Like mr Johnathon says, a valid pin needs to close within the previous candle, which means within the high and low of the previous candle.
Just to clear that up for you guys!
Steve
Anyone watching the AUDCAD pair on the daily chart? I initially went in on the last pin because of it’s closing and the fact that it pushed off the same zone twice back in Sept. But as you can see, today there is a pretty significant BUEB (I believe it is?) forming. Is this a tradable set up or is there more to wait for? I’m not entirely sure how to interpret the touch off of the 1.0300 mark.
It probably also bears noting that yesterday there was a Bank of Canada Rate Decision and the Australian 3Q Consumer Price Index. The price movement itself seems to be mostly in line with the past couple of weeks.
My opinion is that I will probably place a buy order at about 1.0310 - past the resistance zone and the VBRN.
Your thoughts or opinion?
Horizontal lines are just markers at BRN/VBRN points. Yellow line is 10 MA, blue is 21 MA.
It isn’t BUEB because it doesn’t engulf whole candle (previous candle’s low), I don’t want to buy here because I think it’s a quite strong resistance level with BRN 1.03, about that buying at 1.0310, I’d worry about faking out by market which can break this level, activate pending orders and move down for the stops. Actually, there’s pin forming at 4H, but it’s quite small, however I like the area and it may go little lower, but I stay on sidelines. Just my noobish view.
What do you guys think of D1 EUR/CAD?
I’m liking the PB but not sure about where my line is there… Any ideas?
puzon
It’s big pin but I don’t like its position much… I’d like to see it a little bit lower (see chart) thus with bigger space for move. This pin has nearly no space to move, however it’s big and from key level but I would not be surprised if it go down to the support again (maybe it’s worth to look for some 4H signal tomorrow). Just my noobish view at it.
Hey!!
I only trade on the daily chart with my live account, but play on the 4hour with a demo. If I did trade the 4hour live, why would I risk 2% or 3% of my account on a bar that close above a important level, there is no momentum and London and NY is closed. If this one drops then whoopy for people that are in, but it didn’t tick all my boxes. NEXT TRADE?
I ask myself everytime I take a trade why should I not take it?
methinks you got that wrong bob :58:
Just to clear up for you all. A Pin bar must open & close within the previous candle. I have never said anything about wicks/bodies and when asked have said that as long as closes within previous “candle” it is valid. That can be wick or body.
Mine looks like this, a BEEB?
Yeah, guys I actually did mean just this one example of the pin on GBPUSD, THAT pin I wanted more within the candle body.
So not to confuse, a pin can close within the previous wick aswell. I did write a PM to fxsrikanth that its more the level the pin rejects and how the pin has formed that concerns me. Sorry if iv confused some.
Cheers
Hallow Mr.Johnathon…really this point is important for us…
and we get it as you mention…with in the previous candle…that is ok…thank u.
hi spongybob…no nee to say sorry…we can understand that situation…
if that is closed with in the body it may(i am giving emphasis to MAY BE…MAY BE…BROS…DONT CONFUSE AGAIN…) be better in that situation…(coz it is above the resistance and BRN)
is that ur intention?
ANY HOW…no regrets …we all hear to learn…not to point out…any one…thank u. :7:
Hi Fil!
Good to see this was picked up on!
Yes, I don’t mind ranges 
( coz that’s pretty much what I’ve cut my teeth on this year ). But trends rock too ( looking back at charts from before 2012, wow ).
Anywho,… The pinbar on my D1 chart didn’t close within the previous candle, but I’s already in on the H4 which had a 2BR.
Didn’t get as far down as I’d hoped but the higher high (and recent higher lows) should have been a clue that price was generally climbing up, and not to hope for too much down-move. All in a day’s trade…
Cheers!
Whaddaya think?
Well, IMHO, you have to beat your own path…
It’s better to be out of a trade and wishing you were in, than being in a trade and wishing you were out of it! [ Credit: Bryce ]
The picky traders are the ones that get ahead [ Credit: Mr J ]
Some of the worst trades I’ve made are those that i got in because I feared being left out 
Leads to losses sooner or later
what about that level? very close minor support…in my opinion…we need a close look if we decide to trade…all the best
hi bros…what do you say about this setup?
i am waiting for ur comments…
GUYS…ITS AUD-NZD…NOT AUD -CAD
SORRY FOR THAT…
Hi,
You’re right, the chart was for H4, not H1.
I don’t go to H1 anymore ( actually for some pairs, even H4 is looking scary ).
I’m mostly operating from D1, and only go down to H4 if reaches or breaks a key level to see if any PA will form there
Cheers
I guess this was directed at me…(?)