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Strat's PASR Long Term, Stress Free Trading

  • #16,521
  • Apr 4, 2023 8:17am Apr 4, 2023 8:17am
Quoting Mdjq8792
{quote} Hi 2hpriest, the 1st & 2nd candles that you marked are not Hammers by Strat's definition. The 3rd marked candle is. I, however, would've looked to get in above the candle I marked with the red rectangle with enough pips to avoid a stop hunt or going through a drawdown that might fake you out of your position. A couple weekends ago Strat gave us the homeweork to study this type of candle at support and I found it often results in price going up. {image}
Hi Mdjg8792,
I appreciate your educative response.
I have always seen the first 2 candles as possible variants of what a tradable Hammer should look like and have traded them as same.
I think Strat has emphasized the location in the chart where it is formed, especially at SR zones and at the bottom of a downtrend and vice versa for the Shooting Star. Ofcourse, always aspiring to evolve into seeing and trading beyond the candle patterns on the long run.
Thanks for pointing me to the spanning candle at SR and how trading it would have also produced rewarding outcomes.
Again your response has left me a nudge better.
Emeka
  • #16,522
  • Apr 4, 2023 9:00am Apr 4, 2023 9:00am
Quoting 2hpriest
{image}{quote} Hi Bistoils, Was looking at this US30 daily chart(from your posts lately you seem to have a knack for this particular indices). For educational purposes. Assuming you were still trading the daily timeframe, which of the 3 hammers would you have traded and why. Thank you Emeka
Support has formed nicely at the bottom with all those wicks showing up
Candle no1 is perceived bearish but there are no sellers, it has no continuation (and with the small amount of experience that I have I really dont expect this PA to continue lower).
After that I would try a small long IF it was a M1 chart. the daily has HUGE ranges though.
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Weekly
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And a chart of the actual futures on e-mini paint a similar picture
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  • #16,523
  • Apr 4, 2023 9:15am Apr 4, 2023 9:15am
Quoting Mdjq8792
{quote} Hi 2hpriest, the 1st & 2nd candles that you marked are not Hammers by Strat's definition. The 3rd marked candle is. I, however, would've looked to get in above the candle I marked with the red rectangle with enough pips to avoid a stop hunt or going through a drawdown that might fake you out of your position. A couple weekends ago Strat gave us the homeweork to study this type of candle at support and I found it often results in price going up. {image}
What I pay attention to mostly is the bearish candles. A nice downtrend will result in a series of candles closing lower. Price stops closing lower after the low of 10th of March. Which doesnt mean anything in itself maybe a consolidation for a while.
If I was trading the daily, this would be the time to drop to H4 and H1 to try and pick low prices
H1
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H4
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  • #16,524
  • Apr 4, 2023 9:21am Apr 4, 2023 9:21am
And while we are at it
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I managed a small profit in the morning trading in and out for 20-30pips and now I am just watching. although it seems like the DOW might end up within the WCC for today.
  • #16,525
  • Apr 4, 2023 10:24am Apr 4, 2023 10:24am
Quoting Strat
{quote} Now, what I 've been doing since a few years back (way way back when Roger introduced me to WCC) is to use Control Candles to define the swing and avoid ranges. Why didn't you do it when I first developed the WCC concept which was before Roger started using it? Candle #1 is the Control Candle. Price can go up and down all it wants, but as long as it doesn't close beyond the high or low of Candle #1, it remains as the Control Candle. It is when Candle #4 closes below Candle #1 that it becomes the new Control Candle. And it is then that I...
My apologies Strat, I forgot to attach the chart that accompany this text:
Candle #1 is the Control Candle. Price can go up and down all it wants, but as long as it doesn't close beyond the high or low of Candle #1, it remains as the Control Candle. It is when Candle #4 closes below Candle #1 that it becomes the new Control Candle. And it is then that I marked my Swing High at Candle #2.

I see your point. From now on I will post more often than not. Thank you.
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  • #16,526
  • Apr 4, 2023 1:16pm Apr 4, 2023 1:16pm
M1 DOW

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Just follow the Strat Shadow on M15

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Tomorrow is S&P 500
15 YEARS OF PASR ON FOREX FACTORY!
  • #16,527
  • Apr 4, 2023 1:33pm Apr 4, 2023 1:33pm
Quoting Seorsian
{quote} My apologies Strat, I forgot to attach the chart that accompany this text: Candle #1 is the Control Candle. Price can go up and down all it wants, but as long as it doesn't close beyond the high or low of Candle #1, it remains as the Control Candle. It is when Candle #4 closes below Candle #1 that it becomes the new Control Candle. And it is then that I marked my Swing High at Candle #2. I see your point. From now on I will post more often than not. Thank you. {image}
You have confused the Weekly Control Candle with Swings which are totally different. I developed the WCC for trading the Daily time frame and nothing else - that is why it is a WEEKLY Control Candle.

I developed my Swing qualification concept for ALL time frames remembering that the shorter the time frame, the less reliable and accurate are the technicals.

So yes, you have qualified candle 1 as a Weekly Control Candle PROVIDING the chart posted is WEEKLY

If it is any other time frame than the Weekly then the Swing High is your candle 2 which is qualified by your candle 3.

Make sure you understand this. Any questions, just ask.

We look forward to your continuing posts.
15 YEARS OF PASR ON FOREX FACTORY!
  • #16,528
  • Apr 4, 2023 1:42pm Apr 4, 2023 1:42pm
Quoting Mdjq8792
{quote} Hi 2hpriest, the 1st & 2nd candles that you marked are not Hammers by Strat's definition. The 3rd marked candle is. I, however, would've looked to get in above the candle I marked with the red rectangle with enough pips to avoid a stop hunt or going through a drawdown that might fake you out of your position. A couple weekends ago Strat gave us the homeweork to study this type of candle at support and I found it often results in price going up. {image}
this type of candle at support

Be VERY careful - that is not the type of candle I identified - I suggest you go back and SEE the difference

It stands out like a SORE THUMB on bistolis's chart

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15 YEARS OF PASR ON FOREX FACTORY!
  • #16,529
  • Apr 4, 2023 4:38pm Apr 4, 2023 4:38pm
Quoting Strat
{quote} this type of candle at support Be VERY careful - that is not the type of candle I identified - I suggest you go back and SEE the difference It stands out like a SORE THUMB on bistolis's chart {image} {image}
The only difference I see is that the one I marked isn't followed by a bullish candle or do I miss something? Might be too late for me to function properly, it's bed time. Catch you guys tomorrow
  • #16,530
  • Apr 5, 2023 12:53am Apr 5, 2023 12:53am
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  • #16,531
  • Apr 5, 2023 2:24am Apr 5, 2023 2:24am
Missed my entry at London open because my kids and wife had priority.
I'll be honest, this bugs me. Back to the waiting game.
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  • #16,532
  • Apr 5, 2023 6:35am Apr 5, 2023 6:35am
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  • #16,533
  • Apr 5, 2023 6:46am Apr 5, 2023 6:46am
I couldnt figure out a nice spot to go short, but maybe this was it or it starts here
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Time to relax and wait for NY open
  • #16,534
  • Apr 5, 2023 11:52am Apr 5, 2023 11:52am
Still on here.
Have not posted in a long while... most serious reason :
Been having trouble with my broker's platforms . So looking to change. Must be USA.

Any recommendations ?

Thank you kindly.
  • #16,535
  • Apr 5, 2023 12:24pm Apr 5, 2023 12:24pm
M1 S&P 500

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I don't know if it was just today but this was torture to trade. After the US Open, there were more spikes than on a hot porcupine in heat plus PRICE whizzes up and down within each candle faster than an ooer's drawers! Needless to say, I am scratching this from my list of instrument considerations.

Next up tomorrow is NASDAQ
15 YEARS OF PASR ON FOREX FACTORY!
  • #16,536
  • Apr 5, 2023 12:27pm Apr 5, 2023 12:27pm
Quoting Mdjq8792
{quote} The only difference I see is that the one I marked isn't followed by a bullish candle or do I miss something? Might be too late for me to function properly, it's bed time. Catch you guys tomorrow
do I miss something?

Yes, big time. Anyone else?
15 YEARS OF PASR ON FOREX FACTORY!
  • #16,537
  • Apr 5, 2023 12:31pm Apr 5, 2023 12:31pm
Quoting Strat
M1 S&P 500 {image} {image} I don't know if it was just today but this was torture to trade. After the US Open, there were more spikes than on a hot porcupine in heat plus PRICE whizzes up and down within each candle faster than an ooer's drawers! Needless to say, I am scratching this from my list of instrument considerations. Next up tomorrow is NASDAQ
It was a pain today.
Mark ... Everything you have been told is a LIE
  • #16,538
  • Apr 5, 2023 12:36pm Apr 5, 2023 12:36pm
Quoting Seorsian
{image}
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STOP! You obviously do not UNDERSTAND our PASR qualifications for Hammers and Shooting Stars - go back and study them until you really understand and can identify them correctly.

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Good

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What does the Boss tell you? Did you consult?
15 YEARS OF PASR ON FOREX FACTORY!
  • #16,539
  • Apr 5, 2023 12:40pm Apr 5, 2023 12:40pm
Quoting Mdjq8792
Missed my entry at London open because my kids and wife had priority. I'll be honest, this bugs me. Back to the waiting game. {image}
Missed my entry at London open because my kids and wife had priority. I'll be honest, this bugs me.

Once you bring in the Krone on a regular basis, they will never interfere with you!
15 YEARS OF PASR ON FOREX FACTORY!
  • #16,540
  • Apr 5, 2023 12:43pm Apr 5, 2023 12:43pm
Quoting bistolis
I couldnt figure out a nice spot to go short, but maybe this was it or it starts here {image} Time to relax and wait for NY open
I couldn't figure out a nice spot to go short

Did you consider the BEEB at SR on M5? or maybe wait for PRICE to CLOSE below the Strat Shadow?
15 YEARS OF PASR ON FOREX FACTORY!
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