Strat's Long Term Stress Free Trading | Page 144 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Strat's PASR Long Term, Stress Free Trading 18,592 replies

M5 PASR Trend Trading Strat 95 replies

What you need for trading: indis, a strat & good music 27 replies

Another way to stress free, mechanic long term trading 29 replies

Short Term / Medium Term / Long Term? 3 replies

Attachments: Strat's Long Term Stress Free Trading
Exit Attachments

Strat's Long Term Stress Free Trading

  • #2,861
  • May 11, 2009 5:50pm May 11, 2009 5:50pm
Quoting haircut
Hi Strat
I have read else where on this thread that it is very important that the candles on my charts correspond with the New York close. Is this the case as currently my charts close at midnight in the UK. I did not think it would make much difference as the 2 hours between New York close and Asian open is pretty quiet so there for not effecting the price action much and the key levels of support and resistence will still be the same.
Thanks Strat
Let me know where you saw this "I have read else where on this thread that it is very important that the candles on my charts correspond with the New York close" because it's a load of rubbish!

It does not matter when YOUR data ends and starts. YOU can only read YOUR charts and trade what is on YOUR charts. We all have different data feeds which present us with different PA, but over the course of the year, it will even itself out. It is because of different data feeds and their closing times that I had to post MY charts on hammers and shooting stars to SHOW what I saw.

Learn PASR in conjunction with our methods and trade them on YOUR charts - as simple as that. Don't worry that your charts are different to what someone else posted - that's why we ask people to always post their charts, so that WE can see what THEY see
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,862
  • May 11, 2009 5:57pm May 11, 2009 5:57pm
Quoting rgrace
I have finally entered my first trade....
Congratulations on your first trade being already at BE, young Mr Grace - now please tell me this is on DEMO - please!

Please post your Worker and Boss charts so that we can just check for you.
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,863
  • May 11, 2009 6:11pm May 11, 2009 6:11pm
Quoting Lotuselanman
Attachment

This is my summary of Patrick25's, Strat's and Blackeagles contributions to the USDCAD situation....
Christopher,

No, No, No, No, No and just in case you don't understand, NO!

First off, from where you've been, you should not be trading again, yet. Secondly, you are trying to do a 100 yard sprint before you have even learned to crawl!

""If support is broken take trade ""

What you propose is an advanced strategy that has a HIGH RISK.

Don't even think about trading yet, until you are confident in recognising PASR set ups in your dreams!

Then when you can do that, I only want you to identify those trades using only a HAMMER and SHOOTING STAR. When you are a dab hand at these, you can move onto other PASR. Deal?
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,864
  • May 11, 2009 6:21pm May 11, 2009 6:21pm
Quoting Lotuselanman
So you think I should wait for the retrace back to the last level of SR (mainly S)?...
Christopher, you are obviously reading but NOT understanding!

""So you think I should wait for the retrace back to the last level of SR (mainly S)? That would indeed give a short of many pips.

You proposal of waiting for the full retrace would certainly emphasise the SR part of PASR""

This is called a RE - TEST of PREVIOUS S&R. I have explained it a couple of times AND only yesterday, in my post, "TL and a couple of trades", DEMONSTRATED HOW TO DO IT!

You should NOT be attempting trading until you have got ALL PASR etched in your trading brain. You are going to be like a loose cannon. You MUST slow down, READ, ABSORB the material and UNDERSTAND before applying

Sorry for being hard on you, Christopher but it's far better than losing your account!
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,865
  • May 11, 2009 6:25pm May 11, 2009 6:25pm
Quoting AstonDan
I know Baba won't like this hammer (floater) but the reaction of price today to the upward TL is adding to my confidence in it and is actually telling me/showing me more than the bar itself.

TP1/BE would be at 1.71340 (first resistance). I know this isn't a long term trade because of the obvious resistance at 1.75, but it may be an 'ATM' trade as Strat says...

Attachment
Definitely a Bond hammer on my data, Dan! Wait and look for better PASR tomorrow.
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,866
  • May 11, 2009 6:38pm May 11, 2009 6:38pm
Quoting strat
Congratulations on your first trade being already at BE, young Mr Grace - now please tell me this is on DEMO - please!

Please post your Worker and Boss charts so that we can just check for you.

Not on demo but small risk, not even 1%.

Anyway here are the charts.

BOSS
Attached Image (click to enlarge)
Click to Enlarge Name: euraud-5-11-2009-weekly.gif Size: 14 KB



Worker
Attached Image (click to enlarge)
Click to Enlarge Name: euraud-5-11-2009-daily.gif Size: 18 KB
  • #2,867
  • Edited 9:00pm May 11, 2009 7:04pm | Edited 9:00pm
Quoting Grimweasel
Hey Dan, I was looking at that gbpchf hammer too - the reason to be fearful is the crappy RR ratio in my view.
Also, I have used an indicator, not sure if it's allowed by Strat but I have found it very useful for spotting hammers and stars that work - it's an MA based tool set to 2 standard deviations. As it's an indicator related to PA and not in a separate window, I often use it....

See if you can have a guess as to what it may be - no pointers as Strat will know what I'm on about (Is it allowed Strat?) and if he wishes it to remain in the dark...
Grimweasel! Don't you even THINK about posting a chart with --------- ----- on here! Count the spaces - I know exactly what you are talking about! You are already in enough trouble with me!

You opened your mouth on an earlier post and promised not to do it again yet here you go with that big mouth again- I thought you guys had discipline?

I use that indicator in my Momentum Exhaustion method but not for ""spotting hammers and stars that work"" - I use my UNDERSTANDING, KNOWLEDGE & EXPERIENCE of PASR to do that!

If you are using it for this purpose then YOU DO NOT KNOW PASR! The more you use any indicator, the more you rely on it, get addicted to it AND the LESS you READ basic, raw, pure PASR.

I've just put it on gbpchf and from a quick study, it MISSES about 90% of PASR that WE recognise because WE KNOW PASR, but worse than that, alerts you to FALSE moves that we don't consider because WE KNOW PASR. If you want to use this and trade with it, go ahead BUT find a specialised thread where like minded traders use it, but DON"T come on here with your smart ass attitude like you have a magic gizmo that can tell you something that others on this thread don't know. We know it because WE KNOW PASR.

If you are going to stay on this thread, then only trade and discuss PASR using basic, raw, pure price action. WE don't need the crutches of indicators on here, WE have LEARNED our lessons and WE can SEE and TELL PASR better than any indicator, system, black box, algorithm or magic gizmo.

So how many other indicators are you hiding behind?
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,868
  • May 11, 2009 7:15pm May 11, 2009 7:15pm
Quoting AstonDan
Price boxed between 20 and 50?

I noticed the SS on NZDUSD as well and i do like it but the ascending TL plus the weekly and monthly bars are just putting me off.
A huge BEOB on my data but if I put my Sunday and todays bar together it gives me a shooting star BUT more important than anything else, major support is right below it at 0.5950.

The BOSS is making HLs and HHs and I for one are not going to fight her!
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,869
  • May 11, 2009 7:21pm May 11, 2009 7:21pm
Quoting PaulKing
Hi Greg & all

Your post really resonated with me. It must be frustrating for Strat & the other certified trainers to have to keep repeating themsleves, but its really helpful to me trying to absorb it all (I'm a particularly slow learner & have a bad memory too!)

best to all
Paul
""I'm a particularly slow learner & have a bad memory too!""

What? At your age? This only happens to people as old as Jacko!

Me thinks you need better medication - have you tried switching from white to red?
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,870
  • May 11, 2009 8:18pm May 11, 2009 8:18pm
Quoting rgrace
Not on demo but small risk, not even 1%.

Anyway here are the charts.

BOSS
Attachment


Worker
Attachment
Now young man. Looking at your charts.

""The weekly bar closed as a bond hammer"" You're doing Bond a huge injustice there! No way would he put his name on that bar - it doesn't come close to a hammer! Back to candlestick recognition for you.

Watch this very closely and get out as soon as you see reverse PA - you are fighting THE BOSS and a strong trend! It may not get anywhere near a 50% retrace and may stall at 23.6% or 38.2% - be careful.

Where are your MAs on your BOSS chart?

Now stand back and look at your Worker chart. Do you see all those lines going from the top left corner heading down to the bottom right corner, especially that solid red one? Do you think they might be telling you something?

Instead of fighting a confirmed, well established downtrend, don't you think it would be safer, less risky, less stressful and more profitable to perhaps wait for this retrace/rally to end and then sell WITH THE TREND?

Trend trading is far more profitable with less stress than counter trend trading?

I know, you saw a set up and needed to get your first trade but never forget, THE TREND IS YOUR FRIEND.
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,871
  • Edited 8:47pm May 11, 2009 8:28pm | Edited 8:47pm
Quoting strat
Now young man. Looking at your charts.

""The weekly bar closed as a bond hammer"" You're doing Bond a huge injustice there! No way would he put his name on that bar - it doesn't come close to a hammer! Back to candlestick recognition for you.

Watch this very closely and get out as soon as you see reverse PA - you are fighting THE BOSS and a strong trend! It may not get anywhere near a 50% retrace and may stall at 23.6% or 38.2% - be careful.

Where are your MAs on your BOSS chart?

Now stand...

Yes, I see that this is a counter trend trade. And I probably did jump the gun on this one. I have some profit locked in and will trail stop up till I am out. I guess I forced the trade a bit, but that daily hammer did look nice. As far as the MA on boss. I am not sure, they were there earlier. I did not notice that when I posted the chart. Sorry Strat, I will stick with trend trading from now on. But that area does seem to be a strong S/R area. Ok so maybe not a BOND hammer, BOND mallet? It looked better the first time I saw it, I guess I was just overly anxious to trade.

I agree with you Strat, I should have been waiting and looking for a sell. Now looking back the only thing going for this trade was the daily hammer. My mind reasoned out the rest, guess I need to talk to the man in the mirror about patience again.

But was it not a pretty daily hammer?

I really should have thought twice about it, because I was debating whether to post it or not, the other potential trades I have seen I have posted with no debating. I am doing a lot better though, I have managed to restrain myself for a month while looking for a decent set up. I am a little bit ashamed that I took it, knowing it was counter trend, and that price action was not good on BOSS or BIG BOSS.

But was that not a pretty daily hammer?
  • #2,872
  • May 11, 2009 8:52pm May 11, 2009 8:52pm
Quoting AstonDan
I'm frightened to ask
He and his crude girlfriend are talking H4!
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,873
  • May 11, 2009 9:14pm May 11, 2009 9:14pm
Quoting rgrace
Yes, I see that this is a counter trend trade....
Just like Bond, you fell for her beauty except you got the real thing! No meat and two veg for you! Next time you see something as beautiful, make sure you check to make sure her BOSS is not an old hag!

I'm NOT saying ONLY trade with the trend, I'm saying DON"T fight a strong trend like this. We can always take PA at suitable S&R, but try not to do it in the face of a runaway train!

I suppose this is one of the disadvantages of learning basic price action on J16 as those guys trade every PA at S&R and get out at the first S&R level.

Anyway, you are doing very good and your discipline and patience are setting a very good example for others.
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,874
  • May 11, 2009 9:21pm May 11, 2009 9:21pm
Quoting rgrace
Not on demo but small risk, not even 1%.

Anyway here are the charts.

BOSS
Attachment


Worker
Attachment
The TL on your Worker chart - I hope you have drawn it there because it means something to you - would you care to explain because I need to learn what it is telling you?
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,875
  • Edited 10:09pm May 11, 2009 9:33pm | Edited 10:09pm
Quoting strat
The TL on your Worker chart - I hope you have drawn it there because it means something to you - would you care to explain because I need to learn what it is telling you?

That trendline was drawn there sometime last week. I noticed that price had broken the trendline. It is still going down, but using the trend line as support now. Right now it is telling me that the pair is in a down trend, with no signs of slowing down.

It is there because last week I was looking for price to bounce it and perhaps start a trend change or slow the trend it is on. It did not happen instead it has been merrily bouncing along it since it broke through originally.

If it had broken through and the slope was not as steep it would tell me that the trend is slowing a bit, and of course if it had broken through and started making higher highs and higher lows, it would be the first sign of a possible trend change.
  • #2,876
  • Edited 10:15pm May 11, 2009 10:12pm | Edited 10:15pm
Hi Guys,

This is the first trade I took since following Strat's method (on demo).
I took the trade a couple of weeks ago, but didn't post it back then. Figured I air the dirty laundry now.

Attached is a snapshot of my excel spreadsheet along with charts (I didn't save them as attachments previously, so the charts are from today).

A couple of points I realized after the trade:

1. I was lucky I didn't get my ass handed to me. My risk on each contract was under 3% (my limit), but the total was over 7%. I didn't realize my total risk at the time (I added the Totals line in my spreadsheet later). Oooops! TOTAL RISK (How much can I lose?) FIRST!!!!

2. This was my first time using 3 contracts (mini lots). My targets were based on previous swings and the last highest high. My stop placement worked out, but may have been better if based on price action instead of just trailing.

Since this trade, I haven't jumped on anything else yet. I'm keeping within my risk % and patiently waiting for the A setups.

P.S. This was a stress free trade. I absolutely had no stress. I basically set it and forgot it. I checked it once in the morning to see what happened over night and once at daily close. Nice to let a plan work itself out without thinking about it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpy-bigboss-05-11-2009.gif Size: 22 KB
Click to Enlarge Name: eurjpy-boss-05-11-2009.gif Size: 19 KB
Click to Enlarge Name: eurjpy-worker-05-11-2009.gif Size: 19 KB
Click to Enlarge Name: FirstTrade.jpg Size: 183 KB
  • #2,877
  • Edited 10:59pm May 11, 2009 10:57pm | Edited 10:59pm
Quoting One14
Hi Guys,

This is the first trade I took since following Strat's method (on demo).
I took the trade a couple of weeks ago, but didn't post it back then. Figured I air the dirty laundry now.

Attached is a snapshot of my excel spreadsheet along with charts (I didn't save them as attachments previously, so the charts are from today).

A couple of points I realized after the trade:

1. I was lucky I didn't get my ass handed to me. My risk on each contract was under 3% (my limit), but the total was over 7%. I didn't realize my total risk at the time...
Corbett, this is brilliant and would have got you 2 Strat Picks except for your MM screw up so only 1 this time. Congratulations. This is exactly how to trade a swing. Very nice trade journal and with very good trade observations and monitoring. Apart from the MM side, I honestly couldn't have done any better.

Now, just because you've done this once, don't think you can walk on water. Remember everything you did on this and repeat a thousand times over.

This is the example for everyone to follow and to know that if you do as taught, it not only works but is SIMPLE and STRESS FREE.

Congratulations again - I'll order your 1 Pick with Lance - Wear it with Pride - you deserve it!
15 YEARS OF PASR ON FOREX FACTORY!
  • #2,878
  • May 12, 2009 12:13am May 12, 2009 12:13am
Quoting One14
Hi Guys,

2. This was my first time using 3 contracts (mini lots). My targets were based on previous swings and the last highest high.
Perfect setup, perfect entry, perfect SL, all deserve

Trade management and Exits

If you are using preset targets, 131 area was a better one for first exit. 50 is too close, IMO, and what would happen if price retraced a little bit to take your remaining lots at BE? You should consider to leave enough room for trades to develop.

Re. exits, there are mainly two types of exits, preset targets or PA without preset targets. Since you are trading daily tf, have you ever considered to evaluate the chart after daily close and then decide whether to exit or not (PA without preset targets). Look what happened at the next day close. Both exit strategies have pros and cons but for trend trading, I prefer PA exits.

Considering this is your first trade with a new trading method, well done, congratulations. You need to improve your trade management and exits.

Hope that helps.
  • #2,879
  • May 12, 2009 12:30am May 12, 2009 12:30am
Great trade One14, I have a question about this setup..
You entered right below the boss as well as the 50 and 20 MA's, if I was looking at this setup I would be very hesitant to enter right into them - not criticizing your trade - just asking Strat, how cautious should we be when trading into MA's
  • #2,880
  • May 12, 2009 12:35am May 12, 2009 12:35am
Quoting strat
Grimweasel! Don't you even THINK about posting a chart with --------- ----- on here! Count the spaces - I know exactly what you are talking about! You are already in enough trouble with me!

You opened your mouth on an earlier post and promised not to do it again yet here you go with that big mouth again- I thought you guys had discipline?

I use that indicator in my Momentum Exhaustion method but not for ""spotting hammers and stars that work"" [color=Black]- I use my [b]UNDERSTANDING, KNOWLEDGE...
Hi Strat,
Thanks for the post. I can promise you that I'm not hiding any indicators. I have even deleted them all from my experts/indicator folder on MT4. That indicator in question I was not sure about as I had not used it and wondered if it was similar to using MA envelopes. Still, not to be mentioned here and I have only flicked it on once or twice to see if it was any good at identifying bond hammers. Since I'm only trading hammers and S Stars I thought it was good for ID'ing the best ones - but I bow to your experience on it and will not use it again.
Trade less and become more profitable!
32 traders viewing now