So I understand that 4hr charts show you the intraday swings however if price on a 4hr chart reaches daily s/r why would you ignore this level?
Could I ask why you don’t follow nial fuller anymore? I still do
But I have found that this month im up 8% on my account by banking profit consistently I.e at FSA/FRA. Wouldn’t have done that well with trying to achieve 2:1 all the time.
I took the gbpusd 4hr pin of daily resistance aiming for the FSA. Which it hit comfortably.
Jonathan - I think your definitely on the right path regarding banking profits on a more consistent basis rather then trying to achieve 2:1
I didnt say im ignoring those levels, I see the daily S/R levels on the 4H chart.
Here is an example of what im trying to say.
DAILY NZDUSD, in a tight range, yet on 4hour you can trade it nicely. In the middle of the range are intraday swing points, those levels are what I use for my MM.
Hope that helps
P.S. Im still learning and Johno is the man you should be asking.
Thanks spongybob, you’ve defo been of help, much appreciated.
Jonathan a question for you mate. When trading the 4hr chart do you use the same principle as the daily chart regarding how to draw s/r levels? Use the most recent swing points the 4hr chart produces to establish s/r?
Ang to be honest there are some added extras in the course that Johnathon for obvious reasons will not go into here. It is around trade management and also trading psychology, which is so vital to becoming a successful trader.
What he does reveal here is basic price Action trading, the fundamentals if you like. It works well because it allows any potential members to get a good sense of what and [I]how[/I] Johnathon teaches.
But yeah you are right the real juice is over in the course.
However for all aspiring PA traders this is a fantastic ‘free’ thread to get your feet wet. Actually Babypips as a whole is a great place to learn for free. So lets hear it for Babypips!! :18:
For me doing Johno’s course was like the finishing touches I could not put in place. I had a fair knowledge about trading but
always felt it wasnt complete.
I can say now I look for better setups and have learnt to be a more patient trader. Then again you have bhops in the forum keeping your eyes open, lol
I tend to go through the Daily looking for a nice relevant Support & Resistance zone and then once price gets close to that zone I sometimes drill down to the 4 hourly to see if I can get a nice PA signal to get in the trade.
If I can’t, I wait for the Daily to finish and see if I can get in that way.
Now I’m going to take you through a recent real life example that was played by a few of our members in the forum. I will admit I wasn’t in on this trade although I wish I had been!!
First lets take a peek at a scrolled out look at the GBP/JPY Daily. We can see a nice zone which has acted as both Support and Resistance in the past.
Now lets scroll in to take a closer look at the most recent Price Action. We can see price has broken past 133.00 before being aggresively shunted back down. Price has rotated up to take another try and has been shunted back down again.
Now unfortunately the Daily didn’t give us a Price Action signal to enter. However by scrolling down to the 4 hour looking at the same zone, bingo!! We got a nice PB to be able to get into the trade.
I hope this example has helped maybe explain how you can mark good zones from the Daily yet still play them from the 4 hourly. Any other questions just fire away.
Hi Bhops
Thanks for your reply, this is exactly how I trade the 4hr only off daily s/r and I actually traded the example you posted. I guess my question really is are we able to trade the swing points of the 4hr candle? Using the latest swing points which have occurred in the 4hr chart as the latest s/r?
Okay so when we only focus on the time frame we first spot the setup. So basically if you spot a setup of the daily chart you then don’t need to go down to the intraday times to look for targets and stops.
People do this all the time and they think they are really smart! All they are doing is making another form of overtrading.
We can see all we need on the one timeframe.
So for example if you are in a trade on the 4hr chart. Going down will highlight support and resistance areas that are not as clearly seen on the 4hr chart. This will then mess with your head and you will start tinkering with your trade because you have seen something on the lower timeframe.
Keep it simple and stick to the one timeframe.
The other reason for this is each timeframe can have a different trend. For example the daily may be in a downtrend but the 4hr in an uptrend. As swing traders we need to trade depending on what each individual chart is saying. It make no sense to enter a daily chart with the down trend and then set targets or mess with our trade on the 1hr chart. The 1 hr chart may have a completely different trend going on. Trade within the one timeframe.
As for the support and resistance… Once again each timeframe will have seperate S/R. For example you may see a candle low on the daily chart but this may be a support area on the 1hr time frame.
The easiest and simplest way to do this is to look at your daily chart and look for obvious supply and demand zones i,e: support and resistance zones. At these levels look for Price Action on the intraday timeframes. For example of this check my latest post about the AUDCHF here:[B]AUDCHF Moves Lower [/B] You will notice I have marked a level on the daily chart but have written the possibility for price action traders to enter shorts from this same level on the intraday time frame.
Please let me know if you don’t understand anything above.
my members know that the most important thing to trading is not entering a trade but how you manage it, take profit and keep risk to a minimum. This I do not cover anywhere in here. You see even a monkey can place a winning trade. Only a smart and well educated trader can manage their trades by keeping risk to a minimum and banking regular profits. To make money over a long period of time know how to do these things is key.
I also do not cover anything regards psychology or what thinking is required to become successful. The difference between a price action trader who wins and one who doesn’t is nearly always how they think and approach their trading.
As Querty said below also I rarely post live setups in here and prefer to keep it to helping with traders learning the very basics. My site is not a signal service in anyway but live setups are discussed when they are present. If I don’t cover them I have group of senior traders who will.
The other things my members get is personal help in the forum and with me via email. The also get to post and have their questions answered by 5 senior traders/admins, another senior trading coach and myself.
With regards to live trades, I wish more followers of this thread would post live trades more often. I understand those in Johnathon’s course are somehow bound, but i believe the rest of us should have no limitation. It’s easy to post stuff “in hindsight”, but i think it takes a different (higher) breed of realness to post ideas live, before they happen.
There are some who believe that they share live trades/live ideas at their own expense; that is a selfishly unrealistic attitude at best. The spot forex market is so huge! We’re quite a number in here (in this thread); with all those eyes looking at charts at different hours of the 24-hour day, we can capture as many A+ setups as can possibly be captured, and that way being assets unto ourselves. We only stand to gain when we enrich this common space with value-adding ideas/setups/discussions.
PS: for those who are ‘fearing’ Johnathon/Bryce/others ‘not liking’ their posted setup => been there, done that, & I (and my account) are much better for it; there’s only good intentions in those offering corrective advice; they could have chosen to keep it from themselves, but didn’t ( => the real deal )
So let’s man-up (or woman-up for the ladies in here and unleash those trade ideas!
No I am not, but what I am saying is that an important area on the daily chart can be looked for on an 4hr chart to trade from. Make sense?
You can then mark relevant levels on the 4hr chart and trade from these but if it is an important level on the 4hr chart you will be able to see it on the daily chart.
You need to trade from the best and most obvious areas.
The last 4 or 5 daily trades I have played I have posted live in here. AUDCHF, AUDNZD, USDCHF, USDCAD etc
Keep in mind the great signals don’t come everyday and people can get a problem with looking to hard for a setup and then talking themselves into trading something they shouldn’t be because they feel they should be in a trade.
True, and i personally appreciate that.
I wasn’t implying that there are great setups everyday, or that we should be sitting in-front of charts; I was trying to spur more thread followers out of the (silent) woodwork.
and unleash those trade ideas!
