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  • #13,961
  • Feb 12, 2021 11:10am Feb 12, 2021 11:10am
Now for the not so good!

NZDUSD M5

At NY Open, NZD was still weak against USD so entered on CONTINUATION of London TREND

Only entered D1 SR and forgot to enter H1 SR.

Was too busy watching PRICE play around with NY Open on GBPUSD and missed PRICE testing NZDUSD H1 SR.

Finally escaped with 1.74% PROFIT after SEEING PRICE re-test H1 SR

I'm not as good as I once was trading multiple M5 pairs so I will revert to just loading up on 1 pair.

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15 YEARS OF PASR ON FOREX FACTORY!
  • #13,962
  • Feb 12, 2021 11:14am Feb 12, 2021 11:14am
Quoting tacokiller
Hello, thought I would give this a go. It shows the Big Boss and the immediate trend is up. The Weekly Control Candle is shown and drawn from the Weekly but is shown on the mthly. I entered on the worker because it's at a support level and in the shadow. Went down to the H1 in order to see price action and the current H1 CA is a BUOB. Thanks for all those who post because it helps tremendously. {image}
welcome!

Provide three time frames and readable chart, mark your entry, so we can have a discussion. Showing 1hr trade on monthly chart is nonsense.
Do not be discouraged!
You attract what you think in any area of life, relationships and trading!
  • #13,963
  • Edited Feb 13, 2021 9:14am Feb 12, 2021 11:47am | Edited Feb 13, 2021 9:14am
Now for the UGLY

After the last couple of weeks of crappy and erratic short term time frame PA on GBPUSD AND, after hearing of the Pizza Man making 2, 3 and 4% PROFITS each day trading D1, decided I needed to go back to my roots - trading D1.

AUDUSD D1

I just looked at PASR on D1 and sold at EOD. Talk about over-confidence (and walking on water).

Well now I am in what I hate most about D1 trading - DRAW DOWN. Fortunately, it is just a baby scout position.

This could have all been avoided had I followed what I preach on here.

Guess who forgot to check the BOSS before entering this trade?

Worse yet, as I was watching the MAJORS on M5 this morning, I saw AUDUSD back at my entry and had a discussion with myself and my ego as to closing out at break even.................but my ego won and I stayed in! I completely forgot - IF IN DOUBT, GET OUT.

So now I am paying for my stupidity and re-thinking whether I belong back in D1 trading as I have to check upcoming AUD and USD news to decide whether I hold over the week-end.

I quickly found out I am nowhere near as good as the Pizza Man so now I wait for him to give me my bollocking!

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15 YEARS OF PASR ON FOREX FACTORY!
  • #13,964
  • Feb 12, 2021 12:13pm Feb 12, 2021 12:13pm
Quoting strat
I will not be posting LIVE TRADES very often but I posted this one for a few reasons: To inspire other PASR traders. Short time frame PA has been crappy and erratic on the MAJORS all week except today which was much smoother. CHF owes me mucho grande $$ from the SNB fiasco a few years back so it is nice to get some back. I have NOT posted it to PROVE anything or succomb to the demands of the Negative Nellies that troll these Forums. GBPCHF M5 Entry was NY CONTINUATION of London TREND. I would have normally entered 3 ADD ON trades but I was busy...
Nice trade Strat,
I got a similar one on the GBPUSD on M5
Closed it after the H4 close mid day at resistance
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  • #13,965
  • Feb 12, 2021 2:48pm Feb 12, 2021 2:48pm
Quoting Baba G
Quoting Rub
Ok, now I'll have a crack at this exercise starting from this post #13769 Rub, I though that was brilliant!! You clearly expressed how you felt about the set ups and why you didn't feel comfortable trading some of the price action set ups. And why you did feel comfortable on others. You are at the 5 year mark, I guess this from your starting date on your FF handle. To get this far, to be able to read the D1 is brilliant and a good first base. You should be proud of your progress. Now, will you get better with practice, yes. My
...

That sounds about right for when I started, metatrader says I first funded my account 29-july-2015.

I'll put up a chart of one of the majors each weekend doing that exercise for the week, I'll start with the EURUSD this weekend once the markets close.

Quoting tacokiller
Hello, thought I would give this a go. It shows the Big Boss and the immediate trend is up. The Weekly Control Candle is shown and drawn from the Weekly but is shown on the mthly. I entered on the worker because it's at a support level and in the shadow. Went down to the H1 in order to see price action and the current H1 CA is a BUOB. Thanks for all those who post because it helps tremendously. {image}
Please show us more detail. You've uploaded a big boss chart that shows us the wide picture but doesn't give us any idea of the detail you're talking about. If you've entered on 1hr show us the 4hr and day chart as the boss and big boss. Nothing wrong with keeping higher than that in mind, but it's not really relevant.
Mohns has the right of it.

Quoting strat
Now for the not so good! NZDUSD M5 At NY Open, NZD was still weak against USD so entered on CONTINUATION of London TREND Only entered D1 SR and forgot to enter H1 SR. Was too busy watching PRICE play around with NY Open on GBPUSD and missed PRICE testing NZDUSD H1 SR. Finally escaped with 1.74% PROFIT after SEEING PRICE re-test H1 SR I'm not as good as I once was trading multiple M5 pairs so I will revert to just loading up on 1 pair. {image}
I've found it very hard to do more than trade 1 pair at a time on the lower time frames. I can watch a few, but once I see an entry I'll concentrate on that one pair. A little annoying at the moment too, as all the action has been after NY open when I'm in bed!
As for the AUDUSD, I'm sure you'll find your groove again, you're just out of practice. The bullish engulfing bar 3 bars before your entry didn't give you pause?
  • #13,966
  • Edited 8:20pm Feb 12, 2021 5:50pm | Edited 8:20pm
Quoting strat
Now for the UGLY After the last couple of weeks of crappy and erratic short term time frame PA on GBPUSD AND, after hearing of the Pizza Man making 2, 3 and 4% PROFITS each day trading D1, decided I needed to go back to my roots - trading D1. AUDUSD D1 I just looked at PASR on D1 and sold at EOD. Talk about over-confidence (and walking on water). Well now I am in what I hate most about D1 trading - DRAW DOWN. This could have all been avoided had I followed what I preach on here. Guess who forgot to check the BOSS before entering this trade? Worse...
Good lesson, thanks for that..

Regards and have a good weekend
Terry
  • #13,967
  • Feb 12, 2021 8:39pm Feb 12, 2021 8:39pm
What a roller coaster you are on my friend.

But a great lesson. I was wondering what I should post this weekend. I could not have believed that the thread leader himself would be the topic.

Before we painfully dissect the sloppy, amateur, rookie, silly (this is fun), "go back and read the thread from the beginning", trading of our mentor, leader and inspiration, take a look at GBP v USD and USD v CHF on the d1.

Any ideas as to which pair was the easier call for a trade, and which way long or short. I can see a few winning options, how about you all, and why.

Strat made some classic mistakes, mistakes which are unfortunately human.

That is the point of having a clearly defined trading plan which you never deviate from.

Or, if you do change instruments or time frames, one's that you are not used to trading on a regular basis, drop back to demo for a while. Why not?

Or if you have an eye on 5 pairs on the 5 min, and you want to run a d1 trade at the same time and you haven't done that for a while, drop down to demo for a while. Again, who cares? Oh wait a minute, I know who cares right now. Someone with the draw down sweats. Nasty.

People burn out in this game, as the carrot is always just over the next hill. You turn around and years have gone by, or you scalped a million pips which are worth nothing etc etc etc. Trust me I have heard it, seen it and done it before.

Discipline, repetition, consistency, accuracy need I go on.

I hope we all feel Strat's pain this weekend, I will I have been there. In honour of our brother let us take this opportunity to post our mistakes, share our failures, and be honest to ourselves and this thread, as our leader sweats it out over the weekend.

The little quizzes I post should not be beneath you, they should be home work, back to basics, keep'in it real. Foundation. Grounding. We are talking about all the money in the world remember.

Strat didn't, he got caught up in the bright lights, felt he was falling behind and left the path. Could be any of us. It is all of us.

I AM SPARTACUS! (for the older members)

I feel I should be clear about my trading, as Strat mentioned me earlier.

I trade an algorithm BASED on the D1 but is not directly linked to Price action bars for entry.

The algorithm ascertains order clusters, and I join them. It is as simple as that. I usually have 4/5 trades a month and each trade generates approx 2/3% +/-

This month I have had 2 trades, one for 2.66% and one for 3.06%.

The problems I face with the algorithm, is that the parameters are not programmed into my dashboard. For security reasons. They are in my head.

I have to be the computer, which has it's issues.

Every D1 bar close I have adjust the settings, as I track the clusters across price,space and time.

One mistake and I'm in trouble. We are only human after all.

Just this week, for example.

I had been tracking a few clusters, long and short, on USD v CHF for a few weeks. I did my usual Sunday night charting and placed my orders. Monday I fell asleep in the afternoon, so I missed London close (2pm for me). I woke up in a sweat thinking fu********k, ran to my laptop and thank god my order had not filled yet.

I would have been up all night during bloody London trading, riding the bars for a break even. Or as near as damn it!

Then I would have been glad I spent all those years trading Price action.

In the the end that cluster was worth 3.06% and a few weeks of tracking.

Now had I been late and my order filled, I have a robust enough yield curve to wash out the loss. Just like Strat does. Traders with less experience do not have this luxury yet. Or have not earned it, I should say.

That's why I always say that your risk profile is the sum of your yield curve, which in turn is the product of your win/loss ratio.

If you don't have that, you have no compass on your ship.

" To hold the helm of rectitude while navigating the seas of passion is the highest of attainment."

See you next week.
  • #13,968
  • Feb 13, 2021 11:49am Feb 13, 2021 11:49am
Quoting tacokiller
Hello, thought I would give this a go. It shows the Big Boss and the immediate trend is up. The Weekly Control Candle is shown and drawn from the Weekly but is shown on the mthly. I entered on the worker because it's at a support level and in the shadow. Went down to the H1 in order to see price action and the current H1 CA is a BUOB. Thanks for all those who post because it helps tremendously. {image}
I would like to comment but this chart hurts my eyes.
Also you need to post some other time frames.

Regards
Terry
  • #13,969
  • Feb 14, 2021 4:42am Feb 14, 2021 4:42am
Quoting strat
{quote} It warms the cockles of my heart to see you doing so well Pete, lang may yer lum reek! I have posted many times about finding the time frame which resonates with each individual trader - how long did it take for you to find D1? When you drop down to H4 and identify a PASR signal, what do you do and how do you trade it if that PASR signal was while you were in the Land of Nod? Your response to the pizza man and breakdown of PASR opportunities from W1 to D1 and H4 is brilliant and shows you have a really good understanding of PASR - go to...
Thank you Strat, and may you have a long and and blessed life as well!

How long has it taken me to find D1? It is going on three years now since I started on your threads and it is only very recently, probably during the last 6 months that it has really started sinking in. Even if I do drop down to lower timeframes I still do it with the daily T/F in mind. It is not always easy as I do get distracted and tend to get lost in the noise of the lower frames. I have tried hard to get to grips with the 5min and 15min frames but it did not really work for me. Slowly but surely the daily just started resonating with me and it is now my timeframe of choice on which to base my trading decisions.

How do I trade 4H while in the land of nod? I ask the sandman to take care of it for me... But seriously, in short I do sometimes set buy / sell orders at levels I think is probable for price to retrace to based on what daily and/or weekly PASR I see. Else I will stay out and trade on what I see after awake up. I will do a post later on what I look for and how and why I place entries if I cannot be at the charts. This is a very important factor to me as it is not possible or practical for me to spend all hours on the charts. I had to find a way to trade around this limitation or challenge if you will and only by getting to really understand PASR and the roadmap it provides was making this possible for me. This is still very much a work in progress for me and I haven't taken my my training wheels off yet. I am still learning as I go along but I must admit I am really enjoying this PASR journey that you have made possible for us. Now the big thing is for me to gain experience applying what I have learnt so far and to refine my understanding and strategy as I go along.

Thanks again...
Pete
  • #13,970
  • Feb 14, 2021 5:45am Feb 14, 2021 5:45am
Quoting TerryDawe
{quote} Nice trade Strat, I got a similar one on the GBPUSD on M5 Closed it after the H4 close mid day at resistance {image}
where do you get the PASR from???
  • #13,971
  • Feb 14, 2021 7:28am Feb 14, 2021 7:28am
Quoting tacokiller
Hello, thought I would give this a go. It shows the Big Boss and the immediate trend is up. The Weekly Control Candle is shown and drawn from the Weekly but is shown on the mthly. I entered on the worker because it's at a support level and in the shadow. Went down to the H1 in order to see price action and the current H1 CA is a BUOB. Thanks for all those who post because it helps tremendously. {image}
Hi Tacokiller

Totally agree with the other comments made on your post. You need to post the chart of the timeframe you are trading so that we can comment. The 1H chart in relation to the monthly is not all that relevant. Unless you were trading the monthly?

Pete
  • #13,972
  • Feb 14, 2021 8:02am Feb 14, 2021 8:02am
Quoting strat
Now for the UGLY After the last couple of weeks of crappy and erratic short term time frame PA on GBPUSD AND, after hearing of the Pizza Man making 2, 3 and 4% PROFITS each day trading D1, decided I needed to go back to my roots - trading D1. AUDUSD D1 I just looked at PASR on D1 and sold at EOD. Talk about over-confidence (and walking on water). Well now I am in what I hate most about D1 trading - DRAW DOWN. Fortunately, it is just a baby scout position. This could have all been avoided had I followed what I preach on here. Guess who forgot to...
Hi Strat

It might still work out in your favor. The Big Boss and Boss long term trends are down and the Worker is putting in lower lows and lower highs so it could very well be at the level where it is starting to turn down in the overall long term trend direction. Personally, I was eyeing the .7680 to.7700 level above the hammer on the boss to go long with the prevailing boss trend should price retrace back that far, which in all fairness is the trade you are currently in. But as you say you need to contend with the draw down. For my price level to become relevant your trend actually needs to work out!

Regards
Pete
  • #13,973
  • Edited 11:28am Feb 14, 2021 8:11am | Edited 11:28am
Quoting Baba G
What a roller coaster you are on my friend. But a great lesson. I was wondering what I should post this weekend. I could not have believed that the thread leader himself would be the topic. Before we painfully dissect the sloppy, amateur, rookie, silly (this is fun), "go back and read the thread from the beginning", trading of our mentor, leader and inspiration, take a look at GBP v USD and USD v CHF on the d1. Any ideas as to which pair was the easier call for a trade, and which way long or short. I can see a few winning options, how about you...
Looking at the GBPUSD and USDCHF:
The GBPUSD is in a pretty strong up trend and now price is within a WCC. The bearish candle is not really a good signal so I would not have taken any trade, long or short.

The CHFUSD has recently bottomed and the Boss confirmed swing is now up. Price is within a WCC and this week's candle bounced off the bottom of its shadow.
The inside candle that formed Thursday presented an opportunity for a buy or sell. Tuesday's candle was a bearish straddle following the worker HH so we don't know yet how relevant that candle is. Considering the location of the IB at the bottom of the WCC, one option would be a buy stop above that candle with a stop below Wednesday's candle.
After completing this exercise I am now considering getting long above Friday's BUEB with stop below last Wednesday's low.
Attached Image(s) (click to enlarge)
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  • #13,974
  • Feb 14, 2021 2:54pm Feb 14, 2021 2:54pm
TDA

Gbpusd
Weekly closed outside the WCC in an uptrend but nothing confirmed on daily so will wait to see how this closes through the week.

Usdcad
Nothing on here, inside WCC

Usdcnk
Nothing on here, inside WCC

Eurgbp
On the weekly did this close as a inverted hammer? Daily close as an BEOB?

Eurusd
Nothing on here, inside WCC

Usdjyp
Almost produced a BEOB on the weekly,
Daily produced a nice spinning top on Wednesday?

Usdchf
Nothing on here, inside WCC

All feed back is much appreciated, this is my first week of trading pure naked charts with no indicators apart from MA so a total different approach.

Craig
  • #13,975
  • Feb 14, 2021 5:12pm Feb 14, 2021 5:12pm
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
Click to Enlarge Name: Chart_USD_CHF_Daily_FF3.png Size: 15 KB

Excellent Terry.

Would you like to comment on IrishCraig?

I am better reading bars, not candles.
  • #13,976
  • Feb 14, 2021 11:29pm Feb 14, 2021 11:29pm
Quoting irishcraig09
TDA Gbpusd Weekly closed outside the WCC in an uptrend but nothing confirmed on daily so will wait to see how this closes through the week. Usdcad Nothing on here, inside WCC Usdcnk Nothing on here, inside WCC Eurgbp On the weekly did this close as a inverted hammer? Daily close as an BEOB? Eurusd Nothing on here, inside WCC Usdjyp Almost produced a BEOB on the weekly, Daily produced a nice spinning top on Wednesday? Usdchf Nothing on here, inside WCC All feed back is much appreciated, this is my first week of trading pure naked charts with no indicators...
Hi Craig

GbpUsd- please post a chart showing the WCC?

EurUSd- as above, please post a chart showing the WCC?

UsdJpy - "Almost produced a BEOB" Be careful not to see what is not there. Either it is or it is not. That being said, there is still a lot of information locked in that candle. What can you tell from that candle?

Unfortunately I do not have the other pairs on my charts so I cannot comment on them.

Regards
Pete
  • #13,977
  • Feb 15, 2021 12:04am Feb 15, 2021 12:04am
Quoting Baba G
What a roller coaster you are on my friend. But a great lesson. I was wondering what I should post this weekend. I could not have believed that the thread leader himself would be the topic. Before we painfully dissect the sloppy, amateur, rookie, silly (this is fun), "go back and read the thread from the beginning", trading of our mentor, leader and inspiration, take a look at GBP v USD and USD v CHF on the d1. Any ideas as to which pair was the easier call for a trade, and which way long or short. I can see a few winning options, how about you...
I've uploaded my daily charts for reference.
While I'd like to say I'd prefer to trade the GBP, the CHF is a much clearer PASR trade. However the depth of the retracement after the ranging around would probably put me off. Admittedly this is a fairly cursory look, the USDCHF looks like it's bounced from support, at least a little, while the GBPUSD looks like it's consolidating below resistance. Going forward I'd want to see a break of those levels before I'd be too keen to trade either.

Quoting irishcraig09
TDA Gbpusd Weekly closed outside the WCC in an uptrend but nothing confirmed on daily so will wait to see how this closes through the week. Usdcad Nothing on here, inside WCC Usdcnk Nothing on here, inside WCC Eurgbp On the weekly did this close as a inverted hammer? Daily close as an BEOB? Eurusd Nothing on here, inside WCC Usdjyp Almost produced a BEOB on the weekly, Daily produced a nice spinning top on Wednesday? Usdchf Nothing on here, inside WCC All feed back is much appreciated, this is my first week of trading pure naked charts with no indicators...
Mate, it works a lot better if you upload the charts so we can see what you're looking at. All I can tell you is what MY charts show me. And there's no guarantee I've marked the up the same way you have.
Attached Image(s) (click to enlarge)
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  • #13,978
  • Feb 15, 2021 12:31am Feb 15, 2021 12:31am
Hey there fellow traders. Good day yall. I have a question. I watch markets from tradingview.com and put my orders on my brokers MT4 platform. 95% of the time PA and candles match on both platforms. Sometimes they do not. Lets say that you have BuEB at support level on tradingview platform / oanda or forex.com broker/ and just some candle on your MT4 broker. Would you trade the tradingview candle? I do it.
You attract what you think in any area of life, relationships and trading!
  • #13,979
  • Feb 15, 2021 1:16am Feb 15, 2021 1:16am
Hello,
If I may contribute in this forum with my little thoughts & opinion…
For technical and graphic analysis, I always use TradingView. I became very accustomed by it and to me is great tool. I rely completely on TradingView analysis – for entry & exit wtc…. and then place order in MT4 where I use different broker. This works fine for me.
For all currency pairs selected in TradingView I use the same broker. I noticed sometimes there are minor differences in candle shape between some brokers – for some more and some less. As you drop down from D TF to M TF differences are larger but not necessarily significant.
Good trading week to all




Quoting Eushev24
Hey there fellow traders. Good day yall. I have a question. I watch markets from tradingview.com and put my orders on my brokers MT4 platform. 95% of the time PA and candles match on both platforms. Sometimes they do not. Lets say that you have BuEB at support level on tradingview platform / oanda or forex.com broker/ and just some candle on your MT4 broker. Would you trade the tradingview candle? I do it.
  • #13,980
  • Feb 15, 2021 7:00am Feb 15, 2021 7:00am
Quoting irishcraig09
TDA Gbpusd Weekly closed outside the WCC in an uptrend but nothing confirmed on daily so will wait to see how this closes through the week. Usdcad Nothing on here, inside WCC Usdcnk Nothing on here, inside WCC Eurgbp On the weekly did this close as a inverted hammer? Daily close as an BEOB? Eurusd Nothing on here, inside WCC Usdjyp Almost produced a BEOB on the weekly, Daily produced a nice spinning top on Wednesday? Usdchf Nothing on here, inside WCC All feed back is much appreciated, this is my first week of trading pure naked charts with no indicators...
Hey Craig,

My main comments are related to your focus being on the analysis of the Weekly Control Candles.
The control candle concept was introduced in Strat's website that has now been discontinued.
The main focus of this thread is PASR using our PA candles: Shooting star, Hammer, Bullish and Bearish engulfing and outside candle.
I would suggest that you focus more on finding these candles in your charts and then looking to see if they are occurring at support/resistance levels. You can then decide whether a trade is warranted or not.
As well, work on determining valid S/R levels and mark them on your charts.

It is true that WCCs can impact these trades since price is probably consolidating or ranging within that range. However it should not be your main focus in learning and moving forward in your journey.
If you find these and post the charts associated with them, I am sure you will receive many more valid comments from other members.

Regards
Terry
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