It’s somewhere in here, and mentioned every once in a while. Traders will close positions on Friday to keep from getting gapped, or just a good time to take profit before the weekend. A pinbar that may normally signal a rejection of a key level, on Friday may just mean an large number of people closed out their positions. What is acceptable is setting an entry on Sunday during the Asian session based on a “Daily” signal from the previous Friday.[/QUOTE]
Ahh, thats useful to know, another thing to add to the notes and plan. Thanks.
I got my eye on a few pairs that have formed good daily signals, so looks like i will have to check them on Sunday evening.
That’s something I’ve already read in here but I didn’t have it in mind. Thanks to raise awareness ! After a whole week without a single trade, I guess I needed one so badly that I omitted the obvious.
At least it seems to be helpful to some of the other followers of this thread.
I’ll enjoy my weekend and see how it evolves next week as my order got triggered. :15:
Hi,
I entered a long position on AUDUSD Spt3 , and my approach for these trade explained on attached chart.
Do i entered correctly here or just its lucky trade ?
Comments are appreciated
Thank you all
I made a trade going short on it on 9/5 @ .09435 entry and T/P .09400 so i made some pips, however it just kept going down. Now i looked at the wkly T/F and the pair is trading on a wide channel. My point is , there is opportunity to make $$ trading inside this channel.
Looks good, but I can’t justify opening a position based on how I’ve learned to trade these setups:
-Forms @ swing high
-Near S/R
-Shorter wicks in the direction you want the trade to go (Longer wicks in the opposite direction)
-For Bearish signal- 2nd bar should be “more bearish” aka larger than the 1st
This is probably a tradeable setup which can produce some $, but I’d be looking more to see what price does on sun,mon, tues around that level you have drawn and look for PA there. I was under the impression that a solid 2BR had to form on/near a support/resistance level, not into it? Again, please everyone take this with a grain of salt- I’m still learning and am by no means an expert on this.
Hallo Yves
I think this is a good market to look for setups because the market environment is easy to read, it’s not choppy and there are clear levels to play from with space for price to move.
With that said my concern with this pin is that it didn’t close within the previous bar & it’s sitting right on top of a VBRN. Now of course this doesn’t mean it won’t work. If I were to play it, I would set my pending orders below the VBRN and below the pin then look to take my first profit at the blue line and my final TP level at the most recent support. I’ve attached a chart so you can see what I mean.
Unfortunately I’m having trouble attaching images but I’ll try again later.
I wanted to offer a little thought into mentally combining candlesticks. I think there is a bit of added risk if it isn’t done correctly. I’ve never actually seen this addressed by anyone before, but I think it is still important. When your trading price action, your not just looking at what candle shapes form, but your also looking at price movement over time. For example it’s good to have a pinbar at a key level but that’s not everything. What if the pinbar is 50 pips long, and the previous candle is 400, well that changes everything because now we have a price/time perspective. You would most likely pass on that kind of pinbar.
The problem I see with people combining candles is that they are combining 2BR, BEUB or BEEB but they are not combining all candles on the chart, and thus losing that price/time perspective. If you just combine a 2BR, then you are essentially doubling the amount of time and hence price movement for only 2 candles. So you are really giving a false view of the quality of that price action signal. There are charts out there that will combine all candles, and give a good proportional view, I’m not talking about those. I see a lot of people mentally or on paper combining price action candles, which can skew the quality of the candle if not done correctly. This is why a 2BR isn’t the same as a pinbar. A 2BR reversal is a weaker signal because it took that 2nd time period for price to fall back, signalling a less aggressive pullback in price. If you want to increase time periods to create the pinbar, then you need to do it for all candles on the chart. I added a chart to illustrate my point.
I would be curious to other peoples ideas about this.
Hey Bigcheerfer,
from my experience & from what I have seen senior traders here do even if a 2bar reversal forms into a S/R area we can still trade it. It doesn’t always have to sit right on top of the support line or touch the tip of the resistance line for it to be valid.
Regarding all of the 2BRs that formed on Friday, it looks like all of them ended up closing above the resistance. That means that resistance line has now become a support for price come Monday.
That actually depends on how each different people draw their S/R lines with discretion.
For this particular setup, it is definitely below my Resistant line. The only doubt i had for not taking it is because the large body(after combining the 2bar). Only if the price close a little lower, its an A++ setup for me. Now i would consider it an A or A- setup which i wont risk my money on.
Hey Bigcheerfer,
from my experience & from what I have seen senior traders here do, even if a 2bar reversal forms into a S/R area we can still trade it. It doesn’t always have to sit right on top of the support line or touch the tip of the resistance line for it to be valid. Support and resistance are not just lines we draw on our charts they are zones so they sometimes cover bigger areas.
I’m sharing the charts that I am studying for the next week. Your comments will be as always appreciated.
AUDCHF: Going Short.
Pin Bar at previous Support and Resistance zone.
Pattern around VBRN 0.8600.
Going with the trend.
Bulls losing control before the Pin Bar.
First Target: around 0.8500
Second Target: around 0.8400.
CADCHF: Waiting for Confirmation.
Pin Bar at previous Support and Resistance zone.
Pattern around Round Number 0.9000
Possibility of going with the trend if going short.
I don’t like that the Pin Bar did not finish within the prior candle.
Strong previous candle. Before the PB there is no sign of bulls losing control.
I prefer to wait.
USDCHF: Waiting for Confirmation: New support? Still a valid resistance?
2BR (Don’t strong as would I like). Others people would call it dark cloud.
Fail to make a new high the last day.
It is the fourth attempt in a short period of time to break that level.
Possibility of going with the trend if the short entry is confirms.
I would like to see a breakdown at 0.9350 for confirmation.
