Price Action Swing Trading - The PAST Strategy

[stuart1984]

Hi all,
i'm trading with this strategy too from the start of this month. For now:

Close at BE -> EURUSD 2/06/2014 open SELL @1.36086
Open -> AUDNZD 3/6/2014 open BUY @1.09639 (on H1 break as stuart1984) sl @1.09287

Hope AUDNZD can change direction

Hi Blackcat

Welcome to the forum, good to have you on board.
Hopefully you will now be at BE on the AUDNZD trade. If you are, you now have a risk free opportunity to make the market work for you.

Keep us up to date on your progress.

Stuart

 

[anukrh]

Hello !

EURJPY Monthly anchor chart indicating go for SELL (Bearish engulfing continuation)
EURJPY Weekly anchor chart indicating go for BUY (pin bars)
EURJPY Daily anchor chart indicating go for SELL (pin bar)

what to do ? need view on this!

Anu

 

[anukrh]

Hello!

whether anyone using DUKASCOPY as Brooker, i am planning to open real account with Dukascopy Europe with 100$ .
OR
can anyone suggest best honest Brooker with less spread + less investment (nearby 100$)

Anu

 

[blackcat]

Hi all,
I've just complete an analysis for the next week.

EURGBP > from w1 anchor chart - BUY
EURUSD > from w1 anchor chart - BUY
GBPCHF > from w1 anchor chart - SELL

In attach the graph on h4 for the trendline. Hope you can confirm and/or integrate this analysis

Have a nice weekend.

blackcat

 

[stuart1984]

Hi all,
I've just complete an analysis for the next week.

EURGBP > from w1 anchor chart - BUY
EURUSD > from w1 anchor chart - BUY
GBPCHF > from w1 anchor chart - SELL

In attach the graph on h4 for the trendline. Hope you can confirm and/or integrate this analysis

Have a nice weekend.

blackcat

Thanks blackcat, great to have you posting on the forum with charts. How are you getting on so far?

Your analysis looks good, couple of pairs there that I hadn't noticed so thanks for highlighting.

Stuart

 

[stuart1984]

Hi everyone

I hope you have all had a nice weekend, I am just getting my charts together to prepare for the week ahead.

Last week was a frustrating week for me. My AUDNZD long trade which initially looked quite nice was stopped out for BE. My AUDUSD short was also stopped out for BE.

More importantly, I decided to close my NZDUSD short based on the bullish weekly pin bar that closed on Friday, my closing profit was 105 pips.

I have now also closed all remaining positions on EURCAD and EURAUD, these were closed with +351 pips and +635 pips respectively. The EURAUD trade has been open now for 2 and a half months and I have to say I was a little reluctant to close out the trade. However I felt it was time to let go and take my profits.

I have to apologise that I have not been as active on the forum recently, I changed jobs a couple of weeks ago and I now no longer work at a desk and so keeping the posts coming regularly is proving to be a challenge. I will do my best to keep the updates coming in the evenings and weekends.

I am working on my charts at the moment and will post my priorities for next week.

Thanks

Stuart

 

[stuart1984]

OK folks, here are my charts with possible trading opportunities over the coming week(s).

First up is the EURUSD:
Weekly:


H4:


Next up is the EURCAD - switching from previous shorts to looking for longs based on weekly chart:


H4:

 

[stuart1984]

I am alos looking at buying NZDUSD, here is the weekly:


And here is the H4:


I am also continuing to watch for opportunities to short GBPUSD and take AUDNZD long again.

Thanks and happy trading, any comments welcome.

Stuart

 

[blackcat]

Hi stuart,

great analysis. I've missed EURCAD opportunity

One question: do you use pending orders? If yes, how many pips from trendline?

Thank you for your tips

blackcat

 

[stuart1984]

Hi stuart,

great analysis. I've missed EURCAD opportunity

One question: do you use pending orders? If yes, how many pips from trendline?

Thank you for your tips

blackcat

Thanks Blackcat

Great question about the pending orders. up until now, I have entered most of my trades at the market. However, due to my new job I am not able to watch the charts as regularly as before, therefore, I am going to be experimenting with using pending orders to get into my trades. My initial thoughts are to set a buy stop or sell stop 10 pips + spread above/below the relevant trendline. I will try my best to set a SL at a sensible level however if there is not a recent swing within range (under 40 pips) I will set a default SL 25 pips away from my entry.

I will then try and check my charts intermitantly throughout the day to assess risk and try and move to BE if possible.

It is not something I have tried yet but I think the theory works and I actually think it may take some of the emotion out of the trades which is always a good thing.

As long as we stick to the underlying principles of keeping risk defined and minimised and positioning ourselves to take advantage of big market moves I think it should work out ok.

Hope this helps, if you have any other ideas about how to go about this then please let me know.

Thanks

Stuart

 

[stuart1984]

Also, check out USDCAD this week.

Stuart

 

[anukrh]

Hello!

can any one suggest good FX broker (honest/ less spread/ no or less commision) , since i was trading with Markest.com from mid Jan2014, as i was new player in this field so i strated trading as per my account manager assigned by Markets.com. as per my manager i never used stop loss as she guided me prize will keep repeat and as per her Demo trading is enough once you learned how to open trade and close , so i started real account trading after one week itself with initial investment 100$, they given me bonus as 75$, i made good profit with following some free signal service around 600$ overall balance but one day everthing washedout since i never given stop loss to my any trades + i opened around 20 trades (this also no one guided me- money mgmt and risk mgmt) .
now i am trading in Demo account but they calling and asking to invest and start in real trading.
one more thing recently in May2014 when i came to know Nigel PAST strategy i starting using stop loss, what i monitored is both in DEMO aswellas in real account my stoploss getting trigger 3/4 pips before itself same way take profit not trigeering even prize reached that limit, when i reported this issue to my account manager he saying he will check and come back , still 3 weeks over they not given any reply of this issue.

Anu

 

[anukrh]

Hi!

No one replying my query

Hello!

whether anyone using DUKASCOPY as Brooker, i am planning to open real account with Dukascopy Europe with 100$ .
OR
can anyone suggest best honest Brooker with less spread + less investment (nearby 100$)

Anu

 

[stuart1984]

Hi!

No one replying my query

Hello!

whether anyone using DUKASCOPY as Brooker, i am planning to open real account with Dukascopy Europe with 100$ .
OR
can anyone suggest best honest Brooker with less spread + less investment (nearby 100$)

Anu

Hi Anukrh

I don't really want to be seen recommending a broker as I don't feel it is my place,however I can tell you about my own experience.

I have accounts with FXCM, Excel Markets and GKFX. I have not experienced any problems with any of these brokers (there can be slippage and stop widening during high impact news, but I gather this happens with most). The spreads are ok with all these brokers and I have made deposits and withdrawals without any problems.

Where do you live? If in the UK you could consider a spread betting account, which means the profits are tax free, FXCM and GKFX have these accounts available.

I think the most important thing is to make sure the broker is regulated by the appropriate bodies in their respective countries. Try looking at the Forex Peace Army website, they have a number of different reviews on just about every broker out there.

Hope this helps.

Thanks

Stuart

 

[anukrh]

Hi Stuart!

I am from India, ok can you suggest me what kind of brookers are good Market makers or ECN ?
spread will be very less like 1 pip or even no spread during volatile mkt with ECN brookesr but they will charge some Commision per million trade something.slippage also i think very less.

Market makers charges more spread + no commision+ slipage more.

anyways thanks your shared info.


Anu

 

[stuart1984]

Hi

I have been triggered into a long poition on NZDUSD on the break of the blue trendline in my charts above. Entry was 0.85063 and SL @ 0.84865. This was a buy limit order triggered during the night. Will try and get to BE throughout today.

Stuart

 

[stuart1984]

I am alos looking at buying NZDUSD, here is the weekly:


And here is the H4:


I am also continuing to watch for opportunities to short GBPUSD and take AUDNZD long again.

Thanks and happy trading, any comments welcome.

Stuart

Stopped out on NZDUSD for BE.

Also managed to get another entry long AUDNZD on a near retest of the orange trendline from yesterdays charts.

Happy trading everyone.

Stuart

 

[stuart1984]

I have just taken another attempt at NZDUSD long on a H1 trendline break:



Stuart

 

[anukrh]

Hi stuart!

Whether can you explain how to use Trailing stop ? whether we should use it or not ?


Nigel Sir when you will online ?

Anu

 

[stuart1984]

Hi stuart!

Whether can you explain how to use Trailing stop ? whether we should use it or not ?


Nigel Sir when you will online ?

Anu

Hi Anukrh

I don't really use trailing stops as such. Obviously with this strategy, I aim to get to BE as soon as possible. Once I am at BE I can relax a little because I have no risk left and the worst thing that can happen is I will be stopped out for no loss.

Once the trade has moved a considerable amount in my favour (at least a couple of hundred pips, I will consider moving my stop to lock in some profits.

This is a matter of personal preference, but I personally would not trail my stop to swings on a timeframe any less than the daily chart. These trades are meant to be long term swing trades where we can be holding positions for a few months and so we have to allow for the normal stair step type price action that can be expected on any trend.

Hope this helps. Looks like NIgel is busy creating a video course for this strategy, something I look forward to seeing.

Stuart