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  • #13,421
  • Aug 4, 2010 3:54pm Aug 4, 2010 3:54pm
Interesting! Let's see what happens....
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  • #13,422
  • Aug 4, 2010 4:44pm Aug 4, 2010 4:44pm
Great trade and good management Patrick - you should be proud of this trade. Make sure you log it, reasons for entry and addition etc for reflection downstream. I was in this trade but I came out at first resistance so hat off to you for some positive trade management!
Grim

Ps Are u live or on demo still?
Trade less and become more profitable!
  • #13,423
  • Aug 4, 2010 4:47pm Aug 4, 2010 4:47pm
EuroDude - nice DSRI line there! Will be watching with interest - don't forget the roller-coaster that is NFP reports this Friday. Best advice is to be flat going into any usd trades that day and pick up from the carnage on Monday's close.
Trade less and become more profitable!
  • #13,424
  • Aug 4, 2010 4:51pm Aug 4, 2010 4:51pm
Gwer2004 - I'd ditch the zig-zag cr@p - you don't need that to tell you where the swings are surely?

Hammers should only really be taken at the bottom of moves or at a strong rising TL after a small bear flag. Try not to take EVERY candle the market offers. Go for the ones that offer the best RR ratio in terms of confluence; you need fibs, SR levels and TLs to give you a better chance, esp around round numbers too!

It's all about where the candles appear relative to the PA around it that counts - candles in isolation mean nothing apart from high risk, losing trades...
Trade less and become more profitable!
  • #13,425
  • Aug 4, 2010 5:56pm Aug 4, 2010 5:56pm
Quoting Grimweasel
Great trade and good management Patrick - you should be proud of this trade. Make sure you log it, reasons for entry and addition etc for reflection downstream. I was in this trade but I came out at first resistance so hat off to you for some positive trade management!
Grim

Ps Are u live or on demo still?
Thank you Grimweasel. That is the power of opening multi positions. I have banked a lot of first positions and I saved those pips for losing trades. 2nd and 3th are for profits. Yes all my trades are live and I have three accounts(not a lot by anymean) but I have to follow the MASTER to the T.
  • #13,426
  • Aug 4, 2010 6:36pm Aug 4, 2010 6:36pm
Quoting patrick25
Thank you Grimweasel. That is the power of opening multi positions. I have banked a lot of first positions and I saved those pips for losing trades. 2nd and 3th are for profits. Yes all my trades are live and I have three accounts(not a lot by anymean) but I have to follow the MASTER to the T.
You never cease to impress me Patrick! That is great Money Management.
As usual ,you have a very unique way of looking at things, not only from the actual trade perspective, but how you allocate your 1st position profits for those losing trades. As part of running any business, a cushion is absolutely vital for survival. Great job!
  • #13,427
  • Aug 4, 2010 8:57pm Aug 4, 2010 8:57pm
Some interesting reloads presented themselves on euro pairs. The trends have already been discussed previously so I won't repeat.

EURCHF: A 2nd. reload off the 20 EMA, 50% fibo., 1.3600 Round Number and TL - nice confluences!

EURCAD: A 2nd. reload off the 50% fibo., 1.3300 Round Number that moved like molasses. The slow momentum was an omen because a BEEB showed up several days later. The tail of the hammer took me out.

I didn't take the 3rd. reload hammer off the 20 EMA, 62% fibo., 1.3400 Round Number because of the LH.
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  • #13,428
  • Aug 4, 2010 9:53pm Aug 4, 2010 9:53pm
Quoting euro_dude
EURCAD: A 2nd. reload off the 50% fibo., 1.3300 Round Number that moved like molasses. The slow momentum was an omen because a BEEB showed up several days later. The tail of the hammer took me out.

I didn't take the 3rd. reload hammer off the 20 EMA, 62% fibo., 1.3400 Round Number because of the LH .
Unfortunately, I did. I noticed the LH but took it anyway.
Guess will need to watch out in the future.

Thanks,
Rajesh
  • #13,429
  • Aug 4, 2010 10:02pm Aug 4, 2010 10:02pm
Hi All,

I went long on Kiwi above the hammer on 30th July.

Today's bar looks like ending in a big BEOB or BEEB apparently after some bad employment figures.

Question: Does this count as reverse PA and should I get out immediately? Or we need to see PA only at next resistance?

Cheers,
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  • #13,430
  • Aug 4, 2010 10:59pm Aug 4, 2010 10:59pm
Quoting Raje$h
Hi All,

I went long on Kiwi above the hammer on 30th July.

Today's bar looks like ending in a big BEOB or BEEB apparently after some bad employment figures.

Question: Does this count as reverse PA and should I get out immediately? Or we need to see PA only at next resistance?

Cheers,
What do you see 2 bars before the hammer you took? - there is your answer
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,431
  • Aug 5, 2010 1:23am Aug 5, 2010 1:23am
Quoting patrick25
Hi All,

I am still in this from my last position. I added one position with PA breaking R. I only added with this PA because I am already in profits. I would not initiate a trade with this kind of PA.
Great job Patrick! May I ask why do you consider to take this kind of PA only when you have an open position that is on profit? I assume you consider it more risky PA but then why take it now? Suppose you closed your previous position, you banked the profit, why not take this trade in that case?
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #13,432
  • Aug 5, 2010 2:13am Aug 5, 2010 2:13am
Quoting Raje$h
Unfortunately, I did. I noticed the LH but took it anyway.
Guess will need to watch out in the future.

Thanks,
Rajesh

This is another trade whers you traded smack into R. Except this time it was huge R at 1.3570

Look at the Boss chart i have attached, the last three weeks have respected R and last week was an IB.
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  • #13,433
  • Aug 5, 2010 2:18am Aug 5, 2010 2:18am
Quoting Raje$h
Hi All,

I went long on Kiwi above the hammer on 30th July.

Today's bar looks like ending in a big BEOB or BEEB apparently after some bad employment figures.

Question: Does this count as reverse PA and should I get out immediately? Or we need to see PA only at next resistance?

Cheers,
I took this trade as well, my plan was to take profit on 1/3 of my position at .7400 move my stop to BE and trail the rest BUT price never made it so i pulled my SL in below the hanging man and was taken out tonight for a BE trade.
  • #13,434
  • Aug 5, 2010 2:41am Aug 5, 2010 2:41am
Hey guys and gals. I signed up to FF but I am have been hear reading since 2005. Question for you on the EU. We have PA dancing around the 38 level from the Boss. The immediate TL is up so am I right in thinking that the last candle was a BEEB? I was looking at a 50 "ish" ret on this candle and then go short down to the 2950 area of support. Please give me any thoughts on my analysis. Thank you big dogs!
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  • #13,435
  • Aug 5, 2010 3:48am Aug 5, 2010 3:48am
Quoting Josh44
Hey guys and gals. I signed up to FF but I am have been hear reading since 2005. Question for you on the EU. We have PA dancing around the 38 level from the Boss. The immediate TL is up so am I right in thinking that the last candle was a BEEB? I was looking at a 50 "ish" ret on this candle and then go short down to the 2950 area of support. Please give me any thoughts on my analysis. Thank you big dogs!
Yes it is BEEB, but to me it is too weak to act on it. Price right now is testing what I think is very important resistance area. What I would like to see is a weekly close forming a shooting star bar, which is likely if we have another down bar on friday to get me thinking shorts.
  • #13,436
  • Aug 5, 2010 4:06am Aug 5, 2010 4:06am
Quoting Josh44
Hey guys and gals. I signed up to FF but I am have been hear reading since 2005. Question for you on the EU. We have PA dancing around the 38 level from the Boss. The immediate TL is up so am I right in thinking that the last candle was a BEEB? I was looking at a 50 "ish" ret on this candle and then go short down to the 2950 area of support. Please give me any thoughts on my analysis. Thank you big dogs!
Wait for the pull back to go long forget the short unless all the TF are down.

Start reading the thread from page 1 to this point.
  • #13,437
  • Aug 5, 2010 4:50am Aug 5, 2010 4:50am
Quoting CrudeCraig
This is another trade whers you traded smack into R. Except this time it was huge R at 1.3570

Look at the Boss chart i have attached, the last three weeks have respected R and last week was an IB .
Thanks Craig.

I have adjusted the R on my chart. For some reason, I had it at 1.3650; so thought it was good for 100 pips at least.

Regarding the Kiwi trade, that was neat - adjusting the SL. I see that I have a long way to go. Presently I am succesful in less than 50% of trades (success = getting one position to 100 pips and moving the rest to B/E).

Cheers,
R
  • #13,438
  • Aug 5, 2010 5:12am Aug 5, 2010 5:12am
Hello guys, first time I'm showing my view on a chart, using Strat's method.
EURUSD, short around 1.32 area

BB (big boss) is bearish
B (boss) is bullish
W (worker) is bearish

1) BEEB showed in the grey square, formed yesterday
2) Confluence of 2 trendlines create resistance in 1.32 area
3) Fibo expansion OP creates resistance in 1.32 area
4) R (purple line) upper 1.32 area

Honestly I don't know how to deal with the EMA and the SMA, they are out of the game now, but they are indeed pointing UP, so this is definitely a counter trend trade.

Thanks and good luck (sorry Strat if I maybe wrote some bs...)
Max
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  • #13,439
  • Edited 5:43am Aug 5, 2010 5:22am | Edited 5:43am
Quoting strat
What do you see 2 bars before the hammer you took? - there is your answer
Thanks, Strat. Noted.

Can I generalise this to say, "In an uptrend, do not buy dips that are too shallow " for my notes? After writing that, it seems so obvious!

Regards,
Rajesh
  • #13,440
  • Aug 5, 2010 5:29am Aug 5, 2010 5:29am
Quoting dorellino
Hello guys, first time I'm showing my view on a chart, using Strat's method.
EURUSD, short around 1.32 area

BB (big boss) is bearish
B (boss) is bullish
W (worker) is bearish

1) BEEB showed in the grey square, formed yesterday
2) Confluence of 2 trendlines create resistance in 1.32 area
3) Fibo expansion OP creates resistance in 1.32 area
4) R (purple line) upper 1.32 area

Honestly I don't know how to deal with the EMA and the SMA, they are out of the game now, but they are indeed pointing UP, so this is definitely a counter trend trade....
Hi Max,
I think you will have to read and understand the thread again. This trade of yours is not Strat style but Anti Strat style. All the TF are bullish why would you go short. As per your post TFs are not even aligned for short, so why would you go for it. Forget Fibos/TL for the time being just learn simple SR, MAs, PAs and trends, then go for the rest of the tools.
Thanks
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