what do people think about the short entry from the daily pin bar on CAD/CHF?
Look at number 2 from your previous post.
It didnt close negative and small compared to previous bar, nice level though.
Cheers
And for a pin bar it does not protrude away from the rest of the price or stick out as much as we would like. As you said though nice area and you will notice the 2 Bar Reversal from last week at this same level sold of nicely back to support so this would not surprise to see the same here.
There is one thing I am noticing as I spend less time in here and post less and less (I am still watching). People are beginning to trade from worse and worse areas and forgetting all about swing points. We need our price action signals to be from clear swing points and also to stick out. See the example below and now compare to the CADCHF pin you have highlighted. Huge difference yes?
Johnathon
Yeah agreed, I actually came home, placed the order and then thought about it properly and cancelled it. Thanks for the input
I will be in touch at the end of this month to sign up for your course, looking forwards to chatting properly…
Oh no no no. Do NOT cancel an order or any oders of anything I, Spongy or anyone says!
Just because we say anything does not mean squat on the market and anything can and will still happen. Also as I said the previous 2 bar last week worked great from the exact same level so this pin may very well work out. Who knows???
Hey Paddy
Yeah, like Johno says we NEVER say do or dont we just give our thoughts. Its the same as in the forum where sometimes we miss important SR levels where we could find trouble yet did not see it when thinking of trading it.
Happy days :59:
Nice charts dudest !
PinBar in EURJPY and CHFJPY on Daily Charts. I’ll keep an eye on JPY pair for reverse back to downtrend.
This will sound really anal but they were not technically pin bars going of this threads method as they did not close with in the previous candle.
Yes they worked out this time but over time they do not the reason for this is quite simple when they close outside quite often price will find support or resistance when trying to break back into the previous candle if this makes sense.
So yes very picky, but picky is what make successful.
Yes they worked out but not over time.
I also agree with you about looking for short possibilites. See chart for area that this possibly could happen:
EURJPY DAILY CHART
Johnathon
Thanks for the explanation
Sent from my iPhone using BabyPips
Thx for clear it out jonathan
Sent from my iPhone using BabyPips
How’s this CADJPY on daily bar. Is this valid Pin Bar? I’ve noticed AUDJPY, NZDJPY also start to reverse
Though I agree with Johnalthon that the pin does not stick out as we would like to be, I would still be tempted to trade this pin if I had seen it yesterday. Reason being the level is well respected in the past and recently. And it offers a decent risk reward. On account that it didn’t stick out so much, I guess the logical thing to do is to place an order at the middle of the pin to max the risk reward ratio.
[QUOTE=payahbleh;342868]How’s this CADJPY on daily bar. Is this valid Pin Bar? I’ve noticed AUDJPY, NZDJPY also start to reverse
Looks good to me. Observation from someone still practising on a demo account:
- Pin bar forms on daily chart more reliable.
- shorting in a downtrend is of course better
- some of the jpy pairs are indeed reversing
- The level is at 50% fib level
- But the first support area is pretty close. Hence, if enter this trade, probably at middle of pin would be a better setup.
- It is also rejecting from a trend line.
- However, USDJPY seem to be hitting a resistance soon. Hence potential reward may not be that great.
Overall, I feel this is a trade which is not ideal but perhaps still tradeable. Not sure how you guys think.
Pin bar in AUD/USD H4. Not doing anything as anti trend and pin bar not sticking out like Johnalthon’s example.
Thanks for your concern (and Spongy) but I didnt and wouldnt do anything because someone else said so. I cancelled it and then posted to see what anyone else thought and if they agreed with my decision not to enter.
Nice range trading on nzd/usd.
At this moment price is on suport zone.
We can see a spin candle on 4h chart.
I’m long.
What’s the PA signal you’ve used to enter ?