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  • #13,281
  • Jul 29, 2010 2:02pm Jul 29, 2010 2:02pm
[quote=Pitch30;3909284]

Hi Pitch 30,
Sorry to interfere in the post meant to be replied by Strat. But this is what I think:

1) Of what I've read and understood so far, it is clear that when the BOSS is down (current examples in the majors: EURUSD, USDJPY)

Is EURUSD Boss in downtrend?

A few posts ago however, you advised us to have a look at the latest trade of Patrick25 (long GBPCHF after the hammer at support). Do you think that this kind of trade is only for experienced traders, as it is countertrend, or this is part of the method and this is something we have to consider in order to initiate a trade when we see it?

It wasn't a countertrend, infact if you pull up your Boss chart you will see it is in sideways and the range is 1000 pips between 158 and 168. So perfectly ok to trade.

2) as I wrote here above, we have to look at price action at support/resistance in order to initiate a trade. By S/R, we mean primarily the "static S/R (horizontal lines going through levels where the price closed several times in the past), but also trendlines, fib retrace levels, trendlines or MAs. The confluence of several of these "lines"
But when I add all these things on my charts, it gives this (dotted lines = daily SR, plain lines = weekly SR):

SR means static SR only AND the rest are just tools, being a beginer on the path just follow PRICE ACTION at SUPPORT RESISTANCE. Those tools help you better in your decision but PASR will be enough to get you going.

No need for putting on daily SR, just monthly and weekly otherwise you won't be able to trade.

It is not what we can call "naked trading". Is it normal that we use all these things as part of the method, or doing so, am I overcomplicating things?

Yes, you are overcomplicating things. Strat doesn't do naked trading who are we. Forget those in the begining of the path who were doing naked trading.

Some experience traders no matter loser or winners they read this thread once and understand it very easily. Some of them are very new to trading and those who are new to trading they will have to read and read again and again and again and again then you will know what trading and this thread is all about.

Hope you and Strat will not mind me replying to your post
  • #13,282
  • Jul 29, 2010 3:03pm Jul 29, 2010 3:03pm
Hi Simpleman,
thanks so much for your quick reply!
As far as EURUSD boss is concerned, here's what I see, and why I write that the trend is down:

- BOSS 50 > BOSS 20
- No bullish bias change made so far on the Boss (or I can't see it?), then, I consider that from June until now, we've seen a retrace in the down trend

Moreover, in order to ensure about the trend, on a monthly basis, as per the chart attached, I see that the big boss is down since end 2008 ( BB50>BB20 and is making LH/LL swings).
Is it not the good way to consider trends?

If this is not correct, I've got a serious problem: it means that I'm not even able to see the trend...

Thank you very much for the other points you raised; it is really helpful.
I keep on reading.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD Monthly.png Size: 17 KB
  • #13,283
  • Jul 29, 2010 3:37pm Jul 29, 2010 3:37pm
Quoting Pitch30
Hi Simpleman,
thanks so much for your quick reply!
As far as EURUSD boss is concerned, here's what I see, and why I write that the trend is down:

- BOSS 50 > BOSS 20
- No bullish bias change made so far on the Boss (or I can't see it?), then, I consider that from June until now, we've seen a retrace in the down trend

Moreover, in order to ensure about the trend, on a monthly basis, as per the chart attached, I see that the big boss is down since end 2008 ( BB50>BB20 and is making LH/LL swings).
Is it not the good way to consider trends?

If...
Yes my friend you have got serious problem. There is no BB20 & BB50. there is Worker 20 Worker 50 and then B20 & B50.

In your first post you were saying boss is down and the chart you have attached is monthly, that is why you are confused. In a monthly bar you have atleast 20 worker bars and 4 weekly bars so you can not see immediate trend. And if you go to the Boss chart you will see last 9 weeks bars are up. On worker chart, where we do our trade from, is showing price is above 20 & 50 days. And if it keep going up then weekly averages will soon be taken over.

Big boss is down it is correct but........

What more do you want to know the immediate trend is up?
  • #13,284
  • Jul 29, 2010 3:55pm Jul 29, 2010 3:55pm
OK Simpleman, I note it down: one should have a look at the immediate trend on the boss in order to be able to make a decision on the worker.

I can see that the immediate trend on the boss is up.

Thank you
Pierre
  • #13,285
  • Jul 29, 2010 7:25pm Jul 29, 2010 7:25pm
Quoting strat
You spoil these lucky people!
Although I spoil them rarely, some hard working students of yours really deserve it.
  • #13,286
  • Jul 29, 2010 7:35pm Jul 29, 2010 7:35pm
Quoting hcristea
Hi Blackeagle,

why that DSRI is still valid? I thought it was the demand DSRI until the 1st week of May broke through and closed way under it. What kind of DSRI is it?
It was a major DSRI and there were a lot of sellers behind that DSRI before it was broken on May 1st, that was the reason we saw such a huge bearish bar (sellers became confident that they had the full control). It is still valid because of support becomes resistance theory. Unless it is violated several times without price respecting it, I am keeping it on my chart (switch to line chart and connect the lows). Hope this helps.

Regards,
  • #13,287
  • Jul 29, 2010 8:12pm Jul 29, 2010 8:12pm
Quoting Pitch30
OK Simpleman, I note it down: one should have a look at the immediate trend on the boss in order to be able to make a decision on the worker.

I can see that the immediate trend on the boss is up.

Thank you
Pierre
Hi Pierre!

Looking at the big picture might make it easier to understand.
It seems to help me with identifying trends.
I've attached a Big Boss chart as an example.

The DOMINANT trend can be seen easily on the Big Boss
The INTERMEDIATE trend can be seen easily on the Boss
The IMMEDIATE trend can be seen easily on the Worker

The IMMEDIATE trend is what we want to trade.

Maybe this might help a little.

Tom
Attached Image (click to enlarge)
Click to Enlarge Name: gub.gif Size: 24 KB
  • #13,288
  • Jul 29, 2010 8:27pm Jul 29, 2010 8:27pm
Quoting hcristea
Hi Blackeagle,

why that DSRI is still valid? I thought it was the demand DSRI until the 1st week of May broke through and closed way under it. What kind of DSRI is it?
It is the ROOT DSRI which accurately defines traders' and market sentiment.

There is no close below it.
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,289
  • Jul 29, 2010 9:58pm Jul 29, 2010 9:58pm
Quoting Pitch30
Hello Strat,
thank you for this "kick in the ass"

I must admit that I thought I had understood but it was not the case: in my last posts, I did only concentrate on
- daily HL, HH... forgotting the basics: the boss give the instructions
- candlestick entry points (or what I assumed to be, but they were some mistakes in, as I remarked later), although the method is to watch price action at SR levels...
- the beauty of MA20 acting as a support/resistance (the single fact I really noticed that recently showing that I had not fully read and...
You have been given good answers to your questions so no need for me to repeat.

My observation is that you are trying to walk before you can crawl, so slow down, take your time and start at the beginning of The Path again but this time, make sure you understand EACH post. Do not go to the next post until you UNDERSTAND the post you are on. Since you have demonstrated a willingness to learn and a commitment to the method, feel free to ask questions on anything you don't UNDERSTAND.

a bientot
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,290
  • Jul 29, 2010 10:00pm Jul 29, 2010 10:00pm
[quote=simpleman;3909356]
Quoting Pitch30

Hi Pitch 30,
Sorry to interfere in the post meant to be replied by Strat. But this is what I think:

1) Of what I've read and understood so far, it is clear that when the BOSS is down (current examples in the majors: EURUSD, USDJPY)

Is EURUSD Boss in downtrend?

A few posts ago however, you advised us to have a look at the latest trade of Patrick25 (long GBPCHF after the hammer at support). Do you think that this kind of trade is only for experienced traders,...
I don't mind at all and encourage it. Thank you.
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,291
  • Jul 29, 2010 10:03pm Jul 29, 2010 10:03pm
Quoting GibsonL6
Hi Pierre!

Looking at the big picture might make it easier to understand.
It seems to help me with identifying trends.
I've attached a Big Boss chart as an example.

The DOMINANT trend can be seen easily on the Big Boss
The INTERMEDIATE trend can be seen easily on the Boss
The IMMEDIATE trend can be seen easily on the Worker

The IMMEDIATE trend is what we want to trade.

Maybe this might help a little.

Tom
You have a good understanding of PASR, Tom. I can see that Patrick is going to have some serious competition!
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,292
  • Jul 30, 2010 12:08am Jul 30, 2010 12:08am
And no one to blame but myself. You were right Strat. I am a jack of all trades and a master of none. I let the pressures of life get the best of me and tried my hand at the lower time frames again (15 minute and 1 hour), only to crash and burn.

It didn't even dawn on me at the time that I had been sucked back into day trading. On July 7, I tried shorting the dragon based on an hourly shooting star and volume spread analysis. I rushed in without even taking into account the two-bar reversal that formed on the 4 hour chart. As each hour passed by, the volume dropped lower and lower. I kept thinking to myself, "this is a joke" and "price can't continue to rise on decreasing volume". The night before, I shorted the pair on demo a few times based on VSA and had much success.

Of course, price reversed to the upside in a big way and like the dumb, idiotic moron I am, I go and add to a losing position. And like clockwork, price continued to move against me. The amount of money lost is small, but it still hurts.

I had to learn the hard way AGAIN, that for me at least, the lower time frames are too fast and just don't work. I apologize to you and the other senior members for my arrogance and am fully committed to trading your way and your way alone. Over the past couple of weeks, I have taken a step back to refocus on the thread and method, and placed two demo trades (EUR/USD long and EUR/NZD short) with nice results, but I know I have a long way to go on the path. It's going to take TIME.

I don't plan on funding another account for some time and even if I do, the amount will be very very small. Now I just want to take things slow and try to get my mind right. Thanks again for shooting straight and going out of your way to help traders avoid the pitfalls that you faced when starting out. After blowing a second account in two years of trading, I thought about quitting for about a half hour that day, but then realized that it's just not in my character to quit.

I just want to add that I'm not knocking VSA. There are some fast and furious traders that trade that method very well and I respect those men and women, but I can tell you, it ain't for me.
"Don't trade to trade . . . trade to win." - James16
  • #13,293
  • Jul 30, 2010 12:57am Jul 30, 2010 12:57am
Quoting strat
You have a good understanding of PASR, Tom. I can see that Patrick is going to have some serious competition!
Competition is good for learning and healthy accounts
  • #13,294
  • Jul 30, 2010 1:16am Jul 30, 2010 1:16am
Quoting GibsonL6
Hi Pierre!

The IMMEDIATE trend is what we want to trade.

Maybe this might help a little.

Tom
Hello Tom,
thanks so much for that brilliant chart and explanations. This is something I won't forget!
Be sure that it helps me more than a little!
I go back to my readings!
Have a nice day!
Pierre
  • #13,295
  • Jul 30, 2010 1:26am Jul 30, 2010 1:26am
Quoting Flem26
And no one to blame but myself. You were right Strat. I am a jack of all trades and a master of none. I let the pressures of life get the best of me and tried my hand at the lower time frames again (15 minute and 1 hour), only to crash and burn.

It didn't even dawn on me at the time that I had been sucked back into day trading. On July 7, I tried shorting the dragon based on an hourly shooting star and volume spread analysis. I rushed in without even taking into account the two-bar reversal that formed on the 4 hour chart. As each hour passed by,...
You are not alone in this happening AND it will keep happening UNTIL you get your Little People, specifically the GREED ones, under CONTROL.

My bet is that either consciously or sub-consciously, you still see trading as a GET RICH QUICK scheme. You MUST accept that trading is a business and you MUST learn everything you can about your business and its people.

Profits will overcome losses when you have MASTERED your chosen method/strategy and you can trade it with 100% confidence.

With regard to other methods, strategies, systems etc., etc., anyone can make these work PROVIDING they MASTER the techniques.

There are many students on The Path who are recovering from your dilemma - perhaps they will tell you their story and how they overcame it.

If you are serious to learn PASR and have the PATIENCE and DISCIPLINE to make it work, then you are welcome back on The Path.
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,296
  • Jul 30, 2010 1:28am Jul 30, 2010 1:28am
Quoting strat
My observation is that you are trying to walk before you can crawl, so slow down, take your time and start at the beginning of The Path again but this time, make sure you understand EACH post. Do not go to the next post until you UNDERSTAND the post you are on. Since you have demonstrated a willingness to learn and a commitment to the method, feel free to ask questions on anything you don't UNDERSTAND.

a bientot
Hello Strat,
thanks for this piece of advice: I 'm going to slow down. I'll only post in the future if I have got some questions in a first time. Afterwards, when I feel more comfortable with the method (sure that I will once I have finished my readings), I will try to share some analysis with you.

A bientôt

Pierre
  • #13,297
  • Jul 30, 2010 1:49am Jul 30, 2010 1:49am
First of all great work here mate.

For me the real twist in trading also came with twisting my guitar perception, i.e. as a kid I loved Mark Knopfler, Gary Moore, and Mr Guitar himslef David G (David actually made a type of music to compensate for all the 70's crap....Blues+Minor /Open chords and finally someone who understood guitar back than as opposed to Mr Clapton..).

Anyway, I played Dire Straits/Floyd for years (two finger resting under the strings and all that...) that is until I finally had enough of this simple bull and wanted to learn something new.
I tried to play Med Sundance but Mr Meola was tooo fast for me, and actually 95% of his playing is bull, this was the time when I tried to trade using 1m and 3m bars , again toooo fast for me. Thus, I decided to drop my old Fender Strat, and concentrate on programming systems as well (I am an an Engi as well). Tons of systems later I finally got it, much like yourself, and that is when I discovered Django...

Mr Django is by all means the greatest guitar player of all time!
The guy got his fingers burned and absent that he would have never invented Gypsy Jazz, check out Rosenberg Trio on Youtube to be amazed how Django playing has advanced...Anyway, the gist of the story is that much like yourself , I found out that the old and "simple" is the way...
Thanks for this thread, its a joy to read.

Quoting strat
You are not alone in this happening AND it will keep happening UNTIL you get your Little People, specifically the GREED ones, under CONTROL.

My bet is that either consciously or sub-consciously, you still see trading as a GET RICH QUICK scheme. You MUST accept that trading is a business and you MUST learn everything you can about your business and its people.

Profits will overcome losses when you have MASTERED your chosen method/strategy and you can trade it with 100% confidence.

With regard to other methods, strategies, systems etc., etc.,...
  • #13,298
  • Jul 30, 2010 1:52am Jul 30, 2010 1:52am
[quote=GibsonL6;3910014]Hi Pierre!

The DOMINANT trend can be seen easily on the Big Boss
The INTERMEDIATE trend can be seen easily on the Boss
The IMMEDIATE trend can be seen easily on the Worker

The immediate trend can also be seen on the Big boss as with1 day left of the month June's Low has been confirmed unless the Eur/Usd drops 600 pips today.

Frank
  • #13,299
  • Jul 30, 2010 1:56am Jul 30, 2010 1:56am
[quote=Money Magnet;3910570]
Quoting GibsonL6
Hi Pierre!

The DOMINANT trend can be seen easily on the Big Boss
The INTERMEDIATE trend can be seen easily on the Boss
The IMMEDIATE trend can be seen easily on the Worker

The immediate trend can also be seen on the Big boss as with1 day left of the month June's Low has been confirmed unless the Eur/Usd drops 600 pips today.

Frank
All is possible and impossible in forex trading or put another way, logic is illogical in forex trading.
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,300
  • Jul 30, 2010 1:58am Jul 30, 2010 1:58am
Quoting Flem26
And no one to blame but myself. You were right Strat. I am a jack of all trades and a master of none. I let the pressures of life get the best of me and tried my hand at the lower time frames again (15 minute and 1 hour), only to crash and burn.

It didn't even dawn on me at the time that I had been sucked back into day trading. On July 7, I tried shorting the dragon based on an hourly shooting star and volume spread analysis. I rushed in without even taking into account the two-bar reversal that formed on the 4 hour chart. As each hour passed by,...
Keep at it Flem,

I've been there too, I blew 4 or 5 accounts trading the lower timeframes.

Then I found Strat's thread and a light came on, not straight away but eventually.

I still don't think I trade the Strat way(I trade my way), although there's probly a lot of similarities,and I picked up some great tips on here.

Strat's ascerbic style and stress free trading seemed to strike a chord with me and he made me realise, although I wouldn't admit it at the time, where I was going wrong.

Now I'm much more relaxed about my trading, I rarely look at anything below h4, and I only do that to time my entry. For instance I've made one trade in the last two months(been adding to it tho) - I just let my trades run now and get on with the important stuff(drinking and womanizing -lol)

Anyway, don't let this go to your head Strat, but I've been meaning to thank you for some time. Was going to e-mail you but might as well do it here.

A B-I-G THANKS from me mate - you keep it up and don't change a thing.
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