Agreed! I didn’t enter 4 the same reason
I am confused by this rule “- Long nose protruding from all other bars (must stick out from all other candles)”
How far back does this rule apply? Days, Weeks, months, years?
Can someone explain?
Thanks
Not sure I understand what you’re asking.
A Pin Bar is valid when it meets the criteria to be a pin bar. This has nothing to do with if it is with or against the trend.
Whether an individual trades against the trend comes back to their personal trading rules and plans.
Seams as though a lot of people have been confused with the latest daily setups on GBPUSD and EURUSD.
Firstly both these were counter trend trades and as I say all the time, new traders want to stick with trading with the obvious trend, but more experienced traders may choose to trade both with and against the trend. Some really good reversal trades will be found against the trend.
When trading against the trend it is even more important that we are trading from a key area. The GBPUSD was rejecting a solid resistance area and with a nice Pin Bar. This was a solid opportunity for those traders that trade counter trend setups and a good chance to move lower because of the level it was rejecting.
GBPUSD DAILY CHART
Does this make sense?
People should not be asking in here if they trade counter trend or not. They should know in their trading plans if they do or not and if they don’t know this STOP trading with real money now as you are not ready!
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Hate what just happened.I left money on the table because I have bad management skills.
Anyway.since the pair is uptrending,maybe a signal will surface for us to ride the trend upward.cross fingers!
Open and close within previous bar ??
0.9920 is the key ! then 1tp 0,9889
What win rate does it have in average a really good trade against the trend compared to a A+ trade? I’ve heard that trades with the trend can have 75%+ win rate. Is this true? How about counter trend setups?
I’m asking this question because of money management. If I win 80% of time I can risk a bigger % of my account than if I win only 60% of time.
If I risk let’s say 5% of my account on A+ trades how much should I risk with counter trend trades?
what do you mean with Open and close within previous bar , i’m still newbie :19:
Hallo guys n gals,
I was away, and thought I’d see guys all over that GBPUSD pin! ( for those with CT trading in their plans )
As Mr J sensei said, a valid pin is a valid pin (regardless of trend), and that GBPUSD was one of the best CT pins in some time.
Lessons for another day…
Cheers!
Hi Raj,
I do not fancy that pin as it is not at swing high ( has formed much lower, giving you little room to your next S/R )
Lemme know if that makes sense (it is key)
Cheers
Hallo pokkerface,
Some points:
-
A setup being CT (counter-trend) does not mean it is not A+. For example, the recent GBPUSD D1 pin is A+ (was formed at a key area & fits all the criteria)
-
With regards to CT trades win rate: IMHO, that’s really up to a trader’s money management skills/attitude.
Some prefer to manage these more aggressively ( smaller positions, quicker move to BE, faster taking of profits ).
This is set in your personal trading plan.
If I win 80% of time I can risk a bigger % of my account than if I win only 60% of time.
Warning! Danger Ahead!
A win rate of 80% does NOT mean you’ll win 8 times out of 10 regularly (i.e like clockwork).
You can lose 7 times in a row, then win 5, then lose 3, then win 12, then…in the long run it works out to 80% [ in short, there’ll be winning streaks, and losing streaks ].
Moral: if you risk a bigger % of your a/c because you have high win rate (in the short term), the losing streaks will get you good! [ ask me how I know… 
]
My humble advice: risk the same % or fixed amount every time
=
Cheers
I traded the 4h pin with the trend down. I think you know how that one worked out. haha
Hi dudest
I took the trade and it was badly managed.
Any links for me,so I can be able to trail stop correctly.
Hallo.
Forexschoolonline said in this thread (I think in the first 50 pages) that a setup against the trend can be a good setup but it’s never a A+ trade: 301 Moved Permanently (post 173)
Yes, but the odds that you lose 7 times in a row an event with 80% probability to win are very low. I play poker and never lost with AA against smaller pocket pair all in preflop 7 times in a row (AA vs pocket pair all in preflop is 80:20). But I lost 15 coinflips (a 50:50 event, for instance AKs vs QQ) in a row.
I was speaking about the win rate of a particular setup not about my overall win rate.
I’m still in the CT PB from USD/CHF D1… from 0.9144
Already taken half profit at first minor s/r 0.9172 and moved reminder to BE, I’d hope it goes to ~0.923 but you never know, anyway - free trade from now onwards. After all, protecting the profit is most important for us!
I have never played CT so far at all, and this one ticked all the boxes + rejecting past s/r ~0.911
PS. I’m still on demo, for last ~5 months.
So people are very confused it seams.
The best trades will always be found with the trend, but on occasions you will get great opportunities to enter a market against the trend. This is like the setup we had on the GBPUSD daily chart. I made a live video of this as I took it and now as I just closed out the trade which I will post up over the weekend that will hopefully help explain why it was an obvious and good trade. It was the first trade I had entered in almost 3 weeks. As most know I am super picky and this was the sort of trade I wait for.
As I said in previous post people should know if they trade counter trend or not and if you are newb or not yet making a profit counter trend trading will be even more difficult but if you have experience and understand more fully how the market works and flows then trading against the trend on occasions can prove profitable.
Johnathon