Price Action Swing Trading - The PAST Strategy

[stuart1984]

Afternoon Traders

My AUS200 trade from yesterday was stopped out at a loss. Bears still seem to be in control and so I am not going to attempt anything more at this stage.

I took another trade this morning on NZDCAD. Long at 0.87374 on a break of the trendline. SL is now at BE so fingers crossed we can continue to move in my direction!!!



Happy trading

Stuart

 

[stuart1984]

Afternoon Traders

My AUS200 trade from yesterday was stopped out at a loss. Bears still seem to be in control and so I am not going to attempt anything more at this stage.

I took another trade this morning on NZDCAD. Long at 0.87374 on a break of the trendline. SL is now at BE so fingers crossed we can continue to move in my direction!!!



Happy trading

Stuart

Stopped out at BE on this one.

Also took a trade on EURNZD yesterday and was stopped out at BE and took a full loss on GBPNZD.

I rentered the EURNZD following FOMC once it was clear the bears had woken up. Stop now at BE so will need to wait and see how this plays out.



Stuart

 

[Abercrombie]

Greetings All,

I took a couple of entries in NZDCAD last week, all of which were stopped out for small losses. I finally decided to stand aside on that pair.

Upon reviewing the weekly charts this weekend, I saw a setup in USDJPY and CADJPY.

Here is the weekly for USDPY:

And the H4 with a trendline:

I will be looking for a retrace to the trendline on the H4 chart, or for a new trendline to emerge.

 

[Abercrombie]

The CADJPY weekly chart shows a different pattern than that on the USDJPY. Instead of a single reversal candle, there are three bearish candles that engulf the prior bullish candle.

That is the same pattern we saw in the GBPUSD in July before it moved almost 1,000 pips to the downside. That guarantees absolutely nothing, but the pattern still catches my attention.

Best Of Luck!

Jonathan

 

[stuart1984]

The CADJPY weekly chart shows a different pattern than that on the USDJPY. Instead of a single reversal candle, there are three bearish candles that engulf the prior bullish candle.

That is the same pattern we saw in the GBPUSD in July before it moved almost 1,000 pips to the downside. That guarantees absolutely nothing, but the pattern still catches my attention.

Best Of Luck!

Jonathan

Hi Jonathan

Nice analysis. did you manage to catch either of these moves yet? If so, well played. I have not been very active over the last week, too much on at work.

Cheers

Stuart

 

[Abercrombie]

Hello Stuart,

I have not been able to execute entries on these setups. Trendline breaks or retests have not occured while I am at the charts. If only the market would respect my schedule. lol Lately it seems the best entries have occured during the London session, which opens at 11 pm my time. I may have to start relying more on pending orders, which is not my preference.

All the Best,

Jonathan

 

[stuart1984]

Hello Stuart,

I have not been able to execute entries on these setups. Trendline breaks or retests have not occured while I am at the charts. If only the market would respect my schedule. lol Lately it seems the best entries have occured during the London session, which opens at 11 pm my time. I may have to start relying more on pending orders, which is not my preference.

All the Best,

Jonathan

Hi Jonathan

I know the feeling. I am at work during the busy market periods. I have been using pending orders when I have to and I have actually found it quite workable. You don't get quite the same accuracy and usually have to accept a slightly bigger SL but in general it seems to work.

Stuart

 

[stuart1984]

Hi Jonathan

I know the feeling. I am at work during the busy market periods. I have been using pending orders when I have to and I have actually found it quite workable. You don't get quite the same accuracy and usually have to accept a slightly bigger SL but in general it seems to work.

Stuart

For example. The GBPUSD trade I had was entered with a pending order set just below the trend line with about a 25 pip stop, it then went on to drop over 900 pips in a few weeks.

Stuart

 

[stuart1984]

For anyone that is interested in trading daily signals I saw this last night. I am not familiar with this market but the setup looks good all the same.

IT40 Daily:


IT40 H1:



Stuart

 

[stuart1984]

Hi Folks

I took a loss yesterday on IT40 I tried to pre-emot the trendline break and it backfired. Today has been abetter day though. Been playing yesterdays daily Long wick bar on USDCAD. I took one loss this morning but then managed to get an entry right at the top and now up 90 pips. here is the chart:

USDCAD D1


H1 chart


And finally the entry chart M5



Happy Trading

Stuart

 

[myknees]

Thanks for the regular updates guys, as a note those of you with a Kindle, you can now get this strategy on Amazon - http://www.amazon.com/dp/B00OAAI1GQ/?tag=forexbookorg-20

 

[Nigel Price]

Morning All!

I was away there for a while - busy working on getting my first Oscar!

The aim is to get one before Leonardo Di Caprio gets his

Just going to flick around the charts here and see if anything lights my candle.

Hope everyone is well!

 

[Nigel Price]

I have not been able to execute entries on these setups. Trendline breaks or retests have not occured while I am at the charts. If only the market would respect my schedule.

We are cooking up something in the FUseful labs that will hopefully help with this Jonathan.

I know the frustration, trust me!

The 24 hour nature of fx is always touted as a positive, and on the whole it probably is, but goodness it is annoying when a move you have been waiting for happens when you are asleep!

It's very important though not to get sucked into trying to stay in tune with what is happening all the time though - waking yourself up in the middle of the night to check prices and all that. It's not healthy, and even if you do catch the odd trade, I'm not sure at all that it improves performance in the long run.

 

[stuart1984]

Morning guys and gals

Hope everyone had a great weekend. I don't have time to post a chart this morning but the weekly GBPUSD looks interesting for a possible long.

On another note, as you will probably know Nigel's video course is complete and I would definitely recommend anyone who is serious about their trading to consider purchasing the course. It focuses heavily on the aspects of trading that are not covered in most online forex courses and really gets you thinking about the things you need to do to start to do to develop into a more profitable trader.

The course is enjoyable and I would like to thank Nigel and the team at FU for putting it together. Great work guys.

Stuart

 

[Nigel Price]

Thanks for the kind words Stuart. Really glad you enjoyed it.

Sounds weird, but making it was actually a really worthwhile exercise for my own trading - just to take a step back, and to really sit down and put together exactly what I think is a good recipe for improvement in our trading.

It's healthy sometimes to take some time away from the charts and really study what generates the profits in trading, or any form of speculation or business - get back to basics!

I think we sometimes get caught up in charts and indicators and strategies and all the rest of it, and it is very easy to lose sight of what our overall goals should be when we sit down to the trading screen each morning.

But again, thanks for the kind words - I was very nervous before releasing it - and more than once I had almost decided not to release it at all! Any feedback I have got so far has been very positive and I'm very thankful for that.

 

[mandirkumar]

Hi Nigel,

As am a day trader, I need profit to b booked in that day only. For that am using day chart as anchor and confused with which lower time frame charts to b used?

 

[Nigel Price]

Thanks for the regular updates guys, as a note those of you with a Kindle, you can now get this strategy on Amazon - http://www.amazon.com/dp/B00OAAI1GQ/?tag=forexbookorg-20

Thanks myknees, yes there were quite a few requests for kindle copies of the strategy pdfs.

 

[Nigel Price]

I'm not seeing a whole lot going on in the forex markets, but I have to admit, I am very, very interested some of the equity markets right now.

Time after time after time over the last 5 years, the bears have been flattened every time they got even a sniff of some action to the downside. No one is saying that it couldn't happen again this time - but I think if you were looking for a low risk opportunity to short equities, you could do a lot worse than this SP500 chart.

Sooooooo tempting....

Remember - they tend to take the stairs up and the elevator down

Click for large view - Uploaded with Skitch​

 

[Nigel Price]

Just in case anyone is thinking that I am a bitter old bear, hoping for the equity market to decline or crash, you couldn't be more wrong.

I am in fact a raging long term bull - I happen to be very optimistic about the future.

The only problem is that we are still very much in an interventionist period of monetary policy, where assets are simply not being allowed to price themselves.

Perhaps that period is coming to an end, who knows.

For what it's worth, I think we might have a period of pretty sharp pain to go through yet, while all this intervention gets unwound, but there is also a lot to be very positive about.

I would dearly love to see a substantial correction, it could offer some great buying opportunities.

What do you think? Could we see 1500 on the S&P? A 25-30% correction would be extremely healthy for the long term.

 

[Nigel Price]

Click for large view - Uploaded with Skitch​