Hello
My eyes are on US markets lately
Daily S&P 500
My eyes are on US markets lately
Daily S&P 500
Strat's PASR Long Term, Stress Free Trading
- #7,942
- Oct 24, 2018 3:29pm Oct 24, 2018 3:29pm
- Joined Aug 2010 | Status: EsikeTrader | 2,227 Posts | Online Now
Time always comes before price
- #7,943
- Edited Oct 25, 2018 7:06am Oct 24, 2018 9:00pm | Edited Oct 25, 2018 7:06am
- Joined Feb 2009 | Status: Illegitimi non carborundum | 3,526 Posts
AUDJPY Even though I came back to THE PATH, I saw this double bottom on the 4h chart. The R / R ratio is not the best, but 80.00 as the first TP are affordable. Greetings to all. {image}
I don't know if anyone has replied to this yet. I am catching up on a lot of reading here.
Looks like you are bottom picking...Not a PASR strategy. Remember we want trends to jump on. Hopefully you got out of the position with a little profit. Here is my take.
4h Showing your entry
Big Boss... Selling
Boss... Selling
Worker... There is not even 1:1 available
Bottom picking is risky business. I used to do it myself, still have the scars.
Keep in mind also that when trading the 4h chart we do so with the daily (Worker) in mind. Trading Worker swings (Swinging in direction of the Boss) on the 4h chart is how I will look at the 4h.
(EDIT) Was thinking about this post last night in bed... Technically this was a PASR trade, You had Price Action at Support. It just wasn't a Strat University PASR trade where you have the power of time frames strengthening your position making it Stress Free,
Hope this is of use for you.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
Wow, I am glad that the thread has became more active since I left. Can't wait to join in the discussions. Alright, so my first analysis on GBPCAD. Big Boss: {image} Price is clearly still in a downswing. Not intimidated by the Hammer, as it is 'out of place'. Boss: {image} This week is the 8th week of the Weekly Control Candle. I decided to use the candle of the 2nd September, as the candle of the 7th October exceeded the range only by a little. Worker: {image} Now, there are three possible entries. I will talk about them briefly. 1st blue arrow:...
Boss: That's the the I would use for a control candle. Notice the candle a couple of weeks back that tagged resistance and rejected it, closing just outside the control candle.
Worker: The second candle highlighted I wouldn't have entered on the doji, but maybe on the confirmed swing high. The other entries highlighted are perfectly valid to me.
{quote} Ok. Sorry! I thought you were talking about H4 rather than my entry on WORKER {quote} Thanks again, BTS{quote} You mean the one marked on my chart? {image}
- #7,945
- Edited 4:14am Oct 25, 2018 1:11am | Edited 4:14am
Since most on here will think that M5 is ""too fast"" to trade (which it really is not after you have tuned your PASR trading brain to it - it becomes slow, as does M1), perhaps you could post your experience on this.
Regarding the "speed": once I have recognized a trend and jumped on the train, for me it doesn't feel that it is fast. I "just" try to watch if the trend continues and/or if there are signals to get out (fast!) of the trades (PASR again). I also don't feel stress when trading M5. I know that my position is closed at the end of the day and the PL is locked in. (for me that is also an advantage, at my actuall level of trading).
What is still hard for me is the psychological aspect, on which I have to work on hardly. There also M5 provides more opportunities when a trade is closed (with Profil or loss). I try to move on to the next one. I make a plan and stick to it. Writing this, what sounds logical, I will also mention that I also had to learn that lesson on the hard way. So I made mistakes like: doubling when the trade is in the loss, becasue I wanted to win the money back, felt "in love" with a trade, set a SL in my brain but did not trigger it etc. All the things we are talking about here. And it is easy to say/write it , but to act that way is very hard (at least for me).
just do a Yomi, and be content with ""Happy"" M5 PASR Trend Trading.
But I agree, will focus on M5 to train may trading brain for the next time.
Remember, it is NEVER about PIPS won. PIPS are meaningless, have no value and are no measure for being "consistently profitable". The $ value of the "pip", and therefore the money, is all that counts.
At the Moment my position is pretty small. So I am risking just 1 to 1,5% of my account for each trade. But when I have a few profitable months I will think about trading a bit larger positions. But to get there, it will be a long way.
I also have to figure out the best value/pip for me that let me sleep well and doesn't turn me into a bόndle of nerves in front of the screen.
Thanks again for your large response, Strat.
USDJPY BASIC PASR WORKER {quote} Was this a "spur of the moment trade" or did you do a 3 time frame analysis? The Daily chart looks inviting for long trades with its L-H-HL-HH etc., structure but its Bosses would have kept me out. If it was my trade, I would be dropping down to H4 or H1 and getting out as soon as I could near my blue line. Again, why has no-one else commented on this? {image} {image} {image}
Thanks for your comment.
Was this a "spur of the moment trade" or did you do a 3 time frame analysis?
I did but I understood next resistance was 115ish and did not consider 113.72 as a resistance but just as a wobble area.
BIGBOSS
Immediate trend is bullish and price is above StratShadow (SS)=> bullish bias
BOSS
It marked a Swing High a couple of weeks ago and last week it seems it found support at 111.54 support and SS => bullish bias
If it was my trade, I would be dropping down to H4 or H1 and getting out as soon as I could near my blue line
Thanks for the tip! Price has gone down but still within SS in WORKER. Maybe I'll get stopped out today but I have more confidence in this one than in last ones so I'll stick to my plan for the moment.
Have a good day!
IF IT DOESN'T FEEL RIGHT - IT'S NOT RIGHT!
- #7,948
- Oct 25, 2018 5:50am Oct 25, 2018 5:50am
{quote} Morning, Strat! Thanks for your comment. Was this a "spur of the moment trade" or did you do a 3 time frame analysis? I did but I understood next resistance was 115ish and did not consider 113.72 as a resistance but just as a wobble area. BIGBOSS Immediate trend is bullish and price is above StratShadow (SS)=> bullish bias {image} BOSS It marked a Swing High a couple of weeks ago and last week it seems it found support at 111.54 support and SS => bullish bias {image} If it was my trade, I would be dropping down to H4 or H1 and getting out...
I was reprimanded by Strat when I talked about 'bias' in my trading. Bias will result in a closed mind, I suggest that you remove that word from your trading vocabulary.
As well as words like '..seems like it found support..' Strat talked about trading what you see, and not what you think you see. The hammers are too wicky on the Boss chart to be considered 'finding support'. See attached for ideal candle.
With USDJPY, Price is currently not in harmony in all charts. On my Worker chart, I will only trade within the range, or wait till Price has broken out of this mess.
- #7,949
- Oct 25, 2018 7:29am Oct 25, 2018 7:29am
- Joined Feb 2009 | Status: Illegitimi non carborundum | 3,526 Posts
Illegitimi non carborundum - Noli pati a scelestis opprimi.
- #7,950
- Oct 25, 2018 7:51am Oct 25, 2018 7:51am
- Joined Feb 2009 | Status: Illegitimi non carborundum | 3,526 Posts
Illegitimi non carborundum - Noli pati a scelestis opprimi.
- #7,951
- Oct 25, 2018 8:16am Oct 25, 2018 8:16am
- Joined Feb 2009 | Status: Illegitimi non carborundum | 3,526 Posts
When the "Talking Heads" Take over.
Inserted Video
Illegitimi non carborundum - Noli pati a scelestis opprimi.
- #7,952
- Oct 25, 2018 8:28am Oct 25, 2018 8:28am
- Joined Aug 2010 | Status: EsikeTrader | 2,227 Posts | Online Now
Time always comes before price
- #7,955
- Oct 25, 2018 10:21am Oct 25, 2018 10:21am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
GBPCAD
In addition to Rub's comments (thank you, Rub, for being the ONLY ONE to help):
Big Boss:
In addition to Rub's comment, "note the two candles with long upper wicks too", SEE the difference in PRICE ACTION between the selling between the blue lines "A" and the current PRICE ACTION between the blue lines - what does this tell you?
Boss:
This week is the 8th week of the Weekly Control Candle. I decided to use the candle of the 2nd September, as the candle of the 7th October exceeded the range only by a little.
WRONG! There can ONLY be ONE Weekly Control Candle - either it IS a Weekly Control Candle or it is not - you don't get to decide which is a Weekly Control Candle - the PRICE ACTION does that for you! The current Weekly Control Candle is identified below:
Worker:
1st blue arrow: Standard Bearish rejection candle off the top of the Weekly Control Candle. I actually took this signal and closed with profit on the day itself, as I knew I was still too busy to monitor on a daily basis.
Good, but "still too busy to monitor on a daily basis" - then you are a HOBBY TRADER! It only takes a couple of minutes to check your END OF DAY positions! Would you still do the same if you were trading 5 standard lots?
2nd red arrow: I ask myself if I would have taken this trade. The doji at resistance offers a good reversal signal, but the Strat Shadow could offer support (it took 6 days for price to break). Not really a risk-free trade.
Correct BUT had you toggled over to H4, you would have seen PASR for a 4:1 Reward to Risk trade.
3rd arrow (blue): Another rejection candle on the 22nd October. Placed 2 sell stops a few pips below low of that candle. 1st target reached at bottom of WCC. Good thing about trading the Daily is that, news don't really affect you so much as the intraday traders. Up till the moment I saw price dropping like a knife, I did not even know today was CAD rate decision!
Good, but what is PRICE doing now?
Wow, I am glad that the thread has became more active since I left. Can't wait to join in the discussions. Alright, so my first analysis on GBPCAD. Big Boss: {image} Price is clearly still in a downswing. Not intimidated by the Hammer, as it is 'out of place'. Boss: {image} This week is the 8th week of the Weekly Control Candle. I decided to use the candle of the 2nd September, as the candle of the 7th October exceeded the range only by a little. Worker: {image} Now, there are three possible entries. I will talk about them briefly. 1st blue arrow:...
Big Boss:
In addition to Rub's comment, "note the two candles with long upper wicks too", SEE the difference in PRICE ACTION between the selling between the blue lines "A" and the current PRICE ACTION between the blue lines - what does this tell you?
Boss:
This week is the 8th week of the Weekly Control Candle. I decided to use the candle of the 2nd September, as the candle of the 7th October exceeded the range only by a little.
WRONG! There can ONLY be ONE Weekly Control Candle - either it IS a Weekly Control Candle or it is not - you don't get to decide which is a Weekly Control Candle - the PRICE ACTION does that for you! The current Weekly Control Candle is identified below:
Worker:
1st blue arrow: Standard Bearish rejection candle off the top of the Weekly Control Candle. I actually took this signal and closed with profit on the day itself, as I knew I was still too busy to monitor on a daily basis.
Good, but "still too busy to monitor on a daily basis" - then you are a HOBBY TRADER! It only takes a couple of minutes to check your END OF DAY positions! Would you still do the same if you were trading 5 standard lots?
2nd red arrow: I ask myself if I would have taken this trade. The doji at resistance offers a good reversal signal, but the Strat Shadow could offer support (it took 6 days for price to break). Not really a risk-free trade.
Correct BUT had you toggled over to H4, you would have seen PASR for a 4:1 Reward to Risk trade.
3rd arrow (blue): Another rejection candle on the 22nd October. Placed 2 sell stops a few pips below low of that candle. 1st target reached at bottom of WCC. Good thing about trading the Daily is that, news don't really affect you so much as the intraday traders. Up till the moment I saw price dropping like a knife, I did not even know today was CAD rate decision!
Good, but what is PRICE doing now?
15 YEARS OF PASR ON FOREX FACTORY!
- #7,956
- Oct 25, 2018 10:39am Oct 25, 2018 10:39am
- Joined Aug 2010 | Status: EsikeTrader | 2,227 Posts | Online Now
Time always comes before price
- #7,957
- Edited 11:03am Oct 25, 2018 10:47am | Edited 11:03am
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
MACD and other wiggly, squiggly lines
I just could not stop laughing this morning while trading the shorter time frames.
Flipping through the "self proclaimed gurus, experts and "talking heads"" on other threads while waiting for PASR action, I came across this:
PRICE ACTION is clearly DOWN - even my one legged, blind, deaf and dumb old man with arthritis can trade this and make good money!
But wait a minute, Ronald MACDonald says it is UP!
UP he says, "after a SHOOTING STAR in a DOWN trend???????"
This is where PASR traders get their liquidity and profits from - wiggly, squiggly line traders!
If you are still in love with wiggly, squiggly lines - think again Grasshopper!
I just could not stop laughing this morning while trading the shorter time frames.
Flipping through the "self proclaimed gurus, experts and "talking heads"" on other threads while waiting for PASR action, I came across this:
PRICE ACTION is clearly DOWN - even my one legged, blind, deaf and dumb old man with arthritis can trade this and make good money!
But wait a minute, Ronald MACDonald says it is UP!
UP he says, "after a SHOOTING STAR in a DOWN trend???????"
This is where PASR traders get their liquidity and profits from - wiggly, squiggly line traders!
If you are still in love with wiggly, squiggly lines - think again Grasshopper!
15 YEARS OF PASR ON FOREX FACTORY!
- #7,959
- Oct 25, 2018 2:59pm Oct 25, 2018 2:59pm
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #7,960
- Oct 25, 2018 3:12pm Oct 25, 2018 3:12pm
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
GBPUSD Basic PASR Trade
This would have been better Swing Trading the Boss on the Worker but you still did good. It looks like you set a sell stop below the low of the Weekly Control Candle?
There are 4 PASR ""SORE THUMB"" trades on this swing. I wonder how many were taken?
GBPUSD Basic PASR Trade Sold on breakout of WCC, with confirmed BEOB. Trade closed with +149 pips. {image}
There are 4 PASR ""SORE THUMB"" trades on this swing. I wonder how many were taken?
15 YEARS OF PASR ON FOREX FACTORY!