Yep - good luck, it’s certainly in the money - you at breakeven now?
Hello Guys,
Just want to say thanks for this tread, i am new and been studying for the last 4 months (PA) and playing on Demo. This tread just re-enforces what I have been reading and learnt, It has been so far the best learning curve for me, with the different examples and explanations. Thanks a lot and please keep to examples coming. Regards and a good weekend to you all and families. PS Saw the huge Pin Bar on the GBUSD (Daily Chart) the other day and thought I would ride it to death, Came back to find out I had been stopped Loss. Now there’s a lesson with regards to up setting stop losses properly.
Hi Waldmann,
That is a pretty solid PinBar but it is a BULLISH one. IMHO pinbars are a reversal signal , wheras this one is in the middle of an existing upward trend. Can you describe what you are looking at here:)
Welcome LaLa,
If you are able to post a chart showing entry & stop, someone here may be able to help suggest what went wrong.
If I am looking at the same PinBar, I would be interested to see how & why you were stopped with this trade.?
Cheers
Meadsie:)
This seems to be a rejection from a strong resistance area. I thought it was going to form a Pin but it ended the day with a not so perfect BEEB
AUD/NZD Daily
Although I am new to FOREX, IMHO this PB supports the current uptrend in price. Bears tried to bring price down but bulls won out, price should continue to move up. Am I reading the chart correctly?
Heya and welcome,
how on earth were you stopped out? It went straight down with no retrace. People who follow in here would have set entry to short at break of pin and from there it went straight down so I am really confused how if you entered this one you did not clean up??
That’s not an EB. Price stuck in a box with lots of traffic at moment and market not to sure what it wants to do. We had that large bullish rejection candle off support and now a lot of candle highs rejecting resistance so bit of a flip of the coin who will win out here between bears and bulls.
As has already been said a few ties this is not the sort of pin we are looking for. It is not from swing low and does not stick out at all. When we play pins that are not from the correct swing points it means we will be trading directly back into a swing point which can act as support or resistance and in this case back into resistance.
AUDUSD DAILY CHART
usdzar
I would like opinions on the pin bar in the attached chart. The PB reflects a rejection of S/R and there is sufficient room for a short trade to the newly formed support at 8.43…I know the spread is not great but if this had formed on a major pair what are your opinions on the merits of the potential short trade…
Thx
Yes that is a great pin bar on the Zar chart. The spread isn’t attractive but the set up is. Right on resistance and during consolidation as well. Nice setup, if you don’t get in on it because of the spread you should mark down where you would enter and where you would exit on a piece of paper using a major pairs spread ( aud/Usd for example ) and see how you would’ve done.
So yes it would be a buy and a continuation signal? I know personally I’m long on the pair, has great price frequency on the 15 min chart and a nice pullback formed. Good upward pressure especially after taking out a full day of selling yesterday. Agree?
So this is a buy and continuation signal correct? I’m personally long, it has good frequency on the 15 minute chart and I got in on a good pullback plus it took out a full days worth of selling that happened yesterday. Agree? Do you ever play pins like that Johnathon?
In reply to Meadsie’s last post…That was the pin bar, The problem was that I took the trade on a hour chart at at 08:59 English time. My stop Loss was set to 1.6242 for some reason, But hey i am still learning and still on demo, The important thing for me was that I spotted it. Its not everyday I see a pin bar like that as I am still playing only with GBUSD. Thanks guys for your concerns, You are all great… Question, would you guys have taken the trade on a daily time frame or 4 hours. Reply would be most appreciated.
Its important to read at least the first 50-100 pages of this thread…Had you done so you wouldn’t be looking at a 15min chart. If you read it then try applying it…Its so easy to get into a trade but so hard staying out of one… Mixing time frames for a trade will confuse you not help you…Try not to over think things and keep your trading simple… Johnathon wrote a new article on his website “Turn your trading around in 2013”. (email him if you dont know of his website). I am certain the article will benefit you and would keep you from taking these types of trades if you apply what he teaches. Wish you the best on the trade :51:
Agree with that. Lesson learnt! Tks for the reply
hi, greetings to Johnathon and all. I am a forex newbie, got into price action trading not long ago and found this thread. Just finish reading the whole thread especially the first 200+ pages. I like it a lot! But I have a couple of questions:
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it seems to me the whole thread is about using HORIZONTAL Support/Resistance levels. How about diagonal trendlines? Do we use those? Really wanna hear opinions from Johnathon and other senior members about diagonal trendlines trading.
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better yet, I would really appreciate if any senior members here can recommend some good resources for trading diagonal trendlines. THX in advance!
I know you are looking for advice from a SR contributor but wanted to give give you my opinion. Horizontal trendlines is objective while diagonal trendlines are more subjective. From everything that I have gleaned from all the post is Keep It Simple. Clean charts and the ability to verify PA. You can quickly draw S&R with horizontal trendlines vs the less reliable diagonal trendlines due to clarity.
We don’t use trend lines as they are too subjective.
Obvious and clear horizontal support and resistance areas or areas of previous supply and demand only.
