PB rejecting daily S/R level.
What timeframe is that? To me, on H4, and daily, it looks like it is going to break the IB high and continue upwards.
This, is not an engulfing bar, it does not fully engulf the full of the previous candle by the looks of the screenshot, thus making it invalid.
I also disagree with this, it might come down slightly in the short term, maybe to the 0.79615 area, but then continue higher. Look at the momentum leading up to the 2 bar, it was enough to break right through resistance…
H8 timeframe. IMO, it may retrace to 0.8415 before continue the bullish momentum.
Hope this counter trend setup will work out.
please help me check the PA below , thanks all
How did you mark your level ? this is daily TF and you can see , price doesn’t rich the resistance also when you want to trade CT , you need very big reversal candle and it should form from a good level or swing .
it doesn’t have these 2 conditions .
Good luck
Hi Daily25pips,
To answer your questions, here we go:
- Yes, that pin bar will be invalidated if price breaks above it’s high.
- Yes.
- Yes.
- No, that is a weak piercing pattern at most.
Cheers
about first trade eur/cad .
The trade still valid until it pushes higher and hit your stop. something that bother me about your trade , It’s a counter trend trade and it needs solid trade management .have you took a tp already ? if you had ,you should move your stop to BE. if not , you need to work more on your trade management specially on CT trades .
Eur/Nzd , pinbar is very good but you shouldn’t take it today due to NFP . if you took the yesterday 8h pinbar , it would be ok .
nzd/chf , it’s ok too but not for today .
about your last chart, there is no bull setup , if you think it’s a pinbar , it’s not , because pinbar need 3x size body .
Good luck
Hi Velniukstis
This is due to US daylight saving changes. This is what I received
On Sunday the 9th of March 2014, the Pepperstone MT4 Server time will move one hour forward to GMT +3 hours.
Pepperstone bases MT4 Server time on “5pm New York”, the internationally recognised end-of-day in the forex markets. The US will be changing to Daylight Saving Time on the 9th of March 2014. With the US turning clocks one hour forward the Pepperstone MT4 Server Time will also move one hour forward.
Kiwiman
Thanks for your reply. Alpari UK will change their server time only at 30th of March with the rest of Europe. So if I understand correctly at March we won’t get the normal whole trading day charts?
Got mine marked at the 80.40 area. Yesterday a HUGE BEEB formed right on it and price has been cascading down since. Sitting on 1% gain atm but holding on to bottom of the previous low.
Cheers
Darth
Question about NFP. ~40 minutes have passed since it was announced. Should I still avoid getting into trades or is that enough?
also GBPCHF formed a BUEB on a solid area
Hi Papagoy,
We don’t enter setups on the second half day of Fridays. usually price followups are slow and/or you might get caught in a weekend gap on Sunday.
'Best
Thanks! That makes the NFP question irrelevant.
An awful week with No trade what so ever. I hope for my birthday:50: next week I get a nice PA with big profit which “…pays for it all”.
An awful week with No trade what so ever. I hope for my birthday:50: next week I get a nice PA with big profit which “…pays for it all”.
Happy B day in advanced!
'Best
That was a good way to start the month.A Good one on every trader who made some money.
I call it a day.
Have a good Weekend friends!
'Best
Here is a question for all the experts:
If you spot a valid setup on the daily charts on Friday, do you set a pending order minutes before the market closes or do you wait until the first session opens (on Sunday or Monday, depending on your timezone)??
Thanks!!
I’m not an expert, but for me it would have to wait until Monday so I can see how the market opens (and the gap).