Well done mate!
Hows it feel to trade a clean up on a dirt simple setup with no fancy crap on your charts!
Well done. I thin Bryce took this also! So good on you two!
Johnathon
Unsure what charts your using as I donât see anything like you do on USDSGD 4hr and I donât watch the second pair. Way way too exotic. What is your spread? And are you the only one trading that second pair?
Hey Johnathon,
There is no need to open a new thread as I have nothing more to offer than what youâre teaching here. Just my trading plan and style is a bit different. We are in the same side with a common enemy, the market. As I said, I will read all the thread and study your posts, until then I will not post to cause confusion.
[B]I want to know why look at multiple charting times. Why not just the one and if you donât get a trade you move on. Do you find yourself going through a lot of charting gear just hunting for a setup? Do you do this all the time i,e at the end of every4 hr or daily session and if so how many charting platforms do you have?[/B]
I do not really trade H4 candles as they are 6 times more risky than the daily. I use a multiple timeframe approach to identify the direction of the trend and find the level and the timing where all timeframes direction is in sync based always on a valid PA setup that will triggered a potential trade. It looks complicated but it is dead simple. I never hunt setups but due to experience I can wait at certain levels something to happen and when it happens I will evaluate it to check its validity. Another reason that I use multiple timeframe is the concept of the âhigher commandâ. I will not refer to this now.
I think I will stop now my intervention and just lurking in your thread.
Keep your nice work and sorry for the confusion.
M.
Hey,
thanks for all your answers. You didnât have to but I am thankful you have.
I will stop with all the questions. i could go all day as I do find how others go about it interesting.
Safe trading,
Johnathon
Thanks for the great tips Johnathon.
Interestingly, for the same pair, a pinbar formed on the weekly chart.
Waiting to see if it continues lower ( have place entries below the pinbar )
Entry at the break lower of the pin?
Yes I saw this but for me it was formed to close to the lows on the weekly chart and not at a large enough swing. This chart is looking very bearish however you know how picky I am.
Johnathon
@Charts: Using charts from these guysâŚ
@USDZAR: youâre right, itâs exotic. The spread right now is 35pips (!!) I was going through the different charts and came across <the above posted setups> and thought to ask for opinionsâŚ
Sorry that was my simple mistake. I looked at your charts and then looked at a the USDCAD on my charts for some reason and not actually the pair you posted up! Sorry bout that. I watch so many charts every day sometimes i will make these minor erros.
Sorry bout that.
Yes i donât trade the really exotic pairs as they can be very wild!
Johnathon
Heads up: EURUSD H4:
A bullish engulfing bar (BUEB) formed after the last 4H at support.
Waiting for the next 4H bar to close to see if upward direction has startedâŚ
I just gotta ask. If you have identified a trade that you wish to take and it is closed, why are you waiting for the following bar to close?
Hello,
the last thing I forgot to ask you was are you taking a retrace entry as you discussed or have you now taken an entry now at the break lower?
[I]It is tradeable according to my criteria under some [B]conditions[/B] based on how price will behave on the opening of the next trading week.
Ideal scenario to trade the setup is price to open within the range of the BEEDT,[B] retest the UNC WR at 1.57529[/B] where we need to see rejection and price to move down breaking the lows of the setup.[/I]
The conditions to place a conservative sell stop below the low did not happen. Price broken the low of the setup living unfinished jobs behind. I definitively do not want this as it is a danger to price momentum, it can reversed at any moment and time is not a factor.
Was waiting for confirmation,âŚyou know, for example when youâve said previously about a pin-bar that needs to break lower to be a valid trade. Reason for confirmation was that different views iâd read this morning said they expected the pair to break lower. So didnât want to just jump in right away⌠Hope it makes sense.
Start reading other peoples views on the market and you begin to take trades that donât go with your plan or you end up missing trades that were with it. I learned the hard way more than once lolâŚ
Hello dude,
I thought you may have been thinking this and thatâs why I asked a qeustion.
Yes you are correct we need to see confirmation for us to enter a trade. Al the reversals such as Pinâs Engulfing Bars and 2 bar ar enot confirmed until they break.
The way to play this is to set pending orders. We donât want to wait for the following bar to close.
When we get a PA signal at a nice area the market has given us a clue. All we must do then is set an âpendingâ order at the break either higher or lower to be entered.
The bes trades will normally just go of and break in the very next period and we donât want to miss this.
If this doesnât make sense please let me know as this is vital.
See chart for example:
Hope this clears it up for you,
Johnathon
Hi Johnathon,
Thanks for your reply to my post earlier. Appreciate that.
The broker I deal with doesnt have the feature where I can change the time to NY close. Anyhow I found another trader whereby I could. Below I posting two graphs one from AEST and one from NY close(I think but you can confirm if thats the pattern on your chart too).
There is a pin bar in AEST timings and BUEB on NY close (Both on 4hr chart and for NZD/USD). I took the trade and closed it at major support. I just want to confirm if again I got lucky or the trade looks good.
Thanks
Hemant
Thanks Teb, valid point thereâŚ
Makes alot of sense, thanks Johnathon
PS: did what you have described with the earlier posted AUD/NZD weekly pin, now itâs broken lower.