In with guns a blazing! 4H PB off support with uptrend. SL 1.4580 TP 1.4970. 3:1 RR. Trouble area 1.4850. All comments welcome. Regard’s, G
Looks like a great setup, although I’d say the pin bar is a bit on the small side. Not too much traffic to the left though, and a great RR ratio, best of luck!
I would play these one the way gforce1 played it.The only thing i would do is , when it gets to the trouble area i would watch it and if it reverses , i would pull the trigger and go short until it reaches my last entry and pull the trigger again , go north again. This is one of those trades that you can do allot with , if your aggressive and i am,in any case i wish you well…
Thanks Will. Yep, PB not the biggest, but i thought it worth a crack.
Interesting Tony. Not sure if i’m that aggressive yet but i get the idea. Price still stalling around first trouble area of 1.4700. but i’m not too concerned at this point.
Here’s a question:
I know we trade with recent momentum, and also preferably with trend. But what would you folks do in this situation on the GBP/JPY D1 chart attached? Long term trend for last 3 years at least has been steadily up (on weekly), but recent momentum on daily is bearish. Would you wait for price to hit resistance and look to short, or would you wait for price to break resistance, retrace back to new support and look for a long trade? Hope this makes sense. Thanks, G.
Currently flat after closing a long on the 12/30 break of a three day low. I would go short below 1.75 but feel good about it below 1.70. Any bounce back upward from any level above 1.75 would put me back in long with a stop just below the recent low.
Cheers Arbi. Food for thought.
USD/JPY D1 is at an important S/R level and area of interest i’d suggest.
Good trading all. G
When USD/JPY gets to 119.50 and it still is showing up movement i will go in as a buy. Good call on USD/JPY gforce1.
I know we don’t trade monthly time frames, but i note USD/JPY has reached the 2007 high which looks like a pretty strong previous level on this chart. Looks like a double top too. Still some pips to be had if price moves north, but i thought this part of the PA story worth noting. G
For what it is worth here is my take on the GBPJPY…
My understanding is that Jonathan’s method capitalizes on short term momentum (assessed using the Daily?), with the trend, looking for price action within a value area that will give you a swing low or swing high (subject to which direction you want to trade in)? - so is the current trend not down?
Here is my Daily & 4hr Chart, with lines on the 4hr of what I would like to see play out…
I’m a little conservative and won’t play this set up since i feel that the PB is small. And if I do enter, my TP will probably be ard 1.48 at the trouble area. But these are just my thoughts, i may be too conservative. Haha…
Saying these, I will still look out for more obvious PA to enter long, since that is still a value area.
I’m more inclined to go long with this pair, and i had my previous resistance line drawn at 178.7, waiting to see if it will hold as a new support. In fact, seeing the S/R line u drew, i’m wondering if my S/R line (at 178.7) is wrongly interpreted…
Hmm… hope that someone more experienced can answer this thread, as i’m confused myself for when I should look at the longer term trend and when for the shorter term. Sometimes I feel that I’m too focused on the longer term such that I miss out on trading opportunities.
I would say that on the daily chart the GBPJPY is now making lower highs and lower lows, so I’d say the trend is changing towards the downside in the short to mid term. Just my two cents.
Hey gforce,
I am always more inclined to trade with the short term momentum over the long-term simply because it is more relevant. Regarding this chart in particular, I personally am looking for a retrace back into value to get me in the new downtrend because 1) price is making lower highs and lower lows, and 2) the breakout is very strong. That being said, if I get a very large bullish price action signal at my key level I will definitely consider entering long. It all depends on what price tells me. Hope that helps!
Safe Trading,
Joey
Thanks Joey. Makes sense.
In the meantime i’m just holding on in the EURAUD trade. Nailbiting! lol. Step away from the chart Gforce, step away from the chart! Price has traded back to KHL support. I’m banking on this level holding and price moving north again, but getting close to my stop which is 20 pips below support. Maybe that 4H PB wasn’t big enough to trade after all? We’ll soon see. I’ll stay in trade till i’m stopped out or TP, trusting my initial reasons for getting in. Interesting case study for me either way!
EUR/AUD has crashed through support like a knife through butter, so i’m out. Downward momentum too strong. Lesson: PB signal too small. Look for PA that stands out like a sore thumb. Another lesson: Since i took the trade, I should’ve entered 2 positions, and closed out 1st. position when 50 pips up and PA starting to reverse, and move 2nd position to BE. Glad i’m on demo. Will see what PA does now at this level.
Good trading all. G
[QUOTE=“Pippin it Old School;675690”] Hey gforce, I am always more inclined to trade with the short term momentum over the long-term simply because it is more relevant. Regarding this chart in particular, I personally am looking for a retrace back into value to get me in the new downtrend because 1) price is making lower highs and lower lows, and 2) the breakout is very strong. That being said, if I get a very large bullish price action signal at my key level I will definitely consider entering long. It all depends on what price tells me. Hope that helps! Safe Trading, Joey[/QUOTE]
Learnt something again. Thanks.
[QUOTE=“gforce1;675757”]EUR/AUD has crashed through support like a knife through butter, so i’m out. Downward momentum too strong. Lesson: PB signal too small. Look for PA that stands out like a sore thumb. Another lesson: Since i took the trade, I should’ve entered 2 positions, and closed out 1st. position when 50 pips up and PA starting to reverse, and move 2nd position to BE. Glad i’m on demo. Will see what PA does now at this level. Good trading all. G[/QUOTE]
Nice reflection done.
Learnt from u on how u manage ur trade also. Nvr really thought of using 2 positions to manage. But if my account size is small, and a minimum of 0.01 lot has to be traded, this may be difficult. Nonetheless, can use ur management technique when my account grows. I’m still on demo btw.
Good one tranceaty, as always, you’re posts have been informative. 
Thanks Tranceaty. Please be aware that i am a novice trader too, so i would advise you get another more experienced opinion to confirm anything i say or do. Having said that, here’s some info from page 1 on position size and risk. 301 Moved Permanently
I have my eye on GBP/JPY which is at a KHL. looking for a short, unless price breaks through resistamce, then i will have a long bias.
Good trading all. G