Hi myknees,
This the exact reason im changing brokers!!
Glad to hear your expoilting this benefit.
If you don't mind me asking, who do you use as your broker? is it GKFX?
Thanks
Price Action Swing Trading - The PAST Strategy
- Thread starter Nigel Price
- Start date
- Watchers 91
Hi myknees,
This the exact reason im changing brokers!!
Glad to hear your expoilting this benefit.
If you don't mind me asking, who do you use as your broker? is it GKFX?
Thanks
I was completely out of everything yesterday due to work commitments! I was out of the office all day, in and out of meetings. No access to the markets!! All day I kept thinking about the AUD/JPY and what it might be up to!
Do you guys work or are you full time trading?
Do you guys work or are you full time trading?
Hi russian30
I work full time but I have access to my charts periodically. There are days like you had yesterday where I just don't get a chance to look at trades and its annoying but until such times as I have a large enough account and a history of profitability to quit my job, it is just something that I will have to deal with.
I used to trade an end of day system but the stops were large as I was trading directly from the daily candles. I felt this was emotionally draining because you could sit holding a loss for days or even weeks on end. That's why I like this strategy, the losses are relatively quick and for me, therefore quite painless.
To try and adapt this strategy to go along with a full time job, I literally set a price alert at the level of the trendline and therefore only really watch my charts if I receive a text alert.
So far this seems to work for me.
Stuart
I have taken another punt at the AUDJPY short trade we have been discussing. In at 95.68 with a stop at 95.92. Will put a chart up later.
Also, EURAUD update - price now at the descending trendline on the H4. If it breaks up I'll be taking off half my original poistion entrered at 1.5305.
Stuart
Also, EURAUD update - price now at the descending trendline on the H4. If it breaks up I'll be taking off half my original poistion entrered at 1.5305.
Stuart
Hi folks
Here is my AUDJPY entry from earlier. Now I'm looking to move to BE on a break of the lower trendline.
Stuart
Here is my AUDJPY entry from earlier. Now I'm looking to move to BE on a break of the lower trendline.
Stuart
Nice trade myknees, good luck with the rest of it. Quick question about GKFX. I opened an account with them today as they have a promo on, I entered a 0.1 GBP position but it looks like this is the same as a 0.01 size position on any other broker I have used. Do you know where I can find a list of costs per pip movement for different trade sizes?
Thanks
Stuart
We have closed below the lower trendline highlighted above and so I have moved my stop to BE on the AUDJPY trade. Let's see what happens now.
Daily chart is looking bearish again.
Stuart
Daily chart is looking bearish again.
Stuart
Hi guys
A quick trade update:
AUDJPY has survived the night and is now up about 40 pips with a BE stop. Looking for continuation to the downside over the coming days.
EURAUD - has closed above the descending h4 trendline so I exited half my original poistion for +567 pips. Second half will remain open and I will be keeping my eye on any retraces along with a break of a trendline and continued momentum in the weekly/monthly chart to entertain going short again:
Stuart
A quick trade update:
AUDJPY has survived the night and is now up about 40 pips with a BE stop. Looking for continuation to the downside over the coming days.
EURAUD - has closed above the descending h4 trendline so I exited half my original poistion for +567 pips. Second half will remain open and I will be keeping my eye on any retraces along with a break of a trendline and continued momentum in the weekly/monthly chart to entertain going short again:
Stuart
Hi folks
Here is my AUDJPY entry from earlier. Now I'm looking to move to BE on a break of the lower trendline.
Stuart
I decided to take one last crack at this AUDJPY short. I entered at 95.61 at the indecision candle which came up to retest the lower trend line in the chart above. Initial stop was at 95.74 but the next hourly candle moved very quickly in my direction and so I was able to move to BE after that candle closed.
Price is currently approaching my BE stop so we will just need to wait and see how this plays out.
This is the 4th attempt to trade this pair this week with 1 loser, 2 break even and 1 open position with a BE stop.
Whilst this has not been a very profitable week trading this pair, the great thing about this strategy is that it has also not given me any significant losses. It could be a while before I catch another really nice winner but when I do, I will wipe out these small losses in the blink of an eye.
Hope everyone has had a good week. I'll see what the weekly charts are looking like on Sunday evening and will post anything that catches my eye.
Stuart
Hi Nigel
Have just read through your weekly PAST report and once again thank you for this insight and reminders of the past strategy principles. Thank you for bringing my attention t the S&P500, it's not something I trade very often so I will definitely be keeping my eye on it over the coming sessions.
I have a few other pairs that I will also be watching during next weeks' trading:
EURAUD Short- I will continue to monitor my remaining position
EURJPY Short- There was a monthly signal a couple of months ago which has not yet played out however it has not been invalidated yet either, charts to follow.
XAUUSD Short - We have had a bit of a retrace following the short signal on the weekly I was trading a couple of weeks ago. I will be looking to see if there is a chance to get short again in this market. Charts to follow.
Has anyone else got anything on their radar for the coming week?
Stuart
Have just read through your weekly PAST report and once again thank you for this insight and reminders of the past strategy principles. Thank you for bringing my attention t the S&P500, it's not something I trade very often so I will definitely be keeping my eye on it over the coming sessions.
I have a few other pairs that I will also be watching during next weeks' trading:
EURAUD Short- I will continue to monitor my remaining position
EURJPY Short- There was a monthly signal a couple of months ago which has not yet played out however it has not been invalidated yet either, charts to follow.
XAUUSD Short - We have had a bit of a retrace following the short signal on the weekly I was trading a couple of weeks ago. I will be looking to see if there is a chance to get short again in this market. Charts to follow.
Has anyone else got anything on their radar for the coming week?
Stuart
EURJPY Charts as discussed above
Monthly:
Weekly:
And finally H4:
As discussed on the charts, I really want to see the weekly trendline break however I would be willing to trade this from a 4HR or 1HR break of this trendline. As far as I know there is some correlation between Yen crosses and the equities markets so if Nigel's SP500 trade idea works out then I think there is a possibility that this may also play ball. However as we know with this strategy, we do not presume to know what is going to happen, we only put ourselves in a position to maximise our profits if right and minimise our losses if wrong.
Happy trading
Stuart
Monthly:
Weekly:
And finally H4:
As discussed on the charts, I really want to see the weekly trendline break however I would be willing to trade this from a 4HR or 1HR break of this trendline. As far as I know there is some correlation between Yen crosses and the equities markets so if Nigel's SP500 trade idea works out then I think there is a possibility that this may also play ball. However as we know with this strategy, we do not presume to know what is going to happen, we only put ourselves in a position to maximise our profits if right and minimise our losses if wrong.
Happy trading
Stuart
Hi all,
Just my thoughts for the week.
NZD/USD - I've been watching this market all week. Its been struggling to break the 8720 mark and when it did, it instantly got battered straight back down. I picked up a short position at 0.8705. We'll see where it goes next week. If it does break through my BE stop I will short again in the .8750 area.
Silver - I'm looking for silver to move lower through my trend line as a short term move. 1900 has been MAJOR resistance for silver so if we do move lower, I will be looking for the longer term BUY move from around the 1900 mark. There could be good up side potential if this plays out. Recent highs (Feb 25th ish) were around 2210!
GBP/USD - The pound has been attempting to break and maintain new highs for weeks. I think its worth a punt to short it from around anywhere around the 1.6790 - 1.6830 area.
As usual, my analysis is far from technical and maybe doesn't fully embrace all elements of the past strategy. However, I work with the principles of trend lines, major support and resistance areas, tight stops with a long term view on returns (super high Risk:Return ratios). These I feel are the main foundation of the PAST strategy. So hopefully my commentary adds value.
Good luck all
:
Just my thoughts for the week.
NZD/USD - I've been watching this market all week. Its been struggling to break the 8720 mark and when it did, it instantly got battered straight back down. I picked up a short position at 0.8705. We'll see where it goes next week. If it does break through my BE stop I will short again in the .8750 area.
Silver - I'm looking for silver to move lower through my trend line as a short term move. 1900 has been MAJOR resistance for silver so if we do move lower, I will be looking for the longer term BUY move from around the 1900 mark. There could be good up side potential if this plays out. Recent highs (Feb 25th ish) were around 2210!
GBP/USD - The pound has been attempting to break and maintain new highs for weeks. I think its worth a punt to short it from around anywhere around the 1.6790 - 1.6830 area.
As usual, my analysis is far from technical and maybe doesn't fully embrace all elements of the past strategy. However, I work with the principles of trend lines, major support and resistance areas, tight stops with a long term view on returns (super high Risk:Return ratios). These I feel are the main foundation of the PAST strategy. So hopefully my commentary adds value.
Good luck all
:
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I've been finding great success recently working on the 10 min time frame for my entries. I've been working a 4-6 pt stop pretty effectively on this lower time frame. May be give it a go if you haven't already.
Around 10 days ago I started logging the details of every trade I make in a spreadsheet. Since working on the lower time frame, I've managed to reduce my average stop loss to around 8 pts!!
I've also started to add a small "extra" amount into each spread bet. I'm treating this as a kind of "cover". The small extra will be closed out as soon as I reach 6 R:R. This allows me to "cover" some of my losers rather than just waiting for that big win all the time. Its kind of psychological really.
7 of my last 20 trades moved beyond a 6R:R target but inevitably retraced and ended with a BE. With my new strategy, I close out the small additional amount at 6R:R and leave the rest running as before.
For every 1gpb per point I place, I add 0.25 pence to close out at 6R:R.
I remember someone commenting that they felt pretty demotivated when their gains started to evaporate on what they first perceived as a "winning trade". I feel the same. Usually any trade that i move to break even I want to get some small benefit from, a kind of win! This tweak should help me recognize that.
Around 10 days ago I started logging the details of every trade I make in a spreadsheet. Since working on the lower time frame, I've managed to reduce my average stop loss to around 8 pts!!
I've also started to add a small "extra" amount into each spread bet. I'm treating this as a kind of "cover". The small extra will be closed out as soon as I reach 6 R:R. This allows me to "cover" some of my losers rather than just waiting for that big win all the time. Its kind of psychological really.
7 of my last 20 trades moved beyond a 6R:R target but inevitably retraced and ended with a BE. With my new strategy, I close out the small additional amount at 6R:R and leave the rest running as before.
For every 1gpb per point I place, I add 0.25 pence to close out at 6R:R.
I remember someone commenting that they felt pretty demotivated when their gains started to evaporate on what they first perceived as a "winning trade". I feel the same. Usually any trade that i move to break even I want to get some small benefit from, a kind of win! This tweak should help me recognize that.
Hi Russian30
Thanks for sharing your insight. Some interesting setups identified and I will definitely be looking at them throughout the week.
The trading in the Zone book I mentioned to you earlier advises taking some profits when the market makes it available to you, I think it might be worth investigating a little further but I will need to run through some of the math.
Stuart
Thanks for sharing your insight. Some interesting setups identified and I will definitely be looking at them throughout the week.
The trading in the Zone book I mentioned to you earlier advises taking some profits when the market makes it available to you, I think it might be worth investigating a little further but I will need to run through some of the math.
Stuart
Hi folks
How has everyone been getting on today?
thought I would update the thread with my days trading:
1 Loss - EURJPY
1 BE - XAUUSD
2 x Open with BE Stop, SP500 and one with a small SL, EURJPY
I watched intermittently today as the SP500 made its way toward the Daily/H4 trendline Nigel highlighted in his report but it didn't have the egs to get there (at least not today anyway). Price looked like it was stalling around some horizontal resistance between 1829 and 1831. I decided to go down to 15 min chart and managed to get an entry on the break of a 15 min trendline. I have now moved the stop to BE, see chart:
I was also rather aggressive this morning on XAUUSD and EURJPY, I'll discuss the EURJPY first. Against my better judgement I took a short from a 1hr trendline break, I had planned to wait for the H4 trendline to break but I got impatient. Nevertheless, I managed to get to BE quite quickly but was stopped out during retail sales volatility. I will now be waiting for the H4 trendline to break, see chart:
On EURJPY I took a Pin Bar of the retest of a trendline but was stopped for a small loss. I tried again and I am still in the trade now with a small SL. Looking for price now to overcome the lower trendline so I can move to BE:
Stuart
How has everyone been getting on today?
thought I would update the thread with my days trading:
1 Loss - EURJPY
1 BE - XAUUSD
2 x Open with BE Stop, SP500 and one with a small SL, EURJPY
I watched intermittently today as the SP500 made its way toward the Daily/H4 trendline Nigel highlighted in his report but it didn't have the egs to get there (at least not today anyway). Price looked like it was stalling around some horizontal resistance between 1829 and 1831. I decided to go down to 15 min chart and managed to get an entry on the break of a 15 min trendline. I have now moved the stop to BE, see chart:
I was also rather aggressive this morning on XAUUSD and EURJPY, I'll discuss the EURJPY first. Against my better judgement I took a short from a 1hr trendline break, I had planned to wait for the H4 trendline to break but I got impatient. Nevertheless, I managed to get to BE quite quickly but was stopped out during retail sales volatility. I will now be waiting for the H4 trendline to break, see chart:
On EURJPY I took a Pin Bar of the retest of a trendline but was stopped for a small loss. I tried again and I am still in the trade now with a small SL. Looking for price now to overcome the lower trendline so I can move to BE:
Stuart
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