I really don’t get what you trying to say! Can you show us an example of a bearish and bullish pb.
Here’s what Jonathons says about a pin bar:
1: Open and Close within previous bar (he doesn’t mention anything about the body he just says candle)
2: Candle Wick minimum 3 times the length of the candle body
3: Long nose [B]protruding[/B] from all other bars ( I think this is where I messed up)
Hey guys
Some very interesting bars forming, hope you watching. :33:
Hey dude
Im sure you are aware you not using NY charts, but as for your example the pin is half the size of the candle before it and after it. So that wouldnt have interested me.
Cheers
Hi guys, so I took this trade as shown on the picture below. Went long at the pin bar of 26 of september.
I think the formation looked pretty good with the rising resistance line. Obviously the trade didn’t go my way and I got stopped out. So what do you guys think about the trade? Appreciate your thoughts!!
I was using GMT charts but I don’t know what you mean about the pin size after it or before it. I’m guessing you are talking about the body of the candle not being 3 times the size but if you closely the body is about 1/3 of the wick but it does have a small shadow at the other end though.
If you look at the size of the pin bar, its small in comparison to the preceding bars. When you get a signal to enter it has to stick out and say, YO CHECK ME OUT IM TELLING YOU SOMETHING!
The pin was small in comparison to the preceding bars.
Hey Starchn,
you can find some thoughts on this trade on the last 2 or 3 pages.
But in conclusion there is just one very important thing to remember:
If you see a good PA setup, dont just enter right away. Set your Stop Buy/Sell 2-5 Pips from the break of the PA candle.
By following this rule you would not have been in this trade.
Something like this?
They are not easy to find on the 4H chart much less on the daily chart.
Yes you rite, on daily TF you looking at around 4-6 good setups a month and on 4H slightly more.
I think this is one of the most important things Johnathon has taught me, spotting and taking only the best a+ quality setups.
It seems many traders (in the past myself included) fall into the trap of over trading and feel like they always need to be trading to make money, thus trading mediocre setups which overtime will drain your account.
It’s true that a+ setups don’t present themselves often but if you can consistently trade only the best setups you will cut down on your losing trades and the power of compounding your profits will increase your account faster than you may think!
If I can consistently profit just 5% per month ill be a happy man!
Easy pass for me mate, that bar is tiny compared to other candles on that chart
Regards
Ok i think 1 answers my question. I was not sure if the pin bar can close in the area at the bottom of the previous candle(the wick which would be the low versus the body which is where the candle closed) considering the previous candle being bearish.
I now see that the pin bar can close in the area of the wick of the previous candle and still be valid. Thank you
Bullish pin bar did not close within previous bar. Also your trade should have triggered after the next bar broke the level of the pin bar and began to go up.
Not sure if you entered before the bar closed or if you entered in the next bar as the bears continued to push the price down even more.
Many signals are appearing on todays charts. Some of then are good, some of them couldve been better. Anyway I am going to give a quick overview of what I am looking at right now.
Comments appreciated. Lets go:
USDCAD D1
EURUSD D1
EURGBP D1
GBPJPY D1
Many setups involve the EUR. So for my demo trades I am going to pick USDCAD and EURUSD while monitoring the other setups. Awaiting your thoughts.
Julien
I went in on the USD/CAD D1 2br I should have placed a limit order waiting for it to pass the VBRN. Carless mistake smh hopefully it doesnt take me out of this trade. We will see.
VBRN are not ever 100 pips they are only the major ones for example on USDCAD they would be the major psychological levels such as 1.00, 1.0500 etc etc Then You Have RN’s and BRN’s. Every 100 pips is a round number or RN but most of these are not major psychological levels.
You need to treat demo the same way as live or in other words if you would not take a trade live you should not take it in demo. There is nothing to be learned from enter and see what happens. All you will get is bad habits and if you can’t make money on demo this is not going to change when going live.
Trade exactly how you would when trading live. If not it is pretty much a waste of time.
Johnathon
