Hey guys, I had this marked out on the Daily chart for GBP/USD, does it look right? A pin bar, but now price has broken down more, is it time to remove my order or could price still go up?
Also, how do my S/R levels look, thats the bit I have most issues with.
Well, looks like the USOil trade worked out really nicely after the nice 2 bar reversal had formed on the daily. Since I already entered on the 4 hour pinbar I am up +440 pips on 2 positions. I will be closing one now that price is close to the upper resistance level and trail the other using structure based trades (moving the stop up to every higher low that is produced on the way) IF of course price continues up and does not close me our for break even.
Don,t curse yourself lucky boy)) The pin bar had a big wick in the trading direction and which shows a bearish pressure.Bear in mind that the best pin bars have little or no wicks on the other side.So you did the right thing by missing that trade.
Don,t curse yourself lucky boy)) The pin bar had a big wick in the trading direction and which shows a bearish pressure.Bear in mind that the best pin bars have little or no wicks on the other side.So you did the right thing by missing that trade.[/QUOTE]
Cheers buddy - another piece if learning for the notebook then!!
Hello Jonathon. While i was backtesting a system (but it was completely different from this One) i realised that the biggest drawdown came always in the middle of the Year? Can you Tell when the markets usually change to the worse? June? And more Importantly can you explain why? I mean People still go to work during the Summer Arendt they?
Yes you are right it,s so boring these days.And specially for those people who never seen such a time period before.It feels like we are out of the business for a long time.I sticked myself to other activities these days because that keeps me away from boredom and in trading boredom and desperation may leads towards crappy trades from the choppy areas.
Hello Guys, now there should be no trades due to tomorrow announcement, right?
Anyway, just for learning pourposes, what do you think about this chart?
GPB/JPY, Daily.
It came from a bullish trend, and since April is stuck between support and resistance.
ItĀ“s just a bit over my support line, BUEB.
Stop loss should be around 147,90 and Take profit at 152,90, a little below the resistance
IĀ“m not taking it, but just wondering which cons are thereā¦
Thanks!!
Have a safe trading!!
Since its not at your support line, you shouldnt consider it. That means there is still space for it to go down. Also, it is against the recent moment.
Although it would very much likely to go up, its not a trade we take. its not an A+ trade.
