Heya,
this week I posted about a live trade I took. I posted all the info above. I thought I would upload thge video of the trade just to show how I trade and how I played this setup.
If you have any questions let me know,
Johnathon
Forex School Online
Hey Johnathon,
thanks for the video, was well worth the watch.
Hey Just a quick question if you don’t mind how did you take profit or manage your trade as price has now gone higher past your entry.
Thanks,
Ambo
Hey Ambo,
as I said in the video when price reached the recent lows I simply took profit on part of position and moved the remainder to break even. This way locking in some profit. Protecting capital is the most important part of trading Forex that many don’t manage correctly and banking profit as the market makes it available is a must.
Hope this help,
Johnathon
The GBPUSD has now broken out higher from a range. Price shot above the top of the range and has managed to close above on the daily chart indicating the potential for higher prices in the near term.
If price it to retrace back to the old top of the range we would look for this to hold as new support. This area may also present Price Action traders a logical area to get long.
Trading pull-backs could be placed on the intra day charts with the opportunity to get long with the recent up momentum.
GBPUSD Daily Chart
On the daily chart we can see the very clear range that also produced a triple top which price has now broken and closed above.
GBPUSD 4HR Chart
We can see on the 4HR chart a very logical area that may act as support should price rotate lower.
Safe trading,
Johnathon
hi Jonathan,
just new to this blog. can you please tell me what candle formaton you look for other then pin bar and englf candle?
cheers
Nadeem
Hey Nadeem the main Price Action signals I look to trade are, Pin Bar, Engulfing Bar, 2 bar reversals and Inside bars.
In saying that I look to trade only the very obvious setups at clear levels.
Regards,
Johnathon
I am watching the EURNZD closely on the 4hr chart at the moment.
Below I have attached a chart showing price in a down trend and where if price is to retrace higher to I would be looking to get short within the trend.
Safe trading,
Johnathon Fox
thanks Johnathon.
No worries. if you have any questions just post them up and I will try and answer ASAP.
do you normally riggered entry on 4hr chart?
Entries are taken on anything from 1 hour an above how ever I much prefer the 4hr/daily charts.
It all depends on what the market is doing and few example above they have occurred on the 4hr chart. Other posts in this thread have been on 1hr and also daily.
Hey. I am also a PA trader off of the 4H, Daily and sometimes 1H charts (4H is my favorite though). I saw you had some 12h charts up in here. Is there any way I can get those on mt4 or is that only the brokers choice?
Yes you can I do on MT4. I will look for the indicator and also post it in here for you tomoz as its 0130am my time and am going to bed.
It is pretty easy though.
Talk tomorrow,
Johnathon
Price Action Trading
Thanks a million!
Hello Teb,
babypips would not let me download the file into a post so what I have done is found it an another source for you.
Go to the following page: Improved multi-timeframe/offset/chart period converter, P4L PeriodCon.mq4 @ Forex Factory and at the bottom of post 1 you will see: P4L PeriodCon.mq4 This is the indicator you need to download. You need to save it to your mt4 expert indicators file.
If you do not know how to add custom indicators to you MT4 charts just go to YouTube and search it, its easy.
So once you have it in your custom indicators list, select the chart you are looking at and the time frame that want to blend the candles for. Go to your custom indicator list and select P4L PeriodCon, then the box will come up and go to the inputs tab, then in the period multiplier option write the amount of candles you are blending, if you are on a 4 hour chart write 2 this will make 8 hour candles or if you want 12 hour candles change the period multiplier to 3, If you want 6 hour candles just open up a 1 hour chart then put 6 in the period multiplier option and bingo.
Once you hit ok an alert box will come up saying “looking for 1 or more charts etc” hit ok the go to File and option “open offline chart” and a box will come up with a slider just scroll down and find the pair and time frame you made so if you blended 4 hour into 8 hour it will say EURUSD,H8-- meaning 8 hour charts, the just highlight it and open it, you will probably then have to go to your template to open your style chart and it now will look like it should.
It will now be on a tab at the end of you profiles, when you are done with it just right click on the tab and close it, and it will disappear like any profile tab.
Let me know if you need anything else. The above sounds comploicated but it is not. It just as simple as saving to the right spot and then opening up as an indicator in your MT4.
Regards,
Johnathon
I have it working! Thank you very much I really appreciate it!
No worries!
Hey all,
here’s a really solid Bearish Enulfing Bar that formed at recent resistance level on the USDJPY 4hr chart.
The first chart shows a zoomed out chart highlighting the level and the second a zoomed in chart showing the setup.
Safe trading,
Johnathon
Hi Jonathan,
that was not breakout pullback continuation pattern. right?
Which setup are you referring to?
