Kasravi
June 22, 2014, 3:02pm
19618
It’s increadible to read all these ideas and aspects, since it’s the Weekend. But to be honest I’m more into reading market analyses rather than this. You can keep going on about which Bank hunts what stops and how market really works, so on and so on.
Truth is nobody cares. All that peeps want to know is ‘[B]’ Where is cash to be made’’[/B]. If you got a Setup, please share. All else is inarguably pretty much a waste.
ps: @Semee , I liked that ‘stay classy’ sign off. Brilliant!
Best
semmee
June 22, 2014, 3:33pm
19619
It’s increadible to read all these ideas and aspects, since it’s the Weekend. But to be honest I’m more into reading market analyses rather than this. You can keep going on about which Bank hunts what stops and how market really works, so on and so on.
Truth is nobody cares. All that peeps want to know is ‘’ Where is cash to be made’’. If you got a Setup, please share. All else is inarguably pretty much a waste.
ps: @Semee , I liked that ‘stay classy’ sign off. Brilliant!
Best
Haha thanks is just a way of saying to each his own. Exactly my point. It’s why even though I used my own stuff I still adhered to the rules and took off all other things on my chart before posting. It was as simple as just respect. Take what you can and filter out the rest.
USDCAD broke support. Look for retracements there. I’m still in usdchf. My order was never triggered past the low of the gigantic sell EB. GBPCHF is reaching monthly high for CT traders.
Be good everyone
gmatav
June 22, 2014, 5:06pm
19620
jadd806:
It helps them by minimizing slippage. Submitting a large enough order will eat through all of the ask prices and move the market. When you have a lot of orders bunched up in one place you will get more fills at that price, thus minimizing your average cost.
It isn’t rocket science, and it isn’t cheating. Everybody knows that your entry order is at the high or low of the price action signal, and everybody knows that your stop is at the swing high/low.
I will probably be banned from this thread for saying this, and it’s been mentioned in the past (I think a couple months ago most recently). This method does not work long-term. I regretfully wasted my money on this course. There is a reason why neither Johnathon nor anybody else here can post an account statement showing their profits over a span longer than a few months - they simply don’t have it. You’re a complete and utter pipe dreamer if you think Forex is this simple.
It’s not “a few price action traders”. Tons of traders are doing this. This method is [I]not[/I] Johnathon’s invention. He ripped it almost rule for rule from a guy who goes by the name james16. He has a PA thread over on Forex Factory, and james16 is the father of the “freebie thread on a newbie forum, and then you have to pay for more content” set-up. Everybody else like Johnathon and Niall Fuller just hopped on the train to copy him after seeing how much money the guy raked in.
Everything here is perfectly set-up so that you fall for the pitch. The “2% per trade” rule is the bread and butter. By risking small percentages of your account, you will undoubtedly end up in a positive statistical deviation at some point. Go to a blackjack table and you will see the same thing if you play with perfect basic strategy (house edge .5%). You will fluctuate between -25% and +25% bankroll. The newbie will attribute this to skill (and then buy the course), when in reality it’s just statistics. Over the long run you lose to the house edge, or the spread in this case, because you have no edge.
I’ll admit it, I fell for it too. I’m not proud of that fact. But ask yourself - if a method as simple as this worked, wouldn’t it already be done to death by bots on Wall Street until it no longer worked?
The [B]only[/B] way to beat the market is to exploit a pricing inefficiency. Once that inefficiency gets out to the masses, it’s done for. Consider: arbitrage, or the January Effect. Inefficiencies are a closely guarded secret of real professional traders. Of course, Johnathon doesn’t have to protect his system because I guarantee you that [B]he does not actually trade this method.[/B] Sure, he looks for them on the charts to post them here. But I guarantee he does not take the trade, because he knows the method doesn’t work.
I challenge anybody to refute this with a [B]statistically significant[/B] number of trades taken with this method that proves there is an edge. I guarantee nobody will be able to do so and I will be banned from the thread for laying this all out. It took me a while to piece it all together, and it is really all very clever. But once the wool is pulled away from your eyes you can see it.
You are free to test this method with backtesting. Me personally I multiplied by 5 the account of backtesting, and using the rule 2% per trade. There are people living from Forex, stock markets, futures ,etc. It’s a myth that only 5% of people are profitable, look at the brokers reports on profitable users, it’s closer to 25-30% of users… maybe you are frustrated because you are not doing so well ?
This is not the 1st time I have read about price action, but this one seems different, lots to read.
So Mr Fox has not posted his independently verifiable trading track record?
No, and I doubt he or gmatav ever will. It’s fine to post information (‘right’ or 'wrong) but only posting winners or making constant claims of success without proof is a bit annoying…
Well I am sure that Mr Fox has had more than just the one paying member - Jadd806 - And I have not yet seen any other complaints here or anywhere else about his course.
Teachme
June 23, 2014, 12:21am
19625
I think several things need to be said about Mr. Fox and his method. 1. 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. 2. 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. 3. 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. 4. 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.
Search the forum and you will see
Wouldn’t it be great of the owners of babypips only allowed threads like this, which are a marketing tool for people like mr fox, if the thread OP had proved without any doubt to the admins of babypips that they were indeed professional/profitable traders. Something like that would make you the most trusted forex site on earth.
what will you see (are you saying) do you mean what agiaetcom was saying ?
Teachme
June 23, 2014, 2:05am
19628
[QUOTE=“asiagetcom;637448”]Well I am sure that Mr Fox has had more than just the one paying member - Jadd806 - And I have not yet seen any other complaints here or anywhere else about his course.[/QUOTE]
Just search the page 1257
I could find nothing on 1257 derogatory or otherwise on that page.
Anyone trading the pin bar on GBP/JPY? Daily chart
confirmed already broke the low of the pin bar, if you will look at it appears to be trending up but is already in the resistance zone would probably pull back only and return up, what do you think guys?
leon3567:
confirmed already broke the low of the pin bar, if you will look at it appears to be trending up but is already in the resistance zone would probably pull back only and return up, what do you think guys?
I know you guys don’t use patterns here but, another favorable thing about this setup is in the lower timeframe it appears to be a head and shoulders pattern and now breaking the neckline.
tricky one that leon ,it is a countertrend but as you say nice pin at resistance,I personally have a bad feeling about it,perhaps bish could give his fourpenny worth,happy trading.:33:
jumar
June 23, 2014, 3:52am
19634
I think it is very risky and i will looking for buying opportunity from near support (was recently resistance)
leon3567:
confirmed already broke the low of the pin bar, if you will look at it appears to be trending up but is already in the resistance zone would probably pull back only and return up, what do you think guys?
leon3567:
confirmed already broke the low of the pin bar, if you will look at it appears to be trending up but is already in the resistance zone would probably pull back only and return up, what do you think guys?
They might tell you the pb is too small. It appears as a top of the swing to me though.
Thank you guys! i would be very careful then, jumped the gun already, got too excited.
I’m in this trade too. SL is close because pb is small , so good RR as I would like to see it all the way down at 1.70. Worth a risk.
If indeed it sells to 1.7300 now, make sure to move your stop to below 1.7346. Manage it to minimize exposure
