i was going by the rules explained in this thread about weekly pa. he says to either move to break even after 50-100 pips have been reached or move to break even after the weekly candle closes if confident in the momentum. i’m still only half way to my first tp so i’ll have to see what happens. iirc he also says to only use engulfing bars, but i have been following eursgd and price has moved about 200 pips since the pin bar and usdjpy has moved about 300 after the two bar
i did hit first tp with gbpusd and have moved to break even on both pairs, hoping eurusd will continue to first tp etc. this is my first time trying this method so i’m still learning about where to set take profits
i did hit first tp with gbpusd and have moved to break even on both pairs, hoping eurusd will continue to first tp etc. this is my first time trying this method so i’m still learning about where to set take profits[/QUOTE]
I usually will set tp on the resistance/support area. once i am profiting 50-60 pips , i will adjust SL to breakeven or sometimes 10 pips profit. so even hit my sl i still win 10 pips , or else win a full tp
i usually open 3 positions one with TP @ 1 significant S/R area TP2 @ next significant S/R area and last one with trailing stop about 100pips (long term) SL couple pips beneath the signal candle and move to breakeven when reach first TP.
GBPUSD - D1 forming nice bullish engulfing at support line BUT against trend.
USDJPY - D1 forming bearish engulfing bar (hopefully) , now is kinda 2 bar reversal , but is above the resistance line.
EURJPY - D1 , is that a 2 bar reversal? I still learning 2 bar and need some opinion on that , forming on resistance line.
CADJPY - D1, currently forming 2 bar reversal.
Hope someone can point out my mistake. And is it encourage to take trade if the PA formed above resistance line?
Hey dude, have you only trade Daily before? I find it really frustrating not getting the very good set up lol. Open chart day after day and dont find good set-ups that i want to take. What you think about that?
Same thought as me, but i guess you take the 4 Hour ones as well? For dailys, i cant seem to be in any trade I know that is an weakness of a trader, but i do have the urge to find a very nice trade lol
Uhm, actually I was trying to point out that if bearish PA closes above resistance, that’s not a sign of strength, and therefore one to be wary/cautious about
Let’s see how they’ll close, hopefully good stuff at end of day!
Yes, currently the bulk of my trading is off the Daily.
Previously, I did alot of H4, but (as you can tell from my posts), I don’t have that much time during the day to check intra-day, but if I was to spot one, I would take it.
I know what you mean about looking day after day and not finding setups; it’s the price we must pay [ trading like snipers ]
But it’s definitely money saved. No-trade is also a position (in addition to buy and sell)
Your patience may be about to pay off; seems like a bunch of setups are forming on several pairs ( GBPUSD, NZDJPY, USDJPY,… )
Hi shanon)Also one more thing.We should always trade away from our S&R lines not into them.Avoid setups where the high/low of your PA signal barely touches your S&R line.
Really great multiple timeframe signals on USDJPY… 12h BEEB already formed; on 1D still to form and on 2D timeframe very nice bearish pinbar to form… It really shows how 2bar reversals and engulfing bars are actually ‘‘pinbars in 2 candles’’…
Still learning and demoing PA trading… Thank you all for contributing and thank you Johnathon for this great thread!
Further encouragement that periods of no action happen even to the best, and how to deal with them:
Removing the yearly income goal also removes the pressure to perform a little each month. The best trader I know at my office will happily sit on his hands or trading with next to no size for nearly a year without feeling pressured. If he doesn’t have an edge (that is, if his systems aren’t good for the current type of market) he doesn’t risk, that simple. When his type of trading becomes in favor, BAM, the guy can turn out 10+ years of an average worker’s income within a few months. His goal is to be financially independent, not make a given amount each year, and that allows him to be happy to sit all day long watching the markets for months at a time not doing anything of significance with his capital because risking outside of his edge/plan violates the goal of being financially independent.
I do not want to give any recommendation because this is just a detour, anyway, how I do it: I have my main account where I place only trades at daily TF and then I also have smaller account where I place some nice 4H trades or something else, it’s for trying purposes. Yes, this does not solve the problem but, it satisfies my urges to trade and then if I look at daily close and do not see anything, I have no problem to close main account with no trade.
If I look only at the very recent weeks, I would rather wait for correction upside and then wait for sell signal (red arrows), but when I look more longer term (black arrows), it can be reversal signal from possible higher low. So, how do you see this guys and Johnathon?
If somebody wake me up at midnigt and show me this chart, I would say uptrend :32: so, what is the trend, that is the question :33:
I know that is an weakness of a trader, but i do have the urge to find a very nice trade lol
