[QUOTE=“jackson905;506219”]<img src=“301 Moved Permanently”/>
I’m in this trade guys. Its still not too late to enter!
BUEB at support + 50% retrace!
RRR 0.83:1
Not bad![/QUOTE]
Where did you enter the trade?
Near 1.6531
[QUOTE=“jackson905;506222”]
Near 1.6531[/QUOTE]
Where you planning on taking a retrace entry? It’s good practice to play your PA signals at the break of the signal especially for us newbies. There’s a method to taking retraced entries on engulfing bars and your entry is something that’s not taught using this method. Don’t change your trade plan now but maybe something you can think about for your next trade.
Good luck with this one. Hope it works out for you 
Regards,
Eddie P.
Sorry i mean it is not a valid pin bar to trade.
to be a valid pin bar,
1st : long tail rejecting resistance/support line (not fulfill that pin bar)
2nd : formed at swing high/low ( this one fulfill in that pin bar)
3rd: for bearish pin bar must have a close below the open , for bullish must have a close above the open
4th : is better to have a small head and small body
Thanks man just one thing though, as long as the body of the pin close within the previous candle, its fine but yeah, i agree that wasnt a nice pin. I took it because i was out of patience i guess lol
Hello everyone,
Today I need your help about managing trades.
Below is an image showing a trade I entered based on a BEEB formed on AUD/NZD daily. (Someone had mentioned it here too)
I took one position and I was waiting to see if it’s able to make a new low. My plan was to trail my SL as it moves in my direction. But now I am not sure how should I do this. In fact I don’t see any suitable level (like a lower high) to move my SL there. I prefer to close it here instead of just letting my SL get hit 50-100 pips higher.
And the second trade is a trade based on a PB on CAD/CHF daily chart. (It was mentioned and discussed here too)
I see that it is just wasting time around my entry without going up/down. What would you do if you had entered this trade? Would you close it for a small loss?
It would be really nice to know your opinions as I’m yet learning by trading on a demo account.
Thanks
Not at my charts at home (still gotta work for the $ :D) but it looks good to me (if entered at the break of that BUEB ofcourse).
Didn’t see it when checking NY close last night as i think i have my S/R zone abit lower.
Good luck on the trade!
Remitu
Yeah i agree.
Since i couldn’t convince myself which (clear) direction price was heading i decided to stay away
If it were to move higher now i would start looking for signals to go long in the future.
What do you think?
Remitu
Why would you want to close the CAD/CHF? By the looks of your chart, price still hasn’t managed to close above the S/R line you’ve drawn. How will you determine when your PB has been invalidated? Is this a part of your plan?
you’re right, it’s not invalidated as price hasn’t broken above the Pinbar tail. but I was wondering that should I have kind of rule to ignore or exit a trade based on time. In fact i expected to see a sudden break while it is just stalling.
I wait CadChf too…
Tomyates how will you determine when your PB/BUEB/BEEB has been invalidated? I don’t think about that for my strategy…
Hehehe 
Sensei says:
(1) “We are only concerned with the short term momentum. That is why the 1,2,3 pattern suits out style so much because it shows change in the short term momentum.”
(2) “We are swing traders looking to get on the right side of the next swing.”
With those guidelines in mind, we are only concerned with the last down-swing, that is our trend (i.e, DOWN).
Thus, the BUEB is counter-trend ( and a super counter-trend for those with CT in their trading plan ).
So for with-trend trading, waiting for correction upside and then waiting for sell signal would be the high probability play!
.
Oh God, what happened to GBP? :32: Someone blew up a whole UK? :32: It’s a pity that I’m not shorting GBP, well, I wonder how deep this will drop.
That’s happened around Official Bank Rates
Thanks dudest for making it crystal clear 
I was looking at the overall trend too much and forgetting about the shorter term trend.
Thanks for pointing that out so clearly 
Remitu
Ps. We have the same level marked for shorts. Wuhu go me!
If you place a stop loss you are thinking about it in some sense. Do you know [I]why [/I]you place your stop loss where you do?
Ask yourself this question: For this trade to be valid or continue to be valid, the market shouldn’t trade to what point? If it trades within that point, then the trade still has potential for working. Beyond that point, it is no longer valid in the direction that it started.
What do you consider “short term” on a daily chart? 2 weeks? 4 week? 6 weeks?
It gets tricky. What you are suggesting is that on this daily chart we only look back 2-3 weeks (latest down swing started around June 17th), and draw a SR based on April.
If you look back as far as May 24th, you may look at the last swing down as a retracement on the uptrend and look to go long based on SR from May
It didnt work out sadly…
Your getting burnt one trade after another because you simply will not follow the most simple rule of the thread! Take entry at the break! I wrote a massive post about this and I know you read it because you were the first person to “like” it. I can’t help if you want follow the rules…
The whole method inside this thread is keyed towards taking the break. You can not go looking at what others do in other methods with other systems and then start coying and pasting with what we do here. It will not and does not work and you are finding out and as I keep going in about.
Out method is keyed to high probability trades. Finding A+ trades and then making winners.
As for this particular trade, the pin was not up at the high and it did not stick out. It was a small pin that was stuck back in price. You need to give the fibo away for a while as it is clouding your judgement. You need to concentrate on price only for the next two weeks minimum. I promise this will help. Give the fibo away. It is a tool to add as confluence and something to just add, but it is not helping you at the moment. Please try giving it away for a couple a weeks and let us know how you go working on raw price action only…
Johnathon
Yes Sir! I will do exactly and try it out for the following weeks! Guess i’m still not picky enough on the PA although i felt that i’m being much more patient than what i used to be. Guess ill have to work harder than that.
Thanks alot Johnathon! Great advise!
Jack