Disliked{quote} The beauty about the WCC is that PRICE has to break out of it sometime. {image}Ignored
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Strat's PASR Long Term, Stress Free Trading
- #15,322
- Jul 5, 2022 12:00pm Jul 5, 2022 12:00pm
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #15,323
- Jul 5, 2022 12:02pm Jul 5, 2022 12:02pm
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #15,325
- Jul 5, 2022 12:16pm Jul 5, 2022 12:16pm
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #15,326
- Jul 5, 2022 12:18pm Jul 5, 2022 12:18pm
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #15,327
- Jul 5, 2022 12:19pm Jul 5, 2022 12:19pm
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #15,329
- Jul 5, 2022 12:34pm Jul 5, 2022 12:34pm
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #15,330
- Jul 5, 2022 12:39pm Jul 5, 2022 12:39pm
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #15,333
- Jul 5, 2022 2:03pm Jul 5, 2022 2:03pm
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
CADJPY M5 And a lost trade by pip,my SL was wrong. {image}
No, your TRADE MANAGEMENT is wrong!
First, are you giving this trade your 100% attention? If not you should!
Taking a full hit on your SL is a fool's game promoted by the self acclaimed experts and gurus. To maximise your profits and become consistently profitable you must pay attention to PRICE ACTION and what Smart Money is doing and get out when PRICE ACTION tells you to - consider your SL as an Emergency Stop not as part of your managing your trade.
Look at the yellow line A-A I have drawn on your chart. At the left "A", PRICE has made an attempt to go higher but cannot CLOSE above the candle below "A". Buyers continue to buy but cannot close above the yellow A-A line and Sellers drive them down to point "C". Here, the buyers come back and drive PRICE up to, and then with a CLOSE above line A-A shown by line B-B. This tells you the buyers are stronger than the sellers and is where you should get out.
If you missed that chance to exit, PRICE drops a little then continues up to CLOSE above line B-B - this is your last chance saloon if you were not already out. The Sellers then step in and take control and push PRICE lower until they reach interim support at "D". Finally they CLOSE below support at "D" at which point you could enter a short recognising there is support at Line C-C. You could then enter on the candle CLOSING below Line C-C.
In summary, you have to SEE BEYOND THE CANDLES and take in the whole picture and try and get into the minds of the Sellers and Buyers - hard to do but like everything else, gets better with experience.
15 YEARS OF PASR ON FOREX FACTORY!
- #15,335
- Jul 5, 2022 8:21pm Jul 5, 2022 8:21pm
- Joined Feb 2009 | Status: 15 YEAR PASR THREAD Senior Member | 12,379 Posts
15 YEARS OF PASR ON FOREX FACTORY!
- #15,337
- Jul 6, 2022 3:06am Jul 6, 2022 3:06am
Price move in ABCD wave pattern.
Compare red 0A to red AB move telling us buyer is in control and swing red B created a HH so we are expecting a LL then HH which happened at red C and red D.
The move from red AB also created a control candle on M15 so we also should expect price to swing or consolidate within range of the control candle.
The Strat Shadow at red C is green and expanding but by not much telling us to look for long trade but not expecting a big move.
The combined price action by group of candles at red D from M1 is lot stronger compare to red 0 and red B also red D created a new swing High.
The move from red D to blue A, we expect price to break the green support but the trend is in the asian session with all the retail traders we can tell that by looking at range of the candles so we expect the trend to stop at red support.
Compare blue AB to blue BC move telling us seller is in control and swing blue C created HL so we are expecting a HH but price failed to create HH at blue D.
The move from blue BC also created a control candle on M15 so we also should expect price to swing or consolidate within range of the control candle.
Because seller is in control so we should expect move from blue CD as pull back and Strat Shadow is flat telling skip the move. This is where most of your losing trade will occur. Why the move form blue D to blue support was able to break through red support as the previous move red D to blue A can not? The answer is in the M15 chart. Its easy to analysis the chart in hindsight but lot harder at hard right edge.
Compare red 0A to red AB move telling us buyer is in control and swing red B created a HH so we are expecting a LL then HH which happened at red C and red D.
The move from red AB also created a control candle on M15 so we also should expect price to swing or consolidate within range of the control candle.
The Strat Shadow at red C is green and expanding but by not much telling us to look for long trade but not expecting a big move.
The combined price action by group of candles at red D from M1 is lot stronger compare to red 0 and red B also red D created a new swing High.
The move from red D to blue A, we expect price to break the green support but the trend is in the asian session with all the retail traders we can tell that by looking at range of the candles so we expect the trend to stop at red support.
Compare blue AB to blue BC move telling us seller is in control and swing blue C created HL so we are expecting a HH but price failed to create HH at blue D.
The move from blue BC also created a control candle on M15 so we also should expect price to swing or consolidate within range of the control candle.
Because seller is in control so we should expect move from blue CD as pull back and Strat Shadow is flat telling skip the move. This is where most of your losing trade will occur. Why the move form blue D to blue support was able to break through red support as the previous move red D to blue A can not? The answer is in the M15 chart. Its easy to analysis the chart in hindsight but lot harder at hard right edge.
