hi lovac it stands for forex school online..
johnathon who runs this thread is an expert on price action.
he is training us up...but you can get even more expert tuition if you join his course for a modest fee.
here are the details. The Pin Bar
i will hopefully join when i start making some money...as this is a no nonsense approach to trading and it focuses you to the top trades....from where you can make fat wads.
wow that looks good to me...but i have a hang up about it
the yen pairs are all in a spin but the worrying thing is the usd jpy has passed through what seems to be a major resistance line and it is now using it as support..... there was reverse head and shoulders today that i caught the action on...(UJ) and this is what broke through resistance.
so all the yen pairs are looking bearish...but the usd yen pair is sat on a rock solid support line now ...and the prior candle was an inside bar.....but not a drastic one...(ie the candle before it is similar in size).if this inside bar breaks in a bearish manner then you are in the money ...and probably in the money if you take UJ too...
but the pin you got there is the A+ signal..
so i think this is a decent pin...but is that all that matters...what about other yen pairs....is the usd yen pair the daddy of all yen..or do you completely never correlate chart with other charts with this system.
do you just focus on 1 chart at a time exclusively or what. ?
hopefully johnathon will answer this question.
i dont think i read johnathon discussing this up to this point in the thread.
okay you need to slow down and stop over complicating things. Keep it simple!
Why are you assessing what the USDJPY will do when the trade in discussion is the NZDJPY?
Who cares what the USDJPY is doing. Of course it will do something different as it is made up of another country! The US. Both these pais have completely different support and resistance levels and look nothing alike, meaning they don't do the same thing. Look at both charts and you will see they are two different pairs.
The USDJPY could go up and the NZDJPY still down.
You need to focus only on the chart of the setup and keep things simple.
I have been going through the last few pages to catch up what I have missed. From this I want to make a few things clear.
We do not use IB's or indecision bars as trade triggers in this Price Action thread. The reason is over time they simply do not make money. As simple as that! Please think about this: Price Action has been around for a very very long time. If people could make money by seeing an inside bar and trading the breakout, wouldn't everybody be rich? C'mon wouldn't everybody not have jobs and just make zillions of trading inside bars?
This is the same with indecision bars. We do not trade indecision bars. Why would we trade a candle that is telling us it is indecisive when we could simply wait and trade a bar that is very decisive and telling us which way it wants to go?
Of course these will work out from time to time. I could also enter the worst type of pin from the very worst area and it may work out sometimes. What I am tryingt to show you all is what to do so that over a long period you will be profitable. Not gambling, but having a real edge on the market.
There is one reason traders and people love to trade IB's and indecision bars and one reason only. It's because they form all the time. They form on all time frames and nearly every day. The absolute number one reason people lose money in the markets is because they always have to trade. They always have to be in the market. Inside bars and Ind bars give traders what they want. It lets them enter and be in trades! This is why they are so so popular with new traders. In between the very good setups forming we could get 10 of these setups. So whilst I am not trading anything others who are trading these other IB's can be in trades. This fills the void they have of needing to be in a trade.
Just let me please repeat something for you all: The number 1 reason people do not make money is because of the need to be in a trade and participating in the market. It is by far the biggest account killer there is!
I am sorry if this offends anyone but I am simply telling the truth. I am here to help you so please at least think about what I am saying. Everything I see in here, and what people are trying I have been through! I have traded the IB's, I have over traded, I have lost money doing this!! And I see it repeating everyday in others!!!
At the end of the day the way I trade and teach people to trade may not be for you. There is plenty of other threads in Babypips that will trade the above mentioned setups and also discuss things that maybe personally suit you better for your personal trading style.
Hello are you using the charting gear suggested on page none that we use for spotting setups? My charts look different to your.
Sorry I deleted my post cause the pics were blurry. Nope I'm not using the charting gear you're referring to, I'll go check it first. Might be the reason mine looks different is because I use GMT +1/+0 charts. Thanks will get back to this.