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Strat's PASR Long Term, Stress Free Trading

  • #15,161
  • Jun 6, 2022 5:18pm Jun 6, 2022 5:18pm
Quoting Strat
Today is our 52nd Wedding Anniversary
Happy Anniversary!
Trade what you see, not what you expect. BE LIKE WATER MY FRIEND.
  • #15,162
  • Jun 7, 2022 10:28am Jun 7, 2022 10:28am
Hi Strat and all veteran traders,

What I have read and understand so far. The strategy of PASR (Price Action at Support and Resistance) is as follows:

(Please help correct me if I understand this wrong)

1. Select Worker, Boss, Big Boss timeframes compatible with trader. Let’s say 1H, 4H, 1D.
2. Direction of 4H and 1D should be aligned.
3. Draw S/R levels on the 4H timeframe (including any swing highs and swing lows)
4. Move down to 1H timeframe and draw additional S/R levels if identified.
5. When price in 1H reaches any S/R level (and also “Strat Shadow” for more confluence), look for
a. Hammer or BUOB or BUEB candles for buying opportunities (in line with the 4H and 1D trend)
b. Shoot star or BEOB or BEEB candles for selling opportunities (in line with the 4H and 1D trend)
6. Enter position with a Sell Stop or Buy Stop (so momentum is in the trader’s favor).
7. Set Stop Loss at swing highs or swing lows or at major S/R.
8. Set TP level for a desirable RR ratio, also exit when Price Action tells you to do so.

Writing this down is helping me summarize all the things I read in this big thread. Please forgive me if I have missed some things or got some things wrong.

Also I read and accept that this strategy is only a small part of becoming a profitable trader, the harder part is trading psychology and mindset – so I will be working on that as I spend more time with the markets.

Thank you again Master Strat and everyone for sharing your knowledge on this thread.

Have a nice day/night.
Iris.
Iris
  • #15,163
  • Jun 7, 2022 12:10pm Jun 7, 2022 12:10pm
Didn't know whether to trade the DOW or EURO so just waited for the first PASR set up which was EURO so stayed with that

M1 EURO

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PRICE held the M5 Strat Shadow all morning apart from 2 dips I could have done more had I switched into scalp mode but I was already well in the money and didn't feel like taking on the risk.
15 YEARS OF PASR ON FOREX FACTORY!
  • #15,164
  • Jun 7, 2022 12:32pm Jun 7, 2022 12:32pm
So as I look back on this morning, I check the DOW and find that had I kept an eye on it I maybe could have taken the big move around 12:30 pm NY.

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15 YEARS OF PASR ON FOREX FACTORY!
  • #15,165
  • Jun 8, 2022 9:07am Jun 8, 2022 9:07am
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I changed my mind right after I put on the trade on GBPJPY. and there are multiple good spots afterwards
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  • #15,166
  • Jun 8, 2022 11:50am Jun 8, 2022 11:50am
Took a BUY trade on a demo account on USDCAD. Reason for trade: Price broke the SR line with a Bullish Engulfing candle.

Set SL to the low of the swing low and the TP just before the Resistance area (as shown in the chart)

Let's see how this goes. Any advice is appreciated. Thanks!
Iris

https://s3.tradingview.com/snapshots/r/R0CU8Ivn.png
Iris
  • #15,167
  • Jun 8, 2022 12:26pm Jun 8, 2022 12:26pm
No news day today so expecting low volatility

Started out on EURO

M1 EURO

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Then switched to DOW as EURO went into consolidation

M1 DOW

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15 YEARS OF PASR ON FOREX FACTORY!
  • #15,168
  • Jun 8, 2022 12:29pm Jun 8, 2022 12:29pm
Quoting irismonster
Hi Strat and all veteran traders, What I have read and understand so far. The strategy of PASR (Price Action at Support and Resistance) is as follows: (Please help correct me if I understand this wrong) 1. Select Worker, Boss, Big Boss timeframes compatible with trader. Let’s say 1H, 4H, 1D. 2. Direction of 4H and 1D should be aligned. 3. Draw S/R levels on the 4H timeframe (including any swing highs and swing lows) 4. Move down to 1H timeframe and draw additional S/R levels if identified. 5. When price in 1H reaches any S/R level (and also “Strat...
Really disappointed that no-one is helping - so much for all the help I have given YOU
15 YEARS OF PASR ON FOREX FACTORY!
  • #15,169
  • Jun 8, 2022 12:32pm Jun 8, 2022 12:32pm
Quoting bistolis
{image} I changed my mind right after I put on the trade on GBPJPY. and there are multiple good spots afterwards {image}
Good trading, bistolis! Shows you are on top of your game by closing your long as soon as the Shooting Star raised its ugly head.
15 YEARS OF PASR ON FOREX FACTORY!
  • #15,170
  • Jun 8, 2022 12:40pm Jun 8, 2022 12:40pm
Quoting irismonster
Took a BUY trade on a demo account on USDCAD. Reason for trade: Price broke the SR line with a Bullish Engulfing candle. Set SL to the low of the swing low and the TP just before the Resistance area (as shown in the chart) Let's see how this goes. Any advice is appreciated. Thanks! Iris {image}
Iris, see if you understand my mark up of your chart.

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For us to comment, you must mark on your chart your entries and exits
15 YEARS OF PASR ON FOREX FACTORY!
  • #15,171
  • Jun 8, 2022 1:45pm Jun 8, 2022 1:45pm
Quoting Strat
{quote} Iris, see if you understand my mark up of your chart. {image} For us to comment, you must mark on your chart your entries and exits
I try to improve my exits and entries but I find that I STILL dont have much of experience trading at the right edge

His entry is the line , the red area is his stop loss distance, and top of the green area is his TP
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I mark with 2dots what I would consider a nice entry instead. From support to resistance. Your entry irismonster is in the middle of the range, abit too risky for my taste and I would pass. Since this is the M5 chart, your entries need to have abit of precision. While on higher timeframes you have more time to think about your entry. Try on bigger frames first to get a feel for the market while enjoying ALOT more time to think of which trades to take.
  • #15,172
  • Jun 8, 2022 2:40pm Jun 8, 2022 2:40pm
Quoting irismonster
Took a BUY trade on a demo account on USDCAD. Reason for trade: Price broke the SR line with a Bullish Engulfing candle. Set SL to the low of the swing low and the TP just before the Resistance area (as shown in the chart) Let's see how this goes. Any advice is appreciated. Thanks! Iris {image}
From bistolis:

I mark with 2dots what I would consider a nice entry instead. From support to resistance. Your entry irismonster is in the middle of the range, a bit too risky for my taste and I would pass. Since this is the M5 chart, your entries need to have a bit of precision. While on higher time frames you have more time to think about your entry. Try on bigger frames first to get a feel for the market while enjoying A LOT more time to think of which trades to take.

I agree with bistolis. This is Basic PASR trading where you need to enter as near to SR as possible which will give you a higher probability of profit with less risk from a smaller stop loss. There are 3 of those entries - one at the beginning of bistolis's red line, one at the end of the line and one where the 2 red dots are.

Thanks for posting
15 YEARS OF PASR ON FOREX FACTORY!
  • #15,173
  • Jun 8, 2022 2:49pm Jun 8, 2022 2:49pm
Quoting bistolis
{quote} I try to improve my exits and entries but I find that I STILL don't have much of experience trading at the right edge
Unfortunately, there is no way to "learn" experience, it is just a case of doing it and building that experience. Trading at the hard right edge IS difficult and more so with each smaller time frame, but it gets easier with experience. You are doing good so just keep doing it and building that experience. Just make sure you are confident of your set ups and have good Money Management and know when to get out when PA goes against you rather than waiting for your SL to get hit - as you did with GBPJPY.
15 YEARS OF PASR ON FOREX FACTORY!
  • #15,174
  • Jun 8, 2022 3:58pm Jun 8, 2022 3:58pm
Quoting irismonster
Writing this down is helping me summarize all the things I read in this big thread. Please forgive me if I have missed some things or got some things wrong. Also I read and accept that this strategy is only a small part of becoming a profitable trader, the harder part is trading psychology and mindset – so I will be working on that as I spend more time with the markets.
Hi Iris,
In my opinion it is a good summary.
Yes, learning the theory is only a small fraction of the PATH.
The most important thing is gaining direct experience and mastering psychology.
In my first attempt to become profitable ten years ago I failed, because I just couldn't discipline my mind plus I was not analyzing my mistakes.
Take one step at a time, journal your trades, try to write as much as you can, what was your reason to take a trade, your thought process etc.
I wish you all the best on the PATH. I will be happy to help you along the way.
Trade what you see, not what you expect. BE LIKE WATER MY FRIEND.
  • #15,175
  • Jun 8, 2022 10:23pm Jun 8, 2022 10:23pm
Quoting Strat
{quote} Iris, see if you understand my mark up of your chart.
Hi Strat,
Thank you for your pointers, there are 14 areas where you've drawn which I input what I understand them to be on the chart. Am I getting the right idea ?

I dont quite understand candle # 12. on the chart where the candle seems to be a long legged one, not sure what this signals.
Also I dont understand what the colors of the boxes mean - red and green. They don't seem to mean BUY or SELL to me.

Thanks again.. I think I will be using the replay mode on historical data to simulate trading on right edge and show my results again.

Cheers and have great day!!
Iris.
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Iris
  • #15,176
  • Jun 8, 2022 10:26pm Jun 8, 2022 10:26pm
Quoting bistolis
{quote} I try to improve my exits and entries but I find that I STILL dont have much of experience trading at the right edge His entry is the line , the red area is his stop loss distance, and top of the green area is his TP {image}I mark with 2dots what I would consider a nice entry instead. From support to resistance. Your entry irismonster is in the middle of the range, abit too risky for my taste and I would pass. Since this is the M5 chart, your entries need to have abit of precision. While on higher timeframes you have more time to think about...
Hi Bistolis,

Thank you for your comments, I will try replay mode and trade on the right edge using higher TF - 1H instead and see how that goes.

Iris
Iris
  • #15,177
  • Jun 8, 2022 10:28pm Jun 8, 2022 10:28pm
Quoting Baniu
{quote} Hi Iris, In my opinion it is a good summary. Yes, learning the theory is only a small fraction of the PATH. The most important thing is gaining direct experience and mastering psychology. In my first attempt to become profitable ten years ago I failed, because I just couldn't discipline my mind plus I was not analyzing my mistakes. Take one step at a time, journal your trades, try to write as much as you can, what was your reason to take a trade, your thought process etc. I wish you all the best on the PATH. I will be happy to help you along...
Hi Baniu,
Well noted, Thank you! Have a great day!
Iris.
Iris
  • #15,178
  • Jun 8, 2022 11:21pm Jun 8, 2022 11:21pm
Hi,

I just did a simulation trade on NZDUSD on the 1H TF with the live right edge.

The results are not very good with 5 wins and 11 losses. With total PIPS loss of -37 pips.

(BUYS are up green candle with red down candle indicating closing of trade connected with a dotted line. And vice versa for SELLS).

What I am doing is BUYING when seeing a hammer or BUEB or BUOB..... and SELLING when I see a shooting star or BEEB or BEOB at those S/R levels. N

I am not sure what I am doing wrong... please help advise if you have got the time and patience !!!

Thank you so much.
Iris
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Iris
  • #15,179
  • Jun 9, 2022 12:43am Jun 9, 2022 12:43am
Quoting irismonster
Hi, I just did a simulation trade on NZDUSD on the 1H TF with the live right edge. The results are not very good with 5 wins and 11 losses. With total PIPS loss of -37 pips. (BUYS are up green candle with red down candle indicating closing of trade connected with a dotted line. And vice versa for SELLS). What I am doing is BUYING when seeing a hammer or BUEB or BUOB..... and SELLING when I see a shooting star or BEEB or BEOB at those S/R levels. N I am not sure what I am doing wrong... please help advise if you have got the time and patience !!!...
This is overtrading. Use the strat shadow (or at least a 20/72 EMA) as a start.
From what I can see you are jumping in and out and reacting to all the noise in the market. Just because there is a hammer somewhere doesnt mean anything. First you need some support and resistance zone to trade according to those and price action
  • #15,180
  • Jun 9, 2022 1:25am Jun 9, 2022 1:25am
Quoting bistolis
{quote} This is overtrading. Use the strat shadow (or at least a 20/72 EMA) as a start. From what I can see you are jumping in and out and reacting to all the noise in the market. Just because there is a hammer somewhere doesnt mean anything. First you need some support and resistance zone to trade according to those and price action
If I may ask (eventhough I know there're already answers in the thread but I couldn't find it!!!)

How to utilize the Strat Shadow?

I already got the EMA 20 and 72 up on my chart with the "shadow" colored in. I assume you use it as S/R when price comes into the "shadow" area ?

Thanks in advance!
Iris
Iris
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