Forex Price Action - Page 1112
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  1. #11111
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    Apr 2012
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    Quote Originally Posted by Spongybob

    IMO thats more an indecision bar on daily and not a PIN because of the lower wick. So a nice strong up move to resistance and now traders not sure where its going or some profit taking before weekend. The previous bar stands out more than the indecision bar together with the other factors makes it a big NO trade for me.

    Just my opinion
    Yeah im not trading just observing. I think the pound has more strength to come.

  2. #11112
    tonyro44 is offline Superior Master Contributor and Member
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    Well, when you put in the pending order no matter what day it is, if the spread is not huge, when that order gets executed we really don't know what the spread is going to be at that time. What happens is , it might get executed at braking news or at slow time in the market, in other words the only way to secure a reasonable spread is when you pull the trigger.
    Quote Originally Posted by jackson905 View Post
    He said that he doesnt trade monday intraday(4HR/1HR/etc) trades. However if you found a DAILY signal on friday, you certainly can put pending order if the spread is not huge

  3. #11113
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    May 2013
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    Quote Originally Posted by abc2005 View Post
    HI
    I've a question .we spotted a trade on gbp/jpy . I remember mr johnson said (not very sure) that he doesn't trade monday morning till the European market opens .
    correct me if I'm wrong ,so we shouldn't place the pending orders during the asian session and we should wait until Europe market opens and then we place the orders.
    is that correct ?

    Thanks
    I don't remember him saying that. I believe he has said that he doesn't trade the 2-3 hour gap between when the broker lets you place orders and the Asian market opens. By the time the Asian session opens, volume has picked up enough to tighten the spreads.

  4. #11114
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    Quote Originally Posted by tonyro44 View Post
    Well, when you put in the pending order no matter what day it is, if the spread is not huge, when that order gets executed we really don't know what the spread is going to be at that time. What happens is , it might get executed at braking news or at slow time in the market, in other words the only way to secure a reasonable spread is when you pull the trigger.
    Hallo Tony,

    Just to clarify:

    # We don't trade intra-day setups formed in last 8 hours of Friday --> (could have been formed due to profit-taking, etc, hence not reliable)

    # A Daily setup on the other hand has been formed across ALL sessions during the day (Friday) and thus is still a valid and reliable signal

    # When it comes to setting pending orders for the Daily setup on Monday: there is VERY LOW liquidity in the first hour of the week after market opens. This causes the spreads to widen, and can trigger a FALSE ENTRY. So best to wait for the market to settle ( 1-2 hours ) before setting pending orders on Monday morning.

    Cheers

  5. #11115
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    May 2013
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    Iowa, USA
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    Quote Originally Posted by EternalNewB View Post

    Thank you for your answer I however don't have a thousands let alone to trade with in forex, all I had was 300 usd that I could afford to lose.

    of course I could have bought my FSO membership but then I wouldn't have had any capital to trade with so I opened a forex account with the money and planning to slowly grow it to get my FSO membership
    I also started with 300$. While its doable with that little capital, it takes some serious self control to grow. Since even a micro lot with a large enough stop can be a lot of risk. At around 1000 it gets easier to manage a trade. You can stick to a lower risk % but still have a large enough position to have multiple take profit levels, and spread out the risk.

  6. #11116
    Join Date
    Jan 2012
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    1,814
    Quote Originally Posted by Mideel View Post
    Hi, I want to ask again I hope I don't make this thread dirty.

    Which one is the right way to trade the inside bar ?

    1. Set pending order in previous candle high or low.
    2. Wait until there is a complete candle that break the previous candle high or low.

    Yes, recently I read about institutional traders that target our stop losses because many traders set pending order there and put stop loss in the predictable area.
    Hallo Mideel,

    # We don't trade the inside bar, period.

    # Yes, stop runs happen often. You will come to realise that Johnathon's method of placing the stop beyond the high/low of the setup - coupled with the fact that the setup is formed at key S/R zone - provides a superb buffer to our stops [in essence, a way of "placing better stops"].

    For a masterly summary of stop hunts and the reasoning behind placing better stops, see here:

    ## FOREX Statistical Research Center/Stop Hunting" -- What is it?
    ## FOREX Statistical Research Center/Placing Better Stops

    [ Author: Scott Percival ]

    Cheers

  7. #11117
    Join Date
    Aug 2013
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    515
    Quote Originally Posted by krugman25 View Post
    I also started with 300$. While its doable with that little capital, it takes some serious self control to grow. Since even a micro lot with a large enough stop can be a lot of risk. At around 1000 it gets easier to manage a trade. You can stick to a lower risk % but still have a large enough position to have multiple take profit levels, and spread out the risk.
    Thank you for your reply, I have very good self control and I am not in a hurry at all, I don't take trades with more than $5 usd so I am sticking to MM rules. I honestly don't have any other options since rule 1 was to get money you can afford to lose and, for me, it was 300. when/if it grows to 1000 then we will see

    Hope to be able to learn from you guys

  8. #11118
    Join Date
    Jan 2012
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    Quote Originally Posted by EternalNewB View Post
    Guys this thread is going too fast and if I want to make it to FSO I need to make some money first

    Can anyone care to give me a second opinion on post522628 page 1108 ?

    and also what is a 2bar reversal ?

    thanks
    Hallo EternalNewB, and welcome!

    Remember the quote from the movie "Shooter"? -- "Slow is smooth, smooth is fast" (military saying)

    The things you need to do to "make some money" ( in reverse order ):

    2. Read pages 1-50 of the thread ( a must )

    1. Familiarize yourself with our 3 prime setups:

    ## The pinbar: Pin Bar
    ## The two-bar reversal (2BR): The 2 Bar Reversal
    ## The engulfing bar: Bullish and Bearish Engulfing Bars Introduction

    Cheers

  9. #11119
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    Jan 2012
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    Quote Originally Posted by tonyro44 View Post
    No you really want to check all 3 T/F 1hr, 4hr and D to get a better direction, its better when they complement each other.
    Hallo,

    We stick to one T/F ( the one with the PA signal ).

    Checking three T/F's with this method only adds confusion.

    Cheers

  10. #11120
    Join Date
    Jan 2012
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    Quote Originally Posted by Piping Hot View Post
    Hi Johnathon,

    First of all, thanks again for your great trading methodology. I have started following you 5 weeks ago and I have had a positive P&L for the last three weeks. I didn't really get the support I expected from all your long time students but I still managed to pick it up on my own which shows how clear you made it.

    Now, there is still one big question that I won't be able to answer myself. I would really appreciate if you could give me your point. I am sure this could be helpful even to your long time followers.

    It is often said that we don't care about news expect for the NFP. However, it is hard to ignore that the market is trying to position based on QE tapering soon or not and this makes a lot of US based news have the kind of effect only the NFP normally has.

    Can we really ignore the whole thing or do we have to take this into consideration at least until there is a clear direction ?

    To give you an example, on the USDCHF 4H chart, a decent pinbar formed at a relevant level so I placed an order which was triggered. Price didn't really go anywhere until the new home sales numbers came out which fortunately gave my trade a nice boost.

    Attachment 50089

    Fair enough, but even though my trade had good reason to be entered (correct me if I'm wrong though) I still had the feeling that it was a 50/50 in terms of probability as the news could as well have been good and we would probably have seen the same move against my trade which would have canceled it. All this because of the fact that there is more reaction these days to any US news as the market is trying to get clues on how to position.
    ##
    I didn't really get the support I expected from all your long time students
    ##




    ##
    It is often said that we don't care about news expect for the NFP. However, it is hard to ignore that the market is trying to position based on QE tapering soon or not and this makes a lot of US based news have the kind of effect only the NFP normally has.

    Can we really ignore the whole thing or do we have to take this into consideration at least until there is a clear direction ?
    ##

    I know Johno will reply to this when he's able but in the meantime, allow me to chime in.

    Yes, we really "ignore the whole thing". Think about it, there's news coming out EVERY DAY, which are you going to follow? And before it's "news" to the public, don't you think the market movers have already set their positions?

    Major point: price action is all about FOLLOWING THE TRACKS of those moving the market. That's what pinbars/engulfing bars/2BRs at KEY LEVELs are, tracks. Factored into these (and other 'tracks') are the events/news that caused price to move in the first place. And we have habitual human behaviour to thank for that. Of course, the actions of all trades around the world are not 100% predictable, and that's why we'll never have 100% wins. But we don't need 100% to be (very) profitable ( no-one does ). The edge brings us ahead over a large sample of trades.

    PS: NFP we avoid coz: highly predictable price spikes that can take out SL on USD trades only for price to continue in original direction.

    Cheers

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