge this formation usually calls for higher prices.

What you showed on your BOSS chart, i think is a Harami pattern and again calls for higher prices.

Big Boss, since the end of month nears, could be on its' way on forming a Hammer-doji like bar and we all know what that means on Big Boss.

All the above...
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #13,243
  • Jul 28, 2010 2:25am Jul 28, 2010 2:25am
Quoting PistolDave
I agree with that analysis. The market is showing strong signs now of becoming bullish. The aggressive entry would be a breakout above yesterday's big bull candle. Safer would be to wait for a pullback to the support around 113ish.
Hi Pistol,
thanks for your feed back.
I'm now waiting for the pullback for a safe entry. Then wait and see...
  • #13,244
  • Jul 28, 2010 2:27am Jul 28, 2010 2:27am
Quoting kaunasny
This time thought we have a strong resistance at 1.3000 and BOSS's 20 , better wait and see how price is going to battle it before rushing into any buys. Boss was running up without any retracement lately, buying here could catch you on the move down.

And if we look for more reasons not to trade we can pull out fibs, draw it from 1.3800 to 1.1870 and we would see that we're almost at 61.8 .
I fully agree with you: a safer entry will be at the next pullback.
  • #13,245
  • Jul 28, 2010 4:14am Jul 28, 2010 4:14am
Quoting Pitch30
I fully agree with you: a safer entry will be at the next pullback.
Hello,

I wanted to get the message through that at this time I would consider long positions only after strong weekly close above 1.3000 and possible bullish PA after comeback down to around 1.3000 area where at that time it would be strong support.

I would even consider short positions with strong worker PA as I believe we could easily hit 1.2600 . Since we're at resistance too strong to be broken at this time.
  • #13,246
  • Jul 28, 2010 6:22am Jul 28, 2010 6:22am
Quoting Pitch30
Hi again, I can not resist to the pleasure to share with you the magic of the PA that appeared to me on the EURUSD chart hereafter: look at the MA20 and how the prices reacted each time they approached that MA.

You were for sure already familiar with this, but, on my side, it is the first time that it appears so clearly.

Beautiful, isn't it?

By the way, I also quoted the swings I saw on the worker (I know that it is always easier on a chart with data from the past than in real time; Notice: I manually put "signals" on my chart in order to...
Are you SURE you have READ the thread?

Are you SURE you UNDERSTOOD what you read?

This and MORE is ALL explained in the thread.
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,247
  • Jul 28, 2010 6:38am Jul 28, 2010 6:38am
Quoting glyder
Update on the CADJPY daily - has hit the upper trend line.
We seem to have a triangle formation with the trendline down to the 81.50 support.
I'm not sure yesterdays candle off the trendline merits a trade at this stage although if yesterday's low is broken then a short term trade down to the support may be in order.
In the bigger picture this pair seems to be winding up for a breakout one way or another.
FIRST - Learn how to draw TLs

SECOND - Understand the instructions from the Boss to the Worker

THIRD - Look at the Boss and learn how to recognise a crap pair (forex that is, although I'm also good at recognising other pairs).
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,248
  • Jul 28, 2010 6:40am Jul 28, 2010 6:40am
Quoting strat
FIRST - Learn how to draw TLs

SECOND - Understand the instructions from the Boss to the Worker

THIRD - Look at the Boss and learn how to recognise a crap pair (forex that is, although I'm also good at recognising other pairs).
Got caught out thinking of other pairs and forgot to post your marked up chart
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpydaily.1.gif Size: 25 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,249
  • Jul 28, 2010 6:47am Jul 28, 2010 6:47am
Quoting strat
Are you SURE you have READ the thread?

Are you SURE you UNDERSTOOD what you read?

This and MORE is ALL explained in the thread.
hello strat,
in fact, as I quoted, I'm still learning, and have not been able to read the full thread until now...Still in progress. That's the reason why I clearly quoted on the charts I posted that I'm still a student.
However, some pieces of the puzzle appear more clearly to me (yesterday, I read again your post about Dr.Joe thoughts which really lighted my bulb).

Now, I'm a bit confused with your last post: did I miss something so obvious I shouldn't have? Is it in relation to the BOSS on these pairs,which is still in downtrend, making a buy at S based on the worker too risky?

Thanks again for your help.
I continue my readings.

P.
  • #13,250
  • Jul 28, 2010 6:47am Jul 28, 2010 6:47am
Quoting MoneyMaker
paper trade. Seem to be stuck in a 5-600 pip range. Risk is roughly 150 pips, but still only 1/2-1%. Sell is placed 10 pips below the low of the SS on my chart, looking for a target of 75-75.20ish. Looking back at the SS on 6-21 being firmly rejected by the 50 and 20, it fell over 600 pips before rebounding. Boss 50 is starting to turn down from flat. Plan will be to let it ride to target unless it starts to wobble at the 20 and 50 roughly 80 pips south, I'll take half off there and move my stop to BE and then let the rest run.

All comments and...
It's good to see my charts S&R levels respected to a degree.

Which of the other 359 isn't it respecting?

Still waiting for your answer Chucky Cheese or maybe John Cleese?
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,251
  • Jul 28, 2010 7:00am Jul 28, 2010 7:00am
Quoting 4xAddict
Hi Strat/Everyone,

I am not a regular contributor to your thread but have read it and know there are a number of very experienced traders here.

As a service to new traders I am trying to develop a list of the best forex / trading books that are out there.

If you have some time would you mind visiting my discussion thread at the link below and

a)Adding your favourite book with a brief summary
b)Comment/second any suggestions you agree with already in the thread
c)Comment concisely and objectively on any that you do not agree with.

Apologies...
No apologies necessary IF it is for the good of new, would be traders.

From a personal point of view I don't recommend any books, not even TITZ, as their sole purpose is to generate income for the author NOT help the trader. A typical example of this is Van Tharp who is the world's best theoretical and hypothetical trader and a legend in his own mind, yet he can't trade his way out of a paper bag!

Having said that, I urge students on The Path of Learning to tell you what books have helped them.
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,252
  • Jul 28, 2010 7:08am Jul 28, 2010 7:08am
Quoting strat
Having said that, I urge students on The Path of Learning to tell you what books have helped them.
There are no books/courses/services that will help you in trading. There is everything you need to know on this thread, it's free and in my opinion worth every second of ones time to read through it.
  • #13,253
  • Jul 28, 2010 7:17am Jul 28, 2010 7:17am
Quoting strat
Having said that, I urge students on The Path of Learning to tell you what books have helped them.
I personally have the most trouble with psychology, so "Trading in the Zone" by Mark Douglas helped me. I also highly recommend "Enhancing Trader Performance" and "The Daily Trading Coach" both by Brett Steenbarger.
  • #13,254
  • Jul 28, 2010 7:52am Jul 28, 2010 7:52am
If someone wants to SHARE his ideas,strategys,way of thinking,etc,why does he need to wright a book?He could SHARE all to a public forum!
Personally,I belive that there are no books in order to learn you how to become a good trader.There are emotions(because we are human beings,not tools)as:angry,happyness,desapoiment,that we learn to manage ONLY passing tghrow.All depends by us.Thanks.
My humble opinion.
  • #13,255
  • Jul 28, 2010 7:53am Jul 28, 2010 7:53am
Hello Strat and gang. I have a clarification issue regarding trend change and Dr. Joe. If I’m off base maybe the thread can benefit from the correction of my crooked thinking.

I think I’ve gotten a handle on the “stops going down/up part” which to me indicates a higher low or lower high in a down/up trend respectively. However I have a question about the “starts going up part”.

When we are in a possible turning point (use the recent GBP/USD as an example) we watch for a new series of higher highs and higher lows (in a down trend). It is my current understanding that we want to see a close above the close of the second last meaningful swing low (May 7) which happens convincingly on the 23 of June. Then we look for a higher low to be above the close of the second last meaningful swing low which for me happens convincingly on July 1st.

If I’ve gotten it correct, I am wondering in the case of long tails (say a previous hammer at a swing low) is it acceptable to have the HH above the close but the HL within the wick or do we wait for the next HL to close above the tail to confirm a possible trend change.

Hoping that my question is worded clear and that I got my swings right on the chart. Feel free to critique as being "food for the jungle" is costly. Thanks for the help. Cheers.

John
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusddailyjuly28.gif Size: 17 KB
Finally out of the shadows.
  • #13,256
  • Jul 28, 2010 7:55am Jul 28, 2010 7:55am
Quoting strat
[url="http://sites.google.com/site/stratsstressfreetrading/"]INDEX TO THIS THREAD...
Interesting post to read - thanks to everyone who writes useful stuff in interesting way like this, to help others...
  • #13,257
  • Jul 28, 2010 8:11am Jul 28, 2010 8:11am
Having said that, I urge students on The Path of Learning to tell you what books have helped them.

I've read most of the popular books, but my choices are:

1. Beyond Candlesticks- Steve Nison. A comprehensive study.
2. Marber on Markets- Brian Marber. Written by a guy with over 40 yrs experience of TA, it goes step by step through the basics rice, SR, TL's, trends,patterns,candlesticks etc. I've read Pring, in my opinion this is far better.
3.Mastering Foreign Exchange and Currency Options-Francesca Taylor.
This is good for new traders, as it gives you a history of fx, the gold standard, bretton woods etc. It explains the mechanics of spot and swaps, and if you want to broaden your knowledge about options, this is excellent. Starts from the basics, and takes you to an indepth study of the greeks.
It was written earlyto mid 90's so some of the stuff on brokers is slightly out of date, but has some good chapters written by some of the big traders in london at the time, explaining what they do on a daily basis.
also has a good bit on hedging. It's great for building up a better overall understanding of the market and it's structure.
  • #13,258
  • Jul 28, 2010 8:26am Jul 28, 2010 8:26am
Quoting strat
It's good to see my charts S&R levels respected to a degree.

Which of the other 359 isn't it respecting?

Still waiting for your answer Chucky Cheese or maybe John Cleese?

There is no answer for it, forex doesn't do circles, just half moons......oh no not more astro crap!! Seriously tho, just euphamistically speaking, it's good to see that I'm recognizing S&R levels. Before it was daunting because I'd have so damn many lines drawn. The way Blackeagle explained how to seems so logical and apparent but so easily overlooked.

If that doesn't explain it, then ask your question again.


chucky cheese.... as if I never heard that one growing up, I've always been partial to chucky from Child's Play.
  • #13,259
  • Edited 8:40am Jul 28, 2010 8:37am | Edited 8:40am
Quoting gaf

If I’ve gotten it correct, I am wondering in the case of long tails (say a previous hammer at a swing low) is it acceptable to have the HH above the close but the HL within the wick or do we wait for the next HL to close above the tail to confirm a possible trend change.



John
Hi John,
I will try to answer this before Strat so that I will know if I have understood it correctly. In any case we will be wiser!

There is a conversation between Strat and Blackeagle on this issue in the early part of the thread. If I understood correctly:

A change from a downtrend to an uptrend is confirmed when we have a HL followed by a HH and then the HH is exceeded by the subsequent high. So we need the bottom (Low) followed by a high, then a HL and a HH. A second HL. If the next high is higher than the HH, we have a new uptrend.

Cheers,
Rajesh
  • #13,260
  • Jul 28, 2010 8:55am Jul 28, 2010 8:55am
Quoting davidleekiev
Interesting post to read - thanks to everyone who writes useful stuff in interesting way like this, to help others...
davidleekiev http://cdn.forexfactory.com/images/s...ser_online.gif
Member
Member Since Mar 2010
19 Posts

http://cdn.forexfactory.com/images/icons/icon1.gif What is the key to sucessful FOREX trading?
What are the golden rules for the beginner? What is most important? (Discipline, minimizing risk, analysis etc?)

Read the thread but MORE IMPORTANT, learn who YOU are! Trading is 95% psychology and 5% technical. Technical is the easy bit, the REAL easy bit. Learn who YOUR little people are and LEARN how to CONTROL your little people. Forget entries, exits and technical analysis - FOCUS on the GREEDY and FEARFUL little people! Take care of them and THEY will take care of you!.
15 YEARS OF PASR ON FOREX FACTORY!
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