I wait it too
Hi Jonathan, Dudest, Bhops
Firstly thanks for this resource you have put together. I came in cluless but dicovered your work in March. I am about 390 pages into this thread and find it gives me great market “experience” looking at everyones charts and putting myself in thier trades…
Another thing that amazed me is how far Dudest came in a relatively short space of time from being an amateur to something of an expert.
I have a question for any of you.
If you get an oppposing PA signal to the one you entered on, should you take this as a cue to exit?
The trade in point is a short AUD CAD 4 hour where I entered on the print of a large Pin at swing high and now faced with a smaller opposing pin.
What concerns me is that the smaller opposing pin is in the direction of the dominent trend.
However it printed in the asian session.
Would you exit this trade? (Assuming you entered it in the first place)
This pair is interesting at the moment
lets look at the USD/CAD H4 now
Pin bar formation touching the major support line at 1.0085, reversal???
Wait, it’s a big downtrend in H4 chart. Don’t trade against the trend
So, it will be interesting to see what’s going to happen in the daily chart
Hope u wouldn’t mind me to put in my comment here.
I would take half profit, and let the rest break even/ with a tight trailing stop loss
I wish to know what Johnathon and other seniors think; I am so excited to learn here too
Happy trading!!
Thanks HMR7788!
I dont mind at all. Thats what I would have done as well, however my account is small and Im just trading a single lot…
My broker is IG markets and the trade minimum is 1 mini lot ($1 per pip)
A micro account is great to practice on. Mini lots are gOod for when you are already quite sure in your method. (This might not necessarily apply to billionaires though
well do you use automated FX trading?
Noticed how the pin was formed at previous resistance now acting as support, that would be your fist target area, then as hmr said move to BE.
If your account is too small for 2 positions then demo trade until you have enough capital to use proper MM.
Whats about EURUSD H4 bullish pinbar setup ?
Hi Monjorra,
IMO, it is a pin bar, but the price trade right back to a major resistance at 1.3138 (you can see that more clearly on the daily chart). And price has been struggle to break that. Not a bad entry if you only target for a small profit
due to weekend i will take small profit
Good on you for doing the due diligence mate, will pay off greatly!
Another thing that amazed me is how far Dudest came in a relatively short space of time from being an amateur to something of an expert.
Thanks for the kind words!
I have a question for any of you.
If you get an oppposing PA signal to the one you entered on, should you take this as a cue to exit?
The trade in point is a short AUD CAD 4 hour where I entered on the print of a large Pin at swing high and now faced with a smaller opposing pin.
What concerns me is that the smaller opposing pin is in the direction of the dominent trend.
However it printed in the asian session.Would you exit this trade? (Assuming you entered it in the first place)
Applying to your particular query (& trade management in general) when price gets to a questionable area, allow me to quote Mr J Sensei from post #366 [ http://forums.babypips.com/free-forex-trading-systems/42378-forex-price-action-37.html#post328078 ]
When we enter a trade price will go to an first area of what we is a possible stall or reversal area. I call these first support and first resistance area or FSA and FRA. When price gets to this area traders can do a few things:
- Move to break even
- Take full profit
- Take partial profit and move remainder to BE
- Do nothing
Hope this helps
Cheers!
Maybe abit of a basic question :8: but i would like to have some confirmation about the following USDJPY daily chart:
Is the level i marked here (big round number aswell) a good spot to look for a PA signal to go long?
(in other words, is my thinking correct)
It would be with the trend (up) and at a BRN as support level.
Looking forward to your replies.
Remitu
Hallo Remitu,
Sorry, I can’t make out your level(s) [not clear]
The two levels I’ll be looking for long PA on USDJPY are in chart below
Cheers
Good weekend everyone!
I’ll like to share my joy with all of you for last week.
Thanks to Mr J and wonderful thread. Lots of good participation.