Price has now reached my TP level and, as per my trade plan, I have taken full profit.
These are the types of signals we want to be playing and it doesn’t need to be any more complicated than this! The key is being patient enough to do away with sub-par signals and waiting to pounce on these A+ signals. Not only is it large and obvious and at a key daily flip level, but you can see that price stalled with IBs at the level indicating that a large move was about to happen, and the BEEB has a large upper wick showing that price was trying to breakout higher but the bears stepped in and the order flow had changed. Understand that this trade could have very well ended up a loss because we will never know what the market is going to do, but what we are looking to do is stack the odds in our favor and this trade had a lot of things going for it. All we can do is recognize our edge in the market and, when we do, not hesitate to pull the trigger and let our edge play out.
If price can now break through the daily lows, I will be looking to jump in short at the next flip level around RN 1.56.
GBPCAD Daily.
I am waiting for this setup.
can u gussed what happen will next this pair?
Am i any mistake have this setup ?
i will enter this setup when daily candle close…
pro trader plz help me find out my any mistake…
Sorry for my poor Engilsh…
lastly i want say from my Heart …
Thank you Sir Jonathon fox . For good thread crated.
I really like how the signal has a large rejection breaking the high of the previous wick making a false break of the extremely key daily level. I have my orders set for this one and am looking to take profit a bit below the 1.77 RN.
I saw this trade but I was thinking that the RR ratio is less than 1 (my TP will be around 1.768, but SL is at 1.795), which make me feel uncertain. Do u take trades with RR ratio less than 1 and is it because you know its a high probability signal?
I see that you analyse the BEEB together with its wick (its false rejection), thats something I learn from u. Thanks. =)
Thank you pipin it for replay my first post…
i was enter this trade 1.7814
SL 1.7945
TP 1.7542…
can u tell me my overall trade is OK or not?.
Now i am so worried about Gbp News Construction PMI…
coz news can ruin my whole setup…
News Is BIG Enemy for Priceaction Trading…
I actually have the same exact SL and TP as you. Ultimately, everyone is going to have a different risk appetite and R:R they feel comfortable with. I know some traders don’t trade anything under 1:1 and I also know others that will trade as low as 1:0.4. R:R is important, but I personally do not prioritize it over the price action story and what the chart is showing me. If I feel the probability is high, I will take a trade even if it is not 1:1 R:R. The reason being is I am more concerned about my win rate than the profit size. Johnathan explains this really well in this article HERE. And yes, the wicks are just as important as any other piece of information the chart gives us! Glad I can help you
The most important thing is that you have a pre-trade plan and are following it. As long as you do that, you will be fine and you will learn about what works and what doesn’t for your style of trading along the way.
Try not to concern yourself with the news too much except for the game changing reports like NFP which is coming up. When we focus too much on the news we can create a bias which tampers with our edge because a setup might come along that ticks every box, but because you see a certain news report you might not take it, therefore diminishing your edge which is what makes you profitable. Keep in mind that news isn’t always a bad thing either because it creates volatility which is what we need to make money. And your English is fine, no worries
Thank you joey. I’m working at improving my win rate, which also means inproving my ability to read the price action. There are often times when i’m uncertain and i felt that’s because i’m not conceptually good enough to understand the price action. But i’m glad that i got this SL and TP to be at a logical level.
plz everyone see my pre plan setup…
can u feel what i am thing thats for thats setup…
comment me what do you thinking…
thanks you for read my thread…
happy trading…
