Just for the record, today is an holiday for the Japanese banks…maybe that was our missing detail? Do you guys think it is better not entering any position on an holiday of a certain currency bank?
Ben
I don’t think there was anything wrong with the trade, it was just a loser. It was a good setup and I’d trade it again if I had it to do over. Losing is just part of the Forex game. 
I have around a 60-65% win rate on these types of trades, and the typical TP is usually around 1.5-2 times the risk.
We’re only going to win bit more than half the trades, but because the winners are bigger than the losers we’re going to make a lot of profit, so don’t worry too much about the losing trades.
OMG!!! I am re-thinking about my steps to trade; currently, I have 2 profiles, one profile is for scalp lines, another is S+R stuffs,
I think I should have one profile, doing S+R zones, trend lines, then do scalp lines!!
Could you elaborate a little, Johnny? Is a price pivot zone similar to a regular pivot point??
hey phil i just got in. ok for me a price pivot zone is where support becomes resistance. thats all. simple. It is what they call it over at j16. So if anyone was long in the gbpjpy today you ran right into a pretty well established one. im not sure who i read was going to go long into it earlier but it is a valuble lesson and the reason i tell people please demo at first till you get good at your method. there is no reason to lose money learning. I see from my daily chart that price ran into that 155.50 area and it was like hitting a brick wall. for me it is only going to be tradable after that area is broken then a retest that shows me 155.50 has become support. If that happens Ill be looking for a price trigger which I would like to see either
a nice pinbar ( the longer the nose the better)
a nice inside bar (the more the merrier)
a nice outisde bar
a double low high close or a dlhc which means 2 candles basically would open at the same level within 2 pips or so but the second one closes higher this would be a bullish sign
the beuty of knowing and utilizing these ppz’s is i can tuck my stop at the 155 level and let that thing go for a while and when i get a few pips i can movce my stop to break even.
my attitude is this I want an a+ setup with a great stop location and I likew to stack the odds in my favor coz if im confident in the setup i just might play some serious money 
so i am willing to trade once a week or 2 a month even coz when my criteria is met i can trade with confidence that i have the highest probabilty setup.
thanks, john
ps sorry for any typos i gotta go, its my wifes bday
Just made a nice gain of 26 pips by entering a short position on the EUR\JPY
Guys, I took a look into the news for the Yen currency, and it seems that it will gain weakness in few next days. I am looking further for another short position on the GBP\JPY or EUR\JPY after a breakout of a scalp line.
The uptrend that formed in the last week is ending IMO.
Phil, I agree with you. Those loses must be taken as a part of the business, there isn’t a trader that never loses. Do not let those loses to take your courage away.
The 152.37 scalp line in the GBP\JPY is looking promising for going short. It is also a neck line, what do you think? This time I will let the price make a bit deeper break before I enter.
Phil, When you get a chance, can you look at my question in the post 203 ?
Is it possible, when you get a chance, post some chart examples of above setup/indicators ?
154.30 was not a valid scalp line. A scalp line needs at the least a days worth of pips for a retrace and a good amount of candles closed after it bounces (at least 4, but I like 6+) forming that retrace. 154.30 is an S+R line, but not a scalp line that can be traded for a 50 pips SL/TP.
I’ll be going short at 152.37 using normal 50 pip SL/TP rules, and watching for a reversal to form around there as well.
Thank you Phil…
Thanks for the explanation Johnny. It does make perfect sense that an area where support becomes resistance would be more powerful than an area that’s just been support [B]or [/B]resistance. I’m gonna start watching those areas closer now that you pointed them out to me.
While my method is profitable it can never hurt to learn a few new tricks and make it [I]more [/I]profitable!
[QUOTEIs it possible, when you get a chance, post some chart examples of above setup/indicators ? ][/QUOTE]
unless your view is that candlesticks are an indicator than i dont use any. on occasion i have been known to throw up macd for divergence but then i delete it. as for what i look for to trade those things are simple price patterns that i use. but i dont just see a trigger and go for it.
im more of a sniper i like to look to hunt to watch price on higher tf’s mostly dailys whne im going to be gone all day. when im hunting i see alot of half ass setups but i ignore them i only want one shot one kill. I agree not everybody wins but what if you could win 9 out of 10 trades but the catch is you only get 1 maybe 2 a week across 20 or so pairs?
is that enough?
can you make a living as a trader on 1 or 2 a+ setups?
I love to daytrade the dailys 
heres what I do I look for these price patterns which ill add a pdf to this at the bottom.
then when i see one i look around it. what level is it at?
where was price yesterday? last week?
is there any traffic? (traffic is alot of prvious bar highs or bar lows especisly in a sideways market) for example the 155.40 level there is plenty of traffic and when there is traffic you have to expect price to stall or even reverse at those levels.
most important am I at a swing high or a swing low?
Is there any important fib levels to be aware of? I don’t trade fibs alone I just use them as confirmation?
any macd divergence?
the more things you have at any area the more important that level is
the most important thing is to learn whAt price is telling you.
final thing to note my trading is a product of many teachings and I cannot take credit for any of these pdfs they came from james16 public thread and are a great starting point for anyone looking to learn price action trading just remeber to please please please demo first!!! i know im a broken record. but alot of these setups will fail when they are in a bad location or there is alot of traffic ets… just practice and btw dailys are the best to learn on and in fact the best setups and the most relaible ones come from daily.
final note to this book of mine lol! don’t get to hung up on r:r it is not entirely prudent to an account growing. be conservative with your setups and when you see the opportunity lock in profits or move stop to b/e remeber b/e trades are winners!!!
PriceActionSetups.pdf (42.5 KB)
Pin bars-introduction.pdf (175 KB)
Pin bars-advanced.pdf (113 KB)
While my method is profitable it can never hurt to learn a few new tricks and make it more profitable!
im glad you see something new. you can never have to much in your arsenal. my chart is a sloppy example of “traffic” but traffic and ppz’s are closely related.
its like fetor says price is like climbing levels in a building and ppz is just those levels. support becoming resistance and vice versa
keep in mind i learn alot from you too.
this is a great thread!!!
unless your view is that candlesticks are an indicator than i dont use any. on occasion i have been known to throw up macd for divergence but then i delete it. as for what i look for to trade those things are simple price patterns that i use. but i dont just see a trigger and go for it.
im more of a sniper i like to look to hunt to watch price on higher tf’s mostly dailys whne im going to be gone all day. when im hunting i see alot of half ass setups but i ignore them i only want one shot one kill. I agree not everybody wins but what if you could win 9 out of 10 trades but the catch is you only get 1 maybe 2 a week across 20 or so pairs?
is that enough?
can you make a living as a trader on 1 or 2 a+ setups?
I love to daytrade the dailys
heres what I do I look for these price patterns which ill add a pdf to this at the bottom.
then when i see one i look around it. what level is it at?
where was price yesterday? last week?
is there any traffic? (traffic is alot of prvious bar highs or bar lows especisly in a sideways market) for example the 155.40 level there is plenty of traffic and when there is traffic you have to expect price to stall or even reverse at those levels.
most important am I at a swing high or a swing low?
Is there any important fib levels to be aware of? I don’t trade fibs alone I just use them as confirmation?
any macd divergence?
the more things you have at any area the more important that level is
the most important thing is to learn whAt price is telling you.
final thing to note my trading is a product of many teachings and I cannot take credit for any of these pdfs they came from james16 public thread and are a great starting point for anyone looking to learn price action trading just remeber to please please please demo first!!! i know im a broken record. but alot of these setups will fail when they are in a bad location or there is alot of traffic ets… just practice and btw dailys are the best to learn on and in fact the best setups and the most relaible ones come from daily.
final note to this book of mine lol! don’t get to hung up on r:r it is not entirely prudent to an account growing. be conservative with your setups and when you see the opportunity lock in profits or move stop to b/e remeber b/e trades are winners!!![/QUOTE]
Thank you very much Jhonny for the detailed explanation and the material.
Could someone explain more on this one? When is it a bullish or bearish?
And where to place entry/stop loss/target profit based on the PDFs?
Thanks~
As I know, the order should be placed on the high of bar 1 plus several pips.
Cheers,
high of bar 1 = assuming it’s a upward movment?
and low of bar2 = assuming it’s a downward movement?
bar 3 could u up or down right?
I use the high/low of either bar 1 or 2, it just depends on the situation. I prefer bar 2 because it gives you a tighter SL and therefore more profit potential, but the overall situation has to make sense, you can’t just blindly go with always “this way” or always “that way.”
Sorry I can’t be more specific. If you post a chart I can tell you what I’d do and why in that particular situation, but truthfully there’s no “one size fits all” rule for placing entries off IBs.
hey guys i thought i would throw up a chart with the double high low close and the double low high close.
the dbhlc is a bearish sign were two candles have the same high or within a very small amount of pips but the close of the second candle has printed a lower low.
the dblhc is a bullish sign were two candles have the same low within a very small amount of pips but the close of the second candle has printed a higher high.
the thing i love about my trading is i keep it simple. in those pdfs you guys got to see the bulk of my arsenal. i look for simple setups that are usually only 1 candle but sometimes 2 candles like the dbhlc or dbhlc but thats it. of course thre is more advanced stuff out there but if you can combine simple price action and support and resistance than you can definatly become successful at this business.
talk to you later john
edit* the shaded area to the right is the double high low close but it got cut off. these are not the best examples but i wanted you to see what they look like and as with everything else demo them first and see how they work for you before you risk one red cent of your money on something you are not experianced in.
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Hi John,
Thanks a lot for the PDFs. It is really good stuff and helpful. In addition, I took your advice further today when I had time and checked out the J16 thread in ForexFactory. WOW I think that is the longest thread I ever seen…I have just started with the links in the main post, but it will take time for me to catch up there.
By the way, are you a member in the J16 group? I am referring to the membership that costs 100$+ per month…
Ben