Hi all!
Can anyone comment the PB on GBP/USD H4, why should/shouldn’t take this trade?
P.S. Sorry for no chart, can’t post it now, but the PB is large and obvious - can’t miss it.
Richard
i wouldn’t consider this a trade because it has formed at the top of the range which means buying high. also it is an indecision candle aka a doji as there is almost no real body. as taught in babypips school this would be trying to play a breakout which is not part of this method and very unreliable. if price is at the top of a range we need a pa signal that tells us price is going to bounce back down within the range, or, we wait for price to break through the top, wait for a retrace back and a pa signal to go long
I think I still might have big problems recognising trends…
Pips, why don’t you consider a trend the part from 13th July up until today?
It has formed higher lows and higher highs, right? so taking this pin would mean trading with a trend (on 4H chart), wouldn’t it?
Fil.
hi fars…
yes its a nice long bar …
(i traded it earlier on and took a few pips)
but it is not a proper pin bar…so not grade a+
plus …currently the trend is downwars… …so not grade A + because …its a long trade
plus …as pips says you really want to see this type of signal in a dip…( swing low)
plus there is resistance just above the position.
so probably a C+ trade rather than A+.
buy it is a big signal;…probably just caused by all the news that happened today…and as usual price has reverted to where it should be.
but on this pair now…i am looking for a nice signal to go short.
regards.
Just came from work and found this. Pls comment. Pin bar is big according to my ruler. on the support. Would you trade this?
what grade would you give this trade? price did move down about 50 pips but has now moved up again
we only look at the recent trend which is a few months at most. forget anything before that for the most part. the most important trend is the recent trend. in this case price took a dive during the month of may and has been ranging since june 1st. on the daily chart one can draw their s/r lines based on this recent range and leave them there until price breaks out. i draw all of my s/r lines on the daily which is important when dropping to 4 hour charts because they have much more significance and/or dependability than when drawn on the 4 hour
[QUOTE=Pips Ahoy!;374098]what grade would you give this trade? price did move down about 50 pips but has now moved up again
on my checklist spreedsheet comes to 80% which is a B…but taking into account the Human side of the decision the Pin bar is just a bit to small to make it an A, although the clear rejection of the 1.25, it’s close, some might take, some not. …would you take this?
a few months ago i would have lol. today no. actually last weeks two 4h trades that johnathon posted really made clear to me the distinction between a trade and no trade at all. those pa signals are worth the wait
for a quick 50 pip move maybe it would have been worth it if t/p was in the right place, but still a gamble in my (updated) books
also, this is all about only taking a+ trades and no others. i messed around for the first few months trying all the other grades and am still learning and losing demo money in the process. from now on i only take a+, and i am still learning how to spot those too
Can someone please summerize the head points/ characteristics that makes A+ trades of pinbar (as a revision). I would highly appreciate it.
if you read the the thread from the beginning, you will save yourself asking this, and next six questions 
i have been there as well.
in my MT4 that chart looks slightly different, and by what i see on my screen - it is not a pin bar. take a look.
Thank you Johnathon for your kind reply. Have you ever thought to make a program that will be fed with all your PA techniques (as in regard to pin & engulfing bars for example), which in turn will do all the possible calculations & provide you with a probability rate for such a trade!!! Is that possible??
Yes, I have seen this attempted many times over the years and what most fail to realise is the last candle that we use for entry is only one tiny bit of the equation. The price action story is what tells us if we have a good trade or not. In other words the area and what market we are in.
it is very easy to make something up that tells us if we have a good pin or whatever but it is much harder to tell if we have a good trade.
Remember the last signal is only confirmation we have a trade. We also need to take into account everything else on the chart.
For example look at the recent pin on the AUDNZD. This was a beautiful looking pin. But when we look a little closer we can see that the market had been very choppy and price was sitting on top of support.
AUDNZD DAILY CHART
Safe trading,
Johnathon
I like your way of thinking, Pips! I would have bet a house on this pin and… I would end up being homeless now…
Have a look how nicely it dropped after hitting the resistance you pointed out.
Thing I have learned here: I failed to recognise ranging environment, imo.
So, for ranging environment (A) do we look for top/bottom of range and wait for PA signal to go against (across) the range?
And for trending (B) we look for retraces and PA to go along the trend?
Fil.
spot on! for beginners like us i think it is best to focus on the a and b like you said, and with experience we can add c, which would be playing the minor retrace moves before going along with the trend and d which would be picking tops and bottoms aka trend reversals
i took the audnzd pin that johnathon mentioned thinking it was a trend reversal and got bamboozled. a few months ago, actually june 1st to be exact, i missed out on the audusd pin that was traded by members here and at fso website which turned out to be a trend reversal which is still going strong
edit: actually on june 26 i took the pin on the audnzd which turned out to be a trend reversal, although i am still learning the t/p and s/l aspect so i didn’t really capitalize on it. so for now i’m at about 30% consistency with trend reversals : )
Just to clarify you mean you took the AUDNZD pin I just posted up from couple of days ago?
yes that’s the one
Where was your entry?