If everything is played by the book, ie all the set-ups are A+, does anyone know what is the average number of winner vs losers for a month with Johnathon’s method? Obviously winners surpass losers, just wondered by how much.
Compared to the other so-called strategies involving indicators where winners are usually a rare treat while strings of losses are common occurrences, PA and the way it is taught it in this forum is in a totally different league of its own.
My best streak was 1 loss in 3 months. There are lots of factors to consider tho, especially psychology. When you lost once, you’re prune to make wrong decision on your next trade.
Thanks for the information pal. As for bad decisions made after a loss, you’re right about it, I’m very aware of that, I’ve been in that pit before. Trading should be only cold calculations, set-ups and trading plans. But alas, we’re human sometimes.
GBP/JPY 4hrs - it has formed a pinbar at rezistence turned support. is this a good setup to go long? comments are very welcomed
I took this one, got stopped out, I was in the illusion that it will finally be the start of the breakout:) looking at the daily chart it appears to be forming a bearish engulfing bar… all the JPY pairs seem to be having a hard time breaking upwards
i guess i should have drawn the support line a couple of notches down, like at 171.60.
that is the one thing that confuses me about s/r sometimes. 171.80 looked fine to me, yet it wasn’t the correct one.
anyone can help a bit here and point where i’m wrong?
To be honest I went short at the open today when i saw a DOJI formed by yesterday candle and Friday candle looked like a hanging man.
I am short from 172.24. thingking of taking profit around 171.50.
DD
How do i add attachment. I got my GBPJPY file saved on my desktop.
It looks fine to me, the support line. But the PA never confirmed.
so you say that even if a pinbar correctly formed shows up at s/r you don’t take the trade, and just wait for the next candle to complete in order to have the confirmation of pa?
You need to set a pending order at the break of your PA candle (just above the high/low, depending on which direction you are trading). The reason for this is that if price breaks above this high/low, then it is a confirmation that price is going in the direction you are think it is going, and therefore adds confluence or serves as a confirmation that it is a good trade.
Just because there is a PA candle forming, it doesn’t always mean that price is going to continue in that direction.
Furthermore, we don’t cancel pending orders until the opposite end of the high/low has been breached. This means that price is not going in the direction we intended it to so therefore we cancel our orders.
Thanks for the advice
Thanks for getting back to me guys. I always write down my own risk/reward in my trading journal. But I’m in general not too concerned with risk/reward when taking a trade. Unless it’s like 10/1, I would still take a trade. It was good to see, what are other people’s thoughts on it though.
Hi mate,
Are you still considering this trade, if so, where do you have your TPs?
I have my TP1 at .84355 and TP2 at .83140.
So armandmorel , when do you think your T/P of 84355 will get filled ?
Looks like my SL will get hit first at this stage… Lucky the trade wasn’t activated.
But rules are rules, so it will be pending until price goes past the top of the PB, no point having a system if we are not going to follow the rules (to a certain degree).
But to answer your question, do you ever know or have a timeframe in mind for your TP to be hit on a trade?
I always try to have the trade hit with in a week. However, if the trade is doing great i might go ahead and take 1/2 and let the rest ride with a trailing stop. This works great for me.
Ya, a week seems fair, I normally have 2TP, but thinking of using 3TP, with the third one having a trailing stop. I think this is mentioned in this thread.
Anyone else use similar systems to lock in profit?
I usually take full profit when trades hit my intended target and protect my position when it hit S/R along the way.
For those that took the counter-trend BUEB that we discussed in here that other day, price has now confirmed and broken the BUEB high.
The 4hr chart also shows what often happens when our trigger signals do get confirmed and why we set our entries at the break of the candle. Quite often at the break of the pin bar/engulfing bar etc large amounts of orders will build so when price do break through this area price will make a quick spike in our direction.
By taking the entry at the break, not only are we cutting out a heap of losers, but we are also trading with the momentum when price is trading or going our way and quite often price will move quite quickly in our way with a quick push away from our entry area. The 4hr chart shows this below how price broke and quickly broke higher and actually made another BUEB.
The resistance overhead is a major one and the break through the support level was emphatic, meaning that if you look at when price broke through the support it was strong. If price can move back higher to that price flip level, then the first test of the new resistance will be interesting to see.
Daily Gold Chart
4hr Gold Chart
Safe trading,
Johnathon
SL hit without activation, what a shame, such a lovely PB… so deceitful.
