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Strat's Long Term Stress Free Trading

  • #19,541
  • Edited 3:13pm Jul 29, 2014 1:56pm | Edited 3:13pm
Look Ma, NO INDICATORS, FLASHING LIGHTS, BELLS & WHISTLES or EYE CANDY - just plain old boring PASR

2,740 STRESS FREE pips and counting on a slow, lethargic, pedantic, low volatility pair since March 26, 2014

Not at any time did we have to think of going long COUNTER TREND - how STRESS FREE is that?

Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.PNG Size: 45 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #19,542
  • Jul 29, 2014 2:02pm Jul 29, 2014 2:02pm
AUD/USD

AUD/USD has been consolidating since April and working it's way through the eye of a needle.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 29th July 14 AUD:USD W1 Chart.png Size: 123 KB
Click to Enlarge Name: 29th July 14 AUD:USD D1 Chart.png Size: 133 KB
  • #19,543
  • Jul 29, 2014 3:09pm Jul 29, 2014 3:09pm
AUDUSD

Steve, AUDUSD is going nowhere, except sideways because it is firmly STUCK in the grip of a 7 WEEK, WEEKLY CONTROL CANDLE. When a pair is under the CONTROL of a WEEKLY CONTROL CANDLE we either trade PASR within it from S to R and R to S or WAIT for a CLOSE outside the WEEKLY CONTROL CANDLE.

The blue rectangle on the Worker chart is the 7 weeks old WEEKLY CONTROL CANDLE.

Attached Image (click to enlarge)
Click to Enlarge Name: audusd.PNG Size: 51 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #19,544
  • Jul 29, 2014 3:47pm Jul 29, 2014 3:47pm
Quoting strat
AUDUSD Steve, AUDUSD is going nowhere, except sideways because it is firmly STUCK in the grip of a 7 WEEK, WEEKLY CONTROL CANDLE. When a pair is under the CONTROL of a WEEKLY CONTROL CANDLE we either trade PASR within it from S to R and R to S or WAIT for a CLOSE outside the WEEKLY CONTROL CANDLE. The blue rectangle on the Worker chart is the 7 weeks old WEEKLY CONTROL CANDLE. {image}

Strat, I know you've probably discussed this before but what constitutes a Weekly Control Candle?
  • #19,545
  • Jul 29, 2014 3:57pm Jul 29, 2014 3:57pm
WEEKLY CONTROL CANDLE

Quoting stevepatt
{quote} Strat, I know you've probably discussed this before but what constitutes a Weekly Control Candle?
Steve, please see my post # 19,021 dated February 27, 2014

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15 YEARS OF PASR ON FOREX FACTORY!
  • #19,546
  • Jul 29, 2014 6:04pm Jul 29, 2014 6:04pm
EURUSD

And into SUPPORT we go!

Is BRN 1.34 "IT" for the Big Boys or are they taking PRICE down to BRN 1.32? We don't care - we will just follow them.

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.PNG Size: 69 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #19,547
  • Jul 29, 2014 8:17pm Jul 29, 2014 8:17pm
Quoting strat
EURUSD And into SUPPORT we go! Is BRN 1.34 "IT" for the Big Boys or are they taking PRICE down to BRN 1.32? We don't care - we will just follow them. {image}
Thank you Strat

bye
ajentha
  • #19,548
  • Jul 30, 2014 12:34am Jul 30, 2014 12:34am
Quoting strat
WEEKLY CONTROL CANDLE {quote} Steve, please see my post # 19,021 dated February 27, 2014 {image}

Hi Strat,

Thanks for the reply, I understand where you are coming from, I'll have to do more research on weekly control candles myself.
  • #19,549
  • Jul 30, 2014 5:10am Jul 30, 2014 5:10am
USD/CHF

Hi Strat,

Is this the sort of top down analysis you would be looking for?

I've been reading through your 26 point Path of Learning.

I trade the Daily TF (The Worker) so I want to be watching the Weekly TF (The Boss) for direction.

At the moment the immediate USD/CHF trend has been Bullish (Corrective Move) and is now hitting major Monthly (Big Boss) resistance.

This is a critical level because if the market breaks through this level we could be seeing the first stages in turning this market around.

I'll be watching the Daily TF (The Worker) for my lead at this important level.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 30th July 14 USD:CHF MN Chart.png Size: 114 KB
Click to Enlarge Name: 30th July 14 USD:CHF W1 Chart.png Size: 147 KB
Click to Enlarge Name: 30th July 14 USD:CHF D1 Chart.png Size: 133 KB
  • #19,550
  • Jul 30, 2014 9:41am Jul 30, 2014 9:41am
USDCHF TOP DOWN ANALYSIS

Quoting stevepatt
USD/CHF Hi Strat, Is this the sort of top down analysis you would be looking for? I've been reading through your 26 point Path of Learning. I trade the Daily TF (The Worker) so I want to be watching the Weekly TF (The Boss) for direction. At the moment the immediate USD/CHF trend has been Bullish (Corrective Move) and is now hitting major Monthly (Big Boss) resistance. This is a critical level because if the market breaks through this level we could be seeing the first stages in turning this market around. I'll be watching the Daily TF (The Worker)...
Spot on Steve except for ""I'll be watching the Daily TF (The Worker) for my lead at this important level"". The time frame to watch is the BOSS and the reason is that the Worker can go above important PRICE levels BUT they are meaningless UNLESS the BOSS CLOSES above the important PRICE levels. If you look at any of my Worker charts with Weekly Control Candles on you will see that the Worker many times CLOSED outside the Weekly Control Candle BUT, at the end of the week, PRICE CLOSED back inside the Weekly Control Candle telling us that all those Worker moves outside the Weekly Control Candles were just FAKE moves and show up on the BOSS as spikes.

The BOSS is also what we trade the Worker with since we ALWAYS trade IN THE DIRECTION OF THE PRIMARY TREND (which is the BOSS trend). If you haven't seen this chart before study it and UNDERSTAND how the WORKER swings up and down AROUND the BOSS PRIMARY TREND and then how H4 swings up and down around the WORKER trend. UNDERSTANDING this will allow you to hold onto your Worker trades longer.
Attached Image

Also remember that due to MT4 charting inadequacies, trend lines toggled down from higher time frames have to be re-drawn on each time frame to be accurate. The Strat Shadow, on each time frame, has proven over the years to be a very accurate trend line so we watch for PA around it. Also, from a supply and demand point of view, the trend line should ALWAYS be drawn from the ROOT - the MAJOR SWING or MAJOR TURNING POINT on each time frame.

Attached are my marked up charts and note that I rarely trade USDCHF as I prefer EURUSD as it has more liquidity and is more volatile (more pips per move).
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Click to Enlarge Name: usdchf BIG BOSS.PNG Size: 51 KB

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf BOSS.PNG Size: 50 KB

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf WORKER.PNG Size: 48 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #19,551
  • Edited 1:11pm Jul 30, 2014 12:54pm | Edited 1:11pm
Quoting strat
USDCHF TOP DOWN ANALYSIS {quote} Spot on Steve except for ""I'll be watching the Daily TF (The Worker) for my lead at this important level"". The time frame to watch is the BOSS and the reason is that the Worker can go above important PRICE levels BUT they are meaningless UNLESS the BOSS CLOSES above the important PRICE levels. If you look at any of my Worker charts with Weekly Control Candles on you will see that the Worker many times CLOSED outside the Weekly Control Candle BUT, at the end of the week, PRICE CLOSED back inside the Weekly Control...

Hi Strat,

Thank you for taking the time to explain this for me it helps a lot.

EUR/USD

Going back to EUR/USD, is my assumption of Weekly Control Candles correct?

Looking at the Bullish Weekly Control Candle it never actually takes control (We never get a Weekly close outside the control candle)

Looking at the Bearish Weekly Control Candle it takes control (We get a Weekly close outside the control candle)

At what point on the Daily chart do you consider taking a short trade?

Is it when we get a weekly close, outside the control candle, and then look for Daily PA to take a short trade?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 30th July 14 EUR:USD W1 Chart.png Size: 146 KB
Click to Enlarge Name: 30th July 14 EUR:USD D1 Chart .png Size: 124 KB
  • #19,552
  • Jul 30, 2014 3:18pm Jul 30, 2014 3:18pm
EURUSD and WEEKLY CONTROL CANDLES

Quoting stevepatt
{quote} Hi Strat, Thank you for taking the time to explain this for me it helps a lot. EUR/USD Going back to EUR/USD, is my assumption of Weekly Control Candles correct? Looking at the Bullish Weekly Control Candle it never actually takes control (We never get a Weekly close outside the control candle) Looking at the Bearish Weekly Control Candle it takes control (We get a Weekly close outside the control candle) At what point on the Daily chart do you consider taking a short trade? Is it when we get a weekly close, outside the control candle, and...
No, Steve, your assumptions on Weekly Control Candles are way off. We only have one Weekly Control Candle and it is nothing to do with bullish or bearish.

When PRICE is contained within a Weekly Control Candle we can trade from the bottom to the top and the top to the bottom since the Weekly Control Candle provides our SR. When PRICE on the BOSS closes outside the Weekly Control Candle we look for PA on the Worker in the direction of the close.

To trade the Worker we FIRST determine the PRIMARY TREND on the Boss and then knowing that, look for PA on the Worker to trade in that direction (the PRIMARY TREND). See chart.

Our first 4 STAR trader identified that we need new rules when a swing change occurs within a Weekly Control Candle so we use those rules to filter false moves on the BOSS.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd BOSS.PNG Size: 57 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #19,553
  • Jul 30, 2014 4:45pm Jul 30, 2014 4:45pm
Hello Strat and other readers.
Im a long time follower of your thread but have not been active or trading for a good while as I have been concentrating on my small Carpentry business. I have however just had surgery on my shoulder so am out of work for 4 months. I see it as a great time to concentrate on this business and get back involved in my trading.
I have been refreshing myself by looking at charts over and over again, and reading through the pages of this thread where I left off.
I hope you dont mind Strat I have adopted your chart template and MA's and Strat shadow and changed the colours to please my eye. I would like to make comments and post the odd chart where I see fit for my learning.

Thanks.

Edit: I'd like to add, since I was last here this new content with the adoption of the Strat shadow and the WCC's, it has opened my eyes to reading the charts and it all appears so simple. Is it really that simple? I guess so. Thank you again.
  • #19,554
  • Jul 30, 2014 5:12pm Jul 30, 2014 5:12pm
PASR

Quoting benkm108
Hello Strat and other readers. Im a long time follower of your thread but have not been active or trading for a good while as I have been concentrating on my small Carpentry business. I have however just had surgery on my shoulder so am out of work for 4 months. I see it as a great time to concentrate on this business and get back involved in my trading. I have been refreshing myself by looking at charts over and over again, and reading through the pages of this thread where I left off. I hope you dont mind Strat I have adopted your chart template...
Thank you. Feel free to post anytime, we welcome your participation. Since you have time on your side, I suggest you also read: http://www.stratsforextrading.com/dokuwiki/doku.php ((If the link isn't allowed then go to the profile page and click on the link))

Go through all the green links on the left hand side of the page (1 - 26). It's FREE!

Yes, it is that simple...................................................but NOT EASY. Unfortunately our trading psyche (our Little People) get in the way of making the right decisions.
15 YEARS OF PASR ON FOREX FACTORY!
  • #19,555
  • Jul 30, 2014 5:23pm Jul 30, 2014 5:23pm
I've already read those green links several times. Yes indeed the Little people will be the biggest challenge.

Back to reading
  • #19,556
  • Jul 30, 2014 5:33pm Jul 30, 2014 5:33pm
USDJPY WEEKLY CONTROL CANDLE

Example of how our Weekly Control Candle almost always has us positioned in the correct trade to take advantage of News releases and how it provides us with Support and Resistance for Range Trading.

Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.PNG Size: 59 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #19,557
  • Jul 30, 2014 6:02pm Jul 30, 2014 6:02pm
AUDUSD & WEEKLY CONTROL CANDLE

Today we have the Worker candle CLOSING below the WEEKLY CONTROL CANDLE but we do not take any action on it because it could just be a FAKE MOVE like it was on June 17 & 18 and July 1st & 2nd & 23rd. We WAIT until the Friday New York close at 4 pm BEFORE taking any action.

Attached Image (click to enlarge)
Click to Enlarge Name: audusd.PNG Size: 51 KB
15 YEARS OF PASR ON FOREX FACTORY!
  • #19,558
  • Jul 30, 2014 6:26pm Jul 30, 2014 6:26pm
Quoting strat
USDJPY WEEKLY CONTROL CANDLE Example of how our Weekly Control Candle almost always has us positioned in the correct trade to take advantage of News releases and how it provides us with Support and Resistance for Range Trading. {image}
So would I be correct in assuming that you entered this WCC Range trade at the BUEB (my first arrow) with your stop below the 7/10 swing low, or was it the second or third instance? Or were you trading an advanced Inside bar technique for this ol' one.

Attached Image (click to enlarge)
Click to Enlarge Name: usdjpydaily.png Size: 68 KB
  • #19,559
  • Jul 30, 2014 10:29pm Jul 30, 2014 10:29pm
Quoting benkm108
{quote} So would I be correct in assuming that you entered this WCC Range trade at the BUEB (my first arrow) with your stop below the 7/10 swing low, or was it the second or third instance? Or were you trading an advanced Inside bar technique for this ol' one.
Where you enter all depends on your risk aversion and how aggressive you are. Those are two entries you could take along with the close over the Strat Shadow. Our students learn and master basic PASR before moving onto advanced trading techniques which we generally leave for our 3 Star and 4 Star traders.
15 YEARS OF PASR ON FOREX FACTORY!
  • #19,560
  • Jul 31, 2014 3:01am Jul 31, 2014 3:01am
Quoting strat
EURUSD and WEEKLY CONTROL CANDLES {quote} No, Steve, your assumptions on Weekly Control Candles are way off. We only have one Weekly Control Candle and it is nothing to do with bullish or bearish. When PRICE is contained within a Weekly Control Candle we can trade from the bottom to the top and the top to the bottom since the Weekly Control Candle provides our SR. When PRICE on the BOSS closes outside the Weekly Control Candle we look for PA on the Worker in the direction of the close. To trade the Worker we FIRST determine the PRIMARY TREND on...
Hi Strat,

Thanks again for your help with this. I'm going to have to put more study into the Weekly Control Candles.

EUR/USD

In respect to the Bosses Primary Trend does the candles I have highlighted initiate the Primary Trend on the Worker?

Is it these candles that become Weekly Control Candles?

I appreciate all the time and effort, not to mention patients, you are putting into helping me and others.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 31st July 14 EUR:USD W1 Chart.png Size: 134 KB
Click to Enlarge Name: 31st July 14 EUR:USD D1 Chart.png Size: 128 KB
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