If it closes like this with a small or no wick in front of the candle, then yes, it’s a good setup.
Richard
It looks like I’m in the boat if this candle closes strongly. Don’t see much else on the daily or 4h for that matter
Lets get into it boys… Trading on Oanda so it does not show my bar as being closed but my FXCM chart on my Ipad does… This appears to be a A1 trade to me… G’luck to any other takers!
I will not get into this trade because the setup is against the trend and FSA and VBRN(0.8000) are near by.
I don’t want to take risk during my learning stage and i need to demo as i take it in live…
Aariff
GBPCHF daily chart formed a long engulfing candle/2BR candle. but i will not take as it is against the trend.
Hi all,
GBPCHF is a mirror of EURGBP. Indeed, the following pair are mirroring:
EURJPY CHFJPY
EURAUD AUDCHF
EURCAD CADCHF
EURGBP GBPCHF
NB: you can download the indicator called MFT_OverlayChar from google to check it. (I also attach the file).
Regards.
Toyogo
MTF_OverLayChart(yyr).zip (2.05 KB)
hi Johnathon… can u please show me where is the s\r line or level for this setup on ur post…!!!
please zoom out and show me the relevant level…
please provide me the chart…thank u…
Uhm, actually, IMHO, EURGBP D1 is in a range…
But good on you that you made the decision on your own not to enter when not convinced
@i need to demo as i take it in live… => so you currently demo’ing + live trading? (sorry, didn’t get it)
Actually, GBPCHF is negatively correlated to EURGBP ( almost mirror image ). So if one is taking them both, you split the risk
It’s not hard to tell correlated pairs (esp the negatively correlated ones)
Look at it this way (assume the | is a mirror):
-> EURGBP|GBPCHF —> the EUR and CHF are both EU currencies, GBP is constant
-> EURCAD|CADCHF —> again, EUR & CHF (similar), CAD is constant
-> EURAUD|AUDCHF —> ( the story goes on )
-> EURUSD|USDCHF —> ( you get the picture now… )
Cheers!
Hehehe 
I’m not at my charts but from what Srikanth has posted (from Johnathon’s Charts in Focus segment), the GBPJPY has proceeded lower!
(Tongue in cheek) You guys should have had several positions; take TP and let the other run to next support! Hehehe
@Puzon: if it gets to the 123.88 area, will you click “Like!” on this post?! 
Hi Zaku,
Which trade did you take?
Yes, I trade live.
My accounts have 400:1 leverage and I use position sizing (MAJOR)
Hi Dudest,
I’m not sure that GBP/JPY will get to the level of 123.88. It shows signs of slowing down…
Question for you on positions. When you enter a trade like the one we are discussing, how many positions do you normally open, 2, 3? Do you split the risk among them evenly? If you can’t answer this question, no worries, I understand that not everything can be revealed here.
Thanks!
puzon
Since you are using a 400:1 leverage,Do you take only A+ price action signals?
Pardon my interruption but i want to be educated as well with leverage. But isn’t leverage irrelevant if you’re using a stop loss and position sizing?
Hi puzon,
Sorry, can’t go into details.
But if you think about it, you’ll come up with a way that works for you (you’re on the right track)
With [B]any[/B] leverage ( 1:1, 50:1, 1000:1 ), only A+ signals will do. Low leverage doesn’t mean you take dubious signals ‘coz you’re borrowing less from the broker’
Exactamundo!
Having a leverage of x:1 does not mean you have to use it all, you [B]choose[/B] your [B]actual leverage[/B].
Position sizing ensures you’re always risking the same %age of your a/c regardless of your leverage.
Higher leverage simply allows you to ‘borrow more’ from your broker [B]when you need to[/B] [ i.e, in the form of lower margin requirement ]. It becomes detrimental when you max out on the lot sizes ( e.g you have 400:1 leverage and a/c balance of $500 and decide to trade 1 lot coz it’s ‘only’ costing you about $250, forgetting that the lot will still move at $10 per pip, and after 25pips or so of trade going in your opposite direction you get margin called ! )
PS: [B]so as to keep the thread on track[/B], I’d urge you to check Clint’s posts regarding margin/leverage, he does a thorough job on explaining step by step how it works.
E.g:
-> 301 Moved Permanently
-> 301 Moved Permanently
-> 301 Moved Permanently
Please everybody if you do not understand leverage etc please stop trading and go and read the school of pips.
Leverage is important and if you do not understand this you are not ready to trade with money.
There are plenty of other threads and info that discuss this please keep this thread clean with what we do and stay on track.
Johnathon
1 Like
Okay so to reply to a few questions about last two setups on EURUSD of late and why not to take. Sorry for the late replies but better late than never.
DAILY EURUSD BUEB
Basically this was really small and not commanding. We are looking for large and obvious signals. I actually took the USDCAD trade around the same time which I took a loss on but I know others were taking this at the same time. Look at all the other candles around and this does not stick out at all. Is just small and not convincing. I have changed the candle to make it look bigger to how we would like it to look. Notice how much more obvious and commanding it looks how it is in my chart.
4HR EURUSD PIN BAR
Not only was this formed in the middle it was formed under the VBRN of 1.300 which was also acting as a very close resistance level over head. Price did move slightly higher to almost touch this resistance before continuing back lower. Once again not very big or commanding and when looking to trade price action we are looking at the whole picture and not just the last candle.
Safe trading,
Johnathon
thanks allot…Mr.Johnathon…and sorry for the loss on ur trade…