Hello Johnathon Fox I agreed with you that my set was not an A+ set up bcoz the pin bar is just a small bar. But am glad that I did not close the trade as u have advice me not to, since the direction was not certain. My profit target was reached at 1.2639 with about +124 pips from entry Now the price is reversing is it advisable to go short. I cant figure out a short setup for now. shown bellow is my E/U 4H chartAttachment 27274Attachment 27274
I think you may need to go back and read my replies to you. I have and exactly what I said was:
I couldn't tell you which way this will go so don't close it because of what I said. If I had to lean one way I would guess it could possibly go higher back into resistance.
So little unsure where you thought I wanted you to close the trade? As all who read this thread know I can never give trading advice.
Just a few things I thought I would check with you. Were you running a stop on this trade? The Pin bar you posted about had it's lows quite clearly taken out and so would have been stopped if you had the stop running below the low? I had hinted that the pin you were trading was not a good setup and in the chart below you can see the lows were taken out.
I stated in my previous messages to you that the Pin you were trading was very small and also not of support. You will then notice after your setup formed another bullish rejection bar formed. This DID form of support but we didn't talk about that as that hadn't formed when you were posting.
The last thing I also really wanted to say is I hope you don't get into a habit of playing these very average setups. As I said in thre quote above I can't possibly know which way the market will go but what I do know is that whilst you can get away from time to time playing really average setups like this Pin over time you will lose far more than you win. If making money consistently from forex was as easy as picking any random pin that's not formed at a support or resistance everybody would be rich!
Thanks for posting Weekly EURUSD chart! (would not have bothered to check). Below is my OPINION
[ Disclaimer: opinion below is NOT trading advice and is purely just that, an opinion ]
# I'll start with the price action hypotheses (as stated by Johnathon earlier in this thread):
# The long wick you have mentioned on your charts is similar to what is on my chart, and is a classic "hanging man" / "inverted pinbar" [ NOTE: The candle still has about 11hours to go, so it could change in that time ]. BUT if it remains an inverted pinbar, it could be saying alot! Why?
=> Normal pin(nochio) bar: price actually wants to go in the direction OPPOSITE to its long tail
=> Inverted pin(nochio) bar [aka hanging man]: this one tells the truth, price wants to go in the direction of the long tail
=> Weekly: inverted pinbar at resistance
=> Daily: price at resistance (previous support) after pullback
To all of you, tell me which broker you use to live trade?
Eeeh...not to be a wet cloth Machal, but brokers having 5-day NY-close charts have repeatedly been mentioned in the posts of this thread, and Johnathon likes his thread kept on topic; discussion on brokers will do exact opposite. For your benefit (and others) [ and also because i answered Ariffx on his broker question ], I will put the links to two of the posts below:
# On the whole, I'm no prophet but if I'm reading price correctly, resistance will either be broken and we'll be looking for pullbacks to enter the (new) uptrend OR (more likely) resistance will hold (read: Greece will get anti-bailout government, portending more problems for the eurozone) and price will rocket down in the short-term.
The best play at the moment may be to sit aside and wait for a decisive move either way. Once price has moved through or away from this resistance zone it will be much clearer what side of the market is best to trade on.
Dudest, this is to answer your question on my USDJPY trade
Close any yen trade 1-2 hours before high-impact JPY news like those in today asian session.
I tried to not to discuss any news to respect the thread starter's intention to purely discuss price action on S/R levels.
I have a little question about the BEEB and the BUEB.
I have read on one of Johnathon's articles that they should be traded at swing points. Now my question is if they are also
reliable if we trade them on retracements meaning normal key horizontal levels with the TREND? Or should it be a on swing level?
I don't know exactly if Johnathon uses dynamic Support and Resistance levels on his charts, but I do so. And If price retraces back into the Dynamic S/R levels, there we can also trade the BEEB and BUEB.