Price Action Swing Trading - The PAST Strategy
- Thread starter Nigel Price
- Start date
- Watchers 91
myknees, I have similiar sentiment regarding the weekly. Currently I have a "risk-free" GbpCad short at 1.6804 and a "risk free" GbpUsd short at 1.6060. So currently only monitoring progress on these. If something really convincing set up during the week on a daily time frame as anchor I might consider a few nibles.
Hi Guys, there's data out on Wednesday for GBP, I would imagine that it could wait until that is released before making a move in whatever direction it is going to go!
Favour the downside myself too, but of course you have to be prepared for any eventuality.
Good luck for the coming week!
Taking Profit - The PAST Strategy
Hi Gents, hope everyone had a nice weekend and is back in the saddle for another week!
Just an update on AUDCAD which I said I would track here as regards taking profit.
This is turning out to be lasting much longer than I thought, and I have no doubt people are getting bored, but the trade keeps racking up the pips so I am not going to close it yet!
In terms of how I played this trade, there was only really one occasion when it came close to me closing it out, and that was the high that was put in just below my entry level. Of course, the temptation there to close the trade is going to be high, we are all only human. But if you can hold on, and take a few hits and breakevens along the way, you do get rewarded sooner or later.
As I said before, it's much more preferable to me to just be managing a trade and checking it every once in a while rather than going through the draining process of logging onto your trading platform and looking for new entries everyday.
The trade is up around 230 pips today, the updated chart is attached.
Just like you can never catch the top consistently, you can never catch the bottom consistently either. I'd imagine now that we could be due another retrace, and then hopefully it will put in another lower high underneath the trendline. If price at any stage tells me that I am wrong in that thesis, I will not hesitate to take my profit and run for the hills.
Hi Gents, hope everyone had a nice weekend and is back in the saddle for another week!
Just an update on AUDCAD which I said I would track here as regards taking profit.
This is turning out to be lasting much longer than I thought, and I have no doubt people are getting bored, but the trade keeps racking up the pips so I am not going to close it yet!
In terms of how I played this trade, there was only really one occasion when it came close to me closing it out, and that was the high that was put in just below my entry level. Of course, the temptation there to close the trade is going to be high, we are all only human. But if you can hold on, and take a few hits and breakevens along the way, you do get rewarded sooner or later.
As I said before, it's much more preferable to me to just be managing a trade and checking it every once in a while rather than going through the draining process of logging onto your trading platform and looking for new entries everyday.
The trade is up around 230 pips today, the updated chart is attached.
Just like you can never catch the top consistently, you can never catch the bottom consistently either. I'd imagine now that we could be due another retrace, and then hopefully it will put in another lower high underneath the trendline. If price at any stage tells me that I am wrong in that thesis, I will not hesitate to take my profit and run for the hills.
Attachments
GBPCAD Break-even Stop in place now at 16765
Nigel do you mean BT Sports or Sky Sports
Both
I don't do it often anymore, but back when I was a student, there was no better Sunday than a good hangover, two matches on Sky Sports Super Sunday, then over to two matches from La Liga, then bed.
Ah, those were the days....
You must be a happy bunny this morning pa_pips!
Nice one
Yes, it was indeed a pleasant surprise when I opened my trading platform about 2 hours ago
Happy Sunday everyone!
I'm just getting around to scanning through my charts now to see if there is anything that grabs my attention. Will post here if I see anything. I'll also update my AUDCAD trade that I have been tracking later.
In the meantime, you might want to check out a Kindle ebook that Jon McFarlane from Forex Useful has put together. It's free on Amazon all weekend and is well worth a look Number 5 in the Forex Section!
Forex Useful Infograhics 2013 (Kindle)
Chat later!
I'm just getting around to scanning through my charts now to see if there is anything that grabs my attention. Will post here if I see anything. I'll also update my AUDCAD trade that I have been tracking later.
In the meantime, you might want to check out a Kindle ebook that Jon McFarlane from Forex Useful has put together. It's free on Amazon all weekend and is well worth a look
Number 5 in the Forex Section! Forex Useful Infograhics 2013 (Kindle)
Chat later!
Happy Sunday everyone!
I'm just getting around to scanning through my charts now to see if there is anything that grabs my attention. Will post here if I see anything. I'll also update my AUDCAD trade that I have been tracking later.
In the meantime, you might want to check out a Kindle ebook that Jon McFarlane from Forex Useful has put together. It's free on Amazon all weekend and is well worth a look
Forex Useful Infograhics 2013 (Kindle)
Chat later!
Nice one Nigel, thanks for that!
EurCad
Thanks Nigel for the weekly newsletter highlighting the possibility in the EurCad. I was looking at that pair after market close on friday as the best candidate and when I saw it in the newsletter I said to myself 'You have taught this system well'. Well done Nigel
By the way here is what I am doing with it:
Thanks Nigel for the weekly newsletter highlighting the possibility in the EurCad. I was looking at that pair after market close on friday as the best candidate and when I saw it in the newsletter I said to myself 'You have taught this system well'. Well done Nigel
By the way here is what I am doing with it:
Attachments
AudUsd
I am already bearish the audusd. Tried looking for support lines as per the PAST strategy and could only come up with these. For the strategy I normally like support lines that span more time than these.
OLu
I am already bearish the audusd. Tried looking for support lines as per the PAST strategy and could only come up with these. For the strategy I normally like support lines that span more time than these.
OLu
Attachments
The PAST Strategy - Price Action Swing Trading
Morning Gentlemen!
As I said in the report, I'm looking for shorts on EURCAD up to the underside of the trendline - something along the lines of the chart below.
We are working in quite a tight area here, so we could get a position in with very low risk - I certainly wouldn't want to see price above 1.41 for instance, and we are at 1.4080 now.
A little rally up now and I will have the finger on the trigger. If I see any real strength above 1.41 I will acknowledge that the bulls are stronger than I would like to see this morning at least and I will stand aside.
Morning Gentlemen!
As I said in the report, I'm looking for shorts on EURCAD up to the underside of the trendline - something along the lines of the chart below.
We are working in quite a tight area here, so we could get a position in with very low risk - I certainly wouldn't want to see price above 1.41 for instance, and we are at 1.4080 now.
A little rally up now and I will have the finger on the trigger. If I see any real strength above 1.41 I will acknowledge that the bulls are stronger than I would like to see this morning at least and I will stand aside.
Attachments
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