Hi phil838,
Does it make sense to draw such trend lines?
Have you tried googling stuff like āOpensource webinarā or āopensource chatā - usually plenty of that kind of stuff around 
Yesā¦ and no.
If you moved down to a 15M chart the first two lines (going clockwise) would be good trendlines, but you need to make sure the trendlines you draw are on the major highs/lows of the timeframe youāre trading. Otherwise youāll end up trading low timeframe trendlines with high timeframe SL and TPs! That probably wouldnāt work out too well.
Thatās not to say you canāt draw a 4H trendline and then drop down and trade it on a 15M chart though. I donāt do it but others do so they can perfect their entry and squeeze a few more pips out of the trade. I wouldnāt worry about that thoughā¦ You have plenty of time to mess around with advanced stuff after you master the basics.
I did. I looked at the opensource stuff but settled on a $20 per month DimDim conference room. The price is still small enough to run a free room, but the added benefits over the opensource stuff was worth it.
I know Iām getting off topic, but does anyone know of any good cheap (or free) chatroom software? Iāve got the DimDim room with voice chat and screensharing for āclassroomā type events, but I want a general chatroom thatās open 24/7 so people can collaborate on trade setups when Iām not around.
The number one requirement is the ability to share charts/pictures in the chatroom! A forex chatroom without that is worthless in my opinion! My idea is for people to learn and participate here on Babypips as usual, but to be able to go to the chatroom and chat in realtime when a trade is being entered. The 5-10 minutes it can take to talk back and forth on the forums is too long when it comes to most trade setups.
Iād use the Babypipās chat room, but it sucks. I want something like the chatoom they sell at gixaw.com or 123flashchat.com, but without the large pricetag. 
The price just hit the upper long-term trendline on GBP/JPY. Everyone keep an eye on it because if it starts showing reversal signs it could be a really good trade.
Plus 157.00 is a major psych level 
Ben
Very trueā¦ I didnāt even notice.
Hi, Iāve been looking around on these forums for a while but never posted anything before but your method caught my attention Phil . could you have a look at this chart of EUR/GBP and see if you agree with the lines iāve drawn. I highlighted what i think was a reversal candle in pink and i would have entered if the next candle broke above it(which it did) but as you can see itās gone back down.
My SL would have been the bottom of the reversal candle so i would still be in the trade if i entered it but itās not looking good. Basically just want to know your thoughts on this scenario and if it is a trade you would enter
Thereās nothing wrong with that setup. If EUR/GBP was a pair I followed I would have entered that trade as well. It appears that this one just happened to be a loser.
I would have probably put my SL a little farther down though. Since the most recent swing low (.8591) is only about 10 pips below the bottom of the reversal candle I would have put my SL down below that level. The added security vs. the extra 10 pips on the SL is worth it in my opinion. If the swing low had been 20 or more pips away I would have done exactly what you did though.
But either way you do the SL it will probably end up losing from the looks of it now.
[QUOTE=phil838;121990]The price just hit the upper long-term trendline on GBP/JPY. Everyone keep an eye on it because if it starts showing reversal signs it could be a really good trade.
Phil, the price looks like starting the reversal. I am founding it hard to decide where my entry will be. Usually I will enter hem the current candle will pass below the low of the breaking candle, but in this case itās a bit a waste of pips I thinkā¦the breaking candle is very long.
Where are you planing to enter? Thanks in advance
Ben
10 pips above for long?
10 pips below for stop?
TP? 1R? .5R? 2R?
Here is a gj chart showing how I would have managed this trade.
I would enter 10 pips higher than the close of the pb. if it was a major ppz i would have wanted to see a break first.
As much as I like r:r to be good i would not let this trade turn into a loser so i try not to get hung up on 1r 2r .5r I look at positive is great, break even is a winner. so my first tp would have been the previous bar high of 155.50 but5 i would not exit the trade I would move my stop to maybe even 155.40 and let it run.
The S/L would have been the low of the PB but some swear by the 61% of the PB but truth be told I would never let the trade go to s/l before i stopped it myself. I know how I trade goes against what you all have been taught. i donāt stick to my plan I make my rules as I go but i do stick to a āplanā it is just very flexible.
For example I would always look to stop the bleeding long before I gave up 250 pips!!! Imagine a pip is worth $10 how bout $100?
The reality is these setups work. A pinbar at a swing high with confluence is so probable it is disgusting!!!
remeber the confluence you are looking for;
nice round numbers
Is it a a Price pivot zone is there support or resistance at this level?
fibs (right now the price is 157 that is 61% retracement of the previous swing low. The PB itself was at the 50% retracement of the upswing you cannot ignore these levels when looking at confluence)
divergence macd or stochs or whatever you use
I like the 150 and 365 ema so if price is at these levels I look at that
is it bouncing a trendline? i dont particularly use tls but it is hard to ignore. right now the price is bouncing a tl on the daily.
Honestly I have looked at this pair and as of right now Im looking for a short. i am not hoping, I am not predicting im planning. If it continues to 158 or 159 or higher I will defiantly be looking for some nice price action to get me in short next week.
trade what you see not what you think and donāt listen to msnbc or kathy and boris or fill in name here? Do your own analysis and understand nobody gives a damn about your book besides you nobody will ever care as much as you do.
Im just giving pointers into my thinking. I know Im a little scatter brained but there is alot of things I want to share. It is ok to make decisions on the fly as long as you are consistant in those decisions and they are not emotional. become a machine look at what price is doing donāt worry about fundiess as much all that stuff is priced in. watch order flow that is what matters and for goodness sake please donāt risk your hard earned money until you have proven yourself on demo. I know its not real money, i know its not emotional, blah blah blah. if you canāt make money on demo you cant make money on a real account. I know im a broken record but it is important to me. I want you guys to be the 5% that make it.
ill post more later 
thanks fdor putting up with my rants. you know it helps me to post this stuff. I hope it helps some of you
thanks, john
Hi John!
I have spent today a few hours reading the links in the main post of the J16 at FFā¦almost finished. I just canāt get itā¦I have never seen in any forum a long thread like that one. The j16 group must be T-H-E thing.
I spent also about an hour or so watching videos in the guests area and I have learned a lot only from it.
I must admin that even after reading the links in the main thread plus wathing some videos in the j16 guest area, I did not really completely understood the method. It is all about PA and PBā¦okā¦but is there any e-book\summery\doc or anything thatās explaining the method it self tidily and in order so I can understand the basics? You have mentioned a PDF to read, what PDF? Do you refer to the two PB PDFs so have attached earlier to your post here? Or there is some thing else? I canāt believe that those two short PDFs are the basic method of a 25K pages thread. Is it that simple? Cause if itās all about patience to spot the 1 winner on the daily chart every month so everyone can do it. Is that the holy grail of the j16?
By the way john, this PB method deserves a separated thread in IMO. This method and the j16 itself are very interesting me and I want to learn more! Please continue with your great posts about this method cause I really canāt catch up with 25K pages now lol. Until I will finish reading them in about 10 years there will be 50K more.
Thanks a lot johnny and god bless you
Ben
Google Wave is your friend; it will be available end of the year
What is your entry point? and itās almost coming to weekendā¦
25K pages thread. Is it that simple?
yup it realy is that simple. look at my post earlier it is summary of sorts.
j16 teaches
first and foremost this is a business treat it like one
2nd price action setups including pinbars, inside bars, outside bars, dbhlc, dblhc, and some basic variations of these simple setups
3rd place location of these powerful setups
4th reasopns to stay out of the trade
5th reasons to take the trade
6th larger tfās
7th confluence of all other factors
so what you do is you scan your charts, all of them, scan the dow th e min russel, spot gold whatever, just make sure it is daily at first (for at least 3 months)
look for the price action setups
when you find one look deeper
then ask yourself
is it a swing high
is it a swing low
is it at major s/r
is it at a ppz (is there space for it to move)
is there traffic (the opposite of space)
is there round numbers supporting the pb
is there a round number in the way
is there fibs mid term, long term
is there trendline bounce
trading really is that simple those who get bogged down with indicators and this crosses that than y. those looking for a nice tidy set of rules will eventualy fail. Im sorry i dont mean any disrespect i just mean to say the best traders imho are the ones who;
a use there brain all the time and never mindlessly follow rules simply because it is there system
b treat this as a business and spend time in the ādevelopmentā stage while wisely protecting there capitol
that thread is so huge and so wildy popular for a reason the material works. the seniors support you, over there i am a newbie allthough not new to trading and all i feel is welcome there and there is alot of great feedback.
its like here. we love to help each other out. can you see that in phil? I can. He sincerly cares and that is why he is doing what he is doing. he never asks for anything in return does he?
continue to post your thoughts and ideas. phils ideas may differ from mine but i somehow think we are from the same school 
The long candle that actually hit the trendline wasnāt enough of a reversal signal for me to enter. I entered this one with a pending order about 5 hours later since I was going to sleep.
I went to bed not long after the 1200GMT candle closed, but I set an alarm to wake me up in 4 hours so I could see what was happening then.
The next candle was a good long-wicked reversal candle, so I set my pending order right below it at 156.65 with a SL at 157.95. I set a TP for a 1:1 ratio. Thatās not the TP I really want, but since I was asleep I put a low one in just to be safe.
Iām currently around +70 pips profit!
To answer your question, if the price had touched the trendline on that long candle and reversed without showing another long-wicked candle, doji, IB, etc I would not have entered the reversal at all. Itās too much of a gamble in my opinion without that sign.
Yes, it is. I wouldnāt have entered the trade if it had happened 6 hours later. But as it is thereās enough time for the trade to complete (possibly, of course, you can never know for sure) before my usual Friday at noon deadline.
is it London noon? Or your afternoon? Or GMT noon? GMT noon is has about 9 more hours from now?
On hindsight, it successful reversal on:
GBPUSD - SR zones + Inside bar
EURJPY - SR zones + candle stick long wick
GBPJPY - SR zones + candle stick long wick
seemed like these 3 pairs are quite similiar
Sorryā¦ GMT noon.
The trade has fallen back down around the entry point now. If itās in the negative I will leave it open over the weekend, since a weekend gap canāt kill all my profits if there arenāt any.
Iām watching the video on the google wave page now. Iām halfway through the video and I love it!! The only problem is that itās not out yet. 