Hi adam,
Which pin are you referring to?
Cheers.
Good man, Iām hanging in there too
be interested to see what you guys think of a possible pin bar developing in the AUD/CHF 4hr. trend is down. this bar started at 12 so still has over an hour and a half to go but might be worth watching to see how it develops.
What pairs?
Mr J,
I would like to ask you something. So far as mentioned before I have like 100 trades in overall 4 months almost 5. 60%/40% W/L but Iām trading all the pairs availables. Do you recommend to stick to a few pairs? Iāve found difficulties in some pairs but do not know if it worth to only stick to EUR/USD - GBP/USD - USDJPY in 4HR-8HR-12HR-1D time frameā¦
Please give me some insight in this perspective. I dont want to lose any good opportunity but I dont want to lose my winning strake chasing cows everywhereā¦
Also I find it very hard to keep record of all the charts I look. So Iām just scanning candles near S/R zonesā¦
If you see Iām losing more money that Iām winning, overall I have increase in capital 30% thou I have to get better R/R ratio. I believe trading that much pairs is affecting this, since I dont know exactly the position size, and also the volatility. But then I think if I dont trade it I wont learn itā¦
Regards,
Victor.
That is exactly right on point[.QUOTE=Kasravi;525844]May I Bore you with a little storyā¦
The reason why I shifted to Price Action trading was not the lack of a profitable strategy, I assure you that. Rather the transparency of the execution and management of trades.
Simple talking, Price action here taught by Johnathon is STRAIGHT CUT!
In a market that is like a moody Cow, transparency and keeping a cool head is totally KEY.
That is what I came for, to put my mind at ease that whatever is happening in the world/market my Edge will keep me on top of my game at ALL TIMES.
Hence a while ago I started to look up all the trade opportunities posted 2013 onwards on Forexschoolonline dot com. The results were overwhelming!
You may want to go and check it yourself but I analyzed every trade setup that was posted(regarding it was a setup and not a commentary on levels and possible pullbacks).
Have a look;
(I cut dates and setups, just want to emphasize on the results)
EUR/USD= 6 PLAYED OUT
EUR/GBP= 2 PLAYED OUT
EUR/JPY= 1 PLAYED OUT
EUR/AUD= 1 PLAYED OUT
EUR/NZD= 1 PLAYED OUT
USD/JPY= 3 PLAYED OUT
USD/CAD= 1 PLAYED OUT, 1 BE (CT TRADE TIGHT STOPS WOULD HAVE HAD YOU GO BE)
USD/CHF= 2 PLAYED OUT
GBP/USD= 2 PLAYED OUT
GBP/AUD= 1 PLAYED OUT
CAD/JPY= 1 PLAYED OUT
CAD/CHF= 1 PLAYED OUT,1 BE
AUD/USD= 2 PLAYED OUT
GOLD= 3 PLAYED OUT
SILVER= 1 PLAYED OUT
OIL= 1 LOSER
With an average of 5 trades per month.
I hope that everyone in this forum comes back to this post from time to time to get reminded that ;
-less is more
-A+ setups are rare
-discipline is the core of your success in this Market
Thanks for reading.
Cheers.[/QUOTE]
Hi davei,
That is a very nice trendlineā¦for trendline traders!
Keep it simple keep it straight.
Plot horizontal lines on top or below recent swings on your DAILY chart. If you think it is a bit choppy and you find it difficult to identify a certain line,
simply because there is too much noise in the way like wicks and traffic then and now listen, THAT IS WHEN YOU CAN RELAX.
Because there is no clear support or resistance to trade from you can easily let that pair play about until it shows itās hand.
In other words you move on to another chart.
Tip* zoom down on lower time frames once the price touched a marked level(support/resistance) to look for a setup.
Good luck.
cheers.
Now to Aud/Chf, price seems to be at a resistance not the most reliable one but it is there,
My concern is the pin bar you are pointing out, do you think it meets the 3 criteria?
-open&close within prev. bar
-wick 3x body size
-pointing out on a swing high
Cheers
AUDUSD H6 has formed a large pinbar at a price level that has multiple important factors. On the daily level it has acted as both support and resistance multiple times. It is also a VBRN @ .9000. It is with the mid/long term trend. The pinbar itself is very large, razor thin body, and upper wick protrudes well past the previous candle and into falsely breaks into resistance level.
Yes, but what has this got to do with the price of fish in Asia? :22: The price, the priceā¦
Dude has replied, but I will be trying to pick up a little of his slack over the next week or so as much as I can in here and I hope others will like Spongy, Bryce and others who hopefully see this message will alsoā¦
Yes your right you do need more to trade count-trend than what you would a with the trend tradeā¦
It is all about context and the āPrice action storyā. It is not about simply finding a level and whacking a signal to it.
You can trade a smaller pin bar or more normal reversal signal when with the trend and you can trade from smaller pullbacks when trading with really strong trend because it is all about the context.
When you are trading against the trend you need more. You are looking to turn the market. You need a bigger reversal. This is when you need the bigger and larger pins. This is when you donāt want the small pins because they will get killed and run over. These are the profit taking pins after large moves.
We are looking for other factors when trading against the trend like super key levels and false breaks and this is why we highly advise that new traders stick to only trading with the trend because the experience they gain will then allow them to understand what are the good times that are going to be high probable to trade against the trend.
Johnathon
Heya,
first of all the positives are all your levels look pretty solid so you would have to think that is a plus and gives a fair chance that they will work out.
Tend to think if one of them works they are all going to work because you are in four of the same currency. I am guessing you are trading a demo account right?
Some of these do not meet the basic criteria of what a pin should be. A pin bar has 3 basic criteria. I am not going to go through this now because it is covered all through this thread a lotā¦
I see down below this post you admit that you are over trading and say that you are trading these trade to āpractiseā trading. To be honest your looking at this exactly as everyone does and everyone gets the same results because they all practise the same.
If you were trading with real money there is no way you would be doing what you are doing or making those trades and what you are doing now by practising the way you are is teaching yourself how to over-trading. You are teaching your brain how to take bad trades and fall into bad habits. Your subconscious mind is picking up and practising how to be an over trader rather than a disciplined professional.
If you had a choice which you do, would you rather train and practise to be a strict disciplined trader, or an over-trading ill-disciplined gambler?
What I am getting How you practise now is how you will trade with real money. There is no switch to turn off bad habits and all of a sudden become a good trader and turn of all the bad things you have taught your subconscious.
Something to think about anyway. Good luck with all the trades.
Johnathon
what are peopleās thoughts on GBP/EUR 4hr at the moment? seems to have hit a pretty strong resistance line and is now retracing (albeit itās only 50 mins into a 4 hour bar so needs time to develop) is the kind of trade where youād look at putting in a working order? iām relatively new to the world of trading and have only placed around 3 trades in the last month which have left me at a break even position. i just donāt seem to be able to find trades which really stand out to me at the moment. but then iāll look back over maybe a years period on a graph and iāll see the exact kind of set ups that iām looking for. iām trying to balance being cautious with my money and having good risk management in place but then also i need to place trades or i have no chance of making money. do you guys go through periods of days, weeks maybe even months where you canāt see a set up that you believe in enough to trade?
Wow, that was a great post! Great wisdom coming from a veteran trader and teacher.
I think every trader needs to bookmark this and everyone once in a while come back to it and refresh their mind about being a disciplined trader. The best trading method in the world means nothing if the trader is not disciplined enough to execute it as such.
Pinbar is way to small compared to previous candle. Just look at the strong bullish movement from the last 4 candles. Do you really want to step in front of that bus with such a tiny signal. Little PBs like that could mean anything, probably a little profit taking. It may play out, but statistically over time if you trade poor quality signals like that, you will lose.
It depends on how robust your trading plan is. That is all of the price action signals in your trading plan, and all of the time frames in your trading plan. If you only trade pinbars and the 1 Day timeframe then you may only find a good setup once a week or every few weeks. If you trade the 3 setups here PB, 2BR and EB and you trade it on the W1, D1, H12, H6, H4, H2, H1, you may find 3-4 good signals in a week, or may still go a week or two without anything worth trading. I trade all timeframes mentioned about, the 3 PA setups in this forum and another 3 beyond the scope of this forum and there is almost always at least 1 good setup a week. On a good volatile week there are too many to pick from, haha. But itās all comes down to the market.
Disclamer: Donāt start adding PA setups and timeframes willy nilly just to trade more. Practice learning the PA signal and the timeframe before you go putting your hard earned money on it.
Hi Krugman,
Decent level and setup a bit noisy, saw it too late though anyway.
Did you take it?
Cheers.
LOL.
Thanks for your input Johnathon,much appreciated.
Cheers.
thanks, thatās helpful. iāve only really been looking at 1day and 4hr times frames. my system does not have 12h or 6hr. do you think itās worth me looking at lower time frames for more trades?
[QUOTE=ādavei1985;525939ā]
thanks, thatās helpful. iāve only really been looking at 1day and 4hr times frames. my system does not have 12h or 6hr. do you think itās worth me looking at lower time frames for more trades?[/QUOTE]
You just have to realize that the lower the timeframe, the less accurate the signal. Donāt move lower just because you want to trade more, only move lower when you have the higher timeframes mastered and you really understand how to manage lower timeframes. If you do it just to clock in more trades it will kill your account. And never go below 1 hour, at that point your just gambling.
I almost never trade the 1 hour, mostly the 4H and D1.