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Strat's PASR Long Term, Stress Free Trading

  • #14,041
  • Feb 26, 2021 1:46am Feb 26, 2021 1:46am
Quoting sangnt0904
{quote} Hello bistolis, Can you ask me about your trading management with these long wick candles? How long have you kept your trades for so long? Thank you very much {image}
Because I dont see any reason there to exit, there was no resistance that was meaningful to me.
The most important thing is the shadow , which gives me confidence that this will keep moving up (until it doesnt )

As long as price is below you dont need to worry that much of this reversing on you. And if it does, then your loss is well defined and you exit your trade.

GBPJPY M5.
It moved quite a bit since late NY session. Probaby I will stay away from my charts today
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You want that kind of shadow forming along the way or as in my EJ example. Support or resistance taken from H4 D1 and thats all you need to start creating a plan for your trades.
  • #14,042
  • Feb 26, 2021 2:14am Feb 26, 2021 2:14am
Quoting bistolis
{quote} Because I dont see any reason there to exit, there was no resistance that was meaningful to me. The most important thing is the shadow , which gives me confidence that this will keep moving up (until it doesnt ) As long as price is below you dont need to worry that much of this reversing on you. And if it does, then your loss is well defined and you exit your trade. GBPJPY M5. It moved quite a bit since late NY session. Probaby I will stay away from my charts today {image}You want that kind of shadow forming along the way or as in...
Thanks for your feedback!
Your post helped me a lot. I really appreciate and be grateful to you.
The lesson for me is to always plan before looking for a trade.
  • #14,043
  • Feb 26, 2021 3:31pm Feb 26, 2021 3:31pm
On a topic that doesn't come up quite as much as entries, or correct drawing of support and resistance.
I've included the boss and big boss for context of where I've drawn from.


Who took profit on the GBP here?
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  • #14,044
  • Feb 26, 2021 5:36pm Feb 26, 2021 5:36pm
Quoting Rub
On a topic that doesn't come up quite as much as entries, or correct drawing of support and resistance. I've included the boss and big boss for context of where I've drawn from. Who took profit on the GBP here? {image} {image} {image}
Hey Rub,

Yes I did take some profits on my long from a few weeks ago when price hit the BB resistance area as noted.
  • #14,045
  • Feb 26, 2021 5:50pm Feb 26, 2021 5:50pm
Sore thumb trade on H4 from yesterday on EURUSD:
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  • #14,046
  • Feb 28, 2021 9:01pm Feb 28, 2021 9:01pm
This is trading this morning on GBPCHF M5 (Although this pair is not recommended for trading).
I see price found resistance on the M5 and I have closed my trade.
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  • #14,047
  • Mar 1, 2021 3:43am Mar 1, 2021 3:43am
Quoting sangnt0904
This is trading this morning on GBPCHF M5 (Although this pair is not recommended for trading). I see price found resistance on the M5 and I have closed my trade. {image}
Strat recomonded to trade this pair provided that its very small time frame trade. mean you get out quick.

Further the level you exit was major level in higher time frames.So you took good discision to exit
If I was in trade and didnt exit that place then I would definetly exit the BEEB marked
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Focus, Patience, Discipline, Determination and Perseverance
  • #14,048
  • Mar 1, 2021 10:22am Mar 1, 2021 10:22am
potential trade
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If at first you don't succeed, try, try again.
  • #14,049
  • Mar 1, 2021 9:38pm Mar 1, 2021 9:38pm
Quoting Alesiosc
potential trade {image}
I've lost countless amount of trades trying to counter trend trade in the past.

Let's analyse your chart

H4 - trend ?

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M30 - Trend?

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You see why you lost that trade?
Focus, Patience, Discipline, Determination and Perseverance
  • #14,050
  • Edited 11:34am Mar 2, 2021 2:41am | Edited 11:34am
not to worry Suran. just miss timed it....back in again already....thanks for your input though.....

EDIT: GBPUSD doing fine now......
heres a EURUSD i took earlier
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If at first you don't succeed, try, try again.
  • #14,051
  • Mar 2, 2021 10:04pm Mar 2, 2021 10:04pm
Quoting Alesiosc
not to worry Suran. just miss timed it....back in again already....thanks for your input though..... EDIT: GBPUSD doing fine now...... heres a EURUSD i took earlier {image}
Good for you.
Focus, Patience, Discipline, Determination and Perseverance
  • #14,052
  • Mar 4, 2021 11:27am Mar 4, 2021 11:27am
Quoting Baba G
{quote} {image}
Looks like the pizza man may have topped himself after his beloved ACM were thrashed 3-0 by their arch enemy, Inter Milan - oh well, c'est la vie.
15 YEARS OF PASR ON FOREX FACTORY!
  • #14,053
  • Mar 4, 2021 11:49am Mar 4, 2021 11:49am
Beautiful example of M5 "saw tooth" trend stair stepping it's way to previous high.

So many "fill yer wellies" places to Add On.

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15 YEARS OF PASR ON FOREX FACTORY!
  • #14,054
  • Mar 4, 2021 12:55pm Mar 4, 2021 12:55pm
AUDUSD H4. If next candle close above next level then close the trade.
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  • #14,055
  • Mar 5, 2021 1:51pm Mar 5, 2021 1:51pm
Quoting strat
{quote} Looks like the pizza man may have topped himself after his beloved ACM were thrashed 3-0 by their arch enemy, Inter Milan - oh well, c'est la vie.
I was wondering when I would hear about this from you !!!

You see my family in Italy are split between AC and Inter so it has been fun, shall we say. Top 4 finish at this point is our goal. So many injuries, I am worried about Man U.

You should be on my side for that!!!!

Anyway, to the markets.

So I picked up the USD strength via the USD v JPY last week after we saw a sea change on the Fiber and cable first. Interestingly though, the Swissy waited before popping.

That pop on the swissy was reflected also in a weakening in the Dow, as the US backed asset proved not such a bargain anymore.

The sea change was clearly advertised for all who can see, and presented an opportunity to sell the cable, fiber and buy USD in general. Or for those with a long term position in the market, a clear signal to hedge.

Despite the heavy news sensitive markets at the moment, due to the 1.9 Tril and Covid responses/stimulus I still managed 11. 14% last month in 4 trades all closed and out.

New Balls

I got nothing at the mo. There may be a little more cable weakness which I would be interested in. I did want to sell the fiber, but my levels popped already on the short side yesterday. I sit out from Wednesday on NFP week, that is from Tuesday night as my orders are placed the night before.

Circumnavigating heavy news announcements has carried a rather large opportunity cost over the last year. Reminds me of the great recession markets.

Good Times!

Love all the good trading going on out here.

What I would say is look for consensus forming across the charts and being reflected in the PA. It Builds confidence in trade selection and execution.

Good luck!!

G
  • #14,056
  • Edited 8:22pm Mar 7, 2021 12:53am | Edited 8:22pm
Quoting Baba G
{quote} I was wondering when I would hear about this from you !!! You see my family in Italy are split between AC and Inter so it has been fun, shall we say. Top 4 finish at this point is our goal. So many injuries, I am worried about Man U. You should be on my side for that!!!! Anyway, to the markets. So I picked up the USD strength via the USD v JPY last week after we saw a sea change on the Fiber and cable first. Interestingly though, the Swissy waited before...
Baba G do you mind giving some context on what you're risking to get that return? It's fantastic if you're only risking 0.5% a trade, a whole lot less so if you're risking 50%. I'm guessing it's not more than 2%. Ultimately I aim to be risking 2%, maybe 3% if I can stop making such stupid mistakes, but at the moment I'm sticking to 1%.

EDIT: grrrrr.....typos.
  • #14,057
  • Mar 7, 2021 5:22am Mar 7, 2021 5:22am
Hey rub!

Please note that with different account size the risk is different. When I started I risked 3% sometimes 4% on 1000$ account because you cannot open a trade with less than 0.01 lot. I was limited and I still am sometimes. I’v had months with 40% profits but it is misleading, because of the limit in lots. Large stop loss on daily will easily exceed 2% risk with just 1000$. Having a larger account risk is getting easier to manage.
You attract what you think in any area of life, relationships and trading!
  • #14,058
  • Mar 7, 2021 8:22pm Mar 7, 2021 8:22pm
Quoting Eushev24
Hey rub! Please note that with different account size the risk is different. When I started I risked 3% sometimes 4% on 1000$ account because you cannot open a trade with less than 0.01 lot. I was limited and I still am sometimes. I’v had months with 40% profits but it is misleading, because of the limit in lots. Large stop loss on daily will easily exceed 2% risk with just 1000$. Having a larger account risk is getting easier to manage.
I'm aware learn and building an account is a bit different, I'm curious more about an appropriate risk when someone is doing it for a living. Bearing in mind everyone has a different tolerance for risk. I'm aware of a thread here where the amount risked was up to 6% of the account, adding onto a trend and producing huge returns, but I don't think I'm ready for that by a long shot.
  • #14,059
  • Mar 8, 2021 12:19am Mar 8, 2021 12:19am
Quoting Rub
{quote} I'm aware learn and building an account is a bit different, I'm curious more about an appropriate risk when someone is doing it for a living. Bearing in mind everyone has a different tolerance for risk. I'm aware of a thread here where the amount risked was up to 6% of the account, adding onto a trend and producing huge returns, but I don't think I'm ready for that by a long shot.
Hey Rub.

2-3% risk is appropriate. I wish I could scale my risk. Let’s say that you start with risking 1% and slowly and carefully increase your risk to 2%. It will be less stressful for sure. With my small account this was not possible jumped straight to 2-3%. Mindset is everything. Daily trading is best for me I want to keep going to work even when I can trade for a living. Trading has one major downside, only one- it is a bit anti-social. Maybe having a investing business or trading for clients would be different. Mid 20’s no time to stay home . Sorry I distracted from your theme.
You attract what you think in any area of life, relationships and trading!
  • #14,060
  • Mar 8, 2021 12:21am Mar 8, 2021 12:21am
My advice is to risk so much that you can sleep like a baby during the night not worrying about your position.
You attract what you think in any area of life, relationships and trading!
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