Price Action Swing Trading - The PAST Strategy

[anukrh]

Thanks Stuart

 

[stuart1984]

Good evening traders

Unfortunately GBPCAD has been dropping all day so I did not get a chance to enter, I am still waiting for a retracement to see if we get an opportunity to enter in the remainder of the week.

I did however manage to catch an entry on the AUDCAD whish I also mentioned yesterday. See the following chart for details. UNfortnuately, price has not yet moved enough to get to BE but I have managed to tighten the SL a little to reduce some exposure:

H4



H1



I will update tomorrow on how the trade is progressing.

Happy trading folks

Stuart

 

[stuart1984]

Hi guys, quick update, AUDCAD has continued its journey down and equaled my initial risk so I have moved to break even. I am now in a position where I can let the market do it's thing. This is the objective with this strategy, the hard work is now done, it is now time to sit and wait and see what happens.



Happy trading

Stuart

 

[stuart1984]

Hey guys

How is everyone getting on?

I'm still holding AUDCAD short. Has not moved a great deal today but I am happy to stick with the position in the hope it will continue it's journey south over coming sessions.

Still have not seen a good opportunity to trade the GBPCAD short.

Happy trading

Stuart

 

[anukrh]

Hi Friends!

I tried 2/3 times for short AUDCAD and EURUSD, but its not moving nicely, i hitted either SL or Breakeven point.


Anu

 

[stuart1984]

Hi Friends!

I tried 2/3 times for short AUDCAD and EURUSD, but its not moving nicely, i hitted either SL or Breakeven point.


Anu

Hi Anu

I haven't been trading EURUSD but I agree AUDCAD has been difficult, I was lucky and got a good entry @ 1.0117 and so I am at BE but it has not moved that much. I am hoping that we get a big move today or at the beginning of next week.

Keep it up

Stuart

 

[Abercrombie]

Greetings,

I am still long NZD/CHF with stop at BE. Just letting the market do what it will.

After a downward slide over the last seven or so weeks, the EUR/USD posted a bullish engulfing on the weekly. I will be looking for long entries once I can find a good trendline. I looked at timeframes from daily to 15-minute without finding a trendline that appeared viable. I will look for a retest of the hourly trendline or a newly developing trendline on the lower timeframes.

After a short four week uptrend, a bearish engulfing developed on the weekly GBP/CAD. I had to go down to a M15 chart to find a trendline. I will be looking for short entries upon a break of this trendline, in addition to watching for newly developing trendlines.

I look forward to seeing the ideas of others and wish all good trading for the coming week.
-Abercrombie

Side note: I'm trying to insert charts as local image files. Hopefully it works.

 

[Abercrombie]

It appears my attempt at inserting local images was not sucessful.

Here are attachments for the EUR/USD and GBP/CAD charts.

 

[stuart1984]

It appears my attempt at inserting local images was not sucessful.

Here are attachments for the EUR/USD and GBP/CAD charts.

Hi Abercrombie

Thanks for your analysis, I am also still watching the GBPCAD since I didn't get an entry this week. The trendline I am looking to trade a break of is clearer on the daily chart:



I also agree that EURUSD could be worth further investigation, here is my trendline:




Stuart

 

[stuart1984]

I am also still short AUDCAD and hope that next will see this pair fall further.

Another pair that is interesting me this week is the EURAUD. Th signal on the weekly chart is not brilliant but I like the level it is at. The trendline for entry of the H4 chart is als really strong and so if it breaks I wil definitely give it a go, here are the charts:

Weekly:



H4:



Happy trading everyone.

Stuart

 

[Abercrombie]

Stuart,

I enjoyed the update. Seeing your charts made me have another look at trendlines after reducing the candle size quite a bit to get a "bigger picture" view. Thank you for the perspective!

I think the real test in shorting GBPCAD will be breaking the well established support at the 1.8100 area.

EURAUD did not stand out to me. But I see you are using additional indicators such as Fib levels. You weren't kidding about the strength of that H4 trendline.

Abercrombie

 

[stuart1984]

Stuart,

I enjoyed the update. Seeing your charts made me have another look at trendlines after reducing the candle size quite a bit to get a "bigger picture" view. Thank you for the perspective!

I think the real test in shorting GBPCAD will be breaking the well established support at the 1.8100 area.

EURAUD did not stand out to me. But I see you are using additional indicators such as Fib levels. You weren't kidding about the strength of that H4 trendline.

Abercrombie

Thanks Abercrombie

I always like to zoom out to have a look, I feel it gives a much better perspective of how the market is moving.

I agree EURAUD does not exactly jump out at you as a PAST set up. You will notice over time that I do not always stick to the exact rules as advised in the PAST E-book. I like to take an overall picture of the market but still aim to take advantage of the major weekly and monthly swings. You will notice I use a lot of Channels in my charts and I am also a big believer in horizontal S&R. Something the PAST E-book does not cover is the context of the set up on the anchor chart apart from their being a good preceding trend. I personally like to see some other reasons why a market may be ready to make a new swing other than just a Pin Bar or engulfing candle pattern, this is why from time to time, you will see the Fib drawn on my charts, to me, it all just adds to the confluence of any given trade.

There are so many traders out there looking for different things I like to try and get a feel for what others may be thinking, I throw a Fib on because I know a lot of other traders use these, I may also from time to time add an oscillator just to see where it is at or some of the major simple moving averages. I never use these tools to identify a set up, but I don't see any harm in using them as confirming factors when trying to decide on which of the setups any given week or month are the strongest.

At the end of the day, If I identify the move after a sign where I feel there is an opportunity to take advantage of a large market swing, as long as I use the PAST principles of entering into this with predetermined risk and then aim to get that risk off the table as soon as is realistic, I feel I have an edge in the market and I position myself to make huge returns on the minimal risk that has to be placed on the table at the outset.

I hope all this makes sense. One thing I do believe is that for a strategy to work for you, you need to believe in it and make it your own, you need to trust your strategy, just like you need to trust a partner in a relationship.

Hope you have a great trading week.

Stuart

 

[stuart1984]

Hi guys

I have just taken a long on the EURAUD as discussed in the thread above, see chart:



Thanks

Stuart

 

[Abercrombie]

Thanks to Stuart, I zoomed out on the lower timeframe charts to find a viable trendline for the EUR/USD and GBP/CAD setups previously mentioned.

I went long EUR/USD upon a break of the trendline. The trade went to +45 and Stop was moved to BE. Hopefully it keeps going up.

I'm still keeping an eye on GBP/CAD, but it has thus far retreated from the trendline.

Best of Luck!

Abercrombie

 

[stuart1984]

Thanks to Stuart, I zoomed out on the lower timeframe charts to find a viable trendline for the EUR/USD and GBP/CAD setups previously mentioned.

I went long EUR/USD upon a break of the trendline. The trade went to +45 and Stop was moved to BE. Hopefully it keeps going up.

I'm still keeping an eye on GBP/CAD, but it has thus far retreated from the trendline.

Best of Luck!

Abercrombie

Hi Abercrombie

I got in on EURUSD too. Entry was 1.3656 and my SL is also at BE.

I have also moved SL to BE on the earlier EURAUD long trade.

Happy trading.

Stuart

 

[Abercrombie]

Hello Stuart,

I couldn't agree with you more about a trader needing to trust their system. And one of the most important requirements for trust is honesty. The trader must be honest with themself regarding how closely their system aligns with their personality, demeanor, goals, etc. It sounds like you have taken the time to combine the PAST principles with a few trusted tools to develop a methodology that works for you. The idea of looking for a setup with additional confirmations (indicators, etc.) seems quite logical. I will be cheering on your EUR/AUD trade (except when I'm busy cheering on the US soccer team, of course).

Cheers!

 

[stuart1984]

Stopped out of EURAUD long at BE. No harm done.

If I see the right opportunity I will try this trade again.

Stuart

 

[stuart1984]

Not touching EURAUD again until I can see a clearer buy pattern.

I also exited my AUDCAD short today with a very small profit.

I have decided to give GBPCAD short a try based on the break of an H1 trendline, see the following Anchor chart and entry charts:

Monthly:



H1:



Still in the EURUSD long trade, with a BE stop loss.

Happy trading

Stuart

 

[stuart1984]

Not touching EURAUD again until I can see a clearer buy pattern.

I also exited my AUDCAD short today with a very small profit.

I have decided to give GBPCAD short a try based on the break of an H1 trendline, see the following Anchor chart and entry charts:

Monthly:



H1:



Still in the EURUSD long trade, with a BE stop loss.

Happy trading

Stuart

Stopped out of GBPCAD for a loss!!

Stuart

 

[anukrh]

Hi Friends!

pls. refer below DAILY chart of USDJPY , bullish engulfing pattern (big bullish candle) after bearish preceding trend.
i am waiting for BUY entry in H1 chart.


Anu