Oh haha dont worry, thats actually 0.9 pips 
yeah, i know about the JPY pairs awhile ago, many of the pairs did not close above a certain level which made me worried too.
I guess i may be abit impatient on this one but its ok, im still on demo. Ill correct myself next time !
Thanks for your comment still though, although its the pip that draw u in. HAHA
found this setup on EUR/AUD 4Hā¦
its good Pinbar but one thing that make me nervous is counter trendā¦
Oh okay I seeā¦
Okay well it still may work out greatā¦ The worries I have are simialr for all the JPY pairs. The bears are clearly in control at the moment. They all formed nice pins before this Pin Bar you have traded. I went long on the USDJPY Pin Bar. Price moved higher and into resistance on most of the JPY pairs and after this move higher the bears took complete control and you will note that across the board large bearish daily candles that are large and that also close very close to their daily lows showing the the bears are in compelet control. So not only has the previous pin failed to send the market higher here on the AUDJPY, but now you have the down trend with also the very short term momentum also showing the bears showing complete control. You are now taking a long fighting all of this momentum and bearish control. Can it be done and can price move higher from here? Of course it can! Anything can happen! For all I know the JPY bank could make some announcement tomorrow morning and the AUDJPY could fly 700 pips higher! But is the high probability play that price is going to move higher with the current price action story that we can see on the current chart? and the answer to that with what we can read from the raw price is no.
AUDJPY DAILY CHART
Not only is it counter trend, but it is really tiny compared to all the other large candles bullish candles on the way up. Makes you wonder if it is a valid reversal or just a small profit taking candle after the large move higherā¦ I donāt know. It would not surprise me to see price move straight lower into support around 1.3960 or I could also see it going higher after it has finished stallingā¦
Good luck,
Johnathon
Thank you for explaining it so thoroughly. yes. The whole aim of this thread is about trading HIGH probability trades at swing low. I was actually telling someone else about not taking the long JPY trade few post ago and now im doing it myself. Guess somewhere on the road you will get distracted by whatever and get lost. Its time to regroup again.Maybe im just too tired today. Gonna close the demo trade and find a better trade in the coming days. Thanks again mate!
Btw i guess i took this because recently there isnt any nice set up forming so was abit impatient:/
Jack.C
Hi everyone! Iāve been reading this thread for a week and I think it is one of the best threads for a newbie (I started to learn forex a month ago). Thanks Johnathon and everyone:)
For some reason Iām really terrible at spoting the setups (just did backtest on eur/usd for the last 3 years(!!) and have only found 3(!!) - all the others were either not A+ or not at the relevant area), so I hope to become more proficient by reading the thread and practicing.
I know daily is a way to go for a neophyte, but this will mean almost never trading for me, so Iāll also gonna try 4h.
Sorry for bad english.
What about a short here? Daily timeframe trand is still down. Lower timeframes trends are up thoug.
EUR/JPY
I am glad to hear this thread has helped you. It definitely helped me refine my ability to identify setups. I no doubt trade much less now, and have higher week over week % gains. There are a couple reasons why you may not be finding setups very often.
The first reason is the timeframe. If you are using daily or weekly charts, there are going to be less swings to look at and more time in a candle.
The second reason may be because as starting off with price action, your ābag of setupsā, may only be pinbars, or just a few basic setups. As you master the basics you can start adding to that bag more price action candles for continuation , trend reversals and breakouts. And you will naturally be trading more often due to more things to look for. Although on most pairs, on the daily level, if you were just looking for pinbars, you should see around 1 good one per month.
The third reason I have seen quite a bit of since I started trading, is that some people arenāt looking for A+ trades, but rather A++++ trades. Sometimes people look for the absolute perfect trade setup, with huge RR and zero resistance. So they may only see those kinds of trades once or twice a year. What happens are very good and profitable trades get passed up. You want to make sure the macro view is high quality, so the trade is with the overall trend, it occurred during a pullback in the overall trend and it isnāt close to some major resistance line. Then you can look at the micro, which are the candles themselves. Check if the pinbar body is at most 1/3 of the total candle size, is the body in the top or bottom 1/3 of the candle, does the pinbar close within the body of the previous bar and how large is the pinbar in relation to the previous candles. Then you begin to plan your trade based on how well the trade will be able to run before it runs into resistance or traffic. That may mean moving stops, taking profit, etc. Most times profit can be made from high quality setups, even if there are a few hairy spots ahead of it.
I wonder about it too, I looked at demo at AxiTrader, Alpari and Axiory and every candle is different, at Axi and Axiory they are very similar and look like a pin bar, but at Alpari itās totaly different with long lower wickā¦ itās quite strange and Iām not sure, whether is Alpari MT5 reliable as a analyzing platform (I place live trades with non NY close broker, so I have to use some of the NY close demo).
Also AUDNZD daily chart has quite big difference in candles shapesā¦
Thanks for your thoughts, Krugman! One good pinbar for every pair in a month on average sounds great, since Iām watching 25 pairs - even 1/3 - 1/4 of it (6-8 PB in a month) would be splendid:50: Also, appriciate your advice on a noble art of setup spoting, itās really helpful!
Hey Forbiden,
First of all Iād like to say personally I havenāt spotted any good setups today, the marketās testing our patience. Second the pair youāre trading is choppy and thereās quite a bit of traffic to the left. I checked my charts a dozen times today trying to āseeā a good setup but nothing.
In these moments the best thing to do is protect our equity and wait patiently, the setups will come.
Thanks for reply 
I appreciate the kind words! Another thing to remember is many of the pairs are correlated to each other. So I would have to say 6-8 āuniqueā pinbars. Often times you will get 2 or 3 near identical price action signals from correlating pairs, but itās really only 1 unique setup. Playing 3 correlating setups at full risk is like taking triple risk on just 1 of them, since they will all move together anyways.
Yeah, makes sense to me, Iāve tried to run even four correlated trades full risk (out of greed lol:29:) - should discipline myself to chose the best of them, as a lot of folks advocate. Thanks againg for counseling!
Hi Marketdeal,
It is possible to partially close positions with FXCM. Below is an example where I have a 100K EUR/USD trade open, but Iām closing only half of the position by selecting 50 as the Amount(K) in the Close Position(s) window.
If you have additional questions about how to partially close positions with FXCM, feel free to ask me in the Broker Aid Station.
Jason
Hi Krugman, can I know how many pairs are u looking at and what time frame are u look for? Because I personally look at only 12 pairs and using H4 and D1, as I looked back previous data. Some pairs there was no A+ pin bar formed. So I donāt think that every pair will formed at least 1 A+ Pin bar per month.
Guys, i think many pairs are forming nice Swing backs. Although there are still some distance, but look out!
The one im closely looking at right now.
EURSGD Pair, 1HR.
One Concern is that the High of the movement is the previous weekly high. But of course i will only trade unless a GOOD PA forms on the Resistance.
Jack.C
āUPDATEā
Didnt work out! Scrambled!
Hallo Sergei,
Just wanted to chime in and welcome you to the thread!
Good job on doing your reading & chart time; that is the necessary hard work for success.
In addition to Krugmanās excellent advice, I have a suggestion (w.r.t looking for PA setups).
Open up all the charts available on your platform, put them on Daily, and just spend time drawing S/R lines. You can even switch to Weekly if you can not spot obvious key horizontal levels. Then scroll back and see what was formed at those areas
I would not recommend using H4 when starting out; your problem right now is not quantity, itās spotting the right thing; if you can not do it on Daily, youāre kidding yourself switching to H4
Once again, welcome and all the best in your trading!
Cheers
Hey guys, USDCAD Daily is forming a pinbar at key level. The 12 hour session has already closed as a pinbar, what do you all think about shorting at the break?
USDCAD Daily
