Whatever happened to Vahagn?
Well done. That’s the way. Now just imagined if you waited for this week to close first!
As I said before the best trades will normally just go of in our direction the next period so we want to be aboard, not watching.
Safe trading,
Johnathon
Here is an example of what I am looking for this week.
This is the 4hr chart on the GBPCAD. I always look to trade with the recent momentum and at logical pullbacks with in that momentum.
A nice and large reversal signal where I have marked the box on the chart would be nice…
See chart:
Safe trading,
Johnathon
Darn, my broker doesn’t carry that pair. O well EURCAD is pretty closely correlated.
Anybody get short on EURUSD earlier? I didn’t get in because my exposure would have been to much, but it would be a free trade (at break even) if I had.
P.S. I would have entered at the end of the 800 gmt candle
I am already short of the weekly trade I have covered in here at length the previous week. To read more and why just go back a few pages.
Pretty simple setup.
See chart:
Johnathon
What do you mean your exposure would have been too much?
The risk on all open trades added together. So if i have 4 open trades and each trade is risking 2% that is 8% exposure. There’s probably another term for it that’s just how I define it.
No that’s fair enough. I thought you may have meant that, and I was just checking.
Wow you have 3 or 4 open trades?
You care to take us through them? Would be much appreciated.
Johnathon
Haha no I only have 1 open right now. That was just an example. The most I ever had open at one time was 3 I think and honestly that’s hard enough for me to handle. I’m not very risk tolerant and usually only risk about .5% a trade, but was risking about 3% on one and that’s why I didn’t take the EURUSD trade.
The one that’s open right now is a long on CADJPY from 82.90 with take profit at 83.90. I already moved to BE at 83.40 and took half profit so I’m a happy camper for the day 
Here is a pic of when I took the trade (4H). My reasons were pretty simple, perfect bounce off a support with a bullish engulphing candle. Also correlation with other JPY pairs was very good which is something I found almost necessary with JPY (except USDJPY). I entered at the break of the marked 4H candle. It’s so much higher because I pay a pretty bad spread for this pair.
Here it is now
=> Trades taken:
–> GBPNZD H4: 2-bar reversal at support
=> Trades watching:
–> GBPCHF H4: headed towards major resistance
–> AUDSGD D1: currently at a major support
–> GBPUSD H4: BUEB may be forming at support (candle not yet closed!)
–> GBPJPY D1: hitting major resistance (which happens to on a nice Big Round Number (?) of 130.0 )
Looking good dudest
No surprise why price is flirting that resistance. The concept of pending unconfirmed S/R saved our capital. Marked in yellow is another one. How price will go there is unknown. I expect A-class setups among a few pairs but I will wait for the day close, you never know…
Hey looks like your now cleaning up so well done! I would just caution for the future to sticking to only trading engulfing bars that engulf a minimum of 1 candle. This setup was not an engulfing bar as the highs were not engulfed.
In saying that you picked an awesoem area and with the nice recent upmove so nice trade.
Johnathon
Heya nice charts Dudest,
I would just really encourage you to look for pullback within the obvious trend 9 time out of 10.
The only other two things are what is you spread on the AUDSGD? This can have huge spreads and spikes.
The GBPUSD was discussed in here earlier this week. Price is stuck in a range and until it breaks either way it is going to be hard to do anything. Once price breaks out it will give us a better picture of what we need to do. I just posted about it here: GBPUSD Stuck in a range
Other than that your charts look pretty good. If you can, I would try and analyse Price Action of the daily charts. This is much easier and when you have marked your levels of the daily chart you can then go down to the intraday looking for price action at the same levels you have marked.
The daily chart rules!
safe trading and nice post,
Johnathon
Okay so I am confused as to what you are doing now?
You were looking to short the what you called a bearish engulfing double top I think and now what are you looking for? When I asked in previous post you outlined that you wanted a bounce to this area we are now at and then to short. Are you now short?
Sorry for the questions but I am getting confused of what you wanted to do in previous posts and now?
Thank you for your answers,
Johnathon
Hi Johnathon,
I posted some graphs which are on page 50 on this thread. Is it possible if you can throw some of your expertise on that 
whenever you have time. Just want to learn the right way…
Thanks
Hemant
Thanks for the tip John! I’ll definitally keep that in mind from now on
Hello Hemant,
sorry I missed these I normally go through each post. We posted at the same time and this created a new page which I then went on to and completely missed these posts from you.
Okay so the first chart is a BUEB however we need price to close in the last 1/3 of the of the candle or the body to close in the top 1/3 of the candle. This did not close as strongly as we would like and did not fit the rule above. What was especially nice was the size. Now I talk about the size a lot but basically when we are looking for reversals we need to see a large reversal candle to give us a big clue price wants to change direction. The Pin here was much bigger than the candles before it that were forming on the way down. So that was a much better looking price action.
Are you using different time platforms? as in two different time close?
Safe trading,
and remember to stick to only trading the very obvious setups!
Johnathon
No. This is not big enough and does not stick out anywhere near close to enough. I know the market has gone higher from here but that does not matter. The result is a product of the processes and we need to only trade the best as overtime only the best will get us anywhere.
Notice how small this pin was compared to some of the large candles that formed when the market was coming down? We need big and obvious candles to reverse a market.
We also need to see the pin stick out from everything around it. See recent daily pin on AUDNZD.
Safe trading,
Johnathon
So I was looking through the charts for daily setups and the only one that remotely stands out to me is NZDUSD. I’m not going to take it because I’m too uncertain. It’s to close to resistance for my liking and it seems like the trend is more down than up although I cant really make up my mind. Any thoughts?
NZDUSD Daily
