Strat's Long Term Stress Free Trading | Page 428 | 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

  • #8,541
  • Dec 16, 2009 4:52am Dec 16, 2009 4:52am
Quoting Jideck
Sure Strat, following what the charts show me still requires all the knowledge that we get from you, Blackeagle, Alexandra and others and there is plenty of it - the data. However it is still worth to know the other information that might shed a light how this all work. I am afraid that knowing too much might confuse me too much in the end and not give me any advantage at all.

Happy tradinghttp://cdn.forexfactory.com/images/icons/icon14.gif
Jideck
That's how I often feel Jideck! There is something rather 'pure' about PASR, using the guidance of the Monthly, the Weekly to decide a trade on the Daily and the principle of only taking a trade if it 'jumps out at you'. I can cope with that and frequently get jittery when confronted with yet more possible things to take into account.

Just when I think I am getting the feeling of what is behind the candles some other bit of info comes along and I wonder if I know anything at all! So I continue to take trades infrequently, use the 'jumping out' principle and, thank goodness, most of them work out and I remain in profit. Not a lot! because I don't make big trades, but there is profit %age none the less. When I decide that I have enough skill at this basic level to up my trade size I will have a go at that rather than get more complicated.

At least that is what I think at the moment!
  • #8,542
  • Dec 16, 2009 9:19am Dec 16, 2009 9:19am
Newbie here. I've been enjoying reading all the posts.

Just for excercise sake using AUDUSD, MN and W1 are both on an uptrend. Yes? Does D1 look like turning down to you? Is D1 last support at around 0.8903? Would you short D1 now or long D1 at the support level?
  • #8,543
  • Dec 16, 2009 9:35am Dec 16, 2009 9:35am
Quoting Grimweasel
Cable - some odd price action on my feed - almost a succession of IBs the price is winding up for a move.
Interestingly the bottoms of each day have been violated triggering early shorts but the tops of the IBs have not. Could this mean that floor traders are rinsing out the sell orders below the price to get rid of shorts and then hit the stop buys at the top of the range only to force them to sell when they get trapped out of a long.

The controlling candle is still the spinning top sort of Doji from 9/12....
Danny boy – you can’t see the trees for the forest!

You are way too near and missing the big picture.

Always look at the big picture first, understand that then move in closer but not so close that your nose is touching flesh!

First you should see that 1.6150 has been an important level for GBPUSD.

Second, you should see that for 6 days, the sellers couldn’t take PRICE below 1.6150. In other words, it is respected SUPPORT.

Third, if you don’t know what 1 and 2 are telling you, you know where to go!
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,544
  • Dec 16, 2009 9:47am Dec 16, 2009 9:47am
Quoting PistolDave
Placed an open order to sell on a stop if yesterday's BEEB is broken by 10 pips.

0.7300 is a minor resistance level, and is the 50fib from the 0.7524 to 0.7025 swing high/low (using closing prices).

Price has also bounced off the 50sma twice in the last few days and seems to be serving as resistance.

Yesterday's candle closed below the 20 and is now below the 20/50 trap area.

It also appears that the pair is in a trading range from 0.7300 to 0.7050 so the bottom of the range should be a target.

Looking for an ATM to make it to 0.7055...
Dave, everything you said and did is sound. The immediate potential is not good but you recognized it as an ATM trade anyway.

Not wanting to get into a discussion on my “ATM” trades, it does not meet my definition of an ATM trade.

What I don’t like about this and a few other pairs, and especially as more big boys are leaving the building, is the triangle it is in. I would only trade a break of the triangle/SR.

Anyway, good luck – you may have to go through some “Pain” before seeing your TP.
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,545
  • Dec 16, 2009 10:04am Dec 16, 2009 10:04am
Quoting Lou
OMG... what was I thinking?
I was presented with this set up about 25 hrs ago....
Wow, Lou, you have got Grimweasel’s problem – you are in so close you should be able to smell something!

Zoom out and look at the big picture.

There is nothing yet to tell us to short AUDUSD, in fact the Dr. Joe disciples are PATIENTLY waiting for their NEXT opportunity to load up!

My BIG BOSS is still UP – taking a rest BUT still UP!

My BOSS is still UP – taking a rest BUT still UP!

As far as the Worker goes, and I really do not like using this, the move from March to November this year “looks like” Wave 3. The subsequent move is, so far, behaving like Corrective Wave 4.

The really important sign of a break down in this UP trend is IF we get a close below the swing high at 0.8858.
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,546
  • Dec 16, 2009 10:14am Dec 16, 2009 10:14am
Quoting kiwipom
Hi all


Thankyou to Strat and Blackeagle for replys to my previous post, as always i learned from this. It is good to be in the "Off yer rocker" club lol and yes Strat my BOSS also thinks i am in this club especially with particular regard to trading, as she thinks its impossible to take money from what she considers to be fresh air.

Anyway
My MT4 feed only goes back to 2003 on the EUR CAD pair and was wondering if there is more data previous to this (cant remember when the Euro was launched)?
If there is more data could someone post me...
It is good to be in the "Off yer rocker" club and yes Strat my BOSS also thinks i am in this club especially with particular regard to trading, as she thinks its impossible to take money from what she considers to be fresh air.

Stay with the program and keep patiently learning and persevering and you will be able to prove her “WRONG”.

Anyway
My MT4 feed only goes back to 2003 on the EUR CAD pair and was wondering if there is more data previous to this (cant remember when the Euro was launched)?


Eurodollar futures were introduced in 1981 but data from the German DeutscheMark is often used for earlier years.
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,547
  • Dec 16, 2009 10:18am Dec 16, 2009 10:18am
Quoting Spinner
Playboy when it come to fun, serious when it comes to trading.

The difference for me in those s/r lines, is that I drew them to the top/bottom of the candles and not using close prices. Then I noticed that there were coincidences of price at some candle shadows. Usually I was using the line/close charts for this. This case just looks different.

Spinner
As has been said many times, our SR levels are not specific PRICE levels - PRICE respects the energy around those levels caused by the extremes of candles relative to their closes.

We therefore start "taking notice" when PRICE nears a SR level - it does NOT have to hit it bang on the PRICE.

What about your M1, M5 and M30 crap?
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,548
  • Dec 16, 2009 10:21am Dec 16, 2009 10:21am
[quote=PipMobile;3309866]
Quoting Nick'em

Mate, i have been on acid and funky pills, what r u smokin? i guess u can see proper. STRAT?
Never done acid, smoke, weed or anything but made up for it with booze and women (sorry BOSS if you read this!).
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,549
  • Dec 16, 2009 10:21am Dec 16, 2009 10:21am
Quoting Blackeagle
This is the same chart (Boss) with more action on the left. See how uptrend changed?
Blackeagle, can we get your followup comments to the 'quiz'?
  • #8,550
  • Dec 16, 2009 10:24am Dec 16, 2009 10:24am
Quoting Lotuselanman
That's how I often feel Jideck!...
Just when I think I am getting the feeling of what is behind the candles some other bit of info comes along and I wonder if I know anything at all!

What can we do about this? Are we giving too much information? Are we giving confusing information?
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,551
  • Dec 16, 2009 10:27am Dec 16, 2009 10:27am
Quoting FxSwordfish
Newbie here. I've been enjoying reading all the posts.

Just for excercise sake using AUDUSD, MN and W1 are both on an uptrend. Yes? Does D1 look like turning down to you? Is D1 last support at around 0.8903? Would you short D1 now or long D1 at the support level?
Welcome - see Post #8545

Have you read and UNDERSTOOD from the beginning?
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,552
  • Edited 6:06pm Dec 16, 2009 12:56pm | Edited 6:06pm
Quoting strat
Just when I think I am getting the feeling of what is behind the candles some other bit of info comes along and I wonder if I know anything at all!

What can we do about this? Are we giving too much information? Are we giving confusing information?
This is a difficult one to answer. Information is only confusing to those who don't understand it, or it is new, or when for those (like) me who are still practising their scales on the saxophone, someone says 'you know you can play a diminished scale over a 7th/9th chord when you're improvising?'

In my case, which is really the only one I can talk about, because I am retired I have no way to replenish an account if I empty it. I am therefore extra careful. I know from previous experience that I am prone to 'look for a trade' on the premise that 'I have to be in it to win it!’ The PASR - jumping out at me - to the next S or R level has proved to be profitable. I have learned to be VERY careful and stay out when in doubt. Grimweasel is right: 'Trade less frequently and be more profitable'.

Since the end of July I've increased my account by 5% - not a lot and most (not all) of that was down to one month September - but not a loss either. This slow progress is the result of spending a lot of time on charts and reading this thread. It may be slow but I know it can be done - if I'm careful. Being retired I have time, not that I want to spend it all on trading though, hence the end-of-day-and-weekend approach appeals. I already spend quite enough time first thing in the morning over breakfast reading all the posts coming from the US during (my) night. Frankly there are more fun things to do (even at my age) than taking on trading as a full-time job!

When I read an analysis from someone who is ahead of me and introduces new techniques and terms I tend to skim read to see if I can get something from it but if I think it will distract me from my present approach I let it go.

While appreciating Start’s advice to newcomers to the thread to read and UNDERSTAND each post I think that becomes more difficult as the thread progresses and people are operating at different levels. The basics of PASR are simple; it is the psycho aspect of concentrating on that and applying it without deviation which can be tricky. More advanced/complex posts don't necessarily help that focus at the early stage i.e. my stage.

What can be done?? Not a lot without a lot of admin work I think!

I suppose posts could be 'graded' but by whom? Such grading would be contested (inevitably).........

It might be possible to 'stream' posts into say 'Basic PASR'; 'Working with DSRI/Trend lines'; 'Using IBs'; and so on with the rule/guidance that one would only progress from the first to other streams if an account had been made profitable for a given number of months (say). The streams would represent different clusters of techniques OVER AND ABOVE basic PASR.

I do think that having key posts in The Index can help a lot, so that a newcomer would be able to go to the PASR section there and get all the important information without ploughing through the massive thread which has a lot of posts which otherwise might be confusing. The newbie would be required to read key sections in The Index. To sort those posts out in the Index would require someone who was at an advanced level to make decisions about what should go where and that is a LOT of work.

If someone can come up with a way of grading the knowledge on this thread into steps/levels good luck to them. At the moment a degree of self-editing has to go on by the reader (or at least by me) to retain the intense clarity of basic PASR. May be others can manage the read-and-absorb-everything approach. I can't at the moment. When I feel I've got the basics licked, I may read the thread again. THAT might solve the problem. With a second reading new stuff would be absorbed - but the thread is getting VERY long!!


As this reply has turned out to be!! Sorry Strat, I can't come up with a neat set of bullet points!!

Ummm after a cup of coffee I had another idea:

OR have more than one thread??
Strat's SF Trading: basic PASR to first S/R level
Strat's SF Trading: Level 2 - Trends and DSRI
Strat's SR Trading: Level 3 etc. etc.
now that might work if people followed guidelines about what could be posted where. People like me could restrict themselves at first and then later take peeks into the other more advanced threads.

Now I really will shut up!
  • #8,553
  • Dec 16, 2009 1:29pm Dec 16, 2009 1:29pm
Quoting strat
Just when I think I am getting the feeling of what is behind the candles some other bit of info comes along and I wonder if I know anything at all!

What can we do about this? Are we giving too much information? Are we giving confusing information?
Would it be possible for you to provide examples of basic PASR trades that should have been taken, but show the example a day or 2 after the fact. That way you aren't giving away anything to the lurkers and for those of us on The Path it would be excellent verification of real setups.

Right now, I'm finding it difficult to see setups (as mentioned earlier) that fit the basic criteria.
With the trend, at SR and not between the MAs.

-m
  • #8,554
  • Dec 16, 2009 1:46pm Dec 16, 2009 1:46pm
Quoting strat
Wow, Lou, you have got Grimweasel’s problem – you are in so close you should be able to smell something!

Zoom out and look at the big picture.

There is nothing yet to tell us to short AUDUSD, in fact the Dr. Joe disciples are PATIENTLY waiting for their NEXT opportunity to load up!

My BIG BOSS is still UP – taking a rest BUT still UP!

My BOSS is still UP – taking a rest BUT still UP!

[font=Arial]As far as the Worker goes,...
Strat,

The really important sign of a break down in this UP trend is IF we get a close below the swing high at 0.8858.

Is 0.8858 a significant SR level?

Don't you mean when we get a close below the swing LOW at 0.8913 (on my chart.)

Or am I misunderstanding?

Is there a standard way to be sure that the trend has changed?

Thanks, my friend.

Attached Image (click to enlarge)
Click to Enlarge Name: audusd trend change.gif Size: 30 KB

  • #8,555
  • Dec 16, 2009 2:24pm Dec 16, 2009 2:24pm
Quoting strat
As has been said many times, our SR levels are not specific PRICE levels - PRICE respects the energy around those levels caused by the extremes of candles relative to their closes.

We therefore start "taking notice" when PRICE nears a SR level - it does NOT have to hit it bang on the PRICE.

What about your M1, M5 and M30 crap?
What about your M1, M5 and M30 crap?



Took me a whiley to understand what u were on about.

It's a wee hobby of mine. Some people watch the telly, some people read the paper, some people model paper machée, I scalp the euro. You know, it goes up I sell and vicky versa. If the shop is slow, if I'm spinning (yes, I'm a hand spinner: www.teoshandspun.com), the women are talking in the kitchen, etc, I pick a penny here, a penny there. I know you're gunna say that I won't learn the Path until I stop it, yet I will.

The thing is that it is also stress free for me, stress is something that is inside one, and eventually one can choose to let it go and I did.

That doesn't mean I don't appreciate what you're doing in this thread and i'm paying careful attention to all that happens here and learning every day more, which is also fun. Thank you.

Spinner
Spinner 'Tis in the Waiting.....
  • #8,556
  • Dec 16, 2009 2:28pm Dec 16, 2009 2:28pm
Quoting PistolDave
Strat,

The really important sign of a break down in this UP trend is IF we get a close below the swing high at 0.8858.

Is 0.8858 a significant SR level?

Don't you mean when we get a close below the swing LOW at 0.8913 (on my chart.)

Or am I misunderstanding?

Is there a standard way to be sure that the trend has changed?

Thanks, my friend.


Is 0.8858 a significant SR level?

No.

Don't you mean when we get a close below the swing LOW at 0.8913 (on my chart.)

Technically yes but over the years I have learned that when a pair is in a strong trend it can still take out the swing low and then turn around and resume it's merry trend. Probably the big boys playing their games. Too much stress for me so I would rather wait (PATIENCE) for a strong close below the swing high.

Even then I am cautious as I have learned to respect the power of momentum (same thing as Dr. Joe).

Is there a standard way to be sure that the trend has changed?

Just HHs and HLs for UP and LHs and LLs for DOWN.
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,557
  • Dec 16, 2009 2:29pm Dec 16, 2009 2:29pm
Quoting mstandifer
Right now, I'm finding it difficult to see setups (as mentioned earlier) that fit the basic criteria.
With the trend, at SR and not between the MAs.
Maybe there are no basic PASR setups right now. Be patient and wait for them to come to you. That's what I'm doing.

I've been reading this thread for few months and I took only 3 trades. 2 of them were winners and one was a looser (i know why, I took a setup that wasnt there on AUDUSD).

P.S. And while I'm waiting I make trips to the begining of the path, from time to time It's fun!
  • #8,558
  • Dec 16, 2009 2:32pm Dec 16, 2009 2:32pm
Quoting Spinner
What about your M1, M5 and M30 crap?



Took me a whiley to understand what u were on about.

It's a wee hobby of mine. Some people watch the telly, some people read the paper, some people model paper machée, I scalp the euro. You know, it goes up I sell and vicky versa. If the shop is slow, if I'm spinning (yes, I'm a hand spinner:...
You live on the Island of the home of my Clan Ancestors - Dunvegan Castle!

Lang may yer lum reek!
15 YEARS OF PASR ON FOREX FACTORY!
  • #8,559
  • Dec 16, 2009 2:39pm Dec 16, 2009 2:39pm
There's a lot of head banging lately between us & Strat & other pros here (or is it as usual? ), mainly related to taking trades that dont look good, or they are countertrend trades.

I think this collision of opinions is directly related to the current market structure of any pair against USD. Take AUDUSD since its being talked right now, the Daily chart, did the trend change? We clearly have LH & LL so did it change? Or is still UP in spite of those LHs & LLs? There is no right answer at this point.

Have a look at the correction that started in June this year, we had LHs & LLs but the trend kept going with the same force. And also have a look at the move that started 2008.10.28, it was a set of HHs & HLs and what followed was a trend change.

I'd like to point out 2 things:

1) there are market conditions which show trend reversal signals BUT in the same time they look like corrective moves even though the stairs have reversed. Like the current AUDUSD condition.

2) and this whole bussines of PA trading is much more like an art rather than science (as someone on another PA thread pointed out), there are no clear-cut rules when the trend has changed, there is no mathematical formula for it. Only screen time and experience which leads to (obvious) intuition. I hope this will remove confusion for other member here as it did for me. Does Strat has other SR levels and dont always see the trend as me? No worries, is just art, and there are no two artists of the exact same kind.
This mean we must still take Strat seriously and listen to what he says (and other pros here) but there's no point in sweating over every wiggle & detail that is different in his charts.

The conclusion, for me, is that until I can say with confidence "The Trend has changed" I will not take trades against that bias. And if there is a situation like these market conditions that seem confusing then I'd either stay out or take trades WITH the trend, which didnt change.

Sorry for the rant, felt like I need to let it out.

Have a good day everyone.
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #8,560
  • Dec 16, 2009 2:57pm Dec 16, 2009 2:57pm
Quoting strat
You live on the Island of the home of my Clan Ancestors - Dunvegan Castle!

Lang may yer lum reek!
Wonderful place, just incredible.

Spinner
Spinner 'Tis in the Waiting.....
5 traders viewing now