Anyway, I’ve been studying this thread carefully and in the two and half weeks that I’ve been paper trading I’ve had 4 trades. This method is not for the gun ho trader. I’ve found it a true test of patience, discipline and discretion.
I like the big pin bar above. It’s at a reasonable level. It’s at the bottom of the range. It’s a big candle. I’ve set my buy order at the top of the pin bar wick, plus the spread. There is a little traffic to pass through. I’d prefer not to be taking a daily trade on a Friday but I’ll see how the trade pans out by the end of the day.
[QUOTE=“Druej;628672”]<img src=“301 Moved Permanently”/> Wobbly arrow right? Anyway, I’ve been studying this thread carefully and in the two and half weeks that I’ve been paper trading I’ve had 4 trades. This method is not for the gun ho trader. I’ve found it a true test of patience, discipline and discretion. I like the big pin bar above. It’s at a reasonable level. It’s at the bottom of the range. It’s a big candle. I’ve set my buy order at the top of the pin bar wick, plus the spread. There is a little traffic to pass through. I’d prefer not to be taking a daily trade on a Friday but I’ll see how the trade pans out by the end of the day. Anyone else on this one?[/QUOTE]
Yes i am also in this trade, good area, solid pinbar
You guys do realize that long EUR/USD and short USD/CHF are essentially the same trade due to how high the negative correlation of these pairs is? They’re pretty much mirror images of each other.
If you’re not willing to short USD/CHF then you shouldn’t be going long on EUR/USD… Just my 2 cents.
Well yes and no (it’s been a while since I contributed been busy with work at home and vacation planning)
This Eur/Usd PB is as sweet as an apple pie on sunday after a decent carvery! Of course you want to stay out of the crazy sundaynight/monday pre london opening spreads but after that it’s all trade and enjoy the money pouring in!
Best
ps: it’s a daily Pinbar so don’t forget those buffers!
[B]I[/B]t’s the weekend once again and time to call it a day. But I’d like to remind everyone about not risking too much on trades that are a ‘‘Golden opportunity’’!
I know Darthy&BA and many other fellow followers enjoy a good reminder after a few pints of Weekend larger, so here we go;
Sometimes UNFORTUNATELY even after showing discipline and choosing the very best of trades. Your account might not show those green big numbers as you expected. But you are still in the game! Due to your risk management. So if you don’t want to end up in the gutter by loosing all your money on one trade ( probably loosing all your account won’t place you in the gutter, but…) keep your risk management up, no matter how appealing a Setup looks like.
i’m really sorry for asking this silly question, but what do you mean by buffer? and what it;s supposed to do with daily pin bar?
been searching about buffer, didn’t find related article about it, tho.
me myself had cancelled the pending order for EURUSD. wanna see how it react the London open on monday.
I think what he means is that your pending order should be set at the high of the pin bar + a few more pips. That way, price is actually breaking the high of that pin bar (taking into account as well as your brokerage spread), and therefore a valid entry signal.
Thanks for this amazing post.
Price action is a Dangerous and tough strategy to me all the time. I have been trying but still can not make a handsome amount profits using this strategy. Though I do follow CanldeStick chart and trade using OctaFx’s trading analysis. Getting enough profits all the time.
I think several things need to be said about Mr. Fox and his method.
Why is his website almost an exact copy of Niall Fuller’s site, learntotradethemarket.com? They are eerily similar, down to the article content, writing style, graphics used, website design and style. The membership fees are even the same. And they are both Australians. For all intents and purposes it looks like they are run by the same person.
Why has Mr. Johnathon Fox nor any of his ‘Senior Traders’ never posted proof of himself being a profitable trader? Surely it would only help your business to show proven results? Yet every time the question comes up (here or his private forum) it gets danced around or given some canned reply. You have nothing to lose and everything to gain from doing this, unless it is because you are not profitable.
I have monitored this thread as well as Mr. Fox’s private forum for quite some time, and I have found a pattern. It begins with a new wave of newbies coming into this thread. One of them posts a ‘valid set-up’ according to to the methodology and they all agree and enter the trade. Most of the time the trade turns out to be a loser, but nobody mentions it and they move on to the next set-up. Some of the newbies purchase membership to the private forum, thinking that’s what they need to kick start their profitability. They post there for a bit, but eventually they all stop posting here and in the private forum. The next wave of newbies washes in and the cycle repeats. Once in a blue moon, a new ‘Senior Trader’ is promoted. Whether this is a monetized position (or maybe just fake profiles) I do not know.
The only people who stick around here and the private forum are A) the ‘Senior Traders’, B) one of the newbie recruits or C) a stubborn newbie who has been losing for months yet still thinks they have a hope of being a profitable trader. Everyone else invariably stops posting and never comes back.
I found several sources on the Internet which claim that Mr. Johnathon Fox used to manage a small fund of about $30k contributed by himself and members. I have no way of verifying this claim, I am merely re-stating what I read. According to the sources, the fund was in deep drawdown since inception and Mr. Fox eventually cancelled the fund, purging any mention of it from his site to cover up his blunder. This supposedly happened around 2012.
I have been a professional trader for over 25 years. I have worked for several different firms and I now run my own fund (no, I have nothing to sell and I don’t want your money). Never in my career have I seen another professional use such silly tactics as the trade management taught within this method. Scaling out of positions before they even reach a sustainable R-R ratio, much less below 1-1? You need an almost impossibly high win rate to just break even. I believe it is marketed this way intentionally, to elicit a Pavlovian response to the many ‘wins’ generated by this method even though a single loss wipes out all of your wins and then some. But to you new traders, the wins give you the rush you need to last long enough to purchase the membership, even though the method is not sustainable in the long term.
I believe Mr. Johnathon Fox is a slick salesman, a sweet talker, and not much more. There is currently zero evidence of Mr. Fox being (or ever having been) a consistently profitable trader in the Forex market. In fact, all of the available evidence points against that fact. But hey, looks like you made $150k (or more) just by selling memberships in 2013. Not bad for selling a broken refridgerator.
I am not a disgruntled customer. I don’t consider $300 a lot of money, so I bought the membership just to see what it was all about. I just thought I would bring up these points that seem to be oh so conveniently ignored here in this thread. I have nothing against price action, in fact I use a lot of it in my trading.
Mr. Johnathon Fox, feel free to respond to these allegations. Or ignore them, as you usually do when the question of your integrity comes up. Though be aware the latter option, as well as the former option with no proof to back it only makes you look the guilty party.
I started forex trading last year in July using this method. Before then, I used indicators and just entered during crosses and w/e. I made tons of pips but lost them the next day due to no knowledge of trade management.
I started reading this thread and learned price action. I soon after got a membership on Fox website. I went 6 months profitable each month. Made all my money I lost back including the membership fee. I then made a mistake to go using indicators again and I lost all I made. I just started back doing Fox method strictly.
Reason I went to indicators again was because I got greedy. I thought I made money with Fox method but I could make more. I was wrong. Fox method worked well and I should not have gone elsewhere.
If you go to his forum, yes new people come and go. Same thing with this tread, same thing with other treads. Once people learn all they can, they stop posting on the forum and just trade themselves. You post on forums when you need help. Once you learn then you don’t have a reason to post right?
Fox method teaches you to trade the right way. Its simple as that. But discipline is one thing it can’t teach you and that is something you teach yourself. If I stuck to this method without switching I would have been so far ahead then now.
In terms of pips won and loss. Fox method takes high probability setups. So you always win more than you lose. So when you have a loss, your winnings cover that.
If you can’t give this method six months following all the rules then you won’t know how it works.
But keep in mind, trading depends on where live, your timezone, your lifestyle.
This daily trades works for me as I am in Canada so I can’t stay awake waiting for markets to open and close. I look at charts once a day and thats that.
We place an Entry buffer for out buy/ sell stops. That means for instance if the break of a daily pinbar comes at 1.3710, we place a stop about 10 pips away from it. To make sure we are not being faked into a setup. Same goes for different PA signals and timeframes. However lower buffers for lowers timeframes is more sensible and comes down again to the pair we are looking to trade. For the e/u daily pin a 8-10 pip buffer is acceptable in my books.
Numbers 1, 2, and 4 are all observable. You can observe the same thing. Go to Mr. Fuller’s site and Mr. Fox’s site. Compare them side by side. Browse through every page of this forum. You will never find anybody posting proof of profitability. Look at the trade management. The R-R is tiny. These are not objective things I have pointed out here.
Number 3 is the only one I have no ‘proof’ for, and I said myself I have no way of verifying it.
If you’re so eager to cough up your money because you’ve been sugared up by Mr. Fox, then go for it. If you’re too ignorant to see that most of my points were objective truths upon which I drew conclusions from, then you are as ignorant as they come and deserve to lose your money.
@Adir,
your [B]No of Post = 4[/B]
you joined babypips just to attack Mr Fox ? why ?
anyway , you said you have 25 yrs experience …I respect veterans …kindly if you have profitable strategy , please open up your thread …share your knowledge and let others benefit from your wisdom and experience…who knows your thread might be voted for best strategy of the month !
If Johnathon just a salesman, let it be, I don’t care. If you a successful professional trader, good for you, but I don’t care also.
What I care is my own money. I think everyone’s here is mature enough to choose and decide what is good or not for them. There’s plenty of strategy out there in the internet. Everyone has it own preferable strategy based on their own calculation. And lots of strategy that profitable and suitable with their style. Just pick one that fit with your style.
I illustrate this thread like a book. I just read it, sometimes I’m agree with the subjects/contents, but often I don’t agree with the writer has written in their book. What make us clever is not just reading the book, but choose wisely what is good and true in that book. Even if the book is not good, we can still learn from it. So if there’s a lot of people like this book, than let it be, they have their right to choose.If you don’t agree with what the writer has written, than write your own book. Let the reader read and comment/criticize your book.
