Iāll answer your question like this: I try to only trade markets that I understand (this is easier said than done because sometimes I just find myself entering trades that I have no business being in). When I am having trouble marking key support & resistance levels I stay out because I donāt know what the market is doing. Also if Iām not sure about a setup I stay out.
This trade might or might not work out but Iām staying out because Iām not confident about it.
Please realize this is my personal opinion & should not be taken as trading advice. If youāre in this trade I wish you success!
Thanks for quick reply.
as I said I am not sure about this one too. so Iām not going to trade it. Iām just curious to know about the shadows(for learning only). should we consider shadows reasons for our decisions?
Hi pedramslhr,
to quote Johnathon āwhen trading engulfing bars, we want the price to finish in the last 1/3 of the direction we want to tradeā
In this case, i would like the close of the BEEB to be lower - it may be in the last 1/3, but it is not obvious. Also, i consider this 4hr to be in an uptrend and would need to see a bigger PA to convince me it had turned.
Just my tuppence worth.
ā¦We look for gaps to act as S/R and thatās what has happened hereā¦
I read the NZDJPY article as well, and Johnathon did NOT say that gaps can be high probability trades; he said āgap closing trades can present high probability trades when they line up with support and resistance.ā
In the NZDJPY trade, the gaps lines up with S/R and then a pinbar was formed. Thereās nothing new here.
(i) Gap = S/R (key horizontal level)
(ii) Pinbar = PA signal
Hope that explains it. I know when Johno comes back in, heāll tackle it as well.
hey eveyone
a question about timezones . My broker timezone is Eastern European Time (EET) Standard Time = UTC+2 (Summer Time = UTC+3)
and I think these candles are not good for this way of trading .
Iāve opened and account in FXpro ans asked them about the timezone . this is the answer :Please note that the time zone set to the MT4 platform is set to GMT+3 and that is not possible to change
so this is not set to new york either.
which broker I can open a demo account that its timezone set to Ny ?
If I want to trade in live account , Can I analysts on the demo account and trade on my other broker real account ?
The Broker of my real account is also not supporting New York closing candles.
ThatĀ“s why i use Axitrader as a demo account for analysing and spotting Setups and then I set the orders on my live account.
I will not take this trade either. Because below there around 1.0400 is another high which I fear may act as a support which makes the R/R ratio unbalanced against my favor. I believe this pattern (or case like this) was discussed here last year on this thread and as I recall it noone seemed to enter that trade.
Now not for this particular one but for our general interest of knowledge on PA here, Iād be glad if experts share their opinions for future trade opportunities of this kind. Thanks in advance!
Yesterday I took a trade on XAUUSD (bullish) between the two levels I marked on the pic attached and closed it today banking 93 pips (coıld be 140 though).
Now there emerges another one (bearish) but Iām gonna stay out of it due to my margin conditions (4 open positions still running) and also it may try to test 1300 (BRN). Seems better than yesterdayās trade though.
Like some of you i also got stopped out on the AUDUSD 4 hour setup since price continued north. Now we could look for a ratrace into earlier resistance, now support and see if we get a nice PA to jump on a long trade.
Both of these arent very good signals. The first one is tiny and could just as easily have been gone the other way. The second one is not at a swing low, is tiny too and is more an indecision candle than a pinbar. Itās good that you got away with it this time, but you should be way more picky when looking for signals.
My entry orders on the USDCAD BEEB 4 hour setup got filled this morning. And since then the market has rolled over pretty nicely hitting my T1. Trailing my second position and SL is placed 20 pips above the support that now hopefully will act as resistance. Did anyone else take this trade?