Forex Price Action

[dudest]

What everyone think about PinBar at 4 Hr GBPAUD? Gbp seems start to reverse so is AUD and NZD.

Hi Payahbleh,

I take it the pinbar you are referring is the one in chart below (H4 and D1 shown)





=> IMHO, the pinbar shown is of no consequence since it is formed in no-man's-land.
=> Recall: pinbars are *reversal* signals, so we look for them to form at swing points (swing high or swing low)
=> Even if the above pinbar would have formed at a swing point, I would not consider it a valid signal given its small size compared to the bars before it.

More comments most welcome.

Dudest

[bhops]

Hi Payahbleh,

I take it the pinbar you are referring is the one in chart below (H4 and D1 shown)





=> IMHO, the pinbar shown is of no consequence since it is formed in no-man's-land.
=> Recall: pinbars are *reversal* signals, so we look for them to form at swing points (swing high or swing low)
=> Even if the above pinbar would have formed at a swing point, I would not consider it a valid signal given its small size compared to the bars before it.

More comments most welcome.

Dudest

Pretty much agree Dudest.

BTW did you take that counter trend Daily BUEB on the EUR/USD. I saw your analysis and wondered if you got tempted?

[dudest]

Pretty much agree Dudest.

BTW did you take that counter trend Daily BUEB on the EUR/USD. I saw your analysis and wondered if you got tempted?

Hi Bryce!
You know me well.... yes, i did get tempted .... thankfully, so far, so good...
I've set an <alertfx.com> for when it gets to 1.2864 to take partial profit and then trail the 2nd position by 40pips

Would love to hear your thoughts on the trade...!

Cheers

[bhops]

Hi Bryce!
You know me well.... yes, i did get tempted .... thankfully, so far, so good...
I've set an <alertfx.com> for when it gets to 1.2864 to take partial profit and then trail the 2nd position by 40pips

Would love to hear your thoughts on the trade...!

Cheers

I think as far as counter trend trades to take it was a pretty fair one. Right now it may be struggling a bit and we never know what will be the winners and losers but played from a nice area, swing low, and if it does lose I wouldn't feel too bad about it.

[gs8888]

Hi Bryce!
You know me well.... yes, i did get tempted .... thankfully, so far, so good...
I've set an <alertfx.com> for when it gets to 1.2864 to take partial profit and then trail the 2nd position by 40pips

Would love to hear your thoughts on the trade...!

Cheers

Hi Dudest, You still holdng onto the EU trade ?

[RC24]

Lol so much interest in that EU trade. As far as I can see there aren't any reasons he wouldn't be holding it... Not every trade is immediately going to go into profit. This is the sit on your hands and follow your plan part.

[TyrannosaurusForex]

I'm still working on picking out the A+ setups from the others. I think this BEEB on the D1 EURGBP chart looks to meet the criteria. The only thing I'm not sure about is the size. It looks to be the same or larger than the bullish candles leading up to it. It's with the trend after a pull back (which filled the recent gap) to what looks like a good level. The green dotted lines are where I'd consider setting TP spots, and the red dotted line would be the SL. Thoughts?

[Forex School Online]

I'm still working on picking out the A+ setups from the others. I think this BEEB on the D1 EURGBP chart looks to meet the criteria. The only thing I'm not sure about is the size. It looks to be the same or larger than the bullish candles leading up to it. It's with the trend after a pull back (which filled the recent gap) to what looks like a good level. The green dotted lines are where I'd consider setting TP spots, and the red dotted line would be the SL. Thoughts?

Don't have time to post but looks solid setup.

Johnathon

[Forex School Online]

What everyone think about PinBar at 4 Hr GBPAUD? Gbp seems start to reverse so is AUD and NZD.

Hello,

I think it is vital I cover this with you otherwise you will fall into the trap everybody else does.

This was not a valid trade by any stretch of the imagination.

This was not at a swing point. Pin Bar's are reversal signals at we need to pick them to reverse price. This was picking price to continue. To go short we would nee price to go up higher and then form a pin bar. This is what is called an inverted pin and it is actually a signal to go long.

Try to always remember pin need to stick out away from price. Notice how this was buried away and not sticking out?

I will attach the same chart and highlight two pins on it. Now these are not the best but at least they show you how they are sticking out and also away from other price around it.





Safe trading and hope this helps,

Johnathon

[ywboo3]

I'm still working on picking out the A+ setups from the others. I think this BEEB on the D1 EURGBP chart looks to meet the criteria. The only thing I'm not sure about is the size. It looks to be the same or larger than the bullish candles leading up to it. It's with the trend after a pull back (which filled the recent gap) to what looks like a good level. The green dotted lines are where I'd consider setting TP spots, and the red dotted line would be the SL. Thoughts?

Hi TyrannosaurusForex
A great setup that u have identified. Thanks mate and will do a demo trade and see how it pans out