The only rule written in stone (in this context) is that the open and close be within the previous candle.
A bullish pinbar with open above close but both still within previous candle is still a valid pinbar.
Whether or not to take it is up to DISCRETION. Of course, it’s a boost when a bullish pin closes bullish, but that’s not necessary for it to be valid.
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@Break:
ALL the setups we trade: the setup is only ‘activated’ (confirmed) when price breaks in the direction of the setup.
Example: a BEEB: setup is only confirmed when price breaks (goes past) the candle’s low.
That is why we don’t immediately put a buy/sell when we see a setup. That is why we put a pending order ( in this case, below the low of the BEEB ) so that price can [B]confirm[/B] that the setup is valid.
Enough to cover the spread + prevent false entries. In previous posts in the thread, people use values in the 5 to 10pip range (the higher the TF, the higher the buffer, and vice-versa).
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“Let’s say the “high” of that pin bar is at 1.29000 so basically you put pending order at 1.29001”
—> From the foregoing: if high of pin is 1.29000, you would put a pending order somewhere in the range of 1.29050 - 1.29100
—> NB: don’t get confused by the 5-digit notation that most brokers are using. The real pip values are the first 4 digits. So 1.29001 is only a tenth of a pip above 1.2900. So when reading the price and entering values, keep it simple by working with the first 4 values.
How long the pending order stays valid? I mean let’s say you have pending order at D1 at 1 August. Until 4 August it never break its high, do you still hold that pending order? I attach the picture below
Regarding TP management, I read in the first few pages that we close half profit somewhere. How do you calculate this? Like for example SL is 80 pips, then we take half profit at 80 pips and let the rest run with trailing stop or something?
hi
a question about 2 bar reversal candles,
What are the rules ? should the second candle cover the hole first candle ? I’ve googled but I couldn’t find something good .
The pending order stays so long as price does not go past the other end of the setup
Example: in your bullish pinbar example, the pin is valid until price breaks its low. When that happens, we remove the order (setup has been invalidated). There is no time limit to a pending order; only condition is that the setup remains valid.
Hey everyone, hope you all had a nice weekend so far!
I wanted to share some thoughts of a few setups I have on my radar and a trade I am in right now and see what thoughts/input you might have around these.
First of the NZDUSD. As you may remember I took the nice BEEB on the 4 hour chart last week and got stopped out. Price has since then tried to push higher 2 times but is still beeing rejected. The 0.8080’s level seem to provide a nice resistance level since price has struggled earlier to break it without succeeding.
We now had a bearish pinbar at this level and a IB thereafter. It does not stand out that much from the other candles because we have a lot of upper wicks there. Would you take this trade or is the PA to unclear and messy?
Another one is the AUDCHF i am currently in. We got a nice BEEB on the 4 hour chart and my entry orders got triggered. When the daily candle closed it also formed a BEEB on the daily chart. Price came down to the FSA and i missed to take profit and to move my SL to BE. If i would have done so i would now have been stopped out with a smaller profit. Since i missed it i will continue to stay in this trade either until i get down to the support area at 0.8450’s again and take the steps mentioned above or i will get stopped out. Would you have taken this trade and how would you’ve handled it?
Last but not least the AUDCAD. A bearish pinbar has formed on the 4 hour chart. I have my entry orders in place and to me the pinbar stands out. Not extremely but enough to be provide a good opportunity. Do you agree or is my trigger finger itching to much again?
Hi
these are 3 opportunity .I’ve spotted 5 trades and I’ll post them on a good time . its interesting that my trade ideas arelike diablo1505
Nzd/Usd
I’ve a trade from last week , it hasn’t hit yet and now , On 4 h time frame we have a good pinbar on the same level , I want to move my pending under the pinbar
Aud/Chf
we’ve a down trend on daily timeframe, the market comes back to the level and we’ve a big engulf candle , the problem with this position is this ,It has a big stop loss, about 150 pip . What should I do with big stops ?
Aud/cad 4h
daily trend is down , it has formed a pinbar on a solid S/R level . One think that hesitated me is the candles before it ,they’re very bullish and the pinbar is not as big as them , so I’m not very positive on this trade . it’s also on round number 0.9500
Any suggest ?
Please share your trade ideas for the week ahead
[QUOTE=“abc2005;520140”]Hi
these are 3 opportunity .I’ve spotted 5 trades and I’ll post them on a good time .
Nzd/Usd
I’ve a trade from last week , it hasn’t hit yet and now , On 4 h time frame we have a good pinbar on the same level , I want to move my pending under the pinbar
Aud/Chf
we’ve a down trend on daily timeframe, the market comes back to the level and we’ve a big engulf candle , the problem with this position is this ,It has a big stop loss, about 150 pip . What should I do with big stops ?
Aud/cad 4h
daily trend is down , it has formed a pinbar on a solid S/R level . One think that hesitated me is the candles before it ,they’re very bullish and the pinbar is not as big as them , so I’m not very positive on this trade .
Any suggest ?
Please share your trade ideas for the week ahead
Thanks[/QUOTE]
Haha, looks like a copy of my post. Nice to see that we are watching the same setups.
Good point! I would definitely agree with you if I was to trade based from the 4 hour chart. But my s/r lines are drawn on the daily and I only refer to the 4 hour chart for the entry signal. As soon as I’ve entered the trade I manage it from the daily chart and only use the lower time frame to trail my second position after the first one is hit.
Basically you are looking for the right setup to form. But may I ask why you look for a long opportunity when we have a clear downtrend on the daily chart with lower lows and lower highs? Or are you only trading from the 4 hour chart?
And secondly i think there is a major s/r zone going straight through the range you are looking at which you should take into consideration (the dotted line on my screenshot).
My trade idea for aud
Daily trend is down , I’m looking for sell on 0.9300 . Round number + very Solid S/R level + 50% fib 20 pips above it ,
i think it’s good set up , but we should wait and see does the market comes to this level or not ?!
[QUOTE=“abc2005;520153”]My trade idea for aud
Daily trend is down , I’m looking for sell on 0.9300 . Round number + very Solid S/R level + 50% fib 20 pips above it ,
i think it’s good set up , but we should wait and see does the market comes to this level or not ?![/QUOTE]
NzdUsd: I’d be careful where you place your order, as right below most recent pin u would be trading into heavy support. Perhaps look to place your order below the first support zone to wait for confirmation of who won the battle between the bulls / bears. Not sure if recent pin would even meet the criteria since it doesn’t close below resistance almost right in the zone. The experts on here could probably clarify if it meets the criteria.
AudChf: I have orders in place for the D1 verion which almost got triggered except i leave a 5 to 10 pip buffer. Looks like an A+ on the daily to me.
AudCad: I don’t think this one has an edge. You might be getting in in no man’s land. Have a look at the D1 chart to see where you stand.
CadChf: Orders have been filled on this on the D1. Managing full tp around 8840 & sl 9055
GbpChf: Orders have been filled on the D1 but I’ve reduced risk since its been in such a strong bull. Its similar to the long usdsgd trade that a few others on here have taken and and it worked out well. It seems really risky shorting into such a bull but a decent size pin with confirmation. Others in this one? thoughts?
AudJpy: Orders only just filled with reduced risk on this one since not a very large bar. SL almost hit
Watching a few others at well d1 CadJpy, d1 nzdchf, d1 euraud but hesitant to place anymore orders on correlating pairs.
