Once again sensei, you were right :), was not an A+ setup, & i got stopped out by the market
Lesson learned: the big bars on the way up classified (my) bearish pinbar as non-convincing.
My take profit was above the area you have marked as looking for longs
8 hours after the non-A+ signal, another bar appeared which is NOT a pin-bar (since it’s body is not within the previous bar) but for me signaled that price would go down soon to test support. So i put entries (around NY close time) below the bigger upward-faking bar incase this happened, with TP now at the area you have marked. I join you in the hope that it will go lower & test support (exit the sell), then as you said, give us a signal to go long.
Seems that it did break through resistance & has already come back to test support (my H4 graph below).
I donno if this is considered as significant-enough pullback, but i’m hoping that after dancing around support, it will give a signal to go long (rather than breaking through support).
I will get around to commenting on this and other things soon. I want to make a few points about this setup as you still are missing something which is critical.
This week has been very busy for me and I should be back in here more next week discussing some more new techniques.
Hi!
A couple of the JPY pairs are looking interesting.
( All S/R lines earlier drawn on Daily chart )
Some seem to be at the upswing of a range or coming back to test support after an uptrend.
Disclaimer: the arrows on the charts below are what i think may happen; i’m currently not in any trade related to these pairs. Comments most welcome
My notes:
-> 2-bar reversal at major support
-> Against the trend though
-> Previous 2BR caused upward movement, but not too much…
-> The blue lines are what i perceive to be areas to take profit if trade is taken
this probably is one of the best threads in this forum, im learning PA and find the only way to really learn is history, no need for fancy names nor lines, just set your brain to watch charts and one day you will automatically see the future based on what you have been seeing and this thread just helps me see what happened and make learning faster
again,Thank you
i would join your forum if i could but unfortunately i cant, maybe one day, who knows
im currently short on EUR USD as i also saw that pin bar and h1 tried 312 level and rejected and formed a lower high, dont know where to take profit as there are a lot of resistances on the way down and now asian session is low on volatility, tomorrow there are nice fundamentals for USD but its still friday, initial TP is 1.30, i will still be 1-2 hours infront of the charts so i will be monitoring that trade and if anything, put BE on my trade before going to bed
I am also new to PA. I am also short on EUR/USD, but If I see the Daily chart it made BUEB . Dont know which way it will go. 4hr shows Pin Bar and Daily shows BUEB.
Its just that when I set it on daily and reduce the time frame it remain there. I dont use them with any trade at the moment . Trying to learn to trade without EMA etc.
Hi Hemant!
Sorry for the delayed response. Yesterday evening ( 4pm UTC ) i couldn’t login to babypips, and today i’ve logged in late.
@EUR/USD: In my newbie opinion, that was a valid pin bar. My only reservations with that is the general area where EURUSD is now. Earlier in the thread, i got alot of (good) chiding from Johnathon for picking setups that were near a major S/R area. I think the EURUSD is around that area now (see my markings on chart below). It’s near what Johnathon called a Big Round Number of 1.3000. So if i really had to take that pinbar, i would make sure I set my TP to above 1.3000 (e.g 1.3020 ). But as Spongybob said, no need to trade when we’re not sure. So i think i’d stay out of this and watch…
@GBPUSD: As Johnathon (& others) pointed out earlier, GBPUSD is operating in a range, and right now it’s very near the bottom of that range. So I (newbie opinion) am very much avoiding GBPUSD (esp shorting!, since that would be trading into a support area). Until it breaks through the support and pulls-back OR shows a clear PA signal to go long at support, I’m just watching it…
Being a newbie I need to learn a lot about the PA’s but will get there. I would read the charts again and would hopefully will come up with good setups. :). I like the USD/CHF setup, my NY close charts are not working at the moment but once its start working again will post my thoughts on other charts.
