Okay so others have posted, but I will also help you with this one.
This is not a Pin Bar. I am starting to see a lot of posts in this thread that are simply not Pin Bars and I am going to start putting it on my seniors (and myself) to keep the posts in check.
The Pin Bar can be one of the most reliable and most powerful signals in the market. That is a fact! But They don’t form every day and that is the biggest problem and because they don’t form everyday you get traders turning them into all different shapes and making them into all different sizes and wanting them to be all different things just because they want to put a blooming trade on! That’s all it is! They will twist is and make it smaller and bend the rules and all sorts of fluff, but I simply won’t do it because I know what it creates and so I am super strict with my rules.
If you don’t know why this is not a Pin bat it means you have not read the first page and that means you need to go back to page one and read the first post and then the 50 pages after them. These will really help you.
The daily chart did form a valid Pin Bar, but price did not go onto break the high of the Pin Bar so you would not have been entered into the trade so all in all you should not have lost a penny in any of these trades if you had followed the rules here.
The pending orders stays until it becomes invalid. It becomes invalid when the other side is taken out. For example if we are trading a Pin Bar and we are looking to enter at the break, if price moves through the nose of the pin bar before going onto break, then the trade become invalid and we would cancel the trade.
People can get really jump and cancel their trades because they don’t realise what is going on, but with reversal signals price winding up before breaking can actually be a really good thing. For price to reverse it needs to build orders. When trading Pins/EB/2b’s we are looking for the market to reverse. In other words we need the order flow to change or shift. We need the bulls or bears to change control. For this to happen it can often take time and we can often see price staling before it happens. This is why we will often get a reversal signal and then an inside bar for example. Have you noticed how we will often get a Pin Bar and then an inside bar? It happens a lot and this is why. It is price changing hands and getting ready to break.
With price action break outs it can be a different story, because you are normally looking for the fast break and then consolidation, but with reversals with pins/EB & 2b’s you are looking for the changing of the market.
So don’t panic next time just relax and if price becomes invalid just cancel your orders and move on and let price do it’s thing.
don’t put any limits to the time you will trade the Demo. Just trade as much as you need to until you are a consistently profitable trade and are ready to male the next step. There is no need to be like every single other trader and lose money on a live account when learning to trade. It is only money you will have to make back when you do become profitable. Follow the plan…
a lot of talk about intraday charts for Monday. Just keep in mind when the optimum times to trade are and when the less optimum times to trade are. The last two Friday candles of the week can often be false candles due to people getting out of the market and they can also be very week candles due to very low liquidity. The other thing to keep in mind is if you are going to be opening an intraday trade is you will be opening them at the start of the week during Asia when the UK & US have not even opened or even woken up for the week mine you! The very last thing for this point is I do place daily trades that I have spotted from the Friday, but as soon as the market has opened. When the market first opens for the week the spreads are crazy wide because of the lack of market participants. Keep this in mind. It calms down within about 30mins - 1hr and that’s when I will set my orders.
There is a lot of Very Big Round Numbers I can see a lot of people are overlooking and not taking into account at all. This may be fine as they are not affecting the charts at all at this stage and if they keep going like that they may continue to not affect them at all. Pairs like AUDCAD 0.9500, AUDCHF 0.8500 & GBPCHF 1.4500.
This was trading from a great resistance area and also with a super down-trend, but as we know trading is a lot more than find a signal and putting it at a level. Trading is all about the whole story as I often talk about and whole story here was missing. This was clearly trading smack back into a support level. The BEEB was sitting right on top of it. It could not have been sat any more perfect on top of the level. If you look at where the BEEB closed you will notice that price closed back above this level signalling that price could not close below this level and that this level had held.
This level could yet break and you could yet turn out a winner. One thing in your favor is this trend. You have the power of the down trend and the mass of orders that have gone into creating it.
Sorry for my poor english, but I don’t really understand this phrase
"There is a lot of Very Big Round Numbers I can see a lot of people are overlooking and not taking into account at all. This may be fine as they are not affecting the charts at all at this stage and if they keep going like that they may continue to not affect them at all. Pairs like AUDCAD 0.9500, AUDCHF 0.8500 & GBPCHF 1.4500."
SO is it mean that these 3 pairs shouldn’t be take into notice?
No, what he’s talking about here is that there are certain levels that act as a psychological resistance. Big round numbers are an example of those levels and he’s listed a few to check out and watch for on the charts. These ‘round numbers’ (end in 00 for example) are where people like to take profits.
Keep watching the pairs, but watch for those levels because sometimes they can affect a trade or your entries.
Looking specifically at the Daily and 4H charts in this situation I’d feel like it’s not an optimal trade. Here’s why:
Daily chart: That huge BUEB took us right up to a significant resistance level we can definitely see on the daily. We don’t buy into resistance, only at support.
4H chart: Looking at the 4H, we now see signs of a support forming HOWEVER the price action at that support level don’t suggest a very strong bullish push so now, we’re left with a soso reaction.
This trade COULD work out, not saying that it won’t, I just don’t feel like its an A+ setup. Remember, we’ve been ranging in this EUR/USD pair for quite some time, we may not see a break of that resistance just yet; or we could, there’s just not a definite enough sign to trade it just yet.
But if my order was filled about 10 pips below the BEEB low of 8963 isn’t the support level you refer to below an overhead resistance level carrying with it an edge (at the time of entry). thanks for your thoughts
My entry orders got filled on the AUDCAD today. My reason for entry was the pin bar on the 4 hour chart at a nice resistance level. The setup would have looked better tough if price would have pushed up even further which would have made the pinbar stand out more.
But i think we got a nice reversal signal according to what is tought by Jonathon.
A pinbar with following inside bars during the shift of order flow.
