And for a pin bar it does not protrude away from the rest of the price or stick out as much as we would like. As you said though nice area and you will notice the 2 Bar Reversal from last week at this same level sold of nicely back to support so this would not surprise to see the same here.
There is one thing I am noticing as I spend less time in here and post less and less (I am still watching). People are beginning to trade from worse and worse areas and forgetting all about swing points. We need our price action signals to be from clear swing points and also to stick out. See the example below and now compare to the CADCHF pin you have highlighted. Huge difference yes?
Oh no no no. Do NOT cancel an order or any oders of anything I, Spongy or anyone says!
Just because we say anything does not mean squat on the market and anything can and will still happen. Also as I said the previous 2 bar last week worked great from the exact same level so this pin may very well work out. Who knows???
Yeah, like Johno says we NEVER say do or dont we just give our thoughts. Its the same as in the forum where sometimes we miss important SR levels where we could find trouble yet did not see it when thinking of trading it.
This will sound really anal but they were not technically pin bars going of this threads method as they did not close with in the previous candle.
Yes they worked out this time but over time they do not the reason for this is quite simple when they close outside quite often price will find support or resistance when trying to break back into the previous candle if this makes sense.
So yes very picky, but picky is what make successful.
Yes they worked out but not over time.
I also agree with you about looking for short possibilites. See chart for area that this possibly could happen:
EURJPY DAILY CHART
Though I agree with Johnalthon that the pin does not stick out as we would like to be, I would still be tempted to trade this pin if I had seen it yesterday. Reason being the level is well respected in the past and recently. And it offers a decent risk reward. On account that it didn’t stick out so much, I guess the logical thing to do is to place an order at the middle of the pin to max the risk reward ratio.
Thanks for your concern (and Spongy) but I didnt and wouldnt do anything because someone else said so. I cancelled it and then posted to see what anyone else thought and if they agreed with my decision not to enter.
Nice PA strategy you got here. I’ve been catching up on the previous post and was wondering, how long does a signal stays valid for? For example. In the chart I’ve attached AUDUSD, you can see a BEEB on the daily, but doesn’t get triggered until 4days after. So my question is how long does a valid signal last for?