Yes. Using entry orders will save you countless times from trades that do not work out. Fantastic way of having a safety net to protect you from loosing a trade. This is a great example of just that!!
Haha, thanks Dudest. I was joking. 
I have read many books regarding trading psychology and written countless posts about it myself sharing what i’ve read about and learned along the way. Actually i’ve read “Trading in the Zone” twice, a fantastic book. And once you’ve been able to feel and enter “the zone” you understand what it is all about. The tricky part is to stay there. 
Since we are talking about books i also would like to recommend a good book to everyone in here which i really like.
It is “One good trade” by Mike Bellafiore. It’s a bit slow in the beginning but gets better and better when you continue reading. The book focuses on the importance of the process rather than the outcome. Since if you have a good trading plan and you know that your method is successful (has an edge in the market) you only need to stick to your plan and follow it to 100% and success will come. As Johnathon also mention’s on his website is that many traders fail since they jump from system to system and have a hard time following their initial plan or avoiding to place trades when they should because of fear. Or like me jumping into the market when they should not.
Right now i am reading “Market Wizards: Interviews with top traders” which is also a great book.
When it comes to trading psychology i think i have a pretty clear picture of my strengths and weaknesses. Since i have been trading stocks for the last 15 years (very successfully for the last years) and i only own VERY volatile stocks i am used to see my equity go up and down by 1000’s of dollars every day. So trading demo or real account does not affect me as much as it would have done 10 years ago. On the contrary i only see money as a bunch of numbers these days which also can be dangerous since i have lost the feeling of it’s worth. So i am trying to find a balance in between those two worlds right now.
Before i started trading PA trading i traded a live account trading harmonic patterns. My results were not promising though and it took to much of my time so for now i want to focus on something that takes as little time as possible and trading HTF PA is just perfect.
Trading for me has become something like a sport. Of course earning money in the end is my main reason for trading and i have big goals, but as soon as i start trading for me it’s more about each particular trade. Following my plan/strategy and reach the goal of being consistent profitable as a trader. So the process and the challenge of mastering myself and the trading system/style is what drives me. The money will come by itself once you succeed in the above mentioned areas.
My biggest problem which i am painfully aware of and i am working on is my crazy trigger finger. For the past i have been horribly over trading. I really have to have handcuffs and sit on my hands as long as possible and this strategy on the higher time frame is the perfect training for me. And it also fits into my crazy schedule which constantly is full due to my 110% more than full time work and all my other projects i have going.
Thanks again for your feedback and this great thread you all keep alive. Fantastic stuff!
Hey Dudest! Yeah, i´m really glad i did not lose capital, now, let´s wait for the next setup!
Cheers!
Hi, I’m confuse about this question too ?
So, how much we should look back to draw support or resistance lines ?
And this is on the page 39, and if I’m not mistaken anyone hasn’t answered the question yet…
Sorry, still newbie in this kind of things even though I’ve been trading with indicators for two years…
draw one line at closest s/r level above current price and one line at closest s/r level below current price. move them to the next logical s/r level when price breaks through and so forth. two lines only
I thought this would be an invalid pin bar according to your criteria as it has not closed within the previous bar?
Cheers
Adam
But good pinbars and engulfing bars jump out at you anyway when you go over your charts. Also if price isn’t around your marked levels it’s not worth looking for a signal so you can just flip to the next chart.
I personally feel that it doesn’t add much value if any at all and this is coming from a developer.
About those SR levels, I remember there was a talking about using ~2 year of data, that’s what I’m using with this method anyway:54:
I’m strongly with you and Johnathon on this, as just a couple of weeks ago I did a script for mt4 (I’m not a coder, just learning different stuff) - it was hunting for perfect engulfings and measuring a following move (up for BUEB, down for BEEB). And it turns out, when looking only for engulfings - without SR - it gives only plain old dull 50/50… OK, it’s borderline offtopic, so I’ll shut up now:p
Hello everyone,
First of all, Thank you to Jonathan for starting this awesome thread. I have been silently following this thread for a while.
I am demoing at the moment. Planning to live trade soon with very small fund.
I would like to ask you if this is a valid 2 bar reversal setup.
EUR/USD Daily.
Furthermore, If the price breaks North my setup is invalidated. So no loss. :). I would put my SL on the high of the bar.
I would appriciate your thoughts.
Cheers,
boynep.
Hey there,
You have to ask to yourself “Is that 2 Bar Reversal big enough to stop that huge bullish move before it? Is it obvious enough, is it screaming at you?” Look at the size of 2 Bar reversal and the size of previous candles.
Richard
Hello guys! Weekends are coming to an end! Here are some of the DAILY charts that’s in my watching list this coming week!
After breaking out of consolidation, AUDCHF went further down and now retracing back to resistant zone. Nice looking trend.
Same goes to this, lets see how price reacts to the support!
Waiting for a nice retrace on this pair!
Practice, practice and more practice on demo!
Jack
HI
I saw your charts now , a question .
Aud/chf and Eur/chf are perfect because we’ve daily trend and we’re looking for pull backs .
But the Gbp/usd , the market is ranging and doesn’t have any trend and also the level you spotted is not a very strong key level .
Should we trade this ? I mean , should we trade in a no direction market with a not very strong key level ?
Thanks
another question , I want to have 8h and 12 h charts on my mt4 .
i’ve searched and I’ve fond some indicators.
I don’t know if I can trust these indicators.
What is the best way to do this ?
Thanks
I remember there was a link in this tread - to charting package for mt4. With this package you can use custom periods. The link is probably in the beginning of the tread, may be even on the first page. Hope this helps:22:
go download mt5 demo.
We trade with recent momentum. try browsing through the thread more and you will understand what i meant
Nice Charts.
I wanna ask. how you manage to point out this level of taking profit etc.
I mean to say whether you have point out this points from S&R Lines or any other way?
Regards:
arsii619
Hi, go to your Metatrader 4. Click on any currency pair with the 1 hour time frame. Then, go to navigator>script>period converter.
A period converter window will then pop up, and what you will see is ExtPeriodMultiplier with its pre-set value (eg. 3). Double click the value and change the value to your desired time frame (eg. 8, 12 or any number) and press OK. After that, go to file>open offline chart and find your currency pair that has been set to your desired time frame. It should look like this, EURUSD,H8. Click on it and press open. I hope this helped and sorry for my english
Hi. Just discovered this thread and made it to page 49 so far. That was almost 1 and a half year ago. I’m wondering how Johnathon’s school is doing today? It’s not too late to join is it?
Thanks