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Strat's PASR Long Term, Stress Free Trading

  • #1,201
  • Dec 7, 2017 4:01am Dec 7, 2017 4:01am
Quoting strat
M5 {quote} While we trade M5 with PASR we have to do it faster and very efficiently. We don't have sufficient time at the Hard Right Edge (where PRICE is jumping UP and Down) to do a full 3 time frame analysis while we are scanning our M5 charts for potential trading opportunities. Having found a trading opportunity, we FIRST have to add our support and resistance lines from M15, H1 and H4. At this time, make a mental note of where PRICE is on each time frame RELATIVE to M5. At the same time, we are scanning other pairs and all this could happen...
Thanks for your guidance.
Trading both Impulse & Corrective Waves is much stressful.Many times I miss good entries for this.

A FF member asked a question to you.
"Strat said: MOST of our LOSSES are from trading the Corrective Waves against the prevailing trend.

My question is:

How can I distinguish a corrective wave from the prevaling trend? Please if you are not sure, can you ask him in the thread? i would be glad"
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  • #1,202
  • Dec 7, 2017 4:17am Dec 7, 2017 4:17am
Quoting strat
BASIC PASR {quote} Hello Rina, I can UNDERSTAND anyone thinking basic PASR is reversal trading BUT the point is, with READING, LEARNING and UNDERSTANDING PASR, what might be considered basic PASR many times turns into a swing, or better still, a trend. We trade basic PASR when we SEE PRICE is in a trading range BUT, PRICE has to, and does, BREAK OUT of that range to make new swing highs and lows AND minor and MAJOR highs and lows. While the reversal traders are ALWAYS looking for reversal levels of many descriptions, indicator crosses, indicator...

strats,

Thank u so much for the explanation. Help me a lot to understand the context of some posts. Re-read some post on "old thread index" this whole day (6 pm now).

Would like to thanks Yoki and Saad too. You both inspire me to keep reading and practice.

Regards,
Rina
  • #1,203
  • Edited 5:45am Dec 7, 2017 4:44am | Edited 5:45am
Quoting strat
M5 {quote} EXACTLY! I missed this on my first read.....My entry must be taken close/near the 20 EMA on the M5 Chart. Very well done! You, READ, LEARNED, UNDERSTOOD and APPLIED and made the profit(s) - Veni, Vidi, Vici If only OTHERS would follow your example and READ, LEARN, UNDERSTAND and APPLY. I enjoy seeing your trades as they too are giving me a lot of satisfaction. Please keep posting. Thank you.
I almost missed this update of yours. This shows that you read and reread every post here. By extension, show your commitment to this great thread and I can see the enjoy you get in seeing every serious traders attaining to the level where they earn their living like professional Doctors, Lawyers etc. My wish is that people will not come here to spoil our joy here, people that will quote you out of proportion....and go else where to misinterpret your words....cowards.....

You see, I have pass through a lot of great Traders here in FF, what I do is to study their Charts. I have downloaded and study your over 3,248 Charts, All of them and what I see is pure Gold.. Magic...

I discovered that when we takes our trades close/near the 20 EMA on the M5 Chart...We are buying or selling at a reasonable price...M5 PASR Trend Trading.


Happy Trading,
Yomi.
Time always comes before price
  • #1,204
  • Edited 5:55am Dec 7, 2017 4:58am | Edited 5:55am
Quoting saad007
{quote} Thanks for your guidance. Trading both Impulse & Corrective Waves is much stressful.Many times I miss good entries for this. A FF member asked a question to you. "Strat said: MOST of our LOSSES are from trading the Corrective Waves against the prevailing trend. My question is: How can I distinguish a corrective wave from the prevaling trend? Please if you are not sure, can you ask him in the thread? i would be glad" {image}
When the market move, it has ebb and flow with two different legs in it....

1. Impulse move: are longer legs that trades/moves in the direction of the Trend.

2. Corrective move: are shorter legs that trades/moves against the direction of the Trend.


See attached chart. I believe this is one of the charts Strat was making reference to yesterday.

If you can see, the prevailing trend is downdtrend, the uptrend is the corrective waves/moves gainst the prevailing trend - downdtrend, until the uptrend mature/change of trend to uptrend, is still corrective moves.


Trust Strat, he will come up with the details...



Happy Trading,
Yomi.
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Time always comes before price
  • #1,205
  • Edited 7:08am Dec 7, 2017 6:23am | Edited 7:08am
Quoting strat
"Consistent losers do almost anything to avoid accepting the reality that, no matter how good a trade looks, it could lose. Without the presence of an external structure forcing the typical trader to think otherwise, he is susceptible to any number of justifications, rationalizations, and the kind of distorted logic that will allow him to get into a trade believing that it can't lose, which makes determining the risk in advance irrelevant." ... Mark Douglas, Trading...
Hello Strat, I think I might be in for a hiding but here goes..

My posted charts are drawn live at the time of trading and not in hindsight (except the text of course).

On M5 I have been taking entries above the pullback. With the benefit of hindsight I should have used the support, the shadow and the break to get in at the beginning of the candle rather than wait for confirmation. Close to the MA and accept the risk..

My target was the 78 number.

After my entry was retested and then moved up to the next support I placed a smaller order and moved my 1st entry stop up to cover both entries. At this point I was now looking at a higher target than my original but with no real 5 min time frame reference (15m, 1hr or 4hr).

It came back took me out at a small loss and then moved up to 7826 (I would have moved my stop up to 7800 had I still been in).

I'm working on my mindset and method of handling the trades while I'm in them. Should I just set and forget with a hard stop/hard exit and one entry? I know this is just one trade of hundreds but I want to commit to good habits at the start of this PASR journey for many more hundreds of trades to come.

As you say seeing on the hard right edge and managing the trade is a different world to looking at a chart afterwards.

PS I'm still working on Big Boss, Boss and Worker.
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Private Msgs are turned off to weirdos, loafs and brain drainers
  • #1,206
  • Dec 7, 2017 7:30am Dec 7, 2017 7:30am
Quoting fxrabbi
{quote} When the market move, it has ebb and flow with two different legs in it.... 1. Impulse move: are longer legs that trades/moves in the direction of the Trend. 2. Corrective move: are shorter legs that trades/moves against the direction of the Trend. See attached chart. I believe this is one of the charts Strat was making reference to yesterday. If you can see, the prevailing trend is downdtrend, the uptrend is the corrective waves/moves gainst the prevailing trend - downdtrend, until the uptrend mature/change of trend to uptrend, is still...
I also believe Strat referring to this chart.Let's see.
  • #1,207
  • Edited 11:13am Dec 7, 2017 9:35am | Edited 11:13am
Elliott Wave Theory

Quoting saad007
{quote} Thanks for your guidance. Trading both Impulse & Corrective Waves is much stressful.Many times I miss good entries for this. A FF member asked a question to you. "Strat said: MOST of our LOSSES are from trading the Corrective Waves against the prevailing trend. My question is: How can I distinguish a corrective wave from the prevaling trend? Please if you are not sure, can you ask him in the thread? i would be glad" {image}
Why can't he post on here?

Tell him to study this:

http://stockcharts.com/school/doku.p...tt_wave_theory
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,208
  • Edited 10:04am Dec 7, 2017 9:40am | Edited 10:04am
PASR

Quoting fxrabbi
{quote} I almost missed this update of yours. This shows that you read and reread every post here. By extension, show your commitment to this great thread and I can see the enjoy you get in seeing every serious traders attaining to the level where they earn their living like professional Doctors, Lawyers etc. My wish is that people will not come here to spoil our joy here, people that will quote you out of proportion....and go else where to misinterpret your words....cowards..... You see, I have pass through a lot of great Traders here in FF, what...
Thank you, Yomi. In the old thread I have many posts on how PRICE fluctuates around the 20 ema and how PRICE finds balance/equilibrium at the 20 ema. I won't repeat them here but do suggest everyone find them.

My wish is that people will not come here to spoil our joy here, people that will quote you out of proportion....and go else where to misinterpret your words....cowards.....

From my 1st post on this thread ""Although I have mellowed and become more tolerant over the years, I will not enter into, or entertain, any arguments or negative” discussions. Such posts and posters will be immediately ignored."" I broke this rule because some TROLL accused me of being someone else, and worse, someone who codes indicators and EAs but it won't happen again!

""They"" can write what they want elsewhere but I won't be there to read it AND, more important, I, and the hundreds of traders I have mentored over all these years, and especially the ones now trading for their living, are LIVING PROOF that PASR, when correctly applied, is a method and strategy which produces CONSISTENTLY PROFITABLE traders. I am very wealthy, financially independent and in good health so WHY should I worry what others write and say about me and PASR?
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,209
  • Edited 1:47pm Dec 7, 2017 10:56am | Edited 1:47pm
M5

Quoting BeyondTheSea
{quote} Hello Strat, I think I might be in for a hiding but here goes.. My posted charts are drawn live at the time of trading and not in hindsight (except the text of course). On M5 I have been taking entries above the pullback. With the benefit of hindsight I should have used the support, the shadow and the break to get in at the beginning of the candle rather than wait for confirmation. Close to the MA and accept the risk.. My target was the 78 number. After my entry was retested and then moved up to the next support I placed a smaller order...
No hiding at all especially when you are READING, LEARNING and UNDERSTANDING so I have lots of patience and time for you.

I was going to comment on every single point but, after reading it several times, I will just summarise everything.

While PASR is SIMPLE it is complex in all that is required to be CONSISTENTLY PROFITABLE. It requires a balanced blend of fully UNDERSTANDING PASR, experience of thousands of hours on thousands of charts, discipline, planning, control of emotions, personality, time, money management, trade management, and knowing what type of trader you are/want to be.

What is so obvious to me is that you have not learned enough about PASR - especially the candles.

Another obvious point is ""Should I just set and forget with a hard stop/hard exit and one entry?"" No-one can answer this for you. This is HOW YOU DEVELOP your own trading style. Are you a swing trader or trend trader? I bet you don't know! There are many ways of trading trends, the two common ones are swing trading and Dr Joe trading. Find out which one YOU are. This all comes down to your personality and psychology of how YOU handle draw down within a trade(s). Be a SPECIALIST at one and don't try to be a Jack of all trades.

I have marked up your chart with where an experienced PASR trader would have entered (black arrows) and managed.

Also STUDY Saad007's GBPCAD M5 trade below (https://www.forexfactory.com/showthread.php?p=10570828#post10570828)

Study the blue rectangles very carefully because these are all part of PASR and what you did NOT SEE on this chart.

I can't tell you where to Take Profit because I don't know whether you want to swing trade the trend or try to maximise the trend (Dr. Joe)

Another obvious point is that you are carrying bad habits and emotions over from where you were BEFORE you got here - especially Trading Psychology.

Learn MORE about the Strat Shadow, it is VERY POWERFUL once you UNDERSTAND it and READ and KEEP READING the Power of Time Frames.

You have a LONG WAY to go BUT you are definitely on The Path so keep at it and don't give up.

Keep practicing and posting BUT make sure you are LEARNING and MOVING FORWARD

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15 YEARS OF PASR ON FOREX FACTORY!
  • #1,210
  • Dec 7, 2017 12:20pm Dec 7, 2017 12:20pm
Quoting strat
M5 {quote} No hiding at all especially when you are READING, LEARNING and UNDERSTANDING so I have lots of patience and time for you. I was going to comment on every single point but, after reading it several times, I will just summarise everything. While PASR is SIMPLE it is complex in all that is required to be CONSISTENTLY PROFITABLE. It requires a balanced blend of fully UNDERSTANDING PASR, experience of thousands of hours on thousands of charts, discipline, planning, control of emotions, personality, time, money management, trade management,...
Hi Strat

Thank you for your reply and guidance. I do have a long way to go and having traded mean reversion/reversal (whatever they are..) strategies for some time on all time frames it's incredibly tough going.

Seeing the trade is one thing but learning to trade the "right way around" is something only my brain and subconscious can do (don't think turning my screen upside down will work)! And I have to say trusting the Strat Shadow and the MA that I've traded against previously.

I'm giving myself the time to do this and before I found this thread I was close to packing in after some 4 years of trying to make something work.

Yes, I've lost money, spent money, gave it away and probably been robbed of money too like most of us. A positive note is learning what doesn't work, I won't stroke that dog that bit me twice (even though I love dogs, so let's make that cats instead)..

Losing money doesn't make me want to quit. Losing TIME learning something useless and unprofitable DOES make me want to quit.

Whatever it is it feels so close to me now and I'm going to keep going. Thanks to you and the sensible, serious traders on this thread.
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #1,211
  • Dec 7, 2017 12:48pm Dec 7, 2017 12:48pm
PASR

Quoting BeyondTheSea
{quote} Hi Strat Thank you for your reply and guidance. I do have a long way to go and having traded mean reversion/reversal (whatever they are..) strategies for some time on all time frames it's incredibly tough going. Seeing the trade is one thing but learning to trade the "right way around" is something only my brain and subconscious can do (don't think turning my screen upside down will work)! And I have to say trusting the Strat Shadow and the MA that I've traded against previously. I'm giving myself the time to do this and before I found this...
You have the patience, desire, and common sense to succeed with PASR so just take it one step at a time on The Path and don't be influenced by what others are doing on here or elsewhere. Try your best to wipe the cats and dogs completely out of your trading brain and start with a blank piece of paper with the title ""PASR"" on. Lights will go on (and off), you will go forward several steps then back a couple but if you PERSEVERE, you WILL get there. Remember, it takes around 3 years to become a CONSISTENTLY PROFITABLE trader so TIME is on YOUR side (Rolling Stones 1964)
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,212
  • Dec 7, 2017 12:55pm Dec 7, 2017 12:55pm
Finally GBP moved.Trail SL hit.
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  • #1,213
  • Dec 7, 2017 12:59pm Dec 7, 2017 12:59pm
Quoting strat
Elliott Wave Theory {quote} Why can't he post on here? Tell him to study this: http://stockcharts.com/school/doku.p...tt_wave_theory
Sorry missed this line.
Maybe He is in your Ignored list.
  • #1,214
  • Edited 1:23pm Dec 7, 2017 1:06pm | Edited 1:23pm
No1Optimist

Quoting BeyondTheSea
{quote} Hi Strat Thank you for your reply and guidance. I do have a long way to go and having traded mean reversion/reversal (whatever they are..) strategies for some time on all time frames it's incredibly tough going. Seeing the trade is one thing but learning to trade the "right way around" is something only my brain and subconscious can do (don't think turning my screen upside down will work)! And I have to say trusting the Strat Shadow and the MA that I've traded against previously. I'm giving myself the time to do this and before I found this...
To you and those of a like mind, I encourage you to go to my "old" thread https://www.forexfactory.com/showthread.php?t=155459 and follow the exploits of Roger - No1Optimist. He came to me like many and became frustrated with me and PASR (and himself) but PERSEVERED, joined my private website, and eventually specialised in trend trading and I believe was my first student to become CONSISTENTLY PROFITABLE and end up trading for his living. He stopped posting on my private website and on here, but last I heard, apart from a few health issues, was doing very well with his trading. He is a perfect example of what can be achieved if you are determined to succeed and believe in yourself and PASR

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15 YEARS OF PASR ON FOREX FACTORY!
  • #1,215
  • Edited 1:40pm Dec 7, 2017 1:16pm | Edited 1:40pm
PASR

Quoting BeyondTheSea
{quote} Hi Strat Thank you for your reply and guidance. I do have a long way to go and having traded mean reversion/reversal (whatever they are..) strategies for some time on all time frames it's incredibly tough going. Seeing the trade is one thing but learning to trade the "right way around" is something only my brain and subconscious can do (don't think turning my screen upside down will work)! And I have to say trusting the Strat Shadow and the MA that I've traded against previously. I'm giving myself the time to do this and before I found this...
There are still some "oldies" from my original thread who joined me on my private website and occasionally post on here so it would be very worthwhile to check their posts out as well.

Rick - glyder

Frank - Money Magnet

And of course, Wild Thing (Mike) - trogger

Maybe some others who are "shy" of posting
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,216
  • Dec 7, 2017 1:20pm Dec 7, 2017 1:20pm
GBPUSD M5 110 pips

Quoting saad007
Finally GBP moved.Trail SL hit. {image}
Excellent, young man! You may be able to buy Bangladesh sooner than you thought!
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,217
  • Dec 7, 2017 1:22pm Dec 7, 2017 1:22pm
PASR

Quoting saad007
{quote} Sorry missed this line. Maybe He is in your Ignored list.
Instead of answering questions by PM, please consider posting their questions here with your answers so that OTHERS CAN BENEFIT. Thank you.
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,218
  • Dec 7, 2017 1:27pm Dec 7, 2017 1:27pm
M5 Spread

Quoting saad007
Finally GBP moved.Trail SL hit. {image}
Attached Image


Perhaps you would like to answer him - I'm sure people are fed up of hearing from me.
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,219
  • Dec 7, 2017 2:01pm Dec 7, 2017 2:01pm
Quoting ficibald
{quote} guys how you handle with spread on 5 min,it eats so much profit
It seems you have NO FOCUS and are wasting OUR TIME as well as yours on here so this is goodbye and good luck.

Attached Image
15 YEARS OF PASR ON FOREX FACTORY!
  • #1,220
  • Dec 7, 2017 4:19pm Dec 7, 2017 4:19pm
Sorry, not a great chart (I’m on my moby) , however look at today’s daily bar on the GBP USD a perfect bounce off both the 20 MA (exp!) and the top of the previous WCC. What some people call confluence ! Let’s see where it goes from here, a touchy pair with Brexit etc but still we trust in PASR!
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If you can wait and not be tired by waiting...
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