Trying to see more than just the immediate candles. Market structure etc. etc.
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Strat's PASR Long Term, Stress Free Trading
- #7,686
- Oct 14, 2018 5:39am Oct 14, 2018 5:39am
{quote} Hi Strat, your trading chart will ONLY have resistance above where PRICE is NOW and support below where PRICE is NOW. We are not concerned with anything beyond those levels/areas/zones UNTIL there is PASR I cannot remember how many times you and others talked about this in this thread and other thread. may be countless times. Actually I was not talking about worker trading here. Sorry for misunderstanding. I was discussing S/R levels for M5 trend trading. We have different strategy for M5 Trend trading isni't? I thought we keep couple of...
I don't trade the 5 min charts but I think the instruction was that we we need to use the 1 hour and 4 hour SR levels to trade the 5 min charts. So, referring to Stat's post I guess the same would apply here. Have one "Analysis" chart per pair (I know Strat loves them
) that has every 1 hour and 4 hour SR level (Big Boss and Boss for 5 min charts, 5 min being the Worker so you need to pay attention to 5 min SR levels as well) on it that you can find. (They obviously need to be relevant) On your Trading chart only have 2 lines, chosen from your analysis chart, above and below current price. When price approaches any one of these 2 lines start paying attention.When you have PA at one of these levels then you can start looking beyond these levels to determine where price might go. Stop loss and profit levels... or even No Trade decision.Hope this makes sense...anybody please feel free to correct me if my interpretation is wrong.
Thanks
Pete
- #7,688
- Oct 14, 2018 5:54am Oct 14, 2018 5:54am
Hi Strats and his students/ followers, As a trader since 1992; Series 3 in Chicago in 1994, then again in 2015 with a Series 3, and past international fund manager, I would like to say I've done deep dives into hundreds of traders, and Strats method is brilliant indeed. I am a student again! I'll be asking some questions soon. Thank you Strats for helping so many
As they say, a good place begin is at the beginning:
https://www.forexfactory.com/showthread.php?t=155459
Regards
Pete
- #7,691
- Edited 7:38am Oct 14, 2018 6:51am | Edited 7:38am
- | Joined Nov 2017 | Status: Trader | 80 Posts
Trying to see more than just the immediate candles. Market structure etc. etc. {image} {image} {image}
Have also a look to BIG BOSS
Just looking at this chart, I'd say price it's in a downtrend but since last month candle and because blue rectangle I'd say sellers are doubtful about
pushing price lower, even though the current monthly candle seems to be overtaking buyers again. We'll see next weeks (having a look to lower timeframes and S&R)
Also, another point it's EMA200 which is above price which reinforces price is in downtrend
Pd. I haven't found a MT4 broker yet that provide me with enough historical data for BIG BOSS to show EMA200. I have asked or try tens of them but either they just have a couple of pairs with enough data or they tell me to look for a third-party data provider. So, at the moment, I try with a free version of ProRealTime for this purpose.
EDIT: Again, I made a newbie mistake which cost me a lot of time... It seems my EMA200 was disabled for Monthly charts.
Anyway, I'll keep using ProRealTime from time to time since I got data for most of the pairs from 1980 and can have a better picture when looking at BIGBOSS.
IF IT DOESN'T FEEL RIGHT - IT'S NOT RIGHT!
Trying to see more than just the immediate candles. Market structure etc. etc. {image} {image} {image}
I guess you are closer to this pair in your time zone to me and probably have a better view but I took a look at this and closed the chart..
Charts like these make more sense to me..
Private Msgs are turned off to weirdos, loafs and brain drainers
- #7,694
- Edited 10:56am Oct 14, 2018 10:02am | Edited 10:56am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
AUDJPY
Very good, Ben, but don't fall into the trap of SEEING what isn't there. As with our PASR Set Ups, SEEING BEYOND THE CANDLES should stand out like a sore thumb.
Thanks JCMPete, BTS and Eurotrader - TRADERS HELPING TRADERS
My first observation is ""Where is the Big Boss?"" Even though your Worker will be H4, we ALWAYS start our analysis with the Big Boss. Again, I always start any analysis with the Big Boss and many times, if I don't UNDERSTAND it, I am done with it and waste no more time on it and move onto another pair. I think someone needs to do a refresher on my POWER OF TIME FRAMES.
It is good that you are focusing on AUDJPY which is a pair trading in your time zone. Maybe add in AUDUSD? Trogger, in New Zealand, does very well focusing on AUD and NZD which is why I always default to his analysis. Get well soon, trogger, if you are reading this.
Big Boss
It is clear that the trading range for this pair is between BRN 80 and 90 - where it is now. Other than PRICE continuing to trade in that range, I don't really see anything else to "switch my lights on".
The Boss and Worker are "Swingers", swinging in 400 pip swings between those PRICES so, if that is your "thing", identify the higher time frame swing and trade it on the next lower time frame.
Another observation: Be careful with your heavy black line for the 200 ema. For me, a visual trader, that would act as a mental block which is why I keep mine in the background. Also, the 200 ema is not used by the Big Boys across all pairs.
Another observation: And my takeaway from this post is: Strat still has his hair!
Yes, darko can confirm this, although now it has started to wave............................................................wave "Goodbye!"
Trying to see more than just the immediate candles. Market structure etc. etc. {image} {image} {image}
Thanks JCMPete, BTS and Eurotrader - TRADERS HELPING TRADERS
My first observation is ""Where is the Big Boss?"" Even though your Worker will be H4, we ALWAYS start our analysis with the Big Boss. Again, I always start any analysis with the Big Boss and many times, if I don't UNDERSTAND it, I am done with it and waste no more time on it and move onto another pair. I think someone needs to do a refresher on my POWER OF TIME FRAMES.
It is good that you are focusing on AUDJPY which is a pair trading in your time zone. Maybe add in AUDUSD? Trogger, in New Zealand, does very well focusing on AUD and NZD which is why I always default to his analysis. Get well soon, trogger, if you are reading this.
Big Boss
It is clear that the trading range for this pair is between BRN 80 and 90 - where it is now. Other than PRICE continuing to trade in that range, I don't really see anything else to "switch my lights on".
The Boss and Worker are "Swingers", swinging in 400 pip swings between those PRICES so, if that is your "thing", identify the higher time frame swing and trade it on the next lower time frame.
Another observation: Be careful with your heavy black line for the 200 ema. For me, a visual trader, that would act as a mental block which is why I keep mine in the background. Also, the 200 ema is not used by the Big Boys across all pairs.
Another observation: And my takeaway from this post is: Strat still has his hair!
Yes, darko can confirm this, although now it has started to wave............................................................wave "Goodbye!"
15 YEARS OF PASR ON FOREX FACTORY!
- #7,695
- Oct 14, 2018 10:49am Oct 14, 2018 10:49am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #7,696
- Oct 14, 2018 11:26am Oct 14, 2018 11:26am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #7,698
- Oct 14, 2018 11:40am Oct 14, 2018 11:40am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
