Hallo Owen,
In such a scenario, we just let it go… 
If you enter after price retraces back to BUEB closing price, price may have already hit First Trouble Area and may then be heading toward your SL (!)
One thing you could do is look for long entries on lower TF, esp H4 (since a minor retrace on weekly would be a more significant retrace on H4)
Cheers!
You’re most welcome to the thread Shannon :), and wish you a profitable future going forward!
PS:
My thoughts on USDCAD D1 pin that’s forming
Pros: nice pin at nice level
Cons: the 1-2-3 for the down-move already happened, so we’re in a new upmove ==> the pin is counter-trend (and esp coming after the huge bullish bar.
For me a good play would be to look for longs on lower time-frame (e.g H4) in line with this recent strong up move.
Cheers!
dudest:
I see it this way:
The market is trending lower, it makes LHs and LLs, I think the difference is I look at it “more longterm”, if I count that 3-4 bars swings, the downtrend would not be valid because price has broken last LH this week. The same is at 15.4.2013.
So, is this pin really against trend? Of course there is some bullish momentum, but this is neccessary for us, how else we could trade from swing high if price would not go up. There also was a huge sell of started at 25.4.
Please explain me more, or would you trade long if e.g. pin bar would formed at 1.012 on daily chart (I don’t talk about 4H, because as I know, in this thread are different timeframes traded separately), would not you say then (jesus I can’t express it, what’s the right expression? )this potential pin bar is against trend again?
Thank for clarifying.
Hallo Belier,
That’s an interesting view (which i respect), and price may well end up doing just that.
'Twill be interesting to see how it unfolds.
W.r.t a pin at 1.0120 on D1 (or better yet, lower near 1.0100) ==> I’d be all over it, and trade it is as a range play
Cheers!
Anyone looking at USD/CHF on the daily chart
Against near term momentum, large previous bar, but compliant PB. top line is notional entry and bottom line notional TP
Hey Milton,
Spotted this aswell but i wont be trading it pretty much for the same reasons you stated:
Those 2 reasons are enough for me to not trade this (yet) as i simply dont trade against the trend (still learning).
The level you marked as TP i have marked as a area to look for PA to go long with the trend.
(see screenshot)
Remitu
[QUOTE=“Remitu;490458”]
Hey Milton,
Spotted this aswell but i wont be trading it pretty much for the same reasons you stated:
Those 2 reasons are enough for me to not trade this (yet) as i simply dont trade against the trend (still learning).
The level you marked as TP i have marked as a area to look for PA to go long with the trend.
(see screenshot)
<img src=“301 Moved Permanently”/>
Remitu[/QUOTE]
Completely aligned with your thinking old boy. Given the size of the pin i wondered if anyone out there would take it. Perhaps the more experienced.
You have to go quite far back to find a similar level and also it’s above the fib retracement (618)of the nearest swing high to swing low.
I agree. Neither usdchf nor gbpchf gives me confidence to take them live. Am demoing gbpchf countertrend bcos i like it better…
Market is in down trend and showing one congestion. Can be traded lhe breakout is this congestion. Trade as short.
Yeah saw GBPCHF aswell which is also against the trend so not taking it either.
Didn’t have time yesterday to post the chart of it but ansunirmal did
Remitu
This pin bar doesn’t signal anything for us to look at since it didn’t form at a swing high (in the case of this pin bar it would have to be at a swing high to be relevant (signals a down move with the upper wick sticking out above the body)).
As we dont really trade inside bars i wouldn’t consider it.
But the fact that it didn’t form at a swing high (or low with another PA signal) is enough reason for me to pass on this.
I would say price was in the range you have marked (upper and lower lines) went out but is back within the range. I would be looking for shorts if price was to retrace back to the upper red line.
Just posting my thoughts to learn from it so dont take them for granted unless one of the senior guys confirms it
Remitu
Ps. Only checked the chart on my phone so i cant tell you where i have my levels marked. I just went with your chart on this one.
Pay attention to the strong february resistance zone. Some bear power can be expected in this zone.
I want say: sorry, to all market especialist like Warren Buffet and George Soros who post here, for my last chart. This is how i trade. if you don’t like, just ignore them and pay attetion to the PA
Ummm, anyone care to explain whats wrong here?
Nothing, it’s a work of art! It’s like a Jackson Pollock painting.
Ummm, maybe the perception from the eyes of who look.
Am i looking at a heart monitor? 
I want say: sorry, to all market especialist like Warren Buffet and George Soros who post here, for my last chart. This is how i trade. if you don’t like, just ignore them and pay attetion to the PA.
Thank you all for the great welcome messages.
