First of all my chart is a bit diffrent than yours. !? Again the same problem of having diffreent NY close charts… as you can see below your PB looks better than mine. ! my PB has a smaller body and bigger shadow in buyer sides.!??
on the other hand : I did not take this trade because : 1- it was against the trend 2- it was on the top of the wing high in uptrend ( as Mr J said trading on extreme high levels can be dangerous.) 3- I could not find any relevant Resistance for this setup in Daily chart.
PS: what broker you are connected to for NY close chart ???
Don’t wanna influence other people here coz I’m not trading only a+ setups. Actually, I traded every “pinbar” with the uptrend on this pair and other jpy pairs and some counter-trend pinbars that seemed pretty good like this one ( with less lots).
I cleared the chart from my 2 indicators because I wanted to post it here and ask you if you thought it was an “a+” signal according to your rules. I can change the color of the chart in the future if you would like, np.
I totally agree ,even me was hit on GBPNZD.Buy low sell high,sell high buy low,very simple statement yet hard to implement.
I need to print this on my trading screen!!!
Yes. that’s also possible. But I can see now it is more likely to form a pin according to my levels !! I believe if the price closes in the exact place on the picture at the end of the day (New York Session), it can be a PA signal along with the trend direction. Lets see
Heads up guys. I just spotted a very key level in EUR/AUD Daily chart which the market is playing on it. it seems to be going to form a Pin as you can see below. What do you think mates ?
Even if it closes as a valid pin, I will not take it
a) new higher high, higher low -> my bias is to look for longs
b) pin preceded by big momentum candle -> wary of reversal PA formed right after huge candle in opposite direction
[ nb: this is not trade advice, just my thoughts ]
Once again, good on you for posting up charts and thoughts!
Thank you for your consideration Dudest. Actually I have been trying really hard to understand and get the right direction.
As for the setup :
I guess the diffrence between my opinion and yours is in the zoom level again. I took the big downtrend which can be defined as a medium-term trend ( began at 2012 October) . you Took the most recent short-term trend which began few days ago.
Although I just got a bit more pessimistic about the setup as there is a 1,2,3 reversal pattern exactly in the place you mentioned.
( Just my opinion)
I think it is a good setup. not very convincing but good. Although I though according to what Mr J said we should trigger the trade when the next candle the signal breaks the shadow of the signal candle…??? Have you gotten the trade already or waiting for the trigger ???
