Hi,
Personally waiting for price to pullback to around 81.80 area and hopefully form long PA to join the uptrend
PS: (S/R zone + big & obvious PA @ swing point + trend = A+ signal !!)
Hallo,
The 2-in-a-row inverse pinbars really looked like price wanted to short at that area, but seems it wasnāt to beā¦
If price continues climbing, the next place I will look for shorts is around the 1.2900 area.
Sorry wigglez, I donāt get what the issue is here.
If you have PAs in the Daily and H4 for the SAME PAIR, you pick one, doesnāt make sense trading both (if both are equally good, I would be most likely to take the Daily, more information in the higher time-frame)
@risk to be burned: thatās why i said about splitting the risk earlier (1.5% x 2), so here we are saying same thingā¦( I hopeā¦ )
@4hās later PA signal on a correlated pair: the PA signal on the correlated pair will also have its mirror image on the trade youāre already in! So would you change your trade plan based on the PA signal thatās formed on the trade you were already in? Besides, if you were already in a trade with full risk (say 3%) and another PA forms in a correlated pair, the deed is done; unless you want to risk more than is meet, you stick to the one already chosenā¦(the one you are in)
Hope that makes sense, please lemme know if it doesntā¦
Sort of. What I was getting at was if you enter a trade, and then say 8 hours down the road, you see another signal form for a different pair.
So youāre still in your previous trade, with full risk, then another opportunity presents itself. Maybe even a correlated pair giving a signal for opposite direction.
Hallo mkteer,
I identify with the seesaw of emotions (whoever says frame of mind (psychology) is not a part of trading has just got to be kidding!..)
First off: that was not a BUEB ( on the H1 ). Itās good to be honest, to yourself even. Doesnāt engulf, not an EB
Secondly: even if it was a valid signal: keeping to the trade plan & accepting the risk are necessary to keep yourself from interfering with yourself when the trade is running.
- Accepting the risk: ( ref āTrading in the Zoneā, Mark Douglas: page 24 )
This is the whole point of position sizing: knowing in advance how much we are bound to lose if the trade doesnāt go our way ( every trade has an uncertain outcome ). So that by being 100% aware of what we are risking, we release the trade in our minds before we even get into it.
- Keeping to the trade plan
You already know this. You have your entries/SLs/First Trouble Areas/TPs set before your trade is even triggered, and when it triggers, you do not keep looking at it BECAUSE IF YOU DO you will DEF mess around with itā¦
It gets better with practice for all of us.
Will you hit some SLās because of this? Definitely! Will there be times to cut losses short manually (based on what price is saying)? Absolutely. But with your edge, your BEs/TPs/profits will outweigh the SLās in the long run.
Hope that helps.
Cheers
Yes, should be interesting whatāll happen at this 1.2800 level.
Important that price seems to forming higher lowsā¦if a short PA is formed, one would have to be conservative with targets IMOā¦
Letās see what happensā¦
Sorry, not a valid pin (tail not x3 of body, not formed at a swing point) and trading right into resistance.
As skysooner said, if the two trades are not correlated, you can take full risk on both ( e.g 3% on each )
Cheers
-> Uncorrelated pairs: enter both with full risk, anytime
-> Correlated pairs: if already in one with full risk, no need doubling on risk with another trade having the same region in it.
If Iām still not getting it, please feedback with example scenario
Thanks
PS: something you will notice as you look on charts more and more: immediately following a big & obvious PA, you will often times see a contrary signal (right after the PA signal). Opposition to a new swing is normal, would be a mistake (most times) to balk out of a trade because of theseā¦
Nah that pretty much answers it.
Was thinking like pa signal opens long, maybe 8 hours when in a trade usd/chf makes a pa for a short, which would be helpful in letting you feel good about your trade.
Instead of short, usd/chf throws up a pa buy signal in that 8 hours. If youāre in a eur/usd long = bad juju. Cracks in correlation happen. Would you close out your eur/usd and go long on usd/chf?
Yeah, Iāve backed away from winners and took the losers because of this.
What I would do is make a decision based on the the chart Iām trading on.
That means that Iād look at what my EURUSD chart is saying.
If there are no PA clues in my EURUSD chart that my trade is in trouble, I will keep on with my trade regardless of what the USDCHF is saying, coz Iām trading the EURUSD.
Itās getting almost impossible to keep track of this thread. Like a member mentioned earlier I may be taking a vacation pretty soon hereā¦
Thank your remind 
Iām not good follow chart .
#12262940 sell 0.20 GBPUSD at 1.59480
sl: 1.59778 tp: 1.59000
I donāt see a valid pin bar on your chart.
I think he meant BEEB