I was looking at this formation on the 4h chart of the GBPJPY, and was wondering if it could be classified as a 2 bar reversal, or even a bullish engulfing bar?
The price seems to be in a bit of a range on the daily chart, but touched the bottom a couple of days ago, and have been heading for the top ever since, which is still around 150 pips away.
Could this be a possible trade, or not…? 
I’m on a timezone near Spongy, and my morning is between Asia Close and London Open [ best time-place in the world :)! ]
Due to the low liquidity in Asian session, I usually wake up to find most daily setups intact ( i.e, not broken )
IMHO, I think your waking up 2.5 hours after NY-Close is kul (esp on Mondays!, by which time the low volatility/high-spread shenanigans have ended)
Cheers!
Hey harganoff,
That large red bar was a concern, and a few minor levels between entry and mid of the range.
IMHO, technically, the setup was A+ ( large and obvious BUEB at bottom of range ) [ though if I recall, Bryce disagrees 
(coz of the minor levels) ].
The choice on whether or not to take it was largely discretionary
Good job on saving your capital when not convinced!
Cheers
Hey. Just an opinion from a newbie.
The exact same pattern just happened 6 bars ago. Went right into resistance and didn’t move very high, a reason not to take that trade.
I would wait until it either breaks higher or lower and retest the S&R
Hey Panupat!
Post yours and we’ll compare
.
Hey dudest. I couldn’t post link earlier because I didn’t have enough post count. Now I can, will do once I get home
Hi dudest,
I want to review this one classic example from Jon himself. So far I’ve learned that we typically put the SL and pending order at the High and Low of the last mature candle plus a little buffer zone. Now on the very first page of this thread at post #6 and #7, Jon himself violated his rule to show how he will do the trade (and it works so well, it’s almost like a sin to question this trade). So there must be time some exception for SL and entry rule then. In this case, why do you think is it alright to put the SL at the middle of the candle? Seems like this is more like an exception than a rule, so what is the right excuse to put the SL at the middle of the candle, and not at its High/Low?
Hallo Esser,
It is NOT engulfing the previous candle, thus it is NOT an engulfing bar
It is not a 2BR either [ the best 2BRs look like a pin when combined; you don’t need a special script for this; look at the open of the first bar and close of the next, should be as small as a pin’s body (with of the rest of the bars being the tail) ]. These two form at big body --> a no-no. Also not a swing low
My D1 S/R is actually right on the high of that green H4 bar.
What’s not to ‘like’?
.
Hey guys! Hope you all are doing well and have had some good trades lately.
I have not seen any good setups this week so the only trades i have currently is a long position on the GBP/AUD and my second long position on USOil.
The results from trading Oil may be one of best trade-after-trade combination i will ever get in my trading career. 
I have traded the last 3 swings very successfully from bottom to top, top to bottom and bottom to top again with a great entry and exit efficiency. Now i am close to hitting my second target on my last trade and i am currently up +1765 pips counting all those 3 different trade setups togheter.
Not sure all setups were A+ setups but the last pin bar that formed at support definitely was a A+ setup and the trade has worked out perfectly.
Had 2-3 failed trades too during the last week but the r:r ratio is so good that i barely can see those loosing trades affecting my account.
My account was down by -10% when i started trading PA on the 31st of July and now i am up +20% this month with 2% - 4% risk on each trade which leaves me with a +30% gain for the last 15 days only! Simply amazing results much due to the good trades on the Oil. A great motivation to continue trading this way!
I will post the link to myfxbook account in the end of this month and i hope i will be able to maintain these great results.
LOL!
This is one of those times you’ll be glad you asked a question
Yes, there can be exceptions/tweaks to the rule, and Johnathon explains exactly why/how in the video
Setup:
Johnathon:
To put a stop above the high, we’re gonna be left with a crazy, massive stop…not worth the trade…the risk/reward would have been very small…so all I’ve simply done is put it above these bar highs here, these candle highs…these should act as a relevant resistance here should price go back up…
And there you have it :)!
Thank you very much for clearing that up! I’m just waaay to trigger happy in my trading, and it has cost me a fair chunk of my account this last week…
So I’m trying very hard to work on that!
Power to you my friend!
Just don’t let the market take it back!, winning streaks can put the mind in a reckless state
Cheers!
That’s interesting. Very interesting indeed. So if the stop is ridiculously is way too far, we ‘may’ set it at the closest possible s/r. Am I correct?
I also keep in mind that this BEEB is THE biggest meanest baddest candle in this example. Not only it literally screams ‘PICK ME, PICK ME!’, it basically points a gun to my head and threatens me not move an inch away from my laptop until I put the pending SELL order here and now. Wait, what??
No problemo mate!
@Trigger happy: it’s a phase!, just keep at it and it’ll pass [ take it from one who would trade the Zanzibari/Fijian cross ]
PS: hope the a/c is not a live one…
CHeers
So true. Many traders often loose more than they gained right after a winning streak due to that psychological effect a winning streak has. But the funny thing is it has the complete oposite psychological effect on me. Instead of starting to jump into bad trades i nearly stop trading since i want to keep what i’ve made. So basically i get afraid of entering trades because i may have to give something back to the market.
And thats also bad. Just the other way around. 
There is only one thing to do. Follow the plan and take every setup that is valid according to it.
Yes! We may put it just beyond the level that would look to act as S/R and buffer our trade.
I also keep in mind that this BEEB is THE biggest meanest baddest candle in this example. Not only it literally screams ‘PICK ME, PICK ME!’, it basically points a gun to my head and threatens me not move an inch away from my laptop until I put the pending SELL order here and now. Wait, what??
Big, bad and mean! Take it from Sensei, these are the best to trade! [ the lower the timeframe, the bigger it has to be]
Cheers
That’s it right there!
♫♫…Stick to the plan and pull the trigger!.. ♫♫ [ Ed Seykota ]
.
Hey West!, and welcome
We don’t deal in IBs or fakeys
Agreed on place to look for buy signal
PS: I can guess which chart this is, but you need to label them ( pair and TF )
EDIT Sorry, you had already indicated the pair and TF, apologies!
CHeers
Hallo guardian, and welcome!
It depends, usually from a few hours to under two weeks.
When should you take profit? Where you planned to before opening the trade.
When should you close? Where you planned to before opening the trade.
I’m not being c0cky, I hope you get what I’m driving at…
Cheers
PS: as per Johnathon’s request, please remember to post charts without indis