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  • #13,521
  • Aug 11, 2010 12:52pm Aug 11, 2010 12:52pm
Quoting kaunasny
My reasons for a trade are in post 13332 couple of pages back. If you're a beginner on this path better leave it alone for now.
Point taken and thank you for your response. I have reviewed your earlier post but still feel you need confirmation of this? Would you not look for a high past the previous LL which is your entry at 86.50 but this could then fall to an all time low and lower as the trend is in this direction? The the history book would have to be rewritten as the only constant is change.
  • #13,522
  • Aug 11, 2010 6:14pm Aug 11, 2010 6:14pm
Quoting kaunasny
My reasons for a trade are in post 13332 couple of pages back. If you're a beginner on this path better leave it alone for now.
If you're a beginner on this path better leave it alone for now.

I'm not a beginner but I'm leaving it alone for now!

You must be DESPERATE to make a trade by taking this. Since it is now making a double bottom with 1995 lows it "could" well move back up.

It "could" also move sideways. It "could" also go down to make new lows.

It is a Bond hammer on my data and even if it was a perfect classical shaped hammer as required by other threads for trading, I still would not trade off it.

We are NOT on crash and burn short time frames so it is NOT important for us to get an early entry to squeeze out a measly 10 pips.

The beauty of trading the Worker is that we are trading triple pip moves. If this is the next leg up, then it will likely be a quadruple pip move.

We can afford to wait for CONFIRMATION, we can afford to let the buyers show and PROVE to us that they have taken control back.

Waiting for confirmation reduces our risk and stress.

"IF" the hammer, Bond or otherwise, is a price reversal, we will see further PA confirmation after this, at which time we can consider taking positions.

Waiting for confirmation does cost us pips but as I keep saying, I would rather lose profit pips than account pips.
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,523
  • Aug 11, 2010 6:50pm Aug 11, 2010 6:50pm
Hello,Strat.
Hello,strat.. Thank you for your threat that help us first.of course ,it is a great threat,and i think your threat is not like others(trade systems) .you gave us the idea of trading ,otherwise ,others gave us the method of trading .it looks like that concrete method is more useful,but i think the idea is more important.
As a new trader ,i just want to ask you some simple questions :
1 I have only a little experience of trading ,i used to only use the MA in my chart .sometimes i earn money and other times i lose . I am not sure it is right for a new trader that have little analysis when trading???
2 As a new trader ,is it better that only trading one pair (i just do eu )?
3 Now ,i donot find a way that can improve my trading , and reading the 900 pages post of your threat is a good way ?? Or can you give me some suggestion to improve my level ,lol.
4 i did a long trade of EU @ 1.3060 several days ago ,and i mostly got 200 pips when it went to 1.3330.but the result is i only get 10pips to my account because it went down. I donot know what is wrong with me ,i only want to get more pips and it was in the long trade .
Thank you for your reply and answer advance .
A chart helps those who can read it.
  • #13,524
  • Aug 11, 2010 7:38pm Aug 11, 2010 7:38pm
Quoting geniusztc
Hello,Strat....
Peng, ni hao, zao shang hao,

As a new trader ,i just want to ask you some simple questions :
1 I have only a little experience of trading ,i used to only use the MA in my chart .sometimes i earn money and other times i lose . I am not sure it is right for a new trader that have little analysis when trading???

If you wanted to skydive out of an airplane at 20,000 meters, would you just go up in the first airplane you could find, hopefully with your parachute, and jump out?

Surely not, but this is what you are doing trading EXCEPT in trading there is no parachute.

Trading is a business, a profession but unfortunately it is riddled with people like you who are PLAYING at it. This is OK as YOU provide the market with the other side of our winning trades.

If you want to be a successful and profitable PROFESSIONAL trader you first have to do your apprenticeship LEARNING how to trade.

If you needed heart surgery, would you go to a surgeon who has just finished reading a book on "How to perform heart surgery" and is ready for his first patient?

Or would you go to a reknowned, veteran heart surgeon who has been professionally trained and has successfully been doing heart surgery for many, many years?

Learn and educate yourself FIRST on anything you do before investing money in yourself.

 2 As a new trader ,is it better that only trading one pair (i just do eu )?

As a new trader, it is BETTER that you LEARN how to trade FIRST!

 3 Now ,i do not find a way that can improve my trading , and reading the 900 pages post of your threat is a good way ?? Or can you give me some suggestion to improve my level ,lol.

This thread is The Path of Learning for people aspiring to become successful, profitable, Professional traders. Many students have already turned their losing accounts into winning accounts by following The Path.

Whether you read and UNDERSTAND or not is your choice. The thread IS long but so is life, there is no hurry. Trading is NOT the Get Rich Quick Scheme YOU people think it is.

4 i did a long trade of EU @ 1.3060 several days ago ,and i mostly got 200 pips when it went to 1.3330.but the result is i only get 10pips to my account because it went down. I do not know what is wrong with me

SIMPLE: YOU DO NOT KNOW WHAT YOU ARE DOING!

Hopping from thread to thread and trading other people's advice and recommendations is the FASTEST way to LOSE your money.

Find a method you like, any method, but only ONE method, study it, learn it and become a MASTER at it and THEN, you can start trading.

Until then, you may as well just wire me the money in your trading account because I'm going to take it from you anyway!

Hao yun, Xie Xie.

Zai jen
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,525
  • Aug 11, 2010 8:01pm Aug 11, 2010 8:01pm
Quoting strat
Peng, ni hao, zao shang hao,

As a new trader ,i just want to ask you some simple questions :
1 I have only a little experience of trading ,i used to only use the MA in my chart .sometimes i earn money and other times i lose . I am not sure it is right for a new trader that have little analysis when trading???

[color=blue][color=black]If you wanted to skydive out of an airplane at 20,000 meters, would you just go up in the first airplane you could find, hopefully with your parachute,...
thank you very much .
you are very Humorous.and smart.Obviously,my quertions is stupid and i am certianly a new one . i think i shoud read the threat one page by one page first .althongh i am a new trader ,you were a new trader too .i will learn and learn .
thanks for your friendly reply .

your chinese friend
A chart helps those who can read it.
  • #13,526
  • Aug 11, 2010 11:26pm Aug 11, 2010 11:26pm
Quoting kalvind
Point taken and thank you for your response. I have reviewed your earlier post but still feel you need confirmation of this? Would you not look for a high past the previous LL which is your entry at 86.50 but this could then fall to an all time low and lower as the trend is in this direction? The the history book would have to be rewritten as the only constant is change.
Yes, we need confirmation of this. But just in this case for me I decided that I will take on more risk than usual. The most important thing is to always be protected. PA already gives us good protection, if it keeps going down I will not be triggered at 86.50 and the trade will be canceled, also proper position sizing. Worst case scenario, how much can I lose?
  • #13,527
  • Aug 11, 2010 11:40pm Aug 11, 2010 11:40pm
Quoting strat
If you're a beginner on this path better leave it alone for now.

I'm not a beginner but I'm leaving it alone for now!

You must be DESPERATE to make a trade by taking this. Since it is now making a double bottom with 1995 lows it "could" well move back up.

It "could" also move sideways. It "could" also go down to make new lows.

It is a Bond hammer on my data and even if it was a perfect classical shaped hammer as required by other threads for trading, I still would not trade off it.

We are NOT on crash...
Thanks Strat,

I agree with everything you say. I guess some of the reasons I'm looking for such an early trade are seeing some of your successfull system or your self tries to catch the bottoms before BB or Boss turns around. Anyway, my downside is limited and I'm expecting at least BE on this trade.
  • #13,528
  • Aug 12, 2010 12:04am Aug 12, 2010 12:04am
Quoting kaunasny
Thanks Strat,

I agree with everything you say. I guess some of the reasons I'm looking for such an early trade are seeing some of your successful system or your self tries to catch the bottoms before BB or Boss turns around. Anyway, my downside is limited and I'm expecting at least BE on this trade.
You are learning basic PASR, not copying what I do. Many times I come unstuck doing these things but I can quickly make my losses back - I don't think you can.

The Worker will ALWAYS turn faster than the Boss and Big Boss, it is the Hawker Hunter jet. However, unless the Boss and Big Boss make signs of turning, the Worker will be pulled back into line.

In simple terms, the Worker may put in a low, go up for a few candles, and then be whipped back down by the big boys who are trading in the direction of the Boss.

As far as your previous post where you say your Buy order above your "hammer" will not be filled if PRICE continues down - THINK AGAIN! This shows you have NOT put in the time to study and practice the charts.

The big boys can SEE what we see and THEY know where we place our orders and stops. THEY too, know and UNDERSTAND PASR. THEY know amateurs and playboys will have their buy stop orders above hammer highs. At their will, they can drive PRICE back up to fill those stop orders before taking PRICE back down and triggering your SL. This can be seen in many charts.

If you are doing this because your "downside is limited" then you are trading without PATIENCE and DISCIPLINE and no matter what the outcome of this trade, if you continue in this manner all you will end up with is an empty trading account. I know, I did the same thing myself when I was reckless and thought I knew it all and could walk on water.
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,529
  • Aug 12, 2010 2:07am Aug 12, 2010 2:07am
This is great stuff.

My loss on this trade will be worth the discussion and lessons that it has produced.

This is actually first trade using your method but without waiting for confirmation from Boss and BB. I will not trade all the worker hammers. Just this time, many things line up just right making it look worth risking to take this trade. I told myself about 2 weeks ago that if I got the hammer somewhere in this area where we have a hammer right now that I would take it. This was a planned trade, not something I came up suddenly.
But since this is not by the rules and to be honest I have not made a research how many of those planed positions on worker against Boss and BB workout. I could be wrong and my next task will be to research what probability there is to trades similar to this one that go against Boss and BB and if this trade of mined was really flawed before I even took it.

Thanks again Strat. This opens new pages for me and my trading.
  • #13,530
  • Aug 12, 2010 2:46am Aug 12, 2010 2:46am
Hi Kaunasny,

You've provided food for thought here...
One reason I am on Strats Path Of Learning is to learn to wait and not jump in to early. I've lost enough doing that.

Part of J16 methods is to take similar trades to this at times. Some work well, some don't.
This particular trade tempting though it may be for the potential if it worked out, would flash danger signals to me because the downtrend is so strong and the reversal hammer so small to fight aganst it- a bond hammer. (Though of course anything can happen)

I know the pair is at a long time low so good to watch for PA, but I found trying to catch reversals is often like throwing money down the drain, except more stressful. These zones are great for the big guys to play at knocking out stops. In reality there is not a bottom to the chart. It just looks that way at times. The trend can go on and on theres always plenty more white space on the chart to be filled.
If you can wait and not be tired by waiting...
  • #13,531
  • Aug 12, 2010 3:59am Aug 12, 2010 3:59am
Quoting strat
Welcome Singapore Jeremy!

There are two important pieces of information missing from your chart.

Go back to the beginning of The Path of Learning to find out what they are only this time, UNDERSTAND each post before moving to the next.

As for GBPAUD, both Boss and Worker are sideways so we should wait for a break out.
Dear Strat, I know the 20 and 50 MAs are missing on the chart i posted but they are present on my personal charts.. Sry to leave them out..ahaha..

Both the 20 and 50 are flat on the boss and worker which further confirms the sideway movement.. So, lets wait..
  • #13,532
  • Aug 12, 2010 6:36am Aug 12, 2010 6:36am
dear strat,im loving this thread,and have a few questions; should I scale in at wide intervals to increase my position while neutalizing my risk on a long term trade? eg 1% initial and add 1% every 200 pips?That way my VaR would constantly decrease while my potential return would constantly increase,but I am wondering if wide intervals of 200 pips might be a case of too little too late?

I was also hoping if you would post a pic of your 59 strat and your main amp?
  • #13,533
  • Aug 12, 2010 9:54am Aug 12, 2010 9:54am
Greetings strat and traders!

Found this thread early of this year but only now am I putting the effort to go through the posts.

Brief intro.. started trading in middle of March of this year.. burned 40% of account (I didn't know what I was doing) then managed to recoup some of that and was only down 10% at one point (thought I knew it all) and then burned them all back and now back to square one (down 40%).

I feel long term trading is the method which will fit my lifestyle. I went through post #1 couple of days back and am now at page #80. As advised, I'm trying to read slowly and understand each posts.

Question though.. some of the posts by other traders are quite irrelevant.. should I just focus only on strat's postings or should I focus on 'em all?

Regards.
  • #13,534
  • Aug 12, 2010 10:14am Aug 12, 2010 10:14am
Quoting pahlawan
Greetings strat and traders!

Found this thread early of this year but only now am I putting the effort to go through the posts.

Regards.
Hi,

There are other good traders throughout the whole thread coming and going. I would suggest to recognize them and read their post as well as strats.
  • #13,535
  • Aug 12, 2010 12:36pm Aug 12, 2010 12:36pm
[quote=pahlawan;3943181]
Question though.. some of the posts by other traders are quite irrelevant.. should I just focus only on strat's postings or should I focus on 'em all?

Hi Pahlawanhttp://cdn.forexfactory.com/images/icons/icon7.gif

Thanks for posting, and we hope you will do more in the future.

To reply to your question, you need to read the whole thread because you will see what is taught here and what type of problems traders face, you might have similar questions, the answers are already here and more.

You will notice when you read that on numerous of occasions Strat will tell that there is no short cuts, and if you understand the posts you will know.

There is pleanty of other traders who contribute to this thread and you will learn a lot form them too.

There is a lot of pages to go through but you are learning a profession, you need to put the "whole nine yards" if you want to succeed.

Happy Tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
  • #13,536
  • Aug 13, 2010 12:56am Aug 13, 2010 12:56am
Big Boss: We have comfirmation wave up after June candle closed above Doji May candle.
Boss: Uptrend with HL-HH after Price broke LH on chart.
Worker: Uptrend with HL-HH. We see Doji at 50 FiB.
My plan: Long AUDUSD 10pips above Doji and SL below
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  • #13,537
  • Aug 13, 2010 2:42am Aug 13, 2010 2:42am
Quoting glasso
Big Boss: We have comfirmation wave up after June candle closed above Doji May candle.
Boss: Uptrend with HL-HH after Price broke LH on chart.
Worker: Uptrend with HL-HH. We see Doji at 50 FiB.
My plan: Long AUDUSD 10pips above Doji and SL below

You are missing the 50sma(blue) and your 20ema should be in red if you are using the Big Boss, Boss & Worker syntax you should use the MA's as well?

Big Boss: I think you meant to say that the July candle closed above the June doji. This is correct but to me the May candle is controlling the show.

Boss: This has not closed yet but at the moment it is showing a BEEB which to me is a signal to the worker stop going up? A HH has been made but that could be it? If you have shown the 50sma(in blue) then this will have shown as support which could support your trade.

Worker: The worker is trapped inside Wednesdays BEEB and the 20ema (also the 250sma not shown) is acting as support and resistance. Currently there is an inside bar forming and a sign of indecision/exhaustion but this could lead to a Harami formation which would be a positive for your trade.

Plan: I agree with your plan but the price may not get there and even if it does the R:R is not great if you look to the next resistance where you would take your first lot in profit, where would you take the next two lots? Is there a trade plan for this?

Alternatively: Be patient and maybe wait for this to go the other way for a greater R:R and a trade that would stand out.

I hope this helps and it's great to see how others apply the path of learning.
  • #13,538
  • Aug 13, 2010 3:01am Aug 13, 2010 3:01am
Quoting kalvind
You are missing the 50sma(blue) and your 20ema should be in red if you are using the Big Boss, Boss & Worker syntax you should use the MA's as well?
Good points kalvind!

glasso, please put both MAs on your chart and observe how price reacts to both of them. Do not underestimate their power. I used to understimate it until Strat kindly put me back on track. Thanks Strat!

Observe what price does when price is at confluence of a SR level and one MA. If price meets both MAs at the same time is even better. Scroll back your charts and observe.

One thing I learned some time ago is that it is safer and healthiest to NOT bet against the MAs. I know I'll miss some trades but going with the MAs I am almost sure that I am with the trend. When I did a review of my trading logs I was "horrified" to see that most of my losing trades were AGAINST the MAs. If you keep a trading log you can prove it to yourself.
The safest way to trade is with the trend and MAs help you do that in a systematic way.

Cheers,
-soso
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #13,539
  • Aug 13, 2010 4:48am Aug 13, 2010 4:48am
Quoting glasso
Big Boss: We have comfirmation wave up after June candle closed above Doji May candle.
Boss: Uptrend with HL-HH after Price broke LH on chart.
Worker: Uptrend with HL-HH. We see Doji at 50 FiB.
My plan: Long AUDUSD 10pips above Doji and SL below
Glasso

Kavind points it out clearly when discussing the worker.
20 acting as resistance now and I need to see a close above that with PA.

Frank
  • #13,540
  • Edited 5:47am Aug 13, 2010 5:17am | Edited 5:47am
Ok, this is a first for me to test what I have learnt on this thread so far after many many hours of reading this thread.

Big Boss: A series of LL, price is below 20ema and acting as resistance. It is sandwiched between the 20ema and 50sma. The SR line drawn from way back in Febraury 1993 this may act as current resistance if it does then the Price may fall to the 50sma to make a further LL.

Boss: A further series of LL and LH, the 20ema is acting as resistance and the angle is pointing to 4 o'clock. The 50sma direction is flat but slightly pointing downwards. The upper SR line is is also now acting as resistance. The next SR line has been rejected by the last hammer in June.

Worker: Also forming a series of LL. The BEEB formed on Wednesday is acting as support right at the SR. The TL which acted as both resistance and recently support is now at neutral as are both the 20ema and 50sma

Plan: Patiently wait to see if the Worker TL is broken to the downside as the immediate Boss trend is down and if the TL is broken and confirmed then this would give the timing to go short upto the lower SR for some +200pips? I would take my first lot of profits there and then try to get my other two lots to BE. There is further SR below this level on the Worker to double your pips.

Alternatively: Who knows it may go up or sideways in which case I would look at this again. At the moment I am trying to further my knowledge by just looking and these setups and wondered if I'm on the right track or do I go back to the first page?

Any comments are welcome.

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