Hallo Dekpips,
Yes, we hold over weekend if TP not yet hit
Cheers
Im not a pro but i will try to comment something: I think that pin bar where you entered sell is a 2 bar reversal in NY close chart but personally i dont really see that level as an important S/R level. Price ever rejected there on 31 July, itâs true, but it was only rejected for 1 bar before went up again back then. I think we should only take the obvious ones and not a doubtful setup like this.
CMIIW
hi every one
I made a trade earlier this week and I stopped out .
this is the reasons that i made this trade .
Iâve 2 way of trading, the range market and directional market .
This is a range market trading . It was a very solid S/R level and I saw a very big pinbar on this level (both on 4h and daily time frame ) , so I made the trade on 4h timeframe.
I want to know what was the problem of this trade ? did I made a mistake ?
Itâs eur/gbp and the chart below is the 4h timeframe
Thanks
1 Like
Hi abc2005,
I dont think there was a mistake, if i were you i would do the same. Its probably because its a downtrend.
Cheers
abc2005
Roughly I see your PB doesnât fit Mr.Fox method. In your case It did not close within the previous candle H4 PB, and Daily PB the wick wasnât 3x size compared to the body.
Sett
abc2005,
Even though pinbar would fit Mr.Fox method, it can still hit your SL. You canât think that you make mistake if your trade hits SL. Then you have made something wrong if your account balance is negative after 100 similar trades.
i would never take a âbullishâ pin bar that has close way below open. Thatâs just basic price action.
correct but trading is always about discipline and you donât make âtoleranceâ. For example just because you see a long âwickâ from close to low, it doesnt mean that you have to take it. This kind of tolerance shouldnât be there. You donât tolerate. You just take A+ setup and forget the rest. Look at open/close difference, for a bullish pin bar to happen, I think close has to be above open or at least very2 close to it. The pin bar abc2005 was talking about in EURGBP H4 had close way below open.
Of course if that pin bar has close above open, it doesnt mean he would 100% win that trade. Very2 possible the trade would have caused the loss too but trading is always about discipline, no?
below i give you quick visual on EURGBP H4. No trade should happen recently there as you can see.
Hello abc2005,
if you go back a few posts you will see that this setup was discussed when it was being formed. Itâs easy to see what you did wrong. On the 4hr chart the pin did not open and close within the previous candle so it was not a pin that we would trade & it closed below support so trading it on the 4hr was a no no. But on the daily chart it opened and closed within the previous candle & above support. So because this pin was tradable what we did was set pending orders on the break of the pin to go long. Price did not do that so we got out of this trade with no loss at all. If you had been paying attention you would not have suffered this loss.
Trade better next time!
âEven though pinbar would fit Mr.Fox method, it can still hit your SLâ, totally agree, but itâs another story.
Read more: 301 Moved Permanently
Hi Chisha can you answer this question? I attach the picture
so basically 2 questions:
-
i know Johnathon pin bar setup is a pin bar as long as it close inside previous candle but i thought it needs open/close to be very close or better yet close above open (for bullish setup), so i am wrong? Even if close below open, AS LONG AS it still close inside previous candleâs low (or vice versa for bearish setup), itâs still OK? Is that it?
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I thought we just open the trade right away after the valid setup happening at S/R line. So basically we need pending order a bit above the high of that pin bar? This pending order is only for a âdoubtfulâ setup like this or for every trade setup?
Yes we put a pending order at the break of the pin or you can open a market order at the break of the pin if youâre at your charts when this happens but do not enter right after the pin is formed without confirmation of the break first.
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No youâre not wrong but realize that the market is not written in stone and there are certain scenarios that you have to use your own discretion. If Iâm understanding your question youâre talking about the small wick at the top of the pin bar, since itâs quite small itâs not a problem we will treat this pin the way weâd treat one without a wick. What you can do is go through the thread and look at some setups, that way youâll have a âfeelâ for it.
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You thought wrong. We DO NOT open the trade right away after a valid pin bar setup has formed at S/R. We wait for the confirmation which is the break of the pin. Let me attach an example to show you what I mean so you understand.
I hope this helps.
Thanks everyone for your help
I learn my lesson . yes , It was a wrong setup
Thanks so mcuh
Youâre welcome,
we enjoyed helping you this way.
Dear peeps,
Just to re-iterate: for every setup we trade here ( pinbar, EB, 2BR ), the entry is via a PENDING ORDER set above/below the high/low of the setup. Simply set the order, and walk away; price will enter you into the trade when the market moves in your favor. Also prevents us from staying in-front of charts for extended periods (big no-no).
Cheers
no i wasnt talking about small wick at the top but open/close differences. I mean usually i only take bullish pin bar with [B]close above open[/B] and never with [B]close below open[/B], but apparently itâs OK to take bullish pin bar with close below open as long as it close inside the previous candle, right?
- You thought wrong. We DO NOT open the trade right away after a valid pin bar setup has formed at S/R. We wait for the confirmation which is the break of the pin. Let me attach an example to show you what I mean so you understand.
I hope this helps.
ok yes thanks a lot. but when you said âbreakâ, how high the pip difference is? Letâs say the âhighâ of that pin bar is at 1.29000 so basically you put pending order at 1.29001?
and btw how about the other setups such as engulfing bar and 2-bar reversal? Same thing? Need to break its high? Thanks.
this trade was against a strong trend and also a short trade on the weekly that i missed
where the vertical line is is the last 4 hour candle of the week. it is also the last 4 hour candle of the weekly signal candle to go short (engulfing). after the signal, price ended up moving down by 100 pips within a week (this week)
4h
weekly
although johnathon recommends not looking too far back on the chart and only going by recent price movement, if an A+ forms on a higher time frame and you are not checking for it, you might be caught in a situation like this on the lower time frame
a different school of traders would have noted the weekly signal, then zoomed down to the 4 or 1 hour and look for places to enter short, or, just simply used johnoâs method and managed the trade on the weekly or daily
either way, an example of a trade that can be approached in a few different ways. there was a similar trade on cadchf that i also missed
hey mate, did u missed out cadchf daily beeb?
i donât know, i am looking at the weekly and it is now showing a bearish pinbar which i would normally enter early next week
i was in short since the weekly pinbar in july, then sat out the recent bullish pinbar which was a quick opportunity, followed by the bearish pinbar which might be another opportunity
nice one mate. I missed out the bullish pin bar which right on the weekly support. But the next trouble area is too near to it, the resistance on 0.90273 is too near, but from the bearish pin bar, it showed that the price failed to break through the resistance on 0.90273.