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TBN / PATe - my experience/Your FREE opportunity

  • #61
  • Mar 5, 2012 3:57am Mar 5, 2012 3:57am
Inserted Code
  [font=&quot]Open Time                      Type      Size     Item              Price            S / L            T / P             Close Time                      Price[/font]
  [font=&quot]2012.03.05 08:42            sell                    eurusdsb       1.31933       1.32213      1.31500       2012.03.05 10:06            1.31730[/font]
  [font=&quot]2012.03.05 08:31            sell                    wtisb             106.82         107.18        106.00         2012.03.05 10:06            106.36[/font]
Note my charts are GMT+1.
  • #62
  • Mar 5, 2012 4:59am Mar 5, 2012 4:59am
I discovered PATe several weeks ago, and it has really opened my eyes. Guess what?! People move the markets, and people do observe what Julie calls psychological levels. The rules are simple enough, and if followed correctly, this system will make lots of pips.
I like Julie's direct, down to earth approach, and her daily updates are very helpful.
I don't claim to have cracked it yet, but any mistakes I make are generally down to my own impatience, and jumping in to trades far too quickly, rather than the fault of the system.
I can see the massive potential here, and I am determined to succeed.
  • #63
  • Mar 5, 2012 12:47pm Mar 5, 2012 12:47pm
Decided to trade demo this afternoon as I was happy with the pips this morning on live. For me a messy session, eventually took a sell at 5-15 gmt, Nymex failing 107/PP again, with a limit order just above MP as I was making tea. Nice +38, then I discovered I had opened the wrong chart and it was live! So +103 pips today.
  • #64
  • Mar 7, 2012 8:33am Mar 7, 2012 8:33am
Not a good session which has activated my 2 strikes rule. Will do better tomorrow.
  • #65
  • Mar 7, 2012 11:05am Mar 7, 2012 11:05am
A VERY frustrating morning for me but a VERY nice post Oil Inventories buy more than made up for all of my frustrations.

I managed a painful 24 pips from a crude sell this morning but my post inventories trade went like this:-

The session low was 104.33 at 14.41, this was followed by a HL of 104.43 at 15.28 just before inventories hit, OI drove price up to 104.98 by 15:34, taking out a previous LH at 104.76/16:01, and then retraced to produce a confirming HL above MP at 104.53 at 15:48, I took my entry at 104.70 at 15:49 and exited at 105.73 at 16:10 for 103 pips.

A VERY frustrating morning for me but a VERY nice post Oil Inventories buy more than made up for all of my frustrations.

I managed a painful 24 pips from a crude sell this morning but my post inventories trade went like this:-

The session low was 104.33 at 14.41, this was followed by a HL of 104.43 at 15.28 just before inventories hit, OI drove price up to 104.98 by 15:34, taking out a previous LH at 104.76/16:01, and then retraced to produce a confirming HL above MP at 104.53 at 15:48, I took my entry at 104.70 at 15:49 and exited at 105.73 at 16:10 for 103 pips.

Finished the day off nicely for me, thanks Jules, and thanks Oil Inventories aftermath
Attached Image (click to enlarge)
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  • #66
  • Mar 8, 2012 7:29am Mar 8, 2012 7:29am
WTI opening rule this morning was a rule 5/rule 6 buy but it appeared to struggle, as may have been expected, at 106.50, mid point (MP), so I waited for price to give me some confirmed intent at 8:09 as price pushed through MP to make a new session high at 106.69, the initial retrace at 8:19 only gave a minimum low of 106.62 which was uncomfortably too far away from the session low, as this was the first HL above MP I decided to await confirmation, this duly arrived in the form of a double bottom at 8:50 & 9:10, I entered at 9:18/106.68, the double top at 9:35 & 9:46 had me concerned, also the fact that price had managed to retrace back through BRN and R1, so I took my leave at 9:54 with 28 pips

EU opening rule was a straight forward rule 5 buy, price had opened above MP and I was interested to see the double bottom at 7:26 & 7:41, what I then felt that I needed for confirmation of that area being the floor was to see a new session high made, that duly arrived at 8:09 with price pushing up to 1.3183, I now needed a retrace as close to the session low as possible, in my eagerness, and not wanting to miss the move, I entered my buy too early at 1.3178/8:18, this still gave me a comfortable stop below the session low though should price have moved against me. After a drift down price took off at 10:13 making yet another new session high, I was wary of the fact that my trade was then approaching BRN and R2, I watched price through both of these areas but got spooked at 9:54 when price appeared to begin to flatten out, on reflection I should have held as price was still above BRN, it was possibly my exit on WTI that hastened my EU exit, whatever it was I exited for +36 pips.

So my total for the European session was a combined +64 and I'm very happy with that, so thanks Julie!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: wti pate buy 08-03-12.gif Size: 19 KB
Click to Enlarge Name: eu pate buy 08-03-12.gif Size: 20 KB
  • #67
  • Mar 8, 2012 8:21am Mar 8, 2012 8:21am
Thanks for posting Stochman, very helpful.
  • #68
  • Mar 8, 2012 1:49pm Mar 8, 2012 1:49pm
Good posts here, I am watching with interest.
  • #69
  • Mar 9, 2012 1:33am Mar 9, 2012 1:33am
yesterday (8/3): Late afternoon Crude Oil made yet another attempt to break the 107/R1 road-block that held it up all day. I took a sell at 16:45 GMT from this obvious high down to 106.50 and closed for the day. Easy 45 pips after spread removed.
  • #70
  • Mar 12, 2012 4:11am Mar 12, 2012 4:11am
For personal reasons I wont be trading today, Monday.
  • #71
  • Edited 8:16am Mar 12, 2012 8:02am | Edited 8:16am
I took the GJ this morning. Kinda slow but got 45 pips out of it. Opened between the MS and S pivot levels, so a rise was expected. It did not reach the DPV and then pa showed a shorts would be good. Took the S1 to the S2.
  • #72
  • Mar 13, 2012 8:49am Mar 13, 2012 8:49am
Quoting knucklehead
I took the GJ this morning. Kinda slow but got 45 pips out of it. Opened between the MS and S pivot levels, so a rise was expected. It did not reach the DPV and then pa showed a shorts would be good. Took the S1 to the S2.
Nice trade Knucklehead, I called the EU sell this morning at 10:00 but unfortunately never took it myself as I was watching my WTI sell very closely, which was being difficult!

Anyway here's my trade today :-

WTI

At 08:18 I entered a sell off LH's below both the session high and BRN, my entry was at 106.89. I felt that, eventually, price would make 106.00 even though it began to range and was never really what you'd call comfortable until after NY came on, I closed the trade out at 106.08 for +81 pips as price began to retrace, I did think that price may retrace back to pivot before tanking again but I decided that 81 pips was good enough as it exceeded my daily target.

I should mention that as red flagged news and NY open approached I tightened my stops substantially, I was willing to risk a few pips as the R:R looked very favourable, on this occasion it went in my favour!
Attached Image (click to enlarge)
Click to Enlarge Name: wti pate sell 13-03-12.gif Size: 20 KB
  • #73
  • Mar 13, 2012 9:12am Mar 13, 2012 9:12am
Entered a sell off the session high/R1 but man it was it a painful session. As 107 had proved resistance all morning I move my stop to just above this pre-news as it would only have cost me a few pips if I was wrong. I know this was gambling not trading, and certainly would not make this a habit, but on this occasion a sensible stop for a few pips risk was worth it.


The correct action would have been to close and re-enter on the failure of 107 shortly after the news, as Julie said on a Facebook update.


Either way, on this occasion, the sell worked out just fine at I closed for 82 pips, having exceeded my daily target. The trade was open for 5 hours though!


So a PATe entry, but not PATe trade management; for once I got lucky.



However, I am more happy that a) I identified and took a good entry and b) held the trade through some serious retraces, trusting that at least 106.50 would be tackled and did not get “bullied” out of what turned in to a decent trade.
  • #74
  • Mar 13, 2012 12:02pm Mar 13, 2012 12:02pm
Quoting stochman
Nice trade Knucklehead, I called the EU sell this morning at 10:00 but unfortunately never took it myself as I was watching my WTI sell very closely, which was being difficult!

Anyway here's my trade today :-

WTI

At 08:18 I entered a sell off LH's below both the session high and BRN, my entry was at 106.89. I felt that, eventually, price would make 106.00 even though it began to range and was never really what you'd call comfortable until after NY came on, I closed the trade out at 106.08 for +81 pips as price began to retrace, I did think that...

Yea I missed the GJ this morning, didn't get up early enough (I am -6 GMT) and decided to stay out of the market today.
  • #75
  • Mar 14, 2012 7:09am Mar 14, 2012 7:09am
I have made two noobie errors again today.

I got a lovely entry on EU at 8:19 GMT off the support that had formed.

Error #1, totally forgot about the red GBP news at 9:30, so didn’t close. Fortunately got away with it. This is not like yesterday where I made a conscious decision to stay in. The correct action would have been to close with a re-entry off the 1.3050 mid-point. I must learn to pay more attention.

Error #2, at 10:35 Price Action appeared to confirm that 1.3075 (ish) was resistance, and made another minor move away from this level. I exited my trade for +21 pips, but that is hardly the point. The session range was less than 40 pips at that point, so a further push towards 1.3100 had to be expected. I must learn to trust the dynamics of price action trading.

It is OK to make these errors so long as I learn from them.
Attached Image (click to enlarge)
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  • #76
  • Edited 9:27am Mar 14, 2012 7:46am | Edited 9:27am
My two EU trades this morning are as follows:-

At 7:57 I had seen a double bottom at 7:06 & 7:27, this was followed by a HL at 7:40 and a new session high at 7:45, I entered my buy at 7:57/1.3048 which was not a particularly brilliant entry point as it was the wrong side of MP but price action had shown bullish intent and my stop was pegged behind the session low, I began to get nervous at 10:53 as price appeared to be struggling to make a new session high, in hindsight I should have had faith in the constant HL's, anyway I took my leave at that point with 17 pips.

At 11:23 I saw that price was struggling at its session high, which was also close enough to BRN for me to get interested and peg my stop behind both for a sell, as it made LH's below the session high I entered at 1.3085, as this was potentially a retrace, combined with the time of day, I was never going to stay in the trade very long, I exited at 12:17 as NY open approached with 16 pips, price moved further after my exit however the safe thing to do, for me, was to exit and see how NY was going to impact the market.

So +33 pips for the morning, and I will now not likely trade until post Oil Inventories, to try and collect some pips from the aftermath!

Edit:- Although not a PATe tool I'd like to credit the 'Ellis Line', I know this will mean something to someone
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu pate buy 14-03-12.gif Size: 21 KB
Click to Enlarge Name: eu pate sell 14-03-12.gif Size: 24 KB
  • #77
  • Mar 14, 2012 10:43am Mar 14, 2012 10:43am
Afternoon session done and dusted for me by 15:17, my trades:-

WTI

Post inventories there was an obvious spike north which STILL failed to deal with 107.00, for me this informed me that there was obvious strength in resistance at that BRN, I waited to see if price COULD push on, when it looked like it had failed I entered my sell at 14:47/106.83, pegging my stop behind the session high and BRN at 107.07, my exit came at 15:08/106.22 for +61 pips, the main reason for my exit was obviously the potential reaction at 106 plus S1 which was just behind it.

EU

Since NY open price had failed to get above 1.3075 which was a crucial level that Julie had mentioned this morning, I gave the trade a 21 pip stop which covered 3075 & the afternoon session high, I took a sell entry at 1.3058/14:48 and took my leave at 1.3029/15:17 for 29 pips, my main reason for exit obviously being the potential support at S1.

So +90 pips for the afternoon session, job done, thanks Jules
Attached Image(s) (click to enlarge)
Click to Enlarge Name: wti pate sell 14-03-12 post inventories.gif Size: 21 KB
Click to Enlarge Name: eu pate sell 14-03-12 pm.gif Size: 22 KB
  • #78
  • Mar 14, 2012 12:26pm Mar 14, 2012 12:26pm
Well done, I thought today looked messy, but then I am still looking. Glad to see you got something out of it.
  • #79
  • Mar 14, 2012 3:18pm Mar 14, 2012 3:18pm
Quoting HiArt
I have made two noobie errors again today.

I got a lovely entry on EU at 8:19 GMT off the support that had formed.

Error #1, totally forgot about the red GBP news at 9:30, so didn’t close. Fortunately got away with it. This is not like yesterday where I made a conscious decision to stay in. The correct action would have been to close with a re-entry off the 1.3050 mid-point. I must learn to pay more attention.

Error #2, at 10:35 Price Action appeared to confirm that 1.3075 (ish) was resistance, and made another minor move away...

Well, I missed the GJ and had a bad EU trade due my pivots being off. I should have had quite a bit today, but that's ok, pips are always around.
  • #80
  • Mar 15, 2012 6:45am Mar 15, 2012 6:45am
Thanks Stepps, hopefully my charts will shed light on my reasons for entry & exit.

This morning I found very frustrating:-

WTI

I entered a sell at 9:49/105.70. Because I'd missed the rapid sell off below pivot/BRN at 8.29 I was left with a worryingly lengthy stop, much less than ideal, however price fell but appeared to find confirmed support with a HL above 105.25 at 10:28, I stayed in as I felt that the LH's were in charge of the decline but I began to get nervous as price produced further HL's, eventually breaching MP, I was very uncomfortable with the sell and consequently took my leave at 11:12/105.59 with a grand total of +11 pips, much better than a loss!

EU

Similar story really, I won't bore you with the finer details, you can see what happened on my chart, again I got very nervous as price approached my sell entry and I took my leave with the even grander total of 1 pip!

Still both trades, although needing to be managed carefully, ended in profit, albeit slight. I now await the afternoon session, but with quite a bit of red flagged news I probably won't get involved until 2:30 at the earliest
Attached Image(s) (click to enlarge)
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