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  • #20,341
  • Apr 20, 2015 10:07am Apr 20, 2015 10:07am
GBPUSD

Quoting Fishcoo
GBPUSD Shoting Star at Strat Shadow Resistance which is also confluence with FIBO @1.5060. Enter SELL STOP below SET UP CANDLE？ {image}
Yes, correct. Sell stops already in place and filled.

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15 YEARS OF PASR ON FOREX FACTORY!
  • #20,342
  • Edited 4:45pm Apr 21, 2015 11:26am | Edited 4:45pm
Hello Strat,

I have a question about your trading history. You wrote that you traded almost everything which is freely tradable. I have only traded stocks and currencies and so I am interested why you ended up with trading currencies. Recently I had a discussion with a friend and we thought that forex trading is the most difficult because of its volatility, unclear levels and false breakouts. Therefore my question which trading instrument is the "easiest" regarding clear support and resistance levels? Currencies are sometimes so "spikey" and when I look at some stock charts, they seem to respect levels much better and the levels are also a lot clearer.

Can you say something about this? I thought about looking at agricultural commodities like coffee or corn to trade and I am just studying their charts. However, I am very interested in your opinion about that. Unfortunately, I believe it is only a wish that there are some markets which are "easier" to trade regarding support and resistance levels.

Thanks!
  • #20,343
  • Apr 21, 2015 4:25pm Apr 21, 2015 4:25pm
WEEKLY CONTROL CANDLES

27 out of the 28 forex pairs I track are STUCK under the CONTROL of either WEEKLY CONTROL CANDLES or potential WEEKLY CONTROL CANDLES.
15 YEARS OF PASR ON FOREX FACTORY!
  • #20,344
  • Edited 9:41pm Apr 21, 2015 5:26pm | Edited 9:41pm
Quoting desco
Hello Strat, I have a question about your trading history. You wrote that you traded almost everything which is freely tradable. I have only traded stocks and currencies and so I am interested why you ended up with trading currencies. Recently I had a discussion with a friend and we thought that forex trading is the most difficult because of its volatility and false breakouts. Therefore my question which trading instrument is the "easiest" regarding to respect support and resistance levels? Currencies are sometimes so "spikey" and when I look at...
A very interesting question, thank you.

I traded Metals, Indices, Bonds, Soft Commodities, Grains, Energy and Currencies with Futures during the late 80s and early 90s. Prior to that I traded stocks. I was not successful with any of them mainly because I didn't have a method and therefore didn't really know what I was doing. Worse still, I took the advice of brokers and talking heads.

In the early/mid 90s I found FOREX and found the majors to be more tradable and trending than anything else. This is when I started developing what is now my PASR method. Forex is also a $3 TRILLION trades PER DAY market whereas the Stock Market is ONLY as big as fly shit in a pepper pot. This means there is much more LIQUIDITY in forex meaning you can get INSTANT execution which is sometimes not as easy with stocks. Also, the cost to trade forex is much less than that to trade Futures and Stocks meaning you get more bang for your buck.

While forex has become more "spikey" and volatile, the majors still suit my trading style which is TREND TRADING using PASR. The exotics are those which are more likely to be difficult to trade and more likely to lose you money. You will find it hard to find a stock/stocks to beat the current trends on the majors from July last year. Usually, there is at least one major pair which trends for a long time and the BIG money is made by riding that trend. Other trading just puts bread on your table and pays the bills.

Having said that, I have just introduced a thread for STOCKS on my website as I have started looking at stocks again and, as you say, found some to be very tradable and trending. However, there are stocks which are so volatile you will wish you had never heard about trading.

At any one time, you will find many instruments in any of the categories that look a dream to trade - then you can go back 6 months later and those same instruments will look like the profile of the Rocky Mountains. The financial markets are DYNAMIC and are constantly evolving and changing due to fundamentals, geopolitical events, acts of nature and war etc.

Trading for a living is VERY PERSONAL. YOU have to find what works for YOU and YOUR PERSONALITY. What works for one person does not work for another.

My advice is to FIRST find a method and time frame of trading which suits YOU, YOUR PERSONALITY and time constraints and LEARN it until you can do it in your sleep. To do this you will FIRST have to know what type of trader you are/want to be. Also UNDERSTAND that the method/strategy/system is ONLY as good as the person using it. Trading is 95% Psychology and 5% technical so UNDERSTAND where your priorities and emphasis should be.

In summary, there is no one answer. There are good and bad instruments in all the Markets, just find what works for you. There is nothing stopping you trading a mix of currencies, commodities, futures and forex.

Sorry I don't have the answer you are looking for but good luck!
15 YEARS OF PASR ON FOREX FACTORY!
  • #20,345
  • Apr 21, 2015 8:16pm Apr 21, 2015 8:16pm
Quoting strat
GBPUSD {quote} Yes, correct. Sell stops already in place and filled. {image}
GBPUSD

Hi Start

It seems there are two WCC on Daily Chart and a shoting Star at Strat Shadow which is also confluence with the WCC Resistance(RED).But there is another
WCC(BLUE),i just know a little about the WCC , if i am wrong,please tell me .Thanks.
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  • #20,346
  • Apr 21, 2015 9:05pm Apr 21, 2015 9:05pm
GBPUSD

Quoting Fishcoo
{quote} GBPUSD Hi Start It seems there are two WCC on Daily Chart and a shoting Star at Strat Shadow which is also confluence with the WCC Resistance(RED).But there is another WCC(BLUE),i just know a little about the WCC , if i am wrong,please tell me .Thanks. {image}
There can ONLY EVER be ONE Weekly Control Candle and this is shown by the black lines on your chart.

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15 YEARS OF PASR ON FOREX FACTORY!
  • #20,347
  • Apr 21, 2015 9:29pm Apr 21, 2015 9:29pm
Quoting strat
GBPUSD {quote} There can ONLY EVER be ONE Weekly Control Candle and this is shown by the black lines on your chart. {image}
Thanks , I see. And the EURUSD is similar to GBPUSD,right?I find that the Weekly Control Candle is very usefull but also very hard to trade with it.
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  • #20,348
  • Apr 21, 2015 9:40pm Apr 21, 2015 9:40pm
EURUSD

Quoting Fishcoo
{quote} Thanks , I see. And the EURUSD is similar to GBPUSD,right?I find that the Weekly Control Candle is very usefull but also very hard to trade with it.
Correct. The Weekly Control Candle alerts us to PRICE being in CONSOLIDATION. Its usefulness depends on the type of trader you are. If you are a PASR TREND trader it tells you to WAIT until PRICE CLOSES beyond it. If you are a basic PASR trader then you can use the top of the Weekly Control Candle as resistance and the bottom as support and can further fine tune this by dropping down to H4. Trading should only be done when PRICE is at either the top or the bottom of the Weekly Control Candle and NEVER when PRICE is in the middle.
15 YEARS OF PASR ON FOREX FACTORY!
  • #20,349
  • Apr 22, 2015 5:05pm Apr 22, 2015 5:05pm
Quoting strat
{quote} A very interesting question, thank you. I traded Metals, Indices, Bonds, Soft Commodities, Grains, Energy and Currencies with Futures during the late 80s and early 90s. Prior to that I traded stocks. I was not successful with any of them mainly because I didn't have a method and therefore didn't really know what I was doing. Worse still, I took the advice of brokers and talking heads. In the early/mid 90s I found FOREX and found the majors to be more tradable and trending than anything else. This is when I started developing what is now...
Thank you very much for that detailed answer even if it was not "good news". But like I wrote, I didn't expect to find a market with clear defined levels without a lot of unpredictable volatility-spikes. That would be a paradise and way too easy. If that market existed there would be no reason to trade other markets. Therefore I listen to what you said and choose the markets which temporarily look good to trade and I also stick to the 28 major pairs and their crosses. I think you do the same.

Thanks again for your help!
  • #20,350
  • Apr 24, 2015 2:53pm Apr 24, 2015 2:53pm
GBPUSD

So we now have a FAILED Shooting Star with PRICE CLOSING ABOVE the Strat Shadow telling us that there is MORE buying pressure than selling BUT we don't want to rush into loading up on longs yet as PRICE is at RESISTANCE of the BOSS Strat Shadow

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15 YEARS OF PASR ON FOREX FACTORY!
  • #20,351
  • Apr 29, 2015 6:55pm Apr 29, 2015 6:55pm
Quoting strat
WEEKLY CONTROL CANDLES 27 out of the 28 forex pairs I track are STUCK under the CONTROL of either WEEKLY CONTROL CANDLES or potential WEEKLY CONTROL CANDLES.
Just a suggestion - maybe you could list your 28 pairs and set a quiz: spot the odd man out...
  • #20,352
  • Apr 29, 2015 7:03pm Apr 29, 2015 7:03pm
Quoting trogger
{quote} WRONG STRAT!!, WRONG That's not the problem at all! The problem is: I'm already long! Kidding aside, It's a longer term position I'm taking. Nothing - so far - to suggest that the historical long Term floor is going to open up. Nevertheless, while it would be nice to see some upside to my longer term position, at the moment I am stuck with just scalping 10-50 pips per day on around 20% of the overall position. Part of me says I would be happy to see this go on for some time as the pips add up, in time. Rest of me says I don't want to hover...

yup

there's the run

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  • #20,353
  • Apr 29, 2015 7:09pm Apr 29, 2015 7:09pm
Quoting trogger
{quote} yup there's the run {image}
But...... PPPP*

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*Parity Party (Permanently?) Postponed !
  • #20,354
  • Edited 7:32pm Apr 29, 2015 7:16pm | Edited 7:32pm
Quoting trogger
{quote} But...... PPPP* {image} *Parity Party (Permanently?) Postponed !

Yes. *I'm Long.


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* But, going early, cost me position size.
Added on 2nd test of parity.

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Took some profit when the usual "weasel words" from Wheeler (Gov. reserve bank NZ) were released this morning.

Will be watching for a 3rd attempt at parity.
  • #20,355
  • Apr 30, 2015 12:29pm Apr 30, 2015 12:29pm
AUDNZD

Quoting trogger
{quote} yup there's the run
This doesn't look good for your Longs, Wild Thing!

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15 YEARS OF PASR ON FOREX FACTORY!
  • #20,356
  • Apr 30, 2015 7:25pm Apr 30, 2015 7:25pm
Quoting strat
AUDNZD {quote} This doesn't look good for your Longs, Wild Thing! {image} {image}

Even the longest river must meet the sea!
  • #20,357
  • Edited 10:31pm Apr 30, 2015 8:54pm | Edited 10:31pm
AUDNZD

Quoting trogger
{quote} Even the longest river must meet the sea!
But how long is this darned river? I thought it had met the sea a couple of times already
15 YEARS OF PASR ON FOREX FACTORY!
  • #20,358
  • Apr 30, 2015 10:20pm Apr 30, 2015 10:20pm
Quoting strat
AUDNZD {quote} But how long is this darned river? I thought it had met the sea a couple of times alraedy




Ahh.. Glasshopper.

Remember old Chinese proverb:


"You must have crossed the river before you may tell the crocodile he has bad breath."
  • #20,359
  • Apr 30, 2015 10:29pm Apr 30, 2015 10:29pm
Duhhhhh????
U won't really understand GRACE untill you fully realise you've been GRACED
  • #20,360
  • May 2, 2015 10:31am May 2, 2015 10:31am
Quoting trogger
{quote} Ahh.. Glasshopper. Remember old Chinese proverb: "You must have crossed the river before you may tell the crocodile he has bad breath."
Nice proverb Trogger
If you think you can or cannot do it you are correct
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