Yes you can trade only daily and still have more than enough trades. I can’t comment on personal risk. This is a personal thing. Some lose it if they are risking 5% per trade and other only risking 1% so it really is individual.
I use fixed money and not % method to manage my money as the one flaw with the % method is when you lose you start trading less and less amount which makes it harder and harder to get back to BE.
Johnathon
Just a small bearish rejection candle is all that candle is.
Please read my article on 2 bar reversal which will explain all the basics for you.
Johnathon
I am completely lost with this one.
Why can’t they take another trade? As long as the pair is not directly correlated to EURGBP it makes no difference taking on more full risk trades. It is not uncommon to have 2 or 3 trades that are not correlated and all moving separate.
Also once a trade is at BE it essentially has a zero risk attached to it and a trader is free to open new trades whether correlated or not.
Johnathon
Your English is great. I only speak English and stuff it up half the time.
Be careful. This market is not in a downtrend for what we need but actually a whole heap of chop and ranging. There is no trend strongly on place and trading ranging markets are the hardest to play as they tend to move back and fourth with a lot of whipsaws.
Best play normally in these types of markets is to wait for a breakout either way and then look to trade in the break out direction. This is similar to how I see silver which I just posted about.
USDJPY DAILY CHART
Bigd,
Oh, very happy when you understand me, explain this to me. Now i realized that i have a basical mistake with this. Thank you verymuch, i am cleared in my mind 
Mr Johnathon,
I read all pages before in this thread and thought that it’s the most useful to me. The thing that i missed here and lost myself ( not you, boss ) is money management and of course it’s worth to pay and join to your course ( sorry i cant coz i have some problems and so, have stupid post and question to you in here). Till here, i got something priceless to me, thank you very much!
I got these words and had answer from you to my self, dont say anything spare, of course, but
Can you explain to me, why “It is not uncommon to have 2 or 3 trades that are not correlated and all moving separate” ? because i think it’s out there in trading almost radically and commonly. we will risk more if we play 2 or more trades which are correlated.
Wish you all the best and good trading.
Andrei
What do you guys think of this potential setup? AUDNZD in downtrend, has pulled back to resistant and seems to be rejecting. Will wait to see how it closes.
Heya,
okay we are price action traders who work of the premise that we have an profitable edge on the market which is our price action setups. For this edge to accurately play out we need to be able to take every A+ trade that meets the trade criteria as long as it also meets the risk criteria. There is no taking some setups and not other because the edge will not have what is needed to accurately play out. We must be consistent.
The Forex markets tend to move in waves and cycles. Most have noticed this but just have not thought about it. How often will you go 5 or 6 days without a daily setup and then have 3 on the same day… This is because the markets move in cycles. The cycle tends to move from a S/R level to the next and in between this movement we do not get anything great to trade because we are waiting for price to move up to the key level. This is why it is not uncommon to get a lot of setups all together or over a few days and then nothing.
Now these are all fine to enter as long as they are not doubling your risk or risking too much to anyone region. In other words I would not enter two trades such as the EURAUD and EURUSD because they are both sensitive to the EURO region. If something happens in the EURO it will affect both my trades and I could lose both or double risk. I would however enter two setups such as AUDUSD and EURJPY as they are all slanted to different world regions and one factor could not cripple both trades at once.
Now there are other things to consider such as I mentioned earlier. If I am at BE on one trade I would then enter another full trade risk on a new trade. For example If I was in a trade on the EURAUD and at BE on that trade, then I would open a full risk trade in the EURJPY because I am now not risking two trades but only one.
If on occasions I can’t choose which is the best setup out of the same currencies I will split the risk to equal one trade. An example is this: I may see setups on EURJPY, EURAUD and EURUSD that are all good and I can’t split. I would then just take them all and spread the risk so all up I am still only risking the equivalent of one trade.
Hope this make sense,
Johnathon
Nicely said Jonathan though i am a bit puzzled if you are going to enter AUDUSD and EURJPY, are you going to split the risk of let’s say 2% of total capital or are you entering with the risk of 2% each so the total would be 4% of capital risked ?
If they are different regions I would treat them as separate trades and enter full risk trades on both.
Johnathon
Hey people this is my first post here…I love the thread and how Jonathan and the rest of you trade…I trade the same way, simple and clean… so i will try to post some of the charts in the future.
i forgot to say that in this chart i am looking for a pin bar to go short or for price to break higher, come back down to give me a signal to go long.
Hello and welcome to the thread!
firstly when starting PA trading you want to keep your closest eye on the majors such as EURUSD etc and then as more experience start adding other pairs to the bow.
The two pairs you have highlighted are both CAD pairs and so will move similar due to they having the same currency in them. Just wanted to make you aware of this in case you were not. (keep in mind I have no idea if you are a 2 week traders or a 10 year trader but all mys posts are aimed at helping someone if not the person they are sent to).
I wanted to write something for everybody I have seen a lot lately in here;
Traders are flawed because of their emotions and this will always be the case! The human brain and mind can be a far superior object compared with a computer because it can change and adapt without even knowing it. In saying that the human mind will often let the trader down. There is something I refer to as the gap which I have not spoken of in here but will now. Stay with me as I go through it as it will be worth it for you. Another person I know who talks about this stuff is Mark Douglas and I recommend you read one of his books called trading in the zone. Most have heard of this and if they haven’t read it they need to. I learnt a few things from M.Douglas and like most things twisted them to suit my personality an
When traders trade on demo they trade with the correct mindset. They are never in fear of losing money and they tend to make the correct decisions. There is no pressure and each trade is a new trade. They are not burdened by any losses they have had or overconfident when they string a few winners together! Traders will in nearly most cases achieve better results on a demo account compared to live trading.
When a trader goes live they all of a sudden are burdened and freaked out about losses or get overconfident when they win! They will risk too much or little. They will fiddle with trades doing things like taking profit even though price is clearly still moving in their favor. They do all these and much more because they are now out of the perfect mindset!
The gap is the difference between what the trader can achieve on the demo account and what they really do in live trading results. The gap is how much the human mind is holding the trader back. The smaller you can make this gap the better trader you will be.
An example of this gap in play is traders fiddling with trades which has happened a lot lately. I am not talking about price gets to the area you had highlighted before the trade and you manage it accordingly. I am talking about traders flying by the seat of their pants and making it up as they go along! They will see something and jump out of the trade or take profit etc This is the GAP at play!!! Every time you let the gap in you will make bad decisions. Whilst that decisions may work out this time, the human brain is flawed in this way and overall the gap will widen because of these bad decisions and you will not make nearly as much money as you should!
Is there a way to fix this? Yes and it is so so easy. Before you enter you trade get the public trading plan I made up and write a few things. These are going to include exactly where you manage your trade. For example you may have “When price gets to xxx I will take full profit” or “If price fails to break this level I will move to BE” etc etc
This will take away the need to fly by the seet of the pants and in the end help make better decisions. Traders will always make better decisions when out of the market rather than once in a trade.
I hope this help and makes sense. As always let me know if any questions.
Safe trading,
Johnathon
Sensei! I wish I could “like” this post 10times! Goodstuff right there!
I am glad to be here man this is a great thread you got going on lots of good stuff here…about this GAP you talking about… i deal with it in a simple matter…i place my trade put my sl and tp in place close the lap top and go do something else…i check my trade after maybe 12 hours if its in positive territory move my sl to break even and let it ride.
Like ^ 20!! Greatstuff sensei!
