Price Action Swing Trading - The PAST Strategy
- Thread starter Nigel Price
- Start date
- Watchers 91
That was a good entry to enter up there russian30. Well done.
I was away having dinner when I think news came out so it would have been a hard one to trade for me. Still waiting for bottom upsloping trendline to give way perhaps.
again not today. It broke down and then rallied back up stopping me out in the process
Olu
Yes we still haven't had a 4hr bar close below that trendline we are looking at. No one really knows when it it'll break or if it really will break? So you did well to take a shot at it and looks like you managed your risk well.
Maybe today is the day? Daily bar is outside bearish bar closing below last 4 days' opens. I'll have my radar switched on for sure.
GBP USD 280 pips gone in a day...
Today was a difficult day.
16 days I've sat on this trade riding the ebbs and flows and holding my original position watching as it moved further into profit.
In my mind I was keen to enter another position but missed many of the trendline breaks and retests on the way down.
At Wednesday's close the trade had moved around 280 pips (original stop 15 pips) in my favour and there were no signs that a reversal was coming.
Then today happened. I took 6 sell trades today at various supply zones I had marked out and every one of them got taken. That works out to be 130 pips in the red for this trade idea. Couple that with the 280 pips I have seen disappear. Emotionally I'm a bit tired right now.
The 6 sell trades I took were all my own doing, of course. I was so biased that price would turn I blindly just kept trying to sell.
We had no decent trendline break and those who waited for a break would have been safe from any losses today.
No matter what strategy I come up with, it always comes down to being able to control myself in the thick of battle.
Today was a difficult day.
16 days I've sat on this trade riding the ebbs and flows and holding my original position watching as it moved further into profit.
In my mind I was keen to enter another position but missed many of the trendline breaks and retests on the way down.
At Wednesday's close the trade had moved around 280 pips (original stop 15 pips) in my favour and there were no signs that a reversal was coming.
Then today happened. I took 6 sell trades today at various supply zones I had marked out and every one of them got taken. That works out to be 130 pips in the red for this trade idea. Couple that with the 280 pips I have seen disappear. Emotionally I'm a bit tired right now.
The 6 sell trades I took were all my own doing, of course. I was so biased that price would turn I blindly just kept trying to sell.
We had no decent trendline break and those who waited for a break would have been safe from any losses today.
No matter what strategy I come up with, it always comes down to being able to control myself in the thick of battle.
Today was a difficult day.
16 days I've sat on this trade riding the ebbs and flows and holding my original position watching as it moved further into profit.
In my mind I was keen to enter another position but missed many of the trendline breaks and retests on the way down.
At Wednesday's close the trade had moved around 280 pips (original stop 15 pips) in my favour and there were no signs that a reversal was coming.
Then today happened. I took 6 sell trades today at various supply zones I had marked out and every one of them got taken. That works out to be 130 pips in the red for this trade idea. Couple that with the 280 pips I have seen disappear. Emotionally I'm a bit tired right now.
The 6 sell trades I took were all my own doing, of course. I was so biased that price would turn I blindly just kept trying to sell.
We had no decent trendline break and those who waited for a break would have been safe from any losses today.
No matter what strategy I come up with, it always comes down to being able to control myself in the thick of battle.
VictorFx
I feel for you today. We we both looking for trend line break to the downside but this idea was scuppered by the deal which turned everything to 'risk on'. I have also done the trying to sell bit - recently I hasten to add and have learnt the hard way to be measured in the persistence of my strong ideas
Seriously VictorFx you will recover this and more. If you managed to rack up 200+ points profit you will do it over and over again. You have the entry skills etc to do it over and over again. Chalk today up to Obama. We will make pips next week
Olu
Hey guys,
Sorry for not being around to post this week - I've been busy helping out a family member.
It was certainly a tough week for dollar bulls this week, with yet another political interjection!
I will address each of the queries raised in here early next week. But in the meantime, just remember, for every one of those decisions that go against us, one will come along that goes for us. It's easy to lose sight of this when you take a few knocks on the chin, but it is true.
It's not easy to trade on the weekly charts because it does require a lot of patience. Perhaps if you are encountering difficulty with this aspect of trading you could drop down to maybe a daily chart for the anchor and take smaller profits.
I'll do some posting on this topic next week. It's been a tough week - take the weekend away from the charts and relax your mind. Everyone in here is making fantastic progress, it's great to see.
Keep at it
Have a good weekend!
Sorry for not being around to post this week - I've been busy helping out a family member.
It was certainly a tough week for dollar bulls this week, with yet another political interjection!
I will address each of the queries raised in here early next week. But in the meantime, just remember, for every one of those decisions that go against us, one will come along that goes for us. It's easy to lose sight of this when you take a few knocks on the chin, but it is true.
It's not easy to trade on the weekly charts because it does require a lot of patience. Perhaps if you are encountering difficulty with this aspect of trading you could drop down to maybe a daily chart for the anchor and take smaller profits.
I'll do some posting on this topic next week. It's been a tough week - take the weekend away from the charts and relax your mind. Everyone in here is making fantastic progress, it's great to see.
Keep at it
Have a good weekend!
Taking stock
Since starting the PAST strategy on 26 August 2013 I have closed my first position in profit on 11 October 2013. It was the Wall Street 30 futures contract for a net gain of 322 pips after all small losses was subtracted.
In terms of Forex I have 2 healthy open positions, the one is the NzdUsd long since 9 September @ 0.8020 and the other one is the AudChf long since 8 October @ 0.8532. Currently 329 pips in the green after subtracting all small losses.
The last week I did not open a single trade as none of the weekly anchor charts was very convincing to me, but the sitting on my hands resulted in account growth. This week may be more of the same. Will keep my eye open for anything that may look convincing on the daily time frame.
Thank you once again Nigel for this strategy.
Since starting the PAST strategy on 26 August 2013 I have closed my first position in profit on 11 October 2013. It was the Wall Street 30 futures contract for a net gain of 322 pips after all small losses was subtracted.
In terms of Forex I have 2 healthy open positions, the one is the NzdUsd long since 9 September @ 0.8020 and the other one is the AudChf long since 8 October @ 0.8532. Currently 329 pips in the green after subtracting all small losses.
The last week I did not open a single trade as none of the weekly anchor charts was very convincing to me, but the sitting on my hands resulted in account growth. This week may be more of the same. Will keep my eye open for anything that may look convincing on the daily time frame.
Thank you once again Nigel for this strategy.
Since starting the PAST strategy on 26 August 2013 I have closed my first position in profit on 11 October 2013. It was the Wall Street 30 futures contract for a net gain of 322 pips after all small losses was subtracted.
In terms of Forex I have 2 healthy open positions, the one is the NzdUsd long since 9 September @ 0.8020 and the other one is the AudChf long since 8 October @ 0.8532. Currently 329 pips in the green after subtracting all small losses.
The last week I did not open a single trade as none of the weekly anchor charts was very convincing to me, but the sitting on my hands resulted in account growth. This week may be more of the same. Will keep my eye open for anything that may look convincing on the daily time frame.
Thank you once again Nigel for this strategy.
Thanks for sharing your results PP. It's really encouraging to see some nice results from other traders trading Nigel's method in their own personal way.
Also great work on not opening any new positions last week.
I was doing well until Thursday, then lost my way a bit. Risk was well managed but number of losses was too many for one trade idea.
Let's keep the AUD CHF running in the right direction.
Keep it up the great trading.
gbp/usd in a range
Here is my take on the gbp/usd...... Its been rangebound (slight downward slope
since January 2011.... It is currently at the top of the Range with a daily
sell pin bar..... Although I would prefer a red vs blue pinbar......I am pretty
new at this..... anyone agree with my anaylsis?
Here is my take on the gbp/usd...... Its been rangebound (slight downward slope
since January 2011.... It is currently at the top of the Range with a daily
sell pin bar..... Although I would prefer a red vs blue pinbar......I am pretty
new at this..... anyone agree with my anaylsis?
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Hi Pa_Pips
Is this trade according to the PAST rules. I rushed to the charts to see whether I have missed a PAST setup in the majors but for the life of me I cant see your trade conforming to the rules.
Olu
Hi Olu
Please see attached my Daily anchor chart with explanation. Would have perhaps been better if longer tail on top side. Decision heavily influenced by 6 consecutive upside closes and the fact that I have a 450 odd pip long position on this pair and would not mind spending a few pips locking in profits so to say.
Pa_Pips
Attachments
This is a great thread and exactly the kind of trading I do.
Notice on my attachment of the H4 NZDUSD the big drop yesterday and today was visible as the bounce off the underside of the trendline. This is a textbook case for me. The image shows step by step what I look for and how I hope to trade.
Moving forward on the image I expect a move up back to the .8430 range. I am currently long with a mental stop at .8370.
If I am correct and price hits .8430, I will look for a bounce downward and a Downtrend to begin because the daily chart shows a break of support. However, I will play a stop tightly as this could always be a breakout failure.
Notice on my attachment of the H4 NZDUSD the big drop yesterday and today was visible as the bounce off the underside of the trendline. This is a textbook case for me. The image shows step by step what I look for and how I hope to trade.
Moving forward on the image I expect a move up back to the .8430 range. I am currently long with a mental stop at .8370.
If I am correct and price hits .8430, I will look for a bounce downward and a Downtrend to begin because the daily chart shows a break of support. However, I will play a stop tightly as this could always be a breakout failure.
Attachments
As the trend slowed I took profits at .84173 (well short of my target as the move was faster than I expected and the 15 min chart was too overbought so I took what profits I could get... Took 35 pips.) Now I am short NZDUSD at .84175 as I am anticipating a channel forming. Target is the .8370 range.
I have included the updated H4 chart as well as the 15 min chart. I have a rather tight mental stop here and will move to break even after I get 10 pips. There is still potential upside move so i'm protecting myself and can get back in at next resistance if my stop is triggered.
I have included the updated H4 chart as well as the 15 min chart. I have a rather tight mental stop here and will move to break even after I get 10 pips. There is still potential upside move so i'm protecting myself and can get back in at next resistance if my stop is triggered.
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