{quote} I wished so many times I somehow would have clicked the wrong button and buy instead of sell during my first year
Strat's PASR Long Term, Stress Free Trading
- #7,662
- Oct 12, 2018 5:39pm Oct 12, 2018 5:39pm
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #7,663
- Oct 12, 2018 5:46pm Oct 12, 2018 5:46pm
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
{quote} 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. You accurately describe me in my late 20s!
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...
strat still has his hair!
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. {image} 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...
- #7,665
- Edited 8:14pm Oct 12, 2018 7:45pm | Edited 8:14pm
{quote} Thanks for the insight, Strat. 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): {image} nice weeked to all of you!
Strat going to M5 trade with very small stop. Strat's stop might have been behind that big doji 4 candle back (+ spread). If he uses hard stop.
{quote} ...My SL would have been here (sorry for the bad drawing):
Suranga
(P.S. I see Strat replied to this post sorry)
Focus, Patience, Discipline, Determination and Perseverance
- #7,666
- Edited Oct 13, 2018 1:07am Oct 12, 2018 9:38pm | Edited Oct 13, 2018 1:07am
PASR M5 Trend Trading {quote} Oh dear, Suranga, so many things wrong there (amongst the GOOD things). ....
Hi Strat,
Thanks a lot for the reply. I wanted to study your's and other's replies before replying ,hence took time. It was almost midnight yesterday and I was so sleepy
Did you do as I suggested in my Post 7612 to you BEFORE doing this?
Yes, I am practicing and studying it.
Suranga, make sure you are not fuelled by the temptation to make quick riches on M5.
Oh no, I am trading M5 because it allows me to get much needed screen time and My aim is to trade longer term charts. I set aside couple of years for my PASR training and I have enough to pay my expenses while doing that.
As bistolis stated, this tells me you are trading too large a position size
Nop, I am trading micro account with .01 Lot (1 lot = 1000). That's much less than 0.1 % of my practice account size. And I don't care if I blow up 10 accounts of this size while I am learning. It's Just for the learning purposes. I see it as my course fees for my Trading Degree. Still I don't want to blow up that account. I want to trade it like a full size account until I get my confidence.
I moved my stop to break even only because my inexperience with news times
Seems like you forgot that PASR traders KNOW to let PRICE BREATHE!
Yes, Only for news times. inexperience
What do you SEE in my blue rectangle A?
Buyers. I see PRICE tried to break below 130.0 number and break below that black line (marked by me in your chart). However buyers came in and took PRICE back to Strat Shadow and 200. I was aware about this while I am in the trade.
And that candle wicks poking through that black line cautioned me about the trade But I didn't exit as I see no big boys buying
What do you SEE in my blue rectangle B?
I see pull back to Strat Shadow and 200. Strat Shadow and 200 resisting the higher PRICES
Were you AWARE of New York Open?
Yes , Still I didn't see a reason to exit.
In your case, in a ""frightened"" state you did the right thing.
I wasn't exactly in "frightened " state of mind. I would like to think it as my inexperience.
UNDERSTAND what BTS posted ""Remember that most times the market is positioned for that news before the news as well""
Yes , I learned that in here and this was in my mind at that time .So that's why I wanted to see how it plays out.
Sorry for the late reply but I got my knickers in a twist trading M5 GBPAUD and GBPCAD
Please don't , I am so grateful to you for that thesis long reply. I completely understand how long it would have taken for you to type that reply.
Thanks a lot
Suranga
Focus, Patience, Discipline, Determination and Perseverance
{quote} Excellent! Well done, onto the next one!
GBPAUD H4 +450Pips {quote} 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
{quote} 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. You accurately describe me in my late 20s!
{quote} and me in my late thirties. i feel like that for last 3 years or so
{quote} Also had that realization in my late 20's. Now in my mid 30's and well and truly over office politics and stupid games. This is why I won't quit, it's about the only way I can see for me to have that freedom.
IF IT DOESN'T FEEL RIGHT - IT'S NOT RIGHT!
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...
I noticed you have an additional EMA in your WORKER chart (Daily) and in your H4 chart. I guess it's EMA10 but not 100% sure.
I have also seen others fellow traders in here using additional EMAs like Terry who uses SMA9 (apart from the three EMAs Strat has taught in here and others like 365EMA which was mentioned in the old thread)
Could you give us more insight on how you use that moving average, please?
Guessing again, could it be for when you are riding the trend (TREND PASR)that rather than waiting for price to "kiss EMA20" you get an early insight looking at EMA10 and then act in accordance?
Thanks in advance!
IF IT DOESN'T FEEL RIGHT - IT'S NOT RIGHT!
- #7,674
- Oct 13, 2018 5:08am Oct 13, 2018 5:08am
{quote} {quote} Thanks a lot! Thank you both for helping me out
I think it is really great that you have come to the realization at this point of your lives that things wont change unless YOU change and take responsibility for making the change. You don't want to hit your second 30th birthday like I did recently and then wonder where the heck the last 30 years disappeared to...
Regards
Pete
- #7,675
- Oct 13, 2018 10:24am Oct 13, 2018 10:24am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #7,676
- Oct 13, 2018 10:31am Oct 13, 2018 10:31am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
{quote} I have to admit that the line is not that beautiful.Obviously I am not a good drawer. But I guess You understood what I wanted to point out.
15 YEARS OF PASR ON FOREX FACTORY!
- #7,677
- Edited 12:52pm Oct 13, 2018 11:09am | Edited 12:52pm
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
{quote} Excellent trade BTS! A copy of your post goes right into my notebook for well-managed trades
Stick to the shadow and 200 do not complicate anything. I didn’t use this at all for this trade.
Private Msgs are turned off to weirdos, loafs and brain drainers