Yeah, this is getting exciting. This is the only thread where I am alerted on updates through email 
Just to recap for those that were looking at that trade on the 4hr EURAUD. What Spongy and myself were trying to highlight was that when trading either engulfing bars or pin bars we must look for swing points.
Both pins and engulfing bars are both reversal signals so we must be looking to pick price to reverse. We do not pick price to continue. Basically when looking to go short we need price to have been going up to a swing point and then produce one of these signals so we can then pick price to change direction. I hope this is making sense!!
So here is chart of that EURAUD 4HR bearish engulfing bar that was highlighted. Now notice there is a valid trade to short on here and it is a pin bar. Notice how this is from a swing high and price had been going up and we then pick price to change directions. The BEEB then chosen by a few in here was from a swing low which is incorrect as we would need price to continue and not change or āreverseā. Please tell me if this does not make senseā¦
I am still holding part of the AUDJPY 4HR trade and also entered other daily trades which I will recap tomorrow as they play out and will cover in hindsight in here for you.
Safe trading all and if anyone has any questions at all please just ask and I will get to them as soon as I can,
Johnathon
Potential pin bar in the making in AUDNZD H4.
Check the 1hr chart if you want a pin bar.
Yeah, the pin bar in 1hr chart was perfect. Waiting to see whether the 4hr chart can match it that.
Why wait when you get something like that? Now I am def not giving trading advice I am simply asking a question. If that is as you say perfect why wait?
Hi Johnathon
I may be wrong. My understanding is that the signal on H4 is more reliable than H1. When I noticed the pin bar in H1, the candle in H4 is about to close in 1 hr time. Hence I decided to wait for the candle in H4 to close since price has not really retraced in H1 to the middle of the pin bar in H1.
Heya of course you are correct. The longer the time frame the more reliable the signal is going to be because the more information we can gather. i,e a daily signal is going to have 24 times the information a 1hr signal is going to have etc All I was saying is if you are presented with as in your words a āPerfectā setup are you not better simply taking it? Or are you better waiting?
I am simply asking to see if you have thought about it and whether it is in your plan at all??
Do you trade the 1hr chart?
Do you only trade the 4hr chart and no lower?
Either way is not wrong and the only reason I asked was to get you thinking.
I will say though you are far far better of sticking with 4hr and above until you have become succesful and profitable. Until you have worked out the longer time frames the smaller charts will eat you so I must say good on you for having the discipline for seeing the pin and staying away from it!
Safe trading,
Johnathon
Yeah, I am definitely not good at the H4 and above yet. Will keep in mind to stay away from H1 for the time now.
Tx!
There were no comments on this so iāll comment myself
Though it was a pinbar at important (but maybe not nice) level, it wasnāt big enough to signal a pushdown (esp given the bigger bars on the way up, and previously on the way down)
A better level to work from (I think) is the 1.0018 level.
Cheers
Hi dudest
Personally I would prefer the pin bar structure in the daily USD/CAD. Just my humble opinion.
Think it was wise what you did.
Seems 1.3000 is a very strong support and price seems to be attracted to it like a magnet (not conclusively climbing)
Hi Szatek,
What did you use as clue for long entry on GBPJPY?
( a chart would be nice )
Thanks!
This pair is also on my watch list, but I have my potential trigger zone just a little further up around the 1.0040 to 1.0070 area which acted as support 3 or 4 times since last November & has resisted the price action as many times so far this year.
Hi dudest,
Sorry for not including charts but I donāt have much time because Iām checking graphs while at work. There was a nice pin bar on the 4 hr chart. If you check daily chart for that pair you can see that it might be a really important level as it acted as resistance back in late October 2011.
Cheers,
same with my analyze, i am also look at 4H PB and declined at important S/R so for today i winā¦for it thanks for john who share this technicā¦
This my chart, sorry already TP :
Look Good PB at that levelā¦is that Grade A++ PB ?
Dude,
do you not think that price did enough? or what would have been expected? In other words you can only expect so much. Basically when we enter a trade we can only expect price to reach the next support or resistance area. From there it is anyones guessā¦ Do you not think this did reach that level and then turned around?
What were you expecting?
From such a small signal I think it did very very well and gave you a chance to A: Take profit and B: Move to break even and manage your trade.
This was not a trade for me but it was rejecting a very important round number on this chart of 1.000 and it did reach the next logical support.
You maybe need to look at trade management a little closer??
Johnathon
looks good doublebottom, with a bueb @ swing low,
i think we will go up, but just a little, because of the resistance youāve marked