You are absolutely right.
This is more important than any win/lose ratio, strategy, system or indicator.
I’ve just been reading over at J16 how they get to the stage where they only need to take 2-3 trades a month to generate a massive income, and we’re only talking a few hundred pips as well.
I’d love to be in a position where I could afford to cherry pick nothing less than perfect set ups to generate a 5 figure income 
After some rather clumsy starts and a few real doozies I think I’m starting to ‘get’ the J16 method. I’ve spent the entire week reading the summary thread and have got to page 12 now.
It’s amazing how such a [I]simple[/I] concept can be so difficult to put into practice. One of the main points I’m taking now is the concept of patiently waiting for the high probability A+ trades. It’s going to be very tough going from having 2-3 positions open at a time to only taking 5-6 trades a month.
Still I believe I may have found one of those 5-6 in the form of a long EUR/JPY that got triggered yesterday morning. I saw a bullish engulfing just below a fib ret level so I set an entry stop buy order 10 pips above the fib at 123.20
The order got filled and this morning I moved the S/L to 123.30 when the trade reached 40-50 pips in my favour. This is now a risk free trade with 10 pips locked in.
T/P is the daily pivot resistance point at 124.92 which is also the neckline of the reverse H&S. Chart below:
Let’s see the pips
Stop moved to 123.60 to lock in 40 pips
If I had 2 positions I might have cashed one in at 124.00 for 80 pips.
This is what I’m watching out for at the moment:
GBP/JPY - look for bounce off 38.2 for short
EUR/USD - look for short bounce off 61.8
USD/CAD - watch for PA
USD/JPY - watch for short
NZD/USD - watch for short below 0.7000 - entry order at 0.6985 - T/P @ 0.6865 based on Friday’s candle
AUD/USD - watch for short break the 50.0
NZD/CAD - short 0.7173 - T/P 0.7085
Of those NZD/CAD looks possibly ready to go - opinions? - (chart attached)
NZDCAD looks good to short, FTA is far off. it retraced a fair bit to short, overall trend is down and it bounced of TL. Good trade.
NZDUSD. lot of traffic on left side, but its off BRN and inside bar (I10B) on daily, weekly also. short with tight stoploss
ddinnov,
to draw fib retracement, are you using most recent swing hi/lo ? my lines are not matching with yours. looks like you are taking a bigger swing, i am taking most recent swing
I’m playing around with this. I see some people use a few swings. With this one I used the most extreme high/lows zoomed out as much as possible. This is something I need to get more into.
In fact this is essential to get right for all pivot/fib lines if we’re going to ride the coattails of the smart money 
I see people over at FF with 3+ sets of fib lines from different swings. I tried that + S/R lines drwan on the line charts of the monthly/weekly/daily (different colour lines) and ended up with more horizontal lines than vertical ones.
This is something that will come with practice I suppose.
Well my broker let my demo account expire after i specifically agreed with them not to (I have a live account with them) so I lost my EUR/JPY trade and have gone back to square 1 with my account :mad:
However I have another live account and non expiring demo account with GFT so I’m just going to use that from now on instead seeing as I’m not reliant on MT4 for indicators anymore which is why I opened this account with this broker anyway.
Looks like it’s goodbye One Financial and hello (again) to GFT.
EUR/JPY - profit target was hit anyhow 
Sell stop order [B]back on[/B] for NZD/CAD - entry 0.7190, S/L 0.7250, T/P 0.7085
I’m glad I’m out of EUR/JPY and my T/P was hit - it was my first successful PA trade since practicing the J16 method.
I can see a lot of people are watching this reverse H&S thing. I can see opportunities to go long and short on this pair, but I can also see a lot of institutional/market maker games a la USD/CAD as well…
I drew 2 fibs to the same low on March 1st or 132.00
Fib1 - from Feb 17th high of 143.60 - the most recent high
Fib2 - from Jan 4th high of 150.69
This has produced a confluence of 2 of the fibs at around 139.25 which price tested and bounced off on 17/03/10. It seems to be testing that level again today.
Looking for a bounce off and PA confirmation to short from this level down to about 136.00 with a S/L at about 139.45-50ish
Will look to enter at about 137.60, a few pips below the low of today’s candle.
If it significantly breaks the resistance at the Fib confluence around 139.25 I’ll look for a PA confirmation to go long
But I hope it doesn’t for the sake of that guy in the newby forum who bought 10 lots at 138.50 today :eek:
i took short on USDJPY , there is a double inside bar and also bullish pendant. both are broken downwards. target = high of that bullish candle (92.94+7 buffer). target= 50% of the pole
I just took that one too - put sell stop at 92.30, target 91.20, S/L 93.05. Chart attached. Not triggered yet
Also took a doozie on AUD/CHF on what looked like a massive bullish engulfing yesterday. Still not waiting for proper confirmation 
:o Might see how it moves and move stop to B/E if it get’s to 0.9800
Seen quite a few of set ups on AUD pairs today so took CHF as the most promising looking one.
AUD/CHF - S/L moved to B/E at 0.9770
USD/JPY - sell stop not triggered.
GBP/JPY - might be ready to short soon, waiting for PA confirmation.
i am long on G/J when it crossed last week high 139.34, my entry was at 139.51, target is 143.45, i dont see any traffic till this figure. stoploss below today low
My chafrt says 140.54 is today’s high - have you hit T/P?
I’m loving the idea of long GBP/JPY for all the wrong reasons
I have a fib at 140.11 - not sure how accurate it is, if price breaks it and continues up I might join you up to 142.00 at least
my TP is at 143.45, not hit yet
been holding on to the USD/CAD for the past 2 days. has been between -20 and -60 up and down. in the mean while been buying and selling USD/CHF to make profit. any nes on the usd/cad ?
Oops! hey what’s 300 pips between friends? :o
Hey Phil 
Are you long or short USD/CAD? I kicked this pair to the kurb (along with AUD/USD) a couple of weeks ago after getting stopped out going for “the big one” too many times… What’s it gonna be - 1.0700 or parity?
Looks like a possible pin bar (although the fat lady has a few hours to sing) today for a long trade?
My inclination is to watch USD/CAD for a significant move in either direction - but I may well be wrong as proved many time in this very thread.
Looking at the zoomed out chart could be either 1.0700 or 0.9913 - when it breaks I’ll take it either way!
Might have some quite exciting work news tomorrow…
Bearish engulfing forming - possible short down to 1.3200?
Sell stop ordered at 1.3390 - S/L 1.3500 - T/P 1.3200
Chart attached - opinions?
I took CHF over NZD for AUD longs this week.