Price Action Swing Trading - The PAST Strategy
- Thread starter Nigel Price
- Start date
- Watchers 91
GBPJPY
Well, I don't know about the rest of you guys, but GBPJPY certainly messed with me yesterday
The biggest mistake I made was in not walking away from the trade after three losing trades. The market was telling me loud & clear to stay away & I ignored it to my cost. In the end I had one breakeven & four losing trades for a total loss of 116 pips & 3.5% of my account- sorry Nigel!
I also had a B/E trade on EURUSD. I'm pleased my GBPCAD trade is still going strong, it just has a bit more work to do now to keep the account positive.
A couple of charts. The hourly shows my most annoying trade, due only to my lack of patience. I got a great entry right near resistance & that would still be open now, with the stop pulled in a little closer to the top line if I had not opened the 2nd trade.
The 2nd trade should have waited until price had made new lows. Instead I jumped in on the trendline break, moved the first stop to breakeven & used it as the stop for the 2nd trade. As resistance was tested again, both trades were stopped out.
One of the reason for jumping into so many trades, was that I didn't want to 'lose' all the available pips by waiting until new lows were made & yet looking at the daily chart, the days range was fairly small, look at a monthly chart & it's barely visible.
Today is another trading day & I'm out for most of it, which is probably a good thing.
Well, I don't know about the rest of you guys, but GBPJPY certainly messed with me yesterday
The biggest mistake I made was in not walking away from the trade after three losing trades. The market was telling me loud & clear to stay away & I ignored it to my cost. In the end I had one breakeven & four losing trades for a total loss of 116 pips & 3.5% of my account- sorry Nigel!
I also had a B/E trade on EURUSD. I'm pleased my GBPCAD trade is still going strong, it just has a bit more work to do now to keep the account positive.
A couple of charts. The hourly shows my most annoying trade, due only to my lack of patience. I got a great entry right near resistance & that would still be open now, with the stop pulled in a little closer to the top line if I had not opened the 2nd trade.
The 2nd trade should have waited until price had made new lows. Instead I jumped in on the trendline break, moved the first stop to breakeven & used it as the stop for the 2nd trade. As resistance was tested again, both trades were stopped out.
One of the reason for jumping into so many trades, was that I didn't want to 'lose' all the available pips by waiting until new lows were made & yet looking at the daily chart, the days range was fairly small, look at a monthly chart & it's barely visible.
Today is another trading day & I'm out for most of it, which is probably a good thing.
Attachments
Hi foodaba, I admire your discipline with just two trades yesterday, I wish I had done the same! I would have been 130 pips up if I had left the first trade alone.
Tough luck with the spike, they are annoying.
My plan is to sit on my hands until Thursday morning, there is more GBP news today & tomorrow morning & then the much anticipated FOMC rate decision.
Tough luck with the spike, they are annoying.
My plan is to sit on my hands until Thursday morning, there is more GBP news today & tomorrow morning & then the much anticipated FOMC rate decision.
My plan is to sit on my hands until Thursday morning, there is more GBP news today & tomorrow morning & then the much anticipated FOMC rate decision.
Good thinking Euroman!
If we analyse some of NP's posts it is obvious that "sitting on one's hands" at times is part of PAST strategy. His mantra of - patience, patience, patience - makes sense because better and clearer trading opportunities will inevitably arise if we are prepared to wait for them.
My biggest problem is learning to control my occasional "let's have a go" approach and with hindsight wish I'd been patient and sat on my hands 5 weeks ago!
Here's wishing all PAST followers a joyful festive season and great trading in 2014.
Good thinking Euroman!
If we analyse some of NP's posts it is obvious that "sitting on one's hands" at times is part of PAST strategy. His mantra of - patience, patience, patience - makes sense because better and clearer trading opportunities will inevitably arise if we are prepared to wait for them.
My biggest problem is learning to control my occasional "let's have a go" approach and with hindsight wish I'd been patient and sat on my hands 5 weeks ago!
Here's wishing all PAST followers a joyful festive season and great trading in 2014.
First post and questions
Hi all,
First of all best of luck (and health) for 2014.
I've been reading PAST last week(s) of 2013. Tried so many things in the past amongst them indicators and whatever. I never managed to get profitable in trading. Now this PAST strategy seems solid as to regards the philosofy. So I will give it a try. I know in beforehand I will have a hard time because of the amount of small losers I will have to endure. I can't stand being wrong. But .... Nigel pointed out clearly it is not about being wrong or right, but about controlling risk. Well I will try and implement that in my thinking.
I've been reading the thread. I started to wonder if anyone, besides Nigel, trades this strategy profitable. Is there anyone?
I will be busy implementing this strategy and will try to post charts of my trades. Beware though they will be charts of demo account trading.
Well, let's see how I go about ....
Hi all,
First of all best of luck (and health) for 2014.
I've been reading PAST last week(s) of 2013. Tried so many things in the past amongst them indicators and whatever. I never managed to get profitable in trading. Now this PAST strategy seems solid as to regards the philosofy. So I will give it a try. I know in beforehand I will have a hard time because of the amount of small losers I will have to endure. I can't stand being wrong. But .... Nigel pointed out clearly it is not about being wrong or right, but about controlling risk. Well I will try and implement that in my thinking.
I've been reading the thread. I started to wonder if anyone, besides Nigel, trades this strategy profitable. Is there anyone?
I will be busy implementing this strategy and will try to post charts of my trades. Beware though they will be charts of demo account trading.
Well, let's see how I go about ....
Aquarius welcome to the thread, I think its hard to ask if anyone is trading profitably yet as the strategy has only been available a 6 months and anyone profitable is probably a little more by luck than judgement and anyone not profitable is probably more by bad luck than judgement - I am in for the long haul - The strategy is sound and the updates are excellent - Al for free
I am up by a few quid to date over a few months, probably more by luck than judgement - The PAST indicator is really useful by the way.
I am up by a few quid to date over a few months, probably more by luck than judgement - The PAST indicator is really useful by the way.
Looking to sell EURAUD
EURAUD made a Bearish Reversal Candle last week. There wasn't a higher high after the Long Wick candle two weeks before. I consider this to be weak.
In the weekly chart there is a magenta box below price which is a Daily Demand area almost at the same level as the August High. This area is to be watched when price reaches it because it might find support there and turn around.
On the H4 chart I have drawn a possible price path. A retrace to the former Daily Supply level / break of former low and then resuming the downtrend on H4.
Let's see how this works out and if I can get a short entry on a bearish (H4) signal.
EURAUD made a Bearish Reversal Candle last week. There wasn't a higher high after the Long Wick candle two weeks before. I consider this to be weak.
In the weekly chart there is a magenta box below price which is a Daily Demand area almost at the same level as the August High. This area is to be watched when price reaches it because it might find support there and turn around.
On the H4 chart I have drawn a possible price path. A retrace to the former Daily Supply level / break of former low and then resuming the downtrend on H4.
Let's see how this works out and if I can get a short entry on a bearish (H4) signal.
Attachments
Last edited:
where is PAST??
heye guys, im brand new here, and this thread got my attention. Can anyone tell me where I can read the entire pride action swing strategy.anywhere around here???....thanks ahead for your patience with me, as i said im new...
heye guys, im brand new here, and this thread got my attention. Can anyone tell me where I can read the entire pride action swing strategy.anywhere around here???....thanks ahead for your patience with me, as i said im new...
Sell stop EurAud
This morning (07-01-14) I raised the sell stop to 1.5256. It just got triggered. Price retraced as pointed out. Would have liked a higher entry. Also having a daily job it is quite 'hard' to enter on the right spot. Stop loss @ 1.5326.
Ok, waiting now .....
Anyone else trading PAST and in a position or waiting to get in??????
Price made a high of 1.5248 and now around 1.5200. This could be the stepstone to a higher high. But if it gives away it could mean the downtrend will resume. So I put in a sell stop at 1.5182 with stop at 1.5252
This morning (07-01-14) I raised the sell stop to 1.5256. It just got triggered. Price retraced as pointed out. Would have liked a higher entry. Also having a daily job it is quite 'hard' to enter on the right spot. Stop loss @ 1.5326.
Ok, waiting now .....
Anyone else trading PAST and in a position or waiting to get in??????
Last edited:
Overview of closed and open trades
These are my closed and open trades at the moment. All but one are (more or less) based on PAST. I will put the SL of open positions to BE when appropiate and let it run. I decided with EURCAD to test a wide stop. I feel a little regret now. I think it was a bad idea, but I will sit it out for now.
I would like to know whether you think it is usefull to do this kind of posting. As far as I know I can not make Metatrader show the entries otherwise I think I would post charts when time is available. Maybe I will post charts of the closed trades.
These are my closed and open trades at the moment. All but one are (more or less) based on PAST. I will put the SL of open positions to BE when appropiate and let it run. I decided with EURCAD to test a wide stop. I feel a little regret now. I think it was a bad idea, but I will sit it out for now.
I would like to know whether you think it is usefull to do this kind of posting. As far as I know I can not make Metatrader show the entries otherwise I think I would post charts when time is available. Maybe I will post charts of the closed trades.
Attachments
EURCAD: bad decisions?
As EURCAD made a strong engulfing down bar after a trend I was looking for shorts. After the break of the downtrendline I was waiting for a bearish signal. It came at the H4 pinbar after two strong bullish bars. So I took a short. First I had my stop above the pinbar but later moved it. Seems this one works out as a perfect trade from a H4 demand level (which I could not get to work before I came to PAST). Now it is maybe better to move my stop beyond the H4 Supply level
Now what was the bad decision: taking the trade after the pinbar or moving the stop?
As EURCAD made a strong engulfing down bar after a trend I was looking for shorts. After the break of the downtrendline I was waiting for a bearish signal. It came at the H4 pinbar after two strong bullish bars. So I took a short. First I had my stop above the pinbar but later moved it
. Seems this one works out as a perfect trade from a H4 demand level (which I could not get to work before I came to PAST). Now it is maybe better to move my stop beyond the H4 Supply levelNow what was the bad decision: taking the trade after the pinbar or moving the stop?
Attachments
Last edited:
Another EURUSD BE and emotional re-enter
Another EURUSD stopped out at BE. Now it was moving down while watching the chart I fell in my old habit of reacting on price movement instead of planning a trade. So I re-entered with a stop of 75 pips. Maybe EURUSD broke the 1.3600 level and the/my weekly (support)trendline coming from June 2013. Could it be a major turning point?
There were other trades stopped out today. Well in these cases BE or with a small loss. Hm .... the waiting is for the multi hundred pips run
I will wait for this thread to get more active before I post again....
Another EURUSD stopped out at BE. Now it was moving down while watching the chart I fell in my old habit of reacting on price movement instead of planning a trade. So I re-entered with a stop of 75 pips
. Maybe EURUSD broke the 1.3600 level and the/my weekly (support)trendline coming from June 2013. Could it be a major turning point?There were other trades stopped out today. Well in these cases BE or with a small loss. Hm ....
the waiting is for the multi hundred pips run I will wait for this thread to get more active before I post again....
Attachments
Last edited:
Similar threads
