Hey guys,
Can help me out? I entered into a short position yesterday when I saw the pin bar on the AUDNZD H4. As it turned out, I incurred a stop loss on my demo account.
Can you comment whether the setup is sound so that all of us can learn from it? When I entered into the short position, I thought itās okay as the pin bar is formed at a resistance level. This pair is also in a downtrend before it started to consolidate beginning this month. It also seem to promise a good risk reward ratio.
Hello yes I can help you. The trade or Pin you are talking about is technically NOT a Pin Bar as it did not close with in the previous candle. This is one of the first rules to pins which defines whether they are pins or not. Sure you can be like most price action traders and trade all price candles that ālookā like pins and you can be like most traders and loose, or you can be like the few disciplined traders and only trade the bets setups and the ārealā Pin Bars. For more info read this article: Pin Bar Reversal Will take you two secs and explain it a little better.
Okay so what I did was take the trade on the 1hr chart that we were talking about yesterday. Price did go lower and ran into trouble and I was taken out at BE. See charts for explanation:
Just wanted to check your opinion on EURAUD Daily chart. Do you think the pair can still recover ? I entered on the break of the bullish engulfing. I guess itās against the trend and maybe a bit too small.
As long as it didnāt yet hit the SL yet it is still a valid trade (as long as you have smart SL placement). It also has stalled for the last few hours which means there is a āgoodā chance itās getting ready to reverse. If it does decide to go back up Iāll be looking to take another long (as long as there is valid PA) with hopefully a much smaller SL off the 4H.
Thatās my take. Iām not a pro by a long shot haha and could be completely mistaken. Besides that there is always going to be losers (Iām still working on incorporating this fact into my stubborn mind). I hate to lose in anything and unfortunately that translates over into this sort of thing as well. Every time I lose a trade I canāt stop thinking about it for days and it makes me pretty ill tempered which is really not acceptable. Unless of course I lost because of greed, error, revenge trading, etcā¦ then I have reason to be ticked at myself.
I personally only trade the 4H TF, having said that I demo traded these two pairs from the daily setup. I am now looking for big PA in direction of daily on the 4H TF, so to answer your question yes I hope it turns.
I used to be like that too, every loss I almost wanted to quit trading. Once you confident in your system, you then have an edge. As long as you stick to your rules no matter what your edge is going to make you a winner at the end. Take Johno for example, If you look back before I joined him in here, I was posting nearly all posible PA trades, since joining Iv made 7 trades. Its not many in nearly 2 months, but iv only lost 1 trade.
My mind set has completely changed and thats because im confident in my system (well Johnos system) haha.
Hey guys Iām just curious how all of your AUDJPY trades panned out from last week? Mine missed the TP by 5 pips and came back to break even. Right now I have my eye on some of the JPY pairs (specifically GBPJPY) for another short. CAD and AUD are looking promising too.
Pass on all. AUDJPY looks alright, but doesnāt really stand out.
I was also hoping for another long on EA, but it looks like it still cant make up its mind on where to go. Weāll see in another 4 hours, 8 hours, 12 hours or, well, you get the pictureā¦
Iām sitting on my hands as well. By the way itās quite an achievement for me as not so long ago I would be entering trades just for the sake of it.