Even thou it’s not a AAA+ signal, always use a buffer. As the experts and Mr. J says a reversal takes time to consolidate as order flow has to change, and it takes time. So before a price reverse from a couples of days trend, give it some room before it takes the opposite direction.
Anyways good luck on the next trades you only learn trading! Keep it up :-)!
EURCAD - DAILY
Previous resistance is acting as support.
Let see what the tide brings the new day.
EDIT -> I like to mark with lines the rounds numbers to avoid trading into them. I know the actual S/R lines are a little bit different.
It funny PipDom, i do the same thing , draw lines as a question sign, it really helps.
It’s possible to remove the 20-symbol restriction on Trading Station. Simply email a request to <[email protected]> referencing your account number, and our Operations department will do that for you. Just note that if you have a slower internet connection, it might be best to limit the amount of pairs you have enabled to 20, so less information has to be transferred.
Setups I am looking at:
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GBP/JPY D1
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Regards
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In your six charts I waiting for the same, except for the GBPUSD. It will be against the trend to me. I waiting the reverse and then going long.
In my opinion it dosnt qualify as PA mostly becouse of the size, this pin isnt even bigger then the previous candle.
CONS imo:
I like when pin bars stick out of support and close under them so its clear where is S/R area, in this case its closed @ another S/R area so no no for me. I hope it helps You to identify better setups :).
Thank you for your comments. I agree it is better when the Pin Bar’s nose makes a false breakout/breakdown, but that doesn’t happen every time. Remember that S/R are zones (areas), no straight lines.
Although it is a good idea checking momentum regarding the previous bars, I have not read any indication about comparing the size of the Pin Bar regarding the previous bars (obviously it is not a good idea setup a position if the previous bar is a VBB in the opposite direction).
In this case, the PIN BAR was 20% larger than the previous bar after bulls were losing control. The next resistance zone (0.0085) was at 90 pips (not to close) which would give a 1:1 R/R as first target. Due to the setup was with the trend, the chance was to get a second target at 0.0084.
Please don’t misunderstand me, I’m not defending a trade that got wrong, I am just trying to get more information sharing my decision process.
Thanks again,
[QUOTE=“PipDom;529608”]EURCAD - DAILY
Previous resistance is acting as support.
Let see what the tide brings the new day.
EDIT -> I like to mark with lines the rounds numbers to avoid trading into them. I know the actual S/R lines are a little bit different.
Hey Pipdom
I am a newbie (Currently on page 327, so a long way to go…) Like you, I’ve been sitting on my hands so far this week looking for a decent PA signal until I came across the Eur/Cad daily this evening which looks pretty interesting. As Ive been out of work since the 80’s (Rocky 3) I am used to waiting around for opportunities Fool! Did you decide to take the trade or wait it out? I have placed a buy stop but am now wondering whether the latest pin bar was large enough or whether I am talking myself into a trade.
Hey mselva, I see a few downsides to this trade.
The first is the very obvious and strong bullish trend. While it’s good to always look at your pinbar to the previous candle, it’s important to know what price has been doing even before that. With such a strong bullish movement show by the half dozen or so large green candles, it would take a “very large” pinbar to show signs of a true reversal. The next problem is the major support, which I showed with the big orange line. This was a super important level for this pare, and the fact that it just blew through it without as much as a kiss goodbye again shows the strong buying pressure. At this point, since price has double bottomed, then broken and held above resistance, it may be time to start looking for obvious signals to go long on price pullbacks to the major support.
Either way, you will want to wait for those really big obvious signals. The ones that slap you in the face and beg you to make money.
Thank you Krugman for your feedback.
I was seeing the trend as a downtrend, but now I’m realizing I missed the fact that the last swing high was broken, so as you said, that was the time to wait for validation of the new support.
Thanks again.
[QUOTE=“PipDom;529608”]EURCAD - DAILY
Previous resistance is acting as support.
Let see what the tide brings the new day.
EDIT -> I like to mark with lines the rounds numbers to avoid trading into them. I know the actual S/R lines are a little bit different.
Hello again Pipdom
Could I also ask which chart you are using for the posted EURCAD? Mine looks very slightly different, I am currently with forex dot com. I contacted them last week to enquire if they use New York close charts and they assured me they do but I am less sure now as yours seems to have a few less candles in certain areas. I would post a pic of my mt4 compared to yours but I can’t post links until I’ve made a few more posts.
Many thanks
B A
have a look at big bearish and long candles , it could work but I wouldn’t take it anyway
Hi BA,
I used Forex.com for my live trading. The marketing may be confused when you ask them, because that is not NY Close Charts. I have verified this one with Jon and dudest, so I’m pretty sure that it is not.
I still use Forex.com for my live account though as the spread is not that bad, but for the purpose of demo and discussion with Jon and the group, I use the right NY Close chart. Most of the time, I use FXDD, and Jon himself uses Pepperstone a lot.
Hope that can help! 
I’m in the USDSGD D1 trade.
Currently looking at GBPCAD D1.
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