Personally? - never 
Mistakes happen, even to the best ones 
All good DDJJ.
Iāve taken it planning it to stay on it for a couple of days but in the evening I closed my trade with 195 pips banked since I was kinda doubting whether it would be a good idea to stay over the weekend while I had the chance to bank the profit and decided to start the next week with a calmer mind.
Yes Metin, same for me. My Take profit @ $1587 was hit and I was out of the position with good profit. Personally I also donāt keep positions open over weekend.
Itās all right mate.
Hello, iām a few weeks reading this thread, iām actualy with -50pips on GBP/USD sell, now price hit on 4H chart 1.55700(BRN right?)you guys do not think itās a good resistence line? may form a pinbar,2br,beebā¦
Thanks.
Hi there and welcome!
- What was the signal u used to enter the trade?
- 1.5570 isnāt called BRN. The big round number is, for example, 1.5500 or 1.5000, or for XXX/JPY pairs, for example, 95.00.
- Yep there is a resistance, the one u have marked, but u never know what will happen, either it breaks or not. Even the best and strongest sup/res lines break.
EDIT:
This is how looks my D1 chart GBP/USD:
The red marked zone is 1.5600, which is called BRN. So the price may go either down or up if it breaks the level. The short term trend, IMO, is ranging.
Hope this helps somehow.
Safe trading,
Richard
I donāt often jump in and offer advice like this but on occasions I feel I have to for your future reference. Whilst this trade has gone slightly higher hopefully you can keep in mind what I am about to say for future tradesā¦
There is two major problems with this setup. Firstly this is NOT a Pin Bar. This is what some call an āHanging Manā and what I call an inverted pin. Either way this is not a signal to go long but actually a signal to short. Please read this article and look mainly at chart 2: Price Action That Sucks Traders Inā¦
The other more important problem is the area. How many times have you heard me say we need to buy low and sell high? Think of it this way: Every profitable sale in the world does the same thing. They buy something low and sell it high. Or they buy at value and sell high.
Here you are buying high and then hoping to sell higher. Rule number 1: Buy low, sell high.
Okay so looking at this chart on the daily for quality areas to go long we are looking for price to rotate lower back to support. See chart below:
Okay so I am not in the business of predicting what will happen and do not know whether this will go higher or lower, but like I always say Forex is all about having an edge that will make you money overtime and I can tell you that playing these signals will end up in many losses.
Good luck and I honestly hope it does go higher for you!
Johnathon
Great week last week for Price Action trading. Now the trades have come and gone I thought I would recap 2 for everyone. The first is the GBPCAD on either the daily or 4hr charts. The daily produced a 2 bar reversal and the 4hr a very solid BEEB.
Well done to all who got on board these and other trades last week!
The other trade was the trade I made a live video of on the USDJPY 4hr chart. To watch that vid see here: Live Forex Price Action - Johnathon Fox
GBPCAD DAILY CHART - 2 BAR REVERSAL
GBPCAD 4HR CHART BEEB
USDJPY 4HR CHART BEEB
1 Like
Hi Johnathon.
THanks for your opinion, i didnāt know the hanging man pattern, i will move my stop to break even when market opens.
And about this setup?
This is a gbp/cad 4h chart, i can see a nice pin bar at a resistence zone and a nice main downtrend
Uploaded with ImageShack.us
Hei there!
I couldnāt find nothing on GBP/JPY chart yet, the market is ranging.
GBP/JPY D1
There is no PB on my chart GBP/CAD H4, using NY close (pepperstone.com).
GBP/CAD H4
Richard
Hello,thanks for the reply Richard, this entry come from another strategy that i use.
I think you are not in new york close
Pepperstone.com got 5 day trading week and NY close candles. By the way Johnathon recommended it.
Richard
Fars, nc, I think the candle you are debating about is still open. It does look like a PB on my charts right now (US close charts) although still can changeā¦ mentioning that, it is a first [last] candle on an intraday chart right after [before] the weekend so Iād be extra careful trading it.
Fil.
EDIT: I stand corrected, itās Friday candle, closed 2 days agoā¦
EDIT2: Yay! Finally managed to catch up and read all 200+ pages
Hi All,
After reading this thread I created a simple spreadsheet to give a final % total for the validation of a trade. I am not great with spreadsheets, itās simple. This type of trading does have some elements that can be confirmed with a score (like a Pin bar closing within the previous bar) it has other elements that you may need to be reminded about. The spreadsheet has drop down menu to chose from a serious of questions, some can be scored some are just reminders.
Images are attached. Question is how do I upload the spreedsheet for feed back from you guyās?
Guys, I may have figured it out why you have the same NY close charts and they still differ slightly.
Just have a look at below screenshots of GBPCAD H4.
Some brokers show you BID prices, others supply you with ASK prices, and third kind of broker (like mine) will allow you to switch in between by a click of a button. Hope it helps, please someone correct me if Iām wrong.
My question would be:
Should we use BID charts while looking for PA to give us a signal to go short?
and ASK when going long? or it would not make any difference to you guys?
Fil.
PS. Please ignore the little green arrows on the charts (my entry/exit points).
Hi fergiebom,
you can simply zip your file, in reply mode, instead of click āQuick Replyā you click āGo Advancedā, then use āAttachmentsā icon instead of āInsert Imageā to attach your zip file.
Regards,
Toyogo
what you guys think about this setup ?
GBP/USD @4H:
