Hi Dudest,
We had a bit of discussion earlier in the thread regarding how to manage such a large signal bar (with having a much larger stoploss and relatively shorter distance to first trouble area. I have a couple of questions for you to clear some confusion I have now developed.
We had a discussion about retrace entries. Do you take retrace entries of engulfing bars in Johnos advanced course? I remember Johno saying “The retrace entry goes against everything we strive for in this thread. The reason being is we are after regular profits with minimal draw down that keeps out account equity curve rising. Others like to aim for random risk reward targets of 1/2 risk reward etc but what this leads to is more losses followed by holding on for bigger winners. You can still be profitable this way however draw downs will be bigger and losses more regular.” does he mean only pinbars and two bar reversals or does he mean engulfing bars too?? I could do with an yes /no answer if you do not want to elaborate further for obvious reasons.
After taking the boxing area above and the long wick into consideration…did you consider this an A+ setup for a live trade or just an A+ BUEB signal bar that is perhaps risky?
Short answer: NO, we do not take retrace entries (Johnathon doesn’t do double-speak).
-> That does not stop anyone from doing it, but Mr J doesn’t do it and doesn’t recommend it.
XAGUSD D1 BUEB: even with the boxing area, I still think it’s a worthwhile trade [ every trade is risky ]
( PS: this is not trading advice! )
Hey guys, first time poster here and hopefully will start to contribute regularly. This style of trading suits me perfectly so I’m trying my best to learn it. I was looking at this trade on the USDCAD H4 chart yesterday and took it on my demo account. It looked like a BEEB at resistance (drawn on daily chart). I lost the trade and am wondering what you guys see that I didn’t that would make you not take it. All I can see is that it might be counter trend. Thanks! hopefully I attach the image correctly…
Except that is counter-trend play, the Bearish PB is not stick out…
As John says - You need 3 ingredients:
1)Trend
2)Clear Resistance/Support level
3) Big and obvious PB,BUEB/BEEB or 2BR
And watch out for traffic before…
[QUOTE=“Yumei;492621”]The Pin bar is quite small if compare with previous candle, but with strong trend, available but Not the A+ setup, so i dont take it. wish you success.
[/QUOTE]
Hi yumei, I agree the pin was small, I was looking at it on my phone so seemed different, I got triggered into the trade before I checked on my comp but the same set up did form a very nice BEEB on 8hr. Trade is going ok now nearly at TP 1 and will move to BE then. Thanks
Stop buy has been entered on GBPCHF H4 BUEB on support line.
Support is marked as red line. The rest of the lines are my entry and SL.
Is that good enough setup to warrant entry?
if the engulfing closed near the support line, i not think it is a good signal to trade because no much room to move already, let see what will happen when the bar closed.
if we put stop loss above the pin bar (1.3000), and put TP at last swing(1.2800), and entry is 1.2862(current view), then the risk reward is 2(risk):1(reward), and the next support is 1.2760, so i not think it worth to take the risk to trade in this setup.
According to Jonno’s trading method, should we trade into major event, like FOMC, NFP, US GDP…? Normally they are too unpredictable, and highly volatile that creates a huge bar which wipe out many Stop or buy order.
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