Apologies if this has already been covered. I would normally be expecting to stay in a trade for 5-10 candles, maybe more for a small portion of the trade. What history do you look for prior to entry signal to identify the trend?
It seems you can always zoom in or out to question whether you are going with or without the overwhelming trend, yet my 5-10 candles is lost in a year or more of candles. I guess my question comes down to how many previous candles do you consider to form the 'trend' from the D1 timeframe?
This I feel is my weakest area when trying to enter a trade with positive expectancy.
We are only concerned with the short term momentum. That is why the 1,2,3 pattern suits out style so much because it shows change in the short term momentum.
The chart below has an example. We are only concerned with recent move and trading with it. The reason for this is because of the length of trade. We are only trying to jump in and ride swing back and fourth. Other traders may be after large chunks of the market which they will stay in trades for a few weeks and months but we are normally only in trades for days tops.
The black arrow below shows what others may be after, and the red arrows show what we are after. Just remember we are simply trading swing in the market.
I am super busy making up a few new things and will be a little quieter in here over the next 2 weeks or so. If anyone needs me or has questons they can email me direct at Johnathon@ForexSchoolOnline.com
I will be back around soon. I just need to knuckle down for a while and finish of a few things.
On another note that setup I posted of the GBPUSD 2 day Pin Bar/2 Bar reversal has come of to the downside. I did not personally take this setup but traders who did would be sitting pretty right about now!
i dont know....
in all honesty i think the thread was a canvas site to recruit members for his site and get guys working finding trades for him......
i didnt mind though because i actually learned some stuff from the guy....
plus he was plugging pepperstone and when anything else was mentioned that wasnt pepperstone...he kinda got upset.
i think he maybe has connection with pepperstone, they are australian based company..and he is aussy.
but i give him his due...he pulled the wool over most peoples eyes..and if he was doing all that stuff which is just my opinion ...then credit due ..fantastic marketting. top drawer.
it was so obvious from the 1st page of this thread was to push readers to his member site. If you go back to the 1st page you can see I think it is bhops come in and start contributing like he did not know Jonathan, but then Jonathan decided to share the ,fact Bhops was a member of his site.
Anyway the info he offered was enough to get most started on this PA. but think of it as a discount to his site.
I would laugh when people would come on here...'oh thanks for your time, thanks for sharing", blah blah...so obvious this is internet advertising, just be straight about it from the start
one other thing about fx trading,if any of you had a very profitable way to trade, i mean very profitable, would you spend your time trading it or start a memebers site showing others how to trade it, think about it, think what would be more profitable.
as i only work a few major pairs....and this thread showed me that these A+ trades are worth taking on obscure crosses some of the time...so now i do my normal trading...and i have a wander in the thread to see if you guys have come up with any obscure cross pairs that i dont bother with ...that may have A + trading opportunity...and if i liked them i checked em out and maybe took the odd punt.
he also enforced lots of good stuff about good signals and bad signals and buying at the low and selling at the top....very important stuff...
so it was great really from a free learning point of view whilst it lasted.
aside from gaining new recruits i think it would be stretching things a bit to think he was depending on newbies here to tip him off to possible trade ideas (lol), especially considering how rarely they occur
i never saw any getting upset by johnathon when other brokers besides pepperstone were mentioned and i read the whole thread diligently and took notes the whole time. would be nice to know which posts he did get upset in. johnathon also said he only uses pepperstone for the mt4 charts and places his trades with another broker which he kept confidential
@brinkfx: $249 us lifetime membership
Last edited by Pips Ahoy!; 07-23-2012 at 01:16 PM.