Hi everyone. I’m trying to see if I can get support and resistance right. I think it’s not too difficult to see on EUR-GBP daily, but I can’t figure out where the S&R should go for the EUR-JPY daily. Can anyone help give me some example please?
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Hard work will pay you off, try to wake up at 03.30 AM before NY close…
Not necessarily. The fact that Asian session (right after American session ends) is somewhat sleepy is a mixed blessing. I will not be that crazy to wake up that early solely to check the daily candlechart because I know most of the time it won’t move so far throughout the Asian session. Heck, I myself usually check my D1 chart like after getting up in the morning, and that’s like 4 or 5 hours after New York close. Remember, we’re talking about DAILY chart, not HOURLY or even MINUTE chart. Less is more. :59:
hmm I see. Thanks wm247.
Good work there!
well done!! out of curiosity which method has done better overall? i am doing something similar using this price action on daily charts combined with a basket grid strategy. i have found that when price action does well the grid stuff breaks even when the grid does well the price action loses a bit. overall they seem to compliment each other well but found it critical equal risk needs to be applied iwht pos sizes
Yes u have to do that. In fact Johnothan wrote a article about his daily routine on his website. you can check that out. It will help you!
Totally agree, it’s not necessary.I just wanna encourage him to once wake up in the very early morning to see and to have experience what 's going on right after NY closed.
a question about this chart, It’s aud/chf 4 h .
We have a downtrend on dailytime frame and it’s pulls back on the last S/R level.
is this a correct bearish Engulfing ?
i like the weekly better so far, much simpler. the basket method is based on daily charts but looking for the same distance moves as the weekly method. both use strictly price action setups no indicators or news. weekly isn’t a different method than johnathons, just the signal candles don’t have to be as exact and entry is at the signal candle open/close and not the high/low
both methods do seem to inform each other which is nice. they both made the same profits in as much time. i started the weekly method on june 23rd, three weeks before the basket method, and it has been profitable longer. the basket went over 10% monthly roi in two weeks then i blew it for reasons yet unknown o_o many months of practice ahead though
EURAUD daily
Entry: 1.45435
SL: 1.44473
TP: as seen
Hi everyone,
May i ask, how long do your trades last before it starts to TP? within a week? 2-3 days? or weeks?
My trades always seem to go bad initially which is what i expect… in the past, i would pretty much quickly close them resulting in a loss. after being in this thread, i have learnt to let it run and be patient, and to give the SL more space to work. it went up about 60 pips.
Now, my question is, when should i really close or take profit. past 2 days, my trades when positive, and suddenly this morning it is in the negative… and i really mean negative… -60 pips.
Any advice or comments is appreciated. =)
i dont see any PA signal in this case, just only rebounce on support is quite risky.
New York closes at 11pm my time currently then moves to 12pm. If however it was at 4am and I woke at 6am yes I would trade daily, as wm247 says, its sleepy session.
So I trade the 4hour and the very ODD hourly trade.
Cheers
LOLEST!! This just made my morning 
<still laughing>
Hallo Adam,
Actually, I’s just about to ask you where you put your stop.
For this pin: entry above pin high and SL below pin low (above/below meaning you put some buffer (few pips))
D1 pin entry not triggered, and now pin invalidate by price taking out its low yesterday.
Don’t kill yourself about it mate. On to the next setup!
Cheers
Hi dudest,
I understand that for SL we put few pips below pin low because we want to take the spread into account. But what about the entry? Do we put the entry exactly above pin high (this is what I actually do) or do we also need to put some buffer there? If it’s yes, what’s the reason for it?
Cheers!
Hey GN!
In my eyes, there have been a few ( though I’ve missed a good number of those ).
Major props to you for not risking where you didn’t see any value. Bryce always said “no trade” is also a position!
PS: By any chance are you only looking for setups on H4 and D1? Maybe an NY-close MT5 will swing you more setups (on H6/8/12)…
Cheers!
Hey,
When going long, we pay spread (our charts are at Bid price, while Ask price is used to go Long)
Then a buffer to prevent false entries.
So on D1, 5-10 pips (covering spread + buffer) should sort you out.
Cheers
PS: buffer on SL is just to prevent the occasional false stop-out [ when long, SL is a sell, no spread is paid on shorts ]
Hope that makes sense
Cheers [2]!