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Strat's Long Term Stress Free Trading

  • #13,301
  • Jul 30, 2010 2:08am Jul 30, 2010 2:08am
Quoting stewrigh
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...
Anyway, don't let this go to your head Strat,

Thanks and there is no chance of that as I lost my ego along with my accounts, plus you can't spend ego on wine, women and song (otherwise known as karaoke).
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,302
  • Edited 3:32am Jul 30, 2010 3:16am | Edited 3:32am
Blackeagle and Strat, thank you both for your answers. They are always helpful.

I know that DSRI is not taught in this thread but I'm trying to make use of all the posts regarding DSRI. I understand that its a good indicator of supply & demand ratio and all seems logic to me. If the DSRI is down then that means there is more supply than demand until the price closes above it and the same thing but in mirror with demand DSRI. Once the price closed outside the last DSRI, I didn't consider the last DSRI anymore and looked for the opposite one.

You provided me with another piece of information and I'll try to put it to good use.
  • #13,303
  • Jul 30, 2010 5:26am Jul 30, 2010 5:26am
Quoting strat
You have a good understanding of PASR, Tom. I can see that Patrick is going to have some serious competition!
Thanks Strat!

Patrick's simplistic approach to trading will always make him a role model and a successful trader.
  • #13,304
  • Jul 30, 2010 7:33am Jul 30, 2010 7:33am
Quoting strat
You are not alone in this happening AND it will keep happening UNTIL you...
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.

I am and thanks everyone.
"Don't trade to trade . . . trade to win." - James16
  • #13,305
  • Jul 30, 2010 10:23am Jul 30, 2010 10:23am
Hi All,

Still early but look like Strat synchronized swimming team is forming again.
  • #13,306
  • Jul 30, 2010 1:30pm Jul 30, 2010 1:30pm
Hi All,

The Big Boys know where is the break out and stop loss, look how they played their game. We will use Strat PASR method following their foot steps.
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  • #13,307
  • Jul 31, 2010 4:22am Jul 31, 2010 4:22am
This pair is in range bound since last few months and the range is almost 1100 pips between 58 - 69. Recently it has been making HH & HL and seems likely to go to 65 again. If price goes above the hammer I will be buyer at 63.20 with stop at 62 and exit at 64.60 previous HH.

Not to mention this pair along with AUDJPY has SR Zones which you don't see on my charts.

Any comments will be welcomed.

Thanks
AS
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  • #13,308
  • Jul 31, 2010 4:37am Jul 31, 2010 4:37am
Now is the time to tell you the reults of last three months since I started trading back using Strat's method.

May 2010 - 5 trades - Breakeven
June 2010 - 6 trades - Loss/June was notorious for lots
July 2010 - 10 trades - WIN/Never made so many pips ever

The net result so far is breakeven, I could have been in plus but June was unexpectedly volatile as Big Boys were trying to adjust their books and trend was at turning point in most of the pairs, but I am confident the months to come will bring in more positives then negatives by just following basics of this thread.

Thanks to Strat and others once again for your help.
  • #13,309
  • Jul 31, 2010 4:48am Jul 31, 2010 4:48am
Quoting simpleman
This pair is in range bound since last few months and the range is almost 1100 pips between 58 - 69. Recently it has been making HH & HL and seems likely to go to 65 again. If price goes above the hammer I will be buyer at 63.20 with stop at 62 and exit at 64.60 previous HH.

Not to mention this pair along with AUDJPY has SR Zones which you don't see on my charts.

Any comments will be welcomed.

Thanks
AS
Hi S,

Don't think Strat would approve - lol.

You said it all, in the first couple of words - It's range bound.

To me that means it could go either way - more like gambling.

But thats just me - If it was at 69 or 59, I might be interested.
  • #13,310
  • Jul 31, 2010 11:23am Jul 31, 2010 11:23am
Quoting stewrigh
Hi S,

Don't think Strat would approve - lol.

You said it all, in the first couple of words - It's range bound.

To me that means it could go either way - more like gambling.

But thats just me - If it was at 69 or 59, I might be interested.
Hi Stewrigh,
The point I was trying to make was hammer at TL and could be a new HL. Previous two touches had created opportunity at 59 and then at 61. Let's see what happens next. In the bussiness of probabilities one has to take risk and if the risk is calculated then better go for it.
Thanks
  • #13,311
  • Jul 31, 2010 1:48pm Jul 31, 2010 1:48pm
thank you for the system will try to consider it before decide live trade with it
  • #13,312
  • Edited 8:55pm Jul 31, 2010 8:33pm | Edited 8:55pm
Quoting Blackeagle
Although the price is above major SR at 1.29, it cannot go further for the last three weeks. The reason is the blue DSRI line on weekly chart. If it is cleared, there is no obstacle until 1.37. Therefore we need to watch PA between 1.29 SR and the DSRI line.
This doesn't help either. All in all, though, it's been a good month for those who read Newsweek.

The question now becomes, however, how does one interpret the peaks and troughs on the longer term charts???

Personally, I am not inclined to reverse absent a stronger weekly pattern. I would, however, tighten stops in case the Euro breaks apart. Oh yes, what happened to those news reports. Hmmmmm Haven't seen one lately.
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  • #13,313
  • Jul 31, 2010 9:52pm Jul 31, 2010 9:52pm
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.,...
Hi Flem26http://cdn.forexfactory.com/images/icons/icon7.gif

I thought I shall have give you my take on your current position having read your post.

I have been in your position couple of times in the past and what has helped me was to take a break from trading and leaving it for a while, a couple of weeks at least. Forget about it completly and then go back and re-read the thread again (I'm talking about Strat's thread), follow the principles and most of all write a trading plan and stick to it.

I have been quiet for a while on the thread here not paticipating since May, having been busy with family and business stuff (it is important to have a balance too). Trading is just another part of my life now, however this must not overshadow these other parts of my life. Fortunately my wife also trades so we have a kind of "competition" going on, it is important too to have a support from your family. We both have tried the 5 min and 1H time frames thinking that it is faster to achieve the millions that we have envisaged. It took us 8 months to ralise that there must be another way to trade besides "staring" at the Monster, we were fortunate that Strat's thread has been functioning for 6 months already, and the change began. If it was not for him we would have been gone a long time ago, having been beaten, eaten by the Market.

So what about doing the same, take a step back and then start fresh, but this time follow the rules and listen to what people say on this thread, there is so much valuable stuff here that you can write a couple of books from it. As Strat says, you are not going to become instantly rich but you will develop skills that overtime will make you money, but you need to follow the rules and stick to your plan as wel as keep in line with position sizing for your account amount.

Another factor that I have followed is that I stick to 10 currency pairs that I monitor but out of them I only trade about 5. This limits my trading substantially but it allows me to study the pairs more closely. I always found in real life that if you have a fewer opportunities then the choices you make around them tend to be the correct ones. PASR is King, as it was said before if you continue to learn and apply it as it supposed to be done then there is no way you can leave this profitable business. All the support material is here on this thread.

I hope that you will continue trading with a new commitment to master PASR.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif

Jideck and Wife
  • #13,314
  • Jul 31, 2010 10:06pm Jul 31, 2010 10:06pm
Quoting Alexandra
This doesn't help either. All in all, though, it's been a good month for those who read Newsweek.

The question now becomes, however, how does one interpret the peaks and troughs on the longer term charts???

Personally, I am not inclined to reverse absent a stronger weekly pattern. I would, however, tighten stops in case the Euro breaks apart. Oh yes, what happened to those news reports. Hmmmmm Haven't seen one lately.

Hi Alexandra

Aren't we suppose to interpret it in the same way as the other time frames? HH, HL? Or there is some other description?

Euro is gaining ground on the dollar since end of May and it may still continue. I am waiting to see what will happen now that the weekly DSIR (#13270 ) has been broken.

News reports, I thought you have stop reading these.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon7.gif
Jideck
  • #13,315
  • Jul 31, 2010 11:52pm Jul 31, 2010 11:52pm
Quoting Jideck
Hi Alexandra

Aren't we suppose to interpret it in the same way as the other time frames? HH, HL? Or there is some other description?

Euro is gaining ground on the dollar since end of May and it may still continue. I am waiting to see what will happen now that the weekly DSIR (#13270 ) has been broken.

News reports, I thought you have stop reading these.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon7.gif
Jideck
Sigh.

I'm going back to the beach.
  • #13,316
  • Aug 1, 2010 1:16am Aug 1, 2010 1:16am
Quoting Jideck
Euro is gaining ground on the dollar since end of May and it may still continue.

News reports, I thought you have stop reading these.
If you are a forex trader and you aren't paying attention to the news then you are ASKING to be bit in the rear.

Let me give you a good example of why that is.

It was Greece that caused the massive weakening in the Euro. That was made worse when Portugal, Spain, and Italy looked like they might be having sovereign debt problems as well.

The eurozone then stepped in, basically bailed out Greece, and setup a facility to prevent further problems from the other nations. This was made better when Greece provided a fairly credible austerity plan to get it's debt somewhat under control.

THAT was what caused the Euro to begin to strengthen again now that traders started looking at other economic indicators and saw that the eurozone numbers were beating forecast compared to the US which was missing a lot of forecasts.

The problem however is that many of Greece's citizens are having issues with the austerity measures. The truck drivers have gone on strike and that's cause A LOT of problems with the economy.

Add to this the fact that the US is beginning to experience real problems. Unemployment is causing lower spending which is why the GDP number was lower than expected ... and the unemployment numbers are now looking like they are going to be worse than thought.

All of this news doesn't look good for the Euro at all.

Much of europe depends on exports to the US ... and US citizens are spending less. Greece is having major economic problems and to me the likelihood of Greece defaulting is growing larger and that's VERY bad for the euro.

By reading the news, I can say that AT BEST the current up trend in EURUSD will last through the week ... but it will probably look the way it did last week with small upward pushes followed by long periods of being stuck in a range.

At some point ... possibly as soon as next week (and I wouldn't be surprised to see it start at market open) EURUSD should start to head down again.

If the way I'm reading the news plays out the way it looks to me like it will, I simply don't see how a double dip recession is avoided.

That is VERY bullish for the dollar in general and will likely cause EURUSD to begin falling for quite some time.

I seriously doubt we'll see Euro/Dollar parity like some major analysts are predicting ... but EURUSD at 1.1 by the end of the quarter wouldn't surprise me one bit.

All of that is a very long winded way of saying that everyone hoping to trade forex profitable NEEDS to be paying CLOSE attention to the news.
  • #13,317
  • Aug 1, 2010 2:17am Aug 1, 2010 2:17am
Quoting patrick25
Hi All,

The Big Boys know where is the break out and stop loss, look how they played their game. We will use Strat PASR method following their foot steps.
Be careful, Patrick. That hammer is not where it should be to trade on and on my data it is nothing like a hammer.

If you ''think'' the buyers are in control, let them show you they are; make them prove it first.
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,318
  • Aug 1, 2010 2:23am Aug 1, 2010 2:23am
Quoting simpleman
This pair is in range bound since last few months and the range is almost 1100 pips between 58 - 69. Recently it has been making HH & HL and seems likely to go to 65 again. If price goes above the hammer I will be buyer at 63.20 with stop at 62 and exit at 64.60 previous HH.

Not to mention this pair along with AUDJPY has SR Zones which you don't see on my charts.

Any comments will be welcomed.

Thanks
AS
Look at the Boss big picture, look at the MAs - as flat as Kate Hudson's chest!

This pair has been ripe for a breakout since August 2009 and I, for one, am not tying up account money in it while it decides what to do.

Surely you SEE something better than this?
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,319
  • Aug 1, 2010 2:27am Aug 1, 2010 2:27am
Quoting Jideck
Hi Alexandra

Aren't we suppose to interpret it in the same way as the other time frames? HH, HL? Or there is some other description?

Euro is gaining ground on the dollar since end of May and it may still continue. I am waiting to see what will happen now that the weekly DSIR (#13270 ) has been broken.

News reports, I thought you have stop reading these.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon7.gif
Jideck
Not broken on my data!
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,320
  • Aug 1, 2010 2:34am Aug 1, 2010 2:34am
Quoting Jideck
Hi Alexandra

Aren't we suppose to interpret it in the same way as the other time frames? HH, HL? Or there is some other description?

Euro is gaining ground on the dollar since end of May and it may still continue. I am waiting to see what will happen now that the weekly DSIR (#13270 ) has been broken.

News reports, I thought you have stop reading these.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon7.gif
Jideck
Hi,

Does this count as broken? I needed it to have a way stronger close above DSIR for me to think that it is broken. Now I'll have to wait for another week to figure that out, although it kinda stoped at DSIR , but this weekly train will doubtly stop going up.

More waiting for me.
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