I like where you have you have your TP placed KK. The only thing I would’ve done different is placed 2 lots on and taken 1 lot off where you did and let the 2nd lot run down to those second set of recent lows.
Nice trading though.
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I see that pin bar too. It’s looking really juicy and ready to be plucked! There’s a fat pin bar on the GBPAUD too.
Just posting the Pin that Spongy posted only now it is 10 mins from close and looks quite different from 14 hours ago.
A couple of points I wanted to also point out were this tested the big round number and psychological number of 1.300 and closed solidly below.
This does have recent support close by so will be interesting to see how plays out, however this is a nice big pin at the 50% retrace of the last swing and looking interesting!
Hey all
So the AUD/NZD decides to tank while im asleep! I was in bed 2 hours prior to NY close so I couldnt set sell stops.
If price retests resistance with PA, im looking to short.
Cheers
Spongy,
mate why did you not set pending orders? How do you think any of us catch trades? We don’t manually pull the trigger that’s for sure!
Every broker I have ever seen has this function. What you should have done here is set a pending sell stop that would have entered you at the break of the pin. What you can also do is set you stops and profit targets al at the same time so if your entry is set your stops go straight into place.
So this is how I do it: I wake in the morning my time which is then New York close. If I see a trade I like I set a pending order to enter on the break with the stops etc. Then all I have to do is watch whenever I want which normally isn’t then until the NY/UK sessions as I don’t trade intraday during Asian session.’
Thats the whole reason to enter on the break!!!
If you need any further help let me know but I have had all soughts of brokers and they could all do this.
I am also sorry to say this daily trade is now past mate. It may present PA on the 4hr chart but do not go chasing a trade here on the back of the daily setup if that makes sense. Fine to take a trade if it presents a completely new oppurtunity and new PA but the daily has gone and been won.
Learn your lesson (which is good you have learnt now) and move on to the next trade.
Safe trading,
Johnathon
Has anyone spotted the pinbar on the EURAUD this morning? It’s formed after a bull run over the last few days at a resistance / supply zone as well as off a major round number (1.25000). You can see the setup of my pending short below. Any thoughts from anyone? The only thing I don’t like about this pinbar is that it hasn’t breached the high of the previous swing high.
Personally I gave up on EURAUD until it either goes lower or decides to break higher. I’ve been faked out by it to much in the past few weeks to really make it worth it. I paper traded it the last two weeks and was faked out on every trade then as well…
For me it is just way way to small. That’s not to say it wont go lower for you but I only take trades when my edge is clearly and obviously in my favour and here I just can’t confidently say that it will go lower.
As you have pointed out it is as a solid resistance area but that price action is just not big enough for me.
Johnathon
What trades have been there in the last two weeks?
Update on the AUDNZD trade posted in here yesterday. Price went lower and gave traders a chance to lock in some profit. Price then retraced higher.
I locked in profit as I always do and the rest of my position has been stopped at break even this morning. This Pin is still valid however my trade is over.
Johnathon
Where do you lock profit, at a support level or at R:R 1:1?
The Inside bars, in your opinion, are continuation or reversal pattern? I asked this because i remember that i’ve read somewhere that the IB are continuation pattern, but in most cases if I blend the 2 bars (mother bar and inside bar) the result is a PIN bar reversal… Hope this make sense
Cheers
I will answer my time and also get back to posting. I have been flat out with other stuff the last few days.
Quickly I will say though is instead of thinking what someone else said have a look at the candle blending. If you don’t know what this means do a google search for candle blending. Then blend two candles together. Because more often than not they do not produce pins.
I will explain this more fully tonight for you with some charts to explain.
Johnathon
Seems solid enough if it can finally break lower…
Will chat tonight,
Johnathon
Whilst I personally didn’t take this setup it still may go lower. I will outline for me later why I gace this a miss and why before i stressed to you that it really needs a solid push lower if it has any chance. the trade isn’t over yet but I have to admit it is not looking great. In saying that let the market take you out and make sure your stops are in place.
Johnathon
Hello,
none of my targets are ever set by looking at what the risk reward is. People who are setting targets by what they want to achieve risk reward are kidding themselves. The market doesn’t care where peoples levels are or that they want to get 2/1 RR for example.
All the market cares for is where are certain levels.
Taking profit on this one was at a recent support. See chart. Blue line was half profit and the rest was then stopped at BE as I moved stops when I took profit. This one has gone lower again which happens a lot but I also tell you what happens a lot. Very very often these don’t turn back around in the trade direction. They will normally hit this first level and take the trade out at a loss. So whilst I didn’t take as much profit as what there will be in this trade over time I am booking profits regularly like here and not being stopped anywhere as much as most traders.
That’s one thing that use to annoy me when I was learning to trade. I could get big winner but never a consistent flow of money into my account. What I have described above is the reason why.
As for candle blending, like I said this morning (my time) I don’t know what that person is talking about that said a first bar preceded by an inside bar make a pin bar. Sometimes they do but far far more often than not they do not. If this was the case they would be reversal signals and they aren’t. What are pin bar when blended together are 2 bar reversals. I am not going to do any example as I think you can do this. The main thing to think about is think about where the wicks on the candles are and this is why we can’t just say they will be a pin in most cases. Hope this helps. If you really do need examples let me know and I will do some up for you.
Johnathon
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The reason for me I could not take this one was because of where the pin closed or rather failed to close.
There was an important support area I wanted this pin to close below which it did not and trading into todays non farm payroll decisions for me was not wise on a USD pair. I do not follow the news. The only event I avoid trading around is the NFP with USD pairs as it can create huge swing.
See chart for this level I am talking about: If the pin had of closed below this level I may have had a closer look. Please note this pin is still valid and if the NFP announcement comes out favourably this could drop massively. That is more like gambling though and not something I personally do.
I posted in here before saying that Johno has allot to loose if I or anyone wasnt happy about his course.
I now do have a complaint Johno!!!
I thought I new about trading, boy was I wrong! So my complaint to you Johno is actually THANK YOU! :51:
