On the D1 chart you can see an important level where a recent pinbar was formed. So this chart gave me the zone where to look for pinbars on H4 (my trigger candle) to enter shorts.
After a first very good movement, price made a strong rejection of the distribution zone. This was a very strong rejection in my opinion, so I moved my TP to the top of the last movement and mi SL to break even. Usually price retest those areas and, finally, it did that and touched my TP. I entered with a very tight SL so my TP is very good, a 10R trade.
I have a sell on GBPCHF. It is not a very good trade because is countertrend. So I used RSI + Bollinger for confirmation (divergence on the RSI, pinbar spiking out the external 2,5 bollinger band). I will close when I see the first sign of rejection. My idea is price to do a pullback to the horizontal level. But probably it will reverse on the last H4 minimum. The weekly chart shows a downtrend, and the actual movement could be a reversal to the last range (also you can see a strong rejection on 2015, see the circle zone). So there are arguments for a down movement. But price could be rejected at the top of the range and not where it is now, there is still room for more upward movement. Anyway, I have my trade on BE, so there is no money lost here
I entered a new long position on the USDZAR (this pair is giving me a lot of work!!). On the weekly chart price is inside a range in a downtrend. But on the D1 chart you see, inside the range, that the up movements are more and more stronger. And the last downward movement did a false break of that level on the middle of the range. Also on the Weekly chart there is some rejection zone, the base of the range, that was a support for the last big weekly upward movement. Probably price is using this zone as support again. So I expect price to move until the up zone of the range as TP. And I will look for a breaking of that up level, pullback and more buying opportunities. I don’t know if there is some fundamental to support my analysis.
I see a H4 zone that it is being rejected… so if the current candle closes below it, I will put my trade to BE. I need price to break this zone to be sure my trading idea is still correct.
Missed trade on EURUSD. I put the order but it was not filled (very strong movement). Price is in a very obvious weekly range, so it was a very predictable trade. I will wait to reenter in some pullback to a level.
I have a SL in EURCHF. My idea is that price is in a downtrend (see weekly chart) so I was waiting price to retest some horizontal level and give a pinbar. On the D1 chart there is no clean candles, a lot of noise, probably this pair is not tradeable for the moment, don’t know. I think a better idea is wait price to break that weekly horizontal level (as I indicate with the arrows), so this noisy zone is left and new sellers appears there to bring price to the far bottom zone, that is my TP zone.
EURJPY was more reasonable. Strong rejection of the horizontal zone and then I entered buying. After that big pinbar contrary to me I put my SL at the previous maximum, so I have a secure 5R profit here.
The euro is making cool gain against its rivals like the AUD and NZD at the moment despite the imminent resignation of the Italian prime minister sure to disturb the euro.
So the logical movement now is up to 1,14 level. I will only think about anything but a range when price get out of it. Don’t know when this will happen, EUR was in this range for 2 years now after the 2014 trend. Technically, it will continue this downtrend or do a reversal.
According to this I will look for long positions with a TP on 1,14. Then keep out, wait for a trap on that level if price want to continue in the range (then go to short positions). Or wait for breaking of the up level.
Other idea is price to stop doing the range regime and getting out through the bottom of the range. So I will be careful if big pinbars appears on the D1 chart pointing in that direction. On D1 you can see the strong movements inside the range. The last one was a rejection of the bottom level. But there is a strong D1 zone I need to see broken to start looking for buying positions. If price want to get out of the range and continue the '14 trend, I think it will do a trap on this level and then go down.
New trade on EURUSD. Price broke a level with strong momentum. Usually when a perfect pinbar occurs after that, there is a high probability of price to return to the level that was broken. So I tried and get a 3R profit on this. I didn’t check it, but I am sure that pinbar is spiking on the external bollinger band.
Totally agree. What I see is a possible head&shoulders figure on the weekly. So the trade idea is price going up until 0.86-0.87 area.There was a false breaking of this area (the head part) so I expect price to retest it and then fall again. I miseed the trade on H4. I wante price to close above the level. It was a very good trade with a potential 8R-10R in profits.
I have a trade open on the GBPUSD. There is a clear downtrend on the GBP so I look for selling opportunities. And price was near a zone that was broken with the brexit. So I entered with the first pinbar in my desired direction (a bit risky because it is not touching the area, but… ). It worked perfectly and now my SL is above the blue line level before de pause on H4.
I don’t know if you can see my trading method. I strongly recommend to use H4 charts in combination with D1 and weekly. Even monthly charts for a bigger picture.
You can check this simple idea: no analysis, no lines, levels… nothing. Just pick any pinbar on H4 (body on the extreme of the candle + body inside the previous candle range + wick protruding from previous candle), put your trade in the middle of the pinbar with stop behind the wick. Put a TP of 3R for example. Don’t put a trade if a previous trade is open (for example if you see a new pinbar formed while you have an open position).
That is 18R. Now if you combine with some analysis and you put your TP’s on D1 levels, you can get even better results. On AUDUSD you see that the 7th and 8th pinbars were the best. That is a total of 23R with only this 2 pinbars if you put your TP on the next D1 zone (shaded areas).
Call me pedantic, but you don’t know it’s a pin-bar until it’s closed, or very nearly closed, and at that point the price [I]isn’t[/I] in the middle - by definition.
I’m not for a moment disputing the principle you’re explaining (and I know it’s a good and valid one), but the entries are not quite as simple as your explanation makes them sound. It’s all too easy for people to look at charts like the one you’ve posted and think “yes - that’s where I would have entered, too”, not quite appreciating that their hindsight is actually dependent on information not available at the time of the entry (which is also one of the reasons why “visual backtesting” is so fraught with complications.) I’m “just saying”.
There was a spectacular sell opportunitiy on the NZDUSD. This is a perfect climax trade: price goes up with a strong movement until a very important level (you can see on the weekly chart the circled area… that’s the origin of the level). Then you can see the strong rejection of the level as a very good pinbar. So you put your LIMIT ORDER at the half of it and wait to see what happen. I see 4 different TP levels. I think this could be a very big trade because you can see the last downward movement on the D1 chart was stronger than the last movement so I expect the next one to be even stronger. Also there is head & shoulder figure on the Weekly supporting a big bearish movement.
