GOLD DAILY short setup [ BEEB ]
ty for post! Extremely helpful stuff!
If the BEEB occurs at 1440 will b more significant, in daily TF looks like it still at a swing low
It does, but look at the bigger picture hereâŚ
EURUSD Daily
Hi guys, there was a two bar reversal or BEEB thats tradable few days ago, however i did not trade it because a significant resistant level is just above (Red highlighted area). What do you guys think? should i have traded it?
Also it clearly shows that it closed above the line i draw as well after a clean pass.
Thanks!
Jack.C
[QUOTE=âjackson905;496564â]<img src=â301 Moved Permanentlyâ/>
EURUSD Daily
Hi guys, there was a two bar reversal or BEEB thats tradable few days ago, however i did not trade it because a significant resistant level is just above (Red highlighted area). What do you guys think? should i have traded it?
Also it clearly shows that it closed above the line i draw as well after a clean pass.
Thanks!
Jack.C[/QUOTE]
I thought the same tbh but I didnât really like it seemed stuck in a range so I didnât take it
Yeah i know lets say its not in a range and the significant resistant is just close by, would you trade it? it is a nice level with good BEEB 
[QUOTE=âjackson905;496567â]
Yeah i know lets say its not in a range and the significant resistant is just close by, would you trade it? it is a nice level with good BEEB :/[/QUOTE]
Yeh the level was nice but itâs still in a down trend, and as you say there was significant resistance very close above, personally I was waiting for price to drop lower then retrace to that level and go short on it. I guess some of the senior guys might have taken it due to itâs size but for me it was a no. What did u think at the time?
[QUOTE=âjackson905;496567â]
Yeah i know lets say its not in a range and the significant resistant is just close by, would you trade it? it is a nice level with good BEEB :/[/QUOTE]
And u meant BUEB right?
Yeah BUEB lol. My mistake haha ! i was waiting for it to go down as well, thats y when it formed i didnt get in. i will trade it if its in the range but im just thinking the resistant is too near and not a good RR so i gave it up. Anw still in demo 
[QUOTE=âjackson905;496570â]
Yeah BUEB lol. My mistake haha ! i was waiting for it to go down as well, thats y when it formed i didnt get in. i will trade it if its in the range but im just thinking the resistant is too near and not a good RR so i gave it up. Anw still in demo :)[/QUOTE]
I wouldâve traded it if the close was near the bottom of the range and not the top, like you say it was too close to restistance. Yeah still on demo to but trying to be as disciplined as I can
[QUOTE=âjackson905;496639â]Thanks Wookie!
Anw who can tell me if this is a 2bar reversal?
<img src=â301 Moved Permanentlyâ/>
and this?
<img src=â301 Moved Permanentlyâ/>[/QUOTE]
Technically neither of them are as the 2nd bar needs to close above the first for a bullish 2BR or below for a bearish
Both candlesticks qualify as a 2 bar reversal pattern. Essential the second bar is opposite direction of the previous, but doesnât completely engulf the previous bar. Out of the 2 charts, I would say the first chart is a much better setup. It follows the checklist as piercing well below the previous bars, being larger than the previous candles and being at a swing low. The engulfing and 2br patterns combine to make a pinbar. So I always combine them mentally, because it is sometimes more obvious seeing the quality of the trade, seeing the candles as a pinbar. The second chart isnât a good trade. The PA signal is essential the entire range. If you shorted the setup you would be entering directly into support, where most people are setting up to go long. If you go back a couple candles you can see a large pinbar, you would want to see the 2BR up in that area to give you some room for the short to run.
[QUOTE=âkrugman25;496648â]
Both candlesticks qualify as a 2 bar reversal pattern. Essential the second bar is opposite direction of the previous, but doesnât completely engulf the previous bar. Out of the 2 charts, I would say the first chart is a much better setup. It follows the checklist as piercing well below the previous bars, being larger than the previous candles and being at a swing low. The engulfing and 2br patterns combine to make a pinbar. So I always combine them mentally, because it is sometimes more obvious seeing the quality of the trade, seeing the candles as a pinbar. The second chart isnât a good trade. The PA signal is essential the entire range. If you shorted the setup you would be entering directly into support, where most people are setting up to go long. If you go back a couple candles you can see a large pinbar, you would want to see the 2BR up in that area to give you some room for the short to run.[/QUOTE]
Ah ok, but earlier in the thread and on his site johnathon says the 2nd bar needs to close higher or lower then the 1st to be tradable. I guess itâs the same as a pinbar closing in the direction you want to trade, would just give the trade extra momentum?
You may be right about Johnathons definition, I somewhat forgot the specifics. Just from my understanding of a 2BR, there is a short checklist of things that signal its quality, such is short wicks on the direction you want to trade to go, long on the opposite. Second bar closing lower that the previous(in case of a short trade), bars are larger than previous bars. But I think you can go without any one of those and still have a 2BR. You are right though, that is basically the same things you want to see in a pinbar.
Hallo,
The 2nd bar must close near or past the open of the first bar.
Also, A+ conditions apply (i.e, size, correct swing point, etc)
Imbibe this: The 2 Bar Reversal
Cheers
.
Thanks guys for the explain!
Appreciate it!
So i have been reading for awhile and currently on the 50 page (40 post per page) which is 1/4 of the whole thread.
Now i feel like its time to do a trading rule for my PA trading.
So here it goes.
[B][U]A++ PA Signal Trading Plan[/U][/B]
[B]1. Trend[/B]
[ul]
[li]Always Trade [B]WITH[/B] the Trend, however, you may also trade in [B]Ranges[/B] and against the trend ONLY if the PA is BIG ENOUGH and OBVIOUS enough. E.g. Super Big and Obvious PIN BAR.[/li][/ul]
[ul]
[li]Trade [B]SHORT Swing high[/B] or [B]LONG Swing Low[/B] after [B]SIGNIFICANT[/B] Support or Resistant is broken. However, after the price has broken a significant S/R, it has to go deep enough before a swing high or swing low occurs. I DO NOT want to trade a shallow retrace as it may indicate that a fake out has happened.[/li][/ul]
[B]2. Time Frame
[/B]I will [B]ONLY[/B] be trading [B]Daily[/B] and [B]4HR[/B] Time Frame for Now.
[B]
3. Price Action[/B]
[ul]
[li][B]Trade Pin Bar or inverse Pin Bar[/B][/li][/ul]
[ol]
[li]Is the Shadow 3 times longer than body? (Yes/No)[/li][li]Is the Body moved into the body of the previous PA? (Yes/No)[/li][li]Is the [B]size[/B] of the Pin bar [B]Large/Obvious[/B] enough comparing to previous Candles? (Yes/No)[/li][/ol]
[ul]
[li][B]Trade Engulfing Bar[/B][/li][/ul]
[ol]
[li]Did the Shadow and Body of the Current Candle stick Engulf the Whole Body and shadow of the previous Candle? (Yes/No)[/li][li]Is the [B]size[/B] of the Engulfing Bar [B]Large/Obvious[/B] enough comparing to previous Candles? (Yes/No)[/li][/ol]
[ul]
[li][B]Trade 2 Bar Reversal[/B][/li][/ul]
[B]All Price action Stated above are only to be traded at significant S/R level.[/B]
[B]4.Trading Environment[/B]
[ul]
[li]Are you trading into [B]BRN[/B]? (Yes/No)[/li][li]Are you trading into [B]many S/R Areas[/B]? (Yes/No) [B]*Many = 3 and More[/B][B] close to each other[/B][/li][li]Is there [B]Room[/B] for price to run? By saying that, is there a [B]MINIMUM 1:1 RR[/B] for [B]1st Take Profit[/B]? (Yes/No)[/li][/ul]
[B]5. Entry and Exit[/B]
[ul]
[li][B]Entry:[/B] Pending Order [B]5 Pips[/B] ahead of the [B]BODY[/B] of the closed Candle.[/li][li][B]Entry: [/B]There will be [B]3 Pending Orders[/B]. [B]50%/B , [B]35%/B and [B]15%(winner run)[/B] respectively.[/li][/ul]
[ul]
[li][B]Exit: 10 Pips[/B] Below the Wick or Body(if No Wick) of the Candle Stick.[/li][/ul]
[ul]
[li][B]Exit:[/B] Let the price hit your [B]Stop Loss[/B].[/li][li][B]Exit:[/B] [B]Do not EVER[/B] change your [B]Stop Loss[/B] after its set.[/li][li][B]Exit:[/B] Once [B]TP1[/B] is hit, Move the SL to [B]Break Even[/B]. Let the [B]winner RUN. However[/B], depend on situation, may close all positions at TP2.[/li][/ul]
[B]ALL ENTRY AND EXIT MUST ACCOUNT FOR PIP SPREAD!!![/B]
[B]6. Position Calculation[/B]
[ul]
[li][B]If there is an increase in account, the next trade will base on 2% loss of the current account balance instead of original in order to compound the balance. [/B][/li][/ul]
[B] That being said, if there is decrease in the balance, 2% loss will be calculated on the current account balance instead of the original balance.[/B]
So guys, pls help me evaluate if this is LOGICAL, ACHIEVABLE, and pls help me to add on if you feel it lacks something !
Thanks so much in advance!
Jack.C
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