What do you guys think of teh 4hr CAD/JPN?
Pros
- At a major S/R level.
- Engulfing bar that finished in the last 1/3rd
- Big and easy to spot.
- In the direction of the long term trend
I believe this to be a A+ trade.
Hi Akhor,
It looks OK to me as an A+ setup. Beware there is a minor swing low @77.75 only 10pips from the shorting point, the next support for exit will be 77.30ish and 76.50ish. Iāve queued using sell stop @77.85.
Regards,
Toyogo
gold is gettting ready for swing on D1, although the pinbar is a bit underweight, once the bearish candle closes in right point, i am in. It moves with the same fashion over past couple of weeks.
Too small and not convincing for me and itās against the trend as well.
Richard
This is how it looks for me and itās not convincing enough, first of all that resistence line is not that strong. Look mine at D1, that is a strong one, IMO. Anyways it may work out as well.
CAD/JPY D1
Safe trading,
Richard
Hi Fars,
Just wondering why you say the resistance is not that strong. On the chart I posted you can see that itās rejected that level 5 times already.
Is there a specific way to determine a weak and strong level? I was under the impression an area that has only been tested once or twice was weak, but the more times tested (and failed) the stronger the level.
Thanks for your input.
May the pips be with you.
Iām drawing my res/sup lines using D1 charts, so they are more reliable. IMO, res line u draw is a minor one, which u draw using H4?
I donāt know if itās the right way to do so, but works for me.
Richard
I did read that some people were drawing off the D1 charts then watching the 4hr for signals.
However, I also read that you should only place and manage trades off the TF you are trading.
Anyhow, great information and I appreciate the comments.
Thanks.
May the pips be with you.
Hi Akhor,
I am not taking it because:
- in my opinion it is more ranging than trending and Iām not good at it yet
- it engulfs prev bar on my charts only by 1 (one) pip
- it is not as big as Iād like it to see to go down from the top of the range
- on 4h charts itās playing straight into S/R at around 77.85
Although I might be wrong, it might work and if you are in it, good luck and let us know how you managed it.
Fil.
itās simply against the trend; therefore, donāt take it! This is a pullback formingā¦ where you will look for PA to go long!
Thatās what Iām doing, only thing I borrow from D1 charts are res/sup lines and if I donāt see a valid PA signal there, I switch to H4 (leaving same res/sup lines).
Richard
My favourite BabyPips soap opera series āHeads up by Dudestā 
Just wanted to add to be aware of the BRN and a parity USDCAD you posted, it might be a potential trouble area.
Dude, do you find trading in a range in any way different than regular trend/retrace hunting?
More challenging? Do you have the same entry/exit rules as for trends?
Fil.
PS. Great charts, as usual!
Technically not a PB, at least not a PB we are looking for here!
The wicks are outside the previous candle, is that alright?
EDIT:
The upper wick is outside the previous candle, is that a valid PB for us?
Richard
Interestingly spotted, Richardā¦
I second your question.
Hi Fil!
Actually, i sorta prefer ranges to trends 
[ did i hear a gasp?! ]
My reason: more entry opportunities while the range lasts (coz for a trend, unless a pullback+PA happens, no ticket to the trainā¦and pullbacks can take a while, soā¦ )
Trade areas: top & bottom of range
Rules: Same entry rules; exits at opposite end of range.
Cheers
Hi Rich & Fil!
This is just my personal opinion.
For me, the only hard & fast rules for a pinbar are the ones as set by Johnathon:
- Open and close within previous bar
- Candle wick minimum 3 times the length of the candle body
- Long nose protruding from all other bars (must stick out from all other candles)
The rest is up to discretion.
IMO, if the wick youāve mentioned is outside the previous candle, but not so long as to push the pinbarās body toward the center of the bar, then Iām kul with it. Iād have second thoughts if the wick was so long as to have the bar look more like an indecision than a pin.
Last pin i traded kinda similar to this one was OIL (WTI) H4, looked like this:
@Johnathon,Bryce,others: please swiftly correct me if Iām misleading the flock 
Cheers!
EDIT: GBPCAD H4 pin buy entry did not get triggered (whoohoo for entry on break of setup!) and price has fallen lower
That PB on OIL chart looks very legit to me. But the PBās (on GBP/CAD H4) wick isnāt 3x times bigger than body.
Iām very curious if the upper/lower wick of the candle (depends on which side of the market we are trading) should be within the previous candle? I hope Johnathon sees this and replies.
Richard
Hey all,
sorry have been a bit quieter in here of late. As I said the other day I have a busy period for about two weeks and then will be back around more again.
Okay so the Pin Bar only has to open/close within previous candle. In saying that the best Pins do not have long wicks the other way from the nose. The Pin Bar is a rejection candle and we are trading because price has rejected price from a key level. If we get a wick on the other side this is also showing rejection from the opposite direction and hinting that price is not reversing as hard as we would like or in other words price may be showing indecision and not a definite rejection from one area that confirms either the bulls or bears are now in control of the market.
You can see what I am talking about just looking at the difference between the Oil and GBPCAD pins. One is clearly rejecting price and the other is showing more indecision.
Can I also clear up that the very best trades will be formed with the trend. The most reliable trades will also be found with the trend. In saying that some people like trading against the trend better or from ranges and this is simply up to them. My advice to newbs or anyone not making money for that matter is ONLY trade with the obvious trend in your direction. This will bring about a change in your results straight away. You may not start making money just yet but the losers will be cut down dramatically. If you are unsrue of what the obvious trend is then donāt trade. Only trade when you can see an obvious trend, price pulls back and you get price action to signal an entry. I know most people reading this who arenāt making money still wonāt do this but please try it. You donāt have to take my word for it, you can even just start a demo account only playing trades with the trend and then examine results over 3-6 month period compared to your other trading results.
I hope to be in here more soon. I do check up everyday to see if any big questions that need answering that other have not covered of so if I see something I will try to get in here.
Safe trading,
Johnathon
[B][I]Lesson for today[/I][/B]: double check all the options before hitting OK & placing the actual trade.
Story behind: I split my order on this PB in half, one set up as a Limit Order to go long on a break of the PB (cancelled 2 mins ago as PA not valid any more), the other one, by mistake, was set up as Market Order to go long with a SL below the PBs noseā¦ SL got triggered today while at workā¦ crap.
Fil.