Price Action Swing Trading - The PAST Strategy

[myknees]

Don't think I can post a link but here you go - If this is deleted at least the above will not be - http://forexuseful.com/product/trading-with-confluence-the-foundations-ebook

Moderators - It's a FREE eBook 🙂

 

[Nigel Price]

5 Minute time-frame !!!! Now that's precision Entry !!!!

All the best for the weekend 🙂

Nothing wrong with a bit of 5 min chart action if indulging in a spot of day-trading myknees! As long as risk is controlled and reward is exploited as much as possible, timeframe matters not!

Don't think I can post a link but here you go - If this is deleted at least the above will not be - http://forexuseful.com/product/trading-with-confluence-the-foundations-ebook

Moderators - It's a FREE eBook 🙂

Yes, this is a new free ebook over at Forex Useful - some very good content in it, I've been looking at the parts on divergence, interesting stuff!

Happy St Patricks Day for Monday everyone! This is what it looks like in my neck of the woods 😀😀

 

[myknees]

Happy St Patrick's to you too 🙂

 

[myknees]

You are surely in a nice EURAUD trade now 🙂

 

[Nigel Price]

yes myknees, missed the first break on Sunday night (I'm blaming that fella who got rid of all the snakes 😀) but got in later at around the 5340 mark.

All seems to be going to plan so far and the pair is breaking down nicely - come on you Auusies! 😀

There is another trendline I'm keeping an eye on coming in just below current prices so I'm keeping an eye on that at the moment.

 

[Nigel Price]

Academics, eh?

There's a paper on technical analysis doing the rounds at the moment - causing a bit of heated debate between the technicians and everyone else!

If you are a raging insomniac, it might be worth a read. I can point out a few things I disagree with them on, anyone else here care to comment?

If you are someone who uses technicals in their trading, it's not a bad idea to have a look at what the mud-slingers are saying every now and again. Keeps you on your toes 😀

 

[stuart1984]

Hi Nigel

I downloaded the PAST E-Book last week and I am really enjoying. It is a strategy that really fits with my personality. I have been trading the EURAUD as discussed and so far so good. Looks like there are a few anchor chart setups in play for next week - EURUSD, NZDUSD, XAUUSD.

Thanks for all the work.I look forward to contributing to this forum.

Stuart

 

[myknees]

On my list too, have a look at USDCHF too and also the EURAUD trade Nigel is in.

 

[basilc]

For what it's worth myknees, I've come to learn that fx trading can test the patience of a saint and if TWC can give us an edge to find good and profitable Entries - what a pleasure.

 

[stuart1984]

Hi everyone, I am working my way through this thread from the beginning and have read through the strategy e-book a few times and I think I am beginning to understand how this strategy is working. I have come from trading an end of day strategy which I liked the concept of but got very frustrated hanging around for days on end in negative territory. I like the fact that this strategy combines a bigger picture view with tight entries. I am happy to take losses, I just want them to happen quickly!!!!

Anyway, as I'm new to the thread I thought I would post a couple of charts and welcome any feedback from any of the other forum followers:

The first is the EURAUD trade that nigel has been covering, I was stopped out for a small loss on my initial entry but my second entry is now in nice profit and in the money, I took a third entry today on the break of H1 horizontal support, cant yet move my stop to BE although I think there might be a swing in the making at the moment. Here are the charts:




I also got in on gold with a nice trendline break and will post the chart soon. I was also stopped out on NZDUSD and GBPJPY for small losses and looking to get short again should the opportunity arrise. I will post these charts soon too.

Thanks

Stuart

 

[stuart1984]

Here is NZDUSD:



And Hourly:



Stuart

 

[stuart1984]

Here is Gold:


and Hourly:



Stuart

 

[stuart1984]

Here is the GBP JPY I was watching last week and continue to watch this week for further declines:

Weekly:


Hourly:


Im not sure about the GBPJPY trade, The support seems strong and there was a big bullish weekly pin bar a few weeks ago. I might give this a miss as I think there are better setups out there.

Happy trading

Stuart

 

[Nigel Price]

Hi everyone, I am working my way through this thread from the beginning and have read through the strategy e-book a few times and I think I am beginning to understand how this strategy is working. I have come from trading an end of day strategy which I liked the concept of but got very frustrated hanging around for days on end in negative territory. I like the fact that this strategy combines a bigger picture view with tight entries. I am happy to take losses, I just want them to happen quickly!!!!

Welcome aboard stuart1984 - good to have you on the thread!

Your charts are great and are a very valuable contribution - thank you and well done.

Don't be afraid to ask any questions you may have - I'll do my best to answer them.

As for your comment above in relation to hanging around for days in negative territory, yes, that definitely takes its toll on us emotionally. It's not easy to hang around watching a losing trade either not making progress back into profit, or even worse, moving further and further against us. It's like slow torture.

I like to compare it to taking a sticking plaster off a cut hand. You have a choice, you either slowly and painfully take it off, prolonging the agony - or you take a deep breath, and rip it off quickly and take the short hard hit of pain and then it's over.

My mother always told me to rip it off quick, and I find that she is right more often than she is wrong 🙂

If we aren't correct, the market will tell us quite quickly. Take the loss, don't take it personally, reassess, review your account and get ready for the next opportunity. For me, watching losing trades for days on end is the coward's way out - just my view!

All the best, Nigel

 

[Nigel Price]

It's not easy to compete with those nice charts of Stuart1984's above, but here is my contribution!

I have been looking at EUR/AUD for a good few weeks now and it is breaking down quite nicely. The retraces aren't just quite as tidy as I would like, but we are moving in the right direction. If the bulls begin to get cold feet here, price could drop a few hundred or even a thousand pips quite quickly.

Wouldn't that be nice 😀😀

(Monthly first chart below and 4 hour second)

 

[Nigel Price]

Stuart1984 - how do you post the charts in the post itself rather than as attachments?

I might start posting mine like you do - I think it would definitely be easier on the eye for people, rather than reading through pages and pages of text!

Thanks! 🙂

 

[stuart1984]

Hi Nigel

Thank you very much for your comments. I agree totally with your plaster analogy, nice!

I am sure I will have questions going forward. I am not very familiar with just letting winning trades run and as that is the underlying principle behind this strategy I will probably need some advice on how to go about doing that. I think I will set an initial target based on 1:10 Risk:Reward and only exit if I see an opposing candlestick formation on the anchor chart (I gather from your e-book this is essentially what you do minus the 1:10 target).

As for my charts, I use clip2net which you can sign up to for free, you need to download some software to your PC. You then capture the image and the image is then very easy to annotate. once you do this click upload and it will bring up different URL's for different types of use. I copy the URL for a Forum and then paste the link into the earnforex message box and the chart uploads automatically. Fairly simple but feel free to ask any questions if you go ahead and decide to use it.

The only thing is, as it is free, I am not sure whether the images will expire after a certain period of time, I will look into that and get back to you. If they do, I'm sure there is a paid version you can use.

Thanks

Stuart

 

[stuart1984]

Hi Folks

Ok I have my first real question. I currently have two open EURAUD positions:

1 = =285 pips and the other is + 121 pips

Both my Stops are at BE (I like to be even more aggressive moving to BE on any subsequent positions taken after the first).

My question is, should I start moving my first position stop into positive territory to protect some of these profits and at least pay for the 2 small losses I took getting in in the first place? See chart:


I am sure there will be differing views on what the right thing to do here is but just looking to see if I can get a feel for what the more experienced members would do.

Thanks and happy trading everyone.

Stuart

 

[stuart1984]

To add to my last post, the Daily, Weekly and monthly charts are still looking pretty Bearish to me so I don't see any real reason to consider exiting yet. Position 1 is now roughly 10 times my risk but I think I will hold on for more. That was an H1 chart I posted also.

Thanks

 

[myknees]

It's not easy to compete with those nice charts of Stuart1984's above, but here is my contribution!

I have been looking at EUR/AUD for a good few weeks now and it is breaking down quite nicely. The retraces aren't just quite as tidy as I would like, but we are moving in the right direction. If the bulls begin to get cold feet here, price could drop a few hundred or even a thousand pips quite quickly.

Wouldn't that be nice 😀😀

(Monthly first chart below and 4 hour second)

Go Nigel Go !!!!