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:
- SIZE SIZE SIZE way too small,
- VBRN 0.8500 nearby,
- Strong Resistance @ VBRN,
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.
Best Regards,
[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.
HotForex Charts…
Looks good.
How big is your stoploss compared to your take profit? Looks like a 1/1 risk/reward unless you plan on moving it around a lot.
The trend is pushing up and that’s a good thing , as your doing wait for the daily to close and see what happens, you know the 4hr and the daily will close at the same time, sofar it looks good to me.
These is what I understand .So,Please correct me please :
Suppose pair now at up trend .
Price now still between support and resistance lines we marked earlier.
Now if price retrace to support and mark a good PinBar or BUEB (meets all rules) I will take long trade and control my TP (may be to resistance and BE trade)
Now price broke resistance and goes higher, then pullback to the new support line (which was old resistance) and if it makes a good PB signal I will go long with it again.
And so on…
While I am still in Uptrend:
PA signal candle when closed and meets all conditions should be above support line?
Also when trend start changes to downtrend as i understand now i can know it when waves start
Makes lower higher and lower low.
Please someone correct me.
Note:Thes just the general idea and i now there is more and more details but just want to know if i am understand it.
Sorry if my questions and also for my English because it’s my second language and sometimes fail to explain very well.
Its to small guys - its not sticking out.
Difference between a SETUP and an A+ SETUP:
Setup;
Is simply a valid Price Action setup on your charts.Price is Reversing/retracing from a Support or Resistance line in the form of a Pinbar,2bar reversal,bearish engulfing bar or a bullish engulfing bar.
A+ Setup;
Is the fine tuning of the initial Setup. You will be looking into things like:
-where lies the next support or resistance,did price close above or below,is there enough room to move?
-how radical was the last swing to reach the support or resistance line,in other words how strong was the move?
-which takes you inevitably to the next question you should ask yourself. Is the candle I’m looking at huge enough to push?
That is what makes the difference, as a matter of fact success rate in a setup and A+ setup is 50% and 90% respectively.
ps: There is no harm in posting charts you are looking to trade in order to get a second opinion, that’s what all the fuss is about.
Cheers.
True, I have been following this thread for months now and the setups being posted are starting to bend the rules. I for one am finding myself bending the rules, and it is not paying off, so I have decided to take a read through the thread again to refresh my memory.