evening star e/u trade moved to breakeven
Just one question - isnāt that CAD/JPY BEEB against the trend?
Richard
Hey!
That PB or indecision candle isnāt for me. Itās against the trend and way too small comparing to previous candles. If you wanted to trade against the trend, then the reversal candle must be very huge and obvious. Trading setups like these may work out, but in longer period of time they will bring losses.
Richard
Hi friends can any one tel me where u r looking for pa on
aud/usd
nzd/usd
eur/jpy
actually i have seen the setup in daily chart art
but i want to know how u r lookingā¦
can u guys tell me where u r looking for pa and in what direction and please post your charts also cause i cant access charts from my mobile(i am in journey)
Hi Dudest,
Yeah i realized my mistake in GBPUSD. I should have aimed for small target.
I made an entry in EURGBP and i totally agree, trend is long in daily chart. so far the trade is loss of 25 pipsā¦anyhow SL is not triggerred yet. I will wait for it.
I could not understand why Mr.J said it is not a Long trade. I am not sure about the step of analysing previous candle close with a line he has drawn on my trade chart posted.
Am i missing anything?
Aariff
Ok, i digg that your intentions are ok, but the method will solidify better when u get to post a chart (when you can) and/or name the PA youāve seen, than if people post up what they are looking at. [ I hope that makes senseā¦ ]
( As he said), Mr J did not enter because there was no convincing pinbar on the Daily ( the candle didnāt close as good as it could have ). Remember: the stronger a PA signal closes in the desired direction, the better.
Cheers!
Agree with Mr.J and Dudest.
But still i am not clear, how to identify a PA signal as more bullish/bearish?
is that likeā¦PB bullish signal should have less wick on the top and closed above open( in this case close is below openā¦RED candle) and vice versa for bearish PA?
Aariff
Precisely! ( yes )
just wanted to clarify though the setup is an offtopic coz this PA is not disccused in this thread
its an evening star comprising of 3 candles its a bearish reversal pattern therefore not with the trend
Dudest,
Thanks for spending Time in getting this video.
I read all the articles but missed these videosā¦
I will watch out all the videos and come back again.
Thanks for sharing
Aariff
Iām having some difficulty in differentiating the engolfing bar from the 2 bar Reversal patterns!
hereās the BEEB:
and hereās the bearish 2 bar:
can someone enlighten me a little more on these?
Dudest,
While watching PB videos i had a doubt related to entry point.
Do we make an entry 5 pips above/below the wick (high/low) in a PB?
I did made an entry at the open of the next candle after PBā¦
in one of the video, Mr. J is making short 5 pips below the wickā¦
Aariff
Hello,
this question has already been asked by someone else but the context was unclear so I think it was overlooked.
The question I have is the following:
How do we handle contradicting signals?
Right now there are 2 examples
-
EURGBP Daily vs Weekly
Looking at the D1 we see that the short term trend is up and price has retraced to a good level forming a pinbar. However looking at the W1 we see that the medium term trend is down and price has retraced to a good level forming a 2BR. -
GBPCHF Daily vs Weekly (not as good as the other example)
Looking at the D1 we see that the short term trend is down and price has retraced to a good level forming a pinbar. However looking at the W1 we see that the medium term trend is up and price has retraced to a good level forming a 2BR.
Both pairs seem to go in the direction of the weekly chart.
Both Stop Orders were not triggered, so there is no loss. But if we wouldve traded the Weekly signal we would already be in profit by now.
So my question again: Which signal do we trade? Do we set Pending orders for both directions? Or do we take the weekly signal as there is 5 times as much information in the candle?
niX.
Really you donāt have to differentiate between a BEEB, two bar or pinbar reversal signal. They all signal the same thing: Price went up, then a little while later it went down strongly enough to take back all that upness.
a pinbar does it in one candle, a two bar comes down by the same amount as it went up but across two candle time periods, and a BEEB goes down by more than it went up, across two candles.
(and of course the opposite direction for bullish signals)
what you are looking for is a signal that says āPrice has gone the other way strongly enough to keep goingā. The stronger it reverses, the more likely the momentum will keep it going that way for a while.
In the pics you posted the 2 bar is also a BEEBā¦ I call it a two bar when you see two almost identical candles of opposite colour next to each other.
Hope this helps
Mr Johnathon,
I fail to see the āKEYā s/r level to have gone short off your engulfing bar on your CADJPY D1 chart. ?
The way I see it the D1 trend is āupā since pivot point low > 1st june ā¦ so shouldnt we be looking for ā¦or have been waiting for >> pa that "sticks outāā to go long and join the trend from the area where price is atmā¦?
cheers pw
The result is you learn how to read the price!
Hi nix, donāt get concerned with multiple time frame analysis, each time frame is independant of one another and has their own levels etc so if trading a daily chart we donāt even need to be thinking about whatās happening on the weekly.
Your are correct in saying signals on the weekly are more powerful as there is more information contained in the signal, I would say in that situation if a tradable opportunity presents itself then just trade what you consider to be the better setup.
Also I will just say if you are taking multiple setups where one of the pairs is the same (ie in your case a eur/gbp trade and gbp/chf trade) donāt put all your eggs in one basket!
Hope this helps
Steve
Hi Johnathan,
I have not got enough post counts yet to send you a message. I was wondering what brokers you can recommend that have a NY candle close?
Thanks