A Newbie Journey To Financial Freedom

EXIT

EXIT is more important than ENTRY.
1- We should NOT focus on how much we will EARN, but focus on how to CUT THE LOSS, how much we can LOSS.
2- Price RSPECT the Support/Resistance level.
3- ALWAYS check the SL/TP.
4- on GUARD that GREED raised it's ugly head again.
5- Professionals look for a reason NOT to take a trade.
6- The North bound train can't go anywhere but North until it STOPS in the station, gets on the turntable and turns around to go South.

USDCAD


GBPAUD


GBPNZD


SEIZE the 2nd CHANCE for EXIT

EURCAD


EURJPY

AUDUSD - 20180309

1. Trend:
(1) Whole Trend: Down
(2) Immediate Trend: at the end of the Retrace

2. MA: 21EMA<63EMA, 21EMA's slope is Down.

3. SR Level:
(1) Major Resistance: 0.7850, 63EMA
(2) Major Support: 0.7700, 0.7650

4. Price Action: BEEB


5. PLAN:
(1) Pending Sell Stop @0.7765
(2) Exit Strategy:

1. a. Initial SL @0.7845
2. b. TP @0.7650
3. c. Trailing Stop: 2Bars
4. d. Price Action

(3) Risk=0.5%

NZDUSD - 20180316



NZDJPY - 20180316

Fellow Chinese here too...wishing you good luck!

PATIENCE, DISCIPLINE AND K.I.S.S



Rules:
1- Always trade the direction of the trend.
2- Have a strong edge.

USDCAD

See USDCAD Monthly Chart

the immediately trend is up or down?

GBPUSD

Big Boss

Boss

AUDUSD

Big Boss

Boss

NZDUSD

Big Boss

What trend you see?

Boss

Worker

can entry buy? 0.7350 is a major Resistance? should we wait the price above 0.7350 to buy?
1- BUEB
2- 20EMA>63EMA, Price is UP.

Hi, Bluesky! Can you attach MA indi? Thanks

Here you go.

EURCAD M5 PASR

from #post 3510

what lesson I learned:

1- Follow the High TF
For M5, I think the BOSS should be M15. If we see M15, then we can find there was a BUEB/BUOB.
So we shouldn't take the trade untill the BOSS was broken.

2- CAUTIOUS
After entry, we should exited on the HAMMER 3 bars and BUEB 4 bars after the entry.

3- other people's reply:

1. Your entry was textbook I believe, no problem there, but you just experienced a Dr Joe situation.
   I would have exited on the BUEB 4 bars after your entry but that's because of my own risk aversion and where we already were in the overall down movement, I think the correct SL was above the high of the last swing at around 1.5660. (from darko2010)
2. M5 PASR Trend Trading is all about TREND! TREND!! TREND!!!
   So I always like to see the trend first with a good MOMENTUM then with little correction back to the Strat Shadow and pullback to the current trend. Usually I normally takes the 1st and 2nd pullbacks after that no more trade on that pair for that session. (from Yomi)
3. It seems you can't read. I have lost count the number of times I have posted that MY M5 PASR Trend Trading strategy is based on the M5 PRICE being in an established trend.
   was there an established trend? HELL NO! During the first hour of trading, traders are usually busy filling market and over night orders before actually trading THEIR trades. The 10:25am candle tested support while the 10:30am candle showed there were buyers willing to buy off it.
   Were you watching this or just ""hoping"" for some pips?
   The 10:25am candle tested support while the 10:30am candle showed there were buyers willing to buy off it.
   Were you watching this or just ""hoping"" for some pips? (from strat)
   
   I don't understand why strat said there was not an established trend?

GBPJPY

Big Boss

from Big Boss, I see:
The Immediate Trend is UP, but when Price is touch 63EMA, it is turn down, BEEB.
Price<20EMA<63EMA, so the Whole Trend is DOWN?

Boss

from Boss, I see:
The Immediate Trend is UP, and Price>20EMA>63EMA. So it will re-test the Resistance level?
YOU should only consider long positions when PRICE closes above Boss resistance. (from strat)

Worker

I entry a long trade yesterday when price break the high. Let's what will happen tonight NFP.

PASR is all about TREND! TREND! TREND!

was there an established trend? HELL NO!

the answer is: I need London to PROVE to me that they really want PRICE higher so I WAIT until there is a CLOSE above the most recent M5 resistance. From then on, it's just a case of adding on with PASR. #post 721

a trend that started near London open is not reliable unless it PROVE to you.

Too many trades
Inverse Risk : Reward (Money Management)
Excessive draw down (incorrect stop placement, poor trade management)

Have nothing to do with PASR or any other trading strategy. They are caused by YOU the trader, the ONE who is executing and making these decisions. I can keep kicking your ass to keep you on The Path but there is nothing I can do to YOUR psyche. Keep reading my signature on my posts over and over until it is firmly embedded in YOUR mind that YOU are the ONE that CONTROLS your trading destiny.

To combat over trading, ONLY take those trades which stand out like a sore thumb - the ones that SHOUT and JUMP OUT at you. Any others for YOU are off limits.

Risk:Reward - ONLY take trades which have a greater than 1:1 R:R and consider dropping down to H4 for a better entry and stop loss.

Excessive draw down - make sure your stop loss is above/below SR or swings. At the end of New York trading each day, ask yourself "would I still buy/sell now?" If the sentiment has changed from when you first put on the trade, causing a negative answer - PULL THE PLUG NOW.

Work very hard on your DISCIPLINE and PATIENCE and you will get there. from Strat #post 3457

How to identify the TREND

The bigger timeframe would show whether the direction is sideway, trending which can be quite obvious. With the Strat Shadow a trend jumps out at you.

USDCAD

USDCAD



Big Boss

Boss

Will USDCAD RE-TEST the support 1.2450?

"THE PATH - From RESISTANCE To SUPPORT"

EURNZD

BOSS

Worker

H4 Entry

From the Boss, I see:

1. LowerHigh
2. Price closed below UP Trend Line.

From the Worker, I see:

1. Price is rejected to RESISTANCE, and broke the UP Trend Line.
2. Last candle it is re-test the Trend Line.

So I drop down to H4 to look for an opportunity from RESISTANCE To SUPPORT.

From the H4, I see:

1. BEEB
2. 20EMA is towards down.

PLAN:

1. Pend order below BEEB
2. SL @ Swing High, TP @ Support zone
3. Risk:Reward=1:2

Power of Time Frames

1) We take our direction from the BIG BOSS (Monthly)
2) We take our direction (and sometimes trades) from the BOSS (Weekly)
3) We time and initiate our trades on the Worker (Daily)

So, when we do an analysis of a pair or any financial instrument for that matter:

We identify our SR levels

We find out where the BIG BOSS is relative to ITS trend AND where it is headed in the SHORT TERM relative to ITS SR levels

Knowing the direction of the BIG BOSS, we review the BOSS. If the BOSS is fighting the BIG BOSS, it will be very difficult to trade so we WAIT until the BOSS aligns herself with the BIG BOSS.

With the BIG BOSS and BOSS now in harmony (both moving together in the same direction) we drop down to the Worker.

We wait for the Worker to give us PASR in the direction of the BIG BOSS and BOSS. Rewarding and stress free trades come when we time the Worker JUST
TURNING into the direction of the BIG BOSS and BOSS at PASR (as shown on the attached chart)

The MOST REWARDING and STRESS FREE trade comes when you can time the Worker turning into the direction of the BIG BOSS at THE SAME TIME as the BOSS turns into the direction of the BIG BOSS.

It sounds SIMPLE and it really is that SIMPLE but to make it stress free we MUST trade with PASR. Trying to guess trades is the best known way to blow an account.

WAIT until you SEE all the following happening. (from Strat #post 21350)