Love to get some comments on the weekly Pin bar on the USDJPY. Any thoughts about this one?
USDJPY WEEKLY CHART
very nice setup, it could be resistance on 1.06 area and form of tree topp (19 March, 9 Aug and 14 Sep) too, in this case pin bar reversal should be good trigg.I like Johnaton explanation too, with support on 1.053 area. What should I do? :33: Iām waiting to tommorom morning (8am CET). :53:
Have a nice trading
jonathan has a point actually the pin didnt colse enought inside also , second thing there is a consolidation which can be a base of demand there, and a brn just under the pin :33:
yes john it is in my book the usd jp comin from a heavey demand which also closed above, its on my radar :7:
daily chart show still down trend, price is exactly on 50% fib. is it retrace or trend change? to early to decide for me? Iām waiting!
BR
[QUOTE=Forex School Online;397474]Love to get some comments on the weekly Pin bar on the USDJPY. Any thoughts about this one?
Iām sorry for screenshots with black charts I know they are not looking very clear but Iām using this setups on my mt4
well rammar ,my peronal opinon is up thats why always i take a look @ the boss to spot what price i doing ,and trying to spot the demand zones with there bases which i marked in violet and see how always price retraced back to them before it fires up
Whatās SS?
It doesnāt look like a PB on my charts, are you sure youāre using NY close charts? 
Fil.
PS. I personally would not name it a PB as it has no wick over the body what so ever. How do you classify it according to your rules?
If it was a PB, it would appear at the bottom of the few months long range, my assumption would be to play the break of it to a first resistance imho around 79.50 or just under BRN 80 which used to be a really strong support in July 2011 and earlier.
This is a very nice pin bar iām taking into consideration thoug iāve never worked on a weekly TM because of the higher margins of SL iāve to set, what do you think is it psychologically harder to trade the weekly instead of the daily? or is it just me?
It is FACT that we are looking at a nice Weekly hammer with great dimensions at good location. Most probably this thing will elevate price at higher levels and possibly at the upper boundary of the Weekly triangle. Is it this the PA setup that I would like to expose my capital on? NO.
- Monthly trend is BEARISH.
- Weekly trend is at a RANGE.
- Unconfirmed support levels below the setup.
Of course what makes price action trading unique is that we can still be profitable at ranging markets but always be aware of the limitations concerning this trading style.
Hello guys!
Havenāt been around here for some time, had some things to do. Here is a daily setup I saw few days ago, when I entered it at the break of that huge PB. Anyways now there has formed a huge and obvious BEEB (marked with a red rectangle) at a proven resistance line. The trend is bearish.
AUD/CHF D1
P.S. Can anyone wise and experienced comment that huge bearish PB before, was it a good signal to enter (in your opinion)?
Richard
Hi sensei,
( Chart first )
For me, price has struggled (and failed) to break through this support area ( BRN 78.00 ) since the previous resistance got breached in Feb 2012. And this last prison break failed (!) and a valid pinbar formed at strong support. Price seems to be in a range currently.
@Fil: IMHO, pinbars donāt need a wick (on the body end) to be valid. Infact, no wick would show it closed strong (like this one, which has a wick of 1.2pips)
Wish u all a safe and profitable trading week!
nice analyze mike, i agree with you
Be careful with this Bearish PA setup. It might give you the chance to break even. Last week formed an inside candle therefore watch out for a false breakout. This is a pass according to my book.
mike, more info about āmy bookā needs :54:
This is not my thread and it is not ethical to interfere. I will just state my opinion on the charts and always based on justified simple facts.
ok mike,thanks.
Hi Richard, not sure about the wise and experienced part but Iāll offer my thoughts on this!
This doesnāt look like a bad trade, it does tick a few of my boxes, but as part of my trading plan I like to see a nice pullback to trade from the high or low, here there is very minimal pullback.
I did have that area pre marked where the pin rejected, and when price broke through this level I was hoping for it to move lower than it did before rotating back to the resistance. It can be frustrating to have levels marked and wait for price to reach these areas and not provide a tradeable opportunity, for me I wouldnāt trade this for the reason I stated plus the .97474 is an area where price has struggled with previously which would only add to my concern. So if I have doubts I donāt trade, but thats just me and just my view on this.
Also we need to remember that even the most perfect set ups can fail, we have no idea which setups we take are going to win or lose, we donāt need to focus too much on individual trades but focus on the bigger picture over many trades, as johnathon says if we can consistently apply our edge to the markets over time our winners will outweigh the losers and we come out ahead.
Hope this helps
Steve
