Price Action Swing Trading - The PAST Strategy

[Nigel Price]

Took a loss there for 13 pips.

Still think this could be just the market taking out a few stops before turning lower. If we saw a nice long wick on say maybe the hourly chart or something I might be tempted but otherwise I'll stand aside. Certainly not interested now unless price gets back below the trendline now.

Patience, patience.

"It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!"

 

[Nigel Price]

...when I saw it in the newsletter I said to myself 'You have taught this system well'. Well done Nigel

Indeed! A very well taught and supported system.

Thanks so much for the kind words guys - I am glad that you have found the ebook of some use. Very glad that it seems to have helped a few people out.

 

[Nigel Price]

The other thing that is important here is this:

we listen to what the market is telling us

The market is feeding us all the information we ever need, constantly. There is no mystery about it. What the market is doing is projected clearly in front of our faces on our charts. What we tend to do is look at it and then completely ignore it. That's where the tendency to fight obvious trends comes from.

Clearly the market in EURCAD is moving up right now. The big bullish candles are telling us that, loud and clear. It overcame the trendline we drew. Do we need anything more? We shouldn't! So what do we do?

We damn well listen, and if we are short, we close. Couldn't be any simpler.

There is nothing that makes less sense than watching a market move against you and simply watching the loss get bigger as the move develops.

Close it out, wait until the market is moving the way you want it to. Then you get in, and stay in, until the market starts to move against you again.

 

[Olu]

The other thing that is important here is this:

we listen to what the market is telling us

The market is feeding us all the information we ever need, constantly. There is no mystery about it. What the market is doing is projected clearly in front of our faces on our charts. What we tend to do is look at it and then completely ignore it. That's where the tendency to fight obvious trends comes from.

Clearly the market in EURCAD is moving up right now. The big bullish candles are telling us that, loud and clear. It overcame the trendline we drew. Do we need anything more? We shouldn't! So what do we do?

We damn well listen, and if we are short, we close. Couldn't be any simpler.

There is nothing that makes less sense than watching a market move against you and simply watching the loss get bigger as the move develops.

Close it out, wait until the market is moving the way you want it to. Then you get in, and stay in, until the market starts to move against you again.

Well said Nigel. Price action was strong to the upside today.

Olu

 

[Nigel Price]

Taking Profit - The PAST Strategy

Hi Guys,

The bulls came out in force today on AUDCAD and have posted a very impressive bullish candle.

So, being short as I am, what do we do? We move into defensive mode and try to guard as much of our profit as we can.

I mentioned before that I would use a trendline drawn connecting the two recent highs as my reference point. Above and I am looking to close out, and below I am looking for further declines.

The line I drew is not magic, and if the market completely ignores it that does not mean that I am crap at drawing trendlines. It is my trendline that I just use for the purposes of managing risk. Sometimes price will respect the trendline and turn around, other times it will just ignore it - there's no way of telling for certain what price is going to do.

When I checked the trade this evening I saw that the line was under a lot of pressure. So I going to bring my stop from 1.0009 to 0.9880, which is just above today's high. If this bullish candle is erased tomorrow, and the market declines further, I will hopefully still be in the game. If the market continues higher, which it looks as if it probably will, I will get stopped out for 129 pips, which isn't as much as I hoped for, but it's not bad either

There were a few opportunities to add further positions during this short downtrend, which I am sure some of you noticed. Taking these can really boost your profits, and I will go into these in much greater detail at a later stage, but for now I think everyone should get comfortable with the idea of entering with very small risk, and giving the market time to work its way into profit.

 

[Nigel Price]

Well said Nigel. Price action was strong to the upside today.

Olu

Too right Olu, for whatever reason CAD got hammered today!

No trendline break for me though, so I wasn't in the market.

Will keep an eye out for another line maybe forming before the end of the week. If price got back down to around the 1.41 mark I might be interested but for now I'll be standing aside.

 

[Nigel Price]

could the aud/usd weekly hold any promise?

Think you might be on to something there foodaba, the week has started promisingly for the bulls!

 

[Nigel Price]

Will keep an eye out for another line maybe forming before the end of the week. If price got back down to around the 1.41 mark I might be interested but for now I'll be standing aside.

Well that EURCAD strength was short-lived - we got some really nice action to the downside today. Funny how just a few minutes can change the whole complexion of the market.

The reason why I mentioned 1.41 last night was because I had the trendline shown below in my head as a possibility - I just didn't expect us to get down there so fast!

I wasn't at my screen when it broke, so I have missed this one, but I'd definitely consider getting involved if we see a rally back up to the underside.

Although I missed EURCAD, the upside of the day's price action though is that my AUDCAD trade has lived to fight another day, and is now sitting 230 pips in profit. A very different place to where I was last night, when I was expecting it to be stopped out

 

[Nigel Price]

EURCAD - Took a nibble at 1.4120 - stop 12 pips - 1.4132

 

[Nigel Price]

EURCAD - Took a nibble at 1.4120 - stop 12 pips - 1.4132

still in this trade, price just oscillating around my entry. Will either take a small loss, break-even, or a large profit. That's the name of the game

 

[Nigel Price]

still in this trade, price just oscillating around my entry. Will either take a small loss, break-even, or a large profit. That's the name of the game

This trade got stopped out for the 12 pips loss, after doing very little for a while and then just spiking up through my stop.

On the upside, my AUDCAD trade is now up over 300 pips today, and is looking healthy for further gains over the coming days and hopefully weeks

 

[GRS]

Thanks so much for the kind words guys - I am glad that you have found the ebook of some use. Very glad that it seems to have helped a few people out.

What I really like about your ebook is the tone. Sets a very good headspace for trading. The type of thing you could read before each session just to set a relaxed focused mood even if you know the rules well enough to otherwise not need to refer to it.

Have you trialled any other entries and how did they go? eg lower timeframe (maybe M15) engulf? Which part of the trade does the ea manage?

 

[myknees]

What I really like about your ebook is the tone. Sets a very good headspace for trading. The type of thing you could read before each session just to set a relaxed focused mood even if you know the rules well enough to otherwise not need to refer to it.

Have you trialled any other entries and how did they go? eg lower timeframe (maybe M15) engulf? Which part of the trade does the ea manage?

Great comments on the ebook - Don't think Nigel trades anything less than the 4 hour (as an anchor chart) and I don't blame him, plenty of "relaxed" opportunities out there!

 

[Olu]

Candidates

I am putting this ones up for consideration

NzdUsd
GbpChf
AudNzd

Olu

 

[shaharyarlove.s]

I use these two price action set ups as tools to implement a simple trading objective, which for me is of paramount importance – to keep losing trades as small as possible and allow winning trades to grow as large as possible.

 

[foodaba]

olu...... appreciate your suggestions, but from a newbie point of view could u post charts

along with your ideas so we could learn and see why u like these pairs...thanx in advance

 

[GRS]

Great comments on the ebook - Don't think Nigel trades anything less than the 4 hour (as an anchor chart) and I don't blame him, plenty of "relaxed" opportunities out there!

I was meaning alternative entry to a trend line break.

 

[Trader70]

this is scam thread as the trades do not win like is said. Comments are all same person. I lost money as the trades do not happen. If it works why don't you post live account results,

 

[Denny16]

Trader70, how is it a scam?The information is free. I think its a great method, maybe your just not suited to trading. How long have you been trading the method?

 

[agent007uk]

Trader70, how is it a scam?The information is free. I think its a great method, maybe your just not suited to trading. How long have you been trading the method?

He's probably been trading this method for at least a couple of days. I'm guessing two or three over-leveraged trades that were all losers. He risked everything on the last one but that lost too. Clearly not a happy bunny.