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Strat's PASR Long Term, Stress Free Trading

  • #7,621
  • Oct 11, 2018 11:14am Oct 11, 2018 11:14am
Quoting JCMPete
Hi Strat Quick question with reference to your response to HappyTrend posting 6 hour charts. What is your view on 8 hour charts? Is it worth my while looking at them or do these charts fall in the same category as the 6 hour charts in the context of the Big Boys not using 8 hour charts to trade with? Thanks Pete
Hi Pete

Just curious, why do you want to look at 8 hour charts?

Cheers

BTS
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #7,622
  • Oct 11, 2018 12:05pm Oct 11, 2018 12:05pm
Quoting BeyondTheSea
{quote} Hi Pete Just curious, why do you want to look at 8 hour charts? Cheers BTS
Hi BTS

Two reasons really:

  1. The New York close in my Time Zone is at 11pm local time which in itself is not a problem. Unfortunately my normal day starts at 4 am which makes staying up to watch the New York close a bit uncomfortable in the sense that I need my beauty sleep . By the time I get a chance to have a look see where the daily candle has closed the next day's candle is already 8 - 12 hours old. Not a train smash as this probably serves as a confirmation of price direction after the previous daily candle close. The problem is on the days when I only get a chance to look at the charts after I get home from work by which time the New York trading has progressed so far it is better to wait for the next New York close to check PA
  2. The above got me thinking that a Trading day can be divided roughly in three sessions:

    1. The Asian session gets going after the New York close (11PM my time)
    2. 8 hours after that (7AM my time) their session has progressed substantially and they are ready to hand over trading to Europe and London which constitutes the second 8 hour candle.
    3. The 3rd 8 hour candle kicks of at 3pm my time when New York starts coming online. This candle then reflects the New York Session.
    4. So in essence my reasoning is that 8 hour candles approximately coincides with the 3 main trading sessions of Asia, London and New York. This got me thinking that maybe the Big Boys might be making use of 8 hour candles or that their business day actions would coincide with these candles giving them some value in following the big boys of each session.
    5. So if these candles are of value for PASR purposes it gives me two opportunities to analyse firstly the result of the Asian session and secondly the result of the London session.


Don't know if this makes sense but this is what made me think of 8 hour charts. If they are not really of use I will make another plan to use the daily candles as recommended. Another option is off course to focus on 4 hour charts and less but I was thinking that 8 hour candles could possibly be a usable compromise.

Regards
Pete

  • #7,623
  • Oct 11, 2018 12:24pm Oct 11, 2018 12:24pm
Quoting strat
USDCAD {quote} Thanks for posting your losing trade, Ben. Losing trades teach us far more than wallowing in profit pips. Happy Trend, Eurotrader, Suran, Svolacius and Terry have all commented on the error of your ways - thank you - TRADERS HELPING TRADERS So, just to ""Rub"" it in, Ben: The ""tail"" on this candle was ""all"" and ""everything"" you needed to know! {image} It is much clearer on my chart when you correctly identify Support and Resistance! {image}
Thanks strat and everyone else, there was some great feedback. Especially now I have the 200EMA (not simple moving average!) on my chart I would have never taken the trade. Still, it's only my second trade of the month so I must be learning something.

Quite happy to post my losing trades, there's more to be learned there than when everything goes right.
  • #7,624
  • Oct 11, 2018 12:57pm Oct 11, 2018 12:57pm
Quoting JCMPete
{quote} Hi BTS Two reasons really: The New York close in my Time Zone is at 11pm local time which in itself is not a problem. Unfortunately my normal day starts at 4 am which makes staying up to watch the New York close a bit uncomfortable in the sense that I need my beauty sleep . By the time I get a chance to have a look see where the daily candle has closed the next day's candle is already 8 - 12 hours old. Not a train smash as this probably serves as a confirmation of price direction after the previous daily candle close. The problem is...
actually you confused me here with your schedule

But I think you are in the european timezone. it shouldnt be that much of a problem to watch daily charts
and frankly if I had alot of money I wouldnt care in how many fractions anyone would split a day or a week. my only concern would be that the week has only 5 days
  • #7,625
  • Oct 11, 2018 1:07pm Oct 11, 2018 1:07pm
Quoting JCMPete
{quote} Hi BTS Two reasons really: The New York close in my Time Zone is at 11pm local time which in itself is not a problem. Unfortunately my normal day starts at 4 am which makes staying up to watch the New York close a bit uncomfortable in the sense that I need my beauty sleep . By the time I get a chance to have a look see where the daily candle has closed the next day's candle is already 8 - 12 hours old. Not a train smash as this probably serves as a confirmation of price direction after the previous daily candle close. The problem is...
Hi Pete

Interesting concept. The time thing used to boggle me good and proper, I'd got it into my head that price is constantly moving throughout the day and what use is the close of a candle at any given time of day or duration? I have lost DAYS and DAYS if not weeks when I crawled down this rabbit hole.
I looked at Futures and how they are traded by contract tick sized candles to determine the market order flow and guess what? Every trader has his own preferred tick size candle so that got me onto Range Bars, same thing, what range to chose?! CONCLUSION = Time wasted! But at least I'd got the worm out of my head.

In my very humble opinion and unless someone proves me wrong here (and I'm open minded!) the Worker, Boss and Big Boss using the NY close is synchronised for FX around the globe. Anything else in between these candles coincides with PASR levels. Using candles of varying duration at these levels is merely a view of where price is NOW and HAS BEEN in the past. It could be 15min, 4hr or 1 min but what is common will be where PRICE is now on the chart (hint Strat Shadow).

I'm trying to determine what makes sense to me and you realise that we use all of this information to plan our trades. So take profit and stop loss, is used by identifying a PASR level which is (for me) to determine the important points of where PRICE has been, turned around, visited again and moved on; ONLY TO REVISIT AGAIN...

It's good to look at the Asian, UK and US Sessions in isolation and then put them together for learning purposes but unless you are planning on day trading these sessions it's more for interest than anything else(no need for 8 hour candles, draw some boxes instead). However, if you are day trading then it's absolutely crucial to know whose playtime it is..

Watch out for those seemingly small rabbit holes, they can go DEEP!
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #7,626
  • Oct 11, 2018 3:02pm Oct 11, 2018 3:02pm
Quoting strat
PASR {quote} I wonder if anyone will get anything from it. Thanks Ben. I posted the summary because I didn't think people would take the time/trouble to read Dan's complete post. Let's ask the question: Did anyone get anything from Dan's post?

Hi Strat

Bit late responding to this now, on the road these last few days, but here it goes.

I brought along a few books to read while traveling, one is on mastery.

I consider Stat my mentor in learning and navigating the Forex markets. Strat has so graciously given so much of his time and understanding for those of us willing to put in the effort to learn. Dan's post was indicative of someone who has put in that time.

Now for me...

My understanding of the market has grown exponentially since getting involved with the University of Strat PASR. For this I am humbled and thankful. As an apprentice to the mentor it is my responsibility to take the teaching of the master and apply it with my understanding and way of thinking. When the learning here has sunk deep into my bones...become an iatrical part of my understanding and then applied the way my mind operates, then I too become a master.

"One repays a teacher badly if one remains only a pupil."
-Friedrich Nietzsche

So it is also my objective to teach as well. Hopefully one day as well as my Mentor.. And be a Mentor myself.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #7,627
  • Oct 11, 2018 3:20pm Oct 11, 2018 3:20pm
Quoting strat
PASR {quote} I assume that they did not quit trading. But did they just disappear or are you still in contact (not on this thread, of course) with them? They just ""disappeared". When they stopped posting, I contacted each privately to find out the reason for their ""disappearance"". The only one who stayed in contact with me for a short while was Roger (No1Optimist) who needed my advice to fine tune my ""Meat of the Trend"" trend trading strategy. Once he got all he wanted, just like the others - ""Wham, Bang, Thank you, Ma'am!"" - not even ""ariverderci"",...
Strat.... I sincerely hope I will never be one to disappear.

I have always loved to teach. Still do.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #7,628
  • Oct 11, 2018 4:00pm Oct 11, 2018 4:00pm
GBPUSD M5 PASR trend Trading 25 pips

Quoting Suran
Hi all, Today's trade GBPUSD {image} Here is My thought process Based on Strats below post and many charts {quote} When I saw the chart I saw below blue marked candles and that tells me PRICE stopped going down. And it started making HH, HL structure with the support of Strat shadow. {image} Then I started adding my S/R lines on H4 ,H1 and I figured price testing 1.3180 level. Figured its trying to go up based on all the tails of PRICE in that level. Then when PRICE sliced through the Strat Shadow I was pretty confident the liquidity came to the...
Now you've got your motor running!
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,629
  • Oct 11, 2018 4:05pm Oct 11, 2018 4:05pm
EURUSD M5

Quoting bistolis
EURUSD M5 Nice little trend whole morning and when I opened the chart I saw an opportunity to jump in. The news pushed it a bit to the desired direction (why not after all? ) and I hear a ka ching and back to work now, although it looks juicy, unfortunately I dont have that much time available to keep watching like a hawk. any feedback is welcome {image}
Very risky as you entered at/just after New York open and at that point in time, you don't know whether New York is going to continue the London trend or sell it off.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,630
  • Oct 11, 2018 4:11pm Oct 11, 2018 4:11pm
Quoting JCMPete
Hi Strat Quick question with reference to your response to HappyTrend posting 6 hour charts. What is your view on 8 hour charts? Is it worth my while looking at them or do these charts fall in the same category as the 6 hour charts in the context of the Big Boys not using 8 hour charts to trade with? Thanks Pete
All I can tell you is that the London traders watch the New York CLOSE and have their charts set to New York CLOSE. That is all I ever need.
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,631
  • Oct 11, 2018 6:27pm Oct 11, 2018 6:27pm
In this morning i travel to a zone where the internet is bad.. the same as the celphone signal.

I decide to close all my positions (most of them in profits and again, #### points...).

I arrive to a place where they got internet and check the charts and its funny how my trades was going in the positive direction... i smile and close my charts.

My plan was in the morning closing all the trades and in sunday start trading again... i check the charts for study (or addiction??) And close it without entry any new order. I dont care if all my trades went to a more positive zone... my emotions are under control. And new set ups is going to be in the next week.
  • #7,632
  • Oct 11, 2018 9:38pm Oct 11, 2018 9:38pm
Quoting BeyondTheSea
USDCAD Trade Plan using WCC Worker closing within the zone BUT at the 200 ema and 20ema. What to do? {image} Boss Closed inside the zone and at support. Big Boss is confirming support. {image} As for gaps, I view them as a market liquidity issue. There aren't enough buyers and sellers at that moment in time to fill prior orders (at the Sunday open), that isn't to say that a market isn't there in global FX. Hence I don't trade into them or against them, I just trade what is on my chart using price at that time. So back onto my plan: H4 Entry is good...

That looks like you did almost the exact opposite of me! Looks like you had the right analysis, and the right plan executed with discipline. My entry would've been the hammer 14 candles later, but that's more a personal thing of wanting the right shaped candle.
  • #7,633
  • Oct 11, 2018 9:51pm Oct 11, 2018 9:51pm
Quoting bistolis
{quote} actually you confused me here with your schedule But I think you are in the european timezone. it shouldnt be that much of a problem to watch daily charts and frankly if I had alot of money I wouldnt care in how many fractions anyone would split a day or a week. my only concern would be that the week has only 5 days
Hi Bistolis, thank you for your reply...much appreciated. As they say K.I.S.S. Keep it simple.

Regards
Pete
  • #7,634
  • Oct 11, 2018 10:07pm Oct 11, 2018 10:07pm
Quoting BeyondTheSea
{quote} Hi Pete Interesting concept. The time thing used to boggle me good and proper, I'd got it into my head that price is constantly moving throughout the day and what use is the close of a candle at any given time of day or duration? I have lost DAYS and DAYS if not weeks when I crawled down this rabbit hole. I looked at Futures and how they are traded by contract tick sized candles to determine the market order flow and guess what? Every trader has his own preferred tick size candle so that got me onto Range Bars, same thing, what range to...
Hi BTS,

Thank you for sharing your views. I really appreciate it and I heed your warning of crawling down rabbit holes, I might just not find my way back to the surface! I need to be careful not to over elaborate. And the confusion that comes with it is something no one needs...

Thank
Pete
  • #7,635
  • Oct 11, 2018 10:13pm Oct 11, 2018 10:13pm
Quoting strat
{quote} All I can tell you is that the London traders watch the New York CLOSE and have their charts set to New York CLOSE. That is all I ever need.
Hi Strat

Thank you for yur feedback. It confirms the message I got from Bistolis and BTS. Don't over complicate matters. New York close is what matters.

Thanks
Pete
  • #7,636
  • Oct 12, 2018 3:15am Oct 12, 2018 3:15am
Quoting Rub
{quote} Good work. Now just keep repeating that over and over and over again consistently! There's a long way to go yet. As I have posted many times: There are those who make things happen There are those who watch it happen There are those who say ""What happened"" Guess which group are ""successful and consistently profitable in trading?"" The ones who make it happen! But that's not just trading, look around you and see how many people are walking though life with their eyes closed drifting wherever it takes them.
Thanks for your input, Rub!

The ones who make it happen! But that's not just trading, look around you and see how many people are walking though life with their eyes closed drifting wherever it takes them
Completely agree! That's one of the reasons I started trading, I felt life was running too fast and when I looked back I realized I wasn't making anything worth it for myself (even though I'm 30+). It was (and it is) for the company I work in but that's not what I want to do for the rest of my life. It sounds more challenging and rewarding to get a "free" life and, in the future, if everything goes well, I'll help others to get a better one too as Strat is doing with us. But first things first, for the next years let's see if we can make it in this business.


Quoting Rub
{quote} Thanks for the feedback, I was aware price was in a weekly control candle, but thought the resistance was enough to short it. And double checking the 200MA, I've been using a simple moving average. Bah. Don't I feel like an idiot now?
Happy to help, Rub Don't feel like that, everyone makes mistakes and we're all here to help each other in order to be consistently profitable. TRADERS HELPING TRADERS, right?
IF IT DOESN'T FEEL RIGHT - IT'S NOT RIGHT!
  • #7,637
  • Oct 12, 2018 4:14am Oct 12, 2018 4:14am
Quoting strat
GBPAUD H4 +450Pips {quote} Very good Eurotrader! I could not have done it or explained it better myself. This was a 150 pip move so you must have had 3 positions to get 450 pips. Just out of curiousity, which PASR strategy do you think you used? Thanks Rub for being the only one to comment on this - TRADERS HELPING TRADERS
Thanks a lot for your comment, Strat!

This was a 150 pip move so you must have had 3 positions to get 450 pips
You're right, I opened 3 positions but I set a TP for the first one for 100Pips and the others two remaining were closed at resistance for around 175 Pips each

Just out of curiousity, which PASR strategy do you think you used?
I'm glad you asked me this question because while I was writing my post I set a title like "Basic PASR&Trend PASR Trading GBPAUD H4 +450Pips" but I removed it since I was late for work and I thought, maybe, it was gonna be confusing and needed for a better/further explanation.
So here it goes why I see that my trade was a kind of BASIC PASR and then it became, as well, in a TREND PASR, meaning a confluence of both strategies, meaning "high probability" trade
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 511 KB


Since I knew I was using two strategies, my closes were based on them. I closed one of my two remaining positions at support (BASIC PASR) and I also closed the one remaining since I saw sellers were getting in (TREND PASR)
IF IT DOESN'T FEEL RIGHT - IT'S NOT RIGHT!
  • #7,638
  • Oct 12, 2018 5:59am Oct 12, 2018 5:59am
Quoting Eurotrader17
{quote} Thanks a lot for your comment, Strat! This was a 150 pip move so you must have had 3 positions to get 450 pips You're right, I opened 3 positions but I set a TP for the first one for 100Pips and the others two remaining were closed at resistance for around 175 Pips each Just out of curiousity, which PASR strategy do you think you used? I'm glad you asked me this question because while I was writing my post I set a title like "Basic PASR&Trend PASR Trading GBPAUD H4 +450Pips" but I removed it since I was late for work and I thought, maybe,...
Excellent! Well done, onto the next one!
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #7,639
  • Oct 12, 2018 7:07am Oct 12, 2018 7:07am
GBPAUD H4 +450Pips

Quoting Eurotrader17
{quote} Thanks a lot for your comment, Strat! This was a 150 pip move so you must have had 3 positions to get 450 pips You're right, I opened 3 positions but I set a TP for the first one for 100Pips and the others two remaining were closed at resistance for around 175 Pips each Just out of curiousity, which PASR strategy do you think you used? I'm glad you asked me this question because while I was writing my post I set a title like "Basic PASR&Trend PASR Trading GBPAUD H4 +450Pips" but I removed it since I was late for work and I thought, maybe,...
So here it goes why I see that my trade was a kind of BASIC PASR and then it became, as well, in a TREND PASR, meaning a confluence of both strategies, meaning "high probability" trade

10/10 to go with your 450 pips. Well done Eurotrader
15 YEARS OF PASR ON FOREX FACTORY!
  • #7,640
  • Edited 7:40am Oct 12, 2018 7:10am | Edited 7:40am
PASR

Quoting HappyTrend
In this morning i travel to a zone where the internet is bad.. the same as the celphone signal. I decide to close all my positions (most of them in profits and again, #### points...). I arrive to a place where they got internet and check the charts and its funny how my trades was going in the positive direction... i smile and close my charts. My plan was in the morning closing all the trades and in sunday start trading again... i check the charts for study (or addiction??) And close it without entry any new order. I dont care if all my trades went...
Are you sure you are the same guy? The one that started on here was impatient, reckless and living to trade. This one has PATIENCE and DISCIPLINE!
15 YEARS OF PASR ON FOREX FACTORY!
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