Took this GBP D1 BEEB with a 1:1 RR testing a new technique for money management setting the SL above 61% fib retracement (this is just an idea, dont know if it works yet)
I like eursgd.
Pro - Swing high. Closed below 1.75 RN. Not creating higher high. Nice room to move.
Con - Not very large compare to the bull bar right before it.
Hi folks,
Just wanted to say I wonāt be in here much this week, got a lot going on and wish you all the best.
PS:
Iām impressed with the R:R discussion thatās gone on in the past few pages. For the pending requests (e.g Amyās), Iām sure Johno or Bryce will answer them when they get a spot of time.
For any new readers or lurkers ( and for anyone else slightly confused ), be encouraged that the concept of R:R is embedded in the definition of an A+ setup:
-
At a KHL and swing high (for shorts) / swing low (for longs) ==> means trade is being taken from a value area, where probability of reward is highest
-
Large and obvious (sticking out) ==> implying that the setup is trade-able (i.e, worth your while, and worth risking on)
-
Preferably with the trend ==> means it has momentum behind it ( meaning more odds of reward over risk )
-
Has room to move (before encountering any significant opposition) ==> has opportunity to create reward and allow banking of same reward (& protection of any capital left on the trade)
IMHO, if you can trade profitably for 3 months straight (demo or live) and keep a detailed journal, youāll have a very good idea of what your win rates are, and be able to compare the quality of your setups to the final R:R achieved [ donāt be surprised to see a relationship 
]
A lovely week to all
Cheers
Just a comment about this which i hope is welcome. I know this might seem a little hindsighty given how things have worked out but its CT and youre betting on the price breaking lower than the HL in an uptrend so its quite risky. Given the long bar for the BEEB this looks like a lot of risk for the return.
Hi Guys, Iāve been lurking around this forum a bit. Iām a real newbie to P.A, and wonder if you can give me an opinion (or 2) on why this trade failed.
AUD NZD (Not USDNZD as written on image 
) 4 hr 23/Jan 20:00GMT I think there were two problems: 1) Counter Trend, 2) Not enough confirmation of Support. What would you guys do about the lack of recent confirmation? Thanks a lot. Ed
Hi Fissssh.
From your level Iām a bit unclear which candle you enter on. The most logical entry bar to me is the pin that stuck out at the bottom. If youāre entering at another pin above it, please keep in mind that we donāt trade pin bar as continuation signal.
Fish, are you sure you are on 4H NYC close charts?
Hi,
Yes, I entered on the red candle after the pinbar, and at the high of the pinbar. (The red candle wasnāt red when I entered of course), so I was trading a reversal. The reason my entry looks high might be that the spread was added on entry.
No, Iām not certain of that. In fact, Iām pretty sure Iām not, as Iām on GMT. Iāll look into that.
Are you talking about the āPin barā with the thick green body? If you are I donāt think its a valid pin bar in this definition and you would have been stopped out. If it is the the actual pin at the low then it was going straight into resistance. Really confused which bar you are talking about?
Im pretty sure that is the one we are talking about.
Hi again! The PB is the one thatās now yellow on the chart. I entered on the following candle when the price reached the high of the yellow candle.
I know it is hindsight comment but that was NOT a valid pin but in the right location from the support you have drawn. Also suspect you are not displaying a NYClose chart because I donāt have the lower pin on your chart. Mine looks more like a 2 bar reversal. For such a steep bear trend I would be looking for a very BIG reversal signal to tempt me to counter trend trade this pair. I would define the big reversal signal like something of a pin which is equal in size to the big bear bars as a point of reference.
Thanks a lot for that Much appreciated. I have NO idea how to change the time reference in MT4 - I just thought it was what your broker gave you. In my rush to get into the trade, I never even considered how bearish the trend was. Thank heaven for Practice Accounts! will look into setting my MT4 to new York Close, if thatās do-able.
Thanks again!
Yeah itās pretty much fixed to the broker.
What I do is I use Pepperstone, which is 5 day NY close, to look for my levels and signal while I do live trade with another broker of my choice. At least this way Iām looking at the same chart as the seniors and Johno, easier to communicate
gonna trade this
there are other patterns that happen at this 4H close but they are too close to FTA
Obvious and BRILLIANT. Now why hadnāt I thought of that??? Thanks again!
But youāre nowhere near your support level and trading right into resistance?