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Strat's PASR Long Term, Stress Free Trading

  • #4,221
  • Apr 27, 2018 8:20am Apr 27, 2018 8:20am
Quoting Malu
{quote} Hi Bestof, my understanding regarding WCC is the following: Close of the new (potential) weekly candle has to be above/below the high/low of the actual WCC. AND (so the 2nd condition) the following candle has to close within the high/low of the (potential) new WCC to confirm (qualify!) it. Then the (potential) WCC becomes the new WCC.
Correct. That's it and we can all move on...

Let's not use another 5 pages of the thread discussing WCC. There's loads about it already on the thread.
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #4,222
  • Apr 27, 2018 8:22am Apr 27, 2018 8:22am
GBPUSD H4

A bit late to the party with this one but nipped in a couple of add on's today and now done for the week...

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Private Msgs are turned off to weirdos, loafs and brain drainers
  • #4,223
  • Apr 27, 2018 8:25am Apr 27, 2018 8:25am
Quoting BeyondTheSea
{quote} Correct. That's it and we can all move on... Let's not use another 5 pages of the thread discussing WCC. There's loads about it already on the thread.
Thanks.
  • #4,224
  • Apr 27, 2018 8:26am Apr 27, 2018 8:26am
Quoting BeyondTheSea
GBPUSD H4 A bit late to the party with this one but nipped in a couple of add on's today and now done for the week... {image}
I bow before your ability to hold such SLs
  • #4,225
  • Apr 27, 2018 8:31am Apr 27, 2018 8:31am
Bad day for me. My first entry was a big BUEB after touching the Strat's Shadow with the price that failed to reach a new high. Loosing trade. Soon I saw a new opportunity with a failed confirmed high and the price that came out of the strat's shadow with close near to the low and a modest upper tail. The trade looked good but in an area where I did not identify any 1-hour/4-hour support (except for the 1.7100 psychological level) the price suddenly changed direction and with a big candle it hit my stop loss. Why do I have this great ability to choose these complicated trades?
However I tried to understand my mistakes as usual and analyzing the weekly chart I came to the conclusion that I was right in the middle of a resistance zone where the bulls and the bears are fighting to send the price higher or lower. Not an optimal area for a trade I guess. What do you think?
I know that now the price moves sideways but at the time of trade the price was, or at least it seemed, that it was in a trend. Trend that then evolved into a trading range.

P.S. Thank you Strat for your feedbacks on my previous post!

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  • #4,226
  • Apr 27, 2018 8:42am Apr 27, 2018 8:42am
Quoting darko2010
{quote} I bow before your ability to hold such SLs
Sorry I wiped my PASR lines...

This is why I didn't close. My plan was a 4 hr CLOSE above this line and I'm out. Luckily it didn't happen hence keeping the trade running...

I expect many 20 MA traders bailed, maybe enough stop losses were hunted there to enable the market to position itself to SELL into the news today?

Here you go:

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Private Msgs are turned off to weirdos, loafs and brain drainers
  • #4,227
  • Apr 27, 2018 8:48am Apr 27, 2018 8:48am
Quoting Giannis95
Bad day for me. My first entry was a big BUEB after touching the Strat's Shadow with the price that failed to reach a new high. Loosing trade. Soon I saw a new opportunity with a failed confirmed high and the price that came out of the strat's shadow with close near to the low and a modest upper tail. The trade looked good but in an area where I did not identify any 1-hour/4-hour support (except for the 1.7100 psychological level) the price suddenly changed direction and with a big candle it hit my stop loss. Why do I have this great ability to...
Giannis,
1. Why do you show the Boss chart on an M5 trade?
2. I think both your entries on M5 were fine but your first stop was not where it should be (you were still on the same long swing and your SL was in the middle of nowhere) and you should have gotten out on your second entry after the big BUOB and probably the support that was in the vicinity

I know the problem with SL positioning, I feel your pain. But committing to a trade in full, including the SL and MM that go with it should be really top of mind

Hope this helps, thanks for sharing your bad trades, it helps everyone
  • #4,228
  • Apr 27, 2018 8:50am Apr 27, 2018 8:50am
Quoting BeyondTheSea
{quote} Sorry I wiped my PASR lines... This is why I didn't close. My plan was a 4 hr CLOSE above this line and I'm out. Luckily it didn't happen hence keeping the trade running... I expect many 20 MA traders bailed, maybe enough stop losses were hunted there to enable the market to position itself to SELL into the news today? Here you go: {image}
Most traders fail to appreciate the difference between touching an S/R and closing above/below it, well done !!
An amply deserved win
  • #4,229
  • Apr 27, 2018 9:11am Apr 27, 2018 9:11am
Quoting darko2010
{quote} Giannis, 1. Why do you show the Boss chart on an M5 trade? 2. I think both your entries on M5 were fine but your first stop was not where it should be (you were still on the same long swing and your SL was in the middle of nowhere) and you should have gotten out on your second entry after the big BUOB and probably the support that was in the vicinity I know the problem with SL positioning, I feel your pain. But committing to a trade in full, including the SL and MM that go with it should be really top of mind Hope this helps, thanks for...
Because I try to understand why many traders are closing their short positions and/or opening long positions, and if I do not find a possible reason in the smaller time-frames I move in the bigger ones to find a possible answer.
You're right, I also have to improve on correctly positioning the stop losses. Thanks for your advice.
However I found a support level (BLUE LINE) that I missed on which the price had found support. I probably should have waited for a close above it.

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  • #4,230
  • Apr 27, 2018 9:16am Apr 27, 2018 9:16am
Quoting Giannis95
{quote} Because I try to understand why many traders are closing their short positions and/or opening long positions, and if I do not find a possible reason in the smaller time-frames I move in the bigger ones to find a possible answer. You're right, I also have to improve on correctly positioning the stop losses. Thanks for your advice. However I found a support level (BLUE LINE) that I missed on which the price had found support. I probably should have waited for a close above it. {image}
OK, I never thought I would do this but here it goes: When you trade Strat's M5 PASR Trend trading strategy, you only look at M5 and H1/H4 S/Rs

Believe me, I spent enough time looking elsewhere but Strat has perfected the art of M5 PASR trading strategy. The sooner you accept this as a fact, the faster your trading will improve as you will be able to focus on what matters in the here and now, namely the M5, and you will trade what you see, and only what you see
  • #4,231
  • Apr 27, 2018 9:18am Apr 27, 2018 9:18am
Quoting BeyondTheSea
{quote} Sorry I wiped my PASR lines... This is why I didn't close. My plan was a 4 hr CLOSE above this line and I'm out. Luckily it didn't happen hence keeping the trade running... I expect many 20 MA traders bailed, maybe enough stop losses were hunted there to enable the market to position itself to SELL into the news today? Here you go: {image}
Just looked at your chart BTS on the H4 on my live trading account MT4 by mistake and got myself very confused by the candles.
I analyse on one platform (US close candles) and trade on another (UK based) because I want to use US close candles like the big boys.

Take a look at the difference in signals on a UK and US close broker.
Anyone trying to trade PASR on UK closes really needs to switch to a broker with US closes!
Been said before but no harm in re-stating the fact.

Still a BEEB there but 2 candles later on the UK chart and who knows how many other screwy signals it may be chucking out!

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Study enough and it all starts looking like the Matrix...
  • #4,232
  • Apr 27, 2018 9:57am Apr 27, 2018 9:57am
Quoting samsonwebdes
{quote} Hi Bestof. WCC can be tricky and I still struggle sometimes. I've looked at a weekly before with a WCC on it and then suddenly thought "thats not right" after it being there for weeks in place and me not noticing. Here is my chart which is US closes and what I have as the WCC. Your candle C closed outside candle A but not candle B. Now this was 4.5 months ago and just about when I started on the path even so I may have it wrong. From then on nothing closed outside candle B so that's where I put the WCC. Anyone confirm? {image}
Candle B didn't close below candle A low, so it can't be WCC
  • #4,233
  • Edited 10:32am Apr 27, 2018 9:57am | Edited 10:32am
Quoting samsonwebdes
{quote} Just looked at your chart BTS on the H4 on my live trading account MT4 by mistake and got myself very confused by the candles. I analyse on one platform (US close candles) and trade on another (UK based) because I want to use US close candles like the big boys. Take a look at the difference in signals on a UK and US close broker. Anyone trying to trade PASR on UK closes really needs to switch to a broker with US closes! Been said before but no harm in re-stating the fact. Still a BEEB there but 2 candles later on the UK chart and who knows...
Yep I only trade with an ECN broker with NYC.

All others are market making, no good bucket shops with a synthetic liquidity pool. Wouldn't be surprised if they charge you swap on that extra candle too..
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #4,234
  • Apr 27, 2018 10:01am Apr 27, 2018 10:01am
Quoting BeyondTheSea
{quote} Yep I only trade with an ECN broker with NYC. All others are market marking, no good bucket shops with a synthetic liquidity pool. Wouldn't be surprised if they charge you swap on that extra candle too..
I only get charged swap every night. Funnily enough they have a Sunday candle too. An extra swap a week for them.
Study enough and it all starts looking like the Matrix...
  • #4,235
  • Apr 27, 2018 11:09am Apr 27, 2018 11:09am
Quoting Giannis95
Bad day for me. My first entry was a big BUEB after touching the Strat's Shadow with the price that failed to reach a new high. Loosing trade. Soon I saw a new opportunity with a failed confirmed high and the price that came out of the strat's shadow with close near to the low and a modest upper tail. The trade looked good but in an area where I did not identify any 1-hour/4-hour support (except for the 1.7100 psychological level) the price suddenly changed direction and with a big candle it hit my stop loss. Why do I have this great ability to...
Similar to Darko I thought they were both fine trades but the management was off.

first one (presumably you meant BEEB?) there was no close below the bar so it was unconfirmed? Your SL looks a little tight.

Second one was a decent trade with nice confluence from worker resistance and an obvious place for the SL - looks like you got whipped out by news if I got the timing right - then E/Z went against you. Maybe knowing there was some news coming up would have tightened your SL to grab some pips?

The thing I wonder is that I can see worker support forming directly where your first entry is - it's obvious now, but whether it was at the hard, right edge is another thing entirely. Strat might have something to say on it but I'm not confident I would have picked it up in real time.
  • #4,236
  • Apr 27, 2018 12:33pm Apr 27, 2018 12:33pm
Quoting BeyondTheSea
{quote} Hi Bestof27, go to post 1950. Cheers BTS

This is an extract from https://www.forexfactory.com/showthr...34#post2684834

"To be more specific, the 4/10 bar was CONFIRMED as a SWING HIGH by the 4/17 candle having a low LOWER than the 4/10 candle. The 4/17 candle also, of course, has to have a LOWER high."

That is why I thought that the swing is confirmed by an low or high and not a close
  • #4,237
  • Apr 27, 2018 1:01pm Apr 27, 2018 1:01pm
Quoting Bestof27
{quote} This is an extract from https://www.forexfactory.com/showthr...34#post2684834 "To be more specific, the 4/10 bar was CONFIRMED as a SWING HIGH by the 4/17 candle having a low LOWER than the 4/10 candle. The 4/17 candle also, of course, has to have a LOWER high." That is why I thought that the swing is confirmed by an low or high and not a close
For me price confirms the SL or SH but I only trade on candle CLOSE so that confirms the swing anyway. Pull up a line chart and plot the swings... then compare with candles.

https://www.forexfactory.com/showthr...55459&page=109
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #4,238
  • Apr 28, 2018 12:56am Apr 28, 2018 12:56am
Quoting BeyondTheSea
{quote} For me price confirms the SL or SH but I only trade on candle CLOSE so that confirms the swing anyway.
That’s correct. I would also agree that the CLOSE confirmes the swings.
See the pages named by Beyond.
Nice weekend to all of you.
  • #4,239
  • Apr 28, 2018 9:03am Apr 28, 2018 9:03am
Summarising my PASR trading week: I'm feeling progress. Finally starting to get patient enough to wait for a trade that gives a greater reward than the risk. Not even glancing at the trading screen during the day helped tremendously as well. Over a hundred pips a week is probably not so much on Worker timeframe that I'm trading but the real achievement to me is that I am not losing money overall. My first month in the green as well.
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  • #4,240
  • Apr 28, 2018 9:39am Apr 28, 2018 9:39am
PASR

Quoting Svolacius
Summarising my PASR trading week: I'm feeling progress. Finally starting to get patient enough to wait for a trade that gives a greater reward than the risk. Not even glancing at the trading screen during the day helped tremendously as well. Over a hundred pips a week is probably not so much on Worker timeframe that I'm trading but the real achievement to me is that I am not losing money overall. My first month in the green as well. {image}
the real achievement to me is that I am not losing money overall. My first month in the green as well.

Excellent, well done young man!

Over a hundred pips a week is probably not so much on Worker time frame that I'm trading

Don't worry about pips - they are meaningless. What is the real measure of performance is your % account growth at the end of the month.

Finally starting to get patient enough to wait for a trade that gives a greater reward than the risk

Now that is a BIG STEP on The Path

Not even glancing at the trading screen during the day helped tremendously as well

Another important step!

In addition to working on PATIENCE, add DISCIPLINE to follow PASR and your PLAN

Finally, don't try walking on water!
15 YEARS OF PASR ON FOREX FACTORY!
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