Hey every one
2 setups on weekly TF.
What do you think ?
Hi Pips Ahoy,
I know youâve been around for quite a long time at this thread, in fact you are amongst the first generation of PA traders with dudest if Iâm not mistaken.
I appreciate that you are generous to share your swing trade strategy here, but please by all means put that in a separate thread if itâs not really related to Johnathonâs Price Action strategy. Just like Kasravi said, you are confusing lots of members here. No offense, mate.
no worries brahs, just wanted to drop a gem one time in here for those that might want to try it :53:
Hi ABC,
These setups have been discussed about 3-4 pages ago,you might have a look.
No harm in it.
I have a general question regarding Usd/Cad weekly pin, it seems confusing since some peers mentioned it did actually close within previous candle and some said it didnât.
Cheers.
[QUOTE=âbigcheefer30;537416â] I just wanted to share my thoughts on this because I thought it was a pretty interesting strategy, and one that I used live on Friday and was able to bank extra cash. Hereâs the GBPAUD D1 PB: <img src=â301 Moved Permanentlyâ/> My order was filled 10PTS above the break of the PB (3 xâs is the candle where my order was filled). Within the following hour, price moved -20pts a few times: <img src=â301 Moved Permanentlyâ/> I went down to the 15M chart, and saw price stalling at previous resistance. Time that with tonyroâs post, and I figured Iâd test his strategy out. Needless to say, the chart tells the story. 20 PTS to be made of each bounce with smaller-sized positions, whilst leaving your âconfirmed positionâ open, but in the RED at times. Iâve seen price retrace quite deep (sometimes almost to the 50% level of the signal candle). I know thatâs not a strategy employed here, and one you even worked out yourself with Krugman, but, logically, this âmodified-additional strategyâ can work. If we are still setting buystop/sellstop orders w/ +10 pip buffers, and the order gets filled, what is wrong with opening fractionally sized positions if price retraces deep against you? I understand that additional risk is being imposed, and, that sometimes price might not retrace (which is why we use pending orders). But, if your order gets filled @ the proper level, and moves against you, what are the major drawbacks of managing the position using the 15M chart above to clear 60 points off the table. (We like to manage the position of charts where we found the setup, but, for scalping lower TFâs are needed). Or, even keeping those additional positions open, and simply adding to profit. If fractionally sized lots are purchased, the additional risk is minimal, and, if the position gets stopped out, it wouldnât be too far of a journey since price had already retraced⌠Personally, I cleaned up pretty nice using this method on Friday. Each decline I saw and reversal, I opened small positions and closed them toward where my initial entry was. If we âknowâ price is going to move up, what are the drawbacks of opening additional, smaller sized positions if price initially moves against us? Canât that be seen as getting a bargain, especially if Price initially broke that 10 pip buffer, filled our order (confirmed our presumptions), and then dropped back? This is obviously a much more advanced way to manage a trade that involves you to be sitting in front of the computer, riding the price rollercoaster. Any additional thoughts would be appreciated here on this matter. Thanks team! -BC[/QUOTE]
The main goal is to enter trades as price is moving âinâ your direction and not against it. You are essentially pyramiding into a losing trade, you never want to do this. If you are going to pyramid into a trade, do it as it is winning and firing off fresh PA signals. By entering on the break of the PA you are essentially saying you are only getting in the trade with the highest probability of winning in your side. You might say that you will only open half of your risk at break and half at retrace, but if it doesnât retrace then your winning position is only making you half profit. If you are opening up small positions that donât mean much, then why even open them up at all? If you start opening your retrace with larger positions then you will most likely start over risking. There are a ton of different scenarios with retracement trading, but not of then provide you with the edge you will get from simply taking your trade at the break, and letting it hit take profit targets or getting stopped out.
The other problem is you are going to start getting away from the primary goal of Mr Foxâs method which is simplified trading and stress free trading. You will inevitably stress over your trades more and have to micro manage your losers more.
You may squeeze out a few pips here and there but I am sure you will see over time it is less profitable. Iâve said this before, there are advanced stop loss methods that if learned can help lower your stop distance and cut losers short earlier, that are much safer than pyramiding into losing positions.
USDCAD W1 at my FXDD shows that the close is not within the previous pinbar. So thatâs invalid.
My Pepperstone on the other hand shows the close of this pinbar as 1.03056 while the low of previous bar as 1.03055!
On the second thought, I think I remember discussion with Jon that brokers may give you slight difference in pips but thatâs alright. Pepperstone is valid to the nearest pipette while FXDD is invalid. It depends on how comfortable you are with the charts you use in this case. As I use FXDD (hence my previous post), I consider mine invalid. But if you use Pepperstone, you can take the trade.
everything i discuss here is price action trading using no indicators. just two s/r lines and candle/price formations, in line with the thread rules. what i just discussed was risk/money/trade management. risk/money/trade management is not completely taught here out of respect for those that pay for this course
iâm not saying this is carte blanche for us to talk about wild ways to enter/manage/leverage our trades, but at no time in this thread were discussion of these things made off limits to forum members
No worries pal.
Indeed I see the same,however it is quite a suspense.
Cheers
I will be in and around here tomorrow and have not had much of a chance to check my charts too much yet, but they both look okay although the EURGBP has a really close first level. I will have a closer look and be back in tomorrow to comment more fully.
Johnathon
the first chart pin bar is not close within the previous bar. not valid.
2nd chart is a good one ,however i don;t know if entry long would it considered as against the trend ? let the pros explain.
sorry for my english
My Resistance zone is pretty much where yours isâŚI see only 18+/- points before price hits this area.
Price also recently formed a double top, illustrating to me attempts to reverse and remain beneath that zone.
USDCADW1: I donât see this as a valid PB.
Thanks for the input and considering my thoughts- appreciate you taking time to respond. 
Agreed on all accounts. I started messing around with this, made some quick money, but can easily see how it can get out of hand. You can definitely end up risking much more than you originally planned for, and, the associated stress of timing entries and exits while price fluctuates may not be worth it. Iâm lucky enough to be a remote employee so I work from home everyday. Iâm able to keep MT4 up on one screen, and do my work on another, so watching the markets is not a problem for me as I do it pretty much everyday and actually enjoy it.
Iâll keep quiet about this methodology going forward, as I understand it is a deviation from the raw, pure and simple PA theories taught and discussed here. I just thought it was interesting and was compelled to try it out and share my results. Bottom line: I banked 60 pips on one position, while keeping my original position (that was filled via break of the candle + 10pts) open. Clearly, this method can work once, then lose 16 times in a row b/c price doesnât always move perfectly and act how one would expect it to. But again, I just was compelled to share my results b/c it was interesting.
IN DEPTH ANALYSIS
A massive Valid Pin Bar I came across.
Usd/Nok Weekly Pin Bar,
5.8930 was a super important Key Support area for this pair, which contained price for most of the last and current year.
Not only that but it also served as a very solid flip point once price retraced to that level.
For many Usd/Nok is somewhat unusual but it really isnât.
Iâve done the research in terms of pip value which is 1.68 Usd per 1 standard Lot,and for sterling 1.05 Gbp.
Price Action story wise,
U.S. Dollar/Norwegian Krone is currently in a consolidation on the weekly chart from itâs former up trend. With recent lower highs and higher lows,price is continiously tightening.
With an obvious Pin bar formed at a rock solid Key level and completely sticking out of the charts. Moreover a high possibility of a consolidation continuation scenario,all the Cake ingredients are there, ready to bake.
As a Price Action trader I see a high probability trade opportunity here.
Thanks for reading.
Cheers.
No problem, I understand where you are coming from. You are trying to take your understanding of the market and improve your win rate and profit. From personal experience though, I donât believe it will work out as well as you think. I also work from home and have a dual monitor setup. For the first couple months I would keep my charts open on one screen and work on the other, but I was able to grow past that. I found that it just keeps me thinking and worrying about my trades way too much. Itâs great working from home and knowing you can pull up your charts any time you want, but being so comfortable with your trades that you donât even care. Now I tend to go all day without thinking about any of my trades, and take a look a final look at them as I am getting ready for bed. I also look at the lower time frames way less than I use too. I donât look at anything less than D1 timeframes unless price is right in a kill zone. Part of shaking my obsession with looking at the charts was breaking my habit of retrace trades and over-risking.
I think every trader takes a great method like this and adds a little of his own style to it and helps make it his/her own, but anything of your own flavor that you add to the method is best to keep out of the forum. It helps newcomers if we are all discussing the same methods and rules. Again no worries, I was notorious for getting outside of the scope of this forum, just ask Johnathon, haha.
Nice find, although the only con is the r:r on this trade, i donât know where you would place your stop but i suppose below pin, or placed below recent lows?
Placing your stop under the low keeps you on the safer side.
Cheers
Seems like Iâve been traveling down a path similar to the one youâve already taken. Iâm still having trouble âwalking awayâ from a trade and not having MT4 up on that second monitor. One of the main reasons, was that I couldnât figure out how to take .5 the position profit @ certain levels.
I could set a TP, but canât modify the volume. So, Iâd just constantly watch the charts to see when price was getting close to my TP1, then have to manually double click on the open position in MT4, and close half of it out @ market execution. How do others get around this?
I was setting two pending orders, and then setting one position at full TP, and the other @ TP1. But that doesnât seem to make sense b/c I was paying for the spread x 2.
You donât pay spread twice, since your spread is based on your position size,opening 10 mini lots or 1 standard lot leaves you with the same spread.
Cheers.
Hi guys,
Trying to do my first analysis here. Seeing a BEEB on GBPCHF W1.
PROâS
-Trend: Seems to be in a range last 9 months, and before that in downtrend, so its definitely not CT.
-Swing: Yes, at high swing
-S/R: 1.47600 has proven to provide S/R a number of times before
-D1 shows quite some recent bear power as well
CONâS
- First support is pretty close (around 1.45000), this will probably be the area to TP 50% and BE 50%. RRR is a bit shabby because of this.
- There seems to be a bit of noise should the first support be broken
SL: halfway weekly candle at about 1,47000?
Sell stop: 5 pips below Low of W1 candle: 1,45530
What are your opinions about this possible setup? (donât spare me, I can take it :-))
Thanks and enjoy your weekend!
