EURUSD M15
First, thank you for posting this as this is the only way to progress on THE PATH.
Would you please explain your analysis and rationale for taking this trade? I think I can understand it if ""I"" was early on the PASR PATH.
What is the RED line on your chart? I cannot find a reason for it. Where are your Support and Resistance levels.
Not knowing how you made the decision to trade this, I can only ""think"" what you did.
First, I think you may be mesmerised/hypnotised by M5/M15 trading so you are looking at the first thing you ""see"".
Lets pull up my chart at where you were:
Observe that I have SR levels from H1, H4 and Worker.
You saw what you thought was a Shooting Star at Strat Shadow resistance. Not bad but as Rufus pointed out it is a very low probability shooting star at best and more like a doji.
It was, in fact, the correct trade for COUNTER TREND on a much shorter time frame ""IF"" you were a RANK AMATEUR trading for 5 to 10 pips.
So lets identify where you went wrong.
When you pulled up that M15 chart you should have seen the candle in the first blue rectangle. That candle has a long tail telling us that there are buyers there protecting that PRICE and willing to buy. From there on, it is a case of WATCHING and WAITING to SEE who has the strength and volume. The second blue rectangle tells us that the buyers have successfully defended that PRICE
On the next chart we SEE the candle in the blue rectangle telling us that buyers rejected that PRICE and pushed it UP into the Strat Shadow.
We should also SEE that the Strat Shadow has caught up with PRICE and has ""bottomed"" and "beginning" to turn up.
Make sure you UNDERSTAND that PRICE leads the Strat Shadow. Unlike those who follow indicators, PASR traders KNOW that PRICE does NOT, and NEVER will, EVER! follow a wiggly, squiggly line.
Next we SEE the LOW and from that LOW we SEE the buyers pushing PRICE up into the Strat Shadow. Then we SEE that strong buying candle in the blue rectangle with a HIGHER LOW so, from the Swing Low, draw your trend line. (When you have sufficiently progressed on THE PATH you will SEE and UNDERSTAND that you do not need a trend line as the Strat Shadow does this for you {Rub, are you paying attention?})
Then we SEE a Higher Swing Low, HL, and the candle in the blue rectangle which alerts us to a potential change in trend and to start looking for PASR Set Ups and entries.
I wandered off a little as I got carried away with the POWER of PASR and the Strat Shadow but hopefully this tells you where you went wrong and how to do better next time.
What experienced PASR traders would have done though, at where they saw your entry candle, would have been to drop down to M5 to SEE, in detail, the battle between the sellers and buyers. They would SEE the PASR Set UP, entry AND confirmation of the UP trend. The RED arrow is your entry.
I have spent a lot of time on this for you because I want you to be the first successful and consistently profitable ex-poker player on here. Don't let me down.
Thank you to all those who provided feed back on this - TRADERS HELPING TRADERS
Eur USD 15 Min Break 2 pips below the shooting star{image}
Would you please explain your analysis and rationale for taking this trade? I think I can understand it if ""I"" was early on the PASR PATH.
What is the RED line on your chart? I cannot find a reason for it. Where are your Support and Resistance levels.
Not knowing how you made the decision to trade this, I can only ""think"" what you did.
First, I think you may be mesmerised/hypnotised by M5/M15 trading so you are looking at the first thing you ""see"".
Lets pull up my chart at where you were:
Observe that I have SR levels from H1, H4 and Worker.
You saw what you thought was a Shooting Star at Strat Shadow resistance. Not bad but as Rufus pointed out it is a very low probability shooting star at best and more like a doji.
It was, in fact, the correct trade for COUNTER TREND on a much shorter time frame ""IF"" you were a RANK AMATEUR trading for 5 to 10 pips.
So lets identify where you went wrong.
When you pulled up that M15 chart you should have seen the candle in the first blue rectangle. That candle has a long tail telling us that there are buyers there protecting that PRICE and willing to buy. From there on, it is a case of WATCHING and WAITING to SEE who has the strength and volume. The second blue rectangle tells us that the buyers have successfully defended that PRICE
On the next chart we SEE the candle in the blue rectangle telling us that buyers rejected that PRICE and pushed it UP into the Strat Shadow.
We should also SEE that the Strat Shadow has caught up with PRICE and has ""bottomed"" and "beginning" to turn up.
Make sure you UNDERSTAND that PRICE leads the Strat Shadow. Unlike those who follow indicators, PASR traders KNOW that PRICE does NOT, and NEVER will, EVER! follow a wiggly, squiggly line.
Next we SEE the LOW and from that LOW we SEE the buyers pushing PRICE up into the Strat Shadow. Then we SEE that strong buying candle in the blue rectangle with a HIGHER LOW so, from the Swing Low, draw your trend line. (When you have sufficiently progressed on THE PATH you will SEE and UNDERSTAND that you do not need a trend line as the Strat Shadow does this for you {Rub, are you paying attention?})
Then we SEE a Higher Swing Low, HL, and the candle in the blue rectangle which alerts us to a potential change in trend and to start looking for PASR Set Ups and entries.
I wandered off a little as I got carried away with the POWER of PASR and the Strat Shadow but hopefully this tells you where you went wrong and how to do better next time.
What experienced PASR traders would have done though, at where they saw your entry candle, would have been to drop down to M5 to SEE, in detail, the battle between the sellers and buyers. They would SEE the PASR Set UP, entry AND confirmation of the UP trend. The RED arrow is your entry.
I have spent a lot of time on this for you because I want you to be the first successful and consistently profitable ex-poker player on here. Don't let me down.
Thank you to all those who provided feed back on this - TRADERS HELPING TRADERS
15 YEARS OF PASR ON FOREX FACTORY!
