The pinbar is obvious, but I think you’re running into a huge traffic ahead. It could work, but I will not consider this an A+ trade setup. Maybe just a B setup.
Clear obvious pinbar. Also, the body of the pinbar lies on a strong support line. A very plus sign according to dudest.
Follows uptrend, begins at swing low. Also close to VBRN 0.86000
CONS:
Lower TF shows higher traffic, but I remember Jon mentioned not to bother with the other TF once we put our order in a certain TF.
My plan is to move my trade to BE once it crosses 0.86298. After that is a free trade. Those other dashes line is where I’m planning to take partial profit. Any comment?
Well, what do you think? Can you list the PROS and CONS if you choose either H4 tf or D1 tf? I’m completely serious with those questions here as at the end you should write your own trade journal with clear reasons why you either win or lose that trade.
While I think it’s a valid Pinbar on a daily chart, this is something that I like to know about too. It would be great if Johnathon gives us a little guidance about this. Is there any difference between a Pinbar that is like a (V) on lower timeframes and a Pinbar formed by a long wick in a kind of ranging day?
I have been on EurUsd for 2 weeks and after about 170pips in red, my position is again in green 50pips. Am going to hold on for another 2 weeks at least. Am a range trader, my experience, [B]patience and MM are A-Z[/B]. In my widest dreams, am expecting to exit this pair around 1.2850 with over 750pips.
Now now my good sir, let’s keep speculating to a minimum and stick to PA before staking claims
Seriously though, good luck on the trade however I’ll advise others not to just jump on the bandwagon and ‘look for shorts’ because someone else is doing it. Trade the price action; that is all.
interesting that you mention that as I also used to think the same. While it served me well at the beginning, I ended up with more losses that profits later.
Don’t get me wrong, though. There is nothing wrong to hold on your trade for 2 weeks. However, I believe -and I also believe Jon also pointed out in this thread- there should be Price Action justification for you to hold that trade. Would you mind sharing your chart and your trade decision when you open it in this thread? Since you have no problem holding on your trade for 2 weeks -and even another 2 weeks more- do I presume correctly that you use weekly W1 chart or even monthly MN chart then?
Otherwise, people may start thinking that it’s alright to enter anytime we want as long as we are patient enough. Eventually price will go into our direction. Actually, that’s totally the opposite of what Jon wants us to do as most of the time he wants us to stay out of the market until the PA signal is so ridiculously clear and the odds are stacked in our side. I’m highly curious how you setup your trade, your target profit, your stop loss, and why you enter it because waiting for 2 weeks and another 2 weeks do not sound like a good trade strategy for a swing trader.
Once again, I maybe wrong here as I’m also a newbie. If I offend you in any way with my curiosity, I apologize in advance.
Actually you are very right. But there is also an inside Bar that has been formed on daily chart. However, am trying to emphacise the importance of MM and patience. These two are in my opinion the most important elements of trading. With good MM, the pros take positions for weeks…
I just spotted this on the USDCAD, 1H. If price breaks below the 1.0350 level which I have marked, would any of you consider taking a short trade there, based on the 2 bar pattern?
I think that everything you said about PA is ok, I have also learnt a lot from Jonathon and this tread. I will post a chart later, busy now But in all, next to PA, a trader should have lots of tools in portfolio, and I think that MM is one of the most important, patience too.
Heck no. Even if it breaks below that level, I’ll run straight into a nearby support line based on the traffic in the left candles. The better setup is looking for long opportunity in this situation, I think.
You’re welcome, but I’ll suggest you take my input with a grain of salt. Remember, you’re basically making your decision based on a stranger in a forum where he has lost 2 trades consecutively this week.
It’s true Dudest [I]was[/I] the fastest gun in the west! :18: I think he would’ve traded tiny PB’s on Zanzibar/Fijian crosses off 5 minute charts if he could! Haha.
