A young trader's road to profitability - PASR trading - Live | Forex Factory

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A young trader's road to profitability - PASR trading - Live

  • #1
  • First Post: Edited 2:26am Jul 11, 2013 2:09am | Edited 2:26am
I've decided to create a thread where I can post my trades and justify my decisions. Hopefully, this will enable me to think harder before I open a position/about my losses. I also hope to get any advice/feedback on why my trades had failed.

I will be trading using ONLY price action and support/resistance.

I will be trading the M15, taking the trend direction from the H4 and H1.

Using 5M chart for entries.

I will need multiple points of confirmation before I enter a trade, and I must always trade with the trend. These multiple levels of confirmation include trendlines, patterns, and trend direction.






Starting amount: $6000.


Starting today I WILL become profitable.
  • #2
  • Jul 11, 2013 2:10am Jul 11, 2013 2:10am
London has just opened.


I have marked the Asian session ranges, and hope to trade the breakouts.

I will wait for a retest, and then enter the trade, with a TIGHT sl right above/below S/R.
  • #3
  • Jul 11, 2013 10:23am Jul 11, 2013 10:23am
AUDUSD + 30 Pips. 123break pattern.


H4 + H1 = Downtrend.

Price had already broken and closed below the asian session low, and was continuing downwards, in accordance with the trend. Surpassing such a significant support meant that it had probably gained momentum.

I made sure that price closed below the BRN (Big round number) before I entered the short. Didn't want to risk active support ruining my trade.

M15

Attached Image (click to enlarge)
Click to Enlarge Name: short1.png Size: 24 KB


M5

Attached Image (click to enlarge)
Click to Enlarge Name: short 2.png Size: 28 KB
  • #4
  • Jul 11, 2013 10:36am Jul 11, 2013 10:36am
Quoting Tok
Starting today I WILL become profitable.

Good luck, bro. Maybe rather than affirm that you will become profitable, I suggest affirming that you become a proficient trader and let the profits take care of themselves. If that doesn't make sense you need to think about it or figure it out.

Don't get me wrong. I'm all about affirmations. Just make sure they make sense in the grand scheme of things. Any idiot can be profitable for a stretch. But it takes being proficient to be profitable over the long haul.
  • #5
  • Jul 11, 2013 10:40am Jul 11, 2013 10:40am
Quoting JR97
{quote} Good luck, bro. Maybe rather than affirm that you will become profitable, I suggest affirming that you become a proficient trader and let the profits take care of themselves. If that doesn't make sense you need to think about it or figure it out. Don't get me wrong. I'm all about affirmations. Just make sure they make sense in the grand scheme of things. Any idiot can be profitable for a stretch. But it takes being proficient to be profitable over the long haul.
I 100% agree with you.

I am very young, and I wish to make this my career. And in order to do so, I understand that I must be profitable consistently.

Thanks for your reply!
  • #6
  • Jul 11, 2013 10:51am Jul 11, 2013 10:51am
Quoting Tok
{quote} I 100% agree with you. I am very young, and I wish to make this my career. And in order to do so, I understand that I must be profitable consistently. Thanks for your reply!
You're actually kinda missing the point. You don't need to be profitable consistently. You just need to be proficient consistently assuming your system/methods make mathematical sense in terms of r:r and win% and you'll end up profitable in the long run. Anywho... best of luck!
  • #7
  • Jul 11, 2013 10:53am Jul 11, 2013 10:53am
Quoting JR97
{quote} You're actually kinda missing the point. You don't need to be profitable consistently. You just need to be proficient consistently assuming your system/methods make mathematical sense in terms of r:r and win% and you'll end up profitable in the long run. Anywho... best of luck!
That makes sense.

Thank you my friend.
  • #8
  • Jul 11, 2013 8:06pm Jul 11, 2013 8:06pm
USDJPY - 9 Pips.

H4 + H1 = Downtrend.

Price had been following a trendline I plotted a while ago on the M15.

Price had also just breached below the 200EMA on the H4 chart and the 800 EMA on the H1 chart, turning them into resistance.

I entered when price touched the trendline, but it was unable to break through an old support level that had already been breached many times. The distance between the trendline and the level of past breached support/resistance was closing very narrowly, meaning that price had to breach one or the other.

Considering there were so many factors on my side, I thought there was a good probability of it breaching the past level of support, and the trendline holding. This was not the case, as you can see.

Price shot up rapidly after breaching the trendline.

M30 to show the trendline:

Attached Image (click to enlarge)
Click to Enlarge Name: minus9.png Size: 29 KB


M5 :

Attached Image (click to enlarge)
Click to Enlarge Name: minus92.png Size: 21 KB
  • #9
  • Jul 11, 2013 10:21pm Jul 11, 2013 10:21pm
EURJPY + 16 pips.

H4 + H1 = Uptrend.

All time frames indicating an uptrend.

Tight SL just below BRN level of support. SL eventually moved to +10 Pips.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY.png Size: 29 KB
  • #10
  • Jul 12, 2013 9:56am Jul 12, 2013 9:56am
Currently reading literature and studying Andrew's pitchforks. They seem like a very interesting tool, that could be added to my trading for higher probability entries.
  • #11
  • Edited 1:44pm Jul 15, 2013 4:02am | Edited 1:44pm
AUDUSD + 25 pips.

H1 + H4 = Downtrend

Price reached a level of extreme resistance, shown by the 38.2 Fib level, Weekly pivot level, and 200EMA, all in confluence.

SL was placed slightly above the resistance.

This trade was a high probability reversal, with very little risk, for great reward.


M15:

Attached Image (click to enlarge)
Click to Enlarge Name: audusdm15.png Size: 24 KB


M5:

Attached Image (click to enlarge)
Click to Enlarge Name: audusdm5.png Size: 21 KB


Price did not reach TP level set above the 23.6 fib level, but profits were taken manually upon analyzing price action on the M5 chart.
  • #12
  • Last Post: Oct 26, 2013 5:52am Oct 26, 2013 5:52am
Quoting Tok
AUDUSD + 30 Pips. 123break pattern. H4 + H1 = Downtrend. Price had already broken and closed below the asian session low, and was continuing downwards, in accordance with the trend. Surpassing such a significant support meant that it had probably gained momentum. I made sure that price closed below the BRN (Big round number) before I entered the short. Didn't want to risk active support ruining my trade. M15 {image} M5 {image}
Hi! Mr Tok, i wish to confirm the ma /ema used in the chart, blue -is it 200, red , is it 800, tq
How about the top and bottom long rectangular boxes, how do i draw them, pls help, thank you for your help,
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