Forex Price Action

I can see why this isn’t the optimal set up. I see a bearish bar (which almost closed out as a BEEB) formed at a swing high, and if you were to go short (which may not be “wrong”), you’d be trading INTO a major significant level. Additionally, this trade is against the trend, and we’d need additional confirmation following any pin bar in the fashion of the next candle breaking through the close. Not saying I see a PB, but if this was one, and you were looking to go short (which isn’t PERFECT), you’d need price to break that close.


I think It’s a+

I classify it as a Pin.

Would you like to put forward the points why it is an A+ setup or a very high probability setup? That sounds like I am challenging you, but I assure you I am not in anyway, I would just like you to put up your charts with your points of view of how you are seeing things and why you see this as high probability… It sure is a large bearish rejection candle.

Thanks for reply , you’re right .
I didn’t notice the big rejection candle on daily time . I saw the big movement on 4h and I thought we should trade on this timeframe and don’t care other timeframes like daily but We should check larger timeframes for a trade but if we want to trade on daily timeframe we shouldn’t care 4h or 1h . is that correct ?

Thanks


No you really want to check all 3 T/F 1hr, 4hr and D to get a better direction, its better when they complement each other.

Hello everyone,

I am just 3 weeks into trading and I hope you don’t mind providing me some help in my analysis to get me started

EUR/JPY daily I see a shooting star at a major resistance line so I think I should short


GBP/JPY 4H chart I see the engulfing with shooting star and down trend already began so it is a good time to enter short


EUR/CAD daily a huge shooting star so also thinking to short


Thank you for your thoughts and insights

In my opinion that pinbar is way too small.

I am also planning to go short because there is pinbar at DAILY chart. Pinbar is also formed at major resistance level.

This would be trading against the trend… And it seems that pinbar lies in no mans land.

i like the first 2 , but i wouldn’t trade the eur/cad

aleksihe billyboy402 thank you a lot for your help

Can you please elaborate a bit more on where to put my SL and TP ?

also why EUR/Cad is not relevant ? the pin bar looks huge to me and at the highest it had ever reached in months you mean we need like a confirmation or something because we are not yet sure the trend is done ?

thanks again

we’ve a 2bar reversal on 12h


Hey everyone! Hope you all had a nice weekend so far!

Just had a quick look at the USDCAD and saw a really nice bearish pin bar on the daily chart. I know it is a counter trend trade but what do you guys think of this? If SL is placed above the top of the PB and target at FSA this would be a 1:1 risk/reward setup. This pinbar really stands out nicely from the other candles.



Hey,

for me that PB has formed in the middle of nowhere. I would have liked to see it formed higher at the red marked area. Imo the market is ranging, at least if I played any trade here I would play it as in a ranged market.

USD/CAD D1


Richard

GBP/USD DAILY. :60:

Still waiting patiently.



Gold daily.


:60:

Sorry mate, my mistake, I thought you were talking about the daily trade and not the 4hr chart and that’s what I was asking about. Now I have taken time to go through the previous post fully I can see what was meant and I agree with you.

Hi, I want to ask again I hope I don’t make this thread dirty.

Which one is the right way to trade the inside bar ?

  1. Set pending order in previous candle high or low.
  2. Wait until there is a complete candle that break the previous candle high or low.

Yes, recently I read about institutional traders that target our stop losses because many traders set pending order there and put stop loss in the predictable area.

Thanks for the reply Bryce. I dont usually measure wicks and bodies on pin bars, just visual assessment is what i do. However in this case i actually did the maths on that pin since i really was waiting to short at that level and was not happy when the pin was not picture perfect- the wick was not thrice the body. However I already made up my mind to do the trade if it opens reasonably well, since i do like thebearish body and the shaved bottom of the candle. Coming back to pins, would you regularly accept pins at good levels whose wicks are less than three times the body if they closed strongly in the direction of your trade just like this one?

Raj

so you mean It’s a good setup ? everything is perfect on 4h but on daily TF , with this big and obvious rejection candle ,is it still ok to take the trade ?

Thanks

Silver daily.:60: