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Strat's PASR Long Term, Stress Free Trading

  • #3,141
  • Mar 21, 2018 7:08am Mar 21, 2018 7:08am
This is a relatively slow day, you may want to spend an hour on this MUST WATCH interview of Marc Douglas.


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  • #3,142
  • Mar 21, 2018 7:51am Mar 21, 2018 7:51am
Quoting darko2010
{quote} I came across this while I was looking for the book. It doesn't replace it but could help others along the way. The teachings are very similar to what Strat has been saying for years... I put in red what resonated with me "I just finished reading the book “What I learned losing a million Dollars” by Jim Paul and while reading it, I couldn’t stop making annotations...

The book is brutality honest. I will have to dust it off and read it again.

“There is more to be learned from Jim Paul’s true story of failure than from a stack of books promising to reveal the secret formula for success…this compact volume is filled with a wealth of trading wisdom and insights.”
– Jack Schwager,

I like reading about traders and psychology. Not so much books on how to trade.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #3,143
  • Mar 21, 2018 8:36am Mar 21, 2018 8:36am
Quoting darko2010
This is a relatively slow day, you may want to spend an hour on this MUST WATCH interview of Marc Douglas. https://youtu.be/GhKJ9P3agRc
Great interview. I'm not a great reader and struggled with TITZ. I much prefer watching videos like that as I seem to take it in a lot more.

I found this series of 4 videos a couple of weeks ago with Mark too. Bookmarked them to rewatch when things start to go wrong. Very inspirational and a mountain of trading psychology information in these. It's pretty much trading in the zone live.
If you have another 5 1/2 hours to spare after watching Darkos vid this series is definitely worth watching. Some real lessons and very humorous stories from him.

How to think like a professional trader:
Part 1
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Part 2
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Part 3
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Part 4
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Study enough and it all starts looking like the Matrix...
  • #3,144
  • Mar 21, 2018 9:58am Mar 21, 2018 9:58am
Quoting HappyTrend
{quote} Hello Strat, please dont Laugh but i dont know where to take profit. In my head are: *TP to the next Resistance/Support *TP in the first signal of sellers or buyers (hammers, SS at Support or Resistance) Just thinking in more.... Please dont laugh haha.
i dont know where to take profit

This confirms you are trading without a PLAN. How do you know what your RISK to REWARD is if you don't know where to take profit? Your take profit MUST be determined at the same time as you PLAN your entry.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,145
  • Mar 21, 2018 10:01am Mar 21, 2018 10:01am
Quoting Corinna
{quote} No body was saying indicators do not work. They helped in our trading in a certain way. Otherwise, they won't be around for so long. Only that they are lagging. We here had gone through the Indicators Forest for many years and got lost. Finally we landed in this simple and peaceful garden. Strat is very a knowledgeable and non-selfish person. He just wants to teach us the simple and short cut way so that we can be as successful as he. What we need to do is to put in our hard work. If you can't bear this teacher's way of leading us, you don't...
He just wants to teach us the simple and short cut way

Hi Corinna, I am sure this is a translation issue as there are NO SHORT CUTS to learning PASR
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,146
  • Mar 21, 2018 10:05am Mar 21, 2018 10:05am
Quoting strat
{quote} i dont know where to take profit This confirms you are trading without a PLAN. How do you know what your RISK to REWARD is if you don't know where to take profit? Your take profit MUST be determined at the same time as you PLAN your entry.

My first plan was TakeProfit that the first Resistance/Support. In fact that was my plan. (I never trade without a Plan)

But then, reading (this is one of the reasons that i dont like to read at forums as i say in the first time that i arrive in here) everyone has a different way to trade and that confuse me.. because i want to trade like you the daily charts, but you say that is impossible. I know is impossible to trade 100% like you, but i want a hint where you take profits, or what u see for take profit.

I think my entries was correct but i dont know where to take profit and again, i never trade without a plan but i want to be sure that im doing the correct the things.
  • #3,147
  • Mar 21, 2018 10:10am Mar 21, 2018 10:10am
Quoting Rufus
{quote} The book is brutality honest. I will have to dust it off and read it again. “There is more to be learned from Jim Paul’s true story of failure than from a stack of books promising to reveal the secret formula for success…this compact volume is filled with a wealth of trading wisdom and insights.” – Jack Schwager, I like reading about traders and psychology. Not so much books on how to trade.
I agree Rufus. I think trading is just the fire test for any individual not only in the trading area but as a person.

Also, I have the feeling that if I can simply apply rule 3 (There are as many ways to make money in the markets as there are participants. But there are only very few ways to lose ) consistently, for instance not buy into resistance and sell into support, I will have removed 95% of my past issues.

The same goes on so many other areas of live beyond trading. Discipline, consistency, not taking things personally and at an emotional level...

I very warmly suggest you read the 4 agreements if you haven't already. It is not directly trading related but it covers the whole cycle of life.

http://wtf.tw/ref/ruiz.pdf
  • #3,148
  • Mar 21, 2018 10:14am Mar 21, 2018 10:14am
AUDNZD

Quoting samsonwebdes
AUD/NZD Trade I entered a new daily trade this morning on this pair. This is a risky trade as it is counter trend so I have a tight stop under the low of yesterdays BUEB. Only a small position (half my normal size) to see what price does. If we put in a higher high I will look to add to the position on the next higher low with price action. BB - Has been in a downtrend for the last 4 months and closed below the strat shadow last month. This makes me cautious about the trade and as I have mentioned this is counter trend. The big boss has put in higher...
This looks like a trade for you to gain experience with PASR and counter trend trades. You have identified the RISK and taken the correct steps on Money Management so enjoy your ride.

I think your target of 108.2000 is very ambitious as I SEE a lot of consolidation around where PRICE is now but what do I know, I was never overall profitable with counter trend trades.

Counter trend trading on the higher time frames requires you to be very nimble and flexible and grab your profits as soon as they appear. You can't sit there ""HOPING"" PRICE will move in your favour when you are driving the wrong way on an 8 lane freeway with 18 wheeler big rigs coming for you at 80 mph! It is a case of ""IN, OUT"" thank you Ma'am when trading counter trend.

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15 YEARS OF PASR ON FOREX FACTORY!
  • #3,149
  • Mar 21, 2018 10:31am Mar 21, 2018 10:31am
Quoting strat
AUDNZD {quote} This looks like a trade for you to gain experience with PASR and counter trend trades. You have identified the RISK and taken the correct steps on Money Management so enjoy your ride. I think your target of 108.2000 is very ambitious as I SEE a lot of consolidation around where PRICE is now but what do I know, I was never overall profitable with counter trend trades. Counter trend trading on the higher time frames requires you to be very nimble and flexible and grab your profits as soon as they appear. You can't sit there ""HOPING""...
Thanks Strat.

I understand I'm staring down a freight train hurtling towards me and will definitely be jumping out the way if it doesn't stop!
Thanks for pointing out the consolidation on H4. Not thought of looking there. Must use my H4 charts more in future but trying not to overcomplicate PASR at the moment and concentrating only on daily, weekly and monthly.
Noted about in and out quick. Only have a small position so not much profit to take with a partial. Will look for 100 pips maybe and assuming I'm in profit at close today possibly move to BE to protect my capital. A live experimental trade this one with a very small risk.
Study enough and it all starts looking like the Matrix...
  • #3,150
  • Mar 21, 2018 11:47am Mar 21, 2018 11:47am
EURCAD

1st two entries were from yesterday based on 15 min and today's 2 entries were using 1 hr. Just closed because of upcoming FOMC and it's tea time and we are at support.....

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Private Msgs are turned off to weirdos, loafs and brain drainers
  • #3,151
  • Mar 21, 2018 11:48am Mar 21, 2018 11:48am
PASR

Quoting samsonwebdes
{quote} Thanks Strat. I understand I'm staring down a freight train hurtling towards me and will definitely be jumping out the way if it doesn't stop! Thanks for pointing out the consolidation on H4. Not thought of looking there. Must use my H4 charts more in future but trying not to overcomplicate PASR at the moment and concentrating only on daily, weekly and monthly. Noted about in and out quick. Only have a small position so not much profit to take with a partial. Will look for 100 pips maybe and assuming I'm in profit at close today possibly...
Must use my H4 charts more in future

Don't go crazy with this! There are only two ways we want to use H4 in our Long Term, Stress Free Trading.

When you are trading WITH THE TREND and identify a trade on the Worker, you may get a better R:R by dropping down to H4 for your entry and stop level. Then when the trade is triggered, manage it on the Worker. If you manage it on H4 then you are trading H4 and NOT the Worker.

When you are trading AGAINST THE TREND from a trade identified on the Worker, drop down to H4 for entry and stop level AND manage it on H4. When you are staring down the barrel of a shotgun, PRICE will always react FASTER on the shorter time frames.

Again, this is explained pictorially by MY Power Of Time Frames trend chart. Note how SHORT counter trend moves are compared with trend moves

Attached Image
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,152
  • Mar 21, 2018 12:13pm Mar 21, 2018 12:13pm
Quoting strat
PASR {quote} Must use my H4 charts more in future Don't go crazy with this! There are only two ways we want to use H4 in our Long Term, Stress Free Trading. When you are trading WITH THE TREND and identify a trade on the Worker, you may get a better R:R by dropping down to H4 for your entry and stop level. Then when the trade is triggered, manage it on the Worker. If you manage it on H4 then you are trading H4 and NOT the Worker. When you are trading AGAINST THE TREND from a trade identified on the Worker, drop down to H4 for entry and stop level...
Thanks Strat.
I'll aim to use H4 if I look at more counter trend trades. Great advise as always.
As you have said many times in both threads, counter trend trades are not consistently profitable in the long run so I'm not planning on making a habit of standing in front of fast moving trains. Rather get on and ride them to their destination.
I saw trade and it just made sense to me at the time. As Mr Douglas says "It'll either work or it wont and I'll move onto the next." The big boys will either see what I see and pile in with me or push it back down. They wont all be winners and I'm starting to see that expecting anything in trading is just pointless. I'll take what the market gives me when I enter based on my understanding of the strategy.
Study enough and it all starts looking like the Matrix...
  • #3,153
  • Mar 21, 2018 12:26pm Mar 21, 2018 12:26pm
EURCAD

Quoting BeyondTheSea
EURCAD 1st two entries were from yesterday based on 15 min and today's 2 entries were using 1 hr. Just closed because of upcoming FOMC and it's tea time and we are at support..... {image}
Just closed because of upcoming FOMC and it's tea time and we are at support

Excellent use of confluence, BTS!

Surprised you didn't also trade EURAUD which ran in parallel.
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,154
  • Mar 21, 2018 1:07pm Mar 21, 2018 1:07pm
Quoting strat
EURCAD {quote} Just closed because of upcoming FOMC and it's tea time and we are at support Excellent use of confluence, BTS! Surprised you didn't also trade EURAUD which ran in parallel.
Thanks Strat

"Surprised you didn't also trade EURAUD which ran in parallel"

I've just been waiting for a close below the Strat Shadow and maybe a retest of 1.59 on the 1 hour.. Nice confluence of the Shadow, BRN and 200 ema maybe.
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #3,155
  • Mar 21, 2018 1:12pm Mar 21, 2018 1:12pm
M5 PASR Trend Trading

Quoting fxrabbi
EURUSD M5 PASR Trend Trading: LIVE at the MOVING HARD RIGHT EDGE, where the Strat Shadow is showing TOOTH BLADE STRUCTURE......... Happy Trading, Yomi. {image}
We missed your pips today, Yomi - did you take a day off so that others could get them instead?
15 YEARS OF PASR ON FOREX FACTORY!
  • #3,156
  • Mar 21, 2018 4:00pm Mar 21, 2018 4:00pm
Quoting strat
M5 PASR Trend Trading {quote} We missed your pips today, Yomi - did you take a day off so that others could get them instead?
Hi Strat,

Thanks for asking after me.

I don't normally trade on NFP days and FOMC days.... especially when there are expectations for rate hike, like today. So I stay off trading today.


Happy Trading,
Yomi.
Time always comes before price
  • #3,157
  • Edited 8:12pm Mar 21, 2018 7:18pm | Edited 8:12pm
question canceled
  • #3,158
  • Mar 21, 2018 10:28pm Mar 21, 2018 10:28pm
Time for me to start posting charts.
No PASR entries yet. Been reading tons.

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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #3,159
  • Mar 22, 2018 4:20am Mar 22, 2018 4:20am
Quoting strat
AUDNZD {quote} This looks like a trade for you to gain experience with PASR and counter trend trades. You have identified the RISK and taken the correct steps on Money Management so enjoy your ride. I think your target of 108.2000 is very ambitious as I SEE a lot of consolidation around where PRICE is now but what do I know, I was never overall profitable with counter trend trades. Counter trend trading on the higher time frames requires you to be very nimble and flexible and grab your profits as soon as they appear. You can't sit there ""HOPING""...
Checked on this AUDNZD counter trend trade this morning. Shouldn't open my charts in the morning I know but had a feeling I needed to check this one as it was risky.
Strong move against my position and 14 pips in the hole after closing 40 pips up yesterday.
I've exited the trade to preserve my capital instead of letting it hit my stop. Looks like it's going that way and rather lose 15 than 65 which is where my stop was placed.
Rule #1
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Study enough and it all starts looking like the Matrix...
  • #3,160
  • Edited 8:29am Mar 22, 2018 8:16am | Edited 8:29am
EURJPY

Target acquired.

Entry
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Exit at Resistance. Swing low and WCC

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Good for a quick 30 pips before breakfast. I am a West Coaster as well. Get up at 4:30 am to be somewhat alert by 5 when US session opens.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
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