Price Action Swing Trading - The PAST Strategy

[Nigel Price]

Haven't done anything on EURAUD yet russian30, to be honest I think I will just concentrate on AUDJPY this week.

I like to keep things as relaxed as possible and so I'm rarely jumping around the charts looking for new trades. Some people are really good at doing that but I usually just end up getting a bit wound up and I find I just perform better when I am relaxed.

So if I didn't already have a position in EURAUD I might consider looking at it, but right know AUDJPY has my attention. If we got a more meaningful retrace in EURAUD I might look at it, but probably not this week.

 

[russian30]

fair enough. sounds like a plan.

Stuart 1984 - I download the market wizards audio book from audible last week and I just finished it. I have to say, it was money and time well spent. what an awesome book! It was so good, I've just downloaded his second book 'hedge fund market wizards' to listen to this week.

 

[Nigel Price]

Stuart 1984 - I download the market wizards audio book from audible last week and I just finished it. I have to say, it was money and time well spent. what an awesome book! It was so good, I've just downloaded his second book 'hedge fund market wizards' to listen to this week.

Totally agree - anything by Jack Schwager is worth a read - I don't think I have read his latest, the hedge fund one, yet, but I have read the most of the others more than once.

All the different interviews make you realise that there are lots of ways you can skin the cat, but there are some common principles that you see repeated over and over again.

 

[russian30]

I just got taken out for +5.

 

[Nigel Price]

I just got taken out for +5.

out at BE myself russian30 - market is telling us she's not quite ready to roll over just yet!

theres this trendline on the 5 min - it would be very aggressive to take a break of it, but I might consider a retest...

 

[russian30]

I'm eyeing up a similar line on the 10 min.

 

[Nigel Price]

Just staying patient now, watching. Like a sniper. Or a cat.

 

[Nigel Price]

Gonna take a go at this now, at 95.71

 

[Nigel Price]

Chart

 

[Nigel Price]

A cautionary stop above the highs at 95.90, but I have no intention of letting it get up as far as that.

 

[Nigel Price]

Why was a break deemed aggressive a while ago, and not so much now?

Well, if you look at the trendline, when I said that, there had only been two touches.

But now, there has been four touches, and a break.

A trendline with four touches as opposed to two touches, is a different proposition.

The more touches, the more people will have seen it, the stronger it is, the better the "pop" when it breaks.

That's the theory anyway!

 

[Nigel Price]

Here is a level that I would be keeping an eye on to decide whether or not the bears have the mojo to take this lower.

Would want to see a break above it before bailing out.

 

[Nigel Price]

Topping out about right now would be nice, but rarely does the market conform to our wishes!

(EDIT: current price 95.77)

 

[russian30]

Up or down is fine with me but sideways is a bitch!!

This is painful to watch!!

Drop already!

 

[Nigel Price]

Up or down is fine with me but sideways is a bitch!!

This is painful to watch!!

Drop already!

Mr Market is making us work for our pips!

 

[russian30]

The market seems to be coiling up like a spring! It may be ready to move!

 

[Nigel Price]

ok +20 pips now, seems like a good time to bring stop to B/E.

So that's 2 attempts for me, zero losses, and one open position.

Let's see if the bears can make it stick for a little longer this time.

Just a note to anyone reading this who thinks that they can't trade like this because they have a job or can't be at the screen for whatever reason - I chose this pair this week so I could show people a bit quicker how PAST can work. It is exactly the same on the higher timeframes - which the EUR/AUD is an example of, which we have been working on over the last few weeks. If you have commitments during the day or whatever, use weekly or monthly chart for your anchor and perhaps 4 hour for your entries. Exactly the same principles apply.

 

[stuart1984]

Hi All,

I just wanted to say a quick thanks (especially to Nigel) for the informative posts and guidance you guys provide. I been following these post for nearly 5 months now and they've made such a drastic improvement to my trading. This strategy fits really well with the way I trade and I'm actually becoming profitable for once!!

stuart - Unlucky with the stop! it must of been within 1 or 2 pips!! Happy birthday by the way.

Also, I just wanted to ask you guys how you trade? do you use spread betting or a forex account? mt4?

I'm gona make an effort to actively contribute more to the forum when I get the opportunity or have something to add.

Keep up the good work. I'm sure there's more people here who appreciate your efforts.

Thanks

Hi russian30, welcome to the forum and thanks for the birthday wishes. Had a great time in London and it seems there has been plenty of posts on this forum while I was away.

I know Nigel has already responded regarding the spread betting question you raised however I thought I would also add my 2 cents and unfortunately this is the first opportunity I have had. I currently have a 2 spread bet accounts both with FXCM, one using MT4 and one on their own propriety platform Trading Station 2. I have no complaints about FXCM and the rollover fee's don't seem to be much different to the fee's I am charged with Excel Markets on a normal trading account. My accounts are very small and so at the moment fee's like these don't concern me too much and as Nigel pointed out, I don't actually think the fee's will be what makes or breaks you as a trader, however, once I have increased my capitol, I will probably take more of an active interest in what I am being charged for the privilege.

In summary, the spread bet accounts seem to work fine for me and I don't have any reason to warn you away from FXCM.

I gather you have made a decision about a broker so if you fancy sharing your experience of this broker once you have traded with them for a while I would be interested to hear what you think.

Thanks

Stuart

 

[stuart1984]

russia30

I meant to add in my last post that the FXCM Trading Station platform is great and IMO is better than MT4 if you are a manual trader.

Thanks

Stuart

 

[stuart1984]

fair enough. sounds like a plan.

Stuart 1984 - I download the market wizards audio book from audible last week and I just finished it. I have to say, it was money and time well spent. what an awesome book! It was so good, I've just downloaded his second book 'hedge fund market wizards' to listen to this week.

Russian30, I am glad you enjoyed the book, I also found it very useful, I have not read his other books so let me know how you get on with hedge fund market wizards as I would be keen to give it a read.

On the topics of books, if you like reading trading books, another I would recommend is Trading In The Zone by Mark Douglas. It's a trading psychology book and I have found it really useful. If you take the time to listen (it's also available on Audible) and really try and think about what the author is saying I think it is a valuable book for any trader.

Thanks

Stuart