James, here are the USD/JPY D1 levels as i see them. Both are key levels. There is also an S/R zone between 118-119.00 causing some traffic hold ups. All the best with your trade. G
Yeah mate bagged 60 pips and letting more run over the weekend moved stop to plus 10 pips going good this thatās for sure mate. Aud/nzd daily a few posts back if anyone missed my chart I posted. Iām pretty sure next week there will be plenty of chances to be getting into the market everyone thatās for sure.
Good to hear youāve bagged some pips. Price still has some room to move down on the AUD/NZD. It has broken 1.0570 before and may well move down to monthly support around 1.0470-1.0400 area next week. There have been some excellent trading opportunities so far this year, and looking good for more action to come that we can capitalise on, providing we are patient (gforce) and stick to our trading plan which must include strict RR and money management (gforce) we are comfortable with.
I donāt want to be gambling away friday nights bingo money by not sticking to my plan.
Have a great weekend everyone. G
WTI US OIL D1. Bearish PA closed below support. Room to fall. Missed the boat on a 4H PB from a swing high last week. Will watch for pullback and PA next week. G
Just a recap on my trades with this method so far this month.
Gforce 13. Market 3.
If a monkey like me can do this, anyone can. No special talent required. And i wasnāt even trading the method right.
Iām pretty sure most, if not all of these trades, winners and losers are posted here - live charts as they happened. I am also finding that posting charts here in front of you folks and the world keeps me honest and helps me stick to the rules, which i still stuff up from time to time. So thanks for your input everyone, and for just being around with a comment (and a chart) here and there. Much appreciated. Thank you Johno, and thanks to Bernie in the deli for the sandwiches.
Plan:
Next week and February will be spent practicing and refining entries, posting charts for comment/dissection. I will likely join FSO in this time, so most of my time may well be spent there.
March will be looking at better RR, MM and aiming to take less trades.
April, if iām consistently profitable by then, i will go live.
P.S. I checked my trading account P/L for January so far, and iāve won 17, lost 11. This was not strictly with this method, as i was stuffing around a bit experimenting here, trading on a whim there. Not disciplined. However, i see the far more positive result of my posted trades here, which whilst rough, are more disciplined and aligned with FSO method and some accountability helps. The kid might have a future.
Have a gr8 weekend. G
Thatās impressive results G. really well done.
I just need to warn you about 2 things (off course if I may)
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the most dangerous time in forex is when you are on a winning streak because we have tendency to become overconfident and negligent.
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28 trades in one month will be looked at, by many, as over trading. This method is so strict it gives you roughly 3 to 5 signals per month! Donāt get me wrong FSO method is not the only way to trade and what counts is that, at the end of the day, you make money. I am just saying that FSO method is about a very high winning percentage and very few trades. No matter what method you end up by trading FSO method is a great addition to your arsenal and will help you look at the market from a different perspective
cheers
Gforce. No matter what your account size is, trade only the smallest lot when you begin. Sounds simple but it really is difficult. Youāll have a true test of emotion, I myself failed this simple test and it affected my account really, really bad.
Hi Eternal,
Thanks. Yes, right on. This month i have grossly overtraded, and iām aware of this. It has been more experimenting and testing. I know very well that less is more with trading, and this is the direction i am heading. I know when i refine my approach and only trade the best set ups according to my plan, this will mean less trades, but hopefully consistent profit. For a trigger happy crazy guy, i can be fairly conservative and sensible when iām ready to commit, and that time is now. However I will be taking more trades than i otherwise would this month again in order to practice, and reign it in around March. I look forward to sustaining some losses next month too.
Letās see what next week and Feb bring.
I hope your trading is going well my friend and you are enjoying the fruits and/or possibilities of this method. G
Thanks Panupat. I sure will friend. G
You bet. FSO method has already turned my trading around and the way i look at charts. So simple and powerful. You could make consistent profit and eventually a decent living with the free info here!
You keep mentioning triple top which is incorrect, since you need uptrend before you can call some 3 tops on same price as triple top (in video you have down trend beforeā¦) just sayinā¦
Hi Ziga,
Welcome. You have provided a timely example here of context. If you have the right thread, you must be referring to a video from circa 2012, which means given that itās now 2015, your post is a little out of context, but important and relevant. But you remind me that context is important when looking at a chart and where price is in it. We ask, what is the price action story? What is the market telling us? Is price at a significant horizontal level? Is there an obvious trend? Where is price in the context of the chart.
Thank you friend, and please feel free to post a chart to support your comments.
Speaking of triple tops, iām off to get a gelati.
Good trading, G
Will be watching EUR/USD for a pullback to 1.1640 resistance zone to look for short PA this week though itās a bit of a hike. 1.1400 area could be an area of interest too.
Good trading, G
Took 8RR on EUR/USD after it hit my TP last friday. Thereād be a few smiling faces out there.
USD/JPY at near term support. Looking for PA to go long.
4H
Hello everyone - this is my first post on this thread!
Over the past few days Iāve gone over a big chunk of the information found in the first few posts by Johnathon and I must say, this is precisely the kind of trading strategy Iāve been looking for! I always thought it was too simple a strategy to actually be profitable, but along with having discovered this thread, I have also been disproved. Prior to discovering this thread I had been reading Steve Nisonās book on Japanese candlesticks and learned a bit about price action. But this thread really narrows down what sort of price action signals to be focused on, which ultimately makes the strategy muct simpler than keeping all the various patterns covered in Nisonās book in mind when trading!
Iāve been watching CAD/JPY on the daily chart, and itās coming down to a KHL of 94.00.
Iām gonna be looking for price action patterns on Monday morning (will probably look out on the 8 & 4 hr charts) to see if we get a valid setup for a reversal. Otherwise we might see a break & re-test from which we will take a short upon spotting appropriate PA.
Are Johnathon & dudest and the others who contributed to the thread still active on Babypips? I havenāt seen any of them posting lately.
Iād love some comments on my analysis!
Nikz
Hi Nikz. Welcome!
Yes, this thread and method are one of the trading worldās best kept secrets IMO. I havenāt seen Johno or Dudest pop in as yet in the month that iāve been posting. But i have emailed J at his site and he responded promptly so probably busy over there.
I am an FX newbie so please take anything i say or do with a grain of salt. :57:
I agree with your analysis of CAD/JPY. A few pairs at KHL. Iām just going to wait like a crocodile in the shallows ready to pounce if good PA presents. P.S. That PB on your chart at around 99.00 looked a good trade.
Fab trading, G
Although in a strong downtrend and with a high % chance of being a winning trade this isnāt really occurring at a swing high, giving us space to trade into and representing good value for money. Just my 2 cents.