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Strat's PASR Long Term, Stress Free Trading

  • #12,801
  • Feb 28, 2020 1:54am Feb 28, 2020 1:54am
I analysed a bunch of pairs (8) last night. Ater drawing SR, I couldn't find clear hammers, shooting stars or engulfing bars. I then looked for the same dates as the ones in Strat's video and noticed my candles don't show those Price Actions that clearly.

Should I consider changing brokers ?

Also, the first swing high in the video is followed by a bearish engulfing bar, but it doesn't have a higher high, which I was told it was a requirement on post #12798 by Lou. How precise do Price Action candles have to be ?

Cheers!
  • #12,802
  • Feb 28, 2020 3:00am Feb 28, 2020 3:00am
Quoting Udkox
I analysed a bunch of pairs (8) last night. Ater drawing SR, I couldn't find clear hammers, shooting stars or engulfing bars. I then looked for the same dates as the ones in Strat's video and noticed my candles don't show those Price Actions that clearly. Should I consider changing brokers ? Also, the first swing high in the video is followed by a bearish engulfing bar, but it doesn't have a higher high, which I was told it was a requirement on post #12798 by Lou. How precise do Price Action candles...

Strat's video is about 10 + years old . So the brokers might be different. thus the candles is also different. If you have a broker with New york close charts then that should be fine.
PRICE ACTION candles have to be precise so as the story beyond the candles. To see that story you need build your screen times. and your knowledge arround the Strat shadow etc..


Just trade what you see on YOUR charts. But more importantly read the threads..
Focus, Patience, Discipline, Determination and Perseverance
  • #12,803
  • Feb 28, 2020 3:21am Feb 28, 2020 3:21am
Quoting Udkox
I analysed a bunch of pairs (8) last night. Ater drawing SR, I couldn't find clear hammers, shooting stars or engulfing bars. I then looked for the same dates as the ones in Strat's video and noticed my candles don't show those Price Actions that clearly. Should I consider changing brokers ? Also, the first swing high in the video is followed by a bearish engulfing bar, but it doesn't have a higher high, which I was told it was a requirement on post #12798 by Lou. How precise do Price Action candles...
You need to find a broker that uses New York close so you only have 5 worker candles per week. The other brokers count Sunday as a full trading day which is basically a scam to charge one extra day swap and it will screw up your charts having 5 days and 2 hours with 6 candles...

So 5 daily candles per week..
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #12,804
  • Feb 28, 2020 3:25am Feb 28, 2020 3:25am
Quoting TraderKei
Hello guys, EURUSD I am waiting for the price to return to resistance between 1,100 and 1,097 to go short with PA. {image}
Hope you didn't... might slow but I think ECB is flooding the market (again..) 2017 was a big year..
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #12,805
  • Feb 28, 2020 3:43am Feb 28, 2020 3:43am
Quoting BeyondTheSea
{quote} You need to find a broker that uses New York close so you only have 5 worker candles per week. The other brokers count Sunday as a full trading day which is basically a scam to charge one extra day swap and it will screw up your charts having 5 days and 2 hours with 6 candles... So 5 daily candles per week..
Thanks Darin! I found this post discussing brokers, any recommendation (available in the UK) ?

How picky are you when it comes to identifiying Price Action candles ? You share Suran's thoughts ?

Everyone keeps mentioning the Strat's Shadow yet I haven't been able to find how to use it! IIRC, it's just the difference between the EMA 20 and 50. I don't really want to worry too much about it yet, I am still working on my basic PASR, but it'd be nice to know how you guys use it.

Cheers.
  • #12,806
  • Feb 28, 2020 3:55am Feb 28, 2020 3:55am
Quoting Udkox
{quote} Here goes my second attempt. I draw SR in AUD CAD (Montly black lines and Weekly dashes lines) and then had a look at the Daily. I analysed it and noted the trades I think follow PASR. I know it's easy to tell after seeing the result, that's why I specified what I saw in them and what my SL would've been. I would not feel comfortable taking any other trade on that chart. Let me know what you think! {image}
Not bad, keep looking and studying and the levels begin to jump out at you. Use the scroll forward function on your charts to try and hide it so you are not looking too far to the right and only to the left. Armchair hindsight is too easy like this chart below...

Attached Image (click to enlarge)
Click to Enlarge Name: AUDCADDaily.png Size: 52 KB


1st trade looked great with a market gap open with a retrace, I'm always suspicous of these. I would be looking to the level of the WCC (pink box) for profit but on this occasion it would come back to for a rubbish 12 pip closed profit.

2nd trade is text book what you should be looking for creating a HH which fails again and drops back into our zone trapping buyers. Goes straight to target.

3rd trade I would enter but be defensive and trail a stop on a lower timeframe as this is now counter trend. (Don't try these until you nail trades like the 2nd one.

After the retrace you can see multiple opportunities to go short and follow the trend.

Don't try to draw S&R lines like I do. Do them as per the advice on the thread. I'm just trying to show you how this works.

Save this chart and come back to it after 6 months.

PS your data feed does look different.
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #12,807
  • Feb 28, 2020 5:28am Feb 28, 2020 5:28am
Quoting BeyondTheSea
{quote} Not bad, keep looking and studying and the levels begin to jump out at you. Use the scroll forward function on your charts to try and hide it so you are not looking too far to the right and only to the left. Armchair hindsight is too easy like this chart below... {image} 1st trade looked great with a market gap open with a retrace, I'm always suspicous of these. I would be looking to the level of the WCC (pink box) for profit but on this occasion it would come back to for a rubbish 12 pip closed profit. 2nd trade is text book what you should...
It was hard to accurately see Price Action on my old charts, so I changed it, glad you noticed

Thanks for the feedback. You say there are 2 failed attemps at making HH, however, a candle opened above the pink box and made a HH and 2 green candles did close above the pink box and made new HH.

Attached Image


I missed a level at 0.904ish, so didn't make a big deal of those long upper wicks. However, not all those candles you marked with an arrow fully follow PASR, right ? They bounce off resistances, but Price Action isn't clear, is it ?

Attached Image


Looking forward to your responses!
  • #12,808
  • Feb 28, 2020 5:58am Feb 28, 2020 5:58am
Quoting BeyondTheSea
{quote} Not bad, keep looking and studying and the levels begin to jump out at you. Use the scroll forward function on your charts to try and hide it so you are not looking too far to the right and only to the left. Armchair hindsight is too easy like this chart below... {image} 1st trade looked great with a market gap open with a retrace, I'm always suspicous of these. I would be looking to the level of the WCC (pink box) for profit but on this occasion it would come back to for a rubbish 12 pip closed profit. 2nd trade is text book what you should...
well said!

Hindsight is tricky and could you lead to missunderstading in realtime. As I checked it I would take with similar trades as you BTS but AUD/CAD daily is not for my style.

Udkox you will get it with experience and screen time. The most important is meaning of candle not if it is exactly BUOB or BEOB or hammer or shooting star. But first crawling then walking then running so in your case stay with basic PASR candles

BTS is experienced and he always tries to find footsteps in the sand from big boys so that is the reason why you are confused about his marked entries.

MH
  • #12,809
  • Feb 28, 2020 6:02am Feb 28, 2020 6:02am
Quoting BeyondTheSea
{quote} Not bad, keep looking and studying and the levels begin to jump out at you. Use the scroll forward function on your charts to try and hide it so you are not looking too far to the right and only to the left. Armchair hindsight is too easy like this chart below... {image} 1st trade looked great with a market gap open with a retrace, I'm always suspicous of these. I would be looking to the level of the WCC (pink box) for profit but on this occasion it would come back to for a rubbish 12 pip closed profit. 2nd trade is text book what you should...
That's a great explanation BTS,

Also that higher high to which you refer on the worker was a false break of the WCC on the Boss. Since this was only a false break it provided extra support for a move down from this level with the BUOB PA signal. To add confluence, look where the reversal occurred, right at the 200ema.

Thanks for this BTS

Regards
Terry
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: audcaddaily.PNG Size: 45 KB
  • #12,810
  • Feb 28, 2020 6:50am Feb 28, 2020 6:50am
Quoting Udkox
{quote} It was hard to accurately see Price Action on my old charts, so I changed it, glad you noticed Thanks for the feedback. You say there are 2 failed attemps at making HH, however, a candle opened above the pink box and made a HH and 2 green candles did close above the pink box and made new HH. {image} I missed a level at 0.904ish, so didn't make a big deal of those long upper wicks. However, not all those candles you marked with an arrow fully follow PASR, right ? They bounce off resistances, but Price Action isn't clear, is it ? {image}...
Sorry, my posts do seem to cause more questions than answers!

"Thanks for the feedback. You say there are 2 failed attemps at making HH, however, a candle opened above the pink box and made a HH and 2 green candles did close above the pink box and made new HH."

Yes technically you are correct, however I'm not looking at each candle close, I'm looking at the market price. PRICE failed to move AWAY and UP from our levels on two occasions, it returned and resumed in it's orignal direction. Which would mean..?

So whilst you are looking at candles I am looking at "attempts" for price to move. For me that happened twice.

The 1st 3 trades are what I class as Basic PASR. All of the other entries are my add ons which you don't need to even think about, I just showed them so you can appreciate how effective this can be further down the line when you've taken a few knocks and survive all the other stuff trading presents.

However I cannot emphasize enough, you do not need these add ons to make a very profitble and robust plan. BASIC PASR is all you need for now. There are parts of this thread (alot actually) about trend trading but this is difficult so don't be tempted because it looks dead easy.. Read the old thread as well.

As Terry and Mhons have pointed out don't try to run without taking the crawl...

Get trading small and have patience. Post trades and not predictions.

Sorry if my chart confused you or anyone else!
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #12,811
  • Feb 28, 2020 7:04am Feb 28, 2020 7:04am
Quoting BeyondTheSea
{quote} Sorry, my posts do seem to cause more questions than answers! "Thanks for the feedback. You say there are 2 failed attemps at making HH, however, a candle opened above the pink box and made a HH and 2 green candles did close above the pink box and made new HH." Yes technically you are correct, however I'm not looking at each candle close, I'm looking at the market price. PRICE failed to move AWAY and UP from our levels on two occasions, it returned and resumed in it's orignal direction. Which would mean..? So whilst you are looking at candles...
Oh right! I though the arrows also referred to basic PASR. Makes sense to add on when the retrace gets rejected, but I will keep it simple for now. I will be posting more analysis this evening, thanks for the feedback!

All my posts require moderation approval ( --> delays) and I think one of my posts went unnoticed. Really want to get my broker sorted so please share
  • #12,812
  • Feb 28, 2020 7:15am Feb 28, 2020 7:15am
Quoting Udkox
{quote} Thanks Darin! I found this post discussing brokers, any recommendation (available in the UK) ? How picky are you when it comes to identifiying Price Action candles ? You share Suran's thoughts ? Everyone keeps mentioning the Strat's Shadow yet I haven't been able to find how to use it! IIRC, it's just the difference between the EMA 20 and 50. I don't really want to worry too much about it yet, I am still working on my basic PASR, but it'd be nice to know how you guys use it....
You don't need the shadow for basicPASR however I would recommend getting used to it because it helps later on. Trade without for now and see how you get on using support and resistance.

I am picky with price action candles but i need several with all sorts of different confluences which I don't want to get into on this thread because I haven't the time to discuss. There are hundreds of pages and examples that you need to read. There is also strictly no spoonfeeding either! Learn it yourself!

I can't recommend a broker as it is against FF rules and I have a no PM policy I'm afraid. I'm sure someone will be in touch with you with a recommendation. Maybe starting in D and ending in X.
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #12,813
  • Feb 28, 2020 7:46am Feb 28, 2020 7:46am
Quoting BeyondTheSea
{quote} Sorry, my posts do seem to cause more questions than answers! "Thanks for the feedback. You say there are 2 failed attemps at making HH, however, a candle opened above the pink box and made a HH and 2 green candles did close above the pink box and made new HH." Yes technically you are correct, however I'm not looking at each candle close, I'm looking at the market price. PRICE failed to move AWAY and UP from our levels on two occasions, it returned and resumed in it's orignal direction. Which would mean..? So whilst you are looking at candles...
No confusion here, post as many of these as you want as they are very helpful. It is clear you are at the stage where you are "seeing beyond the candles", great job.

Regards
Terry
  • #12,814
  • Feb 28, 2020 8:15am Feb 28, 2020 8:15am
Quoting JCMPete
{quote} Good day All NzdJpy Trade Still nursing the 3rd position on this trade hoping it will pick up momentum. First two lots were closed at set targets. It is a free trade with some profit locked in on the 3rd position so let's see what happens next week. Regards Pete {image}
Good Day All

Nursing NzdUsd Trade

Finally picked up speed and closed out 3rd position today

Regards
Pete
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  • #12,815
  • Feb 28, 2020 8:22am Feb 28, 2020 8:22am
AudUsd 4H Trade

AudUsd proved to be quite profitable today...

Regards
Pete
Attached Image (click to enlarge)
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  • #12,816
  • Feb 28, 2020 8:22am Feb 28, 2020 8:22am
Oh man - I knew some of you guys would be hittin the ball outta the park today - good job Pete!
  • #12,817
  • Feb 28, 2020 8:31am Feb 28, 2020 8:31am
Quoting TerryDawe
{quote} No confusion here, post as many of these as you want as they are very helpful. It is clear you are at the stage where you are "seeing beyond the candles", great job. Regards Terry
Thanks Terry, hope you are keeping well.
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #12,818
  • Feb 28, 2020 8:51am Feb 28, 2020 8:51am
" Yes technically you are correct, however I'm not looking at each candle close, I'm looking at the market price. PRICE failed to move AWAY and UP from our levels on two occasions, it returned and resumed in it's orignal direction. Which would mean..? So whilst you are looking at candles I am looking at "attempts" for price to move. For me that happened twice.

As Strat would say: "Seeing beyond Candles..." and this only comes with time and experience...and as Terry pointed out - look at the Boss' instructions as well

Thank you for these posts and analysis BTS, really good stuff!

Regards
Pete
  • #12,819
  • Feb 28, 2020 8:53am Feb 28, 2020 8:53am
Quoting TerryDawe
{quote} That's a great explanation BTS, Also that higher high to which you refer on the worker was a false break of the WCC on the Boss. Since this was only a false break it provided extra support for a move down from this level with the BUOB PA signal. To add confluence, look where the reversal occurred, right at the 200ema. Thanks for this BTS Regards Terry {image} {image}
Hi Terry


Thank you for pointing out the Boss perspective!

Regards
Pete
  • #12,820
  • Feb 28, 2020 9:01am Feb 28, 2020 9:01am
Quoting Udkox
I analysed a bunch of pairs (8) last night. Ater drawing SR, I couldn't find clear hammers, shooting stars or engulfing bars. I then looked for the same dates as the ones in Strat's video and noticed my candles don't show those Price Actions that clearly. Should I consider changing brokers ? Also, the first swing high in the video is followed by a bearish engulfing bar, but it doesn't have a higher high, which I was told it was a requirement on post #12798 by Lou. How precise do Price Action candles...
Hi Udkox

Have you read the path? On page 1 of this thread:

Here is an extract to help you with Candle Recognition.

Regards
Pete
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