Price Action Swing Trading - The PAST Strategy
- Thread starter Nigel Price
- Start date
- Watchers 91
Right, the bulls need to be giving up right around now. Capitulation, or else us bears need to get out of the way.
GBP/CAD
Seems as though we are moving away from the trendline, but not a quickly as I would like
Don't have stop at B/E just yet. The only thing is now London is closed, we could just get the usual "drift" for the balance of the US session.
Wait and see.
Seems as though we are moving away from the trendline, but not a quickly as I would like
Don't have stop at B/E just yet. The only thing is now London is closed, we could just get the usual "drift" for the balance of the US session.
Wait and see.
GBP/CAD
As I was saying, once London closes often all you get is drift!
I'm out from 7476.
Below is the chart I'll be watching tomorrow
Not sure whether I'll be updating live again or not, it's hard work doing all this posting! Hope it has been of some help anyway.
Control risk and let the reward look after itself.
Good luck!
As I was saying, once London closes often all you get is drift!
I'm out from 7476.
Below is the chart I'll be watching tomorrow
Not sure whether I'll be updating live again or not, it's hard work doing all this posting! Hope it has been of some help anyway.
Control risk and let the reward look after itself.
Good luck!
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Hi Euroman - no worries!
That's what it is all about!
That trade is actually still open! Although it is beginning to move sideways a bit now. That same trendline that I was looking at before will be what I will use to help me decide when to get out.
Once you start thinking about managing risk, that is when you are on the right path! Good luck!
“Learn to take losses. The most important thing in making money is not letting your losses get out of hand.”
Marty Schwartz
Letting losses run is the most serious mistake made by most investors.”
William O’Neil
“If I have positions going against me, I get right out; if they are going for me, I keep them… Risk control is the most important thing in trading. If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in.”
Paul Tudor Jones
“The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance.”
Ed Seykota
“When I became a winner, I said, ‘I figured it out, but if I’m wrong, I’m getting the hell out, because I want to save my money and go on to the next trade.’”
Marty Schwartz
“Don’t focus on making money; focus on protecting what you have.”
Paul Tudor Jones
“I always define my risk, and I don’t have to worry about it.”
Tony Saliba
“Throughout my financial career, I have continually witnessed examples of other people that I have known being ruined by a failure to respect risk. If you don’t take a hard look at risk, it will take you.”
Larry Hite
I know this will sound like a cliche, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short.”
Victor Sperandeo
I'm not the only one to be whining on about losses and risk all the time! I'm in some good company here.
But what the PAST Strategy is all about is trying to give us a framework within which we try to adopt the advice of the trading giants above.
It's one thing saying we have to cut losses, etc, it's another thing to actually describe how it can practically be done.
With PAST I am trying to show people how I do it - hopefully it will get some readers thinking about changes they can make to their trading which might help them put some of the above wisdom into action.
Marty Schwartz
Letting losses run is the most serious mistake made by most investors.”
William O’Neil
“If I have positions going against me, I get right out; if they are going for me, I keep them… Risk control is the most important thing in trading. If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in.”
Paul Tudor Jones
“The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance.”
Ed Seykota
“When I became a winner, I said, ‘I figured it out, but if I’m wrong, I’m getting the hell out, because I want to save my money and go on to the next trade.’”
Marty Schwartz
“Don’t focus on making money; focus on protecting what you have.”
Paul Tudor Jones
“I always define my risk, and I don’t have to worry about it.”
Tony Saliba
“Throughout my financial career, I have continually witnessed examples of other people that I have known being ruined by a failure to respect risk. If you don’t take a hard look at risk, it will take you.”
Larry Hite
I know this will sound like a cliche, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short.”
Victor Sperandeo
I'm not the only one to be whining on about losses and risk all the time! I'm in some good company here.
But what the PAST Strategy is all about is trying to give us a framework within which we try to adopt the advice of the trading giants above.
It's one thing saying we have to cut losses, etc, it's another thing to actually describe how it can practically be done.
With PAST I am trying to show people how I do it - hopefully it will get some readers thinking about changes they can make to their trading which might help them put some of the above wisdom into action.
AUD/USD
Also got the break on AUD/USD from the report.
I'm not in this one myself, I was too busy watching GBP/CAD and Bernie Ecclestone failing to get through a door.
Also got the break on AUD/USD from the report.
I'm not in this one myself, I was too busy watching GBP/CAD and Bernie Ecclestone failing to get through a door.
Attachments
Well GBPCAD toyed with me again this morning. I had two failed entries earlier today before joining Nigel at 1.7474.
Bought AUDUSD at 0.9120 with trend break above previous probe.
Sold USDCAD at 1.0631 on a 15 min trend break.
It would be nice to see them all head off, without checking the doors
Bought AUDUSD at 0.9120 with trend break above previous probe.
Sold USDCAD at 1.0631 on a 15 min trend break.
It would be nice to see them all head off, without checking the doors
GBP/CAD continued....
Right, after the initial move down, we have moved into the usual period of consolidation. I haven't yet moved my stop to breakeven, but my risk on this position will be limited to only a few pips. Depending on price action, I might tolerate a go at the underside of the trendline, but if I see any unwelcome strength from the bulls, I will not be slow to close out.
The ideal situation now would be for the bulls just to give up and price to rocket to the downside, but the markets rarely give you exactly what you want - you have to try to gently coax what you want out of them.
Right, after the initial move down, we have moved into the usual period of consolidation. I haven't yet moved my stop to breakeven, but my risk on this position will be limited to only a few pips. Depending on price action, I might tolerate a go at the underside of the trendline, but if I see any unwelcome strength from the bulls, I will not be slow to close out.
The ideal situation now would be for the bulls just to give up and price to rocket to the downside, but the markets rarely give you exactly what you want - you have to try to gently coax what you want out of them.
It would be nice to see them all head off, without checking the doors
That makes two of us Euroman!
The charts come from Trading View Euroman. Free account.
I really like it as a charting package - if they offered live trading through their charts it would definitely be something I would be interested in, but no such luck yet!
I use it for posting charts because my main platform, which is MT4, runs on a VPS - and you can get a better screen grab from Trading View.
But my MT4 looks much the same:
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