I thought you may have been thinking this and that’s why I asked a qeustion.
Yes you are correct we need to see confirmation for us to enter a trade. Al the reversals such as Pin’s Engulfing Bars and 2 bar ar enot confirmed until they break.
The way to play this is to set pending orders. We don’t want to wait for the following bar to close.
When we get a PA signal at a nice area the market has given us a clue. All we must do then is set an “pending” order at the break either higher or lower to be entered.
The bes trades will normally just go of and break in the very next period and we don’t want to miss this.
If this doesn’t make sense please let me know as this is vital.
Thanks for your reply to my post earlier. Appreciate that.
The broker I deal with doesnt have the feature where I can change the time to NY close. Anyhow I found another trader whereby I could. Below I posting two graphs one from AEST and one from NY close(I think but you can confirm if thats the pattern on your chart too).
There is a pin bar in AEST timings and BUEB on NY close (Both on 4hr chart and for NZD/USD). I took the trade and closed it at major support. I just want to confirm if again I got lucky or the trade looks good.
Darn, my broker doesn’t carry that pair. O well EURCAD is pretty closely correlated.
Anybody get short on EURUSD earlier? I didn’t get in because my exposure would have been to much, but it would be a free trade (at break even) if I had.
The risk on all open trades added together. So if i have 4 open trades and each trade is risking 2% that is 8% exposure. There’s probably another term for it that’s just how I define it.
Haha no I only have 1 open right now. That was just an example. The most I ever had open at one time was 3 I think and honestly that’s hard enough for me to handle. I’m not very risk tolerant and usually only risk about .5% a trade, but was risking about 3% on one and that’s why I didn’t take the EURUSD trade.
The one that’s open right now is a long on CADJPY from 82.90 with take profit at 83.90. I already moved to BE at 83.40 and took half profit so I’m a happy camper for the day
Here is a pic of when I took the trade (4H). My reasons were pretty simple, perfect bounce off a support with a bullish engulphing candle. Also correlation with other JPY pairs was very good which is something I found almost necessary with JPY (except USDJPY). I entered at the break of the marked 4H candle. It’s so much higher because I pay a pretty bad spread for this pair.
No surprise why price is flirting that resistance. The concept of pending unconfirmed S/R saved our capital. Marked in yellow is another one. How price will go there is unknown. I expect A-class setups among a few pairs but I will wait for the day close, you never know…
Hey looks like your now cleaning up so well done! I would just caution for the future to sticking to only trading engulfing bars that engulf a minimum of 1 candle. This setup was not an engulfing bar as the highs were not engulfed.
In saying that you picked an awesoem area and with the nice recent upmove so nice trade.
I would just really encourage you to look for pullback within the obvious trend 9 time out of 10.
The only other two things are what is you spread on the AUDSGD? This can have huge spreads and spikes.
The GBPUSD was discussed in here earlier this week. Price is stuck in a range and until it breaks either way it is going to be hard to do anything. Once price breaks out it will give us a better picture of what we need to do. I just posted about it here: GBPUSD Stuck in a range
Other than that your charts look pretty good. If you can, I would try and analyse Price Action of the daily charts. This is much easier and when you have marked your levels of the daily chart you can then go down to the intraday looking for price action at the same levels you have marked.
Okay so I am confused as to what you are doing now?
You were looking to short the what you called a bearish engulfing double top I think and now what are you looking for? When I asked in previous post you outlined that you wanted a bounce to this area we are now at and then to short. Are you now short?
Sorry for the questions but I am getting confused of what you wanted to do in previous posts and now?