This will help. Position Size Calculator: Free Online Forex Position Sizing Calculator
[QUOTE=“Kasravi;526734”]I Hope no one got sucked in Cad/Jpy.
<img src=“301 Moved Permanently”/>
Cheers.[/QUOTE]
Very close to, order never got triggered as it didn’t break my buffer. Now cancelled as pin invalidated
i put an order in but thankfully it didn’t get hit. seems like matthgm was the same. i always try to put my order at a position to confirm that there is a reversal and it seems to be working.
The high hasn’t been broken yet, so my order is still in place, not looking likely though haha, but I will wait until the high has been broken before removing it.
Guys i am not an expert just a modestly profitable trader using this method exclusively. A lot of the new guys here are posting setups that are not A**. Please read atleast first 200 pages of this thread before even doing demo trading. I have read every post in this thread from beginning and it changed me completely even though i was already a price action trader for atleast 2years before johnathon showed me the light in this thread. Please read the first 50 pages before even asking questions. It will save your trading career.
I think I read the first 150 pages or so, and I made a word document full of notes from this thread and Jonathan’s website, actually 110 pages in a word doc haha. It has defo changed the way I trade too, I used to trade 15 minute charts, but will never go back, I love being able to place a trade and sleep at night and feel confident that it is going to hit my target.
Eur/cad daily
pin forming on daily.
Trend is up.
Pullback to broken resistance.
Still some time till candle close.:33:
I think it is a good setup. If the close is good i will take the trade.
I agree that this could form a very nice signal. I have been keeping my eyes open for a good Euro setup, but avoiding the USD until after this Friday. I think the EURCAD is forming a nice pin. My personal hope is that it would be able to close above 1.3900 as that is a near term resistance. If not it is still playable but would just have to be mindful of the overhead resistance, then it’s free flying until 1.4100.
This looks good 
Well spotted!
Johnathon pointed out that 1.3906 area as a kill zone on 23rd Aug. .
(So start sniping).
Getting a close above 1.3900 would be more pleasing.
Cheers.
Hallo Mselva!
I’m glad this trade is working out for you. Looking at your charts it seems to me you went long before the break of the pin I strongly advice you to not enter setups that way, why? because our setup is only confirmed once the high/low is broken. We are taught to set pending orders instead of entering at market for a number of reasons:
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So the market can take us in if our analysis is correct.
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To reduce the number of times we get whipsawed. If you go back a few posts you will see that Kasravi put up a the CADJPY chart with a bearish pin at resistance. Those who set pending orders to get filled at the break of the pin got out with no loss at all because their orders weren’t filled but those who decided to go short because a pin formed at a key level suffered a loss…an unnecessary one if I might add.
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This helps us not to stay glued to our charts.
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Setting pending orders insures that you don’t experience slippage and you get filled at a good price.
These are the few reasons I could think of.
Good luck!
So the entry point should better be 1.3906 range rather than 10 pips above the nose ?
Hey guys, I just want to ask a question, this would be a bad trade, right? The Pin has formed above previous support and is also not very big compared to previous bars, would I be correct?
AUDNZD D1
Thanks
Adam
Def a good spot- my charts are NY EST close and it doesn’t look like this candle will wrap the day up above that VBRN. If the candle fails to close above that level- are people still setting buy stops? Or, are you wary of a false break?
ref eurcad d1
I’m actually somewhat torn about it right now, It’s a great pinbar and this level has been very important in the long term(see daily candles from 06/2011 - 12/2011). Price is finally revisiting these levels after almost 2 years. A part from a few swing highs recently, the next price action to look at is from 2011. I would like to see Mr. Fox or one of the other vet members weigh in on this. 1.3900 is also a good level because that is a 50% retrace of the last swing high/low, which becomes more important in trending movement.
Hi Adam,
I would say that you drew your S/R at reasonable levels, as you can see your nearest support is very close.
Your previous bar is a gigantic BUEB indeed.
Counter trading at that level with such an uproar and close support might not be the smartest play,so you are right.
Cheers
I reckon Johnathon was pointing out that Eur/Cad 1.3900 is an area of interest,rather than a on spot price.
Just a thought…
Cheers.