Hi to the thread.
I hope everybody is well. I have posted once or twice here whilst trying to read and understand PASR and Strat's teachings since late 2009 and am only up to page 695. It takes a while with life and work and the rest of it. Early on I had been through the typical indicator holy grail search like so many do until I found this gem of a thread.
I was wanting to ask a question about the price action we had on the 4th of October a few days ago. While I noticed price action on quite a few of the pairs I thought USDCAD and GBPAUD to be the best of them.
I will use USDCAD for my query.
My thoughts are as follows:
Big Boss: has been in a downtrend since Feburary 2002, aside from 2008 where it made quite a retracement up to 1.3000 after which it continued its decent down to major support at .9430. We have now made a double bottom at this support. We had a BUEB at support but have come 600 pips since then.
Boss: has been in a downtrend since early 2009 when the triangle broke out to the upside, but was rejected by 1.3000 resistance and began its decent. We have a double bottom on the weekly and have taken out the last swing high of 26 June. The last 2 weeks have shown alot of bullish momentum until we reached resistance at 10640.
Worker: worker has recently been making higher highs and higher lows. From what I can see the last couple of pushes up have been 'Impulse Waves'(im no EW expert, just trying to implicate what ive read here on the thread), with a fair bit of momentum. We apperar to have what I see as a shooting star off my 10640 resistance.
I realise the worker and boss is making HHs and HLs however if I am right this generally happens while the big boss is retracing.
According to what i know about Dr Joes theory, I Wouldve entered below this SS with my stop above. The thing that put me off was the pace at which we reached resistance.
After writing this i came to the realisation that GBPAUD was probably the better setup as the last boss swing high was not taken out.
Some guidance in my thinking would be much appreciated if anyone has the time...
Many thanks, Ben.
I hope everybody is well. I have posted once or twice here whilst trying to read and understand PASR and Strat's teachings since late 2009 and am only up to page 695. It takes a while with life and work and the rest of it. Early on I had been through the typical indicator holy grail search like so many do until I found this gem of a thread.
I was wanting to ask a question about the price action we had on the 4th of October a few days ago. While I noticed price action on quite a few of the pairs I thought USDCAD and GBPAUD to be the best of them.
I will use USDCAD for my query.
My thoughts are as follows:
Big Boss: has been in a downtrend since Feburary 2002, aside from 2008 where it made quite a retracement up to 1.3000 after which it continued its decent down to major support at .9430. We have now made a double bottom at this support. We had a BUEB at support but have come 600 pips since then.
Boss: has been in a downtrend since early 2009 when the triangle broke out to the upside, but was rejected by 1.3000 resistance and began its decent. We have a double bottom on the weekly and have taken out the last swing high of 26 June. The last 2 weeks have shown alot of bullish momentum until we reached resistance at 10640.
Worker: worker has recently been making higher highs and higher lows. From what I can see the last couple of pushes up have been 'Impulse Waves'(im no EW expert, just trying to implicate what ive read here on the thread), with a fair bit of momentum. We apperar to have what I see as a shooting star off my 10640 resistance.
I realise the worker and boss is making HHs and HLs however if I am right this generally happens while the big boss is retracing.
According to what i know about Dr Joes theory, I Wouldve entered below this SS with my stop above. The thing that put me off was the pace at which we reached resistance.
After writing this i came to the realisation that GBPAUD was probably the better setup as the last boss swing high was not taken out.
Some guidance in my thinking would be much appreciated if anyone has the time...
Many thanks, Ben.
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