Yes dead right stick to daily’s and only drop down to 12/8 hr (if you really must )when you see a price up against support/Resistance on the daily, it really dose’n take that long ,if you don’t see the price up against support/resistance on the daily move onto the next chart.Thats what I do anyway,others may be different.
That reminds me that next week, I start a trading competition organised by a swiss tv economic show. It’s about managing a 10k chf account on markets including SMI, CAC40, DAX30, DJ IND, NASDAQ stocks. I plan to use PA method. I will be watching around 300 charts daily. First price is 10k CHF worth of gold. It’s not like the forex competition on the internet where the winner usually makes a ridiculous 1000% profit out of gambling, that’s why I am joining as I followed it the previous years and it looked genuine. Wish me good luck !
wow that great stuff krugman!!
for me this is only the 5th week i’ve been trading live and i’m taking it real slow (honest) i’m only trading micro lots but in fairness i’ve only got a micro account. And none of my trades have been “A+” material. I’m waiting for a real A+ trade on the daily to go big.
But for now i’m really happy 730 pips in 5 weeks ain’t bad.
Can i ask krugman did you hold the trade for 6 weeks to get such a sweet RR?
Thanks dude!
have a good one.
haven’t heard gosh in awhile 
But i’ve been here awhile. Just wanted to read the first 200 pages before i got truly involved. Upto 120 and there’s still great info there.
And as a wise man once said ( or fortune cookie) you must look to the past to know the future.
PEACE
Ok so food for thought for next weeks trading ideas think it 70% A+ material.
Its the CADJPY 4hr BEEB
what do you think?
The trade was about 6 weeks ago, I held the trade for about 4 days.
thanks im taking this trade!
reponse to wm247: ic. i guess thts the essence of his strategy. will keep in mind. cheers!
I’m not sure how good 730 pips are as that doesn’t tell us much, but congrats on your success!
thats a great trade. and yeah sorry pips alone doesn’t mean much. but my overall gain is 13.52%. But looks like some great trades brewing up already.
I don’t get too disturbed by poor quality trades that are posted, as I know many here are learning and it’s part of the process. What’s more disturbing is the number of other people that jump up and say something to the effect of “Great Catch, I’m going to take that one”, now we have groups of people collectively taking crappy trades, or ones that don’t even qualify in this method. This happens on a regular basis so I wanted to point it out.
Price action candles must protrude past the previous candles in the swing. If the candle is “up in” the swing and doesn’t poke past the previous candles, not only does it represent a poor signal, but also greatly minimizes the profit potential of the trade. I posted a picture of the difference between the two, and what could have made this setup tradable, using the CADCHF 4H candle that was just posted by another member.
When they protrude down like the one on the left, they are giving us a signal that a “false break” has occurred and balance of buy and sell orders could be shifting. The bars like the ones on the right could mean a bunch of things, maybe a short market correction or profit taking. This is why one of the rules is that the PA signal must actually protrude past the previous bars, even just a little bit.
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13%, that’s great! I have been watching some great looking trades forming on both the daily and weekly. I look forward to market close to analyze them.
If it isnt a problem could You show this euraud trade a talk about how did you managed it to get such a good RR?
It’s not a problem at all. I run a blog/journal online and I already had this graph saved and posted over there, so I just copied it from there. I used techniques not taught in this thread and some not taught by Johnathon, so I am not going to mention those here. But I used price action to get in the trade and out of the trade.
My total profit for the week was 115% as I had a couple other successful trades that week.
EDIT: Sorry about the EMA, my software decided to load an old graph template that I don’t use anymore, I didn’t catch it before I posted the screenshot. I tried to delete the picture but it looks like it’s permanently embedded into the post.
CADCHF Daily/Weekly
I think this is the best trade of the bunch. I will focos on the weekly pinbar since I think that timeframe is easier to read. While this pair is in a clear downtrend the pinbar occured at a key SR level that had important in 08’, 11’ and just a few weeks back. There are a few things I like about this setup. For one the pinbar is a good size but it also ended with a very nice bullish body. The second thing I noticed is that there is almost no upper wick to this candle. Which tell me there was very little profit taking going on into the weekend, and that the big traders are holding onto their positions because they are anticipating further bullish movement. The final note to make is there is plenty of room for the trade to run between all 3TP areas.
Hi Ba,
Risk is lower when you expose yourself less.
As a rule of thumb and to bust a myth , a smaller stop loss level in terms of pips has much more risk involved in comparison to a larger stop.Simply because price is less likely to spike you out.
Cheers
You know piping hot, from trader to trader, let me tell you this.
If you miss a trade , seem to lose every trade you take, or both.
Then there is only one thing you can do, out smart the market!
The only thing that keeps me going after a drawdown or other trading downsides is that I not double but triple my focus and decision making and I go back to basics.
Cheers
Now that’s more like it. I value nothing more but an IN DEPTH ANALYSIS.
I’ll join you on a discussion soon.
ps: you can manage your attachments once you go on edit and scroll down right under the post area,you’ll notice a button is made just for that purpose.
All the best Krugman
Cheers
I’m glad you pointed that out because the original post from B A kind of confused me. You should be adjusting your position size to your SL. Whether you use a fixed $ or % risk model, you should always be adjusting your lots to fit how many pips are at risk. I haven’t checked before but I am sure Johnathon has some articles about it over at Forex School Online. And as Kas mentioned trading lower timeframes generally makes your trade riskier.
Hello everyome 
I’ve been reading this thread for a few days (making sure I respected the “read the first fifty pages” rule) and really like all of the information presented here. I was wondering though if anyone here had attempted to apply PA setups (A+ setups) to lower timeframe trades. I’m well aware of the fact that a lower timeframe means more risk, but would just like to apply these fundamentals to my style of trading; “in the field with a shotgun” as appose to a sniper as johnathan described in an article. There is a thread here about such trading (Forex Alchemy started it) but it has yet to take off like this beast of a thread. I’m not critizing the larger timeframes in any way as they seem to be the safer route, just wanted to hear some oppinions from those who “know” why its a bad idea, rather than many who discount it without reason. Also, I’ve always heard that a good trading strategy is applicable on any TF, if that is the case shouldn’t PA be the same?
Oh and one more thing, what (if any) weight do the PA traders here give to FIB levels? If they run congruent with S/R would it just make your A+ trade a A++ trade, or would you ever trade soley off a great PA setup that happened at say a 50% retracement.