Forex Price Action

I remember that one too well

I think you may have missed that one a little bitā€¦

It will take people all sorts of times to become profitable and I would be bloody amazed if anyone come from nothing to profitable on three months. It took me a few years let alone months! Not only did it take me years, but all sorts of different experiences and scenarios and money! I guess a lot of this can be cut out for others now because I can pass on a lot of this so other donā€™t have to go through it themselves, but still they will have to go through some of their own own ups and downs.

But the three month rule is not three months from start to finish. It is; Traders should stick to trading both demo & daily charts until they become profitable period. Where they three month rule comes in is they should not go to a live account until they can trade a demo account and make a profit three month in a row. So this is now three random months, but three straight months.

Make sense?

Itā€™s good to know, and donā€™t take my skepticism wrong, I like to question and discuss things like this and hopefully figure out its validity. I completely understand what you are saying, and I agree there can be power in BRNs and VBRNs. It just feels like avoiding a number without price action to back it up goes against what it means to be a price action trader, which is trading the price story.

Since Johnathon posted that USDCAD trade on his site, I am guessing that he is ok with trading into BRNs and VBRNs as long as there is no previous SR at that level. So is this a rule you personally adopted? I am just trying to figure out if this is something you are personally doing, or if it is a part of Johnathons rule set.

Apparently itā€™s not as clear as what I thought it wasā€¦ That section of my site is only a market commentary. I donā€™t personally take those trades. I post setups in there every single day after the market has closed 5 days a week and there are some very average setups some days, but I still post them up. I would not post them up if I thought people actually thought I was taking them myself. I personally only trade the very best setups and these do not form 5x a week obviously.

[QUOTE=ā€œForex School Online;543167ā€] Apparently itā€™s not as clear as what I thought it wasā€¦ That section of my site is only a market commentary. I donā€™t personally take those trades. I post setups in there every single day after the market has closed 5 days a week and there are some very average setups some days, but I still post them up. I would not post them up if I thought people actually thought I was taking them myself. I personally only trade the very best setups and these do not form 5x a week obviously.[/QUOTE]

Itā€™s still begs the question, is what market deal is describing a part of your rule set or not?

Iā€™m glad Johnathon wrote this,it amazes me how people write ā€œdonā€™t trade demo but live as demos just not the sameā€,surly if you cant be consistently profitable on demo how is trading live going to help,perhaps they think live will make them try harder I donā€™t know,its just demoralizing,so I think stick to demo until you feel youā€™ve got a grip on it for as long as it takes even if it 3 years or more.

Good morning from USA west coast fellow to all you great traders, another great week is starting. :19::19:

If your not careful I will have to get you to go back through the first 50-100 pages :18: JK

VBRNā€™s take into account always regardless if there is support or resistance or not. The 1.000, 1.4500, 1.600, 0.900 etc for different pairs.

BRNā€™s I need to see S/R at least minor to take into account, but if it is just minor, then I will take into account, but some people have taken into extreme and then they can never make a trade because there is a round number with every trade.

The best way to do it is when marking support/resistance is I will normally look for the closest round numbers or big round numbers. So if I was going to put my support level at 1.2039 for example I would then slide it up to 1.2050. All my charts are set like this to the round numbers if they can be out of habit. Sometimes it canā€™t work, but most times it does.

Johnathon

Very clever.
Iā€™ll implement that too.

Cheers

yes I didā€™ent think of that ,good eh

[QUOTE=ā€œForex School Online;543201ā€] If your not careful I will have to get you to go back through the first 50-100 pages :18: JK VBRNā€™s take into account always regardless if there is support or resistance or not. The 1.000, 1.4500, 1.600, 0.900 etc for different pairs. BRNā€™s I need to see S/R at least minor to take into account, but if it is just minor, then I will take into account, but some people have taken into extreme and then they can never make a trade because there is a round number with every trade. The best way to do it is when marking support/resistance is I will normally look for the closest round numbers or big round numbers. So if I was going to put my support level at 1.2039 for example I would then slide it up to 1.2050. All my charts are set like this to the round numbers if they can be out of habit. Sometimes it canā€™t work, but most times it does. Johnathon[/QUOTE]

Haha, that was what I was looking for. I do appreciate the in depth explanation. I still may go back over the beginning pages, itā€™s been a long time since I went through them. Since this is a method with clear cut rules(which is what makes it so easy to learn and follow), I want to make sure Iā€™m not talking in contrary to the method.

Always good to hear from you Johnathon!

We are here to help out other and no skepticism taken wrong) Since Jonathan answered a question very clearly and it shows it,s his rule i am following it,s not my own rule.
I am not qualified enough to make my own rules LOL ))

A good morning to you also from the great state of Iowa!

Itā€™s definitely something I am going to look into now. Itā€™s easy for a person to throw in some of there own personal trading style into a great method like this. I always want to make sure iā€™m talking the actual method and not a personal preference. Itā€™s understandable though, a lot of us cut our teeth on other trading methods and had to wade through a river of crap before finding something of great value like this. And some of the things learned end up sticking with a person for a while, whether bad or good. I started off my trading career in 2002 with a book called ā€œHow to make money in stocksā€ by William Oā€™Neal. And from then till now countless books, articles and methods. I know I have picked up a few habits and rules along the way, and am trying to get completely over onto Johnathons method.

Lets start to talk about setups in next week. I think USD/CAD weekly is still valid, but i didnt spotted any other interesting setups, please share.

Mind the gaps baby!

Thanks for your input Adam,
Maybe itā€™s just me that has tunnel vision, but I trade recent swings and very very rarely zoom out a year of data to verify a Setup.
I wouldnā€™t say 1.4000 is a no mans land after all price did retrace from it. Canā€™t argue that Eur/Cad is quite debatable though.

ps: donā€™t need MAs mate.

Thanks again for your input

Cheers

Hi everyone. My 2nd month demo came out with a small profit.
6 trades - 2 profit, 2 break even, 2 lost

Please note that the numbers I marked on some charts are pips and not actual $money

Gold pin bar - break even


USD/SGD engulfing bar - break even


(Not posting charts for set ups beyond this thread, I included them for summary purposes)

NZD/JPY advance set up - lost.
Made a mistake of placing real orders instead of pending orders.
So I closed them immediately and called it done. The lost was tiny but Iā€™ll call it a losing trade.
A reminder to be careful.

NZD/CAD advance set up - profit

CAD/CHF pin bar - profit


EUR/CAD engulfing bar - lost.
Ending this month with a full stoploss :x


More to learn next month!

Youā€™re welcome, always like to make a post every now and then :slight_smile:

I trade the swings too, the reason the chart is zoomed out so much is because my screen is 27" lol, so if i zoom right in the bars are about 2 inches wide :confused:

Yes, price did retrace from it as we seen previously, but do you not think due to the gap, price dropped so hard? Personally if PA forms on a gap like EUR/CAD, I wouldnā€™t take it, as price USUALLY always fills the gap over the next days before continuing in the direction it was initially heading.

Sorry, MAā€™s are just on my chart as they are a thing I take into consideration when looking at a setupā€¦ just forgot to remove it :slight_smile:

Everyone has their own opinion on a setup, that was just mine, hence not taking the setup, but I can see why it looked juicy.

Cheers

Hi Panupat:
Thanks for sharing your results.
A couple of comments:

  1. Six trades per month is more than the overall average of the most experienced in this method, so it would be worth evaluating whether all were A +.
  2. CADCHF although ended well, it wasnā€™t a PINBAR (didnā€™t close within the previous candle).
    Good luck and all my best,