EURNZD 15 Min
Nice easy, stress free...when everything lines up
Nice easy, stress free...when everything lines up
Private Msgs are turned off to weirdos, loafs and brain drainers
Strat's PASR Long Term, Stress Free Trading
- #7,642
- Oct 12, 2018 7:19am Oct 12, 2018 7:19am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #7,643
- Oct 12, 2018 7:31am Oct 12, 2018 7:31am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
EURNZD 15 Min Nice easy, stress free...when everything lines up {image}
I have a question about BTS's trade. His trade was EURNZD. When todays USD Red news time he was still in the trade.
I was also married to a trade today (EURJPY) and it was in nearly 10 pips profit when news hit. I didn't exit the trade because I had faith in setup and PRICE action around Strat Shadow and 200 .when the news hit , I wanted to see how it plays out. So I moved my stop to break even (capital preservation) , then guess what price did? It hit my stop exact to the pip and go in positive direction. So my question is
1. What is the effect of USD red news for non USD pairs. Is it better to stay out?
2. if we are in a trade then what is the best thing we could do?
Suranga
Focus, Patience, Discipline, Determination and Perseverance
- #7,646
- Edited 8:20am Oct 12, 2018 7:48am | Edited 8:20am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
EURNZD M15 PASR Trend Trading 60 + pips
Eagle eyes, well done Nathan. That candle had a very low cut top with a very short black plastic skirt and fishnet stockings and suspenders and was crying out for ""business""
Here is the mess I got at 7:15 am my PDT time:
EURNZD 15 Min Nice easy, stress free...when everything lines up {image}
Here is the mess I got at 7:15 am my PDT time:
15 YEARS OF PASR ON FOREX FACTORY!
- #7,647
- Edited 8:00am Oct 12, 2018 7:49am | Edited 8:00am
- Joined Sep 2016 | Status: Inactive | 1,531 Posts
{quote} I think BTS described the best thing you can do in one of his posts and I am following his advice. accept the initial loss and in this case keep the SL in a "safe place" , like above the most recent high on your time frame. and the shadow was really nice to keep you in the trade on your chart
Do you have link to his post? (may be I might have missed it).
My stop was behind the Strat Shadow and 200 until the news hit. So It was pretty confident trade for me.
Unlucky for me today I was 10 min late to open my charts and I missed GBP trades.
So I married this one. And I am a faithful man so I wasn't Looking at others.ha ha..
Suranga
Edit
{quote}..........you have to keep in mind the spread as well......
Focus, Patience, Discipline, Determination and Perseverance
- #7,650
- Oct 12, 2018 8:05am Oct 12, 2018 8:05am
- Joined Sep 2016 | Status: Inactive | 1,531 Posts
{quote} Yeah, break even stops just don't work for me. I've tried every single method under the sun and it just boils down to accept the loss before I take the trade. It's taken thousands of trades for me to realise this.
{quote} Bistolis, Do you have link to his post? (may be I might have missed it). My stop was behind the Strat Shadow and 200 until the news hit. So It was pretty confident trade for me. Unlucky for me today I was 10 min late to open my charts and I missed GBP trades. So I married this one. And I am a faithful man so I wasn't Looking at others.ha ha..
{quote} Hi Strat (and BTS), I have a question about BTS's trade. His trade was EURNZD. When todays USD Red news time he was still in the trade. I was also married to a trade today (EURJPY) and it was in nearly 10 pips profit when news hit. I didn't exit the trade because I had faith in setup and PRICE action around Strat Shadow and 200 .when the news hit , I wanted to see how it plays out. So I moved my stop to break even (capital preservation) , then guess what price did? It hit my stop exact to the pip and go in positive direction. So my question...
My chart with SL and TP
Had I been trading EURJPY at the same time as you my SL would have been about 20 Pips away but I would have cut it if I got a close above the 130.115 area.
At no point did buyers appear on your chart.
Nothing to fear but fear itself
Private Msgs are turned off to weirdos, loafs and brain drainers
{quote} {image} My chart with SL and TP Had I been trading EURJPY at the same time as you my SL would have been about 20 Pips away but I would have cut it if I got a close above the 130.115 area. At no point did buyers appear on your chart. Nothing to fear but fear itself
... At no point did buyers appear on your chart. Nothing to fear but fear itself
Well lesson learned and to NEXT TRADE..
Thanks
Focus, Patience, Discipline, Determination and Perseverance
- #7,654
- Edited 9:31am Oct 12, 2018 9:17am | Edited 9:31am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
PASR M5 Trend Trading
Oh dear, Suranga, so many things wrong there (amongst the GOOD things).
Make sure you read and UNDERSTAND the feedback from bistolis and BTS - thank you - TRADERS HELPING TRADERS.
Did you do as I suggested in my Post 7612 to you BEFORE doing this?
I was also married to a trade today (EURJPY)
This is RANK AMATEUR trading!!!!!!!!
PASR traders are NEVER, EVER married to a trade! Even when I am in FAT CITY I am NEVER married to it and will get OUT with everything at the first sign of weakness/trouble.
I didn't exit the trade because I had faith in setup and PRICE action around Strat Shadow and 200
This is the GOOD part though and YOU are the only one on here to recognise the importance of PRICE in Block Capitals. Well done for that.
when the news hit , I wanted to see how it plays out. So I moved my stop to break even (capital preservation), then guess what PRICE did? It hit my stop exact to the pip and go in positive direction.
So this is where you need to focus on PASR Trend Trading no matter what the time frame is.
Another GOOD thing is trading in accordance with Rule No. 1. However, had you had more experience with PASR Trend Trading you would not have rammed it down to break even at this point. You are learning that my ""Spend thousands of hours studying PASR on thousands of charts"" is not just my catch phrase but is FACT.
Suranga, make sure you are not fuelled by the temptation to make quick riches on M5. While it is possible for experienced PASR Trend Traders (good morning Yomi), it can be a nightmare for others.
While I have explained that one of the beauties of M5 PASR Trend Trading is the small Stop Loss, sometimes only 5 pips, this HAS to be reviewed on a case by case basis in the context of the trend you are trading.
Reading your reply to bistolis My stop was behind the Strat Shadow and 200 until the news hit.
This is GOOD! PASR Trend Trading gives you a choice of Stops. You can have a 12 pip Stop Loss above the Swing High - ""X"" on my chart OR, as you did, a 15 or 20 pips Stop Loss above the Strat Shadow, X1 on my chart. There is another Stop Loss which both bistolis and BTS hinted at but we will not go into this until you have spent the necessary hours on PASR Trend Trading.
So I moved my stop to break even (capital preservation)
As bistolis stated, this tells me you are trading too large a position size which then activated your Little People into SURVIVAL mode. Around the time you went to break even, the Strat Shadow was something like 5 pips above your entry - 5 pips! Is your position size SO LARGE that 5 pips will wipe you out?
Seems like you forgot that PASR traders KNOW to let PRICE BREATHE!
Now, time for YOU to do some work:
What do you SEE in my blue rectangle A?
What do you SEE in my blue rectangle B?
Were you AWARE of New York Open?
What is the effect of USD red news for non USD pairs. Is it better to stay out?
If your Little People are affected by NEWS then STAY OUT!
If we are in a trade then what is the best thing we could do?
In your case, in a ""frightened"" state you did the right thing. A more experienced PASR Trend Trader (sorry BTS), would have been aware of RED news and would already have this in his PLAN.
Having said that, UNDERSTAND what BTS posted ""Remember that most times the market is positioned for that news before the news as well"" which is what I have posted many times along with the Big Boys have already factored the news into PRICE before we see it.
You are doing GOOD, Suranga, and PROGRESSING well on THE PATH. As Gianni (BabaG) would have said, "More balls please"
Sorry for the late reply but I got my knickers in a twist trading M5 GBPAUD and GBPCAD
{quote} Hi Strat (and BTS), I have a question about BTS's trade. His trade was EURNZD. When todays USD Red news time he was still in the trade. I was also married to a trade today (EURJPY) and it was in nearly 10 pips profit when news hit. I didn't exit the trade because I had faith in setup and PRICE action around Strat Shadow and 200 .when the news hit , I wanted to see how it plays out. So I moved my stop to break even (capital preservation) , then guess what price did? It hit my stop exact to the pip and go in positive direction. So my question...
Make sure you read and UNDERSTAND the feedback from bistolis and BTS - thank you - TRADERS HELPING TRADERS.
Did you do as I suggested in my Post 7612 to you BEFORE doing this?
I was also married to a trade today (EURJPY)
This is RANK AMATEUR trading!!!!!!!!
PASR traders are NEVER, EVER married to a trade! Even when I am in FAT CITY I am NEVER married to it and will get OUT with everything at the first sign of weakness/trouble.
I didn't exit the trade because I had faith in setup and PRICE action around Strat Shadow and 200
This is the GOOD part though and YOU are the only one on here to recognise the importance of PRICE in Block Capitals. Well done for that.
when the news hit , I wanted to see how it plays out. So I moved my stop to break even (capital preservation), then guess what PRICE did? It hit my stop exact to the pip and go in positive direction.
So this is where you need to focus on PASR Trend Trading no matter what the time frame is.
Another GOOD thing is trading in accordance with Rule No. 1. However, had you had more experience with PASR Trend Trading you would not have rammed it down to break even at this point. You are learning that my ""Spend thousands of hours studying PASR on thousands of charts"" is not just my catch phrase but is FACT.
Suranga, make sure you are not fuelled by the temptation to make quick riches on M5. While it is possible for experienced PASR Trend Traders (good morning Yomi), it can be a nightmare for others.
While I have explained that one of the beauties of M5 PASR Trend Trading is the small Stop Loss, sometimes only 5 pips, this HAS to be reviewed on a case by case basis in the context of the trend you are trading.
Reading your reply to bistolis My stop was behind the Strat Shadow and 200 until the news hit.
This is GOOD! PASR Trend Trading gives you a choice of Stops. You can have a 12 pip Stop Loss above the Swing High - ""X"" on my chart OR, as you did, a 15 or 20 pips Stop Loss above the Strat Shadow, X1 on my chart. There is another Stop Loss which both bistolis and BTS hinted at but we will not go into this until you have spent the necessary hours on PASR Trend Trading.
So I moved my stop to break even (capital preservation)
As bistolis stated, this tells me you are trading too large a position size which then activated your Little People into SURVIVAL mode. Around the time you went to break even, the Strat Shadow was something like 5 pips above your entry - 5 pips! Is your position size SO LARGE that 5 pips will wipe you out?
Seems like you forgot that PASR traders KNOW to let PRICE BREATHE!
Now, time for YOU to do some work:
What do you SEE in my blue rectangle A?
What do you SEE in my blue rectangle B?
Were you AWARE of New York Open?
What is the effect of USD red news for non USD pairs. Is it better to stay out?
If your Little People are affected by NEWS then STAY OUT!
If we are in a trade then what is the best thing we could do?
In your case, in a ""frightened"" state you did the right thing. A more experienced PASR Trend Trader (sorry BTS), would have been aware of RED news and would already have this in his PLAN.
Having said that, UNDERSTAND what BTS posted ""Remember that most times the market is positioned for that news before the news as well"" which is what I have posted many times along with the Big Boys have already factored the news into PRICE before we see it.
You are doing GOOD, Suranga, and PROGRESSING well on THE PATH. As Gianni (BabaG) would have said, "More balls please"
Sorry for the late reply but I got my knickers in a twist trading M5 GBPAUD and GBPCAD
15 YEARS OF PASR ON FOREX FACTORY!
- #7,655
- Oct 12, 2018 9:24am Oct 12, 2018 9:24am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
{quote} {image} My chart with SL and TP Had I been trading EURJPY at the same time as you my SL would have been about 20 Pips away but I would have cut it if I got a close above the 130.115 area. At no point did buyers appear on your chart. Nothing to fear but fear itself
Have you been reading Franklin D Roosevelt's memoirs?
15 YEARS OF PASR ON FOREX FACTORY!
- #7,657
- Oct 12, 2018 11:21am Oct 12, 2018 11:21am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
GBPCAD M5 PASR Trend Trading
Just to SHOW that no-one is perfect, let alone me, - I am far from it.
My routine when I get to my charts is decide which of the pairs on my volatility list are moving and trending and then decide whether to trade or WAIT. At the same time, I go to my thread to read and answer posts.
So I decided that it was time to jump on the M5 trends on GBPCAD, GBPAUD, EURCAD and EURAUD.
On M5 GBPCAD, at the time I got to my chart, 7:15am PDT, I saw PRICE in a weak pull back to the Strat Shadow so I entered my usual position size short see black arrow 1. Then, after reading a few posts, I saw that big green candle already ABOVE the Strat Shadow BUT when I checked my trade I was in PLUS 29 pips. How can that be?
Upon checking, I somehow had traded LONG instead of SHORT. Not only on GBPCAD but also on GBPAUD. By the time I worked all this out, I managed to get out of those LONGS with a handful of pips on each and then re-enter with SHORTS.
It worked out very well in the end but definitely tested my sanity plus adding a few more white hairs to the old barnet!
This is the 2nd time I have had problems trying to trade M5 and answer posts so...............................
GET THE MESSAGE, IDIOT - DO ONE OR THE OTHER BUT NOT BOTH AT THE SAME TIME!
Just to SHOW that no-one is perfect, let alone me, - I am far from it.
My routine when I get to my charts is decide which of the pairs on my volatility list are moving and trending and then decide whether to trade or WAIT. At the same time, I go to my thread to read and answer posts.
So I decided that it was time to jump on the M5 trends on GBPCAD, GBPAUD, EURCAD and EURAUD.
On M5 GBPCAD, at the time I got to my chart, 7:15am PDT, I saw PRICE in a weak pull back to the Strat Shadow so I entered my usual position size short see black arrow 1. Then, after reading a few posts, I saw that big green candle already ABOVE the Strat Shadow BUT when I checked my trade I was in PLUS 29 pips. How can that be?
Upon checking, I somehow had traded LONG instead of SHORT. Not only on GBPCAD but also on GBPAUD. By the time I worked all this out, I managed to get out of those LONGS with a handful of pips on each and then re-enter with SHORTS.
It worked out very well in the end but definitely tested my sanity plus adding a few more white hairs to the old barnet!
This is the 2nd time I have had problems trying to trade M5 and answer posts so...............................
GET THE MESSAGE, IDIOT - DO ONE OR THE OTHER BUT NOT BOTH AT THE SAME TIME!
15 YEARS OF PASR ON FOREX FACTORY!
- #7,658
- Oct 12, 2018 11:56am Oct 12, 2018 11:56am
GBP/JPY
This pair has been aggressively bought since mid-August. Now we approached a historically proven S/R of 149. Big Boys did not push further this week and seems like they unloaded some of the positions. Given the Brexit talks still going on strong (today's headlines), I would think that Big Boys are reducing their risk.
Worker paints the picture quite clearly, I think. I would be cautious to short this, as we still have 200 EMA below, which seems to be acting as dynamic S/R on this pair. However, Basic PASR from 4hr chart might just work. Right now it's too close to the 200 EMA and it's Friday evening, so volumes are low and insignificant. I will wait until Monday to see if I want to trade this.
This pair has been aggressively bought since mid-August. Now we approached a historically proven S/R of 149. Big Boys did not push further this week and seems like they unloaded some of the positions. Given the Brexit talks still going on strong (today's headlines), I would think that Big Boys are reducing their risk.
Worker paints the picture quite clearly, I think. I would be cautious to short this, as we still have 200 EMA below, which seems to be acting as dynamic S/R on this pair. However, Basic PASR from 4hr chart might just work. Right now it's too close to the 200 EMA and it's Friday evening, so volumes are low and insignificant. I will wait until Monday to see if I want to trade this.
- #7,659
- Oct 12, 2018 1:15pm Oct 12, 2018 1:15pm
- Joined Sep 2016 | Status: Inactive | 1,531 Posts
GBPCAD M5 PASR Trend Trading Just to SHOW that no-one is perfect, let alone me, - I am far from it. My routine when I get to my charts is decide which of the pairs on my volatility list are moving and trending and then decide whether to trade or WAIT. At the same time, I go to my thread to read and answer posts. So I decided that it was time to jump on the M5 trends on GBPCAD, GBPAUD, EURCAD and EURAUD. On M5 GBPCAD, at the time I got to my chart, 7:15am PDT, I saw PRICE in a weak pull back to the Strat Shadow so I entered my usual position size...
GBPCAD M5 PASR Trend Trading Just to SHOW that no-one is perfect, let alone me, - I am far from it. My routine when I get to my charts is decide which of the pairs on my volatility list are moving and trending and then decide whether to trade or WAIT. At the same time, I go to my thread to read and answer posts. So I decided that it was time to jump on the M5 trends on GBPCAD, GBPAUD, EURCAD and EURAUD. On M5 GBPCAD, at the time I got to my chart, 7:15am PDT, I saw PRICE in a weak pull back to the Strat Shadow so I entered my usual position size...
You are right: we have to focus 100% on what we are doing, especially in trading.
Did I understand you correctly that you traded all 4 pairs? So you would have been traded both GBP in the same direction, and also EUR. Wouldn’t that be double risky?
Regarding you GBPCAD trade: let’s assume you would have entered short (as you wanted to trade).
Where would your SL have been?
My SL would have been here (sorry for the bad drawing):
nice weeked to all of you!